Iraq Economic News and Points To Ponder Thursday Afternoon 7-25-24
Black Money" Fuels The Investment Stock Exchange.. Countries That Flourished With Iraq's Looted Money
Politics | Today, 11:00 | Baghdad today – Baghdad Today, Thursday (July 25, 2024), former MP Manar Abdul Muttalib identified the features of black money in the Iraqi Investment Stock Exchange, indicating that this money stolen from the Iraqi treasury has revived the economies of several countries.
Abdel Muttalib said in an interview with "Baghdad Today", "There is no accurate figure on the amount of money looted in Iraq after 2003, but all indicators indicate that it is hundreds of billions of dollars, some of which were smuggled abroad and others were transferred to support the building of economic wings for parties, forces, and companies."
She added, "The investment environment in Iraq is going against the trend in the world, in that anyone who has $100,000 can invest in a project worth $100 million.
This is a paradox, especially since the state is providing land for free, and it is investing in customers' money, especially in housing projects, which represent a fertile environment for attracting... "Money." Abdul Muttalib pointed out that black money (referring to corrupt and plundered money) “is present in all sectors, including investments, but the possibility of detecting it is difficult and complicated because there is no money in the names of politicians.
However, seeing the level of prosperity and opulence and comparing it with their situation years ago gives an indication of the extent of corruption.”.
She explained that "corrupt money smuggled to neighboring countries and was put into large investment projects that revived the economies of several capitals, to the point that those countries do not actually cooperate with Baghdad in order to clarify the fate of Iraq's money
because they benefited in different ways," indicating that
"searching for Iraq's previous money is difficult."
But what is most important is to reconsider the investment file,
bring it within a scope that serves the country’s economy, and
adopt serious steps to combat corruption in order to preserve the remaining wealth of the country.”
The Central Bank Of Iraq "Warns" Against The Circulation Of Souvenir Notes Denomination Of One Million US Dollars
July 25, 2024 The Central Bank of Iraq renews its warning against the promotion of souvenir bills in the denomination of “one million” US dollars that are used to defraud and defraud citizens.
Emphasizing that the security and regulatory authorities will pursue the people who promote these memorial papers and take legal measures against them.
Pointing out that the highest denomination in circulation for the US dollar is the $100 denomination.
It is noteworthy that the aforementioned commemorative note is not circulated in the global money markets as it is issued by the American Millionaires Association.
This note is not considered a banknote because it is not issued by the US Federal Bank and does not represent any financial bond, and is used for gifting purposes only.
In February 2020, the Central Bank of Iraq warned against the circulation of the “one million” dollar bill because it is a non-cash paper. Central Bank of Iraq information Office 25 - July – 2024 https://cbi.iq/news/view/2625
Parliamentary Finance Reveals A Legal Violation Involving The Governor Of The Central Bank.. What About The Dollar?
Policy 2024-07-25 | Alsumaria News 2,909 views Alsumaria News – Politics Today, Thursday, July 25, 2024, the Parliamentary Finance Committee confirmed that the
Central Bank of Iraq’s procedures to change the exchange rate of the dollar in Iraqi local markets
did not have any impact and
did not achieve any real actual results,
revealing a legal violation involving the Governor of the Central Bank of Iraq, Ali Al-Alaq.
A member of the Finance Committee, Muhammad Nouri , said in an interview with Al-Sumaria News,
“The Central Bank of Iraq is still continuing with its wrong procedures that have not achieved any effect and have not achieved any real actual result in changing the exchange rate of the dollar in the Iraqi local markets, which has negatively affected the Iraqi reality and has increased.” "Inflation rates have increased significantly in recent days."
He added, “There is work on this issue by the Parliamentary Finance Committee, whether it is interrogations or changing the governor of the Central Bank due to the legal age, as he has exceeded the legal age, and this is a violation of the Civil Service Law,” pointing out that
“many topics will be addressed by the Council in the coming days, especially the dollar file.”
Because of the great delays, in addition to the control of foreign banks owned by foreign capital owners, this causes an imbalance in national security and Iraqi economic security.”
Some time ago, the price of the dollar decreased in the parallel market, as it stabilized at 145 thousand dinars for every 100 dollars over the past period, but it rose again to exceed 150 thousand dinars a few days ago.
Since the beginning of last year, Washington has intervened to limit the smuggling of dollars from Iraq, which led to a rise in the price of the dollar in the local market to a record level of 170,000 dinars per 100 dollars, due to the decline in the Central Bank’s sales of dollars, given its subjection to the international “SWIFT” financial system..
It is noteworthy that the Central Bank decided to finance trade in the euro, the Chinese yuan, the Emirati dirham, and the Indian rupee, in steps to reduce the demand for the dollar.
Iraq’s Gold Reserves Rise To 148.3 Tons
Amr Salem July 25, 2024 Gold bars. Baghdad (IraqiNews.com) – Recent data released by the International Monetary Fund (IMF) showed that Iraq and Qatar increased their gold reserves.
According to the IMF, Iraq’s gold holdings climbed by 2.64 tons in May 2024, bringing its total gold holdings to 148.3 tons.
Additionally, the report indicated that in June 2024, Qatar added 3.11 tons to its gold reserves, bringing them to 106.4 tons.
This growth reflects Iraq’s ongoing efforts to diversify its foreign reserves and improve long-term financial and monetary stability.
Gold is a traditional safe haven for investors, particularly during times of economic and geopolitical instability.
In its latest report issued in April, the World Gold Council revealed that Iraq maintained its position as the 30th-largest gold-holding country out of 100 countries, as its gold possessions remained 142.6 tons, representing 8.4 percent of the rest of its other reserves.
The World Gold Council mentioned earlier that Iraq purchased approximately 12.25 tons of gold in 2023.
The Central Bank of Iraq (CBI) purchased 34 tons of gold in June 2022, representing an increase of 35 percent in its holdings at that time.
Iraq is one of the countries that possess large amounts of gold reserves in the Arab region.
It ranks fourth after Saudi Arabia, Algeria, and Morocco.
This increase in Iraq’s gold reserves is considered a positive indicator, reflecting the strength of the Iraqi economy. https://www.iraqinews.com/iraq/iraqs-gold-reserves-rise-to-148-3-tons/
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