POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]
[size=52]British report: the lack of availability of the dollar reflects the weakness of the Iraqi economy[/size]
[size=45]Translated by: Hamed Ahmed[/size]
[size=45]A British report confirmed that the Central Bank of Iraq's actions led to unintended results, pointing out that the most prominent of which was an acute shortage of dollar supply in the local markets.[/size]
[size=45]A report by the British newspaper (Financial Times), translated by (Al-Mada), stated that “Iraq is striving to control a disturbing currency crisis that has occupied the country for months, revealing the fragility of its oil-dependent economy over the 20 years since the American invasion of the country.” The report added, “Ali Mohsen Al-Alaq, the new governor of the Central Bank, defended the measures that were introduced in order to stabilize the monetary crisis that led to an acute shortage of the dollar currency and also a sharp decline in the dinar.”[/size]
[size=45]He pointed out, “Al-Alaq said in an interview: We focused on finding a solution to the root of the problem and we saw some positive indicators.”[/size]
[size=45]Al-Alaq talked about “the efforts of the Central Bank and the government to alleviate this situation, which has remained stuck since the start of the crisis in November.”[/size]
[size=45]And Al-Alaq stressed, “This was when the Iraqi authorities, in cooperation with the United States, implemented strict provisions for banks as part of attempts to curb money laundering and smuggling of hard currency abroad.”[/size]
[size=45]And the report stated, “This package of measures led to unintended consequences, including an acute shortage in the provision of the dollar currency in an economic environment in which the American currency is preferred, which led to inflation and created difficulties for Iraqis who do not trust their institutions or their own currency.”[/size]
[size=45]And he indicated that “Hamudi Ismail, 27 years old, a self-employed business owner, said that he is having difficulty obtaining 4,300 dollars in order to pay the rent and pay the costs of goods he wants to buy, and he said: The owner of the house refuses to receive the rent amount in dinars, and I spent several days this week I'm trying to get a dollar."[/size]
[size=45]The report emphasized that "Iraq's vulnerable economy is almost entirely dependent on fluctuations in global oil market prices."[/size]
[size=45]And he continues, “Record oil prices filled the treasury funds of the second largest oil producer in OPEC with more than $100 billion.”[/size]
[size=45]The report added, however, that “Baghdad cannot access the money except through the US Federal Reserve Bank, which has deposited Iraq’s hard currency reserves since 2003.”[/size]
[size=45]He added, "The Central Bank of Iraq submits a request to the Federal Bank to obtain its dollar balances and then sells them to merchants, private banks, and exchange offices in exchange for the dinar, through what is known as the daily currency auction for the dollar."[/size]
[size=45]And the report goes on, “American and Iraqi officials have for a long time complained that a massive fraud and forgery operation allowed the smuggling of huge sums of money out of the country, with part of these dollars ending up in the hands of armed groups in Iran, Syria and Lebanon that are included in the US sanctions.”[/size]
[size=45]"Unfortunately we have noticed an increasing number of suspicious money transfers, huge amounts of money transfers leaving the country in a clear fraudulent manner," said David Berger, a senior US official in Baghdad.[/size]
[size=45]And the report went, that "these concerns were renewed last year after the theft of $ 2.5 billion from tax secretariats in Iraqi dinars, and part of these amounts were used to buy dollars through the currency auction."[/size]
[size=45]He added, "The Central Bank, by adopting the electronic platform for money transfers that contains information about the sender and receiver of money, some of the banks and merchants do not want to include detailed information about the beneficiary, while others were slow to adapt to these provisions."[/size]
[size=45]And the report added, “With the rejection of many requests for money transfers from Iraqi accounts by the Federal Bank, this has led to a decrease in supplying the Iraqi market with the dollar currency.”[/size]
[size=45]He explained, "Central Bank information shows a decrease in the volume of financial transfers from an average of $180 million per day during the year 2022 to approximately $65 to $75 million during this year."[/size]
[size=45]Al-Alaq goes back to saying, “There are indicators of progress, and we notice a daily increase in the number of money transfers on the digital platform, just as we have begun to notice an increase in the number of Iraqi merchants who apply to officially register to participate.”[/size]
[size=45]However, the report stated, "Experts warn that this process may take many months before Iraqi banks fully adapt to it, and years for the country's economy to move away entirely from the formal formula that relies on cash."[/size]
[size=45]He pointed out, "Introducing another method that allows travelers to buy up to 7 thousand dollars at airports to use when they travel."[/size]
[size=45]And the report stated, “This method prompted people to book airline tickets simply because they obtained dollars, and then they sold them on the black market.”[/size]
[size=45]And he quotes, according to “an airline employee at Baghdad airport, saying: We have witnessed for weeks the sale of airline tickets to Amman or Beirut, as they have all sold out, but the planes are empty of passengers.”[/size]
[size=45]The report emphasized, “This loophole was narrowed last week by making the maximum allowable amount only two thousand dollars.”[/size]
[size=45]He continued, "Some of these dollars ended up in Lebanon, which is suffering from a severe economic crisis."[/size]
[size=45]The report quotes one of the owners of money exchange shops as saying, “For weeks, he used to send dozens of Iraqis to withdraw dollars from the airport daily and send them to Lebanon.”[/size]
[size=45]And the governor of the Central Bank, Ali Al-Alaq, went on to say that “our biggest problem is that the Iraqis depend entirely on the dollar in monetary terms. Isn’t it strange for someone in his country to pay in foreign currency?” The whole world is heading towards abandoning criticism, and Iraq must do that as well.”[/size]
[size=45]About: (Financial Times) British website[/size]
[size=45][You must be registered and logged in to see this link.]
