KTFA Members "News and Views" Sunday 8-13-2023

KTFA:

Clare:  What are the reasons for the weakness of the Iraqi dinar compared to other currencies?.. An economist answers

8/12/2023   Information / special.

Today, Saturday, the economic expert, Abd al-Rahman al-Mashhadani, explained the reasons for the instability of the Iraqi dinar in the local markets compared to other Arab currencies, while confirming the existence of a large discrepancy between import and export in the country's markets.

Al-Mashhadani said, in an interview with Al-Maalouma Agency, that "the central banks of the Gulf countries, whether they are Jordan, Kuwait or even Saudi Arabia, have taken a decision to price their local currency, which depends on a basket of currencies, including Iraq, as bulletins previously appeared in the newspaper in the seventies." of the last century, measured on the basis of this basket.”

He added, "All global currencies are attributed to the dollar, but the economies of these countries are stable and there is no problem, and the difference is obtained at the prices of market materials, that is, inflation occurs and the rates of rise increase, which happened in the UAE, Saudi Arabia and Kuwait as well."

The economist explained, "These countries do not deal in dollars in the markets at all, given that all financial transfers are obtained in the local currency only, and this is one of the reasons for the stability of the market," noting that "Iraq was unable to control this situation completely."

And Al-Mashhadani said, "The other matter is trade, that is, import and export, without relying on the government sector in particular. In Iraq's markets, as a result of the large discrepancy between import and export, it is natural that there is a great demand for dollars."

He stated, "The Iraqi dinar was linked to the dollar before 2003, that is, from the Kuwaiti war in 1991, given that the market has always fed the import of the private sector, so there will be no stability."

The Iraqi dinar has been in an unenviable situation for nearly 20 years. After one dinar was equal to 3 and a half dollars during the past century, it reached more than 1550 against one US dollar, which caused problems in the Iraqi economy.   LINK

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Clare:  The dinar is in the central recovery rooms.. and accusations against the Americans of creating crises

8/12/2023   Information / special.

The official currency of the Republic of Iraq, and one of the historical manifestations and legacy that accompanied Mesopotamia for more than 90 years, proved its strength in the global economy, but in one way or another it began to decline and reached "unenviable" stages.

The dinar, which was previously compared to world currencies, reached the path of strength overnight and found itself ahead of many countries, as it began to be used in 1932, i.e. during Iraq's independence from Britain, and was replaced by the Indian rupee at a rate of 1 dinar = 13 rupees.

Later, he decided to link it to the US dollar without changing its value at a rate of 1 dinar = 2.8 dollars, and in 1971 Washington took a decision to devalue its currency by 7.9%, and in 1973 it decreased by 10% to become $3.3778, and it fell to 3.2169. $, which was the price that remained in circulation until the second Gulf War in 1991.

And after 2003, the local currency in Iraq began to decline day after day, which led to its reaching significantly low rates against the dollar, so the Central Bank's procedures did not help it, and America's policy towards the Iraqi economy "made matters worse."

The economic expert, Abd al-Rahman al-Mashhadani, explained the reasons for the instability of the Iraqi dinar in the local markets compared to other Arab currencies, while confirming the existence of a large discrepancy between import and export in the country's markets.

Al-Mashhadani said, in an interview with Al-Maalouma Agency, that "the central banks of the Gulf countries, whether they are Jordan, Kuwait or even Saudi Arabia, have taken a decision to price their local currency, which depends on a basket of currencies, including Iraq, as bulletins previously appeared in the newspaper in the seventies." of the last century, measured on the basis of this basket.”

And he adds, "All world currencies are attributed to the dollar, but the economies of these countries are stable and there is no problem, and the difference is obtained at the prices of market materials, that is, inflation occurs and the rates of rise increase, which happened in the Emirates, Saudi Arabia and Kuwait as well."

And the economist explains, "These countries do not deal in dollars in the markets at all, given that all financial transfers are obtained in the local currency only, and this is one of the reasons for the stability of the market," noting that "Iraq was unable to control this situation completely."

Al-Mashhadani points out, "The other matter is trade, that is, import and export, without relying on the government sector in particular. In Iraq's markets, as a result of the large discrepancy between import and export, it is natural that there will be a great demand for dollars."

And he confirms, "The Iraqi dinar is linked to the dollar before 2003, that is, from the Kuwaiti war in 1991, given that the market has always fed the import of the private sector, so there will be no stability."

In turn, a former member of the House of Representatives, Jassem Al-Bayati, personified the reasons for the weakness of the dinar currency in the Iraqi markets, while accusing America of playing an "inappropriate" game with Iraq.

Al-Bayati mentioned in an interview with Al-Maalouma Agency, that "the weakness of the dinar and its instability in the Iraqi markets, especially in recent times, has many reasons behind it," noting that "the first reason is the decision to re-exchange the dollar against the dinar from 1470 to 1320."

Al-Bayati explains: "There is no country that takes such a step and reduces the dollar by such a large percentage," adding: "The reduction stages are supposed to be consecutive, starting from 1460 - 1420 - 1400, and so the decline is consistent."

