Iraqi News Wednesday AM 11-25-20
Iraqi News Wednesday AM 11-25-20
TLM724 Administrator BondLady’s Corner
MP Al-Darraji Calls For The Central Bank To Adopt A Real Price For The Iraqi Dinar
Pratha News Agency136 2020-11-25 Representative Muhammad Sahib Al-Darraji called on the Central Bank to adopt the real price of the Iraqi dinar, away from the prices offered in the currency auction.
Al-Darraji said in a tweet on his Twitter page, "The Central Bank Must Adopt A Real Price For The Dinar, Away From Violations Of The Infamous Currency Selling Window."
He also called for "disclosing bills and documentary credits provided by banks in exchange for transferring hard currency abroad and checking its credibility." Al-Darraji stressed that the bank’s failure to do so is that it “is considered an accomplice in the crime and we will have to resort to legal methods to remedy this defect.”
The window of selling the currency in the central bank faces many criticisms, while leaks stated that a number of banks acquire the amounts that are being traded in the currency auction for the purpose of increasing their profits. http://burathanews.com/arabic/economic/381182
Tohme: Intermediary Banks Win Trillions Of Dinars From The Currency Auction Annually
Time: 11/25/2020 13:11:53 Read: 1,703 times {Baghdad: Al Furat News} The head of the National Approach bloc, Ammar Tohme, said today, Wednesday, that intermediary banks are winning trillions of dinars from the currency auction annually.
In a statement, Al-Furat News received a copy of it, Tohme said, "We reiterate our demand to stop the huge financial losses resulting from the auction of hard currency selling to the Central Bank, and we explain its details in the points below: -
1. The monthly sales figures for the dollar in the currency auction after the jumps in its selling price in the market show that the state lost more than 200 billion dinars per month, which are unlawful and unjustified profits go to the benefit of parasitic banks that subsist on depleting hard currency in the most bad economic conditions for Iraqis.
2. If these huge sums were provided and allocated to support the private sector and other productive sectors such as industry and agriculture, they would be able to move the market and create productive and development activities that provide more job opportunities for young people and reduce the foreign currency exit outside the country, while these banks acquire these large sums without having them. Little role in economic activity.
3- The central bank must bypass these intermediary circles of parasitic banks that deplete hard currency and adopt mechanisms guaranteeing the granting of dollars to actual traders and other citizens directly in order to save several trillions instead of going to borrow and its burdensome effects in the future and in the future and reduce the illusory rise in the prices of imported goods that pays its bill Citizen Consumer.
4. As a result of the obscene difference between the selling price of the dollar sold from the central bank to intermediary banks and the selling price in the market, which ranges between (50-60) dinars per dollar, the total profits of those banks from selling the bank to nearly four billion dollars per month Suspect ranging between (200- 240 billion dinars per month.
5. We demand to impose taxes on banks at a rate of no less than 25% of their profits, and if the tax of their proposed profits is collected, the amount of (50-60) billion dinars will be available monthly to the public treasury and be more than (600) billion dinars annually. LINK
Economic: The Rise In The Dollar Is Temporary And Does Not Affect The Local Currency
Wednesday 25, November 2020 09:03 | EconomicalViews: 338 Baghdad / NINA / An expert in economic affairs, Raad Twaij, confirmed that the high exchange rate of the dollar against the Iraqi dinar is a temporary and marginal rise and will not affect the value of the Iraqi currency.
Twig said in a statement to the Iraqi National Agency for Sons / NINA / that "the current rise in the dollar compared to the Iraqi dinar is a marginal rise because the Central Bank of Iraq still has a cash reserve through which it can continue to maintain the value of the dinar, which reflects the continuity of support for it. However, floating the currency is possible." Reaching it and considering it a kind of new monetary policy that could reduce the monetary burden on the central bank.
He added: There are no signs of any inflation, so domestic commodities are still stable and there are no rises in the general level of prices.
