Sunday, December 24, 2023

Integrity commission recovers 2bn dinars from ex-officials' inflated funds, 24 DEC

 Integrity commission recovers 2bn dinars from ex-officials' inflated funds

Shafaq News / The Iraqi Integrity Commission disclosed on Sunday the retrieval of over two billion dinars into the state treasury from high-ranking officials, one of whom was an advisor to the former Prime Minister, on charges of illicit gains and the notorious "theft of the century."

The commission, in a statement, detailed that it received 1.3 billion dinars from the accused, who served as the former Prime Minister's technical advisor, constituting part of the inflation and illicit gains in their assets.

Additionally, they succeeded in returning 775 million dinars, representing the value of a bribe received by the detained accused, the office manager of the Baghdad governor, from a foreign company.

This was in exchange for awarding project contracts to specific companies. Also, they retrieved a sum nearing 25 million dinars from the rental revenues of properties belonging to the detained accused, the wife of the former General Director of the Tax Authority.


https://shafaq.com/en/Iraq-News/Integrity-commission-recovers-2bn-dinars-from-ex-officials-inflated-funds



"ANALYSIS OF IRAQ NEWS" BY FRANK26, 24 DEC

 Frank26:  US DOLLAR ONLY USED IN 3 OFFICIAL WAYS INSIDE OF IRAQ"..........F26

 Banks await the arrival of dollar shipments

12/20/2023  Baghdad: Shukran Al-Fatlawi

Iraq is awaiting dollar shipments imported by government and private banks after the recent agreements between the Central Bank and the American side. It is hoped that they will contribute to curbing and reducing exchange rates in the parallel market.

Although government sales are made at a price of 132 thousand dinars per hundred dollars, prices in the parallel market currently range between 153 thousand and 155 thousand per hundred dollars.

The head of the Association of Private Banks, Wadih Al-Handal, said: “The recent measures of the Central Bank of Iraq and the government, with regard to facilitating trade financing using new currencies, represented by the euro, the dirham, the Chinese yuan, and the Indian rupee, are a step that contributes to reducing the exchange rate of the dollar in the parallel market,” noting that “

The regulation of trade financing carried out by the government and the central bank through the entry of other goods into the platform will lead to an increase in trade financing.”

He confirmed in a statement to “Al-Sabah” that “private banks are taking great steps in expanding international relations with international banks, which facilitates the financing of Iraqi trade with countries around the world,” explaining that “the Prime Minister’s great support for the private sector is considered the beginning of reforming the Iraqi economy.”

Especially since the private sector is an important partner for the government, in providing services and jobs and reducing poverty.”

For his part, economic expert Dr. Mustafa Hantoush explained to “Al-Sabah”: The Central Bank used Instructions No. 4 of 2011 regarding the import of currency by banks licensed in the country that have the right to carry out this process to enhance capital
or for the purposes of addressing monetary crises.

He added that the US Federal Bank had earlier reduced the dollar payments that were delivered to the Central Bank due to money laundering and the seizure of the dollar by some countries close to Iraq, but the Central Bank agreed with the US Treasury on a successful and correct step to support local banks by establishing relationships with foreign banks.

And the gradual transition of operations to enhance the balance of its accounts, which is consistent with what the bank previously announced in its plan to gradually reduce dependence on the electronic platform until it ends its work next year.
Hantoush stated that there are banking transactions and deposits received in dollars, and related operations were carried out in dinars with the approval of the Central Bank, because the depositor requests dollars or transfers coming from abroad that are deposited in bank accounts, and there is no payment in dollars except in dinars, which requires strengthening capital, (A NEW EXCHANGE RATE WITH VALUE -F26)   and according to this process, the Central Bank Al-Iraqi agreed with the US Treasury on a successful step in this regard. (#1 TOLD AKI & WS, & THEN WE TOLD YOU, FAMILY -F26)

He continued that the American side deals as a merchant, concerned with the issue of profit, by imposing a reduction in the supply of the dollar, but on the other hand, when it sees its banks and companies making a profit, it agrees to most of the procedures, and it is a theory that it follows in managing the world economically.

It is noteworthy that a government source revealed that government and private banks imported $255 million within two weeks, and that a number of other requests to import the dollar are on their way to being audited and implemented, with other amounts expected to arrive within the next few days.

In turn, Imad Al-Muhammadawi, who is interested in economic affairs, told Al-Sabah: The steps taken by the Central Bank, represented by approaching banks to finance small merchants from Turkey in the euro, are extremely important as it reduces the burden and crises of using the dollar in commercial transactions.   LINK

PM Advisor Says Exchange Rate is Fixed!💣No Float🤔Iraq Dinar RV Updates |...

Expert warns of a rebound in the dollar/dinar exchange rate near the new year, 24 DEC

 Expert warns of a rebound in the dollar/dinar exchange rate near the new year


Shafaq News/ An expert on Saturday warned of a rebound in the US dollar exchange rate against the Iraqi dinar that might follow a consistent pattern of decline towards the end of the current year. 

The Iraqi government attributes the drop in the dollar rate to many factors, including the country's strong foreign exchange reserves and the efficient management of foreign trade.

"The rate in the parallel market is gradually approaching the official benchmark, due to the recent growth of private sector trade, the adherence to forex regulations, and the great flexibility of the banks managing the exchange platform," said Mudher Mohammed Saleh, the financial and economic advisor to Prime Minister Mohammad Shia al-Sudani.

Saleh added that the opening up to transfers through various methods, including payment cards, importing physical foreign currency, and diversifying the hard currency reserves has also contributed to the decline in the US dollar rate in the parallel market.


Saleh said that the central bank's monetary policy is being "accurately and positively" implemented in accordance with short- and medium-term plans to maintain stability for the national economy.

