Article: "Inflation rate in Iraq declines in 2023 compared to 2022"
The Central Bank of Iraq announced the inflation rate decreased in 2023 compared to 2022. Inflation in Iraq reached approximately 3.7% in August 2023, compared to 4.4% in August 2022. Iraq's inflation rate is good compared to many countries where inflation has reached 30% and 40%...
Wealthy Iraqis move to the Caribbean. Guess who's on the list? ...The leader of the Kurdistan region and the former governor of the Central Bank of Iraq and other businessmen suspected of corruption...Iraq's politician are monitored by the organized Crime and Corruption Report Project (OCCRP)...This is part of the effort to catch
individual involved in corruption....The project reported the purchase of Dominica (tiny Caribbean island) citizenship...enabling them to travel worldwide without a Visa...This country's visa is magical. Citizens can travel to 144 countries without a visa..
The country has no tax on foreign income, capital gains, inheritance, stock profits, wealth or gifts...The former Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, obtained Dominica citizenship in 2017 along with his wife and two children and did not renounce it upon his appointment as governor of the CBI which was clear violation of article 18 paragraph 4 of the Iraqi Constitution. He held the position of governor of the Central Bank of Iraq from September 2020 until his removal by the current prime minister on January 23, 2023...
There are corruption questions...a legal complaint... has been filed due to the loss and depletion of millions of dollars regarding forged import documents.
The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless. It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange. Most of these reserves are held in US dollars since it is the most traded currency in the world...The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history.
The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless. It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange. Most of these reserves are held in US dollars since it is the most traded currency in the world...
The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history...
Article: "Good News for Investors: US Treasury Continues to Omit Vietnam Currency Off Currency Manipulator's List"
Vietnam was not included on the US Treasury Department currency manipulators list this time. The list comes out twice a year and includes countries that may have surpassed the value of their currency. When a country does this it cheats investors on potential profits...Iraq is rebuilding after the war so is not yet subject to currency manipulation lists...
On Wednesday the Prime Minister of Iraq's advisor took the lead from the Central Bank of Iraq and announced Iraq has the largest foreign currency reserves in its' history and that the exchange rate treatment package aims to prevent profiteering at the expense of the economy...
Saleh: The Final Accounts Of Official Institutions Are A Binding Condition For Evaluating Public Money Management
11/30/2023 Read: 1,573 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the necessity of preparing official institutions for the final accounts.
Saleh told {Al-Furat News} agency, “It is necessary for all state institutions, in cooperation with financial oversight bodies, to take the initiative to prepare the requirements for the final account for each institution or spending unit separately at the end of the fiscal year. This is a necessary condition that facilitates the attainment of the total final accounts as a general budget, in accordance with what is stipulated.” According to the effective Financial Management Law No. 6 of 2019, amended.”
He pointed out the importance of "adopting this as a binding context for all concerned institutions in order to evaluate the management of public money early without delay or delay."
The head of the Federal Financial Supervision Bureau, Ammar Al-Mashhadani, announced the day before yesterday, Tuesday, that the audit of the final accounts for the entire 2016 budget had been completed, while indicating that the Council of Ministers had issued a directive to oblige all government agencies to disclose their accounts.
Al-Mashhadani said, in a press statement, “The audit of the final accounts for the 2016 budget has been fully completed, and will reach the competent authorities in the Council of Ministers and Representatives,” stressing that “an agreement was reached with the Ministry of Finance to complete the audit of the final accounts for the years 2017, 2018, and 2019.”
He added, "The final accounts for the years after 2020 did not reach the Financial Supervision Bureau by the Ministry of Finance," stressing "the necessity of obtaining financial data from the Ministry of Finance to begin the audit process."
Regarding the disclosure of the final accounts of the officials, Al-Mashhadani confirmed that “there are entities whose data did not reach the Office of Financial Supervision, as the issue was presented in a transparent manner before the Council of Ministers, and a directive was issued by the latter to oblige government agencies, whether self-funded or centrally, to deliver their data to the Office,” pointing out. To, “The low percentages of budget utilization for governorates and ministries is a negative indicator, which is wasting opportunities to utilize budgets properly to provide the best services to citizens.”