And he added, "We are now in a state of confusion, as we cannot obtain dollars in the local markets, not even from bank accounts," noting that "the dinar is going through a period of instability."

And the former member of the House of Representatives points out that, "The other thing behind the instability of the dinar is the connection of the issue with America, which is playing an inappropriate game with Iraq."

And Al-Bayati shows that "the decision to reduce the dinar is governmental and it bears its responsibility," noting that "the central bank's measures to restore the strength of the Iraqi dinar did not bear fruit, and things may be complicated after more."

He continued his speech, saying: “The decision to return the dollar to 1,320 dinars greatly affected the financial budget, and nearly 10 trillion dinars were sacrificed,” noting that “price speculators and those close to America and neighboring countries supporting Washington are the ones who obtained these 10 trillion through Buying the dollar at 1320.

The sources of countries' strength in the economic field are determined by several factors, foremost of which is the national currency, which requires elaborate measures to maintain its strength internally and externally, and the basis of these measures is to activate the private sector, expand the import sector and reduce exports.   LINK

Turk182:  looks like Iran is making some moves to increase their Rial.  Interesting chain of events of late.

I never bought into that whole Global Currency Reset nonsense, or all that Debt Forgiveness BS that people post, (oh, i signed into my account this morning, and my mortgage was paid off) ALL Bs!

Sadly, I do see Iran building strength with their Rial.  Could they make a change at the same time of Iraq, yes - it would make sense for for them to make a change, NOT the same change in value for both, but yes, an increase in the Rial.

I don't see Vietnam Dong making a change in their value anytime in the near future.  

I am still a firm believer that Iraq will increase the value of their Iraqi Dinar in relation to that of the US Dollar within the coming days/weeks.  I feel they will come out with a $ 1 to $1 scenario, possibly a few cents higher - for a period of several weeks/months. 

Sudani has already gone on record with his "TIMELINE/DATE" - 

ALL indications are that the "Fat Lady is ON STAGE, spot light is focused on her, and the band has already played the intro notes, she's getting ready to belt out the words the Iraqi Citizens have long been waiting to hear for the last 20+Years!"

Dinarling:  I also find it very interesting the BRICS meetings are this month beginning the 22nd thru the 25th, and what where the dates for the deadlines Sudani made? Very interesting indeed

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Clare:  The Sudanese government acknowledges the experience of dollar speculators and counts on September

8/13/2023

On Sunday, the Iraqi government expressed its hope that the release of budget funds would contribute to reducing the price of the dollar in the parallel market, while it acknowledged that currency speculators have long experience and fraudulent methods dating back to the nineties of the last century.

The government spokesman, Basem Al-Awadi, told Shafaq News agency, "The launch of the budget definitely means the availability of funds. Therefore, the funds will be released towards ministries, departments, and general directorates in the governorates, independent bodies, and all state institutions, and this means that there is a large cash flow."

 
Al-Awadi added, "Many financial advisors in the government hope, with the release of budget funds, that next month will be a catalyst for the very large decrease in the dollar exchange rate."

He pointed out that "the recent rise in the exchange rate came as a result of the decisions taken to prevent 14 Iraqi banks from dealing in dollars, as this negatively affected the market, in addition to the way speculators performed in the currency."

Al-Awadi pointed out, "The Iraqi government has clear procedures from five months ago until the moment, and the exchange rate fluctuates between ups and downs, but the government is serious about these measures and has a specific plan."

He explained that "price speculators have long experience since the nineties of the last century, and they move in a way that has a lot of experience and fraud, and despite that, the government's program is clear according to the scheme of the Central Bank, banks and merchants, to correct the work to go towards buying and selling trade through the central and in the right ways."

The Iraqi government spokesman concluded by saying, "The government deals with dollar speculators in accordance with the law, and that requires legal measures from economic security and the state to move in this direction."

The government statements contradict the assumptions of economists that the exchange rate of the dollar will stabilize at its current rates in the parallel market, which exceed the barrier of 150 thousand dinars for every 100 dollars.

Over the past few months, the Central Bank of Iraq's attempts to control the parallel currency market, subjugate the exchange rate and return it to the official rate of 1,320 dinars per dollar have failed.  LINK

DallasDude:   Well April and September have shown to be the 2 months where significant rate changes have occurred..God willing this will be significant for all of us especially the citizens of Iraq..

"HCL Law and More" Posted by Clare at KTFA 8-11-2023

KTFA:

Clare:  Shaddad reveals important details about the draft oil and gas law.. This is the fate of the region's contracts

8/10/2023

A member of the Oil, Gas and Natural Resources Committee, Ali Shaddad, revealed important details about the draft oil and gas law, while Egypt disclosed the contracts of the Kurdistan region companies.

Shaddad told Al-Furat News that: "There are committees formed by the federal government and the Kurdistan region that have agreed on a draft oil and gas law of 40 articles."
He pointed to "advanced steps of the government and the concerned committees headed by the Federal Minister of Oil in holding sessions and workshops with the oil-producing provinces," returning to them "very advanced steps in accelerating the legislation of the oil and gas law."

Shaddad added, "The oil-producing governorates will be members of the Sovereign Council, and the National Oil Company will be part of this law, and the government will not find a solution to the outstanding problems other than approving this law."

