Shafaq News/ Iraq has increased its gold reserves to more than 148 tons, according to a report released by the World Gold Council on Thursday.
The latest data showed that Iraq has climbed one spot to rank 29th globally out of 100 countries, up from 30th place. Regionally, Iraq holds the third position among Arab nations, following Saudi Arabia and Lebanon.
The report highlighted that Iraq boosted its gold holdings to 148.3 tons, up from 145.7 tons. Gold now represents 10.02% of Iraq's total reserves.
The World Gold Council also noted that the United States remains the largest holder of gold globally, with reserves totaling 8,133.5 tons. Germany followed with 3,351.5 tons, and Italy ranked third with 2,814 tons. Suriname ranked last on the list with reserves of 1.2 tons.
Regarding The Resignation of Iraq Central Bank Governor Ali Al-Alaq.
imo-It’s A Great Thing He’s Moving On-Meaning He Has Done All He Can Do Within His Perimeters. He Has Accomplished His Part/Job(Stability).
You’ll Really Think The CBI/Alaq Completed All This Monetary Reforms Just To Let It Go To Waste
This Is A Classified Event.
Remember Everything is Scripted. They Are Trying To Misinform/Disinform & Confuse You.
This Would Happen The CLOSER We Get To The END of This Investment!!!
If Frustrated/Broke-Hold On A Bit More, As We Are Almost To The Finish Line
It’s Inevitable!!!
…My Cigar Will Be Lit In 2024. LFG
August 7, 2024 Baghdad/Iraq Observer The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Wednesday, that the financial situation in Iraq is proceeding as planned, while noting that the
controversy over the dollar exchange rates has been resolved.
Al-Alaq said in a press interview followed by “Iraq Observer,” that “there are external and local challenges, but in general, the financial situation in Iraq is still proceeding within what is planned in the state’s general budget,” indicating that “there is high coordination between the central bank and the president.”
The ministers and the Ministry of Finance are committed to ensuring the financial aspect of its continuity, stability and sustainability.”
He added, “We are currently working closely, almost daily, with the Ministry of Finance in order to implement the financial plan drawn up in the general budget, in a way that ensures coverage of its objectives, programs, and existing needs,” noting that “for the first time, by virtue of the new Budget and Financial Management Law, allocations for governorates and ministries have been rotated.”
Therefore, there is broad coverage of the needs of the financial side, and for the first time, the size of the balances held by the ministries and governorates is large, enabling them to perform their role.” He stated that “the Central Bank is undergoing a major transformation process in reorganizing foreign trade in a way that secures several goals at the same time, and among these goals is the transparency of external transfer operations that begin from the transfer process and the transferor to the final beneficiary and to the exporter through all data, documents and information that enhance And it matches reality,” he explained, explaining that “this process is taking place for the first time in the history of Iraq and involves international auditing institutions that scrutinize the information before it reaches the implementation stage, as long as the process meets all the local conditions and standards represented by the Anti-Money Laundering and Terrorist Financing Law or international standards then.” These transfers will proceed, but if there is any deficiency, defect, or suspicion, they will be immediately rejected and returned.” He stated that
“the previous audit process was taking place, but in a subsequent process, and the audits may continue for years, but now the process does not proceed unless it is sound in all its aspects, parties, documentation, reinforcements, and facts on which it is based,” explaining that “any transformation process requires time and understanding between all parties and also to acceptance.” He stressed that “the level of acceptance of this new system has included large and medium importing companies, thus ensuring all their imports with high smoothness, and this matter is very necessary,” pointing out that “the problem of small traders, some of whom have entered this process and others are still hesitant to enter or are looking for... Other means to cover his foreign trade, either to escape tax or customs accountability or the procedures required by the process of opening accounts.”
He stated that “what we are focusing on in the current and next stage is to make everyone involved in sound fundamentalist channels,” pointing out that
“the presence of these small traders outside the system puts pressure on the dollar monetary market and causes its rise.” He pointed out that
“there are solutions that we are working on with international and financial institutions in order to organize the trade process of small merchants,” explaining that
“a meeting was held yesterday in this regard as a continuation of previous meetings, and
we need some time to organize this remaining process of foreign trade.”
Regarding other currencies, Al-Alaq confirmed that
“the Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a large weight in foreign trade, as
there was a pause for a period due to a new regulation aimed at providing adequate control over these operations, because we discovered in the previous formula that there is some fraud in the use of currencies.”
These channels are either for unrealistic exporters or for returning sums from one country to another,” he explained, explaining that
“a new auditing mechanismhas been put in place, carried out by an international company, and
we have finished organizing this process and it is now being launched again.” He pointed out that
“all commercial external transfer operations are subject to review by the competent international company, which is an intermediary between the Iraqi banks and the correspondent bank, in order to reassure the correspondent bank that these operations are sound and audited,” pointing out that
“some banks havecorrespondent banks and others do not havecorrespondent banks.”
It is internationally accredited, and now it is seeking to do so, but it is long overdue, and the
Central Bank is constantly urging the opening of relationships with correspondent banks, because the Iraqi Bank without external correspondents is considered alocal bankand cannot open to the world.”
He stressed that “after our banks got to know the banks and realized the importance of these relationships, they began to move against those banks, and the Central Bank, for its part, supports and helps this trend.”
Recent leadership changes at Iraq’s Central Bank have raised suspicions of a hidden agenda. Could deep state operatives be behind the move to obstruct Iraq’s currency revaluation?
