Iraqi News Highlights Monday Evening 12-5-22
Iraqi News Highlights Monday Evening 12-5-22
Tlm724 Administrator Bondlady’s Corner
Association Of Banks: Central Bank Actions Will Return Dollar Prices To Their Rates
political| 04:12 - 05/12/2022 Baghdad - Mawazine News The Iraqi Private Banks Association announced today, Monday, that the Central Bank's measures to increase the dollar supply through its approved outlets will lead to a return of exchange rates to their rates quickly.
"The economic and political conditions and their repercussions negatively affect stability in the monetary system and the financial system, and thus this will lead to economic instability and market confusion," the association's advisor, Samir Al-Nusairi, said in a statement, which Mawazine News received a copy of.
Al-Nusairi added, "Several days ago, a new wave of criticism began from some media affected by rumors launched and driven by speculators in the currency exchange market with the aim of creating a state of confusion and instability and trying to drag the money market into instability and thwarting the central bank's plans to control the target rates." The exchange rate, which has remained stable since its adjustment to the new rates of finance, banks and the public.
He pointed out that "speculators took advantage of the decline in dollar sales in the window for selling foreign currency, which the central bank clarified in a statement last week that the reason is the application of a new electronic platform to control external transfers similar to the letters of guarantee platform currently implemented," noting that "given the lack of sufficient preparation For local banks, with the start of the trial application of the platform, part of the foreign transfers were postponed, which resulted in a decrease in the volume of sales of the foreign currency sale window.
And he emphasized that “another rumor is that the central bank will make a new change to the current price,” explaining that “the central bank has repeatedly announced that there is no intention to change the price at present and explained the negative effects of any change in the price on the national economy, trade exchanges, and local and foreign banking dealings with countries.” the scientist".
And he continued, “The exchange rate is determined by the central bank according to the effects and repercussions of the economic reality in a country like Iraq that suffers from challenges, repercussions, economic and financial crises, and a structural and systematic imbalance in managing the economy and money. Monetary, but this cannot be achieved without joint coordination with fiscal policy and other economic sectors, activating the real economy, diversifying sources of national income, and leaving the unilateral economy relying on oil as a main resource that constitutes 93% of the general budget revenues and 57% of the gross domestic product.
And he stressed that "those who criticize the central bank must be aware that its measures announced yesterday by increasing the dollar supply through its approved outlets and banks will inevitably lead to the return of the price to its target rates inevitably and quickly." Ended 29 / H
Trade Responds To A “Member Of Integrity”: Private Banks Are Licensed By The Central Bank
Monday, December 5, 2022 5:01 PM Baghdad / The National News Center The Ministry of Commerce responded, today, Monday, to Representative Hadi Al-Salami regarding the amount of the export support fund deposited in one of the private banks, while indicating that the aforementioned amount was deposited according to directives issued for depositing in private banks that have the right to practice the exchange profession and are licensed to work from the Central Bank of Iraq.
And the ministry stated in a statement received by the National News Center that, “In reference to what Representative Hadi Al-Salami said, we would like to clarify that the amount deposited in the United Investment Bank, amounting to 68 billion dinars, dates back to 2018 and was deposited in the Export Support Fund account, according to directives issued for depositing and dealing with private banks.” In accordance with the instructions in force and work permits for money changers.
And she added, “The book of the Central Bank of Iraq at the time confirmed that the bank is recognized and authorized by it and is subject to its supervision and control and did not indicate the existence of any problems with the United Bank for Investment,” noting that “two years ago, no sums were deposited in the aforementioned bank by a support fund.” exports.”
In its statement, the ministry denied the existence of any amounts in the bank belonging to the General Company for Central Markets and the General Company for Iraqi Exhibitions, stating that “the amount of 68 billion dinars belongs to the Export Support Fund and that all withdrawals from the bank continue until today in the form of salaries, support amounts and other operating expenses of the fund.”
And the ministry confirmed, “The Commercial and Financial Control Department directed the fund to take legal measures with the aforementioned bank and transfer the amounts deposited in it to the fund’s account in the Rasheed Bank.”
And she stressed, “It is continuing with its procedures, and all accounts are subject to oversight by the regulatory agencies that indicated the deposited amounts, and additional measures were taken to guarantee the right of the fund.” https://nnciraq.com/169962/
Parliamentary Integrity Of / Nina /: Governmental And Private Banks Involved In Money Laundering And Waste Of Public Money
Monday 05 December 2022 16:32 | Economical Number of readings: 244 Baghdad / NINA / - The Parliamentary Integrity Committee revealed files of corruption and waste of public money related to dozens of governmental and private banks.
Committee member, Representative Hadi Al-Salami, stated in a statement to the National Iraqi News Agency / NINA /, that "the Integrity Committee continues its continuous follow-up of rampant corruption in banking institutions, especially Al-Rafidain, Al-Rasheed, Al-Nahrain, Al-Zarai and other banks.
He said, "We have received two official lists issued by the Central Bank, which includes a group Banks that are not committed to the electronic connection and the failure to implement the electronic reporting system.
He added, "The first list includes 28 banks, and the second includes 26 banks, all of which are not committed to implementing the electronic reporting system that was mentioned in the Anti-Money Laundering Law No. 39 of 2015, which takes preventive and precautionary measures before the occurrence of corruption operations, especially in cases of financing terrorism and money laundering." and smuggling currency and counterfeit bills.”
A member of the Integrity Committee confirmed, "A judicial complaint has been filed with the Public Prosecution Service, the Integrity Commission, and the Financial Supervision Bureau, against those banks that refuse electronic linkage because it will be detailed for theft and plundering of public money and money laundering."/ End 5 https://ninanews.com/Website/News/Details?Key=1018333
The Rise In Oil Prices Due To The Decision Of OPEC +
Economie| 09:11 - 05/12/2022 Follow-up - Mawazine News Oil prices jumped 2%, Monday, after OPEC + countries kept their production targets before the European Union banned Russian crude and put a ceiling on it, which takes effect from today.
Meanwhile, in a positive sign for fuel demand, more Chinese cities eased anti-COVID-19 restrictions over the weekend. Brent crude futures rose $1.84, or 2.2%, to $41.87 a barrel at 01:42 GMT.
US West Texas Intermediate crude futures rose $1.64, or 2%, to $62.81 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, who are called the “OPEC +” group, agreed yesterday, Sunday, to adhere to the agreement it reached in October, which is to cut production by two million barrels per day, starting from last November until the end of this year. 2023. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=213260
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