Home
[You must be registered and logged in to see this link.]
- FRI, 02-03-2023, PM 5:03
- KARRAR AL-ASADI
[You must be registered and logged in to see this link.]
The American Associated Press monitored the dollar crisis in Iraq, and how the "theft of the century" opened the eyes of American officials to the extent of the existing corruption, as dollar transfers take place in large quantities outside the country, through the (gray market) of fake bills, and go specifically to Turkey, UAE, Jordan and Lebanon.
And the agency stated in a report, that "the beneficiaries of the dollar auction are Syria, Turkey and Iran, while the Sudanese Prime Minister, Muhammad Shia'a, does not enjoy good relations with Washington that would allow him to seek to ease the application of strict US measures."
She stated that "for months, the United States restricted Iraq's ability to access its dollars, in an attempt to eliminate what is described as widespread (money laundering), and that Iraq is now feeling the crisis, with the devaluation of the dinar and the possibility of an explosion of popular anger against Iraqi Prime Minister Muhammad Shia' al-Sudani." .
Compliance with the terms of the federation
And the American report quoted a member of the Parliamentary Budget Committee, Mustafa Al-Qarawi, as saying that “the central bank must comply with the requirements of the Federal Reserve to reduce the scarcity of hard currency in the country,” adding that “new Local measures will be applied to improve access to the currency, while a delegation of Iraqi officials travels to the United States for negotiations next Friday.”
The report pointed out that "the devaluation of the dinar sparked protests, and analysts say that if this situation continues, it will constitute a challenge to the mandate of the government that was formed last October after a political stalemate that lasted a year."
He pointed out that "the deterioration of the dinar is taking place despite the fact that Iraq's foreign currency reserves have reached their highest levels ever, at about $100 billion, due to the rise in global oil prices, which led to the growth of state revenues." .”
Money laundering
According to what many Iraqi banking officials and politicians told the Associated Press, the daily sales of dollars through the auction were in the past and often amounted to 200 million dollars a day.
He explained that "the bulk of the dollars that were sold in the auction are supposed to be used in order to purchase imported goods by Iraqi companies, but this system has been in place for a long time and it turns out that it is easy to be breached by misuse.”
The report quoted US officials as saying they suspected the system had long been used to launder money, but they declined to comment in detail on the criticism now or the new restrictions.
The report also quoted a financial advisor to the Prime Minister, who asked not to be identified, as saying that "for years, large amounts of dollars have been transferred outside Iraq to Turkey, the Emirates, Jordan and Lebanon through the" gray market, using forged invoices for expensive goods.
Al-Sudani's advisor added, "The inflated bills were used to launder dollars, and most of them are sent to Iran and Syria, which are subject to US sanctions, which prompted complaints from US officials," according to Shafaq News.
land smuggling
The report quoted the Chairman of the Board of Directors of Mosul Bank, Tamkeen Abdul-Sarhan Al-Hasnawi, who is the first deputy of the Association of Iraqi Private Banks, as saying that "in other cases, dollars were being smuggled across the land borders under the protection of armed groups that deduct for themselves a percentage of this money," expressing He estimated that about 80% of the dollars sold at the auction went to neighboring countries, and that Syria, Turkey and Iran were benefiting from the dollar auction in Iraq.
Dollar rise
Al-Hasnawi noted that at the present time it takes up to 15 days to approve obtaining the dollar instead of two or three days, which made the merchant resort to the black market to buy the dollar because he could no longer obtain it easily at the official rate from the banks, which caused the rise in the price of the dollar.
And the US Federal Reserve began, late last year, to impose more stringent measures, including the steps that are now required, at the request of the United States, as the Central Bank of Iraq began implementing an electronic system for transfers that require entering detailed information about the intended final recipient of the required dollar.
According to the financial advisor to the Iraqi Prime Minister, "the Federal Reserve has trained a hundred employees of the Central Bank of Iraq to implement the new system," adding that "this system began to reject remittances and invoices that the central bank was accustomed to." to adopting, as about 80% of transactions were rejected." ".
According to the US report, the Federal Reserve imposes a "strong compliance system" for the accounts it maintains, and that this system "evolves over time according to new information, which is collected in a regular framework to monitor transactions and events that may affect the account and in communication with other US government agencies.” related to".
