Iraq Economic News and Points To Ponder Friday AM 7-5-24
Urgent| An Economic Expert Warns: We Are Close To The Moment The Dinar Collapses Against The Dollar
July 4, 2024 Baghdad/Iraq Observer Economic expert Ziad Al-Hashemi warned, today, Thursday, of the collapse of the Iraqi dinar against the US dollar in light of the presence of rising factors.
Al-Hashemi said in a blog post on the (x) platform, followed by “Iraq Observer,” that
“(dollar exchange rates) are on the threshold of 1,500 dinars and are likely to rise further, after the US Federal Reserve banned Iraqi remittances in Chinese yuan, due to suspicions of smuggling, money laundering, and financial fraud.”
He added: “It is expected that this ban will cause an increase in demand for the cash dollar within the parallel markets, and this may push the Iraqi Central Bank to return to implementing more stringent measures that will increase the state of anxiety and turmoil in the markets.” Al-Hashemi continued:
“During this week, we witnessed the cessation of selling the dollar to travelers through approved banking companies and restricting it to sales outlets inside the airport only.
This measure will cause more rapid demand for the dollar from the parallel market, especially with the start of the travel season.” He continued: “As I mentioned in previous attached tweets, the Iraqi Central Bank has not been able, more than 18 months after the exchange rate crisis, to dismantle and solve the exchange rate problem, as the factors of rising exchange rates are still effective and influential.”
He pointed out that “what happened in the last period was merely a postponement of the moment of the collapse of the dinar against the dollar, by numbing the markets with an imaginary stability as a result of a huge sale of the dollar that could decline sharply with any decision from the Federal Reserve that turns the tables on the central bank’s actions, and this is what happened today.” https://observeriraq.net/عاجل-خبير-اقتصادي-يحذر-اقتربنا-من-لحظة/
The Central Bank Urges Reporting Cases Of Corruption
July 03, 2024 The Central Bank of Iraq encourages witnesses, experts, and whistleblowers to report cases of corruption, in accordance with Article (9/second) of the Law on the Protection of Witnesses, Experts, Informants, and Victims No. (58) of 2017 related to rewarding whistleblowers for corruption cases.
This bank indicates that the informant is rewarded for reporting cases of corruption if it leads to their disclosure, within the basis and amount of the reward according to a system issued by the Council of Ministers. Central Bank of Iraq information Office 3 - July – 2024 https://cbi.iq/news/view/2610
A Government Source Announces The Size Of The Debts Collected For The Trade Bank Of Iraq
Economy Yesterday, 20:59 Baghdad – IA A government source announced today, Thursday, the volume of debts collected for the Trade Bank of Iraq.
Speaking to the Iraqi News Agency (INA), the source said, “Within the framework of the effort made by the government in the field of financial and administrative reform of the government banking sector, and based on the directives and continuous follow-up of the Prime Minister to restructure the due debts (government and private sector), which benefits the Iraqi Bank.”
For TBI Trade, the following results were achieved during the last period of the government’s life:
1. The total debts collected and owed by the government sector, including the balances of the Kurdistan region, and paid to the Iraqi Trade Bank until 6/30/2024 amounted to approximately one trillion and 630 billion Iraqi dinars. He added,
"2. The total debts collected and owed by the private sector and paid to the Iraqi Trade Bank until 6/30/2024 amounted to approximately three hundred and forty-eight billion Iraqi dinars,
3. The total amounts collected to the Ministry of Finance IRAQ2 account, which represent expired and canceled credit balances, It amounted to approximately fifty-three million dollars. He continued,
"Work is continuing to settle other debts in this area, in coordination with the entities issuing those credits." https://www.ina.iq/212001--630-.html
Nassif: “Capital” Circumvents Iraqi Law And Drains Iraqi Funds Through The Currency Auction
Policy 2024-07-03 | 2,923 views A member of the Parliamentary Integrity Committee, Representative Alia Nassif, revealed today, Wednesday, that the Capital Bank is circumventing Iraqi law, while indicating that it is draining Iraqi funds through the currency auction. Nassif said in a tweet on "X", "Capital Bank agreed with the National Bank to circumvent Iraqi law by opening an account for Iraqi clients at Capital and then making investment transfers."
She added, "Huge sums are deposited in Iraqi dinars and then transferred and received in Amman in dollars as part of an organized operation to smuggle money into Jordan," indicating that "Iraqi funds are being drained through the currency auction." https://www.alsumaria.tv/news/politics/492906/نصيف-الكابيتال-يتحايل-على-القانون-العراقي-ويستنزف-الأموال-العراقية-بمز
Stopping Dealing In Chinese Remittances, Whether Temporary Or Permanent.. Al-Kazemi Reveals The Details To Al-Sumaria
Special Sumerian 2024-07-04 | 3,920 views Member of the Parliamentary Finance Committee, MP Moeen Al-Kadhimi, revealed today, Wednesday, the reason for stopping Chinese transfers in the “yuan” currency, while indicating that the matter is temporary until investigation mechanisms are found.
Al-Kadhimi said in an exclusive interview with Al-Sumaria News that “China’s transfers in the yuan currency have been temporarily stopped Until audit mechanisms are found.” Al-Kadhimi added, "During the past period, we have found significant manipulation of Chinese remittances."
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Provoking Thoughts and Points To Ponder On Adversity:
I have always grown from my problems and challenges, from the things that don't work out. That's when I've really learned. - Carol Burnett
Those things that hurt, instruct. - Benjamin Franklin
Pain is the root of knowledge. - Simone Weil
Life can be real tough ... you can either learn from your problems, or keep repeating them over and over. - Marie Osmond
Bad times have a scientific value. These are occasions a good learner would not miss. - Ralph Waldo Emerson
http://famousquotesandauthors.com/topics/adversity_quotes.html