He pointed out, “The Financial Supervision Bureau follows up on any evidence of conviction or suspicions of corruption of those who exploited public funds, and communicates them to the judiciary, the public prosecution, and the competent authorities, but the most important thing is sufficient proof.”
It is noteworthy that the Ministry of Finance announced earlier the completion of the final accounts for the budgets of the years from 2017 to 2019. LINK
A New Round Of Understandings To Regulate Trade Financing And Control The Exchange Rate On The Black Market With The US Federal Reserve
Economy News _ Baghdad A government delegation, including officials from the Central Bank of Iraq, will hold a new round of understandings early next December, with the US Federal Reserve, to hold meetings within the framework of a series of negotiations in order to reach more agreements to regulate trade financing and enhance the balances of Iraqi banks from various foreign currencies in banks. Correspondence, thus controlling dollar speculation in the black and maintaining the stability of the exchange rate.
The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, said in an interview with Al-Iqtisad News that there are currently negotiations taking place with the relevant authorities in Turkey and with Turkish banks to enhance balances in euros or Turkish lira, in addition to that dealings will be made in the coming days with the Emirates through the mediation of Abu Dhabi Bank.
The first is to enhance balances in the UAE dirham,” stressing that “the government and the central bank are in the final round of the battle with speculators, and the dollar exchange rate in Iraq will soon stabilize.”
Al-Nusairi noted that “the total foreign trade or commercial exchange of Iraq with countries annually is approximately 60 billion dollars, distributed between China about 12-14 billion dollars, Turkey about 10 billion dollars, Iran about 10-12 billion dollars, and then the rest of the countries such as India, the Emirates, Saudi Arabia, Jordan, Syria, Egypt and others.”
Samir Al-Nusairi pointed out that “the new currencies with which our bank balances will be strengthened are the European euro, the Chinese yuan, the Emirati dirham, the Turkish lira, and the Indian rupee, and they may constitute a percentage of no less than 60% of the volume of our annual imports,” indicating that “dealing with these currencies comes after the approval of the Federal Reserve.” "The American, with his assistance and in agreement with him."
He explained, "The opening of accounts for correspondent banks, which have now reached more than 40 new accounts in correspondent banks, were opened by our banks, whose number is approximately the same as a bank, and they are on the verge of increasing to more than this number.
These correspondent banks are such as Citibank, JP Morgan, and Chinese, Emirati, and Indian banks." And Turkish, stressing that “there are no fears of Iraq being subjected to sanctions from the US Federal Reserve in this regard, but rather that these banks are authorized to deal and open accounts after agreement with the US Federal Reserve.”
There are new instructions and procedures for the Central Bank that include allowing Iraqi banks that have accounts abroad in foreign currencies to import and transfer these currencies into Iraq for the purpose of using them to distribute citizens’ deposits with our banks that are in foreign currency, and thus they will be distributed to them, in addition to giving these banks flexibility to deal with companies.
And organizations and those who receive their salaries in foreign currencies,” according to specific conditions and controls issued by the Central Bank, and this step will lead to preserving the foreign cash reserves of the Central Bank, according to the advisor to the Association of Iraqi Banks.
Al-Nusairi stressed that “the above twenty banks opened their accounts in accordance with specific commitments and controls to enhance their balances, and thus they will control the movement of speculators on the black market and put pressure on the dollar circulating on the black market resulting from illicit trade and unofficial outlets that have not been controlled.”
An advisor to the Iraqi Banks Association, stated that “the procedures for transitioning from a cash economy to a digital economy, which will be implemented by the government and the central bank through broad measures, will contribute to determining dealing in dollars on the black market,” and thus will lead to stability of the exchange rate. Views 75 11/30/2023 - https://economy-news.net/content.php?id=37996
Every day those that were against it [The dinar/monetary reform], those that were negative like parliament are complimenting and cheering on what is about to happen.
Everyday they come up with new ways of saying the same thing. Article: "Advisor to the prime minister: Economic policy in Iraq is moving towards implementing the principle of monetary sovereignty" MONETARY SOVEREIGNTY... ANOTHER BEAUTIFUL WAY OF SAYING WE HAVE A NEW CURRENCY.