[size=52]British report: the lack of availability of the dollar reflects the weakness of the Iraqi economy[/size]
[size=45]Translated by: Hamed Ahmed[/size]
[size=45]A British report confirmed that the Central Bank of Iraq's actions led to unintended results, pointing out that the most prominent of which was an acute shortage of dollar supply in the local markets.[/size]
[size=45]A report by the British newspaper (Financial Times), translated by (Al-Mada), stated that “Iraq is striving to control a disturbing currency crisis that has occupied the country for months, revealing the fragility of its oil-dependent economy over the 20 years since the American invasion of the country.” The report added, “Ali Mohsen Al-Alaq, the new governor of the Central Bank, defended the measures that were introduced in order to stabilize the monetary crisis that led to an acute shortage of the dollar currency and also a sharp decline in the dinar.”[/size]
[size=45]He pointed out, “Al-Alaq said in an interview: We focused on finding a solution to the root of the problem and we saw some positive indicators.”[/size]
[size=45]Al-Alaq talked about “the efforts of the Central Bank and the government to alleviate this situation, which has remained stuck since the start of the crisis in November.”[/size]
[size=45]And Al-Alaq stressed, “This was when the Iraqi authorities, in cooperation with the United States, implemented strict provisions for banks as part of attempts to curb money laundering and smuggling of hard currency abroad.”[/size]
[size=45]And the report stated, “This package of measures led to unintended consequences, including an acute shortage in the provision of the dollar currency in an economic environment in which the American currency is preferred, which led to inflation and created difficulties for Iraqis who do not trust their institutions or their own currency.”[/size]
[size=45]And he indicated that “Hamudi Ismail, 27 years old, a self-employed business owner, said that he is having difficulty obtaining 4,300 dollars in order to pay the rent and pay the costs of goods he wants to buy, and he said: The owner of the house refuses to receive the rent amount in dinars, and I spent several days this week I'm trying to get a dollar."[/size]
[size=45]The report emphasized that "Iraq's vulnerable economy is almost entirely dependent on fluctuations in global oil market prices."[/size]
[size=45]And he continues, “Record oil prices filled the treasury funds of the second largest oil producer in OPEC with more than $100 billion.”[/size]
[size=45]The report added, however, that “Baghdad cannot access the money except through the US Federal Reserve Bank, which has deposited Iraq’s hard currency reserves since 2003.”[/size]
[size=45]He added, "The Central Bank of Iraq submits a request to the Federal Bank to obtain its dollar balances and then sells them to merchants, private banks, and exchange offices in exchange for the dinar, through what is known as the daily currency auction for the dollar."[/size]
[size=45]And the report goes on, “American and Iraqi officials have for a long time complained that a massive fraud and forgery operation allowed the smuggling of huge sums of money out of the country, with part of these dollars ending up in the hands of armed groups in Iran, Syria and Lebanon that are included in the US sanctions.”[/size]
[size=45]"Unfortunately we have noticed an increasing number of suspicious money transfers, huge amounts of money transfers leaving the country in a clear fraudulent manner," said David Berger, a senior US official in Baghdad.[/size]
[size=45]And the report went, that "these concerns were renewed last year after the theft of $ 2.5 billion from tax secretariats in Iraqi dinars, and part of these amounts were used to buy dollars through the currency auction."[/size]
[size=45]He added, "The Central Bank, by adopting the electronic platform for money transfers that contains information about the sender and receiver of money, some of the banks and merchants do not want to include detailed information about the beneficiary, while others were slow to adapt to these provisions."[/size]
[size=45]And the report added, “With the rejection of many requests for money transfers from Iraqi accounts by the Federal Bank, this has led to a decrease in supplying the Iraqi market with the dollar currency.”[/size]
