Iraq Economic News and Points to Ponder Monday AM 11-25-24
Has “Dollar Control” Renounced Its Faith?
Economy 2024-11-24 |Source: Sumerian 1,621 views The dollar in Iraq : two decades of “leakage” and two years of “censorship”
The Central Bank of Iraq has concluded about two years since the start of tight control over the dollar through the electronic platform that was supposed to be a filter gate and a guardian eye for the green currency after years of piracy operations through innovative means through which the dollar leaked out of Iraq.
Currency “washing” window... 20 years and the Central Bank is an intermediary for “launderers”
For about 20 years, the Central Bank turned into an intermediary between the source of dollar the US on the one hand, and the money launderers on the other hand... and with forged bills and fictitious travelers, the dollar pirates were able to leak between 350 and 500 billion dollars over two decades, but,
in a moment of sudden awakening... it was discovered Everyone finally realizes that robbery operations, money laundering scandals , smuggling, and financing of suspicious countries and facilities are taking place with direct or indirect contributions from... The Central Bank of Iraq and several banks, whether with his work or without his knowledge.
75% of sales are “suspicious”... The electronic platform reduced sales from 5 to 1 billion dollars per month
The electronic platform began to be implemented in early 2023, but the actual restriction on the dollar began in November 2022, which led to a resounding decline from a monthly average of 4 to 5 billion dollars, to only about one billion dollars per month, which means that about 75% of dollar sales were unsuccessful. In the transparency test.
Sales returned to about $6 billion per month after 8 months
After that, sales returned to rise in mid-2023, recovering to their monthly average between 5 and 6 billion dollars, which the Central Bank interpreted as coming after the banks participating in the auction were able to improve their performance and provide sufficient evidence about the final fate and the legitimate recipient of these dollars.
Signs of “suspicious sales” return.. Central dollar arrives at “banned” banks
Two years of long testing, but the lesson seems to have not been understood well...
It seems that the process of selling the dollar has returned to the old days and has abandoned its new, “straight” religion.
According to members of the Iraqi Parliament, the Central Bank has sold quantities of dollars to banks prohibited from obtaining It is supposed to
banks Iraq's ...half of them are banned from the dollar, and 25% of them take over the auction
has Iraq more than 60 banks, half of which are prohibited from dealing in dollars, and
out of about 30 remaining banks, only between 12 and 16 banks participate in the currency auction, as
these banks control the currency auction and its external transfers.
Al-Sudani considered selling more than $200 million a day “irrational” and not suited to the market’s needs
Not only the MPs’ statements, but the numbers themselves raise doubts and doubts.
At the beginning of 2023, Prime Minister Muhammad al-Shia’ al-Sudani considered the previous sales of the dollar, which amounted to between 200 and 300 million dollars per day, to be exaggerated numbers, and not commensurate with the volume of supposed imports. After sales decreased to Only 50 million dollars a day.
Al-Sudani concluded that the market does not show the disappearance of some goods or confusion in trade, which proves that the previous amounts of sales are illogical.
300 million dollars a day...sales return to their “suspicious” level
But... after less than one year, how much are dollar sales today?... Nothing new...
Sales have returned to the levels that Al-Sudani himself criticized, as dollar sales currently touch $300 million per day, even though imports in the market do not show a significant change. About the previous...what happened?
$8.1 billion.. The Central Bank breaks a sales record in October 2024
Perhaps no one knows exactly what is happening... except that the Central Bank has begun to break records in its monthly sales of the dollar.
Last October, the Central Bank broke a record in dollar sales amounting to more than 8 billion dollars, a number it had never recorded before.
In general, the year 2024 was the year of breaking records in dollar sales.
In some months, sales reached more than 7 billion dollars, after the normal average sales in the past two years were at best. It does not exceed $6 billion per month.
What the Central Bank sold in 2023 in dollars, it achieved in just 9 months in 2024.
