KTFA:

Clare:  Parliamentary investment calls for questioning those responsible for the "chaos" rising dollar

8/4/2023

 A member of the Parliamentary Investment Committee called for questioning those responsible for the high exchange rate of the dollar

Asaad Al-Bazuni told {Euphrates News}: "The Finance Committee hosted several times the governor of the Central Bank to discuss the issue of the rise in exchange rates of the dollar, and that the issue of dealing with the rise in exchange rates requires remedies for the chaos that accompanies the rise in exchange rates."

And he stated, "This is the responsibility of the competent parliamentary committees, so we must move towards hosting or interrogating the concerned personalities to see clear plans and practical solutions to this matter."

Over the past days, the value of the dinar decreased steadily, bringing the dollar exchange rate to 1570 dinars, after the US Treasury's decision to ban 14 Iraqi banks from dealing in dollars, which created a gap in supply and demand for dollars in the local market.

Prime Minister Muhammad Shia al-Sudani said during a press conference last Tuesday that: "The dollar crisis is not a crisis, but rather a battle between the state, which insists on completing the reform of the financial and banking system, and an affected group, which is a group of speculators and smugglers."

The Central Bank of Iraq confirms that it is the only source of dollars circulating in the local markets, which it offers through banks, exchange and mediation companies, at the official rate (1320) dinars per dollar. 

Raghad Daham   LINK

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Clare:  Next week.. The Iraqi Central Bank launches a package of measures that will reduce the price of the dollar

8/3/2023 Baghdad

Today, Thursday, the Central Bank identified three categories of exchange companies for selling dollars to travelers, and while revealing a proposal regarding the entry of imported goods through border crossings, it indicated that there are new decisions that will be issued next week that may contribute to lowering the price of the dollar.

Deputy Governor Ammar Hamad Khalaf said, in a televised statement, that “the central bank provides exchange companies with weekly quotas of dollars for the purpose of selling them to travelers at the official price and in limited quantities of 3 thousand dollars per traveler,” noting. that “these exchange companies are licensed through the central bank according to controls.” It is in compliance with the Anti-Money Laundering Law.”

He added, "One of the basic tasks of all exchange companies A, B, and mediation C is to provide dollars to travelers at the official rate and in the quantity specified by the Central Bank," noting that "there is an electronic platform that The Central Bank has been working on developing since the beginning of this year, and all dollar sales to citizens are done.” Through this platform that is closely monitored by the Central Bank.

And he stated, “The Central Bank finances the market in dollars through this platform for categories of merchants and small traders and through exchange companies for travelers only.” And Al-Rasheed through its outlets at airports, while exchange companies are specialized only in the process of selling dollars to travelers.

And he stated, “The Central Bank submitted a proposal to the ports and customs, which is that any goods entering Iraq must ensure that the merchant financed these imports through the Central Bank of Iraq,” pointing out, “The printing of the Iraqi currency will not be random.”

Regarding the increase in the monetary mass, Khalaf stressed that "the process of increasing the monetary mass is directly linked to the process of increasing the foreign reserves owned by the Central Bank, so any financing for the public treasury is through the exchange of dollars obtained from oil sales with dinars, and therefore any increase in the dinar mass comes mainly from foreign currency.” ".

He stated, "There is no fear of any increase in the monetary mass."

On the exchange rate, Khalaf said, "The Central Bank issued several decisions related to the banking sector," explaining that "other decisions will be issued next week, which may contribute significantly to reducing the exchange rate of the dollar."   LINK

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Clare:  Integrity reveals the embezzlement of 400 million dinars from the amounts of tax revenues in Salah al-Din

8/4/2023

The Investigation Department of the Integrity Commission announced the formation of field teams in the Salah Al-Din Investigation Office to move to the General Tax Authority in the province and its branches in Tikrit, Samarra and Balad. For the purpose of making a reconciliation between the collection unit and the fund and what was deposited in the trusts account held at the treasury in the governorate.

The department added that the teams, which consisted of investigators and auditors, carry out investigation and audit work. To ensure the correctness and integrity of deposits between the tax and the treasury, indicating the amounts of tax deposits that have passed five years ago and have not been recorded as revenue for the public treasury in accordance with the Financial Management and Public Debt Law.

She explained that the team, which moved to the Samarra District Water Department, monitored the embezzlement of (358,674,447) million dinars from the amounts of deposited revenues and trusts, noting that the audit procedures in the tax branch in a country revealed irregularities in the amounts of tax trusts that were five years old and no revenue was credited to the account. The public treasury in accordance with the Financial Management and Public Debt Law for the years (2015, 2016 and 2017).

 The department pointed out that the total amounts that were not recorded as revenue amounted to (25,772,750) million dinars, and the original trusts register for the aforementioned years and arrest warrant notes (accounting 34a) and a certified copy of settlement notes (accounting 65) related to deducting trust amounts were seized.  LINK

Clare:  Day workers try to earn living in northern Iraq in temps higher than 113F

Hemin Huseyin  |27.07.2023 - Update : 27.07.2023

 ERBIL, Iraq

Construction and transportation day workers in northern Erbil province in Iraq are trying Thursday to earn a living in temperatures of more than 45C (113F).

Residents do not usually go out because of the extreme heat but day workers line up on roads and try to earn wages for the day.

They get 20 - 50 dinars ($15 - $37) depending on the work while they generally handle construction or transportation.

Shivan Mohammed told Anadolu he has been taking care of his family this way for the last 15 years.

“We are waiting to get a job here lining up from 7 a.m. to 4 p.m. every day,” he said. “The hot weather seriously threatens my health.”

“The number of jobs available for us also decreased as the dinar has lost value against the US dollar,” he said.

Mohammed noted he has six children, who are students, but said: “We are about 200 workers here. Only a few of us get a job every day.”

No precautions for extreme heat

Adil Mohammed told Anadolu that he has been working like this for 20 years between 11 a.m. and 4 p.m. every day.

He cited the reduction in the number of jobs. “This situation has caused more and more people to line up on the streets,” he said.

He lamented that there are not any kind of precautions for extreme heat and said some workers have fainted.

“Our skins have burned and become more sensitive due to waiting under the sun,” he said. “We do not have any other option, and we have to wait here as a job might be available for us at any minute.”

*Writing by Merve Berker   LINK