Thursday, August 22, 2024

"ANOTHER ONE BITES THE DUST FOR THE MONETARY REFORM SUCCESS". BY FRANK26, 21 AUGUST

KTFA 

FRAN26: "ANOTHER ONE BITES THE DUST FOR THE MONETARY REFORM SUCCESS"..........F26

Karbala.. Arrest of five employees of a government bank who embezzled one billion dinars

 

Karbala.. Arrest of five employees of a government bank who embezzled one billion dinars

8/20/2024

 

The Federal Integrity Commission revealed the embezzlement of more than one billion dinars from a branch of a government bank in Karbala, indicating that the former bank manager and four other employees were arrested for their involvement in the embezzlement. 

The media of the Commission said in a statement received by Shafaq News Agency, that information was received about Rafidain Bank - Al-Hussainiya branch granting car loans without concluding contracts between the bank and the borrowers, and the existence of cases of embezzlement of the amounts of the paid installments, noting that a team was formed in the Karbala Investigation Office and moved to the aforementioned bank; To audit the borrowers' files, guarantor forms, loan contracts, and collection receipts, in addition to daily matching statements, calculator tables, and the electronic program for that. 

The Authority’s media statement explained that the auditing process lasted for (21) days, during which (2413) files were audited, and it was found that five employees, including the former bank manager, had embezzled an amount of (1,034,682,625) billion dinars, by organizing fictitious loan transactions to purchase cars, noting that the amounts paid by borrowers appeared in the calculator tables only, and there was no trace of them in the daily records, and no receipts and daily matching statements were found; which means that the payment process was fictitious.

He added that the auditing process showed that fictitious payment dates were recorded on dates that coincided with official holidays, noting that the auditing work on the subject of embezzlement in the bank relates to only one case out of (9) cases related to the bank itself that are being audited and reviewed in preparation for their completion and presentation to the judiciary.

He pointed out that the External Audit Division of the Karbala Investigation Office indicated in its report violations and embezzlement cases, which were presented to the competent judge who issued his decision to arrest the accused in accordance with the provisions of Article (315) of the Penal Code, explaining that the arrest warrant was executed against (4) accused, while the fifth accused (the bank manager) was arrested at his residence in Babil Governorate, after communicating and coordinating with the Integrity Investigation Court judge and the Commission’s Investigation Office in the governorate, after he was previously transferred to Rafidain Bank - Alexandria, and during the operation, the files, numbering (2413) files, were seized.


LINK

  

DINAR REVALUATION UPDATE, 22 AUGUST

 DINAR REVALUATION UPDATE

It seems like there’s quite a bit happening with the Central Bank of Iraq. Here’s a summary of the key points:

  1. Governor Controversy: The Central Bank is dealing with some controversy surrounding its governor, Al-Alaq. This has been a topic of discussion and might be impacting the perception of the bank's operations.

  2. Meeting in New York: Al-Alaq is scheduled to meet in New York to discuss issues related to bank penalties. This could be part of broader efforts to address regulatory challenges or improve oversight.

  3. Dollar Exchange Rates: There are no current plans to alter the dollar exchange rates. This suggests stability in this area for the time being.

  4. Foreign Trade Transformation: The Central Bank is undergoing a major reorganization aimed at enhancing transparency in foreign trade. This includes improving the process and data management for external transfers, ensuring that transactions are clear from initiation to the final beneficiary.

These steps indicate a focus on increasing transparency and efficiency in financial operations, which could have significant implications for Iraq's economic landscape and finally to the value of the Iraqi dinar.

Wednesday, August 21, 2024

Breaking News: Iraq Introduces Managed Float Plan | Iraqi Dinar news today

Calls to form a parliamentary committee to investigate the discrepancy in the budget tables amounting to 8 trillion, 22 AUGUST

  Member of Parliament, Sarwa Abdul Wahid, called on Wednesday for the formation of a parliamentary committee to present its results to the House of Representatives regarding the difference in the budget tables, which amounts to 8 trillion dinars.

Abdul Wahid said in a statement seen by Al-Eqtisad News, "After talking about the difference in the budget tables, which amounts to 8 trillion, it became necessary for the presidency of the council to respond to the letter of the Council of Ministers that was sent on the first of last July, and as a result, the head of the Finance Committee ordered the formation of a committee to find out the facts."

Abdul Wahid explained, "It seems that there is (deception on the issue), so we demand the formation of a parliamentary committee whose results will be presented to the House of Representatives to find out the facts. If the Cabinet's letter is accurate and there is manipulation of the tables, then this is a disaster that must not be ignored, and Parliament must not be allowed to be a bridge for the corrupt."  link

Adding Value to IQD in Coming Days🚩Will IQD Float or Fixed Rate?🤔Dinar R...

Iraq pursues his former oil minister via Interpol, 22 AUGUST

 ERBIL (Kurdistan 24) – The Federal Commission for Integrity continues to coordinate with Interpol to arrest former Iraqi Oil Minister Ihsan Abdul-Jabbar, who is involved in billions of dollars of corruption.

