Iraqi News Highlights Thursday Evening 7-20-23
Iraqi News Highlights Thursday Evening 7-20-23
Tlm724 Administrator Bondlady’s Corner
After America's Sanctions On Banks.. Al-Kinani: The Dollar Will Reach 175 Thousand
Information / Special.. Today, Thursday, economic expert Nasser Al-Kinani criticized the new sanctions imposed by Washington on 14 new Iraqi banks, stressing that imposing sanctions from America is a response to the government after announcing a barter for the supply of Iranian gas.
Al-Kinani said in an interview with the information agency, "It is expected that the exchange rate of the dollar will reach 175 compared to 100 dollars during the current month," noting that "Washington's recent sanctions will restore the recent dollar exchange crisis in the local markets."
And he continued, "The Central Bank will work to increase its sales during the coming period for the purpose of filling the deficit that will occur as a result of removing 14 Iraqi banks from the electronic dollar platform," noting that
"Washington deliberately imposed sanctions on large banks, which are considered one of the main resources for selling the dollar at the official price." in the local markets.
Yesterday, the US Treasury Department imposed sanctions on 14 Iraqi banks in order to remove them from the currency auction platform at the Central Bank, and this is what many consider to be a purely political decision to bring the dollar crisis back to the fore again.
https://almaalomah.me/news/economy/بعد-عقوبات-أمريكا-على-المصارف-الكناني:-الدولار-سيصل-الى-175
Citizens Under Penalty Of Fraud On The "Dollar" Platform
The first 2023/07/18 Baghdad: Hoda Al-Azzawi, a new fraud and fraud carried out by influential parties in financial companies and banks, against hundreds and perhaps thousands of citizens without their knowledge.
The head of the "National Approach" bloc and a member of the Parliamentary Integrity Commission, Ahmed Taha Al-Rubaie, received dozens of complaints from citizens confirming the presence of their names in the " The "platform" launched by the Central Bank of Iraq to sell foreign currency "dollars" and receive amounts designated for travel while they have not traveled at all.
Al-Rubaie explained, in an interview with "Al-Sabah", that "the issue falls within the circle of fraud and fraud operations, and it may have been carried out on (wide levels) in coordination with influential parties, and these parties may have received the sums instead of tens of thousands of citizens or hundreds of thousands, Especially since the platform is closed, and most citizens do not know anything about it, and whoever is lucky to know that will bear the penalty of accusation and exploitation.
He stressed that "banks (governmental and private) are the only party authorized to issue (credit cards - Visa or Master Card), and therefore the fraud and fraud operations were carried out by people within those banks and money transfer companies managed by influential people."
Al-Rubaie pointed out, "We, as a legislative oversight body, have sent an inquiry letter to the Central Bank, and the matter will be followed up by the Federal Integrity Commission to uncover fraud and manipulation operations that were carried out smoothly and without accountability, and by people who have a direct or indirect relationship with government institutions."
Or non-governmental organizations to take advantage of the (closed platform) and list names and receive sums allocated for travel to citizens whose passports for travel were not even indicated.
A member of the Parliamentary Integrity Committee noted that "these issues are very serious, as the file or goal may not only be financial, but may also result in other matters, such as the use of a person's documents in importing, and may result in legal matters that fall victim to the citizen who needs quite a period to prove his innocence."
Al-Rubaie called for "forming specialized committees to uncover those involved and accomplices in these operations," asking the Central Bank about its responsibility and procedures in the face of these clear violations and outright manipulation by companies and banks that are the only entity capable of issuing (credit cards).
And to ascertain the truth of the information obtained by “Al-Sabah” by the head of the “National Approach” bloc and a member of the Parliamentary Integrity Committee, and regarding the aforementioned complaints to the Central Bank, the latter did not deny the complaints received from a member of the Integrity Committee.
The Deputy Governor of the Central Bank, Dr. Ammar Hamad Khalaf, explained to “Al-Sabah” that “many complaints were received by the Central Bank by citizens regarding their receipt of the amounts allocated for travel while they did not travel,” pointing out that
“the Central Bank is aware of this, The companies involved were held accountable and all measures were taken, including fining the company or the bank and compensating the citizens by the company involved, until the measures taken by the Central Bank reached the point of stopping the company from entering the window as a punishment.
And he stressed that "the Central Bank takes into account all complaints and takes the necessary measures against these companies and banks, and issues penalties and compensating citizens."
In turn, Muhannad Al-Atabi, a researcher on political affairs, said in an interview with "Al-Sabah":
"The corrupt are still making use of every loophole they see to plunder the country, and this is evidenced by the rumors of leaks and even confirmations of the exploitation of citizens' passports without their knowledge to earn foreign currency."
