More Iraqi News Highlights Late Tuesday Evening 11-15-22
More Iraqi News Highlights Late Tuesday Evening 11-15-22
Tlm724 Administrator Bondlady’s Corner
The US Federal Reserve Stops Financial Transfers To 14 Iraqi Banks
November 15, 2022 Journal(JNA) In an economic step that is the first of its kind in Iraq in years,
the US Federal Bank stops financial transfers to 14 Iraqi banks and opens an investigation into the files of these banks, in preparation for their inclusion in the blacklist.
The US Federal Reserve's decision to stop financial transfers with Iraqi banks came as a result of accusing these banks of smuggling money from the currency auction illegally.
An informed source said in an interview to the Journal,
“the US Federal Bank issued its decision to stop financial transfers to 14 Iraqi banks, on charges of smuggling money from the currency auction (affiliated to the central bank), to countries under US sanctions, without revealing the source of the name of these banks. He added that
”the Federal Bank has opened an investigation into the records of these banks, and
this will entail the imposition of greater and broader sanctions,
including the inclusion of these banks in the blacklist and the end of work with them".
The penalty for blacklisting provides for the suspension and punishment of all financial transactions between the US financial system and the listed bank.
These sanctions came less than a month after Mohammed Shiaa al-Sudani received the presidency of the new government and pledged to work to put the Iraqi economy on the right track.
The Iraqi market witnessed, on Tuesday, speculation in the dollar exchange rate, as it recorded today 148,500 Iraqi dinars against 100 US dollars, noting that the official quotation from the Bank of Iraq is 1450 dinars per one US dollar.
The dollar exchange rate has risen to record levels, with a difference of 3,500 dinars from the official real rate from the central bank, and this benefits speculators from the owners of banking companies, who today started buying only dollars and not selling.
The Iraqi economy is suffering from a large economic inflation due to
political problems, instability of the financial market, high rates of corruption and money smuggling,
which created a kind of distrust among the Iraqi citizen, and that the Journal could get statements from the Central Bank of Iraq on the subject, which witnessed the suspension of dealing in dollars with four of its largest banks The reasons. https://www.aljournal.com/الفيدرالي-الأمريكي-يوقف-التحويلات-ال
Rafidain Reveals The Number Of Its Accounts Open To Deposit Citizens' Funds
Yesterday's economy, 12:37 Baghdad-conscious Rafidain bank revealed, on Tuesday, the number of its accounts open to deposit citizens' funds.
The bank's Media Office said in a statement received by the Iraqi News Agency (WA) that
"the number of accounts opened for citizens and other categories in its branches in Baghdad and the provinces during last October amounted to 7527 savings accounts and currently in dinars, dollars and deposit accounts".
He added that "the number of current accounts opened to citizens and other categories last October reached 4216 current accounts in dinars and dollars, while the savings accounts opened to citizens amounted to 2968 accounts in dinars and dollars, in addition to the number of deposit accounts, which amounted to 343 deposits," pointing out that
"the bank continues to provide its services, by opening accounts for citizens wishing to deposit their money in the bank and receive interest in accordance with the conditions and controls set and customers of the bank can visit its branches in Baghdad and the provinces to view. https://www.ina.iq/170487--.html
Electricity: The Collection Project Will Not Cost The State Any Financial Allocations
Yesterday's economy, 12:41 Baghdad-WA – hendrin Makki The Ministry of electricity, on Tuesday, identified five features of the electronic collection project, while noting that
the project will take an investment character and will not cost the state financial allocations, while stressing the need to proceed with the project.
Ministry spokesman Ahmed Musa told the Iraqi News Agency (WA) that
"the ministry held many meetings on electronic collection projects, electronic transformation and automation, and submitted extensive studies that include a comprehensive vision after reviewing international specifications and the experience of neighboring countries in Iran, Saudi Arabia, Jordan and even in the Kurdistan region, to the Council of ministers in order to discuss them in the previous government".
Moussa continued: "the project was supposed to be on the agenda of the previous council of ministers, in order to discuss it fully and vote on it to get the decision to proceed with it, but it was postponed to the new government, "explaining that
"we are waiting for it to be discussed at periodic council meetings and voted on, to proceed with it.
He added that "Prime Minister Mohammed Shiaa al-Sudani and the minister of electricity are very interested in completing the e-collection project and moving it forward," noting that
"after submitting tenders and technical studies, time ceilings will be set for the completion of the project.
"E-transformation projects and comprehensive e-collection require the installation of smart systems, in addition to the installation of Hess and smart meter systems," he explained.
He pointed out that "the electronic transformation in the collection will work to provide services to informal informal or agricultural areas, so the regular service will be provided to adequately rehabilitate distribution networks, after they were not available within the law".
He stressed that "the installation of meters will reduce consumption and control the energy returns produced, and make them sufficient for the processing hours,
in addition, it will maximize the collection resources, and reduce losses, so the ministry through this project can control the loads".
"The prices of electronic collection will be the same as those provided with government support, so there will be no increase in prices, which will benefit middle-and low-income citizens, and will preserve energy capabilities and values,"Moussa said.
He pointed out that "the project does not need financial allocations, because it will be referred to sober investment companies after submitting their technical study and economic schedules, and carefully studied by the ministry, and then submitted to the Ministerial Energy Council, and then to the Council of ministers for approval," indicating that
"the project will take an investment character, and will not cost the state any financial allocations. He pointed out that
"there are certain obligations on the contracting companies, including the rehabilitation of distribution networks and the provision of service in a systematic manner, and therefore there are certain obligations to the parties, namely the ministry and the contracting authorities".
Moussa stressed "the importance of moving forward with the e-collection project to control the values and capabilities of energy," noting that
"all countries of the world are working on the e-transformation and e-collection project, and therefore the project should be moved forward. https://www.ina.iq/170490--.html
After The Theft Of The "Century".. The Council Of Ministers Decides To Contract With One Of The Major International Companies In Financial Auditing
Politics breaking Theft of the century International auditing company
2022-11-15 15:43 The Iraqi Council of ministers decided, on Tuesday, to contract with an international auditing company on the background of the "theft of the century" related to tax insurance funds.
A statement from the media office of the Iraqi Council of ministers, received by Shafaq News Agency, said that
"in the field of government efforts aimed at financial auditing tax and Customs secretariats, after uncovering the crime of theft of tax insurance amounts that occurred more than a month ago, the Council of ministers agreed to authorize the Prime Minister's office to contract with one of the major international companies in financial auditing.
The statement added that the approval came "for the purposes of auditing tax and Customs guarantees with the exception of Article 3 of the instructions for the implementation of government contracts, and the Ministry of planning undertakes the inclusion of the project in a component form on one of the projects within the investment budget for the year 2022".
The supervisory authorities have already revealed the embezzlement of tax Secretariat funds in the amount of 3.7 trillion Iraqi dinars, which has become known as the "theft of the century", and
the Iraqi judiciary issued arrest warrants against a number of those accused of "theft of the century", confiscation of movable and immovable property and seizure of real estate belonging to them and their families.
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