He continued, "The regional government forcedly stopped oil export operations through two federal and international decisions, and therefore all previous contracts are considered null and void, and here are the points of contention due to the accumulated debts of companies owed by the regional government."

And he added, "On the other hand, these companies entered the blacklist of the federal government, and there are legal procedures and prosecutions by the Federal Ministry of Oil after the issuance of the federal court's decision."

Shaddad concluded, "These points will be settled, but they will not be mentioned in the current draft law, but rather through the Federal Council for Policy-making."

He noted, "There is a problem until this moment, since the export was stopped. The region's oil was not invested except at the rate of 70,000 barrels, which are used locally. Therefore, the export of an average of 330,000 barrels per day was stopped from the date of the issuance of the International Tribunal."

Shaddad concluded, "These points are not political, but rather administrative, and I think they are very easy matters to solve, and there will be no difficulty for the prime minister in resolving these problems."

The political advisor to the Prime Minister, Sabhan Al-Mulla Jiyad, confirmed to Al-Furat News that the file of the oil and gas law will open all outstanding files between the governments of the center and the region.

It is worth noting that Prime Minister Mohamed Shia Al-Sudani hosted, on Tuesday, the periodic meeting of the State Administration Coalition, which touched on the ongoing dialogues regarding the draft oil and gas law, and the results of the technical meeting, which was held last week, in the presence of representatives of political forces and officials of the Federal Ministry of Oil and the Ministry of Wealth. Natural in the Kurdistan Regional Government of Iraq, experts and legal experts.

Where the meeting affirmed the government's keenness to continue dialogues to ripen the final draft of the law, in preparation for submitting it to the House of Representatives after it is approved by the Council of Ministers.   LINK

NanaCarol:  HCL    HCL     HCL

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Clare:  Al-Rafidain announces the direct departments to activate the collection system and collect money electronically

8/11/2023

Al-Rafidain Bank announced the direct departments to activate the collection system and obtain money electronically.

A statement of the bank, which {Euphrates News} received a copy of, stated that "and pursuant to government directives in implementing the electronic payment system, using pos devices in ministries and state institutions and the private sector, and collecting invoice amounts and fees from beneficiaries electronically by bank cards, and to enable those who wish to pay with cards. Al-Rafidain Bank announces The departments that initiated the activation of electronic collection and the transition to electronic transactions and the collection of funds through modern electronic systems.

He pointed out that "the departments that worked with this procedure are (the departments of the Ministry of the Interior - the Directorate of the Police Martyrs Fund - the Directorate of Passports Affairs / Baghdad - the office of the ministry) (the departments of the Ministry of Education - the General Directorate of Financial Affairs - the General Directorate of Training and Educational Development - the Directorate of Public, Private and Foreign Education - Directorate of Curricula) (General Directorate of Industrial Development - Karbala Health Department / Center of the Department - Diwan of the Shiite Endowment - Petroleum Products Authority - Construction and Housing).

The bank stressed that "the activation of collection is continuing and its pace is increasing in many departments of the state."

He explained that "this service comes in accordance with the government program in promoting the culture of electronic payment and reducing the use of paper money in commercial payment and collection operations, as points of sale and various electronic payment methods will be used to facilitate the collection of amounts electronically in effective, reliable and flexible ways, in addition to contributing to adopting modern technological methods and simplifying procedures and upgrading The level of services provided within a safe and transparent environment, as well as keeping pace with the development of the electronic payment system.    LINK

Clare:  Finance Committee: The current month, the benefits of new employees will be paid retroactively

 08/10/2023   Baghdad

The Parliamentary Finance Committee stated that the entitlements of the newly appointed employees will be disbursed retroactively during the eighth month from the date of issuance of their administrative orders, indicating that the matter also applies to holders of higher degrees.

Committee member Mueen Al-Kadhimi ruled out that "the government and the provinces will exhaust the allocations estimated at 199 trillion because the remaining time is short and will give us an opportunity to avoid the deficit in the current year's budget."

Al-Kazemi added that the government's expenditures will be close to its revenues, and this is a good indicator so that there will not be a large deficit. As for the next year, the government should prepare from now to provide the required revenues, whether oil or non-oil, given that this budget will be applied for three years, i.e. to 2025. He pointed out that there will be no change in the budget for the coming years, except for what it will present in the tenth or eleventh month at the latest to Parliament in order to approve the schedules. As for the articles, 78 of them will remain fixed within the budget for the next two years.

Regarding the entitlements of the newly appointed employees, Al-Kadhimi explained that the employees from the contracts and those who have been confirmed, their entitlements are calculated from the date of issuance of their administrative orders in the ministries, whether they are holders of higher degrees, first successes, or lecturers who were transferred to permanent staffing, or contracts who were transferred to permanent staffing. Their entitlements will be paid during the eighth month.

