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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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» A leader in the law: If the Americans do not leave on their own two feet, we will expel them in fune
» MP: Next Sunday's session will witness the passing of "important laws"
» There is a financial aspect.. Al-Zaidi rules out voting on the real estate law
» "Promising" economic opportunities in central Iraq open doors to investment, trade and unemployment
» Minister of Transport: Arab interest in the development road project
» Bitcoin Fails to Maintain Its Meteoric Rise
» Amending the retirement age on the parliament's table.. This is the latest that has been reached
» Launching the Health Unit Initiative in Iraqi Schools
» Will Iraq be the savior of the countries of the region if oil prices fall?
» Regarding electrical energy.. Government moves to meet the needs of next summer
» {Retirement age} sparks debate in parliament
» Minister of Transport to {Sabah}: Arab interest in the development road project
» Planning: Two important pre-census activities start today and tomorrow
» Next week.. contracting with 2500 applicants on a {contract} basis
» Service Effort: Opening 30 projects in agricultural areas next month
» The House of Representatives issues a clarification regarding its tenders and official invitations
» Issuance of (3000) new decisions for politically dismissed employees and non-employees
» Al-Sudani discusses cooperation in the field of energy and development of the oil and gas sector wit
» Trade: Transferring 400 billion dinars to pay farmers’ dues for the remaining wheat for the northern
» Iranian Minister of Trade and Industry Injured During Trip to Kurdistan
» Chairman of the Integrity Commission: Corruption negatively affects reconstruction and development a
» Strengthening judicial cooperation on the table of Judge Zidane and his Turkish counterpart
» Al-Sudani directs the Ministry of Oil to communicate with Shell to implement projects that serve Ira
» One of them is "protocol".. A politician determines the extent of the difference between Al-Sudani's
» Iraq confirms its keenness to support OPEC unity to ensure oil price stability
» It may drop to 40%.. Al-Kanani warns of a sharp drop in oil and directs an urgent call to the govern
» Distribution next week.. The region will receive nearly 533 billion dinars to finance its employees’
» Iraq expresses interest in cooperating with major international oil companies
» Criticism follows the performance of the Minister of Foreign Affairs in international positions.. Wi
» Al-Mashhadani's election "embarrassed him"... Will Al-Sudani implement the ministerial reshuffle?
» Will the "dollar crisis" topple the central bank governor?
» The Oil and Gas Law Returns to the Forefront... Will Al-Sudani Be Able to Resolve the Disputes Over
» Oil Licenses in Basra: An Environmental Disaster That Raises Cancer Rates and Suffocates the Populat
» Iraq begins intensive campaign to deport illegal foreign workers and regulate the labor market
» Government advisor explains Baghdad Metro project specifications and confirms its continuation witho
» Al-Mashhadani to the 188 Alliance delegation: The best solution is to give people the freedom to cho
» Parliamentarian: Ambassadors and representatives of foreign missions came to Parliament to prevent t
» Al-Sudani's advisor reveals the reasons for the lack of gold in the government's reserves
» New fortifications close the most dangerous border gaps between Iraq and Syria
» "Baghdad breathes a sigh of relief" .. Closing of 144 illegal factories that emit toxins into the ai
» Iraqi oil prices continue to decline amid global price decline
» “The War of Leaks” Confuses the Political Scene... Blackmail or Expose of Corruption?
» Government sends budget amendment to resolve differences with region
» More than 800 “dual-job” employees work at Najaf Airport
» Slight rise in dollar prices against the dinar in Iraqi stock exchanges
» Where did the parliamentary discussions on the "retirement age" reach?
» The region "mobilizes" for the first census in 37 years: It will increase the budget share and the n
» "Thousands of them are suspended" .. Draft laws challenge the remainder of the life of the current p
» Population, oil and salaries...hot files in the meeting between Al-Sudani and Barzani
» Political attempts to obstruct it.. Personal Status Law on its way to legislation
» MP: Al-Sudani has reached the conviction of the necessity of removing some ministers
» Central Bank announces progress in dollar control procedures
» Baghdad.. Closing 144 informal metal smelting factories to reduce pollution
» Private Banks Association: Iraq to adopt advanced trade finance system by end of 2024
» Severe imprisonment for former Minister of Transport for deliberately violating his job duties
» 4 new pharmaceutical factories
» Iraq's move to attract $250 billion in investments welcomed
» Financial inclusion and banking restructuring
» Iraq records 4% economic growth, moves towards sustainable diversification
» Al-Sudani and Barzani discuss finding solutions to common issues "according to the constitution"
» Requesting Iraqi mediation.. US delegation arrives in Baghdad to follow up on the "hotline" with Teh
» Iraqi oil continues to decline for the third day in a row
» Population census in Iraq: social and political importance and a major challenge for the government
» Next Thursday.. the start of the first phase of the census
» 11 international companies compete to operate Faw Port
» Baghdad conveys Trump's message to Tehran: Stop proxy wars... and confirms removing the opposition f
» Iraq contracts to purchase defense systems and helicopters
» Has Al-Sudani's government succeeded in keeping the fire away from Iraq?
» Justice announces the Ministry of Finance’s approval to appoint contract employees in all judicial d
» Expert: Traders’ dealings with sanctioned markets trigger demand for dollars on the black market
» Anbar.. Al-Waleed District summarizes the completed and under-construction projects for the current
» A government delegation reviews the work stages and completion rates at Nasiriyah International Airp
» Al-Mashhadani to the Sovereignty Bloc delegation: The necessity of turning the page on differences b
» Al-Hasnawi: Iraq will benefit from green climate funds to improve the environment
» New decisions approved by the Council of Ministers during today's session
» The Chairman of the Trade Bank of Iraq reveals to Alsumaria the interest rate on loans
» The 10 cheapest countries to pay electricity and gas bills.. Where is Iraq?
» Al-Sudani and Nechirvan Barzani at one table in Erbil
» Here are the dollar prices in the Iraqi stock exchanges
» Parliamentary Committee Reveals to Alsumaria Latest Developments in Israeli Violation of Iraqi Airsp
» The largest of its kind in Iraq.. Launching a pioneering medical conference for professional develop
» A source explains the circumstances of transferring 75% of the Ministry of Interior’s civilian emplo
» Weapons are becoming more "loose" and the Interior Ministry is "politicizing"
» Government messages to citizens regarding the population census in Iraq
» What is Iraq's ranking in the Artificial Intelligence Index?
» utube 11/9/2 MM&C News Reporting-Sudani Art IV IMF-Port Faw Open-CBI Governor-No Room for Tw
» Finance Committee discusses revenue enhancement and investment budget allocations with governors
» His advisor: Al-Sudani's visit to Kurdistan focuses on these files
» Al-Tamimi explains the importance of the real estate return law
» MP: The administrative capital is a project under study and 2025 is the decision date
» Parliamentary Planning: Al-Sudani's government has not achieved what it pledged in its program