Wednesday, June 19, 2024
Behind the scenes of an exciting session of merchants and restaurant owners who “invested” in the exchange rate difference in Iraq, 19 JUNE
Behind the scenes of an exciting session of merchants and restaurant owners who “invested” in the exchange rate difference in Iraq
A lengthy report by the American newspaper “The National” reviewed the scenes of investing in the exchange rate difference in Iraq, where businessmen, merchants, and restaurant owners benefited by operating their money in this trade, by withdrawing the dollar from the central bank and selling it on the black market, which achieved huge and rapid profits in this way, However, the recent actions of the Central Bank caused problems between these partners due to losses.
The report, translated by “Baghdad Today,” says, “Despite recent efforts for reforms, challenges remain, and well-connected businessmen are still exploiting loopholes in the foreign currency sales window managed by the Central Bank of Iraq to make obscene amounts of money.” From the margin between the official exchange rate and the black market rate.
The National spoke to dozens of businessmen who said the strict measures had helped simplify the import process and forced many to formalize their transactions, but they said there was still room for manipulation.
One of the businessmen said: “There are still ways to circumvent the procedures,” adding that “falsifying invoices and arrangements at border crossings and manipulating the prices of goods by setting inflated prices by exporters are among the common methods.”
In a room decorated with intricate tapestries and ornate tapestries, The National attended a tense meeting of businessmen, their faces etched with a mixture of frustration and resignation.
They have banded together to resolve a months-long financial crisis that has escalated beyond the bounds of legality, plunging them into the murky waters of clan diplomacy.
By accessing a government-run platform offering US dollars at the official rate, a businessman lured other traders with a deal promising them huge profits from the spread between official and black market rates, sources involved told The National.
With hundreds of millions of Iraqi dinars in circulation, traders received unexpected cash gains. But as the days and months passed, the businessman found himself unable to pay his debts, leaving the merchants in a precarious situation.
No official complaint was filed against him, and the businessman did not face any trial.
“It is clear that we have reached an impasse,” a representative of the businessman who lives in a neighboring country told the audience, who exchanged wary glances. "We can't continue down this path. It's time to cut our losses."
His proposal hung in the air, and was met with hesitant votes of approval.
Giving up half of the two billion Iraqi dinars was a bitter pill to swallow, but it seemed the only viable option in the face of mounting losses and uncertainty.
The owner of a famous restaurant chain in Baghdad told The National newspaper after the meeting: “We say that whoever loses half his money is not a loser.”
“At least I have half my capital in my hands – better than nothing,” he said.
“There is no business that allows you to hit the jackpot like taking advantage of the exchange rate margin in a short period of time, which is why we invested heavily with him.
He added: "Over the past months, he has been paying us on time, but it seems that he has been having problems recently." link
"WHERE ARE WE NOW?" BY BRUCE VIA GEM FINCH, 19 JUNE
⭐️Gem Finch, [19/06/2024 12:22 PM]
⭐️BRIEFEST BIG CALL NOTES FOR TUESDAY JUNE 18TH, 2024
STICKING WITH THE NEW FORMAT TO KEEP HOPEFULLY EVERYONE HAPPY – HAVING SAID THAT ALL SIDES OF THE SO CALLED GOVERNMENT, PICK A COUNTRY THEY ARE ALL THE SAME APART FROM A COUPLE OF VERY SPECIAL AND MAYBE EVEN BLESSED AND DIVINELY PICKED COUNTRIES THAT HAVE INDEED TURNED OVER A NEW LEAF AND ARE TRYING VERY HARD NOW TO LISTEN TO OUR FATHER CREATOR AND GO WITH HIS PLAN FOR THE BENEFIT OF THEIR PEOPLE - AND NOT THOSE OF THE FACELESS/HIDDEN SUPPOSED CONTROLLERS OF THIS 3D CONSTRUCT. NO FEAR AND NO WORRIES DEAR ONES, ALL IS CHANGING AND ALMOST IN THE BLINK OF AN EYE WE’LL SEE AND BE LIVING IN OUR NEW WORLD.
