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[rtl]Imposing tutelage and pressure with its economic and financial sticks, and imposing success, many and effective sanctions[/rtl]
[rtl]Monday, February 20, 2023 - 07:30[/rtl]
[ltr]Jassar Saleh Al-Mufti[/ltr]
[rtl]Iraqis and observers are following with great interest the results of the visit of the Iraqi economic delegation to the United States a few days ago, because of its decisive effects on the economic and living conditions of the country, present and in the future, in light of the repercussions of the American-Iranian conflict on the Iraqi arena and the region.
In an attempt to convince the American administration to ease restrictions on the movement of the dollar that it imposed on Iraq recently to limit massive transfers of Iraqi funds to Iran and some neighboring countries, the Baghdad government sent an economic delegation to Washington that included Foreign Minister Fuad Hussein, the Governor of the Central Bank of Iraq, Ali Al-Alaq, senior economists and finance experts, and representatives of some ministries, where the visit raised divergent opinions between the Iraqi delegation's claim of the success of its mission, and the indications of the failure of the visit and the US imposing its conditions on Iraq.
failure indicators
Many indicators confirmed the difficulty of the economic delegation's task in persuading Washington to ease its restrictions imposed on the movement of the Iraqi dollar to limit its flow towards Iran and its allies, as part of the United States' efforts to control the Iraqi economy by linking it to it and its allies and keeping it away from Iranian influence.
In what appears to be an acknowledgment by the Baghdad government that the US position cannot be changed, the Prime Minister, Muhammad Shia' al-Sudani, described the attempt to impede the wheel of the economy and return to smuggling and violating the laws as a "losing bet." Al-Sudanese stressed that “the wheel of economic reform is moving forward” and that “whoever bets on going backwards, practicing smuggling, and violating laws and instructions, is a losing bet. ».
This statement coincided with a massive campaign launched by the security authorities against banking companies and banks that buy dollars from the market and smuggle them abroad, where it was announced that many of those involved in this matter were arrested, to limit Iraqi banking companies buying dollars from the market to smuggle it or manipulate its exchange rate. And this came in the wake of the US Federal Reserve's recent decision to place restrictions on illegal transfers of billions of dollars from Iraq to other countries, which Washington considered a breach of the international sanctions imposed on Iran and its allies.
Iraqi Foreign Minister Fuad Hussein, who met in Washington with US Secretary of State Anthony Blinken, announced that the Iraqi delegation called on the Americans to implement the provisions of the strategic agreement signed by Iraq and the United States in 2011. The Iraqi delegation held numerous With American financial decision makers and the World Bank, in order to convince them of the safety of the Iraqi government's meetings measures to curb currency smuggling, which is not an easy task in light of the Baghdad governments' silence on the widespread smuggling of dollars to Iran since 2003. The meetings also discussed the economic situation in Iraq, the problem of banks, the exchange rate of the dollar, the production of gas, oil, electricity and others.
In order to reassure the American side of the Baghdad government's efforts to move away from dependence on Iranian oil and gas, Fuad Hussein affirmed, "We are working to achieve independence in the field of energy," claiming that "Iraq cannot be an oil and gas state and does not have electricity," stressing that the Iraqi government recently decided to activate the agreements concluded with various companies to extract gas from the fields, and that agreements will also be concluded with other companies to invest in the field of gas associated With oil, as Iraq is the second country in the world in wasting gas.
US focus on Iraq's economy
As for US Secretary of State Anthony Blinken, he stressed in his speech during the press conference with the Iraqi Foreign Minister, "that his country is working to strengthen the Iraqi economy and reintegrate it into the region within the framework of the strategic relations that link the two countries," explaining, "We are now focusing very intensively on the economic dimension of that agreement."
In stressing Iraq's distance from dependence on Iranian oil and gas, Blinken said: "There will be a special focus on energy and electricity in the strategic framework agreement," stressing that Iraq "can and must be independent in the field of energy." It is a reference to the American rejection of the Baghdad government's dependence on Iranian oil and gas, in conjunction with the deliberate waste of Iraqi gas and the rejection of calls for its investment by local and international companies.
It was noted that Blinken did not address in his statements the main issue related to the movement of the dollar in Iraq, which indicates that the US administration did not change its restrictions and did not respond to the Iraqi demands. Informed sources confirmed that the American position was strict on the need for Iraq to reconsider its banking system, which has large loopholes that allow the smuggling of Iraqi funds to Iran and help it break the blockade and sanctions against it. Washington also revealed that it closely monitors money laundering and currency smuggling in Iraq, and therefore warned Baghdad of the need to control the movement of its dollar, otherwise the Iraqi dinar will be doomed to collapse, as happened with the Syrian and Lebanese pounds.