(The dollar) that the government sells at the official rate, so that money gangs can seize it and sell it at the black market price.”
He pointed out that "we have been informed that there are banking companies, in collusion with tourism companies, that have earned huge sums of money in the names of citizens who have not traveled,"
expressing his astonishment at "the slowness of legal deterrence that makes those concerned face the responsibility of performing their duty." https://alsabaah.iq/80889-.html
The PM's Advisor Recommends Limiting Price Speculation
Economical 2023/07/17 Baghdad: morning Yesterday, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, recommended the need to provide a climate of competition to limit exploitation and price speculation.
Saleh said, to the Iraqi News Agency (INA):
"In order to ensure competitiveness in the market and reduce liberal chaos in the exchange sector,
it is necessary to return to the bonds of social market institutions by spreading consumer and production cooperatives that practice competitive price discipline and quality control at the same time," indicating
"They are two pillars that we lack; in order to reorganize the sectors of exchange and production to some extent and to provide a competitive environment and interaction that can isolate methods of fraud and commercial deception that are incorrect and contrary to the law." He added that
"the methods of circumvention and commercial deception continue to cause severe damage to the interests of the public and exploit them with price speculations and goods and services far from quality control for the sake of illegal gain at the expense of the citizen's limited income,
in addition to the poor quality of the processed goods that are supplied from internationally unknown origins and are not subject to quality or quality control.
He pointed out that "this is the biggest waste in suppressing the competitiveness of the economy and reducing the consumer's benefit and levels of legal protection in accordance with nationally and internationally accepted standards in trading goods and services within the national market."
https://alsabaah.iq/80755-.html
The Governor Of The Central Bank Urges The Trade Bank Of Iraq To Provide Services With Speed And Accuracy
Economy Baghdad – conscious Today, Thursday, the Governor of the Central Bank, Ali Mohsen Al-Alaq, urged the Iraqi Trade Bank to provide services with speed and accuracy.
The media expert of the Iraqi Trade Bank, Aqil Al-Shuwaili, said, in a statement received by the Iraqi News Agency (INA), that
"the President of the Iraqi Trade Bank and Chairman of the Board of Directors, Muhammad Jawad Al-Dulaimi, received in the General Administration Building the Governor of the Central Bank, Ali Mohsen Al-Alaq, and the Director General of the Banking Control Department in The Central Bank, Qasma Saleh Ali, and the Director General of the Investments and Foreign Transfers Department at the Central Bank, Mazen Sabah, in the General Administration building on an inspection visit to the bank.
He pointed out that "Al-Alaq met with the head of the bank and the staff applying for it, and urged them on the necessity of harmonizing banking plans and directives with the program and objectives of the government and the Central Bank of Iraq."
Al-Alaq stressed, "the need to provide all services with speed and accuracy to the bank's customers, both individuals and companies, in a way that contributes to encouraging the entry of merchants into the external transfer system, which in turn will lead to achieving stability in the exchange rate in the Iraqi market."
While Al-Dulaimi explained to the Governor of the Central Bank and the staff accompanying him, according to the statement, about his "future practical plans that he set since he assumed the position to upgrade work within the bank in a way that supports and enhances the country's economy and in line with the directions of the Iraqi government." https://www.ina.iq/189775--.html
The Central Bank Issues A Statement Regarding The Deprivation Of Some Iraqi Banks From Dealing In Dollars
Economy Today, Baghdad – conscious Today, Thursday, the Central Bank of Iraq issued a statement regarding the deprivation of some Iraqi banks from dealing in dollars, while noting that these banks do not constitute requests for only 8% of the total external transfers.
And the Central Bank of Iraq stated, in a statement received by the Iraqi News Agency (INA), that
“against the background of recent media news, the Central Bank of Iraq issued a statement regarding depriving some Iraqi banks from dealing in dollars,” noting that
“preventing Iraqi banks from dealing in dollars came against the background of scrutiny.” Bank transfers for the past year (2022), before the application of the electronic platform, and before the formation of the current government as well.
He added, "Banks deprived of dealing in US dollars enjoy complete freedom in dealing in Iraqi dinars with various services within the Iraqi banking system, in addition to their right to international dealings in currencies other than the US dollar," noting that "the application of the electronic platform for external transfer ensures the safety of transfer transactions."
And its accuracy in all aspects, in accordance with international standards and practices, and the law against money laundering and terrorist financing, as the US Federal Bank, the US Treasury Department, and international financial institutions praised this system, and it enjoys their care, with high coordination from those parties, and with an accredited international auditor.