And he stressed that no ministry has the right to refrain from disbursing benefits retroactively because the issue is linked to the Ministry of Finance and the same applies to holders of higher degrees, according to the official newspaper.   LINK

Wednesday Night KTFA CC "NER EQUELS SOVEREIGNTY" 8-9-2023

KTFA

Wednesday Night Conference Call

FRANK26…..8-9-23…..NER EQUALS SOVEREIGNTY

NER=New Exchange Rate

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=DPousrpJpms

KTFA Members "News and Views" Wednesday 8-9-2023

KTFA:

Turk182:  With Financial Experts in Iraq, calling for the Adoption of the Slogan (OUR DINAR) in all News Media outlets. Makes one wonder.  

With the Instructions for the Tripartite Budget now being Officially Published in the Gazette this past Monday (08/07/2023) one could liken that to the Iraqi Government holding out an Ice Cold SNO-CONE in front of the Iraqi Citizens, as they sit in 110 Degree Weather.  Just teasing them with this, knowing full well they must give this Sno-Cone to the Citizens before it melts all down their arms.

I would suspect that the CBI revalues the Rate of the Iraqi Dinar to roughly $ 1.00 USD to $ 1.00 IQD within the coming days.  (With the Publishing of the Tripartite Budget Instructions now Official) Numerous Long Overdo Project that are in the Tripartite Budget have no been kicked into high gear, and have begun.

Turk182 cont…..None of the Projects in the Tripartite Budget can be begun at a Toilet Paper, Program Rate of 1310 +/-.  The Tripartite Budget needs the Rate of $ 1.00 USD to $ 1.00 IQD as much, if not more, than the Country of Iraq needs it.

IF, the CBI really wants to put a major dent in all the Black Market buying/selling of the USD, then they could easily come out the gates with a $ 1.30 IQD to $ 1.00 USD, and then Game-Over.  No more buying/selling on the Black Market for the USD, as the IQD would hold more value, THUS Fulfilling the Promise to the People from Sudani & the Government, giving the People VALUE & PRIDE back in their Country/Currency.

I would suspect, they would keep this Rate of the IQD on the $ 1.00 to $ 1.30 range for several months, until that can pull in as much of their Dinar from outside of their Borders, back into the CBI Treasure Chest.  They want to return the Citizens of Iraq back to a Rich/Powerful/Proud Nation, (Not looking to make those outside their Borders Wealthy, knowing full well where the crisis/devaluation started with) 

This Revaluation of the Iraqi Dinar HAS ALWAYS been about the CITIZENS OF IRAQI.  IMO

M:  Outstanding analysis, summary, hypothesis Turk182...since Sudani stated that the Dinar is more Valuable than the USD....+&1.00 for the Dinar would seemingly keep that promise...unless he was talking about the long term value of the DINAR which I don't believe is the case IMO!!!!

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Paulette:  Hey Turk, Can you explain why they can't do it????   After all, the budget value is based in USD.  The rate would seem to just affect how many IQD are needed and nothing else.....?????  

Turk182:  Iraq is a Proud Nation, they have gone to extreme measures to ensure that the ONLY currency to be used in Iraq, is the Iraqi Dinar.  They have arrested Citizens, Merchants, and the like, for continuing to use the USD ….How would it look, IF, after the extreme push to get the Citizens of Iraq to ONLY USE THE IRAQI DINAR, How would it look for the Government to now proceed with Funding/Opening/Implementing their Tripartite Budget based on the US Dollar, which they so desperately, want to, and need to, get away from. IMO

Patriots12:  IMO   at 1310 they could roll it out but would run out of money due to hjigh cost of materials needed to be brought into country without a new rate, a new rate will allow them to buy more materials   ect...   1310 will bankrupt them internationally  all IMHO 

Turk182:  I couldn't agree more.  That is why, IMHO they need to adjust the Purchasing Power of the Iraqi Dinar SOONER rather than later. I believe, that they will adjust it to $ 1.00 or slightly higher to the USD for a period of several months.  As i mentioned earlier, that want to grab as much of their Dinar as they can from outside their boards, so that the majority of people that truly benefit, as they should when they let this thing floats, will be the Citizens of Iraq. IMHO I can't see how they can let this drag on much further without a Rate Change.

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Clare:  Parliamentary Finance launches its expectations regarding the course of the exchange rate during the coming period

8/9/2023   Baghdad

The Parliamentary Finance Committee expected, on Wednesday, a decrease in the exchange rate during the coming period.  

A member of the Finance Committee, Jamal Cougar, said, "The exchange rate of the dollar will decrease after the budget instructions were issued and the law took its way to implementation."  

Cougar added, "The government will have to pump large amounts of dollars into the local markets in the coming days."  

He pointed out, "The Iraqi state's resources are in dollars, but it needs the national currency in order to pay the salaries, which take up a large part of the budget."  

And Cougar went on to say that "the presence of large quantities of the dollar on the market will lead to market sufficiency and a lack of demand, and then reduce its price to a large extent."    LINK

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Clare:  Al-Sudani issues directives regarding electronic payment

8/9/2023  Baghdad

On Wednesday, Prime Minister Mohamed Shia Al-Sudani chaired a meeting to follow up on the completion of the unified treasury account and electronic payment procedures at POS points of sale.

During the meeting, according to a statement by Al-Sudani's office, "the progress made in completing the unified treasury account was reviewed, and the subsequent positive indicators reflected on the national financial and banking system."