The price of the dollar witnessed a relatively high rise against the dinar, as it recorded 125 thousand and 500 dinars against $ 100./8 Ended https://ninanews.com/Website/News/Details?key=872461
Economic: The Rise In The Dollar Is Temporary And Does Not Affect The Local Currency
Wednesday 25, November 2020 09:03 | Economical Views: 338 Baghdad / NINA / An expert in economic affairs, Raad Twaij, confirmed that the high exchange rate of the dollar against the Iraqi dinar is a temporary and marginal rise and will not affect the value of the Iraqi currency.
Twig said in a statement to the Iraqi National Agency for Sons / NINA / that "the current rise in the dollar compared to the Iraqi dinar is a marginal rise because the Central Bank of Iraq still has a cash reserve through which it can continue to maintain the value of the dinar, which reflects the continuity of support for it. However, floating the currency is possible." Reaching it and considering it a kind of new monetary policy that could reduce the monetary burden on the central bank.
He added: There are no signs of any inflation, so domestic commodities are still stable and there are no rises in the general level of prices.
The price of the dollar witnessed a relatively high rise against the dinar, as it recorded 125 thousand and 500 dinars against $ 100./8 Ended https://ninanews.com/Website/News/Details?key=872461
Finance Minister: The Iraqi Economy Is Going Through Unprecedented Corruption
Money and business Economy News _ Baghdad The Minister of Finance, Ali Allawi, confirmed, on Wednesday, that the Iraqi economy is going through unprecedented corruption, to the point that the employee’s seat at the border outlets is being sold between 50 and 100,000 US dollars.
Allawi said in statements to the British Guardian newspaper that the crises in Iraq will remain for a long time, and will continue until the price of a barrel of oil reaches $ 70, indicating that the price of oil will not rise, and solutions must be found, otherwise Iraq will be the fate of Venezuela.
Allawi added, that the problems of Iraq are interrelated, to the point that when a solution to one of the problems is sought, an influential and beneficial personality emerges and impedes its achievement.
Pointing out that only 10 percent of the border crossings' revenues, which amount to eight billion, enter the Iraqi treasury, due to corruption and influence. Number of observations 129 Date added 11/25/2020
https://economy-news.net/content.php?id=22884
The Central Bank Announces The Formation Of The Anti-Money Laundering And Terrorism Financing Council
Time: 11/25/2020 11:11:06 Read: 2,392 times {Baghdad: Al Furat News} The Council of Ministers announced the approval of the third annual report of the Council for Combating Money Laundering and Financing Terrorism, in the presence of (Chairman of the Council - Governor of the Central Bank of Iraq).
The Cabinet called for "the Office of Anti-Money Laundering and Terrorism Financing to continue to take the necessary measures to combat money laundering and terrorist financing, in coordination with the supervisory authorities."
The Anti-Money Laundering and Terrorism Financing Council was formed according to Law No. 39 of 2015, which is chaired by the Governor of the Central Bank and the membership of a number of ministries and agencies not associated with a ministry. LINK
tlm24: This is ironic, the biggest money laundering operation in Iraq is the CBI currency auction
Cabinet approves the third report of the Anti-Money Laundering Council
Banks Economy News – Baghdad The Council of Ministers approved, in its meeting held on Tuesday, November 24, 2020, the third annual report of the Council for Combating Money Laundering and Financing Terrorism, in the presence of the Chairman of the Council and the Governor of the Central Bank of Iraq, Mustafa Ghaleb.
The Cabinet called for the Anti-Money Laundering and Terrorism Financing Office to continue to take the necessary measures to combat money laundering and terrorist financing in coordination with the supervisory authorities.
The Anti-Money Laundering and Terrorism Financing Council was formed according to Law No. 39 of 2015, which is chaired by the Governor of the Central Bank and the membership of a number of ministries and agencies not associated with a ministry. Number of observations 107 Date added 11/25/20 https://economy-news.net/content.php?id=22878
Disclosure of a parliamentary movement to question the governor of the Central Bank
On Wednesday, the deputy for the Al-Fateh Alliance, Thamer Theban, revealed parliamentary moves to question the governor of the Central Bank .
