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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Reuters talks about a booby-trapped method used by Al-Sudani to confront Iraqi banks dealing with Ir

    rocky
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    Reuters talks about a booby-trapped method used by Al-Sudani to confront Iraqi banks dealing with Ir Empty Reuters talks about a booby-trapped method used by Al-Sudani to confront Iraqi banks dealing with Ir

    Post by rocky Tue 24 Jan 2023, 6:41 am

    [size=38]Reuters talks about a booby-trapped method used by Al-Sudani to confront Iraqi banks dealing with Iran[/size]


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    January 24, 2023[You must be registered and logged in to see this link.]
    Baghdad / Obelisk: A Reuters report says that Washington is pressing to stop the flow of dollars to Iran.
    The report considered that the raids in Baghdad on Saturday represented an early test for Prime Minister Muhammad al-Sudani, who took office in October after more than a year of political paralysis, and he must now follow a very sensitive diplomatic path.
    The Federal Reserve (the US central bank) in New York approved stricter controls on international transactions in dollars for Iraqi commercial banks in November.
    Reuters says the move aims to stem the illegal flow of dollars to Iran and exert more pressure, along with US sanctions imposed on Tehran's nuclear program and other disputes, making it difficult for Tehran to obtain dollars.
    However, Iraqi political sources, who listened to the obelisk for their views on the Reuters report, said that it is politicized, and that it exaggerates the volume of financial dealings with Iran.
    Representative Aqil Al-Fatlawi accused Washington of deliberately using the new regulations as a political weapon.
    He said, “The Americans are using the strict instructions regarding dollar conversions as warning messages to the Sudanese Prime Minister (Mohammed) to keep him in line with American interests. "Action against us may bring down your government," that is the American message.
    A senior banking official said the United States had sent a clear message to Iraqi officials: Either stick to the new regulations or the CBI will face fines.
    Al-Sudani relies on Washington's continued goodwill to ensure that his country's oil revenues and finances are not subject to US scrutiny, and he also needs Washington's help in fighting the Islamic State group.
    The report questions Sudani's ability to bear the consequences of antagonizing Iran, because he came with the support of the forces allied with it.
    The report quotes advisers to private Iraqi banks who regularly attend meetings with the central bank, speaking to Reuters, that Iran receives about $100 million a month from Iraqi merchants.
    Iraqi security officials under the prime minister's administration reported that they had "compelling evidence" that smugglers were buying large quantities of dollars from the currency markets in Baghdad and smuggling them through border crossings into Iran, particularly since mid-January, according to Reuters.
    A colonel in the Iraqi border police at the Shalamja crossing near the southern city of Basra told Reuters that dozens of smugglers buy dollars from the currency markets in Baghdad and use school bags to transport them before packing them in four-wheel drive cars to the border, under the protection of armed guards.
    Under the new restrictions, Iraqi banks must use an electronic platform to disclose their dealings and details about the sender and beneficiaries. And US officials can intercept suspicious transfer requests.
    Nabil Al-Marsoumi, an economics professor at Basra University, said the new system has slowed down dollar transactions.
    Banking officials said anti-smuggling measures had also left a hole in public finances. Banks that were reluctant to register on the electronic platform resorted to free markets in Baghdad to buy dollars, which created a deficit, as demand exceeded supply.
    The value of the dollar when selling was 1470 Iraqi dinars before the new transportation restrictions set by the Federal Reserve, and the dinar fell in December at 1620 dinars against the dollar before the restrictions began to apply at the weekend.
    The official news agency said on Monday that the Iraqi prime minister relieved the central bank governor of his post after the dinar fell in value. The agency added that Mustafa Ghaleb Makhaif told the prime minister that he no longer wanted to remain in office.
    The prime minister tried to reassure Iraqis that the dinar and economy would be safe from US restrictions and regulations.
    crisis
    The dollar exchange rate crisis is deepening in the local markets, as many merchants have been financially affected by the rise in exchange rates, and the impact is greater on the working class, which relies on self-employment to secure its daily expenses.
    In Babil, the rise in dollar prices caused confusion in the sales movement in general markets in the province, specifically basic consumer goods such as foodstuffs, household items, and electricity, in addition to the absence of some goods in the shops.
    Karim Hammadi, the owner of a shop selling electrical materials, confirmed that the work has decreased to more than 50% of what it was before the decision to raise the exchange rates, which negatively affected his financial situation, such as providing the rent allowance, which the landlord insists not to reduce.
    He indicated that he was also forced to lay off one of his employees and keep one worker to ensure a financial balance for his work.
    Experts in the field of economics at the University of Babylon spoke during a scientific symposium organized by the College of Administration and Economics at the university about the reasons for the high prices of the dollar against the Iraqi dinar as logistical reasons unrelated to the financial reserves of Iraq.
    Dr. Jawad al-Bakri said that the (electronic OFAC) platform established by the Central Bank of Iraq complicated the process of selling dollars to banks and caused a lack of supply in the markets, which caused an increase in demand and an increase in exchange rates.
    He pointed out that the Central Bank started building that platform after agreeing with an international company specialized in this field and worked through it to link banks with the Central Bank for the purpose of tightening and regulating the operations of the buying and selling window of foreign currency and ensuring the effectiveness of control over it.
    Reuters + Obelisk - Edited by Adnan Abu Zeid
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