Al-Sudani stressed, "These steps come within the government's efforts to implement financial and banking reforms, and the unified treasury account will be an added contribution to anti-corruption measures and limiting the ability of corrupt people to exploit loopholes."

Al-Sudani directed that “an amendment be made to the electronic payment system No. 3 of 2014, as well as the approval of the electronic payment document by the Financial Supervision Bureau as a substitute for the paper receipt, as part of a series of procedures towards employing and approving electronic payment at POS points of sale in an expanded manner, in the public and private sectors.” .   LINK

Sir Shawn:  So this amendment and procedural changes are the last steps needed  towards the lower denominations acceptance at the POS. If you listen carefully you can hear a pin drop…
IMO…..

Patriot12:  yes  and IMO the critical account set up t0 recieve funds for the HCL  closer and closer   when that date is  who knows   IMO

Clare:  2 billion dinars, the profits of 5 Iraqi companies during the first quarter of 2023

8/9/2023  Baghdad

5 Iraqi companies achieved profits amounting to more than 242 billion dinars during the first quarter of the year 2023. 

According to a report on corporate profits during the first quarter of the year 2023 issued by Al-Rabee Financial Brokerage Company, reviewed by Al-Iqtisad News, 5 companies made more profits. From 242 billion dinars, after continuing its good performance. 

Asiacell Telecom Company ranked first, achieving more than 123.8 billion dinars, after its profits grew by 71% compared to the same period in 2022, followed by Zain Iraq Telecom Company, which achieved a return of more than 40.5 billion dinars, with a growth rate of 579%.

And Pepsi Baghdad ranked third with a value of 26.6 billion dinars, up by 303%, followed by the Bank of Baghdad, whose profits amounted to more than 29.4 billion dinars. 

And in the last place came the National Bank of Iraq, which achieved about 22 billion dinars. LINK

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Clare:  The region seeks to export its agricultural crops to the Gulf countries

8/9/2023 Baghdad

The regional government is negotiating an agreement to export poultry meat, table eggs, apples, grapes, figs and honey produced within its territory to the Gulf states, in addition to continuing to export abundant quantities of the potato crop to the UAE.   

The advisor to the Ministry of Agriculture and Water Resources in the region, Shaima Jamal Kokha, said in an interview with the official newspaper, followed by "Al-Iqtisad News", that the most important and supportive steps for the private sector by the Ministry of Agriculture in the regional government is to find local and regional markets for agricultural products, revealing that there are negotiations to agree on Exporting poultry meat, table eggs, apples, grapes and figs, in addition to honey.   

In the same context, she indicated that a contract was concluded to export five thousand tons of potatoes to the United Arab Emirates through two private sector companies in the region, noting that 500 tons of potatoes will be sent to the UAE weekly.  

Kokha added that the quantities of local potatoes during the past years have increased many times compared to what preceded them, thanks to the interest and support that the government gives to the agricultural sector, attributing the increasing demand outside Iraq for crops produced in the region, to their quality and conformity with approved international standards.  LINK

Monday Night KTFA CC 8-7-23 "INSTRUCTIONS…..INCLUDED"

KTFA

Monday Night Conference Call

FRANK26……8-7-23…..INSTRUCTIONS…..INCLUDED

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=aWLbaYpb8kw

KTFA Members "News and Views" Monday 8-7-2023

KTFA:

Margarita:  just to be positive instead of a negative nancy....a few articles have said budget implementation this week.  will the new exchange rate of 1 to 1 be in it?  lets hope so.

Ryan1216:  Great viewpoint Margarita. Let’s just stay positive. It’s so close and we’re right at the very end. This is a go any moment now. IMO

Clare:  The tripartite balancing instructions come into effect

8/7/2023  Baghdad

Today, Monday, the Iraqi Al-Waqa’i newspaper published the tripartite budget instructions that have entered into force.

"The instructions of the tripartite budget law have been published in the Official Gazette," said Hanan Munther Nassif, director general of the Iraqi Gazette.

She added, "The instructions have entered into force."  LINK

Clare: Justice: The budget instructions are considered retroactively effective from 1/1/2023

8/7/2023   Baghdad

Today, Monday (7 August 2023), the Ministry of Justice announced the publication of Instructions No. (1) for the year 2023 to implement the General Budget Law for the fiscal years (2023-2024-2025), retroactively from 1/1/2023 .

The Director General of the Iraqi Facts Department at the Ministry of Justice, Hanan Munther Nassif, said in a statement received by “Baghdad Today”: “Instructions No. (1) for the year 2023 have been published, facilitating the implementation of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023-2024-2025) No. (13) for the year 2023 in Al-Waqi’ newspaper.

And she added, "Instructions No. (1) for the year 2023 are considered retroactively effective from the date 1/1/2023."

To view the instructions: 

[media=https://drive.google.com/file/d/1Jjr9-fH4Wwku3sZwu_Ik2yauhHW3orUo/view?usp=sharing]   LINK

Turk182:  must have missed it, but I did not see anything in these "Instructions" that said anything about "Activation", "Implementation", "Rate Change" UGH - Thought we were told that these things would occur Immediately upon posting in Gazette? Not trying to be negative, just trying to understand what the new hold-up is now.

