Can the CBI, Alaq and the board of directors reduce the exchange rate of the American dollar?
No, of course not. They don't have jurisdiction to do that.
Who can do that?
The US Treasury. Alaq and Sudani said to the citizens, 'Private banks will give support to the Iraqi citizens by reducing the dollar exchange rate.' What that means is they're going to give value to the Iraqi dinar...It reduces the value of the American dollar in the country of Iraq.
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.]
The coordination framework talks about the “possibility” of deciding on the selection of Al-Halbousi’s replacement before the local elections, 30 NOV
The coordination framework talks about the possibility of deciding on the selection of Al-Halbousis replacement before the local electionsShafaq News/ The coordination framework, which brings together the Shiite political forces, confirmed today, Wednesday, that there is a possibility of deciding the selection of the new speaker of parliament, before the governorate council elections scheduled for next December 18.
The leader in the framework, Hassan Fadaam, told Shafaq News Agency, “There is a possibility of deciding the election of the new speaker of the House of Representatives before the governorate council elections, and the political forces in general, and not the coordination framework, are in dialogue and studying setting a date for holding an extraordinary session of Parliament to elect the new president, especially since there is no “There is no interest in obstructing the resolution of this important entitlement.”
He added, “There is no division within the coordination framework regarding the names nominated for the position of Speaker of Parliament, especially since the framework is not a political alliance, but rather a coordination meeting between the Shiite forces, to coordinate positions, determine the compass for political action and the interests of Iraq, and take the necessary steps to support the government.”
He continued, “There are different views among the forces of the coordination framework regarding the names nominated for the position of Speaker of Parliament, and perhaps the framework does not fully support one person and the framework may have two or more opinions, but now the coordination framework is studying the nominated names, and will soon inform the Sunni political forces of its opinion.”
The leader in the coordination framework concluded by saying, “Every political party in the framework is free to support any candidate it deems appropriate, and the decision remains within the House of Representatives through voting and any candidate obtaining a majority of the votes.”
The Presidency of the Iraqi Council of Representatives decided to officially terminate the membership of Council Speaker Muhammad al-Halbousi, based on the decision of the Federal Supreme Court, as of the fourteenth of November 2023.
On Tuesday, November 14, the Federal Supreme Court, “the highest judicial authority in Iraq,” announced the termination of the membership of Parliament Speaker Muhammad Al-Halbousi, against the backdrop of a lawsuit filed against him by Representative Laith Al-Dulaimi, in which he accused him of forging his (Al-Dulaimi’s) resignation from membership in the House of Representatives. As a result, the Federal Court ruled to terminate their membership (Al-Halbousi and Al-Dulaimi).
An economic expert shows 3 advantages of the electronic payment system, 30 NOV
An economic expert shows 3 advantages of the electronic payment systemInformation / Baghdad..
Today, Wednesday, economic expert Nabil Al-Ali identified three positive aspects of the government’s steps towards floating the electronic payment system in future transactions.
Al-Ali said in a statement to Al-Maalouma, “The trend towards electronic payment aims to limit the phenomenon of the cash economy, which has major negative effects on the Iraqi economy and consequences and effects with regard to managing liquidity and the costs of this liquidity from printing currency and controlling it.”
He added, “One of the positives of implementing the electronic system is that it contributes to controlling customs and taxes and providing specialists with financial movement, as well as eliminating the phenomenon of tax evasion through the process of linking control and knowledge of the volume of sales, which will thus save the treasury large sums.”
It is noteworthy that Prime Minister Muhammad Shiaa Al-Sudani confirmed during his visit to the General Traffic Department yesterday, Tuesday, that the experience of electronic payment in collections and transactions with state institutions is part of reforming the financial and banking system, and prevents suspicions of corruption.
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
