Thursday, August 22, 2024
Central Bank: This is the mechanism for receiving dollars for travelers BY FRANK26, 22 AUGUST
KTFA
FRANK26: "CLICK THE LINK & WATCH THE VIDEO"...........F26
Central Bank: This is the mechanism for receiving dollars for travelers
8/21/2024
The Central Bank of Iraq revealed the mechanism for depositing the Iraqi dinar and receiving the dollar from travelers from the airport, stressing that "the process has become easier and safer in delivering the dollar to the real traveler, and in a very smooth electronic way without routine complications."
*THERE IS A VIDEO IN THE ORIGINAL ARTICLE SHOWING HOW A TRAVELER CAN GET DOLLARS AT THE AIRPORT AFTER DEPOSTING DINARS. (CLICK THE ABOVE LINK)
DINAR REVALUATION UPDATE, 22 AUGUST
DINAR REVALUATION
As of 2024, Iraq has been navigating a complex landscape of economic reform and anti-corruption efforts.
Here's a summary of the situation regarding corruption and monetary reform in Iraq:
Corruption in Iraq
Historical Context: Corruption has been a persistent issue in Iraq, exacerbated by decades of conflict, political instability, and weak institutional frameworks. High levels of corruption have historically hindered economic development and public trust in the government.
Current Challenges: Despite efforts to combat corruption, it remains a significant challenge. Corruption affects various levels of government and institutions, undermining economic progress and public services. Issues include embezzlement, bribery, and nepotism.
Recent Developments: The Iraqi government has made some strides in addressing corruption through reforms and anti-corruption campaigns. There have been high-profile arrests and investigations, though the effectiveness and impact of these measures are often debated.
Monetary Reform and Economic Success
Economic Reform Initiatives: In recent years, Iraq has implemented several monetary and economic reforms aimed at stabilizing the economy and addressing the fiscal deficits exacerbated by the drop in oil prices and the costs associated with rebuilding after conflicts.
Currency Stabilization: Efforts have been made to stabilize the Iraqi dinar and manage inflation. This includes adjustments in exchange rates and fiscal policies to strengthen monetary stability.
Diversification and Investment: The Iraqi government has been working on diversifying its economy away from a heavy reliance on oil. This includes investing in infrastructure, promoting private sector growth, and seeking foreign investment.
International Assistance and Collaboration: Iraq has engaged with international organizations such as the IMF and World Bank for financial assistance and guidance on implementing effective reforms. These collaborations are crucial in providing both funding and expertise for economic stabilization and development.
Economic Indicators: The success of these reforms can be measured by improvements in economic indicators such as GDP growth, inflation rates, and employment figures. As of 2024, there have been mixed results, with some progress in stabilizing the economy, though challenges remain.
Summary
In 2024, Iraq is making incremental progress in both combating corruption and implementing monetary reforms. While there have been successes, such as improved economic stability and some anti-corruption measures, significant challenges remain. The effectiveness of these efforts will depend on continued political will, institutional strength, and the ability to address both immediate and systemic issues in governance and economic management. THIS STEP OF COMBATING THE CORRUPTION IS PART OF THE REFORMS NEEDED IN IRAQ,AND IS A STRONG INDICATION THAT IRAQ IS DOING A BIG EFFORT TO CORRECT ITS WAY, AND FIGHT FOR A BETTER FUTURE AND A STRONG CURRENCY.
"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
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.