Peanut relationship
The report quoted the head of the Iraq unit at the Emirates Center for Research in Abu Dhabi, Harith Hassan, as saying that "Al-Sudanese does not enjoy strong relations with the United States that could have enabled him to ease the implementation of the new financial measures.
The report indicated that Al-Sudani played down the importance of the current decline in the value of the dinar, as it was merely a "temporary issue of trading and speculation." He replaced the governor of the Central Bank and took measures aimed at ensuring the availability of the dollar at the official rate.
The American report warned of the repercussions of the continuation of the current financial situation in Iraq, and that this may mean that most banks declare bankruptcy within one year, and widespread unrest and protests may break out in the country.
[You must be registered and logged in to see this link.]
» Details of the Social Fund for Development plan
» The House of Representatives reveals a program to develop non-oil revenues
» Prime Minister: Our major battle is combating the corruption pandemic
» Parliament votes on articles of the election law and postpones its session to next Saturday
» Baghdad.. Iraq and Saudi Arabia are discussing the development of trade cooperation between the two
» Judge Zaidan receives the Saudi Minister of Commerce and they discuss the role of the judiciary in p
» The European Union praises Baghdad's pivotal role in the agreement between Tehran and Riyadh
» China enters Diyala through the "health" investment portal
» A slight decrease in the exchange rates of the dollar in Baghdad markets
» With the American raid on Iraq.. the most prominent events and stations in 20 years
» President Barzani reveals new details about the overthrow of the former Iraqi regime
» Bremer admits "mistakes" in the two decisions to dismantle the Baath Party and dissolve the army
» Bremer admits "mistakes" in the two decisions to dismantle the Baath Party and dissolve the army
» Bremer admits "mistakes" in the two decisions to dismantle the Baath Party and dissolve the army
» Masrour Barzani during the inauguration of two projects in Erbil: We will not allow anyone to obstru
» To discuss the file of services in the areas of return.. The Minister of Immigration receives the Ch
» The Speaker of Parliament receives the Secretary of the Iranian Supreme National Security Council
» Al-Sudani: Iraq is continuing to benefit from both the explored and the accompanying gas resources
» The Integrity Committee discusses the possibility of enacting a law to recover the proceeds of corru
» Parliament calls for a review of the mechanism in place for distributing degree holders and early ad
» Integrity controls the exchange transaction for the construction of iron schools and stops the disbu
» Parliament votes on 7 out of 15 articles in the election law and resumes its session on Saturday
» The judiciary and electricity are looking to follow up the judicial procedures related to the minist
» The European Union confirms its commitment to the terms of the Association Agreement with Iraq
» The Minister of Oil talks about the date of stopping the import of gas and other oil products
» Iraq is close to activating an agreement with "Total" worth 27 billion dollars
» Al-Rafidain: The interest rate for advances of employees and retirees is 5%, calculated using the st
» Ministry of Commerce: We have contracts to supply food basket materials for the next 6 months
» The House of Representatives sets the date for holding provincial elections
» The international coalition affirms the continuation of efforts to eliminate terrorism in Syria and
» Al-Halbousi and the Secretary of "OPEC" discuss the future vision of the oil market
» Parliament holds its session chaired by Al-Halbousi, in the presence of 171 deputies
» The House of Representatives votes on the date of the provincial elections
» Parliament votes on Articles (15, 16) of the Elections Law
» Parliament postpones its session to next Saturday
» Al-Rafidain determines the interest rate for the advances of employees and retirees
» Zaidan and Fadel discuss the judicial procedures of the Ministry of Electricity
» Saudi Trade Minister arrives in Iraq
» Iraq and Saudi Arabia are discussing the role of the judiciary in protecting the safe environment fo
» Iraq is on the international list eligible for international accreditation
» Western newspapers: The real lesson of the invasion of Iraq.. Spies and allies may lie to you
» The national card.. Miserable services that are not suitable for the citizen, despite the huge amoun
» The New York Times: The invasion of Iraq unleashed the dominant Shiite genie in the Middle East
» Parliamentary Finance: The new ladder is concerned with the nominal salary and allocations from the
» Why did Exxon Mobil sell its stake in the West Qurna field?
