Parliament Finance Responds To The Central Bank’s Decision To Import Foreign Currency And Plans To Host The Governor, 11 NOV

 Parliament Finance Responds To The Central Bank’s Decision To Import Foreign Currency And Plans To Host The Governor

Politics/Economy |Baghdad today - Baghdad   Today, Saturday (November 11, 2023), the Finance Committee in the House of Representatives commented on the decision of the Central Bank of Iraq to import “foreign currency” from abroad, while indicating that it will work to host Governor Ali Al-Alaq.

Committee member Mustafa Al-Karaawi told “Baghdad Today” that “the committee will work to host the Governor of the Central Bank, Ali Al-Alaq, and the senior staff at the bank, to discuss the decision to import foreign currency from abroad, and to find out the reasons that prompted such a decision to be taken and how it might have an impact.” On the internal Iraqi economic situation.”

He stated, “There is a fear that such decisions will be exploited by some parties and personalities who want to exploit any decision to their advantage, and for this reason we will have a position of following up and monitoring this decision, and we will also have a position in making an appropriate decision after reviewing the full details of this decision within a few days.” "The next one."

The instructions of the Central Bank of Iraq, which it issued on Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.

The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.

On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.

Observers and specialists raised a number of questions about the Central Bank’s decision, about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and therefore the bank The Central Bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity.   LINK

Iqd # Iraq BY NADER FROM MID EAST

"RV UPDATE" BY PIMPY, 11 NOV

 Pimpy

  Importing of foreign exchange, that was a huge step for Iraq but don't count chickens before they hatch.  Hopefully they don't do anything to mess it up...  There's somebody in there challenging this...On the face of things with everything that's going on with Iraq...

trying to open up to the international community...trying to bring prosperity to the people...trying to get rid of the United States as a babysitter, them wanting their own sovereignty back, I just don't understand how anybody would ever think about challenging this.

The only people I could think of would be the corrupt people.  As long as there's a black market well then they get to make a lot of money off of it.   IMO it's most likely somebody with the political party, I don't want to name no names, Maliki, but I'm guessing it's got to be somebody from the Coordinating Framework that is opposing this. 

 Because if you do allow them to import foreign exchanges and the currencies are coming into the bank it makes it really hard for there to be a black market especially if the Iraqi dinar starts going up in value...No need to panic...Positive Juju...come on everybody, positive Juju.  Everything is going to go according to plan...  

Former Director of Iraq’s Ministry of Electricity Indicted for Squandering Public Funds, 11 nov

Former Director of Iraq’s Ministry of Electricity Indicted for Squandering Public Funds

Former Director General of the Ministry of Electricity in Iraq is being held accountable for squandering public funds as declared by the Integrity Commission. The details of the case remain undisclosed, marking a significant stride in Iraq’s fight against corruption.

Former Director General Indicted

The Integrity Commission in Iraq, the authority responsible for maintaining transparency and accountability, has brought the former Director General of the Ministry of Electricity to justice for alleged misappropriation of public funds. The accused has not been named, and the specifics of the case are yet to be revealed.

Undisclosed Details

While the commission has been circumspect in providing details about the case, it’s clear that the indictment is a key part of Iraq’s ongoing crackdown on corruption. This case represents a significant step forward in the country’s efforts to hold public officials accountable for their actions, with the Ministry of Electricity being a major focus of anti-corruption efforts.

Corruption in Iraq: An Ongoing Battle

Corruption has long been a significant problem in Iraq, undermining the country’s development and contributing to widespread political and social instability. The indictment of a high-ranking official from the Ministry of Electricity underscores the magnitude of the problem and the government’s commitment to tackling it head-on. As Iraq continues on its path towards reform, the outcome of this case will undoubtedly set a significant precedent for future anti-corruption efforts.

https://bnn.network/breaking-news/crime/former-director-of-iraqs-ministry-of-electricity-indicted-for-squandering-public-funds/

Arab League and OIC Summit Calls for Arms Embargo against Israel, 11 nov

Arab League and OIC Summit Calls for Arms Embargo against Israel

The Arab League and Organisation of Islamic Cooperation (OIC) joint summit has issued a comprehensive resolution, urging for an arms embargo against Israel and calling for an immediate cessation of military operations in Gaza amid the escalating conflict. The summit also stressed the need for the International Criminal Court to expedite its investigation into alleged war crimes committed by Israel against the Palestinians.

Joint Stance of Arab and Muslim Leaders

Leaders at the summit advocated for the creation of two specialized legal monitoring units to document Israeli crimes in Gaza and prepare for legal proceedings in international courts. There were also calls for all countries to halt exporting weapons and ammunition to Israel. The summit, hosted by Saudi Crown Prince Mohammed bin Salman, saw the Crown Prince condemning what he called a “barbaric war” against Palestinians and attributing the responsibility for the conflict to Israel.

Challenges to Consensus

Despite the unified calls for action, the summit faced challenges in reaching a consensus. An earlier draft resolution failed to gain a majority vote, with Tunisia and Iraq abstaining from the vote for the final resolution due to reservations on several points, including the two-state solution phrase and the phrase “killing civilians”. Nevertheless, the final resolution represents a unified stance from Arab and Muslim leaders.

Call for Accountability

The summit’s resolution called for a just and lasting peace based on the two-state solution and requested the international community to hold Israel responsible for its actions and protect the Palestinian people’s rights. It emphasized the need for the Prosecutor General of the International Criminal Court to launch an immediate investigation into the war crimes and crimes against humanity committed by Israel against the Palestinian people in all occupied Palestinian territories. The resolution also condemned Israel’s destruction of hospitals in the Gaza Strip, the blockade imposed on the region, and the displacement of Palestinians from their homes

https://bnn.network/breaking-news/war/arab-league-and-oic-summit-calls-for-arms-embargo-against-israel/

Iraq Weekend Announcements and Tuesday Exchanges: Is Iraq Ready for a Sh...

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 11 NOV

 Frank26  

 [Iraq boots-on-the-ground report]  

 FIREFLY:   The television is talking about some economist...we trust him, saying Iraq needs to bring the dinar to a register inside of a basket with internationals...Then they say to us the reason for this is so the black market can  be dealt with. 

 FRANK:  This monetary reform education is at its best!

  FIREFLY:   The talks are about bringing value to the dinar.  They also say they're going to give us metal currency.  Coins...  

FRANK:  This is the part where I tell you, I told you so! Lol.. They prepare you inside of Iraq for your new exchange rate by telling you about the coins.  Those are even smaller than the new small category notes...

To see it right now is perfect timing...In these last final second of all this information is being given to you about your monetary reform... Congratulations.  Every day is one breath closer to you new exchange rate before 2024.