The joint statement of the two countries stated that they had decided to “accelerate efforts to exploit the burning gas, modernize the infrastructure for natural gas distribution, regional connectivity to the Iraqi electricity network, modernize the electricity infrastructure in Iraq, and explore renewable energy opportunities.” .” The American delegation praised “Iraq's commitment to regional electrical interconnection projects with Jordan and Saudi Arabia.” They also urged the use of solar energy. The two delegations affirmed "the convergence of views that the pursuit of an ambitious agenda for energy independence is necessary to achieve maximum economic prosperity for Iraq and protect its sovereignty."
While the Governor of the Central Bank, Ali Al-Alaq, affirmed the bank's intention to launch the second package of measures that would enhance the stability of the dollar exchange rate, stressing that “the new electronic platform to avoid the imposition of any penalties on the parties that carry out transfer operations, whether they are banks or others, as it is a protection for the banking sector and the bank.” The Central Bank and the banks from falling into any forms related to foreign financial transfers, and this serves all parties.
Iraqi economic analysts indicated that the US Federal Bank gave Iraq a short period of time to commit to monitoring the movement of its funds, in accordance with international standards, and to avoid money laundering and informal transfers.
Samir Obaid, an academic and expert in political and strategic affairs, revealed, in a series of tweets on his personal page on Twitter, “Washington imposed a number of conditions on Iraq in order to overcome the dollar crisis and smuggle it abroad, and that Among the American conditions signed by the Iraqi delegation in Washington is the opening of a federal office in Amman.” His mission is to monitor the movement of Iraqi funds ». He revealed that "Al-Sudanese broke the barrier of hesitation and courtesy with the framework leaders (Iran's allies) and informed them of the strict American conditions signed by the Iraqi delegation in Washington, which have become binding," he said, which he considered "imposing American tutelage on the Iraqi economy by signing them in Washington."
shiite criticism
Perhaps the most prominent indicator of the failure of the Iraqi delegation to change the American position is the angry reactions of the forces of the coordination framework allied to Iran, which expressed dissatisfaction with the results of the Foreign Minister's move in Washington and pledged to send Prime Minister Minister Muhammad al-Sudani to Washington for this purpose.
The forces of the framework directed various accusations against the United States, at times of seeking to control Iraq and its economy, with calls to get rid of the American financial hegemony over Iraq. In addition to calls for the Sudanese government to sell oil to India, China and other countries, in currencies other than the dollar, away from the US financial system that controls the world economy. While some framework sources stated that Washington took the oil export agreement to Jordan through the (Basra-Aqaba) pipeline as one of the conditions for resolving the dollar crisis, others claimed that the Russian-Chinese-French move towards Iraq recently prompted Washington to impose restrictions to put pressure on the Iraqi government economically.
Away from intentions and goals, observers see that the American measures are welcomed by most Iraqis, as they are beneficial to their country and limit the draining of Iraq's funds by other countries. They also see that the decisions of the US Federal Bank are systematic and deliberate to direct the Iraqi economy and prevent its exploitation by Iran and its allies. As for the Baghdad government, which has fallen between the American rock and the Iranian anvil, it has no choice but to abide by the American restrictions, despite the pressure exerted on it by the Iraqi loyalist forces, which reflects Iran's unwillingness to abandon the Iraqi dairy cow, amid anticipation of the next Iranian steps to circumvent the American decisions.
But it could only be what the occupiers and the recipients wanted... A remarkable financial development witnessed by Iraq at the end of 2022, with the decision of the US Federal Bank to stop suspicious and fictitious financial transfers from Iraq abroad, which caused an increase in the exchange rate of the dollar and an increase in commodity prices, as well as many countries surrounding the country have been deprived of billions of Iraqi dollars.
In a strange paradox, a severe financial crisis has engulfed Iraq these days, as a result of the consequences of the decline in the exchange rate of the dollar against the dinar, reaching unprecedented record levels, despite the large financial surplus available to it as a As a result of the high prices of Iraqi oil sources and the lack of a budget for the year 2022.
The rise in the exchange rate of the dollar came from 1450 dinars per dollar to reach about 1600 in the parallel market, due to the lack of supply of hard currency, followed by a significant rise in the prices of all goods and services in the Iraqi markets, which constituted additional new pressure on the purchasing power of citizens and the stagnation of the market movement. Amid the government's inability to deal with the situation and its exposure to embarrassment, as it promised to reduce the exchange rate of the dollar within the program of the government of Muhammad al-Sudanese, which has been around for two months.
The causes of the crisis
There is no doubt that the direct cause of the new financial crisis is due to the US Federal Bank preventing fake and suspicious financial transfers from Iraq abroad, especially to Iran and its allies in Syria, Lebanon and Yemen, where these Iraqi financial transfers are a lifeline of support for the economies of those countries that are under pressure from international sanctions and stifling financial blockade.
