Iraqi News Wednesday AM 12-23-20
Iraqi News Wednesday AM 12-23-20
TLM724 Administrator BondLady’s Corner
Exposing Currency Auction Fraud And Dollar Smuggling Outside Iraq ... Activists: Deep State Smuggles Dollars Into Iran
Follow-up Wednesday, 23 December 2020 11:40 AM Iraqi activists confirmed that Iraq has turned into a crossing point for large-scale smuggling of hard currency "dollars" to Iran through the "currency auction" and delivering them to Iranian bank accounts. This comes after the Supreme Judicial Council revealed the existence of fraud and fraud to participate in the currency auction and smuggling foreign currency outside Iraq, and that it directed all investigation courts to take legal measures against anyone who caused harm to the national economy.
Activists on social media confirmed that those who do so are the men and allies of Iran in Iraq, including officials, politicians, agents and brokers under the supervision of the deep state. For his part, independent MP Basim Khashan said that the Central Bank failed in its financial policy, especially raising the dollar exchange rate, to cover and secure the amounts of the beneficiaries of the currency auction.
He added that Iraq is the only country that places a central bank governor who does not know about economics and has not studied it in his studies.
Observers indicated that Revolutionary Guards officers and military elements in the militias loyal to Iran are a tool to carry out this mission, in addition to Tehran using fake companies to continue its commercial activity on the one hand, and to support militias in more than one country in the region, on the other hand.
Experts emphasized that Iran is making every effort to withdraw hard currency from Iraq in an attempt to circumvent the US sanctions imposed on it, and then block the measures taken by the Central Bank of Iraq to strengthen the Iraqi dinar.
Activists said that Iran annually steals about $ 70 billion annually from the Iraqi currency auction , in addition to its thefts from the budgets of ministries and departments, the Shiite endowment and thresholds.
They pointed out that the traitorous politicians who made the Central Bank of Iraq, an Iranian banking office, exchanged the dinar for dollars and smuggled it to Iran.
Activists confirmed that the gangs of political parties, whose share of appointments and salaries, are very angry at the parties that have a share in the currency auction of the Central Bank, and there is a heated confrontation between the two parties.
The " Baghdad Post " monitors the reactions of social media activists to smuggling dollars into Iran through the currency auction in Iraq:
An account, "@xjCGzoOLBXEZzBd," said, "It is true, but there are no men who can stop the deep state from smuggling the dollar to Iran." LINK
Mass Demonstrations In Front Of The Finance Ministry Building In Baghdad To Condemn The Devaluation Of The Dinar
Editing date: 23/12/2020 15:42 • 125 times read [Baghdad-Where] On Wednesday, protesters organized mass demonstrations in front of the Finance Ministry building in the Iraqi capital, Baghdad, to condemn the devaluation of the dinar.
A source said that dozens of people organized, today, mass demonstrations in front of the Ministry of Finance building in Al-Waziriya district in Baghdad to condemn the devaluation of the dinar, adding that law-keeping forces deployed within the Ministry of Finance after the launch of a demonstration near the Ministry’s headquarters. http://www.alliraqnews.com/modules/news/article.php?storyid=105497
Large Crowds Of Citizens In Front Of The Ministry Of Finance Are Calling For The Departure Of Al-Kazemi And His Government As A Result Of The Increase In The Price Of The Dollar
Mass demonstrations in front of the Finance Ministry building in Baghdad to condemn the devaluation of the dinar Zz1457
Author: AhadNA3 On 12/23/2020 - 4:07 PM 113 Thousands of citizens organized, today, Wednesday, a protest stand in front of the Ministry of Finance in central Baghdad, against the decision to raise the exchange rate of the dollar, while calling for the departure of Al-Kazemi and his government.
The protesters chanted, against the decisions of Al-Kazemi, the Minister of Finance, and the Governor of the Central Bank, which negatively affected the lives of ordinary citizens, while they raised slogans and banners denouncing Al-Kazemi and his government, demanding the need to reverse the decision to raise the price of the dollar.
