The governor of the Central Bank of Iraq has submitted his resignation to the prime minister, a lawmaker said.
Central Bank Governor Ali Allaq has reached retirement age and has submitted his resignation to Prime Minister Mohammed Shia Sudani, Soran Omar, a member of the Iraqi parliament’s Economic Committee, told Rudaw on Tuesday.
On 01-08-2024, the State Council sent a letter to the Iraqi parliament expressing its views on the continuation of the governor of the Central Bank of Iraq in his post, after reaching retirement age.
According to the Iraqi Pension Law, the retirement age is 60 years.
According to Soran Omar, the state council was of the opinion that the governor of the central bank should retire.
There is also protest in the Iraqi parliament against the actions of the governor of the central bank.
Mohammed Nuri, a member of the Iraqi parliament’s finance committee, said the replacement of the governor of the central bank is necessary because of the country’s economic situation, including the way it deals with the dollar issue and failure to take necessary measures. Share it in
Looks like someone is not happy about their cash cow getting yanked out from them. Their magic carpet just got grounded. They're not being able to steal money anymore and they're upset about it. Whales, large financial people and politicians involved in the banks they got shut off. They're being vocal about it. Who runs some of the media in Iraq?
We know some people that were at the top of the country have their fingers in the pot when it comes to media...
Article quote: "
Central Bank being forced to allocate an entire floor for the US Treasury department to monitor money transfers and prevent any illegal activities and people call it dangerous"
Well it's dangerous if you're not playing by the rules. That's the problem.
Here's some fun... Article: "Four Arab currencies top the list of the strongest in the world. Is the Iraq dinar among them?"
Why in the world would you bring up the Iraqi dinar when it's at 1310? Why would you say that? Everybody and their brother knows around the world that it's lousy. It's terrible.
A member of the Parliamentary Integrity Committee, Hadi Al-Salami, revealed today, Tuesday (6 August 2024), the reasons for hosting the Central Bank Governor Ali Al-Alaq in the Iraqi Council of Representatives.
“The lack of transparency and the announcement of the daily bulletin of the sale of the dollar to know who is who is buying millions of dollars a day, are the main reasons for hosting the central bank governor,” Al-Salami told Baghdad Today.
He pointed out that “the answer to the oral question is the lowest degree of questioning, provided that the governor attends inside the council hall to answer, and approval got that days ago, although the request was submitted more than a year ago, that is, when Mohammed Al-Halbousi was president of parliament.”
He added, “There is a failure in the work of the Governor of the Central Bank in many files and his age has reached the retirement stage, in addition to many observations on the auction of the sale of currency and others, especially with the recognitions of the executive authority regarding the existence of currency smuggling operations, which will be discussed with the governor when he comes to the House of Representatives in the coming days.”
A document issued at the end of last July showed a report from the House of Representatives to the Governor of the Central Bank to attend under the dome of the parliament to answer a verbal question submitted by MP Hadi Al-Salami.
(Mnt Goat: If you care to remember I told you that one of the factors in moving ahead with success of the currency reform as part of the banking reforms, was that the CBI and the GOI must work together and promised to work together. But this article is telling us three reasons why this is not now happening.
This situation MUST change. The US Treasury in now parked in the CBI building and is not going anywhere until the dollar sales is controlled and the parallel rate matches (or is very close to) the dinar rate. I certainly hope they can fight this corruption.
We should expect blow-back from the corrupt as they have had it way too good in stealing money all these years. Remember where the money is going and so expect the Iranian backed militias to act up and get crazy in the process. Yes, they will be bombings in retaliation. This is why these militia must be dealt with too. Iran cannot forcefully set policy for Iraq under gun point. But they are now and have been! ☹ This must change.)
Professor of International Economics, Nawar Al-Saadi, revealed today, Monday (August 5, 2024), that there are
political motives behind the Central Bank’s ignoring of some decisions of Prime Minister Mohammed Shia Al-Sudani.
He explained that “the Central Bank of Iraq faces a set of obstacles that directly affect its ability to implement the Prime Minister’s directives.
1.The first is the great international pressure coming from the US Federal Reserve, which imposes sanctions on some Iraqi banks and places strict restrictions on the movement of the dollar. These pressures make it difficult for the Central Bank to take effective steps to manage the exchange rate independently.
2.The second is that the bank suffers from internal structural problems such as corruption and mismanagement, especially with regard to selling the dollar. These challenges make it difficult for the government to achieve its economic goals regarding the stability of the exchange rate, and increase the complexity of the Iraqi economic scene in general.”
Al-Saadi stressed that “these problems make it difficult to implement monetary policies effectively
, as financial resources are used for illegal purposes or are wasted due to corruption.
3.Third, the influence of some banks owned by parties with great political and security influence plays a role in complicating matters, and these banks may be resistant to the changes imposed by the Central Bank, which limits the bank’s ability to impose the measures required to achieve financial and monetary stability.”
The professor of international economics continued, “There are political motives behind the Central Bank’s disregard for some of Al-Sudani’s decisions, and given the overlap between politics and economics in Iraq, this situation has become a syndrome in the Iraqi regime from after 2003 until now, as there is an influence from political interests that play a role in determining economic policies.”
(So now you hear once again why the US Treasury has set up shop inside the CBI and thus also these same reasons are why the currency reform is held up, at least for now. But remember this move by the US Treasury was to that they could move to the next step of the currency reform. So it is a very positive thing for us investors. Get it? The glass is half full… lol..lol..lol.. 😊)
RV news is quiet- just a lot of wild rumors out there…I still very much believe the RV process has started. I have seen too much movement with things lining up and the organization of the historic bonds and believe the process has started. The question is has it slowed down with things happening in the middle east? And where we are at in the process?
None of us have the complete manual on how it all will roll out. We just know that historic bonds are one of the first things to go…then we RV…Then the reset …then currencies will move to parity. We know the process has started …the question is where are we timing wise?
Question: What does it mean for us now that the CBI was taken over by the US Treasury?
MarkZ: The CBI was not completely taken over by the US Treasury...Nobody panic. What I was told is the last few Iraqi banks that had “issues” with money being filtered towards Iran…5 banks to be exact are being cleaned up… I was told they are being cleaned up so they can pull the trigger. The world is desperate for this (RV) to happen. I think the UST being there is a good sign. There is a lot of pressure on Iraq to pull that trigger.