The US Federal Reserve Bank had imposed amendments to the procedures for Iraqi transfers that go through the "Swift" system to include an audit of the source of funds until the final recipient, in a measure that reflects political motives, after repeated US warnings to Iraq not to breach the sanctions on Iran. On the other hand, several parties bought dollars from the market to compensate for stopping their dealings with the Central Bank of Iraq, which led to an increase in commodity prices.
Parliamentary movement
In the face of the widespread popular discontent and the stagnation of activities in the markets due to the huge rise in prices, many deputies moved to convene a session of the House of Representatives and address the problem. At the forefront of the initiators were the representatives of the Tishreen reform movement.
The "Humans Movement" took the initiative to collect parliamentary signatures to hold a parliament session, to discuss the serious repercussions of the high dollar exchange rate and to find out the government's measures towards it. While the head of the political bureau of the “Emtiad movement”, Raed Al-Saleh, criticized what he described as the “appreciated silence” by the government regarding the exchange rate of the dollar, referring to “efforts to interrogate Prime Minister Muhammad Al Sudanese over the failure to control the exchange rate of the dollar and other issues.”
In a statement, the Deputy Speaker of the House of Representatives, Shakhwan Abdullah, called on the government, the Ministry of Finance and the Central Bank to “reconsider financial policy, take measures and increase the opening of foreign currency sales outlets in banks and at the government rate, in order to prevent a rise in the exchange rate of the dollar.” He called for "not enabling those who control the black markets to benefit from the exchange rate of turmoil, and to cordon off wrong monetary practices that harm the economy and commercial activity throughout the country."
However, the former politician and deputy, Mishaan al-Jubouri, was more frank when he explained, "The US treasury revealed operations to smuggle currency out of the country and demanded that the Iraqi government make sales only for real credits and through documents."
Al-Jubouri said during a televised interview, “The US Treasury followed up the issue of currency smuggling abroad and activated its office in Baghdad, and learned that the dollar is smuggling to Iran despite the sanctions it imposes on it, and in order to control This situation, the Iraqi government demanded that sales be only for real credits.” Through documents.
He pointed out that "the US Federal Reserve put a lot of Iraqi banks and companies that were found to have deals in this aspect in the black list and prevented them from buying the currency." Pointing out that “a lot of the money sold by the central bank goes to Iran through fake companies and banks, and then forged documents come in exchange for this smuggled money.”
governmentactions
Within the framework of the government's move to confront the crisis, the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, called for "activating steps to sell foreign currency at official prices to citizens," stressing the need to take the necessary measures to prevent illegal speculation, and everything that harms the local market and leads to higher prices.
In a statement, he urged the importance of “activating steps to sell foreign currency at official rates to citizens through purchasing with electronic cards, opening sales outlets for travelers, or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.”
Al-Sudani also acknowledged that “exchange rate fluctuations and their impact on the Iraqi economy made us adhere to the inevitability of economic reform, support for agriculture, industry, tourism and trade, instead of Iraq being a market for imported goods and a passage for smuggling hard currency and money laundering.”
As for the procedures of the Central Bank of Iraq, observers considered it below the level of the crisis, as the central bank decided not to collect customs duties and taxes in advance on imports, and sold dollars to patients traveling for treatment and students abroad, And pumped dollars to some banks to sell them to citizens.
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, considered that the rise in the exchange rate in favor of the dollar is not caused by a problem with the adequacy of foreign reserves, indicating that “Iraq's reserves of foreign currency exceeded 100 billion dollars , and the percentage of the current account surplus amounted to about 15 percent.
He added, "What happened in terms of increases is a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency," noting that "work was carried out a while ago with an advanced electronic platform linking the request for transfers by local banks with correspondents." From international banks and relevant global compliance bodies at the same time.
And the economic advisor acknowledged: “During the start of the experiment a few weeks ago, it became clear that there were shortcomings and informational shortcomings that were not consistent with the governance of the flow of remittances through the global banking system, which led to some of them being returned again or rejected in order to complete the standard submission requirements and follow the standard foundations in disclosing the final beneficiary and other conditions.” Bank disclosure and compliance.
Attack on America
In an attempt to cover up the real causes of the crisis, the Shiite parties and factions launched a violent attack on the United States, blaming it for raising the price of the dollar and accusing it of meddling in Iraqi affairs.
The leader of the State of Law, Haider al-Lami, said in a statement, “America has punished the four private Iraqi banks and warned 30 other banks based on suspicion indicating that these banks are smuggling money outside the country and money laundering operations. " Claiming that “Washington does not have any evidence about these banks.