https://alahadnews.net/146464/%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82/%d8%a7%d9%84%d8%b3%d9%8a%d8%a7%d8%b3%d9%8a%d8%a9/
Deputy Reveals Leaked Emails From The Central Bank Reveal A Major Crime Against The Iraqi Economy
Wednesday 23, December 2020 15:25 | Economical Views: 204 Baghdad / NINA / The representative of the National Approach / Jamal Al-Muhammadawi bloc revealed the leakage of an email sent from the Central Bank addressing the speculative intermediary banks in dollars for its decision to buy dollars from those banks at a price of (1450) dinars per dollar, indicating that: "If this information is correct, it is a crime. A great deal against the Iraqi economy and the people and requires the immediate dismissal of the governor of the Central Bank and his referral to the Iraqi judiciary. "
Al-Muhammadawi said in a press conference: “It is known that the legal function of the Central Bank is to buy dollars from the Ministry of Finance and sell it to actual importing merchants and not to intermediary banks that acquire exorbitant benefits without providing any tangible economic or development activity, either to buy dollars from those banks that he sold The same for her at a price (1190) dinars per dollar during the past months,
meaning that he will pay her profits from the hard currency reserves and cover them by five billion dinars for each sale of the previous day, and if we know that the sale of those banks for dollars in the market shrunk during the past week after the news of raising The exchange rate is the result of the profit that she will gain from selling the dollar that she bought from the bank and kept as a result of her knowledge of the news that the new exchange rate will be announced, so she can sell it to the central bank according to the new price announced by the bank. Only from the last week her profits will be more than 25 billion dinars.
He added, "If we count the enormous illegal profits that these parasitic banks have made from the jumps in the sale of the dollar in the market with the stability of the sale price of the dollar by the bank during the last three months (at a rate of 200 billion dinars per month), then the total profits from all this operation are close to (600) billion Iraqi dinars !!
He wondered, "Is the central bank designed to serve opportunistic people supported and involved with decent politicians, and draw its policies and approve its measures to inflate financial assets that have been wiped out for the dead of hearts and consciences from influential merchants and politicians?" / End
https://ninanews.com/Website/News/Details?key=877978
Al-Muhammadawi Reveals A Leak From The Central Bank Regarding The Dollar: The Governor Must Be Sued
Political Wednesday 23 December 2020 | 02:13 PM| Views: 349 A member of the National Approach bloc, Representative Jamal al-Muhammadawi, revealed, on Wednesday, a leak from the Central Bank of Iraq that includes buying dollars from intermediary banks at a price of (1450) dinars, and while this was considered a "major crime" against the Iraqi economy, he demanded the "immediate" dismissal of the governor of the Central Bank and his prosecution .
Al-Muhammadawi said in a statement, that "a leaked email sent from the Central Bank addresses the intermediary banks that are speculating in dollars for his decision to buy dollars from those banks at a price of (1450) dinars per dollar, and if this information is correct, it is a major crime against the Iraqi economy and the people and requires the immediate dismissal of the central bank governor and his referral To the Iraqi judiciary . "
He added, "It is known that the legal function of the central bank buys dollars from the Ministry of Finance and sells it to actual importing merchants and not to intermediary banks that acquire exorbitant benefits without providing any tangible economic or development activity, either to buy dollars from those banks that he himself sold to them at a price (1190). ) Dinars per dollar during the past months, meaning that he will pay her profits from the hard currency reserves and cover by five billion dinars for each sale the previous day .
He continued, "If we know that the banks’ selling of dollars in the market shrunk during the past week after the news of the exchange rate hike leaked out, then the result of the profit that you will gain from selling them the dollar that they bought from the bank and kept as a result of their knowledge of the news near the announcement of the new exchange rate, to return and sell it to the central bank according to the new rate announced by The bank’s profits only from the last week will be more than (25) billion dinars, and if we take into account the huge illegal profits that these parasitic banks have reaped from the jumps in the sale of the dollar in the market with the stability of its sale price by the bank during the last three months (at a rate of 200 billion dinars per month "So the total profits from all this operation would be close to (600) billion Iraqi dinars !! So was the central bank designed to serve opportunistic people supported and participants of harmonious politicians? https://aynaliraqnews.com/index.php?aa=news&id22=142110
Deputy Reveals The Control Of Private Banks To Sell The Dollar
Political Wednesday 23 December 2020 | 03:24 pm| Views: 260 The deputy of the Saeron Badr Al-Ziyadi alliance revealed, on Wednesday, that private banks have controlled the process of selling dollars in the Iraqi market .
Al-Ziyadi said, "The private banks are in control of the process of selling the dollar in the markets and are controlling its increase and decrease," noting that "the parliament will have a position on that and will never be silent about it ."
He added that "the House of Representatives is heading towards questioning Prime Minister Mustafa Al-Kazemi and his ministers to discuss the reasons for raising the dollar and the new financial policy of the state," indicating that "the government does not have any plans to overcome the crisis and did not succeed in developing plans previously ." https://aynaliraqnews.com/index.php?aa=news&id22=142113
Will The International Monetary Fund Succeed In Iraq?
