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The Iraqi Dinar Crisis Sparks A Sharp Dispute Within The Finance Committee, 11 DEC

 The Iraqi Dinar Crisis Sparks A Sharp Dispute Within The Finance Committee

Posted On2023-12-10 By Sotaliraq  Al-Khazali revealed the loss of 35 trillion dinars and described the “Central Bank” as a “failure.”

Representative Muhammad Nouri Al-Khazali accused the Central Bank of failure and stealing state funds, which sparked a sharp dispute with the Finance Committee (Reuters)

Baghdad: Fadel Al-Nashmi  - December 10, 2023 AD - Jumada al-Awwal 26,  The crisis of the Iraqi dinar, whose exchange rates have been witnessing a continuous decline against the US dollar for months, has caused a sharp division within the ranks of the Finance Committee in the Iraqi Parliament, against the backdrop of strong criticism directed by its member, Representative Muhammad Nouri Al-Khazali, of the financial policies adopted by the Central Bank, revealing a loss of 35 trillion dinars. Iraqi (about 21 billion dollars).

Al-Khazali said in media statements: “More than 35 trillion printed Iraqi dinars do not exist inside Iraq, knowing that there are only two neighboring countries that deal with Iraq in dinars,” in reference to Iran.

He added: “The control of the parties and the existing quotas within the financial system is what established the failure of the Iraqi economy, and there is no country so far that relies on paper accounts and does not have final accounts in banks, no electronic automation, and more than 73 private banks except Iraq.”

He described the Central Bank as “a failure and does not aim for real management,” considering that “the control of some parties over its decisions affected the price of the dollar, and the biggest mistake was pricing the dollar in the budget at 132 thousand versus 100 dollars because it cost Iraq a loss of more than 9 trillion and the difference between it and Market prices are great.

Pointing out that the Iraqi economy is completely linked to the United States, Al-Khazali said, “We used to receive 3 payments in dollars, and today only one.” Also, the US Federal Reserve’s sanctions caused the exchange rate to explode, and it deals with us according to the missiles that fall on the Ain al-Assad base and the embassy,” referring to the missile attacks launched by armed factions loyal to Iran on the bases and places where American forces are present inside Iraq.

Al-Khazali’s statements sparked the anger and dissatisfaction of the Finance Committee and its head of the “State of Law” coalition, Atwan Al-Atwani, as she issued a statement in which she said: “We followed with great astonishment and disapproval the irresponsible statements made by Representative Muhammad Nouri Al-Khazali during his hosting on one of the satellite channels to talk about monetary policy in the country.” And the procedures of the Central Bank of Iraq.

The statement continued: “While we categorically deny the allegations made by Mr. Representative, as they lack credibility, accuracy and objectivity, and indicate his lack of familiarity with the procedures and duties of the committee, we express our strong rejection of these allegations due to their great abuse of the tasks and duties of the Parliamentary Finance Committee in particular and the legislative authority in particular.” general"

The committee called on the Presidency of the House of Representatives to “form an investigative committee to determine the veracity and source of these dangerous statements, and to take deterrent legal measures against anyone who intentionally harms the reputation of the Iraqi state and its constitutional institutions.”

It also confirmed that the monetary policy of the Central Bank, especially with regard to currency printing, is subject to monetary standards and foundations, and is consistent with the stability of the economic situation and the level of inflation, and that the Finance Committee has a clear work program to monitor the executive authority.

Representative Al-Khazali responded by launching a scathing attack on the Finance Committee and its Chairman, in which he said: “We saw the so-called important statement issued by the Finance Committee issued on December 9, and it contains many lies and attacks on me personally.”

He added: “After inquiring from the members of the Finance Committee, gentlemen and ladies, it became clear that they had no knowledge of the statement and that it was issued by Representative Atwan Al-Atwani (Chairman of the Committee), who exceeded his powers and used disrespectful words and phrases, and even went so far as to replace the Central Bank and defend its failed policy and demand the formation of An investigation committee was launched against me, forgetting that I am a representative and for what I say I bear personal responsibility.”

He continued: “While I hold him fully responsible for the material and psychological harm that was caused to me by resorting to the Iraqi judiciary, I am surprised by this trivial method of electoral competition, in which he wanted to confuse facts as clear as the sun, the most important of which is that the biggest cause of these financial problems is that the so-called Atwan Al-Atwani was It is still a reason for the failure of the Finance Committee to perform its oversight mission.”  LINK

Automation To Control Dollar Trade Transactions , 11 DEC

 Automation To Control Dollar Trade Transactions

The first  12/11/2023    Baghdad: Muhannad Abdul Wahab   The Parliamentary Finance Committee called on the Central Bank, taxes, ports, national security, and the rest of the concerned parties to adopt a tight electronic automation system in external and internal transactions to control the rise of the dollar.

A member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in an interview with “Al-Sabah”: “The operations of supplying the dollar from the US Federal Bank will ease the pressure and contribute to providing the currency for internal and external commercial transactions, and at the same time the government will control the dollar file through the Central Bank of Iraq as it is part of From the system regulating the dollar dealing strategy.”

Al-Karaawi called on the rest of the government agencies, such as customs, taxes, and border crossings, to “strive more to implement their duties to control the issue of the rise in the dollar, in addition to the National Security, which follows up on trade exchange operations.”

He added, "The operations of controlling the dollar require a complete circle of work and concerted efforts between the Central Bank and the relevant government agencies so that we can control foreign transfers and compare incoming goods with outgoing goods. This is a positive step towards automating dollar transactions through a strict system that controls the movement of the dollar."