While the leader of the State of Law coalition, Ibrahim al-Sakini, accused America of creating tensions for the Sudanese government by interfering in the policy of the Central Bank and removing some banks from the currency auction, accusing America of seeing itself as a guardian of the people in imposing its own interests.
There is no doubt that the new financial crisis widened the differences between the Sudanese government, which announced the status of combating corruption and currency smuggling among its priorities, and between parties and factions that own banks and exchange shops that annually transfer billions of dollars to allied countries, through the dollar sale window in the Central Bank of Iraq, deliberately exploiting the Iraqi governments turned a blind eye and ignored advice from inside and outside the need to control this window to prevent smuggling.
It is noteworthy that all Iraqi funds received from its oil sales are deposited in the US Federal Bank, which in turn releases financial transfers to the Iraqi Ministry of Finance, because Iraq is still subject to US tutelage over Iraqi funds. Therefore, specialists fear the possibility of returning Iraq to the provisions of Chapter VII, amid leaks about the tendency for American advisors to supervise and monitor the performance of the Central Bank to prevent widespread smuggling of currency.
In fact, the recent American move was expected, as it was no secret to the United States that the ruling Iraqi political forces provided huge sums of money to Iran and its allies to help it face US sanctions. And that those forces are ready to serve their allies, even at the expense of exposing the economy and the Iraqi people to dangers, crises and suffering. While observers agree that the American decision constituted a very effective blow to Iran by cutting off the most important financial resource for it and its allies in these extremely difficult circumstances for it.
Although::::::: Iran has a long history of exploiting tourism to penetrate the homelands of the Arabs and the world, and 4 Arab countries tolerated Iranian tourism, so Iran gradually took control of its capitals and decision-making positions, turned its elites into tools, terrorized the rest, drained its economy, diverted its resources to serve Iran politically, economically and militarily, it turned it into centers for recruiting terrorist militias loyal to it, centers for manufacturing and distributing drugs and weapons, money laundering for it, and it planted mercenaries from everywhere, so it became difficult to restore the situation without long wars with a suffocating international blockade of Iran and the structures and organizations that created it
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[/rtl]
In an attempt to convince the American administration to ease restrictions on the movement of the dollar that it imposed on Iraq recently to limit massive transfers of Iraqi funds to Iran and some neighboring countries, the Baghdad government sent an economic delegation to Washington that included Foreign Minister Fuad Hussein, the Governor of the Central Bank of Iraq, Ali Al-Alaq, senior economists and finance experts, and representatives of some ministries, where the visit raised divergent opinions between the Iraqi delegation's claim of the success of its mission, and the indications of the failure of the visit and the US imposing its conditions on Iraq.
failure indicators
Many indicators confirmed the difficulty of the economic delegation's task in persuading Washington to ease its restrictions imposed on the movement of the Iraqi dollar to limit its flow towards Iran and its allies, as part of the United States' efforts to control the Iraqi economy by linking it to it and its allies and keeping it away from Iranian influence.
In what appears to be an acknowledgment by the Baghdad government that the US position cannot be changed, the Prime Minister, Muhammad Shia' al-Sudani, described the attempt to impede the wheel of the economy and return to smuggling and violating the laws as a "losing bet." Al-Sudanese stressed that “the wheel of economic reform is moving forward” and that “whoever bets on going backwards, practicing smuggling, and violating laws and instructions, is a losing bet. ».
This statement coincided with a massive campaign launched by the security authorities against banking companies and banks that buy dollars from the market and smuggle them abroad, where it was announced that many of those involved in this matter were arrested, to limit Iraqi banking companies buying dollars from the market to smuggle it or manipulate its exchange rate. And this came in the wake of the US Federal Reserve's recent decision to place restrictions on illegal transfers of billions of dollars from Iraq to other countries, which Washington considered a breach of the international sanctions imposed on Iran and its allies.
Iraqi Foreign Minister Fuad Hussein, who met in Washington with US Secretary of State Anthony Blinken, announced that the Iraqi delegation called on the Americans to implement the provisions of the strategic agreement signed by Iraq and the United States in 2011. The Iraqi delegation held numerous With American financial decision makers and the World Bank, in order to convince them of the safety of the Iraqi government's meetings measures to curb currency smuggling, which is not an easy task in light of the Baghdad governments' silence on the widespread smuggling of dollars to Iran since 2003. The meetings also discussed the economic situation in Iraq, the problem of banks, the exchange rate of the dollar, the production of gas, oil, electricity and others.
In order to reassure the American side of the Baghdad government's efforts to move away from dependence on Iranian oil and gas, Fuad Hussein affirmed, "We are working to achieve independence in the field of energy," claiming that "Iraq cannot be an oil and gas state and does not have electricity," stressing that the Iraqi government recently decided to activate the agreements concluded with various companies to extract gas from the fields, and that agreements will also be concluded with other companies to invest in the field of gas associated With oil, as Iraq is the second country in the world in wasting gas.
