DINAR REVALUATION REPORT: Understanding the Role of Corruption in Iraq's Governance: Parliament vs. Local Councils in 2024, 1 SEPT

 Understanding the Role of Corruption in Iraq's Governance: Parliament vs. Local Councils in 2024

The year 2024 in Iraq has been marked by ongoing efforts to address the deep-rooted issue of corruption within its governance structures. 1 Corruption has permeated various levels of government, affecting both the national Parliament and local councils, with allegations of misuse of funds reaching astronomical figures, such as the mention of $1,000 billion. 4

Parliament's Role in the Corruption Saga

Iraq's Parliament, the Council of Representatives (CoR), has been at the center of many corruption allegations. The CoR, responsible for approving budgets and overseeing government spending, has been criticized for its role in failing to prevent or address corruption effectively. 3 In 2023, Parliament approved a record-breaking annual budget of 198.9 trillion Iraqi dinars ($153 billion) for the 2023-2025 period. 2 raising questions about the transparency and accountability of such expenditures.

Local Councils: A Parallel Nexus of Corruption

Local councils in Iraq have also been implicated in corruption scandals. These councils, responsible for managing local government resources and implementing development projects, have been accused of misusing funds, nepotism, and other forms of malfeasance. 1 The decentralized nature of local governance can create opportunities for corruption to flourish, particularly when oversight mechanisms are weak.

The "Theft of the Century"

One of the most notorious cases of corruption in recent years is the so-called "theft of the century," involving the forgery of documents to withdraw $2.5 billion in cash from a government account. 4 This scandal has not only implicated numerous government officials but also highlighted the systemic nature of corruption in Iraq's financial and political systems.

Government's Response to Corruption

Under Prime Minister Mohammed Shia al-Sudani, who took office in October 2022, the Iraqi government has attempted to tackle corruption as a key priority . 2 Al-Sudani's agenda includes measures to combat corruption, reduce poverty, address unemployment, reform the economy, and improve government services. However, political infighting and entrenched interests have hindered the effectiveness of these reforms. 3

Challenges and Prospects for Reform

Reforming Iraq's governance structures to reduce corruption is a complex task, given the country's history of political instability and economic challenges. 

Corruption in Iraq is not merely an issue of individual wrongdoing but a systemic problem that requires comprehensive reforms to address. These reforms must include strengthening legal frameworks, improving transparency, and enhancing public accountability mechanisms. 1

A Reading Of The “Roles Of Corruption” Between Parliament And Local Councils.. What Is The Story Of The $1,000 Billion?, 1 SEPT

 A Reading Of The “Roles Of Corruption” Between Parliament And Local Councils.. What Is The Story Of The $1,000 Billion?

 
Politics | 08-28-2024, Baghdad Today – Baghdad  Political science professor Issam Al-Faily commented Wed (August 28, 2024), about  the extent of corruption between the House of Representatives and the provincial councils and which of them is wasting public money. 

Al-Faili told "Baghdad Today",  "It is not possible to evaluate the experience of the provincial councils, whether they are corrupt or not, because of the short lifespan of those councils, in addition to their cessation that lasted for years, while they did not carry out their assigned tasks, especially the executive side, as the budget has not been released yet.".

 He added,  "But in previous experiences, there were many files in the provincial councils that were referred to the Integrity and Judicial Authorities Commission, and some officials in those councils were issued recruitment or follow-up orders, so there were practices that caused the waste of public money and the seizure of state capabilities." 

He added, "The House of Representatives is financially burdening the state treasury, especially in light of the demands to increase the salaries of representatives, allocations, and privileges.
 
This contradicts the legislative work of Parliament, whose work is based on oversight and legislation, as well as evaluating government performance."

 Al-Faili pointed out,  “There are representatives who have been referred to the judiciary on corruption charges,” adding:
 
“ Corruption does not only include wasting public money and appropriating it, but rather includes violating the law in many cases.”  

He stated,  “The material damages are distributed between the House of Representatives and the governorate councils.
 