DCDriver:  Did you honestly think there would be? That’s not how the CBI or any other central bank changes their exchange rate IMO

DoTalktome:  We will be last in line to benifit....IMO…..just stay chill...

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Clare:  Urgent... The Federal Court resolves the appeal of the government and the region's budget law

8/7/2023

The Federal Supreme Court announced that it has resolved the appeals submitted by the federal government and the Kurdistan Regional Government in the financial budget law.

A statement of the Supreme Judicial Council, of which {Euphrates News} received a copy, stated that: “The Federal Supreme Court considered this day the case No. (153 / Federal / 2023) filed before it by the plaintiff (Prime Minister / in addition to his job) against the defendant (Speaker of Parliament). / In addition to his job) regarding appeal against articles of Law No. (13) for the year 2023 ((The general federal budget of the Republic of Iraq for the fiscal years (2023, 2024, 2025))

And the court issued, according to the statement, “its final and binding decision for all authorities, which includes the ruling on the unconstitutionality of the phrase (exclusively) mentioned in Article (2 / first / 8 / c / 6), and the phrase (upon his request) contained in the last part of Article (16 / second), And Article (20/Sixth), Article (28/Fourth/A), Article (57/First/C), Article (70/Second), and Article (72) of Law No. (13) of 2023 ((The Federal General Budget of the Republic of Iraq for the fiscal years (2023, 2024, 2025).

The decision also included a judgment dismissing the plaintiff’s case regarding the challenge to the constitutionality of Articles (28 / fourth / b), (62 / fourth), (63 / third), (65 / second), (71) and (75) of the above law.

The Federal Supreme Court also considered today the case No. (168 / federal / 2023) filed before it by the plaintiff (President of the Kurdistan Regional Government / in addition to his position) against the defendant (Speaker of Parliament / in addition to his position) regarding the appeal against articles of Law No. (13) For the year 2023 ((The Federal General Budget of the Republic of Iraq for the fiscal years (2023, 2024, 2025))

And it issued its final and binding decision for all authorities, which includes the ruling on the unconstitutionality of the phrase (and with the approval of the Federal Prime Minister) mentioned in Article (11 / first) and the phrase (and in the event that the parliament cannot be dissolved to take the necessary decision) mentioned in Article (13 / Seventh) of the law.

It ruled to dismiss the case regarding the challenge to the constitutionality of articles (2/first/5/b), (11/second), (12/second/a, b, c, d, e) and (13/eighth/b) of the law.   LINK

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Clare:  The Federal Supreme Court rejects new appeals with the tripartite budget  LINK

Turk182:  Was this NOT the last thing needed in order to FINALLY IMPLEMENT the Tripartite Budget? No More Obstacles - Smooth Sailing from here on out!  Let's Bring that baby Home NOW>

Some Friday "Iraq News" Posted by Clare at KTFA 8-4-2023

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

Wednesday Night KTFA CC "Perfect Timing" 8-2-2023

KTFA

Wednesday Night Conference Call

FRANK26….8-2-23….PERFECT TIMING

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=jhg-eSEZjH8

Some Iraq News Posted by Clare at KTFA 8-1-2023

KTFA:

Clare:  The State Council announces the completion of the audit of the 2023 budget instructions

The State Council announced today, Tuesday, the completion of the audit of the tripartite budget.

A brief statement by the State Council, received by Shafaq News agency, stated; The process of checking the instructions for implementing the Budget Law for the years 2023-2024-2025 No. (13) for the year 2023 took place in the presence of the Minister of Finance, the Ministry of Planning, and the relevant authorities, for the purpose of facilitating the procedures for implementing the aforementioned law.

 On Monday (June 12), the Iraqi parliament voted on the federal budget law for the years 2023, 2024, and 2025, after discussions that lasted for five days.

The value of the current year budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.   LINK

Clare:  Parliamentary Finance: Routine procedures for two ministries contributed to delaying the implementation of the budget

8/01/2023

A member of the Parliamentary Finance Committee, Yahya Al-Muhammadi revealed today, Tuesday, the existence of administrative and routine procedures from the Ministries of Finance and Planning that contributed to an "unintentional" delay in implementing the budget law, calling on the two ministries to expedite the completion of their work in this regard.

Al-Mohammadi told Shafaq News agency, "An unintentional delay in completing the instructions of the budget law by the Ministries of Finance and Planning contributed to the delay in implementing the budget law in ministries and state institutions."

Al-Muhammadi added, "We asked the Parliamentary Finance Committee from the two ministries to expedite the publication of the budget instructions," noting that "administrative and routine procedures delayed the implementation of the budget law, and there is no intention in that."

And the deputy added, "The Ministry of Finance will, in the coming days, publish the instructions of the budget law and send them to the ministries and state institutions."

And the Iraqi parliament voted, at dawn today, Monday, June 12, on the federal budget law for the years 2023, 2024, 2025, after discussions that lasted for five days.

The value of the current year budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.