In conclusion, in 2023 the Central Bank sold about 55 billion dollars, while in 2024 and until October, sales amounted to more than 65 billion dollars, and with greater scrutiny,
what the Central Bank sold during the entirety of 2023, it sold within only 9 months in 2024.
https://www.alsumaria.tv/news/economy/507317/هل-ارتدت-رقابة-الدولار-عن-دينها؟
The Central Bank Moves Its Secret Vaults To Its New Building...An Explanation Of The Truth Of The Claim
Sweeteners | Yesterday, 21:42 |Baghdad today – Baghdad Today, Saturday (November 23, 2024), an informed source revealed the fact that the secret cabinets of the Central Bank of Iraq were transferred from the old building to the new one on Abu Nawas Street in Baghdad. The source told "Baghdad Today",
"The information that spoke about the transfer of secret tanks and tanks that were underground in the old Central Bank of Iraq building on Al-Rashid Street to the new building on Abu Nawas Street during the census curfew is absolutely incorrect." He added,
"The final touches in the Central Bank of Iraq building are still being worked on by the relevant authorities, and transferring anything to the new building is normal and does not involve any secrecy.
It is all taking place under the supervision of the relevant authorities, whether security or otherwise."
Social networking sites circulated information about the transfer of secret tanks and tanks that were underground in the old Central Bank of Iraq building on Al-Rashid Street to the new building of the bank on Abu Nawas Street during the days of the census curfew. https://baghdadtoday.news/262598-البنك-المركزي-ينقل-خزائنه-السرية-لمبناه-الجديد.-توضيح-لحقيقة-الادعاء.html
The Prime Minister's Advisor Announces The Assignment Of Two International Companies To Study The Iraqi Banking Market
economy Yesterday, 15:18 Baghdad - INA - Amna Al-Salami The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced today, Sunday, that the government is in the process of possessing a banking system based on the principles of a competitive market, while indicating that
two international companies have been assigned to study the Iraqi banking market. Saleh told the Iraqi News Agency (INA):
“The government strategy for banking reform began with the government banking sector under the supervision of the Prime Minister and is based on isolating government financial operations from the activity of developing the banking market, given that the government banking sector in its current, traditional form dominates 88% of banking activity.” The country has made government banking operations mixed with market activity.”
He added, "We are waiting for the birth of a banking system owned by the government, but
based on the foundations of a competitive market in providing banking services and
achieving actual financial inclusion and digital financial inclusion, and is
consistent with the digital payments policy that our country has been pursuing vigorously for more than a year," pointing out that
"the private banking sector is the The other is going through an evaluation stage, and
there are opportunities for voluntary merger between more than one bank, among which there is an international strategic banking partner.” He stated that
"the objectives of banking reform in Iraq will end with a high merger that achieves
competitiveness,
homogeneity,
compliance and
governance within the Iraqi banking market, and achieves the
integration of the national banking market with the global market," noting that
"the entire issue is being closely followed by Prime Minister Muhammad Shiaa Al-Sudani after
assigning two international companies." By studying the Iraqi banking market and according to a new vision that is consistent with the national economy’s need for
credit and investment and mobilizing the public’s accumulated resources to ensure the national income cycle is more stable and efficient.”
As for the private sector, Saleh explained that “the launch of the philosophy of development partnership between the state and the private sector was embodied for the first time in the
government granting sovereign guarantees to the private industrial sector to collect global loans to finance production lines for the most important industrial projects from the countries of the European Union and Japan, which lead the future of development.”
Five levels of industries begin with ensuring financing of infrastructure industries linked to the path of development, the
pharmaceutical industry,
petrochemicals, and
refining, and end with important
digital industries, without forgetting the interest in supporting the
agricultural sector and farmers in protecting
“The country’s food security stems from the production of important strategic food crops.” He stressed that
"the government has not neglected to proceed with the national strategy for the private sector, which hopes that the
private sector's contribution to the country's gross domestic product will rise from 37% currently to more than 54% in the coming years, by
providing opportunities to nurture the private sector through financing support." Governmental development projects, whether through the
Iraq Fund for Development or the
Riyada Bank (mixed sector), which was established by the Central Bank of Iraq to advance the role of the private sector in development and raise growth rates in its investments and contributions to the country’s gross domestic product.
According to the private sector development strategy that the government has adopted for years.”
https://www.ina.iq/222133--.html
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