Ali Al-Alaq, the governor of the Central Bank of Iraq (CBI), declared on Wednesday that all financial transfers are auditable, but he also pointed out that the increase in exchange rates is unrelated to the drop in oil prices.
"The Central Bank provides dollars at the official rate for all commercial and personal channels, travellers, and all types of operations that represent legitimate activities, operations, and requests," Al-Alaq said to the Iraqi News Agency (INA).
He emphasized the need to "focus on the amount of sale carried out by the Central Bank at the official rate and dollar seekers, whether they are traders, importers, individuals or travellers," noting that "any price outside the country is a price that only indicates abnormal operations that try to deviate from the official and legal system and the correct fundamentalist channels."
"This is a major shift in external transfers where they were previously audited at a later stage and today all transfers are not carried out and are not implemented until after undergoing the audit process," he said, pointing out that "methods have been developed for each channel that secure the provision of dollars on the one hand and a very large amount of control to verify the safety of prior operations before their implementation." "The decline in the price of oil has nothing to do with the rise in the exchange rate because Iraq has foreign currency reserves, which enables it to defend the exchange rate," he said.
FIREFLY:On November the 20th to the 21st we have a curfew for the very first census in the last 27 years.
FRANK:...It looks like Sudani ordered for this new census to occur for your HCL benefits as Iraqi citizens. It seems to me the only reason he's doing it now is because you have a new exchange rate that they can work with. If not...there wouldn't be a new census...as they determine the fair amount everyone is supposed to get. This new census IMO screens that there is a new exchange rate...
FIREFLY: ALAQ SAD THAT AT THE END OF THIS YEAR THEY WILL IMPLEMENT THE INITIAL PLAN TO COMPLETE THE REFORMS FOR THE BANKING SYSTEM, 18 SEPT
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Alaq is on TV and he's singing like a bird with information.
He's talking to us an awful lot every day about what they're going to do with this reform. He gives speech about how much money is in the digital system already. It's growing. He said at the end of this year we will implement the initial plan to complete the reforms for the banking system...
FRANK: The digital information is one of the main key parts of the monetary reform. It will allow your money to float freely not only inside of your country but outside...You are going to be internationally recognized. This is extremely exciting.
Central Bank: From now on, the dollar is subject to strict supervision
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that all transfers are subject to auditing, noting that the decline in oil prices has nothing to do with the rise in the exchange rate.
Al-Alaq said in a press comment, “The Central Bank provides the dollar at the official price to all commercial and personal channels, travelers, and all types of operations that represent legitimate activities, operations, and requests.”
He explained, "Any price outside the country is a price that only indicates the presence of abnormal operations that are trying to get out of the official and legal system and the correct fundamental channels."
He stressed the importance of focusing on the amount of sales made by the Central Bank at the official price and those seeking the dollar, whether they are traders, importers, individuals or travelers. He explained that “the decline in the price of oil has nothing to do with the rise in the exchange rate.” link
Member: Does anybody think the RV could happen before the election?
MZ: I still think it could. The world needs this badly. What do you all think?
Member: I do not think it will……This election season is too volatile….I am digging in to wait.
Member: I think RV before, Nesara after!
Member: The 27th is a targeted day for something BIG. I believe it will all be before the end of this month
Member: I think we will see it in the next 10 days
MZ: 90% of my sources agree with you.
Member: I’m watching Oct 1st, for the new fiscal year
Member: I personally think it's done. All in the timing. Before the end of the year for sure.
Member: I have a feeling it could be anyday
MZ: I have that same feeling.
Member: Doesn’t the new currency and a new gold backed system have to happen first????
Member: The system is broken. Once a vase is cracked it never holds water. We need a restart; an overhaul and an ethical cleaning
Member: Sadly it will go when whoever is in charge is ready. What happens to the ones on the front lines ( us people) are over looked. Sadly so many are struggling and suffering.
Member: Any money moving yet Mark?
MZ: Yes. But I can’t make heads or tails out of what it means for us timing wise. But some money has absolutely been moving. We have been able to track it. It’s just not playing out the way that we thought it would…But we are definitely seeing real money in real people’s hands.
Member: Wait bonds have been paid??? Cash in hand???
MZ: We do have a facilitator get some money. But the big bond news we were expecting since last evening has not happened yet. Many bond holders have finished final paperwork and expect their funds on Saturday now.
MZ: I know there are a lot of others who say its happening today or tonight….But, I cannot find anyone on my banking crew who agrees with that. But they do believe its close.
Warnings Against Relying On The “Rentier Economy”: Use Effective Systems And Digital Infrastructure - Urgent
Economy | Yesterday, 14:59 | Baghdad today – Baghdad Today, Wednesday (September 18, 2024), the specialist in economic and financial affairs, Nawar Al-Saadi,
warned of the danger of Iraq’s continuation of the rentier economy, while giving solutions to overcome the danger of this matter. Al-Saadi told “Baghdad Today” that
“the Iraqi economy is considered a rentier economy par excellence, as
the state depends up to 90% on oil revenues to finance its general budget,” noting that
“this type of economy is very natural and is exposed to severe danger when oil prices decline.” In global markets,
which prompts the government to search for additional sources of income to avoid future financial crises, and imposing taxes is considered a step within the government’s attempts to create new sources of income from non-oil sectors, and
this is in line with the reforms proposed by the government in the recent period with the aim of diversifying the Iraqi economy.”. He added,
"The government's success in implementing these policies remains dependent on the ability to confront the main challenges that hinder economic reforms,
the most important of which is the widespread corruption in many government sectors, and the bureaucracy that burdens the reform process," stressing that
"the government needs to develop effective systems for collecting taxes from sectors." New, in addition to providing the digital infrastructure necessary to support this transformation.” Al-Saadi stated,
“In the long term, if the government succeeds in
overcoming these challenges and
develops effective and sustainable strategies to collect taxes from various sectors,
it may be able to create sustainable sources of income that help reduce excessive dependence on oil,
which contributes to the stability of the Iraqi economy, but the matter is
“It requires strong political commitment and comprehensive institutional reforms to achieve this.”
Economist Nabil Al-Marsoumi confirmed on Wednesday (September 11, 2024) that the
fair price of oil is the one that achieves the interests of producers and consumers together.
Al-Marsoumi said on his Facebook platform, followed by “Baghdad Today”, that
“the fair price for oil is the one that achieves the interests of producers and consumers together, that is, the price that achieves good financial revenues for producers that enable them to return part of it to renew and increase oil production capacities.” He added:
“It also enables consumers to obtain oil at reasonable costs that facilitate economic growth,” explaining:
“The price can be set in the seventies as the fair price for both parties,
but when the price falls below $70, it fulfills the interests of consumers because it enables them to obtain energy at a cost.” Cheap, thus reducing the prices of production inputs and increasing the competitiveness of their produced goods.” He continued:
“But on the other hand, it is harmful to producing countries because it reduces their oil revenues and frustrates investment in developing oil production, and vice versa, when the price is $80 and rising, this price is harmful to economic growth in consuming countries.
It also reduces demand for oil in the long term, even though it achieves large revenues.” For oil producing countries.