US focus on Iraq's economy
As for US Secretary of State Anthony Blinken, he stressed in his speech during the press conference with the Iraqi Foreign Minister, "that his country is working to strengthen the Iraqi economy and reintegrate it into the region within the framework of the strategic relations that link the two countries," explaining, "We are now focusing very intensively on the economic dimension of that agreement."
In stressing Iraq's distance from dependence on Iranian oil and gas, Blinken said: "There will be a special focus on energy and electricity in the strategic framework agreement," stressing that Iraq "can and must be independent in the field of energy." It is a reference to the American rejection of the Baghdad government's dependence on Iranian oil and gas, in conjunction with the deliberate waste of Iraqi gas and the rejection of calls for its investment by local and international companies.
It was noted that Blinken did not address in his statements the main issue related to the movement of the dollar in Iraq, which indicates that the US administration did not change its restrictions and did not respond to the Iraqi demands. Informed sources confirmed that the American position was strict on the need for Iraq to reconsider its banking system, which has large loopholes that allow the smuggling of Iraqi funds to Iran and help it break the blockade and sanctions against it. Washington also revealed that it closely monitors money laundering and currency smuggling in Iraq, and therefore warned Baghdad of the need to control the movement of its dollar, otherwise the Iraqi dinar will be doomed to collapse, as happened with the Syrian and Lebanese pounds.
The joint statement of the two countries stated that they had decided to “accelerate efforts to exploit the burning gas, modernize the infrastructure for natural gas distribution, regional connectivity to the Iraqi electricity network, modernize the electricity infrastructure in Iraq, and explore renewable energy opportunities.” .” The American delegation praised “Iraq's commitment to regional electrical interconnection projects with Jordan and Saudi Arabia.” They also urged the use of solar energy. The two delegations affirmed "the convergence of views that the pursuit of an ambitious agenda for energy independence is necessary to achieve maximum economic prosperity for Iraq and protect its sovereignty."
While the Governor of the Central Bank, Ali Al-Alaq, affirmed the bank's intention to launch the second package of measures that would enhance the stability of the dollar exchange rate, stressing that “the new electronic platform to avoid the imposition of any penalties on the parties that carry out transfer operations, whether they are banks or others, as it is a protection for the banking sector and the bank.” The Central Bank and the banks from falling into any forms related to foreign financial transfers, and this serves all parties.
Iraqi economic analysts indicated that the US Federal Bank gave Iraq a short period of time to commit to monitoring the movement of its funds, in accordance with international standards, and to avoid money laundering and informal transfers.
Samir Obaid, an academic and expert in political and strategic affairs, revealed, in a series of tweets on his personal page on Twitter, “Washington imposed a number of conditions on Iraq in order to overcome the dollar crisis and smuggle it abroad, and that Among the American conditions signed by the Iraqi delegation in Washington is the opening of a federal office in Amman.” His mission is to monitor the movement of Iraqi funds ». He revealed that "Al-Sudanese broke the barrier of hesitation and courtesy with the framework leaders (Iran's allies) and informed them of the strict American conditions signed by the Iraqi delegation in Washington, which have become binding," he said, which he considered "imposing American tutelage on the Iraqi economy by signing them in Washington."
shiite criticism
Perhaps the most prominent indicator of the failure of the Iraqi delegation to change the American position is the angry reactions of the forces of the coordination framework allied to Iran, which expressed dissatisfaction with the results of the Foreign Minister's move in Washington and pledged to send Prime Minister Minister Muhammad al-Sudani to Washington for this purpose.
The forces of the framework directed various accusations against the United States, at times of seeking to control Iraq and its economy, with calls to get rid of the American financial hegemony over Iraq. In addition to calls for the Sudanese government to sell oil to India, China and other countries, in currencies other than the dollar, away from the US financial system that controls the world economy. While some framework sources stated that Washington took the oil export agreement to Jordan through the (Basra-Aqaba) pipeline as one of the conditions for resolving the dollar crisis, others claimed that the Russian-Chinese-French move towards Iraq recently prompted Washington to impose restrictions to put pressure on the Iraqi government economically.
Away from intentions and goals, observers see that the American measures are welcomed by most Iraqis, as they are beneficial to their country and limit the draining of Iraq's funds by other countries. They also see that the decisions of the US Federal Bank are systematic and deliberate to direct the Iraqi economy and prevent its exploitation by Iran and its allies. As for the Baghdad government, which has fallen between the American rock and the Iranian anvil, it has no choice but to abide by the American restrictions, despite the pressure exerted on it by the Iraqi loyalist forces, which reflects Iran's unwillingness to abandon the Iraqi dairy cow, amid anticipation of the next Iranian steps to circumvent the American decisions.