The governorate councils involve a waste of public money, and
 
some see it as an extra link and an overlap of the powers of the executive and legislative authority on the one hand with the work of the governorate council, and this has created a state of confusion.”
 
The information indicates, according to officials’ statements, that
 
Iraq wasted more than 450 billion dollars during the last period without there being accounts for this money, taking into account that
 
oil revenues from 2003 to 2021 amounted to more than 1,000 billion dollars, according to what was revealed by the former President of the Republic. Barham Salih, who added that
 
the value of the looted funds is estimated at 150 billion dollars, noting that
 
these numbers reveal only a small amount of the truth, according to observers.    
 
https://baghdadtoday.news/256700-قراءة-في-أدوار-الفساد-بين-البرلمان-والمجالس-المحلية.-ما-قصة-الـ-1000-مليار-دولار؟.html 

ANOTHER STEPS AHEAD THAT MAKES IRAQ BY CLARE, 1 SEPT

Clare  

Article: ”The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies" 

 Quote: "The delegation of the Central Bank of Iraq in New York announced the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks"

CLARE: "REMOVING 3 ZEROS FROM THE DINAR GLOBALLY, REQUIRES : POLITICAL AND ECONOMIC STABILITY, 31 AUGUST

Clare  

Article: " "Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency" 

Quote: "Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions...

Explained that the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war...generated inflation in the value of the currency.  

He pointed out that when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars.  Saleh pointed out the importance of reducing the calculations that have reached trillions in recent years..."

Article Continues "...adding that the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics...

Removing three zeros from the currency, globally, requires two conditions: political stability and economic stability. When these two factors are available, countries resort to removing zeros from their currency, adding that the value is fixed and not affected. Rather, it is a relative change....

The project to remove three zeros we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies."..FOR READ MORE:

 https://dinarevaluation.blogspot.com/2024/08/clare-removing-3-zeros-from-dinar.html

Iraq's Bold Move Banking Sector Reforms 2024 08 03

DINAR REVALUATION REPORT: Rafidain Bank's Digital Transformation: Implementing the Comprehensive Banking System in New Branches, 1 SEPT

 Rafidain Bank's Digital Transformation: Implementing the Comprehensive Banking System in New Branches

In a significant move towards digital transformation, Rafidain Bank has announced the implementation of the comprehensive banking system in three new branches in Iraq as of September 1, 2024. 1 The branches, located in Baghdad and Karbala, are now equipped with the latest electronic systems, joining a growing list of branches that have already undergone this modernization process.

A Step Towards Digitalization

The implementation of the comprehensive banking system is part of a broader government initiative to move away from paper-based transactions and embrace digital systems. 2 This initiative aims to enhance the banking sector's efficiency, reduce red tape for citizens, and improve the overall service delivery.

Current Status

As of July 2024, Rafidain Bank has successfully implemented the comprehensive banking system in 37 branches across Iraq. 5 This expansion has been crucial in strengthening the banking system and aligning with the government's priorities regarding electronic transformation in financial transactions.

Key Objectives

The bank's primary objectives include: Enhancing the compliance system to meet international standards.  3 Reducing bureaucratic procedures for citizens Shortening transaction times Simplifying banking processes Overcoming obstacles in service delivery Improving the quality of services provided to customers

Future Plans

The bank is committed to continuing the digital transformation plan and adopting the comprehensive banking system across all its branches. 4 This will ensure that all bank branches are equipped with the latest technology, facilitating faster and more secure financial transactions.

Global Impact

The World Bank has highlighted the potential benefits of such digitalization efforts, noting that once Iraq's major ports are operational and fully digitized, the country will be placed on the global trade route between the East and Europe. 1

Conclusion

Rafidain Bank's implementation of the comprehensive banking system in new branches represents a significant milestone in Iraq's digital transformation journey. By embracing digital systems, the bank aims to enhance service delivery, improve efficiency, and align with global standards in banking and finance.

Rafidain announces the implementation of the comprehensive banking system in three new branches, 1 SEPT

 Rafidain Bank announced on Thursday the implementation of the comprehensive banking system in the branches of Al-Akhal district in Baghdad, Al-Farouq, Diyala and Al-Khaldiyya, Anbar.