If you’re curious about what’s really going on with Iraq’s Central Bank, you’re not alone. Recent changes in leadership have sparked a lot of intriguing questions in my mind about Western (G7) deep state interference.
Mustafa Ghaleb Mukheef, the former Governor, has been replaced by Ali Mohsen Al-Alaq, but why? Some say it’s because of the Iraqi Dinar’s sharp decline, but there’s a deeper story here.
Mukheef might have been involved in a covert agenda by Western deep state operatives to block Iraq’s efforts to revalue its currency.
This article explains the allegations, the investigations, and what these events mean for the future of the IQD.
In This Article
Leadership Changes Amidst Depreciation of the IQD Currency Rate
Scrutiny of the New Acting Governor
Investigations and Allegations of Mismanagement
The Deeper Implications: Hidden Agendas
The sudden replacement of Mustafa Ghaleb Mukheef, the Governor of the Central Bank of Iraq (CBI), has raised eyebrows. Was this merely a response to the depreciating value of the Iraqi Dinar (IQD), or are there deeper, more sinister reasons at play?
Leadership Changes Amidst Depreciation of the IQD Currency Rate
The Iraqi Dinar has depreciated significantly, losing around 7% of its value in just two months.
Mukheef’s replacement, Ali Mohsen Al-Alaq, who previously held the position from 2014 to 2020, has returned as the “acting” governor.
The conflicting reports about Mukheef’s departure—whether a resignation or dismissal by Prime Minister Mohammed Shia al-Sudani—add to the intrigue.
The depreciation of the IQD currency rate alone doesn’t seem sufficient to explain such drastic leadership changes. Could there be more to Mukheef’s exit than meets the eye?
Scrutiny of the New Acting Governor
Al-Alaq’s extended interim appointment has not gone without scrutiny.
Hadi Al-Salami, a member of Iraq’s Integrity Committee, disclosed ongoing investigations into Al-Alaq’s tenure. According to Al-Salami, the Prime Minister was urged to terminate Al-Alaq’s appointment due to alleged violations.
Despite these calls, Al-Alaq remains in his position, raising questions about his true role and influence.
Investigations and Allegations of Mismanagement
The Integrity Committee has referred several issues to the Integrity Commission and the Public Prosecutor, including alleged mismanagement of exchange rates and financial irregularities.
Substantial sums of money and benefits have reportedly accrued to various Arab and foreign banks, sparking further investigation.
Additionally, Al-Salami revealed that the Acting Speaker of Parliament has agreed to host Al-Alaq in upcoming sessions to address numerous questions about his actions as governor.
Al-Alaq’s defense centers on his claims of effective management and forthcoming discussions with the Federal Reserve and the US Treasury Department.
The Deeper Implications: Hidden Agendas
Mukheef’s replacement may not simply be about the depreciation of the IQD currency rate.
There are suspicions that Mukheef could have been a Western (G7) deep state operative, deliberately stalling Iraq’s progress towards the Iraqi Dinar revaluation.
Soran Omar, a member of the Iraqi parliament’s Economic Committee, announced that Al-Alaq has reached retirement age and submitted his resignation to the Prime Minister.
However, Al-Alaq’s continued presence, despite reaching the legal retirement age, suggests powerful backing that defies standard procedures.
The Bottom Line
The leadership changes at the Central Bank of Iraq raise more questions than answers.
While the official narrative cites the depreciation of the IQD currency rate, the persistence of allegations, the unusual circumstances surrounding appointments, and the shadow of potential Western deep state influence suggest a more complex reality.
Time: 08/07/2024 19:26:47 Read: 3,302 times {Economic: Al-Furat News} Central Bank Governor Ali Al-Alaq ruled out a change in the dollar exchange rates.
Al-Alaq said in a press interview with him: - There is no intention to reconsider the dollar exchange rates The Central Bank sells more than $250 million daily at the official price
- The bank covers the requirements of foreign trade, and some do not want fundamentalist methods The view that the price of the dollar has risen or fallen is not a correct indicator
We succeeded in controlling inflation compared to other countries - We will reach 100 percent of foreign transfers without going through the US Federal Reserveby the end of this year - The financial situation in Iraq is still proceeding within what is planned in the state’s general budget - For the first time, under the new Budget and Financial Management Law, allocations to governorates and ministries are rotated The Central Bankis undergoing a major transformation by reorganizing foreign trade - Our procedures in foreign trade are conducted for the first time with the involvement of international institutions
The presence of small traders outside the system creates pressure on the market and the imminent launch of a mechanism to regulate their trade We focus on getting everyone involved in sound fundamentalist channels - The Central Bank opened channels for Chinese, Turkish, Indian and
Emirati currency - The imminent launch of a new audit mechanismfor trade via foreign currencies - All commercial external transfer operations are subject to review by the competent international company - Meetings in New York at the end of August to discuss lifting sanctions on banks and reviewing transfer operations
- The dollar is not given to the traveler until after the departure stamp
The new mechanism guarantees 100 percent access of the dollar to the traveler, and we started with it in Baghdad, then Najaf, Basra, Erbil, Sulaymaniyah, and Kirkuk.
- A government move to increase capital support for the Real Estate Bank and the Housing Fund in the budget
The Bank’s initiatives have an exceptional role in trying to fill the housing deficit
- The capital increase paragraph for the Real Estate Bank and the Housing Fund in the budget has not been implemented yet
- We do not want bank financing to be a substitute for the investor’s obligations
We directed the Real Estate Bank to finance complexes with completion rates of 80 to 90 percent
