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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The governor of the central bank reveals a debt of 46 trillion dollars owed by the government

    Rocky
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    • Post n°1

    The governor of the central bank reveals a debt of 46 trillion dollars owed by the government Empty The governor of the central bank reveals a debt of 46 trillion dollars owed by the government

    Post by Rocky Fri 18 Aug 2023, 4:31 am

    [rtl]The governor of the central bank reveals a debt of 46 trillion dollars owed by the government[/rtl]

    economy  ,  2023/08/18 10:20  , the number of readings: 117 
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    [rtl]Baghdad - Iraq today:

    The Governor of the Central Bank of Iraq, Ali Al-Alaq, stated that the government owes the bank 46 trillion dinars, including 30 trillion dinars in the previous government.

    Al-Alaq told a group of journalists and media professionals that the central bank is asking the government for 46 trillion dinars, 30 of which are in the previous government that was headed by Prime Minister Mustafa Al-Kazemi.

    He added that there is a tendency to obtain the dollar inside airports through the outlets of sober companies, noting that the cost of printing the Iraqi currency is 5-6 cents per sheet.

    Al-Alaq denied the entry of 14 foreign banks into Iraq, noting that this matter is not true, and the status of banks that have correspondent banks is sound, official, and easy with foreign transfers.

    He also stressed that the next direction is to eliminate speculators in the parallel market, adding: "We are waging a great battle to remove the illegal groups that seize hard currency."

    As for gold, he explained that Iraq's reserves amount to 132 tons.

    The governor of the Central Bank of Iraq added that the country has come a long way in applying restrictions on the supply of the US dollar, but it is facing an uphill battle in light of a banking system that is not accustomed to strict control and currency smugglers sticking to their activities.

     

    Al-Alaq explained that it is "a real battle because the beneficiaries of this situation and those affected will try in various ways to continue their illegal activities."

    He stated that he did not have data on the volume of dollars smuggled from Iraq to Iran or any neighboring country, including Turkey and Syria, before the United States tightened the rules in November.

    Last month, US officials said the US Treasury Department and the Federal Reserve blocked 14 Iraqi banks from conducting dollar transactions as part of a broader campaign to smuggle dollars into Iran through the Iraqi banking system.

    Al-Alaq said that the transactions that led to the sanctions took place in 2022, before the launch of a new platform aimed at improving transparency. The Iraqi Central Bank also imposed stricter regulations on dollar transfers, requiring dealers to enter an online platform and provide detailed information about the final future of the transfers.

    He added that the central bank was conducting a review of the banking sector and would implement new regulations and rules that he said would likely see some banks closed.

    He also said: “There are always side effects, but at the same time we have a responsibility to protect the interests of the country by trying to find the necessary means of monitoring and oversight so that we do not expose the country to any issues on thisfront.”[/rtl]
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