The media office of Rafidain Bank said in a statement received by “Economy News”, that “in implementation of the government program to move from paper to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the branches of the working district of Baghdad, Al-Farouk, 

Badiya and Al-Khalidiya in Anbar to join the branches that activated the comprehensive system in Baghdad and the governorates, in addition to the branches of the border ports (Zarbatiya – Safwan – Arar – Trebil) so that the number of influential and completed branches of the system (40) branches,” indicating that “this came in an important step to strengthen the banking system and achieve its requirements, leave paper work and go to the total direction to electronic systems.”

The bank stressed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the timings set to include all branches of the bank by applying the system, especially since one of the priorities and adoptions of the government program is the electronic transformation in financial transactions, reducing routine circles for citizens, reducing time, simplifying procedures, overcoming obstacles and intensifying efforts to improve the level of services provided to customers and completing their transactions.”

---

360 Views

Added 2024/08/29 – 11:18 AM

https://economy-news.net/content.php?id=46908

"IT IS VERY CLOSE" BY FRANK26, 1 SEPT

 Frank26   

I pray that this dream will come true for the both of us. 

 It is very close.

  There's no doubt about it. 

 All the indications are pointing that it's very close.  I just hope we get some good news when Alaq [returns from] New York...

Frank26 

 The new lower notes and the new exchange rate will revolutionize the whole Middle East, let alone the whole world...The monetary reform is the linchpin.  It's the trigger.  It's the button that will be pushed to change financial structures around the world...We investors of the dinar have a backup for a backup in order to survive this global financial change... 

Frank26 

 Article:  "Iraq and America to resume negotiations on the banking sector next Monday" 

 ALAQ'S VISIT IS ON IRAQI BANKS... IRAQI BANKS ONLY CARE ABOUT A NEW EXCHANGE RATE.

Frank26 

  I don't care about the WTO and HCL because it only waits for one thing, the new exchange rate.  The only mechanism that everyone is waiting for is the new exchange rate.  

That is the simple fact.  This fact is real because Sudani is constantly reinforcing that idea...by constantly coming out on TV and talking to you [Iraqi citizens] about you're going to get purchasing power.

We found out the 3 zero notes are going to coexist with the lower notes for 10 years.

  Do you understand the power behind that?  

That means we're going to be able to participate in not only the float but the Real Effective Exchange Rate (REER)

 Frank26 

 The goal is what?  Retrieve those [Three zero notes].  

How? 

As soon as we raise the value, give them purchasing power, as soon as we drop the 3 zeros, they're going to bring in all that 80 something percent [still in Iraqi mattresses]...The monetary reform plan is brilliant...It is moving at a very fast pace.

DINAR REVALUATION 

ANALYSIS OF WHAT EDDIE TOLD TO FRANK26: 

"Then Saleh talking about oil being sold in dinars instead of dollars." 

 Economist back on tv saying it’s time to drop the zeros."

---It sounds like there's a couple of interesting economic discussions happening in Iraq right now!

1. Saleh and Oil Sales in Dinars: Saleh's suggestion to sell oil in dinars instead of dollars could be aimed at strengthening the Iraqi dinar and reducing dependence on the US dollar. This move could potentially stabilize the local economy and improve national financial sovereignty. However, it would also require significant adjustments in international trade agreements and currency exchange systems.

2. Dropping Zeros from the Dinar: The economist's call to drop zeros from the dinar is a common monetary policy strategy known as "currency redenomination." This involves introducing a new unit of currency that is worth a thousand or more times the old unit. It's often done to simplify transactions and improve the currency’s image after periods of high inflation or economic instability. For Iraq, this could be a step towards stabilizing the currency and restoring confidence in its value.

Both of these measures reflect efforts to address economic challenges and enhance the stability of Iraq's financial system. The success of these strategies will depend on how they are implemented and their impact on the broader economy.

SEEMS THAT WE ARE REALLY CLOSE TO OUR DESIRED RV!!!

https://dinarevaluation.blogspot.com/2024/08/dinar-revaluation-update-seems-that-we.html