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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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    An American threat related to the price of the dollar in Iraq and the million jobs provided by Tehra

    Rocky
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    • Post n°1

    An American threat related to the price of the dollar in Iraq and the million jobs provided by Tehra Empty An American threat related to the price of the dollar in Iraq and the million jobs provided by Tehra

    Post by Rocky Sat 16 Sep 2023, 4:19 am

    An American threat related to the price of the dollar in Iraq and the million jobs provided by Tehran.. What is the relationship between travelers?
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    Baghdad today - Baghdad 
    For more than nine months, and specifically since the Central Bank began operating the electronic platform and international financial transfer system “SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.
    The exchange rate in the parallel markets is still recording a significant increase compared to the official rate, as the capital, Baghdad, recorded 156 thousand Iraqi dinars for every 100 US dollars, while the official exchange rate is 1,320 dinars to the dollar.
    Economist Nabil Al-Marsoumi said today, Saturday (September 16, 2023), that the visit of US Assistant Secretary of the Treasury Elizabeth Rosenberg to Baghdad was not only related to assisting the Central Bank of Iraq in its efforts to achieve exchange rate stability, but rather the threat of additional sanctions on the Iraqi banking system in If dollar smuggling operations continue. 
    Al-Marsawi explained in a blog post published on his personal account on the Facebook platform and followed by “Baghdad Today”, that “despite the reforms carried out by the Central Bank to improve banks’ compliance to deal with the requirements of the electronic platform in the Central Bank of Iraq and the US Federal Bank, the results of which were that the majority dealt with it, Which led to a significant increase in the Central Bank’s sales, which averaged about $200 million per day. However, the gap began to widen between the official and parallel prices of the dinar against the dollar, as the gap between them reached 20%, which is much larger than the recognized global levels of about 2%. Just".
     
    Iraqis in Iran
    He continued, "The gap is linked to two important reasons: the first is the prevention of financial transfers through banking channels to countries sanctioned by the United States, especially Iran, which led to financing trade with them by purchasing dollars from the parallel market and then smuggling it to Iran, and the second: is the large demand from travelers." Iraqis go to Iran for dollars from the parallel market, because the instructions of the Central Bank do not allow them to buy dollars at the official price, which is a large demand, because Iraqi travelers to Iran constitute 55% of the total foreign tourists in Iran, and Iraqis have spent about 3.410 billion dollars in 2022 in Iran.”
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    Al-Marsoumi continued, “Iranian exports of non-oil goods to Iraq amounted to $10.3 billion in 2022, or about 20% of Iran’s total non-oil exports in 2022, as Iran currently supplies 8.2% of Iraq’s needs in the machinery sector, and 26.7% in the field of agriculture.” Industry and foodstuffs, 18.9% of the country’s mineral needs, 55% of building materials, 48% of refinery products, and 28% of petrochemical products. The majority of goods that Iran exports to Iraq are among the goods that lead to job creation and have high added value.”
     
    A million professions
    The economic expert added, “Studies indicate that more than a million jobs are provided by the Iranian export sector to Iraq, and therefore the gap between the official and parallel prices of the dinar against the dollar cannot be reduced or neutralized by canceling the US sanctions on Iran so that Iraq’s imports from it can be financed through... Banks, or by cutting off Iraq’s imports from Iran and preventing Iraqis from traveling to it, which is what the United States seeks as a strategic goal in order to strangle Iran economically, and it is a goal fraught with risks due to the great economic importance of Iraq in the Iranian economic strategy.”
    On Friday (September 15, 2023), the US Treasury Department called for the need to improve the financial sector in Iraq and limit the financing of terrorism.
    The US Treasury said in a statement that it agreed with Iraq to work to improve the financial sector to prevent fraud, sanctions evasion, terrorist financing, and other illegal activities.
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    On September 12 and 13, the US Assistant Secretary of the Treasury for Terrorist Financing and Financial Crimes, Elizabeth Rosenberg, met with the Prime Minister, the Central Bank of Iraq, and representatives of Iraqi private sector banks in Baghdad.
    The statement said, "The two sides agreed that there are opportunities and challenges to improve the financial sector in Iraq, and to work together towards meaningful and sustainable reforms, to bring Iraq to international standards and prevent fraud, sanctions evasion, terrorist financing, and other illegal activities."
     
    New penalties
    In parallel with the US official's visit to Baghdad, a senior US Treasury official said that the Central Bank of Iraq must address the ongoing risks resulting from the misuse of the dollar in Iraqi commercial banks in order to avoid imposing new punitive measures targeting the financial sector in the country, pointing to acts of fraud, money laundering, and Iranian evasion. Of penalties.
    In July, the United States prevented 14 Iraqi banks from conducting transactions in dollars as part of a broader campaign against the illegal use of the American currency.
    The official, who spoke on condition of anonymity to Reuters, stated that there are still other Iraqi banks operating with risks that “must be addressed” despite the campaign.
    With reserves of more than $100 billion in the United States, Iraq relies heavily on Washington's good faith to ensure that its oil revenues and funds are not subject to US sanctions.
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    Illegal activity
    The official added that the measure, which his country took in July, was based on clear indications of illegal financial activity. He explained that the alleged crimes being considered by the Treasury Department include acts of money laundering, bribery, extortion, embezzlement and fraud.
    “I choose to focus on banks that still have access and where I see continued risks,” the official told Reuters in Baghdad.
    He added, "It would be great if the central bank seized the opportunity to address the matter directly, which might negate the need (in the United States) to take further measures."
    The official stated that the government of Iraqi Prime Minister Muhammad Shia al-Sudani, who was appointed in October 2022, had been cooperative and had made “progress,” something that “was not necessarily the case” 10 to 15 years ago.
    The US Treasury Department official said that despite this, there are still “special interests who feel comfortable with the current situation and may raise concerns in the event of change,” but he did not reveal the identity of these stakeholders.
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