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- FRI, 02-03-2023, PM 5:03
- KARRAR AL-ASADI
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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.
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