Theban said that "there is a representative move to question the governor of the central bank, and that this questioning will topple the governor," noting that "the current government is unable to preserve the reputation and prestige of the central bank ."
He added that "the current governor is not competent and was brought in according to political benefits," indicating that "the interrogation will take place soon and will overthrow the central bank governor as he is not qualified to manage the position ." https://aynaliraqnews.com/index.php?aa=news&id22=141213
Theban: Parliamentary Moves To Question The Governor Of The Central Bank
Follow-up Wednesday, November 25, 2020 04:57 PM MP Thamer Theban said that there is a parliamentary move to question the governor of the Central Bank, and that this questioning will topple the governor, pointing out that the current government is unable to preserve the reputation and prestige of the Central Bank.
He added that the current governor is not competent and was brought in according to political benefits, indicating that the interrogation will take place soon and will overthrow the central bank governor as he is not qualified to manage the position.
Earlier, the Parliamentary Finance Committee revealed that it will collect signatures to dismiss the Governor of the Central Bank of Iraq because the Council is not convinced of the answers provided during the hosting. LINK
With The Documents, Alia Nassif Refers Several Corruption Files To The Integrity Commission
POSTED ON 2020-11-25 BY SOTALIRAQ Representative Alia Nassif referred several corruption files belonging to ministries and government agencies to the Integrity Commission.
She said in a statement today: “We have referred corruption files to the esteemed Integrity Commission for investigation, and they concern the Ministry of Youth and Sports, the Ministry of Transport (the Manifest Automatic Cutting Project), the Ministry of Communications (regarding the Internet and the companies that the Ministry has contracted with), and the General Tax Authority (due to corruption. And wasted public money worth 19 billion dinars in the tax accounting of the Chinese Oasis Company) ”.
Nassif explained: “These files have been officially referred to the esteemed Integrity Commission, and there are many files that we will refer in the coming days, and we hope that the Commission will initiate its investigations and announce the results to the Iraqi people who are awaiting justice and recovering public money stolen by the corrupt.” LINK
Economic Expert: Stopping Corruption And Recovering Smuggled Money Is A Guarantor To Cover The Budget Deficit
08:51 - 11/25/2020 Information / private The economic expert, Hassan al-Kinani, said that stopping and combating corruption and recovering smuggled money is a guarantee of solving the budget crisis and covering the financial deficit, pointing out that the currency auction is the other one must go to and control the money entering and leaving Iraq .
"There is an urgent need to control hard currency and prevent its exit from Iraq , and to identify the exit points for this currency," Al-Kinani said .
He added, "The extent of corruption is large, especially with regard to the oil file, in addition to the waste of a lot of money by some ministries and state departments, as covering the budget deficit needs to stop corruption as well as recover the smuggled money."
And that "maintaining political hegemony over some financial sources, oil companies and currency outlets, will make Iraq a bankrupt country unable to pay the dues of its employees, and may live in a self-economic blockade." 25 n https://www.almaalomah.com/2020/11/25/506914/
Parliamentary Finance: The government's reform plan continues to improve conditions
Time: 11/25/2020 14:25:23 Read: 1,794 times (Baghdad: Al Furat News) A member of the Parliamentary Finance Committee, Ahmed Mazhar Al-Jubouri, said today, Wednesday, that it is not possible to guarantee the success of any government plan for reform without political and popular support.
In a statement, Al-Furat News received a copy of it, Al-Jubouri said, "Everyone calls on the government to immediately work on financial and economic reforms, rejecting most of them what they are asking for help to overcome the crisis."
He added, "It is necessary to deal positively with the mutual remarks on financial and economic reform plans, and not to place the blame for failure and failure on one side only."
He pointed out that "what the country possesses in terms of large resources requires positive and fruitful cooperation from all, legislative and executive, to make great use of them and not rely on one party to bring in money without assistance."
He stressed "the necessity of positive engagement with any legislative and governmental plans and reforms on both sides and not expressing negative opinions and positions towards any reform step whose results await the people to overcome their ordeal." LINK
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