Edited by: Wael Al-Maluk      https://alsabaah.iq/88676-.html

"RV UPDATE" BY PIMPY, 11 DEC

 Pimpy 

 Rumor the exchange rate had changed.  It has not changed...It doesn't make sense for them to change the exchange rate in one location and not another.  What's to keep people from taking their Iraqi dinar to the new 1 to 1 location, exchanging their currency, getting tons of money, running back over to another location that has not yet changed the exchange rate, buy more cheap Iraqi dinar, then run back over to the new exchange rate...You're making millions of dollars.  This is why you'll never hear, 'Oh, they have an in-country rate and out-country rate.'  No, the rate is the same.  That doesn't make any sense whatsoever...no where out there is there a location where it's 1 to 1 and not at other locations.

 Remember Iraq is an importing country, not like Vietnam who's exporting...They have room for the Iraqi dinar to grow.  This will allow them allow them to bring in goods from around the world to the Iraqi people...

 Question:  "Article 140, HCL, Oil and Gas - RV ready?"

  Even if they pass that doesn't mean the RV is going to to happen.  That's what I keep telling people...There are people out there...telling you, 'Yeah, once the HCL, oil and gas law passes then we're going to see an increase in the exchange rate.'  They say that about everything. 'Well, the new budget, it's impossible for them to move forward without a higher exchange rate.' Or 'They can't get into the World Trade Organization without a higher exchange rate.'  All those are lies.  They can. 

Iraqi dinar 🔥 Iraqi dinar Reinstatement Final Phase 1 To 1 Big News 🔥Ira...

Iraq to Form a Permanent Council for Private Sector Development, 11 DEC

 Iraq to Form a Permanent Council for Private Sector Development, 11 DEC

In a significant move aimed at fostering growth within the private sector, the Ministry of Planning in Iraq, under Prime Minister Mohammed Shia al-Sudani, has announced the upcoming formation of a permanent council dedicated to this sector’s development. This move indicates a strategic shift towards diversifying the Iraqi economy, traditionally heavily reliant on oil revenues. The establishment of this council is designed to encourage private sector participation in economic activities.

A New Dawn for the Iraqi Economy

The imminent formation of the council signals the government’s intent to create a more conducive environment for business in Iraq. It is an attempt to attract investment, generate employment opportunities and, in the long run, contribute to the overall development and prosperity of the nation. This move could mark a new dawn for the Iraqi economy, steering it away from its dependency on oil and towards a more diversified economic structure.

Encouraging Private Sector Participation

The initiative to form a permanent council for the development of the private sector is indicative of the government’s recognition of the crucial role that this sector can play in the country’s economy. By encouraging private sector participation, the government is not only looking to diversify its economic activities but also to create a more balanced and resilient economic structure. This initiative will not only benefit the private sector but will also have a far-reaching impact on Iraq’s socio-economic landscape.

Charting a Course towards Prosperity

The formation of the council is expected to catalyze the growth of the private sector, creating a ripple effect that will lead to increased investment, job creation, and economic growth. This move is a clear indication of Iraq’s strategic effort to chart a course towards prosperity and development, leveraging the potential of the private sector. With this initiative, Iraq is poised to redefine its economic narrative, ushering in a new era of growth and development.

https://bnnbreaking.com/world/iraq/iraq-to-form-a-permanent-council-for-private-sector-development/

CIA Director’s Stern Warning to Iraq: Consequences of Inaction Against Attacks, 11 DEC

 CIA Director’s Stern Warning to Iraq: Consequences of Inaction Against Attacks

In a rather stern move, the Director of the CIA, William Burns, has issued a resolute warning to Iraq’s Prime Minister, Mohammed Shia al Sudani. Burns stresses the harsh consequences that Iraq could face if it fails to halt attacks on U.S. military facilities perpetrated by Iran-backed factions. These assaults, largely retaliatory measures against Washington’s support of Israel and its military presence in Iraq and Syria, have heightened tensions in the region. This warning underscores the U.S. government’s persistence for Iraqi intervention to prevent further attacks on its interests.

Condemnation and Calls for More Action

Prime Minister Al Sudani has openly criticized these attacks and U.S. counter-strikes, labeling them as violations of Iraq’s sovereignty. However, the United States insists that Iraq must take more decisive action to prevent such incidents. The U.S. stance is clear: Iraq’s inaction or insufficient action could risk its security and strain its relationship with the United States, potentially leading to severe repercussions.

Extension of Sanctions Waiver Amid Criticism

In a strategic move, the U.S. has extended Iraq’s sanctions waiver by four months, allowing Baghdad to continue purchasing Iranian electricity. This decision, however, has not been without its critics. Some proponents of a hardline stance against Iran in Washington argue that this waiver would inadvertently boost revenue for Tehran, even as its proxies continue to wage war against Israel.

Stakes for Iraq and U.S. Relations

This development underscores the seriousness of the situation and the U.S. government’s insistence on the Iraqi government’s role in safeguarding its forces stationed in Iraq. The diplomatic tightrope that Iraq must walk is fraught with danger. On the one hand, it must maintain its relationship with the U.S. On the other hand, it must navigate a complex web of regional alliances and conflicts. The coming months will bear witness to how well Iraq can balance these competing interests.

https://bnnbreaking.com/politics/cia-directors-stern-warning-to-iraq-consequences-of-inaction-against-attacks/