[size=45]He explained, "Central Bank information shows a decrease in the volume of financial transfers from an average of $180 million per day during the year 2022 to approximately $65 to $75 million during this year."[/size]
[size=45]Al-Alaq goes back to saying, “There are indicators of progress, and we notice a daily increase in the number of money transfers on the digital platform, just as we have begun to notice an increase in the number of Iraqi merchants who apply to officially register to participate.”[/size]
[size=45]However, the report stated, "Experts warn that this process may take many months before Iraqi banks fully adapt to it, and years for the country's economy to move away entirely from the formal formula that relies on cash."[/size]
[size=45]He pointed out, "Introducing another method that allows travelers to buy up to 7 thousand dollars at airports to use when they travel."[/size]
[size=45]And the report stated, “This method prompted people to book airline tickets simply because they obtained dollars, and then they sold them on the black market.”[/size]
[size=45]And he quotes, according to “an airline employee at Baghdad airport, saying: We have witnessed for weeks the sale of airline tickets to Amman or Beirut, as they have all sold out, but the planes are empty of passengers.”[/size]
[size=45]The report emphasized, “This loophole was narrowed last week by making the maximum allowable amount only two thousand dollars.”[/size]
[size=45]He continued, "Some of these dollars ended up in Lebanon, which is suffering from a severe economic crisis."[/size]
[size=45]The report quotes one of the owners of money exchange shops as saying, “For weeks, he used to send dozens of Iraqis to withdraw dollars from the airport daily and send them to Lebanon.”[/size]
[size=45]And the governor of the Central Bank, Ali Al-Alaq, went on to say that “our biggest problem is that the Iraqis depend entirely on the dollar in monetary terms. Isn’t it strange for someone in his country to pay in foreign currency?” The whole world is heading towards abandoning criticism, and Iraq must do that as well.”[/size]
[size=45]About: (Financial Times) British website[/size]
[size=45][You must be registered and logged in to see this link.]
Today at 7:23 am by Rocky
» Governor of Baghdad: 20 projects will be included during the current year in the city of Nahrawan
Today at 7:20 am by Rocky
» More than $242 million in central bank sales today
Today at 7:17 am by Rocky
» Advisor: Sudanese is determined to close the displacement file
Today at 7:14 am by Rocky
» Al-Sudani: The implementation of the 2023 budget witnessed a success that must be invested in
Today at 7:13 am by Rocky
» The Baghdad Council will decide on the nomination of the committees in the coming days
Today at 7:10 am by Rocky
» Al-Samarrai: The Sunni community is not in favor of removing American forces
Today at 7:08 am by Rocky
» A warning from Al-Rasheed to those wishing to apply for advances and loans
Today at 7:06 am by Rocky
» Azerbaijan expresses its desire to participate in the implementation of joint projects in the oil an
Today at 7:05 am by Rocky
» Fuel cards arouse citizens' discontent
Today at 7:03 am by Rocky
» utube 3/18/24 MM&C Iraqi Dinar-- IQD-- Dinar Update -100% Electronic - Real Effective Exchange Rat
Today at 5:21 am by Rocky
» utube MM&C 3/16/24 0:05 / 18:16 Iraq Federal Court Brings - Strength to Financial - Politic
Today at 5:18 am by Rocky
» MM&C 3/18/24 Sudanese Advisor: Iraq will leave government monetary dealing in mid-2024
Today at 5:17 am by Rocky
» A delegation from the Kurdistan government visits Baghdad to discuss the issue of localization of sa
Today at 5:11 am by Rocky
» Director of the Central Oil Company: We are keen to provide the appropriate investment environment
Today at 5:10 am by Rocky
» The Energy Parliament calls for reporting generators violating government pricing
Today at 5:08 am by Rocky
» A representative reveals the fate of the laws of “previous sessions”
Today at 5:07 am by Rocky
» Politician: Coordination holds the keys to resolving the “Parliament Presidency” conflict
Today at 5:05 am by Rocky
» Al-Sudani: Iraq wants to carry out its peaceful activity in the field of atomic energy
Today at 5:04 am by Rocky
