"Tidbits From TNT" Tuesday Morning 6-6-2023

TNT:

Tishwash:  Close more than 20 smuggling corridors between Iraq and Iran

 A local official in Diyala said today, Tuesday, that the border forces have embarked on a comprehensive security plan to close illegal smuggling corridors and ports in the east of the province, specifically in the border areas adjacent to Iran.

The director of the Qazaniyah district (115 km east of Baquba), Mazen Akram Al-Khuzai, told Shafaq News agency, that the engineering effort and the formations of the border forces continue to close more than 20 passages and smuggling outlets, distributed in the Qazaniyah district and the Mandali district, indicating that the corridors are used, part of them for smuggling livestock and the other part for smuggling drugs.

And he indicated that the smuggling corridors are spread along the border strip between Mandali and Qazania and the Iranian side over a length of more than 40 km, indicating that the closure plan included barbed wire, control towers, monitoring and treatment of voids between the border posts to reduce smuggling operations.

The Iraqi government launched a comprehensive plan to address and end border smuggling operations with Iran, with internal security measures and other coordination and intelligence measures with the Iranian side.

The phenomenon of smuggling has emerged through the regions of Mandali and Qazania, east of Diyala, in recent years, and is practiced by influential parties or groups linked to political forces and parties.  link

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CandyKisses:  "Credit Cards". A new trick to smuggle dollars out of Iraq

Despite the strict measures taken by the US Treasury Department and the Central Bank of Iraq and the development of several controls, the means of smuggling hard currency out of Iraq have multiplied, including bank credit cards, which are behind organized bodies as described by specialists.

In a new ploy to bypass government control, smuggling gangs follow the method of filling dozens of bank credit cards with large amounts of Iraqi dinars and converting them into dollars at the official government rate abroad, as influential parties were able to withdraw varying funds from the dollar currency in neighboring countries.

Salam Mohammed, an economist, confirmed to Shafaq News Agency that "the great restriction placed by the US Treasury and the Central Bank of Iraq on the parties that were smuggling currency abroad made them create new ways to smuggle currency," explaining "Now there are smuggling operations behind them influential parties that smuggle currency through bank credit cards through the forgery of smuggler dozens of bank credit cards, which carry large financial accounts, the smuggler converts the dollar at the government exchange rate and transports the dollar out of the country."

"Failure to control such types of smuggling will make hard currency unstable in the markets, and this requires setting a filter for bank card holders or determining the mechanism for granting them according to very precise controls," Salam said.

The Directorate of Border Ports said earlier that the use of bank credit cards to smuggle dollars is a new tactic, after its cadres tightened security measures at land border crossings and international airports to reduce the smuggling of dollars (cash) out of Iraq.

In this regard, Salah Al-Wandi, who works at one of the border crossings with one of the neighboring countries, said in a statement to the Shafaq News Agency that "currency smuggling has become easy in light of the smugglers' innovation of new ways to smuggle currency, stressing that "credit card holders are smuggling currency through Baghdad, Najaf and Basra airport, as well as land ports with neighboring countries."

"The US Treasury Department and the Central Bank of Iraq have previously imposed strict controls on cash transfers carried out by Iraqi banks in an attempt to curb money laundering and smuggling, but smuggling operations are witnessing a diversity of ways and means of currency exit, which poses a great danger to the national economy," al-Wandi said.

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Tishwash:  Capital Bank" promises Iraq a qualitative commercial shift with the Gulf countries

The National Bank of Iraq, affiliated to the "Capital Bank" group, announced during its sponsorship of the joint Saudi-Iraqi business matching forum that was held in Jeddah, that it will start its business through its official headquarters in the King Abdullah Financial Center in Riyadh, stressing that it is a step that will contribute to promoting economic development in Iraq, whose economy is witnessing clear growth, will make a "qualitative leap" in enhancing the volume of trade exchanges with the Gulf states. 