On June 21, 2023, the President of the Republic, Abdul Latif Jamal Rashid, approved the Federal Public Finance Law.

Last July, the Federal Supreme Court (the highest judicial authority in Iraq) issued a state order regarding some articles of the country's tripartite financial budget law.

The state order included suspending the implementation of the following articles (Article 28 / Fourth: A - B), (57 / First - C), (65 / Second), (70 / Second), (71) and (75) of Law No. ( 13) for the year 2023 (the federal general budget of the Republic of Iraq for the fiscal years (2023 – 2024 – 2025) until a decision is made on the constitutional case filed before this court to challenge its constitutionality, registered in the number (153 / federal / 2023).

Prime Minister Muhammad Shia al-Sudani had requested the issuance of a state order against Parliament Speaker Muhammad al-Halbousi regarding the above articles, according to the statement issued by the Federal Court.

Sabhan Al-Mulla Jiyad, Advisor to the Prime Minister for Political Affairs, suggested last June that the government would challenge some of the budget articles.   LINK

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Clare:  The Kurdistan Democratic Party Calls On The Government To Send The Region's Share Of The Budget, Similar To The Provinces

7/31/2023

Earth News / Member of the Kurdistan Democratic Party, Sobhi Al-Mandalawi, demanded today, Monday, the federal government to send the region's share of the budget, similar to the provinces.

Al-Mandalawi said in a statement to Earth News: “The regional government delegation met with the competent authorities in Baghdad for the purpose of implementing the federal budget items after the regional government fulfilled its legal obligations.”

He added, “After holding technical meetings, it was agreed to implement the budget items after agreeing on a mechanism for the federal government to obtain half of the non-oil revenues according to the constitution.”

And Mandalawi continued, “Therefore, Baghdad is required today to send the region’s share of the budget, similar to the provinces.”  LINK

 Godson:  Imo... Kurdistan demands.. Parliament demands.. citizens demands.. Cbi?.. crickets

Clare:  The Secretary General Of The National Product Calls For The Application Of Article 304 Of The Iraqi Penal Code To Protect The Dinar

7/31/2023

Earth News / The Secretary-General of the Parliamentary National Product Bloc, Jassem Al-Amiri, called today, Sunday, for the implementation of Article 304 of the Iraqi Penal Code to protect the dinar.

Al-Amiri's media office said, in a statement received by Earth News, that "the government's measures to control fluctuations in the exchange rate of the dollar, which included authorizing more than 100 exchange companies to obtain their shares of the dollar, and after the United States denied the issuance of any sanctions against Iraqi banks, the dollar prices started It is witnessing, on a daily basis, a significant decrease.”

He added, "One of the reasons for the high price of the dollar is the statements of some that the US Treasury Department could impose sanctions on the central bank, which aroused citizens' anger and concern, which prompted them to resort to buying the dollar, which increased the demand for it."

Al-Amiri called on “the government, and specifically the Central Bank, to take measures to reassure the Iraqi people and encourage them to deal in the Iraqi dinar, and to take strict measures against manipulators of the exchange rate, and to activate Article 304 of the Iraqi Penal Code, which stipulates the punishment and imprisonment of anyone who publicly broadcasts fabricated facts or allegations that would Causing a decline in the national banknotes or weakening confidence in the state’s currency and its bonds.

He pointed out that "the main affected by the inconsistency in the price of the dollar is the people, who will face a rise in the prices of materials, especially foodstuffs." LINK

KTFA Monday Night CC " IQD...Your Turn" 7-31-2023

KTFA

Monday Night Conference Call

Frank26….7-31-23…….IQD…YOUR TURN

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=NkERhZV3S94

KTFA Members "News and Views" Monday Afternoon 7-31-2023

KTFA:

Clare:  World Bank: Iraq is witnessing a strong recovery

7/31/2023 Baghdad

Today, Monday, the World Bank confirmed that Iraq is witnessing a strong recovery after years of turmoil.

"Iraq is witnessing a strong recovery after many years of turmoil," Jean-Christophe Carré, Regional Director of the Middle East Department at the World Bank, said in a statement.

Carre added, "It is necessary to take measures to accelerate the move towards diversification of economic activity."

He continued, "The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion." LINK

Turk182:  As of this posting, it is now 2:10AM Monday, July 31st 2023

They printed the 2023, 2024 & 2025 Budget in the Gazette, back in JUNE.  Here we are a day away from AUGUST 2023.

I'm calling their bluff!  I could care less, how many think SUDANI is doing a great job, and the CBI is doing a great job!  ENOUGH

The Citizens of Iraq have suffered enough.  They have bought into your HYPE about the whole, "don't us the US Dollar anymore (or you'll go to jail", and DON'T give away your IRAQI DINAR, because "soon" it will be worth more money than the US Dollar.

Blah Blah Blah...  ALL WORDS, NOT ACTION..

Typical politicians! LIARS!  Could care less about all those MOUs they signed, or all those Countries pouring into Iraq. 

Means NOTHING with a worthless, toilet paper currency.

The time to "Put Up or Shut Up" has longer passed.  Time to see some ACTION! 

