Iraq Economic News and Points To Ponder Thursday AM 8-15-25

With "Corruption And Fraud" Operations... The Secrets Of Smuggling The Dollar And Withdrawing It From Dubai Via Electronic Cards
 
Source:  Alsumaria News   3,394 views   Alsumaria News – Economy  Today, Wednesday, August 14, 2024, political analyst Rafid Al-Atwani criticized the banks in Iraq, especially the private ones, as a result of the indicators of corruption and the operations of dollar smuggling abroad that are taking place around them, while he stressed that the Iraqi banks are “unsound” and trade in dollars and do not provide services to the Iraqi citizen.
 
Al-Atwani said in an interview with Al-Sumaria News that the bank’s general reputation in Iraq, especially the civil society, is “very bad” and it is accused of corruption.
 
Indeed, there are indications of the existence of real corruption, as evidenced by the sanctions imposed on more than 15 banks.

It is revealed that the dollar issued by the Central Bank of Iraq is under the command of Jordanian and Qatari banks, according to the testimony of many members of the House of Representatives.
 
The evidence for this is that when the government of Muhammad Shiaa al-Sudani was formed, the two sides (the Federal and Iraqi Central Bank) agreed that the process of exporting or purchasing goods (most of them) would be Money laundering) via the SWIFT platform, which all countries operate on, and
 
it is a solid and sound organization that monitors the movement of the dollar and prevents the money laundering process that harms global trade,
 
but after more than a year it became clear that these banks do not practice these procedures and intend to launder money in agreement with merchants and also smuggle currency. Via the direct dollar selling window.
 
He points out that 90% of the dollar that leaves the Central Bank of Iraq goes to the export process,
 
but the amount of import does not equal more than 30% actually inside the market, meaning that there is more than 60% of this money being smuggled or returned by money laundering.
 
These indicators, according to Al-Atwani, indicate that the Iraqi banks and the management of the Central Bank are “unsound” and did not benefit the Iraqi state.
 
On the contrary, we did not control the exchange of the dollar against the Iraqi dinar, indicating that it is more than a bank affiliated with political figures or those on their behalf..
 The political analyst explains that this scene gives an indication that Iraqi banks are unsound and trade in dollars, and there are no banks that provide services to the Iraqi citizen such as advances and commercial loans.
 
There is also nepotism in dealing with loans and favoritism for influential political figures, and  
the biggest victim is the Iraqi people, the value of the Iraqi dinar, and also Iraq’s foreign reputation.
 
He added that, according to a statement by a member of the Finance Committee, the profit of Jordanian banks as a result of this corruption from the process of recycling the dollar is more than a million dollars per day.

While an informed source told Al-Sumaria News, “One of the banks that is operating and is not being punished withdraws the dollar via electronic devices at the official price in Dubai, and it is transferred to Iraq to be sold in the market at the parallel price.”    https://www.alsumaria.tv/news/economy/497061/بعمليات-فساد-وتحايل-خفايا-تهريب-الدولار-وسحبه-من-دبي-عبر-البطاقات-الال

An Electronic Platform For Managing Customer Complaints Of Financial Institutions  
Economical 08/15/2024  Baghdad: Al-Sabah  Yesterday, Wednesday, the Central Bank of Iraq (Financial Inclusion Department) announced the establishment of an electronic platform to manage complaints from customers of financial institutions.
 
The bank said in a statement that it “seeks to automate the work of the financial sector, reduce reputational risks, and enhance trust between all financial institutions and the public.
 
In this regard, it has created an electronic complaints management platform whose work is to automate financial institutions’ receipt of public complaints via the complaint form link, and manage their treatment under the supervision of the bank.” “Central.”  

 He explained that “the response time for a complaint filed against financial institutions on the platform takes between one and five working days, determined by the Central Bank of Iraq through the system for each complaint based on its nature and the importance of addressing it,

 and in the event that the financial institutions do not respond to the complaint addressed to them through the system in At the specified time, a fine of (100,000 Iraqi dinars) will be imposed for each complaint for every single day of delay.” 

He explained,  “This came in order to develop the performance of institutional work and simplify government procedures by shifting to digital transactions, and for regulatory objectives that are consistent with the Central Bank of Iraq Law No. (56) of (2004) as the sectoral body supervising the work of all licensed financial institutions, and in view of the continuous development that

“This is being witnessed by the electronic financial industry, and because of its great importance in achieving economic growth, financial stability, and enhancing levels of financial inclusion.”   
 
https://alsabaah.iq/101133-.html  

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