LET’S PRAY AND BELIEVE WITH ALL OUR HEARTS THIS IS NOW FINALLY OUR WEEK FOR THOSE BLESSED NOTIFICATIONS FOR T4B. EVEN HAS A GOLDEN AND BLESSED RING TO IT - DOESN’T IT??? HAS BEEN SOMEWHAT OF A CONFRONTING WEEK ON A PERSONAL LEVEL - SO MY THOUGHT WAS EVEN A FEW UPLIFTING WORDS WERE BETTER THAN NONE, BUT IF YOU WANT MORE ALONG THOSE LINES, HAVE A READ OF A FEW VERSES I FOUND POSTED AFTER BRUCE’S INTEL - WHICH WILL ALSO LIFT ANY SAGGING SPIRITS - EVERY SINGLE ONE OF US NEEDS HOPE - AGAIN A VERY PRECIOUS GIFT.
INTEL ONLY
***WHERE ARE WE NOW???***
We have some interesting information today some of the RC people we know they have a job to put into the QFS the codes in the last couple of days- they put them in but didn’t receive them – but today they put in the codes and then wait to see if it took – of the three one was received and two were on Iraq and Rupiah and Bruce believes the Iraqi budget was in the Gazette last Saturday – but is now being told tomorrow Wednesday – so the fact that something came back about Iraq and was probably Bruce thinks that the rate was not in the Gazette - but they were not quite in the position to lock in the rate for us.
Cut to Afghanistan and it requires a rate sold and to be locked in – so tomorrow we’ve been told the codes will be entered again and we just wait to see ALL THREE to be Received and we should see solid Screen Rates at the RC showing a solid and exchangeable currency(s).
And from another source - if there was a FF tomorrow but if NOT and that we’d be in the midst of this tomorrow and maybe even exchanges tomorrow afternoon / evening – but I think I the information that we’ve had in the last few days – and interesting that this would be done on FREEDOM DAY - so that’s how we should be looking at this - we’ve had green lights flashing and people at WF entering the codes but now when they entered again and come back with solid rates and we should then be able to set our appointments for our exchanges and that’s really what I wanted to say.
The government announces monitoring. 13 billion dinars to support culture and arts, 19 June
The government announces monitoring. 13 billion dinars to support culture and arts
Baghdad - Iraq Today:
Prime Minister Mohamed Shia al-Sudani confirmed that his government has allocated more than 13 billion dinars to support culture and arts.
The Prime Minister's Media Office said in a statement that "Al-Sudani received a group of Iraqi plastic artists and sculptors on the occasion of Eid al-Adha."
Al-Sudani pointed out that "art has flourished historically in Iraq since ancient civilizations, and the cultural connection of plastic art has not been interrupted in subsequent eras, which is embodied in the important drawings left by the Iraqi artist," noting that "Iraqi plastic art is a pioneer in the Arab world, and this size and weight of artistic civilization makes the task of plastic artists and sculptors doubled, because they are the heirs of all civilizations makers in this land."
"The importance of establishing a museum of Iraqi plastic art in Baghdad," he said, noting that "Iraq has gone through stages in which the treasures of contemporary Iraqi art were looted, and we have worked to restore many of them."
He pointed out that "the government allocated 13 billion for various types of arts," stressing "the importance of holding conferences and cultural activities, because of the need of the cultural sector and in order to introduce the reality of Iraq, and the government will take care of them."
"At the request of the president of the Arab League, the Iraqi pavilion in the Arab League was awarded 15 paintings by Iraqi artists," he said.
The Prime Minister explained that "Iraq is on the right track at all levels, and the national service government has a clear picture based on a well-thought-out government program that represents an essential step to build trust between the political system and the people," stressing his approval of "a set of proposals submitted by the delegation of plastic artists and artists, regarding interest in plastic art, and its support by ministries and government institutions, and promised to form a committee to follow up on the requirements of the proposals and work to implement them."
Evening News with MarkZ. 06/18/2024
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