» Including a minister and a parliamentarian... 38 arrest and recruitment orders were issued against t
Today at 5:02 am by Rocky
» Integrity: Citizens’ cooperation resulted in detecting inflation and returning state funds
Today at 5:01 am by Rocky
» Agriculture presents 97 projects to the Ministerial Council for the Economy
Today at 4:59 am by Rocky
» Al-Sudani: We succeeded in implementing the 2023 budget, and we must continue to complete economic p
Today at 4:58 am by Rocky
» Labor adopts new mechanisms to reduce the phenomenon of begging
Today at 4:57 am by Rocky
» Electronically.. directing the collection of fees tomorrow in an Iraqi governorate
Today at 4:56 am by Rocky
» Held in Brussels.. Iraq receives an official invitation to attend the Nuclear Energy Summit
Today at 4:55 am by Rocky
» Kurdistan has been paralyzed. There has been no liquidity in hand for 50 days, and the truth has bee
Today at 4:53 am by Rocky
» The dollar continues to decline against the Iraqi dinar on the stock exchange and exchange offices
Today at 4:52 am by Rocky
» The Minister of Oil reveals the reasons for Shell’s withdrawal from Nebras: It will be divided into
Today at 4:51 am by Rocky
» The Housing Fund advises loan applicants and launches a link for inquiries
Today at 4:50 am by Rocky
» He stressed that the government’s vision is to make one class not exceed 25 students...Government me
Today at 4:48 am by Rocky
» Al-Hakim and Al-Halbousi stress the importance of choosing a speaker for Parliament in accordance wi
Today at 4:47 am by Rocky
» Iron and Steel Company: Iraq is on the verge of a major industrial revolution
Today at 4:46 am by Rocky
» Economists: Citizens still prefer cash transactions over electronic transactions
Today at 4:45 am by Rocky
» The compass of Iraq's foreign policy in a world of turbulent polarization
Today at 4:43 am by Rocky
» Parliamentary Finance: The federal budget is in the corridors of the Council of Ministers, and there
Today at 4:42 am by Rocky
» Integrity calls on citizens to report the inflation of funds in the sector of the Ministry of Labor
Today at 4:40 am by Rocky
» Al-Sudani directs the launch of initiatives for young businessmen and investors
Today at 4:38 am by Rocky
» Representative agriculture emphasizes taking supportive measures for the local product
Today at 4:37 am by Rocky
» An economist calls on the government to support and stimulate the private sector
Today at 4:36 am by Rocky
» Al-Ittihad: Employees and retirees in Kurdistan paid the price of political differences with Baghdad
Today at 4:34 am by Rocky
» Al-Samarrai and Al-Hakim discuss the importance of achieving political and constitutional entitlemen
Today at 4:32 am by Rocky
» Only 23 million dunums. Iraq exploits approximately 50% of its arable land
Today at 4:30 am by Rocky
» Türkiye considers it a political issue.. Where have the negotiations reached regarding Iraq’s water
Today at 4:29 am by Rocky
» Sudanese receives an invitation to attend the Nuclear Energy Summit in Brussels - Urgent
Today at 4:27 am by Rocky
» Central Bank sales exceed $240 million today
Yesterday at 6:52 am by Rocky
» Parliamentary Finance calls on the government to expedite sending the 2024 budget to Parliament
Yesterday at 6:47 am by Rocky
» ‘We’re So Sick of It’: Northern Border Crisis Gets Worse
Yesterday at 6:35 am by Bama Diva
» A representative holds Kurdistan responsible for the faltering legislation of the oil and gas law
Yesterday at 5:27 am by Rocky
» Warnings of the danger of the increase in foreign labor in Iraq
Yesterday at 5:26 am by Rocky
» Iraq's oil exports to America decreased within a week
Yesterday at 5:25 am by Rocky
» Al-Sudani chairs an “important” meeting to form the Kirkuk government
Yesterday at 5:23 am by Rocky
» Investment confirms the adoption of a new method in new residential cities and explains its details
Yesterday at 5:21 am by Rocky
» For the first time in 2024.. exchange rates fall to the threshold of 149 thousand in Baghdad
Yesterday at 5:19 am by Rocky
» Including gold.. An increase in exports of 3 Turkish products to Iraq during 2024
Yesterday at 5:18 am by Rocky
» A detailed integrity report regarding the Housing Fund... called for this matter
Yesterday at 5:17 am by Rocky
» Resources count the number of trespassers in Baghdad.. What about restaurants?
