Iraq News Highlights and Points To Ponder Friday AM 7-12-24
Why Did Iraq Stop Dealing In The Chinese Yuan?
Economy Why did Iraq stop dealing in the Chinese yuan? Doc-P-493658-638563711944282995
1,919 views Alsumaria News – Local The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.
Committee member Moeen Al-Kazemi said in a statement to Al-Sumaria News, "The US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred, indicating that "Iraq's money, as we know, is included in the US Federal Bank as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash.
It witnessed a transfer to Iraq through corruption transfers from the Central Bank and the Federal Declaration."
Al-Kadhimi continued, "Many of the central bank's measures are taken by the government with political will, and this will may be explained by administrative and financial reasons, not financing terrorism, and others," and he announced that "the reasons are political with the aim of pressuring the Iraqi government."
Is it possible to deal in Chinese currency?
Al-Kadhimi stressed that "the merchant and the Central Bank must have multiple options and not only deal in dollars, so this suspension is temporary and not permanent," noting that "the committee will ask the Central Bank to address the issue and have a diverse price basket, so that the options are more for the Central Bank and Iraqi merchants."
Al-Kadhimi stated earlier that "China's remittances in the yuan currency have been temporarily suspended until auditing mechanisms are found." He continued, "During the past period, there has been a great deal of manipulation of China's affairs." LINK
Rafidain: The Digital Transformation Plan Is Proceeding According To The Set Schedule
Posted On2024-07-12 By Sotaliraq Rafidain Bank announced the implementation of the comprehensive banking system in the Baladruz branch in Diyala Governorate, stressing that the digital transformation plan is proceeding according to the scheduled timings.
The statement said, “In implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the Baladruz branch in Diyala.”[/size]
The statement added that the Baladruz branch “has thus joined the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil), so that the number of branches that have implemented and completed the system has become 32 branches, in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems.”
He stressed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all bank branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions. LINK
The Budget Returns To The Halls Of Parliament For This Reason
Alsumaria Special 2024-07-11 | 3,335 views MP Baqir Al-Saadi revealed today, Thursday, that the budget will return to the House of Representatives to make some simple amendments to it.
Al-Saadi said in a special interview with: Alsumaria News "There are some minor comments on the budget, so it was returned to Parliament," he said. He added, "After the tenth ofMuharramThe amendments to the budget will be made by a specialized committee and then submitted to Council of Ministers" LINK
Foreign Minister Stresses To US Official The Importance Of Supporting The Financial And Banking Sector In Iraq
Friday 12 July 2024 10:51 | Politics Number of readings: 140
Foreign Minister stresses to US official the importance of supporting the financial and banking sect 1140965-f2e1a470-176e-40d6-9b92-d542cad3318c
[rtl]Baghdad / NINA / Foreign Minister Fuad Hussein met with US Under Secretary of State for Political and Administrative Affairs John Bass in Washington.
The Foreign Minister stressed the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions.
A statement by the Ministry of Foreign Affairs stated: "The Minister stressed the importance of strengthening US-Iraqi relations in various fields and the common desire to expand political and economic cooperation between the two countries."
The discussion, according to the statement, covered several main topics, including Iranian funds in Iraq. In this context, the Foreign Minister touched on the issue of frozen Iranian funds in Iraq, and the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.
Regarding the situation in Gaza, the Foreign Minister expressed his concern about the deteriorating conditions in the Strip, and also expressed his concern about the extension of the conflict to southern Lebanon. He stressed the importance of intensifying international efforts to stop the escalation and achieve peace in the region.
During the meeting, special focus was placed on strengthening economic cooperation between the United States and Iraq.
The Minister pointed out the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions. He stressed the need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth. He also stressed the importance of continuous dialogue and close cooperation to achieve common goals and enhance stability and development in the region.
https://ninanews.com/Website/News/Details?Key=1140965
Secrets Of Smuggling Kurdistan Oil.. Has Iran Become The Second Largest Exporter In OPEC Using It?
Alsumaria Special 2024-07-12 | 1,414 views Alsumaria News – Special Everyone is talking about the smuggling of oil from the Kurdistan Region, and this talk is not new and has been going on for years.
However, for more than a year, specifically since the suspension of the export of Kurdistan oil through the Turkish port of Ceyhan, the map of oil smuggling from the region has changed. Instead of exiting through Turkey, the oil is now exiting through Iran.
Also, the beneficiary now is foreign oil companies and "unknown" subcontractors, not the regional government, in a process that can be described as a "mysterious maze."
Social media sites are flooded with electronic groups for tanker drivers, and there is a wide demand for tanker drivers to transport oil fromKurdistanTo the port of Bandar Abbas in southern Iran, which is a very strange path.
Another indicator is that Iranian reports came out a few days ago, specifically in the city of Bushehr, conveying citizens’ dissatisfaction with the “suffocating congestion caused by Iraqi tankers loaded with oil and fuel,” in addition to major traffic accidents.
After all that, she cameReutersIn a lengthy investigation, she talks about oil smuggling routes.KurdistanAcross Iran, andTürkiyeAlso, but inTürkiye"In much smaller quantities and forms than Iran."
According to the information, foreign companies operating in the region produceKurdistan350 thousand barrels per day, and these companies sell the produced oil to "subcontractors", who distribute this oil or sell it to local refineries in a simple manner, and the other is smuggled at a rate of 200 thousand barrels per day, in a process that information indicates is carried out between foreign companies and contractors only, and has nothing to do with the government.KurdistanOr none of these revenues will enter the regional treasury, as it confirms.Reuters, as evidenced by data from foreign companies operating in the region.
But the selling price of a barrel from foreign companies inKurdistanIt is done at low prices, the price of a barrel of oil is sold for only $35, which means that foreign companies receive less than a quarter of a billion dollars per month, as subcontractors buy oil at these cheap prices, and in turn smuggle this oil.
This activity raises a lot of questions and question marks, the first of which is who are these subcontractors? How much do they sell the smuggled oil abroad for and how much do they profit from it? How do the tankers move from the oil-producing fields to the Iranian border? How do they enter?IranOfficially?
And where does this oil go? Since Iran is basically an oil producer, questions arise about whether Iran buys this oil at lower prices so that it can sell and export it to the world at the global price as Iranian oil, especially since Iran faces difficulties in developing oil production technologies.
Perhaps this matter clearly raises an explanation for how Iran became the second largest oil exporter inOPECAfter Saudi Arabia and removedIraqWithin a short period, Iran may have benefited from Kurdish oil for export and increased its share in the export market without the need to increase its oil production.
Another detail that can be taken into consideration is thatIraqHe has previously filed a lawsuit againstTürkiyeTo allow the passage of oilKurdistanAnd export it without approvalIraqHow can he deal with it?IraqWith Iran allowing the passage of the region's oil by tankers through its territory to the port of Bandar Abbas? LINK