But it could only be what the occupiers and the recipients wanted... A remarkable financial development witnessed by Iraq at the end of 2022, with the decision of the US Federal Bank to stop suspicious and fictitious financial transfers from Iraq abroad, which caused an increase in the exchange rate of the dollar and an increase in commodity prices, as well as many countries surrounding the country have been deprived of billions of Iraqi dollars.
In a strange paradox, a severe financial crisis has engulfed Iraq these days, as a result of the consequences of the decline in the exchange rate of the dollar against the dinar, reaching unprecedented record levels, despite the large financial surplus available to it as a As a result of the high prices of Iraqi oil sources and the lack of a budget for the year 2022.
The rise in the exchange rate of the dollar came from 1450 dinars per dollar to reach about 1600 in the parallel market, due to the lack of supply of hard currency, followed by a significant rise in the prices of all goods and services in the Iraqi markets, which constituted additional new pressure on the purchasing power of citizens and the stagnation of the market movement. Amid the government's inability to deal with the situation and its exposure to embarrassment, as it promised to reduce the exchange rate of the dollar within the program of the government of Muhammad al-Sudanese, which has been around for two months.
The causes of the crisis
There is no doubt that the direct cause of the new financial crisis is due to the US Federal Bank preventing fake and suspicious financial transfers from Iraq abroad, especially to Iran and its allies in Syria, Lebanon and Yemen, where these Iraqi financial transfers are a lifeline of support for the economies of those countries that are under pressure from international sanctions and stifling financial blockade.
The US Federal Reserve Bank had imposed amendments to the procedures for Iraqi transfers that go through the "Swift" system to include an audit of the source of funds until the final recipient, in a measure that reflects political motives, after repeated US warnings to Iraq not to breach the sanctions on Iran. On the other hand, several parties bought dollars from the market to compensate for stopping their dealings with the Central Bank of Iraq, which led to an increase in commodity prices.
Parliamentary movement
In the face of the widespread popular discontent and the stagnation of activities in the markets due to the huge rise in prices, many deputies moved to convene a session of the House of Representatives and address the problem. At the forefront of the initiators were the representatives of the Tishreen reform movement.
The "Humans Movement" took the initiative to collect parliamentary signatures to hold a parliament session, to discuss the serious repercussions of the high dollar exchange rate and to find out the government's measures towards it. While the head of the political bureau of the “Emtiad movement”, Raed Al-Saleh, criticized what he described as the “appreciated silence” by the government regarding the exchange rate of the dollar, referring to “efforts to interrogate Prime Minister Muhammad Al Sudanese over the failure to control the exchange rate of the dollar and other issues.”
In a statement, the Deputy Speaker of the House of Representatives, Shakhwan Abdullah, called on the government, the Ministry of Finance and the Central Bank to “reconsider financial policy, take measures and increase the opening of foreign currency sales outlets in banks and at the government rate, in order to prevent a rise in the exchange rate of the dollar.” He called for "not enabling those who control the black markets to benefit from the exchange rate of turmoil, and to cordon off wrong monetary practices that harm the economy and commercial activity throughout the country."
However, the former politician and deputy, Mishaan al-Jubouri, was more frank when he explained, "The US treasury revealed operations to smuggle currency out of the country and demanded that the Iraqi government make sales only for real credits and through documents."
Al-Jubouri said during a televised interview, “The US Treasury followed up the issue of currency smuggling abroad and activated its office in Baghdad, and learned that the dollar is smuggling to Iran despite the sanctions it imposes on it, and in order to control This situation, the Iraqi government demanded that sales be only for real credits.” Through documents.
He pointed out that "the US Federal Reserve put a lot of Iraqi banks and companies that were found to have deals in this aspect in the black list and prevented them from buying the currency." Pointing out that “a lot of the money sold by the central bank goes to Iran through fake companies and banks, and then forged documents come in exchange for this smuggled money.”
governmentactions
Within the framework of the government's move to confront the crisis, the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, called for "activating steps to sell foreign currency at official prices to citizens," stressing the need to take the necessary measures to prevent illegal speculation, and everything that harms the local market and leads to higher prices.
In a statement, he urged the importance of “activating steps to sell foreign currency at official rates to citizens through purchasing with electronic cards, opening sales outlets for travelers, or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.”
Al-Sudani also acknowledged that “exchange rate fluctuations and their impact on the Iraqi economy made us adhere to the inevitability of economic reform, support for agriculture, industry, tourism and trade, instead of Iraq being a market for imported goods and a passage for smuggling hard currency and money laundering.”
