News, Rumors and Opinions Sunday Afternoon 11-27-2022
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Samson: Experts: US sanctions against 14 Iraqi banks accused of money laundering reduce dollar sales at the currency auction
27th November, 2022
Numerical data on currency sales to the Central Bank of Iraq showed the extent of the decline in it during the month of November, which sometimes reached less than 100 million dollars per day, after it used to exceed 250 million dollars per day, most of which goes in the form of external transfers.
Economist Nabil Al-Marsoumi said in an interview with Shafaq News agency; The US sanctions that it placed on 14 Iraqi banks on the blacklist as a result of their smuggling of dollars and their money laundering process, which was stopped by the Central Bank of Iraq after it was entering the window for selling foreign currencies behind the decrease in the central bank’s sales of dollars.
He added, "The decline is not related to the general economic situation and is not related to the general budget, but it is related to the sanctions, the US Federal Bank, by issuing orders and instructions to the Central Bank of Iraq not to deal with these private banks."
He pointed out that "the lack of sales led to a scarcity in the supply of US dollars to the Iraqi market," pointing out that "the price of the parallel dollar began to approach 1,500 dinars against one dollar."
It is noteworthy that the central bank sells the dollar in an auction that it organizes daily to banks and mediation companies in order to finance foreign trade and finance the internal market in dollars, but many economists and politicians have indicated corruption in the central bank’s sales by smuggling hard currency abroad without finding solutions for that. LINK
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Samson: Al-Sudani announces the recovery of 182 billion dinars from tax secretariats
27th November, 2022
The Iraqi Prime Minister, Muhammad Shia' al-Sudani announced, on Sunday, the recovery of 182 billion Iraqi dinars, as part of the stolen tax secretariats, which was known as the "theft of the century".
Al-Sudani said, in a press conference, followed by Shafaq News Agency, that "the competent authorities managed to recover the first batch of more than 182 billion dinars, and that investigative committees were formed to audit the instruments disbursed from the tax secretariats."
He added, "The investigation committee pointed out the violations and negligence in facilitating the seizure of trust funds, and there are bodies within the Tax Authority and other supervisory and responsible parties that facilitated the theft of trusts," pledging to "announce the parties that facilitated the theft of trusts after completing the investigations."
And the Prime Minister continued: "We will not exclude any party involved in the theft of safe deposits, and there are investigative committees that have reached a conclusion that 114 checks have been paid to the accused, Nour Zuhair, with a total amount of more than one trillion dinars."
Al-Sudani pointed out that "the managing director of the Badia Al-Masar company is called Abd Al-Mahdi Tawfiq and its accused owner, Abd Al-Rahman Muhammad Ibrahim," pointing out that "66 checks have been disbursed for a total amount of 982 billion dinars to the (Humpback Whale) company to its fugitive managing director Abd Al-Mahdi Tawfiq and its accused owner, Qassem Muhammad."
The Prime Minister stated, "The money spent amounts to three trillion, 754 billion, 642 million, and 664 thousand dinars," calling on the defendants against whom arrest warrants were issued to "surrender themselves and hand over the stolen sums, and work will be done with the judiciary to assist them in accordance with the law."
In conclusion, Al-Sudani asked the Director General of Al-Rafidain Bank to receive the refund amount from the tax secretariats. LINK
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Courtesy of Dinar Guru
RVAlready I hold out some hope that the CBI promised the IMF to RV by Nov 30. We will see us that holds up.
Suzie Community Member Comment: Its great to see them trying to rush the budget law but also remember this is iraq great with words and slow with action...maybe this time they will actually do it on time. SUZIE: Let's hope so, it seems like the last couple years things always look good at this time of the year only to have "something" get in the way and it carries on. Perhaps this year will be "the best Christmas ever"! MEMBER: We should have a very good idea on the 9th since we were told that is when the budget is supposed to be given to the goi"
9 countries announced to buy oil with gold instead of dollars!
Deepin Moments: 11-27-2022
On November 24, Ghana's Vice President Mahamudu Bawumia announced on social media platforms that Ghana is developing a new policy to use gold instead of dollars to buy oil.
This decision is certainly a renewed call for a global shift away from the dollar!
The move is intended to counter the decline in foreign exchange reserves and the demand for dollars by oil importers.
As of the end of September, Ghana's total international reserves stood at about $6.6 billion, equivalent to less than three months of imported reserves. This is reportedly down from about $9.7 billion at the end of last year.
According to Bawumia, if implemented as planned in the first quarter of 2023, the new policy "will fundamentally change our balance of payments and significantly reduce the continued devaluation of our currency, and the use of gold will prevent the exchange rate from directly affecting fuel or utility prices, as Ghana's oil companies will no longer need foreign currency to import petroleum products.
Prepare For The Russian Reversal - Putin Strikes Back
Sean Foo: 11-27-2022
Putin is about to flip the script on the G7's price cap and this is going to take the energy crisis to a whole new level. As the price cap on Russian oil looms, the G7 can't seem to get their plan in order and now Putin is about to derail everything with this presidential decree. Here's what you must know!