And he continued, "What the Central Bank of Iraq has achieved in terms of expanding transfer channels and approved correspondent banks, makes transfer operations available and secure," noting that
"the number of local banks that do this is able to cover all transfer requests, with the ability of the Central Bank of Iraq to cover them without restrictions or restrictions." Ceilings, as long as they involve legitimate operations, bearing in mind that the banks banned from the dollar, their requests constitute only 8% of the total external transfers.
He explained that "the announced exchange rate in the market is based on the cash dollar granted by the Central Bank of Iraq to cover citizens' requests for travel and others, and
because of the citizen's need for the national currency, some merchants and others withdraw dollars for trade or other purposes, away from the platform and away from the fundamentalist transfer contexts."
Which leads to an increase in the exchange rate on the black market, which is not a parallel market, as long as the source of the dollar is the central bank and not from within the market.
The Central Bank called, according to the statement, “the government, in order to address this phenomenon, to establish a mechanism to link imports, and what proves the existence of a fundamental financial transfer corresponding to its value in order to prevent the use of illegal means to pay its values that constitute unjustified pressure on the cash dollar, and helps on the other hand in controlling Manipulation and smuggling of imports.
https://www.ina.iq/189786--.html
Experts: The Path Of Development Is Stimulating And Attractive To Global Investment Companies
Economical 2023/07/18 Baghdad: Shukran Al-Fatlawi Experts and interested parties unanimously agree that the completion of the initial stages of the development road, which is being worked on in its first section, which extends from the city of Al-Faw in Basra to the city of Nasiriyah, represents a catalyst and an important initial step that will be followed by subsequent stages to transfer the country's economy to a new and diversified stage.
And sustainable, stressing the importance of that path in attracting international investment companies operating in various fields.
Iraq announced a land and railway project connecting the Gulf to the Turkish border, through which it aspires to be a main route for transporting goods between the Middle East and Europe, while
a spokesman for the Ministry of Transport, Shatha Radi, confirmed to the Iraqi News Agency (INA), that
"the steps The first to complete the development path has actually started, and a headquarters for the project has been established at the global station of the General Company for Iraqi Railways.
And the Prime Minister, Muhammad Shayaa Al-Sudani, stressed that "the government is moving towards the completion of the development path project, as it includes large economic revenues for Iraq, and the creation of job opportunities and sustainable development, whose benefits extend throughout the region, in a way that enhances facing regional and international economic challenges."
Economist Dr. Nabil Al-Marsoumi considered, in an interview with Al-Sabah, the development path as a catalyst for Arab and foreign companies to enter into large investments in this vital project if its prepared stages are completed and its basic pillars are implemented.
Al-Marsoumi added that the road extends for more than 1,200 kilometers and connects Al-Faw with Faysh Khabour, Turkey, and then to Europe, at a cost of "phase one" of $17 billion, spanning five years with two land lines, one for trucks and the other for railways to transport goods and passengers.
Al-Marsoumi indicated that the road is still in the preliminary design stages, as the Railways Directorate in Iraq received the designs of the first section, which extends from Al-Faw to Al-Nasiriyah, pointing out that there are teams working along the road extending from Al-Faw to the Turkish Fishkhabour, with soil investigations, as it will link the east with the west of Through Iraq, to become an important commercial link,
to be followed by subsequent stages by establishing cities, industrial and commercial complexes, and electric power stations on both sides of the road.
This will be completed in the second and third stages, which extend until 2050.
Emad Al-Muhammadawi, who is interested in economic affairs, explained to “Al-Sabah” that
the development road, which the concerned companies have finished preparing for implementation, will contribute to transforming the country’s rentier and oil-dependent economy into a diversified economy full of investment projects, in addition to the eagerness of many countries in the world to enter in all fields,
hoping To start working on it on the ground, to complete the preparation stage, and to take the necessary measures in this regard.
A spokesman for the Iraqi government, Basem Al-Awadi, confirmed that Turkish President Recep Tayyip Erdogan is enthusiastic about the development road project, and neither Ankara nor any country imposed conditions for entering it, pointing to the completion of the design of the first section of the land road.
Al-Awadi revealed, The signing of the land road and railway design contract between the Ministry of Transport and the Italian consulting company has reached its final stages, and the company has completed the design of the first section of the land road that extends from the city of Al-Faw in Basra to the city of Nasiriyah, and work is in progress to sign the final contract with the company."
He stressed, "The arrival of dozens of bids from local and foreign companies and countries that have expressed their desire to participate in the implementation of the development path, and the Supreme Committee supervising this project will take important initial decisions this week."
https://alsabaah.iq/80877-.html
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