This announcement was made by the Chairman of the Saudi-Iraqi Business Council, Muhammad bin Abdullah Al-Khorayef, who inaugurated the activities of the forum along with a number of members of the Business Council, the Coordination Council, the Saudi Export Development Authority, the Ministry of Investment and the Foreign Trade Authority, and a number of official figures and businessmen from both Saudi sides.

 And the Iraqi, and the managing director of the National Bank of Iraq, Ayman Abu Dahim, and the deputy CEO of the Capital Bank Group, Mr. Nadim Qabbat, and the CEO of the National Bank of Iraq in Saudi Arabia, Eng. Zaid bin Abdulaziz Abunayan, and a group of executives in the bank.

The opening of a branch of the National Bank of Iraq, according to Al-Khorayef, is an important step to expand the base of trade exchange between Iraq and the Kingdom of Saudi Arabia in light of the increasing growth of exports between the two countries. , by providing commercial services to them directly.

For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dahim, stressed "the importance of opening the first Iraqi bank in the Kingdom of Saudi Arabia," explaining that "the National Bank of Iraq will play an important role in developing and developing economic relations between the two countries, after the increasing growth in the volume of trade exchanges." between them."

He stressed, "The importance of the bank becoming the ideal partner for Saudi and Iraqi companies."

For his part, the CEO of the National Bank of Iraq in the Kingdom of Saudi Arabia, Zaid Abunayyan, expressed his happiness with the opening of the first branch of the National Bank of Iraq in Saudi Arabia and said that "the branch will provide banking services and various banking facilities to cover the untapped sectors in the Saudi trade market, which means increasing its market share of Total commercial dealings between Saudi Arabia and Iraq by providing services to strategic corporate clients and facilitating their commercial dealings.

Abunayyan pointed out that "the volume of trade exchanges between Iraq and Saudi Arabia amounted to 5.5 billion riyals last year, with a growth rate of 48%, as the volume of trade exchange maintained stable growth during the past few years, explaining that the scope is still great for increasing bilateral trade exchange, especially after the bank directs Al-Ahly Al-Iraqi does its business in Saudi Arabia, and thus aspires to become the preferred and ideal partner for Saudi and Iraqi companies, in a step that will contribute to strengthening the economic development process in Iraq, whose economy is witnessing clear growth. 

During the forum, a brief was presented about the Saudi Iraqi Investment Company, wholly owned by the Saudi Public Investment Fund, which was established recently with a capital of $3 billion. 

Acting CEO of the Saudi Iraqi Investment Company, Miteb Al-Shathri, stated that "the company will invest in Iraq through direct investment in private companies and in companies listed in the Iraqi market, in addition to indirect investment by participating in economically feasible infrastructure projects and investing in funds that target Iraqi market.

Al-Shathri added, "The Saudi-Iraqi company will jointly invest with the Public Investment Fund companies and private sector companies to accelerate the regional expansion of Saudi companies," noting that "the presence of the National Bank of Iraq in Riyadh will contribute to encouraging and facilitating trade between the two brotherly countries in light of the increasing growth of exports between the two countries." ".  

The Public Investment Fund had invested $185 million in the Capital Bank Group of Jordan in exchange for a 24% stake, which in turn owns a 62% stake in the National Bank of Iraq.

For his part, Abu Dahim expressed his "thanks and appreciation to the Saudi Public Investment Fund for its clear keenness to develop and develop Saudi-Iraqi cooperation relations, and transfer them to new levels," noting that "the establishment of the Saudi-Iraqi Investment Company and its direction to invest in Iraq will cause a quantum leap in enhancing the volume of exchanges." trade between the two countries. 

It is worth noting that the establishment of a branch of the National Bank of Iraq in the Saudi market, which is among the strongest economies in the world, will contribute to supporting the pace of growth by building a network of banking relations with major institutions and companies operating in the commercial sector in the Kingdom and the continuous pursuit of achieving the desired goals through innovation and development.

 In providing all banking solutions that support and support commercial activities between the Kingdom of Saudi Arabia and Iraq.  link

Mot:  .. Yeppers... Starting to Notice I Is!! ~~~

CandyKisses:  GONE TO THE BEACH!!!!