As for the procedures of the Central Bank of Iraq, observers considered it below the level of the crisis, as the central bank decided not to collect customs duties and taxes in advance on imports, and sold dollars to patients traveling for treatment and students abroad, And pumped dollars to some banks to sell them to citizens.
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, considered that the rise in the exchange rate in favor of the dollar is not caused by a problem with the adequacy of foreign reserves, indicating that “Iraq's reserves of foreign currency exceeded 100 billion dollars , and the percentage of the current account surplus amounted to about 15 percent.
He added, "What happened in terms of increases is a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency," noting that "work was carried out a while ago with an advanced electronic platform linking the request for transfers by local banks with correspondents." From international banks and relevant global compliance bodies at the same time.
And the economic advisor acknowledged: “During the start of the experiment a few weeks ago, it became clear that there were shortcomings and informational shortcomings that were not consistent with the governance of the flow of remittances through the global banking system, which led to some of them being returned again or rejected in order to complete the standard submission requirements and follow the standard foundations in disclosing the final beneficiary and other conditions.” Bank disclosure and compliance.
Attack on America
In an attempt to cover up the real causes of the crisis, the Shiite parties and factions launched a violent attack on the United States, blaming it for raising the price of the dollar and accusing it of meddling in Iraqi affairs.
The leader of the State of Law, Haider al-Lami, said in a statement, “America has punished the four private Iraqi banks and warned 30 other banks based on suspicion indicating that these banks are smuggling money outside the country and money laundering operations. " Claiming that “Washington does not have any evidence about these banks.
While the leader of the State of Law coalition, Ibrahim al-Sakini, accused America of creating tensions for the Sudanese government by interfering in the policy of the Central Bank and removing some banks from the currency auction, accusing America of seeing itself as a guardian of the people in imposing its own interests.
There is no doubt that the new financial crisis widened the differences between the Sudanese government, which announced the status of combating corruption and currency smuggling among its priorities, and between parties and factions that own banks and exchange shops that annually transfer billions of dollars to allied countries, through the dollar sale window in the Central Bank of Iraq, deliberately exploiting the Iraqi governments turned a blind eye and ignored advice from inside and outside the need to control this window to prevent smuggling.
It is noteworthy that all Iraqi funds received from its oil sales are deposited in the US Federal Bank, which in turn releases financial transfers to the Iraqi Ministry of Finance, because Iraq is still subject to US tutelage over Iraqi funds. Therefore, specialists fear the possibility of returning Iraq to the provisions of Chapter VII, amid leaks about the tendency for American advisors to supervise and monitor the performance of the Central Bank to prevent widespread smuggling of currency.
In fact, the recent American move was expected, as it was no secret to the United States that the ruling Iraqi political forces provided huge sums of money to Iran and its allies to help it face US sanctions. And that those forces are ready to serve their allies, even at the expense of exposing the economy and the Iraqi people to dangers, crises and suffering. While observers agree that the American decision constituted a very effective blow to Iran by cutting off the most important financial resource for it and its allies in these extremely difficult circumstances for it.
Although::::::: Iran has a long history of exploiting tourism to penetrate the homelands of the Arabs and the world, and 4 Arab countries tolerated Iranian tourism, so Iran gradually took control of its capitals and decision-making positions, turned its elites into tools, terrorized the rest, drained its economy, diverted its resources to serve Iran politically, economically and militarily, it turned it into centers for recruiting terrorist militias loyal to it, centers for manufacturing and distributing drugs and weapons, money laundering for it, and it planted mercenaries from everywhere, so it became difficult to restore the situation without long wars with a suffocating international blockade of Iran and the structures and organizations that created it
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[/rtl]
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» Alsumaria publishes the text of the law against prostitution and homosexuality
» A parliamentarian reveals the reason for the failure of the Speaker of Parliament to pass during tod
» utube MM&C 4/24/24 Support - USA- Turkey - Timing- Currency Value - Tabled
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
» Al-Sudani: The government has launched many strategies and initiatives that will improve the reality
» International Business: Iraq has made progress in supporting businesses through investment and priva
» Association of Banks: Iraq is witnessing great development in the transition to electronic governmen
» The House of Representatives votes to add an item to its agenda (election of the Speaker of the Hous
» Parliamentary integrity: Combating corruption requires parliamentary legislation
» Al-Karaawi: America is trying to restrict Iraq
» The State of Law coalition moves to form the local government in Diyala
» The Sudanese and his battle against corruption.. Where is the fault with the government or with the
» Prime Minister's Advisor: We will see the dollar fall on the black market soon
» The Sunni blocs are resolute. The presidency of the Council is ours, away from Al-Halbousi
» Al-Sudani discusses with a workers’ organization his government’s steps in this field
» Parliament holds its session in the presence of 170 deputies
» In the presence of Nechirvan Barzani and Al-Sudani... the State Administration Coalition holds an “i
» The UAE company ADNOC resorts to Iraqi oil. Find out the reasons
» The Iraqi Parliament votes to add an item to elect a president to its agenda
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
» Al-Sudani: It is necessary to attract women to work as a productive energy that cannot be disrupted
» Zebari regarding targeting the Kormor field: a systematic attack on the economy of Kurdistan
» Saudi Arabia tops, and this is Iraq's rank... a list of major suppliers of crude oil to South Korea
» With a value of 125 million dollars.. Iraq is at the forefront of countries importing Iranian textil
» More than a billion dollars in sales from the Iraqi Central Bank within a week
» Al-Sudani stresses the need for the expertise of the International Labor Organization to legislate a
» Including the return of 21 wanted persons.. The Iraq Money Recovery Fund counts its achievements in
» The path to development is the criterion between true patriotism and political clowning.