"Therefore, the exchange rate will continue to decline in the parallel market," he said.

Meanwhile, the spokesperson for the Sulaymaniyah Stock Exchange, Kurban Jabar, revealed that the dollar exchange rate is expected to fluctuate in the coming days due to the Christmas holiday.

He attributed the recent drop of the US dollar exchange rate against the Iraqi dinar to the success of a campaign the Iraqi government launched to boost external transfers by the beginning of the new year and its intention to deal in Iraqi dinars in all financial transactions."

"Of course, delivering the green banknotes directly to the banks, basically five banks, instead of the Central Bank of Iraq was also a major influence," Jabar said.

Jabar confirmed that there is an intention to link those banks to a bank in Oman and to increase the number of banks soon. He explained that if financial transactions in the country were unified in Iraqi dinars, this would allow the dinar to recover and the dollar exchange rate to decline, as the demand for the US dollar would be limited only to traders and citizens who wish to travel abroad.

Jabar pointed out that it is expected that there will be fluctuations in the dollar exchange rate during the remaining days of the outgoing year since major companies are either on vacation or doing the final financial assessment of the year.

https://shafaq.com/en/Economy/Expert-warns-of-a-rebound-in-the-dollar-dinar-exchange-rate-near-the-new-year

"KTFA UPDATE" BY FRANK26, 24 DEC

 KTFA:

Frank26:  "THE ONLY WAY 2024 IS THE YEAR OF ACHIEVEMENTS... IS WITH A NEW EXCHANGE RATE!!!"...........F26

 Al-Sudani: 2024 will be the year of achievements and the opening of projects

 12/23/2023

 Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Saturday, that 2024 will be the year of achievements and the opening of various projects.

Al-Sudani said during the inauguration of the Freedom Bridge, “The Freedom Pedestrian Bridge is the first of its kind on the Tigris River,” praising “the efforts of workers in the companies of the Ministry of Construction, Housing and Water Resources, the Municipality of Baghdad, and other supporting bodies.”

The Prime Minister added, "The bridge was implemented despite the delays and will facilitate the movement of visitors and citizens in general."

He added, "The bridge was given the name Freedom, due to important considerations and connotations for this region, whose direct communication across the two banks was prevented by the former regime, especially on days of visits."

Al-Sudani confirmed, “Soon there will be additional services in this area, to complement the origin of this project according to the design prepared by the Ministry, making it a service, entertainment, and tourism facility worthy of the Kadhimiya area, and all areas of the capital, Baghdad.”  LINK

Iraqi Dinar Higher Fixed Exchange Rate Advantage $1 to 1 or $2 | Managed...

The Government And The Central Bank Win The Battle For Financial And Banking Reform In 2023, 24 DEC

  The Government And The Central Bank Win The Battle For Financial And Banking Reform In 2023, 24 DEC

Financial and banking advisor, Samir Al-Nusair   The data, indicators, achievements and preliminary results achieved in 2023 indicate that the government of the Prime Minister, Mr. Muhammad Shia Al-Sudani, and the Central Bank, in continuous cooperation and coordination between them, have resulted in their comprehensive reform steps contained in the government curriculum in the axis of financial and banking reform and in the strategy of the Central Bank, which focused on regulating foreign trade financing. Opening direct dealings between Iraqi banks that secured the necessary requirements to deal with correspondent banks and opening new foreign currencies in addition to the US dollar.

 Such as the Chinese yuan, the euro, the UAE dirham, the Indian rupee, and the Turkish lira. To be traded for external transfers with these countries in accordance with understandings and agreements with the US Reserve and the US Treasury Department.

The role of the Central Bank will be supervisory and supervisory. The other achievement is the compliance of Iraqi banks with the global banking system and regularity within the system of international banking relations, which has restored confidence in the integrity of banking transactions with Iraq. This is an important and basic goal.

The other important goal, which the government is working to implement in cooperation and coordination with the Central Bank and the Association of Banks. Electronic payment companies are moving and transforming from the cash economy to the digital economy and the issuance of a number of decisions from the Council of Ministers and several instructions and executive procedures from the Central Bank to achieve this in a record period.

And work to complete the necessary infrastructure to achieve digital transformation in the banking sector. The government is working seriously on governance and automation of the tax system, the customs system, and networking with the Central Bank of Iraq.

The new thing in the Sudanese government is that it draws up plans and follows up implementation on a daily basis with the parties concerned with implementation and participates in facilitating procedures and overcoming obstacles first and foremost. It consults continuously with the Central Bank as an advisor to the government.

Since we are in the last week of 2023, the Central Bank and the government have set before them in 2024 the completion of financial and banking reforms in a way that achieves complete financial and banking reform and controlling and maintaining the stability of the exchange rate of the Iraqi dinar in a way that does not allow the official rate to be equal to the exchange rate in the parallel market. And that the planned goals for the year are Mentioned as follows:

First - Building a stable financial system lies in accompanying financial electronic systems.

Second: Commitment to establishing the rules of compliance, risk management, transparency, and soundness of financial operations.

Third: Working to strengthen international relations, including establishing a network of relations with foreign correspondent banks.

Fourth: Establishing a Riyada Bank and redirecting work on initiatives to finance small and medium enterprises in accordance with standards

New banks contribute to its capital and management. In line with the initiative of the Prime Minister (Riyada).

Establishing a loan guarantee company.

Fifth: Prepare and launch a financial inclusion strategy and put it into practice in coordination with the relevant authorities.

Sixth - Launching the national lending strategy, relying on the banks’ own financial capabilities to attract deposits and invest them in providing the best banking products to customers and contributing to development.     Views 51 12/23/2023  https://economy-news.net/content.php?id=38767