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Baghdad/ Iraq TradeLink: Iraq witnessed this year a number of economic fluctuations, but the main
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overall picture was the continuation of the governmental austerity measures with high levels due to the decline in oil prices.One of the main fluctuations was the differences in Iraqi dinar vs US dollar that reached to higher levels in the black market.
Observers believe that this high monetary difference was due to the corruption in the Central Bank (CBI) daily dollar auction, in addition to the expanding political differences among the blocs for more gains from this price difference.
The CBI sells the dollar for 1190 dinars while it is in the black market reached to 1300 dinars per dollar, which provided the banks dealing with the CBI's auction great daily profits.
A number of private banks, mostly owned by politicians and businessmen connected with influential parties that monopolized the transfer of the US dollar to the black market, thus benefiting millions of dollars for the difference between the two prices.
Iraqi media reports published hundreds of "forged" documents to get these funds, like importing un-needed goods with big quantities that will suffice more than the Iraqi population, and nothing was imported.
Another phase in the Iraqi economy for 2016 was the international "desire and will" to "prevent Baghdad's bankruptcy", where billions of dollars were pumped to Baghdad, mostly by the International Monetary Fund and World Bank, despite their heavy and striking conditions.
On the local level, the Iraqi government started deduction part of the salaries of its employees, to cover the salaries of the Popular Mobilization Forces, which reached to about 4%.
According international organizations' statistics and estimates, the percentage of poverty in Iraq reached to 30%, which is the ever highest percentage in the history of the country. Some said that this percentage is higher in Da'ish occupied areas to reach 40%.
The final governmental annual financial statements of 2008 to 2011 stirred strong wrangling in the Iraqi parliament. The statements proved cases of corruption, but the Iraqi parliament passed its approval of these statements as legal.
Some members of the Iraqi parliament stated that a number of political blocs "prevented" discussing the final statement, stressing that billions of dollars were illegally spent.
The Iraqi constitution forces the government to submit its final financial statements every year, before submitting its next year's draft budget, but the Iraqi parliament used to endorse these budgets due to the delay in submitting the final statement, nevertheless the parliament started before two years to audit the final statement.
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On the oil and gas levels, Iraq reached its state of self-sufficiency in liquid gas and began importing it, after reaching the production to 5000 tons daily.
On the other hand, Iraq was obliged to agree to reduce its oil production starting from the beginning of 2017, according to international agreement sponsored by OPEC.
2016 witnessed the resignation and demotion of some Iraqi leading members in the economic scene, in search for new "technocrats" to run the country.
Iraqi oil minister Adel Abudl Mehdi resigned after submitting his requests that lasted for many months, in the lights of internal discussions on the formation of the new government.
The Iraqi parliament demoted the Kurdish finance minister Hoshiar Zebari after parliamentary interrogation..
On the monetary level, the CBI issued the biggest banknote in the history of the country with the amount of 50.000 dinars (42 dollars) in attempt to put a higher price banknote in the market to organize the banknotes flow in Iraq, but the economic and financial experts believed that the issuance of the 50.000 dinar banknote denoted the deterioration in the price of the Iraqi currency and inability to combat inflation.
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