Yesterday at 5:16 am by Rocky
» At a cost of approximately two billion dinars... determining the completion rates achieved in the Ma
Yesterday at 5:15 am by Rocky
» Parliament awaits the “Cabinet of Ministers” law
Yesterday at 5:14 am by Rocky
» Provincial councils return after an absence with a heavy legacy
Yesterday at 5:13 am by Rocky
» Iraq is the axis and meeting point of East and West
Yesterday at 5:11 am by Rocky
» One million beneficiaries of health insurance early next May
Yesterday at 5:10 am by Rocky
» Parliamentary Finance: Delaying the budget had a negative impact on the performance of the ministrie
Yesterday at 5:09 am by Rocky
» The chaos of urban expansion threatens the agricultural character of Diwaniyah
Yesterday at 5:08 am by Rocky
» A project to plant Japanese trees in Erbil
Yesterday at 5:07 am by Rocky
» A team to prepare the national strategy for national security in Kirkuk
Yesterday at 5:06 am by Rocky
» Next Tuesday...concluding a contract to expand the basic design of the city of Mosul
Yesterday at 5:04 am by Rocky
» A festival to reduce food prices in Mosul
Yesterday at 5:03 am by Rocky
» Technical committees between Baghdad and Erbil to resume oil exports through Türkiye
Yesterday at 5:02 am by Rocky
» A model of economic diversification
Yesterday at 5:01 am by Rocky
» Variation in the extent to which Iraq was affected by the decision to reduce the credit rating of {T
Yesterday at 5:00 am by Rocky
» Al-Sudani: Iraq has made a commitment to receive the entire security file from the Ministry of Inter
Yesterday at 4:58 am by Rocky
» The President of the Republic stresses the important role of Mr. Abdul Aziz Al-Hakim in the first st
Yesterday at 4:56 am by Rocky
» The Iraqi Center for Combating Rumors warns against social media celebrities misleading their follow
Yesterday at 4:54 am by Rocky
» Integrity investigates the work of the Housing Fund and indicates debts worth 56 billion dinars
Yesterday at 4:53 am by Rocky
» Agricultural associations in Karbala welcome the provincial council’s decision to prevent the fragme
Yesterday at 4:52 am by Rocky
» Free education lecturers demand that they be given job opportunities and contracts in Kirkuk
Yesterday at 4:51 am by Rocky
» The Digital Media Center calls for not browsing links published on a government page
Yesterday at 4:50 am by Rocky
» The President of the Republic confirms the strength of relations between Iraq and Italy
Yesterday at 4:48 am by Rocky
» A decline in Iraq's oil exports to America during the past week
Yesterday at 4:47 am by Rocky
» Economic researcher for / NINA /: Iraqi youth are qualified for the labor market and relying on them
Yesterday at 4:46 am by Rocky
» The Minister of Planning is following up on the Statistics Authority’s preparations to conduct the g
Yesterday at 4:45 am by Rocky
» 5 days after sending the money and the Kurdistan government has not paid the salaries...a political
Yesterday at 4:44 am by Rocky
» A political reading about Sudanese political concern.. Amending the election law is one of the attem
Yesterday at 4:42 am by Rocky
» Al-Sudani to the Baghdad government: Pay attention to the outskirts of the capital, and drainage mus
Yesterday at 4:41 am by Rocky
» The Iraqi dinar recovers against the dollar in local markets
Yesterday at 4:39 am by Rocky
» Investment provides a summary of Bismaya units... and the new cities have “fixed prices” for the fir
Yesterday at 4:38 am by Rocky
» “Hidden commissions” on electronic fuel cards, contrary to what is advertised.. To whom does 100 mil
Yesterday at 4:37 am by Rocky
» Al-Hasnawi: The government is continuing to accelerate the completion and opening of lagging health
Yesterday at 4:36 am by Rocky
» Oil: The gasoline import file will be closed early next year
Yesterday at 4:35 am by Rocky
» “My account or your account”... a new problem behind the delay in the salaries of the region’s emplo
Yesterday at 4:34 am by Rocky
» Al-Sudani: Iraq is about to host important events and conferences
Yesterday at 4:33 am by Rocky
» In Erdogan's visit to Iraq...the path of development in exchange for water
Yesterday at 4:33 am by Rocky
» An American report on Washington’s seriousness in withdrawing from Iraq: Biden does not want to lose
Yesterday at 4:30 am by Rocky
» The organization is banned in Iraq.. Baghdad decides the fate of the Workers’ Party after 40 years o
Yesterday at 4:29 am by Rocky
» The rain exposes the poor quality of service projects and calls for the dismissal of officials and h
Yesterday at 4:28 am by Rocky
» Politician: Ankara needs Baghdad economically, and the path of development is Iraq’s trump card
Yesterday at 4:26 am by Rocky
» Economic calls to adopt a new philosophy for implementing strategic projects
Yesterday at 4:24 am by Rocky
» Al-Maliki: My alliance with Al-Sadr is possible, and the movement’s distance from it is an unhealthy
Yesterday at 4:23 am by Rocky