Time to put down the Lemonade.  Only so much of the "Boy that cried wolf" are the Iraqi People going to tolerate.

Prove me wrong. 

Suzie:   well stated, if they're so concerned about their people then prove you're the leaders  everyone thinks you are. At the beginning of this year things were looking so promising with just a few i's to dot and t's to cross and June looked to be the promising time, now here we sit again

Turk182:  IMHO - Sudani & the CBI are very much seriously approaching that point of losing any/all Credibility/Faith of the Iraq Citizens, as well as all those Countries that have been pouring into Iraq to do Business.

Agree with you Suzie, I too was under the impression that once Sudani got in, that this was nothing more than a Rubber Stamp, the words, "Done, Done, Done" have been floated/hyped around for past several months.

Lie on me once, shame on you, lie to me twice, shame one you, lie to me 1,308 Times, SHAME ON ME.  (see what i did there 1308) hahahah

Time to pull back the curtain on Sudani & CBI to find out who are the ones truly in Control of Iraq and pulling the strings.

Frometad:  Talk, talk, talk...enough talk. So many promises made.  

Margarita:  we know the kurds just agreed to implement the budget...as of a few days ago.  So if that is true, and it is true the new exchange rate is a line item AND the HCL is a line item, then once they open it we should get what we want.  I am excited myself

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Clare:  An upcoming visit of an Iraqi government delegation to America to discuss the issue of the exchange rate

7/30/2023  Rudaw Digital 

The State Administration coalition is scheduled to meet this week in Baghdad to discuss a number of issues, on top of which is the depreciation of the Iraqi dinar against the US dollar, with a proposal to send an Iraqi government delegation to America to discuss the issue. 

A spokesman for the Victory Alliance, which represents one of the parties to the State Administration Coalition, Salam Al-Zubaidi, told Rudaw Media Network, on Sunday (July 30, 2023) that the State Administration Coalition “will meet this week in the office of one of the coalition leaders in Baghdad, to discuss a number of issues, including the actions of the government.” level of services, and the latest developments in this field. 

He added, "The financial and banking sector will also be one of the most important axes of the meeting, especially after the US restricted the work of 14 Iraqi banks, which had a significant impact on the depreciation of the dinar." 

Salam Al-Zubaidi, indicated that this issue has become "dangerous", attributing this to its threat to the Iraqi economy "and its negative impact on people's livelihood and destabilization of various sectors, in a way that leads to the loss of billions of dinars," he said. 

It is noteworthy that the United States of America removed 14 Iraqi banks from the list of the Central Bank of Iraq related to banks that are entitled to obtain hard currency, on charges of smuggling dollars to countries subject to US sanctions. 

On July 19, the Wall Street Journal reported that the United States had taken these measures against the 14 banks, on suspicion of money laundering. 

For his part, the spokesman for the Victory Alliance, which is headed by Haider al-Abadi, stated that "the devaluation of the dinar is one of the hottest issues in the Iraqi street, so it will be the most prominent axes of the meeting of the State Administration Alliance." 

And he indicated that "there are fears of a further decline in the value of the dinar," noting that there is a vision among the leaders of the coordination framework and the state administration as well to send a delegation representing the Iraqi government to discuss this issue with the US Federal Bank and discuss with it threats and risks and present proposals to address the situation.    LINK

Clare:  A government meeting to support the Iraqi dinar and address manipulation and speculation

7/31/2023

The Supreme Judicial Council announced, today, Monday, that it will hold a meeting to support the Iraqi dinar and confront manipulation and speculation.

The council said, in a statement, which "Efrat News" received a copy of, that "a meeting was held at the headquarters of the Supreme Judicial Council, within the framework of supporting national efforts to support the Iraqi dinar and to address manipulation and speculation by some speculators in violation of the law."

He added, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Oversight Authority, the first investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and the Undersecretary of the Interior Minister for Intelligence Affairs."

He pointed out that "during the meeting, the best ways and mechanisms were discussed to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in order to ensure its reduction and the prosecution of those involved in it in accordance with the laws in force."   LINK

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Clare:  Judges and security leaders meet to address the "manipulation" of the value of the dinar and to prosecute those involved

7/31/2023

On Monday, Iraqi judges and security leaders held a meeting at the headquarters of the Supreme Judicial Council to put in place mechanisms to deal with "manipulating" the value of the Iraqi dinar and prosecute those involved.

A statement of the Supreme Judicial Council received by Shafaq News agency stated, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court, which is specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and an undersecretary. Minister of the Interior for Intelligence Affairs.

During the meeting, they discussed the best ways and mechanisms to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in a way that ensures limiting it and prosecuting those involved in it in accordance with the laws in force, according to the statement.

Today, Monday, the Supreme Judicial Council announced the arrest of suspects carrying out suspicious banking activities.

He pointed out that "the defendants admitted that they had taken companies to do business as a cover to smuggle currency out of Iraq, and these companies were raided in separate areas of Baghdad, and sums of money estimated at fifteen million dollars were seized and deposited with the central bank after the Anti-Money Laundering Office submitted its reports that included the existence of Suspicions of money laundering by monopolizing the dollar currency in this way.   LINK