Reports Economy News – Baghdad The Iraqi government, headed by Mustafa Al-Kazemi, began to implement the International Monetary Fund's prescription to address the financial crisis in the country, in which the government was unable to pay employees' salaries except after borrowing from the central bank and government banks, and weakening the value of the dinar against the dollar.
The government failed to stop corruption in the border crossings and to control unofficial outlets in the Kurdistan region and southern Iraq, as well as to subject the regional government to Baghdad’s economic control, by controlling oil and non-oil revenues. A thousand people.
The Iraqi economy has witnessed a recession since the beginning of the Corona virus until now, as a result of low oil prices, and the government recently reduced the value of the dinar and cut the salaries of employees and retirees by rates ranging from 3% to 40%, with the aim of reducing expenditures, and obligating the economy to loans of more than 27 trillion dinars.
The Iraqi market witnessed great confusion, after the decision to reduce the value of the dinar by the government, and prices rose by more than 30% in addition to the absence of government control.
The head of the Baghdad Chamber of Commerce, Firas Al-Hamdani, told Al-Iqtisad News that the decision to reduce the value of the dinar is wrong from the government, and will lead to serious damage to the economy, indicating that Iraqi merchants organized an open sit-in demanding the government to retract its decision.
He stressed that these ill-considered decisions by the government will lead to high rates of unemployment and poverty, in addition to a decline in the purchasing power of citizens.
Al-Kazemi's government considers that it is the reform government that has begun to put its approach into the 2021 budget, as Finance Minister Ali Allawi aims to reduce the salaries of employees, because they receive 120% of the fiscal budget revenues.
The head of the border crossings, Omar Al-Waeli, acknowledged the existence of corruption in the border crossings, and confirmed that the automation procedures are now working in all of the border crossings. Suspect
Al-Waeli said, Humans are still working at the border crossings. I am not certain that corruption has ended, pointing out that corruption is rooted in the border crossings before 2003 and until now, but there is a will to eradicate it.
He noted that anti-corruption measures are represented in changing personnel at border crossings, applying technology, and activating the intelligence effort, noting that some armed groups storm the border crossings, to take out cars.
Meanwhile, a member of the Finance Committee, Jamal Cougar, told "Al-Iqtisad News" that the Iraqi government discussed with the International Monetary Fund and the World Bank to address the financial crisis, indicating that the International Monetary Fund and the World Bank put forward a vision to change the dollar exchange rate.
Number of observations 376 Date of addendum 12/23/2020 https://economy-news.net/content.php?id=23278
The Region’s Ifta Council Issues A Statement On Raising The Dollar’s Exchange Rate
Time: 12/23/2020 16:14:33 Read: 1,326 times {Kurdistan: Al Furat News} The Supreme Council for Ifta in the Kurdistan region, on Wednesday, issued a statement on the decision issued by the federal government to raise the exchange rate of the dollar against the Iraqi dinar.
The Supreme Council for Ifta in the region said in a press statement, "Because of the changes taking place in the markets of the Kurdistan region and Iraq due to the low exchange rate of the Iraqi dinar against the dollar, we call on all Muslims to protect the spirit of brotherhood, harmony and cooperation and not to exploit these changes for personal interests, as Al-Bari Almighty says ( Cooperate in righteousness and piety, and do not cooperate in iniquity and aggression, and fear God, that God is very punishing.
The statement added, "It is not permissible to raise the prices of materials more than their normal rate or to monopolize them for any reason whatsoever, and we call on loan holders to help borrowers return their loans in dollars."
The statement also called on the relevant authorities in the Kurdistan Regional Government to follow closely the prices and preserve the balance of the markets for the sake of the citizens in general and those with limited income in particular. LINK
An Unprecedented Drop In Central Bank Auction Sales
Time: 12/23/2020 13:21:46 Read: 7,579 times {Baghdad: Al Furat News} The Central Bank of Iraq’s dollar sales fell today, Wednesday, in an unprecedented way.
According to the bank's daily bulletin on the currency auction, the total sale for the purposes of strengthening the funds abroad {transfers, credits} amounted to 77 million 450 thousand and 994 dollars, and the cash sale amounted to only 200 thousand dollars.
As for the total sales, it was 77 million 650 thousand and 994 dollars.
The central bank's sales in the currency auction yesterday were $ 113 million.