In mid-August August 2023, the Karkh Investigation Court, which specializes in integrity issues, issued a decision to seize the movable and immovable funds of former Oil Minister Ihsan Abdul Jabbar.

At the time, Iraqi supervisory sources spoke of inflation and extreme wealth in the minister's funds, who, according to the same sources, owns millions of dollars worth of real estate in Iraq and abroad.

Earlier, the head of the transport and communications committee in the Iraqi parliament, Zahra al-Bajari, confirmed that the former minister in the integrity courts has 68 files related to financial and administrative corruption and waste of public money.

At the time, she pointed out that Abdul-Jabbar was involved in damaging public funds within the oil sector worth $ 825 billion.

Al-Bajari said in a press statement on October 18, October, 2022, that the former minister "amended a contract between the Ministry of Oil and two British and Chinese companies related to the Rumaila oil field in a way that causes financial damage to Iraq estimated at more than $ 825 billion over 25 years."

The Iraqi MP said, based on a report of the financial audit, that among the paragraphs affected by the amendment in the contract is a paragraph to reduce oil production and export by 750,000 barrels per day.  link


EXPLAINING THE RV, PART. 1, BY GINGER, 22 AUGUST

GINGER

 Incoming from Skipper, our GLL Military Ops Logistics Guy and Operations Informant - 8.17.24 💥👀💥


💢Skipper: Got word in the middle of the night that things are ramping up quickly.

---


EXPLAINING THE RV


💢This is a valuable resource, a history lesson which explains the "RV" (revaluation of currencies globally) and instructs new learners on understanding how large sums of funds may be acquired for Humanitarian purposes by obtaining and redeeming Zimbabwe Bond Notes. This basic History lesson will be your foundation to understand coming financial events.


RV History: the late Dr Dan Ecklund, Author

Part 1 of 4

Historical Background


The funding for the medbeds, and for thousands of humanitarian projects all over the world, originates in South America 500 years ago.  And in Mexico.  The Inca and Aztec silver and gold mines were taken by the Spanish Conquistadores.  The precious metals were shipped across the Atlantic to Europe. 


Since most of the banking for Europe was in Venice, that is where much of the silver and gold arrived.  

Marco Polo and his brother were Venetian traders, who had followed the spice trade routes to China.  Asia had three or four things coveted by Europe:  Tea, Silk, Spices, and Porcelain were at the top of the list.  Much of the Inca Silver made its way to China and the Spice Islands (Indonesia) in exchange for these three items.  And much of the wealth of Europe ended up in China and SE Asia.


But, the Asians did not want anything from Europe, so the silver just stayed there.  Much of it was maintained in underground vaults, in Indonesia, Philippines, and other countries.


Eventually, the English figured out how they could get some of their silver back. There was a plant in Afghanistan which was very popular.  The English took that plant and had it grown by their slaves in India, and then sent to China.  The Chinese did not want this plant, as they knew what it would do to their people.  


But the Europeans insisted This was in about 1850, as I recall, and the plant gave its name to the conflict that resulted:  The Opium Wars.  The Europeans refused any regulation of their opium trade, and the Chinese population was decimated by opium addiction.  


With the Chinese nation (the Ching Dynasty) crippled by addiction, Japan settled into northern China.  They sponsored bandits and brigands to assist the Japanese government to take over much of China:  Bandits and theives would steal from the people, the people would cry out to their leaders, but nothing happened.  The Japanese invaders offered to help the people to drive out the bandits, and their help was accepted. 


The bandits moved onward, and the cycle was repeated.  Eventually, the Imperial Ching Dynasty government was pretty much driven out of existence, and in 1911 a Honolulu-trained physician led his movement to take over the Dynasty and establish the Nationalist Chinese Government.


The Elders

The Nationalist Government fought against the Japanese occupiers in the Sino-Japanese War of 1935.  The Japanese took much of the treasure they had stolen from China, and hid it in the vaults mentioned above.  They established a guardian tribe over at least some of the vaults, who continue guarding the vaults to this day.  The vaults full of gold, silver and other treasure extend for miles in several countries.  I have spoken to people who have been allowed to visit them.  You can learn more about the Japanese vaults in the book Gold Warriors.  https://www.barnesandnoble.com/w/gold-warriors-peggy-seagrave/1100872379 


When Japan was defeated, the royalty of several Asian nations claimed ownershop of the vaults.  We call them the "Chinese Elders", though many of them were not Chinese.  These Elders devoted their treasure to finance the prosperity and advancement of the world.  But, how would they convert a bunch of ancient gold and silver into modern money?


In 1945, there was a world monetary conference in Bretton Woods, New Hampshire.  A plan was agreed to by the nations to use the US Dollar as the world reserve currency.  All other currencies would be pegged, or based on, their relative value vs the US Dollar.  The Elders agreed to let their funds be  used as collateral for all of the paper money currencies...TO BE CONTINUED

TIDBIT FROM FRANK26, 13 NOV

  Frank26  The monetary reform policy is being introduced to you Iraqi citizens on a daily basis isn't it.     It's is my hope.  It ...