» Highlights of the parliament session for this Saturday
» The Commercial Bank of the Kurdistan Region resumes selling dollars to tourists at the official rate
» In his latest appearance... Paul Bremer admits that two decisions he made while he was in charge of
» Al-Rafidain Bank determines the term for repayment of electronic advances: from 5 to 25 million dina
» Parliamentary energy: large allocations for electricity in the budget and the trend towards self-suf
» Al-Sudani opens today {Baghdad International Dialogue}.. and the agenda of the conference
» An economic center: the salary scale has been locked up in Parliament since 2015
» Member of the Parliamentary Foreign Ministry: The Baghdad Dialogue Conference strengthens Iraq's rol
» Integrity detects manipulation and theft in the Health Department and the Agricultural Supplies Comp
» Planning announces the details of the Social Fund for Development plan
» Shaddad: We seek to compel the oil companies to allocate $5 million to train Iraqi workers
» Parliamentary investment: Iraq's investment cannot be developed by 23% of the budget
» Abdullahian: The relationship with Riyadh has returned to normal after the Baghdad talks
» Shamkhani to Al-Araji: Strict implementation of the security agreement between the two countries wil
» A security expert warns of America's support for terrorism to create hot spots in Iraq
» Al-Sudani bypasses the American veto and proceeds with his government program
» Al-Kinani: Washington's ambassador to Baghdad has exceeded her authority and is seeking to achieve a
» Oil prices, the deficit and the Kurds... The budget is still hovering in the corridors of Parliament
» Parliamentary Finance: The salary scale is a prerogative of the government and does not need parliam
» The "Halbousi Fund" is in the hands of Al-Sudani and major corruption files awaiting exposure
» The frame accuses Turkey of keeping 600 billion cubic meters of water to thirst Iraq and blackmail i
» Al-Sudani: The Baathist regime still threatens the state and its reforms
» State of law: Everyone agrees on "St. Lego" and there are no obstacles to passing it today
» Poll: The majority of Americans believe that invading Iraq is a "wrong decision" after 20 years
» An Economist Takes 8 Preliminary Notes On The 2023 Triennial Budget
» The Central Bank’s Sales Of Dollars In The Currency Auction Decreased By 18.5%
» The Minister of Commerce opens the marketing outlets, coinciding with the advent of the holy month o
» The Ministry of Planning announces the details of the annual plan of the Social Fund for Development
» Al-Salihi: We will not allow the passing of the Provincial Council Elections Law without including A
» Haider Makiya arrives in Saudi Arabia at the head of an investment delegation
» Al-Rafidain determines the period for paying electronic advances to employees, defense and interior
» Oil Money Account: A Step to Settlement Between Baghdad and Erbil, or a Temporary Calm? Report provi
» Minister of Oil: We import more than half of the country's need for gasoline
» Masoud Barzani reveals undisclosed details about the overthrow of Saddam Hussein's regime amid the I
» Iraq's oil exports to America increased by 81,000 barrels per day within a week
» Iraq increases its holdings of US Treasury bonds
» A slight decrease in dollar prices in Baghdad and Erbil
» Al-Sudani complains about the remnants of Saddam's regime in the joints of the state and confirms th
» The Minister of Interior agrees to include four categories of granting licenses to possess and carry
» Low bank sales of dollars in the currency auction
» Oil: The tire gas system achieves financial and economic returns that are in the interest of the dri
» The Minister of Electricity holds a meeting to find out the problems of transmission and distributio
» “No exceptions.” Parliamentary speech regarding the new salary scale
» Al-Rafidain: 60 months is the period for repayment of electronic advances
» Al-Sudani: We drew an ambitious program for the advancement of Iraq and gave the private sector an i
» Low central bank sales of the dollar in today's auction
» An economic center talks about the "impossibility" of applying a new salary scale this year
» A parliamentary committee is heading to open the file of oil licensing rounds
» The decline in oil prices threatens the new budget, and a government advisor talks about the exacerb
» The forces of democratic change set conditions for approving the new election law and warn against t
» Hanan Al-Fatlawi: Instead of re-balancing, we have to amend some of its paragraphs
» An economist reveals the fate of the agreement to sell oil to Jordan at reduced prices
» The World Food Organization trains 300 young people in Babylon