The central bank sells dollars for the sums transferred to bank accounts abroad at a price of {1460} dinars per dollar, and cash sales at {1460} dinars per dollar, in implementation of its recent decision to raise the exchange rate.
The central bank’s sales on Wednesday and yesterday reflect the statements of the Central Bank’s governor, Mustafa Ghalib, who said earlier that the bank “will double the sale of the dollar to exchange companies,” indicating that “the abundance of the dollar will make it stable in the market.” LINK
Efforts To Pay Premiums For Companies In Kurdistan In Dinars Instead Of Dollars
Money and business Economy News _ Baghdad The President of the Investment Authority in the Kurdistan Region, Muhammad Shukri, announced, on Wednesday, that the authority is working with housing companies to receive their installments from citizens in dinars instead of dollars.
In a press interview, Muhammad said, "The high price of the dollar against the Iraqi dinar will negatively affect the payment of installments by citizens who have bought apartments in installments from housing companies," noting that "housing companies have been approached in this regard."
He added, "The Commission is currently working to find a mechanism to help citizens pay their premiums to companies in the Iraqi dinar currency instead of the dollar to alleviate the burdens of citizens in these circumstances," noting that "this process is scheduled to begin at the beginning of the new year." Number of observations 103, date of addendum 12/23/2020 https://economy-news.net/content.php?id=23286
Will Exchange Rates Affect The Value Of Exports And Imports?
Wednesday 23 December 2020 38 Baghdad: Hussein Thahab
Emphasizing that the decision to devalue the currency carries with it the positive and the negative, because the exchange rates are among the most important prices in the international economy, and affect the value of exports and imports for all countries, as well as affect the value of foreign investment, and exchange rate policies can be used in some countries to gain an advantage Unfair trade in other countries.
Dr. Ziyad Tariq from the Ministry of Planning confirmed that "one of the functions of the exchange rate is to link the local economy with the global economy, as it is the link between global prices and local prices through three markets (commodity and service markets, financial assets markets, and labor markets)."
Pros and Cons
Tariq said, "There is no doubt that every action has positive and negative reactions. The positive ones become available to reduce the budget deficit and the ability to pay government sector workers' dues, reduce imports and flood the local market with goods, and create the appropriate atmosphere to encourage the local product, which has become an urgent need in operating "Workers, reducing dependence on oil, and finally encouraging investments in Iraq, creating job opportunities and transferring technology.
"The negative side is the high inflation index, as the devaluation of the local currency leads to a reduction in the value of the real income of the low-income classes," he said, "so the government should protect the marginalized, poor and low-income classes of employees from rising food and non-food prices."
Industrial branches
He added that «the rise in the exchange rate (the depreciation of the local currency) leads to an increase in the value of the country's exports and then a rise in its national income and vice versa in the case of a lower exchange rate, and in the event of a rise in the exchange rate, it will lead to the activation of industrial branches that specialize in export, and thus resources will be transferred to them and become Production is profitable for export, and vice versa if the exchange rate falls.
He pointed out that "many countries of the world resort to changing the exchange rate of their currency, according to the supreme national interest (as is the case in Turkey, Lebanon, Egypt, Iran ... etc.). Raising the exchange rate (reducing the value of the local currency) achieves some advantages, but at the same time it is accompanied by some difficulties, ”noting that“ the monetary policy in Iraq wanted the Iraqi dinar exchange rate to be relatively low to reduce inflation rates and control the economic rhythm, which was within limits. 31 percent in 2007 and to reduce import prices of goods and services, and this policy remained in place without review despite the suffering of the Iraqi economy from commodity dumping, which disrupted the work of many companies and local factories and made them unable to absorb the labor force of the newcomers and then the rise in unemployment rates. .
Jobs
Tariq pointed out that «everyone knows that the Iraqi economy before and after 2003 was dependent on oil resources, as this policy led to addressing unemployment by providing job opportunities in the public sector that were not necessarily productive, and the rise in the price of oil encouraged expansion by spending public money according to political desire. And not according to the economic feasibility, "indicating that" the extravagance of public spending has led to an inflation of operational financial allocations at the expense of investment allocations, which necessitated the opening of the loan window to address the budget deficit over the past years. "
He said: “At the present time the price of oil has decreased from what it was previously and has affected the government's ability to pay financial dues to the public sector and the complete inability to finance investment projects,” noting that “due to the high volume of debts accumulated over the past years and the lack of wisdom to link the national economy to other debts With exorbitant consequences, the government is facing an inevitable choice, which is to reduce the value of the Iraqi dinar against the dollar. LINK
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