Question: "Do I need my receipt when I go exchange my Iraqi dinar?"
The answer is no but you will need your receipt if you are ever audited to determine the tax bracket that they would charge you under. [Note: Speak with your tax professionals at the appropriate time to determine the right tax for your unique circumstances.]
There is a start IOO of a testing of the lower denominations and the new exchange rate. We believe the testing is starting in the Kurdistan region...Once they show the citizens the colors/ crayon [New lower note samples] they will release the currency within 24-28 hours.We should also see a new exchange rate to come out with it as well.Has all this started? We are not seeing it in the streets. We're seeing it in preparation...
Iraq Welcomes Chang Shin Delegation: A Step Towards Global Investment Opportunities
In a significant move signaling an economic shift, Mohammed Shia’ Al-Sudani, the Prime Minister of Iraq, has welcomed a delegation from Chang Shin, a leading Chinese investment company. The meeting marks a significant step towards enhancing Iraq’s position as a promising investment hub, offering a wealth of opportunities to global investors.
Emphasizing Iraq’s Investment Attractiveness
During the meeting, Al-Sudani emphasized Iraq’s potential as a hotbed of investment opportunities, committed to providing all necessary facilities for major companies, irrespective of their nationalities. This move aligns with the country’s economic policy of implementing the principle of monetary sovereignty, as confirmed by Mazhar Muhammad Salih, the financial advisor to the Prime Minister. The aim is to leverage Iraq’s large commercial arms while reforming its banking system.
Chang Shin’s Investment Plans
Chang Shin plans to embark on a significant project: establishing an advanced industrial city in the Basra province of Iraq. The city will specialize in the production of steel using direct reduced iron (DRI), often referred to as sponge iron. This initiative aligns with the company’s ambition to explore and invest in untapped potentials. Furthermore, Chang Shin is in the process of contracting for a project aimed at investing in sulfur in Iraq, with the intention of exporting it globally.
Iraq – A Major Investment Destination for China
Describing Iraq as his country’s largest investment destination, the Chinese Embassy Counselor Xu Haifeng revealed that Iraq ranks third among the largest oil exporters to China in 2023. These data underline China’s growing interest in Iraq, further corroborated by the recent renewal of an agreement between China and the UAE to exchange their local currencies for a period of five years.
Iraq’s Unprecedented Strides in Combating Corruption: A Look into the Work of the Iraqi Integrity Commission, 30 NOV
The Iraqi government, under the leadership of Hyder Hanoun, head of the Iraqi Integrity Commission, has made significant strides in combating corruption and poverty, and enhancing public services. This progress is underpinned by the commission’s committed efforts to implement international commitments through legislating crucial laws, including the Right to Access Information Law. The government, over the past year, has prioritized these initiatives, providing robust support to the Integrity Commission and law enforcement agencies, thereby enabling them to effectively fulfill their duties.
Recovery of Embezzled Funds and Legal Amendments
The government has focused its efforts on recovering embezzled funds, a critical aspect of its strategy to combat corruption. This has been paired with amendments to the Integrity Commission and Illicit Gains Law, strengthening the legal framework for prosecuting corrupt practices. The effectiveness of these measures is evident in the successful conviction of corrupt individuals and the recovery of stolen funds.
Investigations into Unlawful Enrichment and Financial Disclosure
In an unprecedented move, the commission has opened investigations into unlawful enrichment and the financial disclosure of officials. Judges have collaborated in this process, ensuring the rigorous application of the law. The resulting convictions serve as a powerful deterrent, reinforcing the government’s zero-tolerance stance on corruption.
Repatriating Fugitives and Funds
The commission’s work extends beyond domestic borders, actively repatriating fugitives and funds internationally. The government’s international successes in this area have bolstered these efforts, reinforcing the commission’s mandate.
In conclusion, the tireless work of the Iraqi Integrity Commission, backed by the government’s unwavering support, signifies a new chapter in Iraq’s fight against corruption. The commission’s groundbreaking initiatives, such as the investigation into officials’ financial disclosure, reflect its commitment to transparency, accountability, and the rule of law.