Thursday, August 15, 2024
IRAQ IS DOING A BROADER INVESTIGATION INTO FINANCIAL IRREGULARITIES BY DINAR REVALUATION, 15 AUGUST
Iraqi Anti-Corruption Committee recovers $764 K in financial misconduct case
Shafaq News/ On Tuesday, the Iraqi Supreme Anti-Corruption Committee announced the recovery of one billion IQD ($764 K)to the state treasury,representing a portion of the total funds involved in a case of misconduct by a department of the Ministry of Trade, which unlawfully opened an account at a private bank.
Under the directives of the Committee's President, who emphasized the need to recover the full amount, one billion dinars were retrieved and deposited into the Ministry of Trade's Export Support Fund. This amount was transferred from the United Investment Bank via a check issued by Al-Rasheed Bank on July 11, 2024. The total recovered in this case amounts to 22 billion IQD ($16,808 M).
The statement further detailed that the Export Support Fund had deposited 69 billion IQD ($52,716 M)in the United Investment Bank in violation of Central Bank regulations. Upon requesting the funds, it was discovered that no money was available as bank officials had invested it. Consequently, the investigation led to the arrest of the former Director General of the Export Support Fund and other suspects.
ANALYSIS
The Iraqi Supreme Anti-Corruption Committee has successfully recovered $764,000, a portion of a larger sum involved in a financial misconduct case related to the Ministry of Trade. The recovered funds were deposited into the Ministry's Export Support Fund after being transferred from United Investment Bank via a check issued by Al-Rasheed Bank.
This recovery is part of a broader investigation into financial irregularities where the Export Support Fund had deposited 69 billion IQD ($52.7 million) at United Investment Bank in contravention of Central Bank regulations. The funds were found to be invested by bank officials, leading to the arrest of the former Director General of the Export Support Fund and others involved in the case. The total amount recovered so far in this case is 22 billion IQD ($16.8 million)
"THE PLAN FOR IRAQ IS TO RELEASE A FULLY CONVERTIBLE CURRENCY IN OCTOBER OF THIS YEAR" BY FIREFLY, 15 AUGUST
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: We have another guy on TV talking about the WTO accession...He is saying the plan for Iraq to release a fully convertible currency is in October of this year.
FRANK: The WTO guy needs to shut his mouth...You know very well what Sudani has promised you. And you know very well it's coming...It's not the WTO's prerogative to tell the world this information. The WTO is so desperate to get Iraq into the WTO so they can make money off of them...This guy is trying to spill the beans for his advantage. All I know is that it is happening.
Frank26 [Iraq boots-on-the-ground report]
FIREFLY: [Bank friend] told me don't worry. This may look like a disaster with the United States Treasury here but it's a good thing...They are here to help us to the next and final phase of the currency reforms. Once the issues are fixed then we should see what we all have been waiting for. It's good. Trust me.
FRANK: When your bank friend tells you to trust him, trust him...IMO he's absolutely 100% correct.
FIREFLY:Television now showing us articles, they're holding them up saying the HCL has been held up for 19 years as a hostage. Now it's being presented to the House of Representatives. FRANK: Your HCL is coming to you don't worry about it...Once you see the HCL you wee the new exchange rate.
IRAQ IS TAKING SIGNIFICANT STEPS TO REJUVENATE IRAQ'S INDUSTRIAL SECTOR BY DINAR REVALUATION, 15 AUGUST
PM Al-Sudani unveils plans to revitalize Iraq's industrial sector
Shafaq News/ The newly reformed Industrial Coordination Council, chaired by Iraqi Prime Minister Mohammed Shia Al-Sudani, held its inaugural meeting on Wednesday, signaling a renewed commitment to revitalizing Iraq's industrial sector.
According to Al-Sudani's media office, the council, tasked with addressing longstanding challenges and promoting industrial development, adopted a series of strategic decisions aimed at bolstering national industry.
In his opening remarks, the Prime Minister emphasized that the council is "responsible for advancing the industrial sector by making decisions that will enhance industrial development and address all obstacles facing Iraqi industry."
Al-Sudani directed that the council's meetings prioritize key issues identified by a supporting committee, which includes directors-general from ministries involved in the industrial sector. He also called for the inclusion of officials responsible for industry-related agencies and entities in these discussions, underscoring the need for a comprehensive approach to industrial development.
Another point of discussion was the integration of industrial efforts between the Kurdistan Region and other governorates of Iraq. "Large markets, to be activated by the Ministry of Trade in cooperation with the private sector, will serve as venues for showcasing locally manufactured products. He also noted the progress made in localizing pharmaceutical and construction material industries."
The Prime Minister highlighted that the current administration has been proactive in identifying and addressing the challenges facing Iraqi industry since the beginning of its term. He cited promising partnerships with major industrial nations such as Japan, Germany, and France, supported by sovereign guarantees, as critical steps towards revitalizing the sector.
During the meeting, the council reviewed working papers presented by the Ministries of Electricity and Industry, as well as advisors to the Prime Minister's Office. These documents outlined strategies for industrial development and proposed enhanced cooperation between the private sector and government ministries.
https://shafaq.com/en/Economy/PM-Al-Sudani-unveils-plans-to-revitalize-Iraq-s-industrial-sector
ANALYSIS
Iraqi Prime Minister Mohammed Shia Al-Sudani is taking significant steps to rejuvenate Iraq's industrial sector. The newly reformed Industrial Coordination Council, under his leadership, recently convened to tackle longstanding issues and push for industrial growth.
Key points from the inaugural meeting include:
- Council Responsibilities: The council is charged with overcoming obstacles in the industrial sector and advancing its development through strategic decisions.
- Inclusive Approach: Al-Sudani stressed the importance of involving officials from relevant ministries and industry agencies to ensure a comprehensive strategy.
- Regional Integration: Efforts will be made to better integrate industrial activities between the Kurdistan Region and other parts of Iraq.
- Market Activation: Plans include creating large markets, in collaboration with the private sector, to showcase and promote locally manufactured products.
- International Partnerships: The administration is actively pursuing partnerships with industrialized nations such as Japan, Germany, and France, backed by sovereign guarantees.
The council also reviewed documents from the Ministries of Electricity and Industry, focusing on strategies for industrial advancement and enhanced cooperation with the private sector.
RV UPDATE BY MARKZ, 15 AUGUST
MarkZ
[via PDK] Here’s a good one... “Parliamentary committee for Nina-A government team is preparing a new draft of the oil and Gas Law”
They are letting us know they are moving forward…meetings are happening and they are moving towards completion.
Well this is the craziest thing…the CBI have started sending out procedures and instructions on how to handle exchanges to banks…. ...It is clear to me that they are preparing ...You can go to the CBI and read it yourselves.
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...