» The file of the Presidency of Parliament is on the state administration table... this evening
» Director General of the International Labor Organization: Many challenges in the world of work and t
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
» Prime Minister: Our government has provided great support for the success of the activities, program
» Al-Asadi: Iraq places the social protection file among its priorities
» Al-Sudani: Iraq is one of the first countries in the region to join the International Labor Organiza
» In the presence of Al-Sudani and Barzani, the State Administration Coalition holds an “important” me
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
» Prime Minister: Our government has provided great support for the success of the activities, program
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
» The Parliamentary Development Institute organizes a workshop on the political role of the representa
» With Arab and international participation. Tomorrow will be the start of the Fourth Baghdad Internat
» OPEC Secretary General: The end of oil is not on the horizon
» Closing a number of unlicensed offices and companies south of Baghdad
» Repercussions of the bombing...intensive government movements to resume work in the “Kormor” field
» In the presence of Al-Sudani...the opening of the Arab Labor Conference in its 50th session in Baghd
» Al-Sudani: We are working on drawing future visions regarding the “green and digital” economic secto
» Barzani after the Kormor attack: We are ready to coordinate with Baghdad to put an end to these atta
» Al-Sudani directs the formation of an investigative committee into the circumstances of the Kormo fi
» Bismayah is confused about the new electronic portal.. What about the landlord and the subcontracts?
» Kurdistan Government: Loss of 2,500 megawatts of electricity due to targeting the Kormor field
» Crisis in Kurdistan: 12-hour daily power outage and complaints of “confusion”
» The Supreme Anti-Corruption Commission demands Nineveh for the contracts concluded by “Najm Al-Jubou
» Al-Khanjar, Al-Samarrai, and Abu Mazen are hosted by Shaalan Al-Karim to discuss accelerating the se
» Iraq asks the countries of the world to respond to its requests to extradite wanted persons: We have
» “It is coming soon.” The Sudanese advisor sets the date for the referral of the Baghdad metro and th
» Al-Mubarqa: Iraq reserves its full right to respond to the Australian behavior
» Dollar exchange rates on Iraqi stock exchanges... recorded a decline, and this is the list
» Mr. Al-Sadr supports the position of American university students
» Iraqis are ranked 7th in the Arab world on the list of those most seeking immigration to America. He
» Soon.. 3 new hospitals will open in Baghdad
» Sponsored by Al-Sudani...the opening of the Arab Labor Conference in its fiftieth session in Baghdad
» Al-Shammari chairs a meeting at the controlling headquarters to review the results of the security o
» Arab Labor Organization: We commend Iraq's interest in the Arab Labor Conference
» Al-Sudani: The development road project will provide many job opportunities
» Sudanese advisor criticizes Kuwaiti analyzes regarding the development road project
» Al-Mandalawi stresses the need to strengthen economic and trade cooperation between Iraq and Poland
» Power maneuvers: America provides defensive weapons to Kurdistan in exchange for withholding from Ba
» Kuwait is drilling an oil well near Umm Qasr, towards Iraqi territory
» In the document... the first Iraqi ministry identifies the obstacles to changing the new official wo
» Italian Institute: Iraq is stuck in its own crises, including Baghdad’s efforts to undermine the “au
» The head of the Integrity Commission announces the holding of an international Interpol conference i
» Planning: Iraqi companies are not efficient in conducting the population census
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
» Iraq's oil exports rise despite OPEC+ cuts
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
» Al-Araji emphasizes working to strengthen national identity
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh
» Iraq is talking about producing one million additional liters of gasoline
» The Council of Ministers approves the implementation of the Baghdad Metro project
» Minister of Commerce: We formed a joint economic committee with Türkiye
» Resources: Government measures have contributed to improving the water situation in Iraq