Parliamentary demands to hold an emergency meeting to control the exchange rate of the dollar

Information / Baghdad.. Ibtisam al-Hilali, head of the National Producer Parliamentary Bloc, demanded the Economic Council of Ministers to hold an emergency meeting to control the market after the exchange rate of one dollar exceeded,1500 dinars.

Al-Hilali said in a press statement, a copy of which the information received, that “the value of the Iraqi dinar has decreased significantly against the US dollar, and this requires holding an emergency session of the Economic Council of Ministers to take a decision to control the market, given that the exchange rate of one dollar exceeded 1,500 Iraqi dinars.”

“She added, “The rise in the exchange rate of the dollar from its real value caused an increase in the prices of foodstuffs in the Iraqi markets, and this is something that affected the citizens and the owners of daily sustenance.”

And Al-Hilali continued, “Prime Minister Muhammad Shia’a Al-Sudani is required to intervene urgently and form a supreme committee that includes the governor of the Central Bank, the ministers of finance, planning, interior, and trade, and to open an investigation with private banks and merchants to find out the parties behind the high exchange rates.”

Almaalomah.me

Mechanism of the Central Bank of Iraq to counter currency smuggling

The Central Bank of Iraq operates with a new mechanism that coincides with the directions of Prime Minister Muhammad Shia’ al-Sudani to start following auditing methods and a new “Swift” transfer system in a manner similar to the global system and international standards to reduce manipulation and corruption, which requires accurate details of foreign transfers. Which led to the return of many remittances, and local banks reduced the purchase of large amounts of dollars due to these severe measures.

The new mechanism adopted by the Central Bank of Iraq brings about this rise in exchange rates and in the buying and selling operations that have taken place in recent days in exchange shops, as according to the meeting of the Central Bank’s management on 12-15-2022, Board of Directors Resolution No. 192 of 2022, with the signature of the bank’s governor Central Bank Mustafa Ghaleb is frightening, as the Central Bank of Iraq will sell the dollar to the bank for the purposes of documentary credits at an amount of 1455 dinars to the dollar instead of 1460, that this mechanism aims to reduce corruption such as currency smuggling and money laundering, as the process of building an electronic platform requires more time to achieve financial stability that The new government is looking forward to it.

The Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed that, in cooperation with officials in the US Treasury for Terrorism and Financial Crimes Affairs, work has been done to implement international standards for combating money laundering and terrorist financing and the Central Bank’s commitment to them, and in the same context to reduce fraud and corruption, as the Central Bank began building the platform months ago. In coordination with international bodies for the purpose of tightening and regulating the operations of the foreign currency buying and selling window, ensuring effective control over it, and working to stabilize it in the near future, as a specialized international company has been commissioned to build it and link banks with the central bank through it, and that the platform requires providing information about customers requesting transfers and entities. The beneficiary and correspondent banks.

According to official sources at the Central Bank, the central bank’s reserves and the state’s financial solvency in general are in excellent condition and at their best levels in decades, and that the current supply of foreign currency is not linked to resources, but rather to administrative and audit procedures, which will be bypassed in the coming days.
The Central Bank has taken a number of measures to expand the supply of foreign exchange to meet the public’s demand for cash dollars, and the management of the window has been directed to meet the demands of banks for the coming days faster by executing double requests, and a preferential price has been given to implement documentary credits for the purpose of covering domestic demand.

Some economists emphasized that among the important measures of the Central Bank of Iraq is preventing several banks from entering the currency sale auction after warnings from the US Treasury Department, which was reflected in the decline in the volume of the dollar sold in the currency sale auction, and the banks are private Iraqis from the currency sale auction (Al-Ansari, Al-Sharq Al-Awsat , Al-Qabid, and Asia) accused of smuggling currency. And it acquired nearly 40% of the central bank’s sales of the dollar, which tightened the procedures around private banks for Iraqi funds before they bought the dollar so that they would be safe from the new central bank procedures, which was reflected in the fluctuation of the exchange rate of the dollar on the black market to the disruption of the country’s commercial movement. But it is temporary, and the coming period will witness stability in the exchange rate, but it depends on the success of these measures to eliminate financial and administrative corruption.

There are many aspects of corruption, including the speculations waged by currency dealers, from which they obtain huge amounts of money without the presence of any accountant or censor. The government campaign against corruption has made many owners of illegal funds rush to try to get their money out of Iraq quickly to avoid anti-corruption measures, which has caused This imbalance in prices, as the scale of corruption has reached such that several countries neighboring Iraq are suffering from difficulties in obtaining dollars, tending to buy dollars from Iraq and smuggle them through the uncontrolled border crossings.

It is the duty of all dealers, including investors and merchants, to cooperate with banks and the central bank by working in accordance with the commercial contexts in force globally, and importing under documentary credits, as it provides a guarantee for the importer, preserves his rights, secures the imported goods, and enables him to benefit from banking facilities to cover the value of the credit. To prevent commercial fraud and smuggling, to develop investment in Iraq in a way that serves the citizen and the economy.

In conclusion, the measures taken by the Sudanese government and the management of the Central Bank, to activate the control tools according to international standards, and that the rise will not last long, but it imposes a new situation that gives hope in the coming periods, and the government stresses to all dealers, including investors and merchants, the need to cooperate with banks and the Central Bank, Where the government affirms its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar against the Iraqi dinar, and it supports the steps of the Central Bank, for better stability of exchange rates, and the most important thing is to control the exchange companies and the parallel market until it becomes clear who is working to buy the dollar from the outlets Unofficial, and being able to track the banks involved in removing the dollar from Iraq without investing it in goods or services inside Iraq.

Rawabetcenter.com

A parliamentarian gives the central bank a week to confront the “corruption” of the currency sale auction

Shafaq News / The representative of the “National Bond” bloc, Aziz Sharif Al-Mayahi, called on the Central Bank of Iraq, on Tuesday, to show its measures to reduce cases of “corruption” in the file of selling remittances to private banks, pointing to the clear rise in the prices of food commodities and medicines. in the local market.

In a press statement received by Shafaq News Agency, Al-Mayahi stressed the need to find urgent alternative ways to control the exchange rate, warning of parliamentary measures within a maximum period of a week in the event of continued confusion and indifference in the work of the Central Bank.

Al-Mayahi said in his statement, “The central bank’s selling price for transfers to banks is 1460 dinars, but those banks sell those transfers for 1533 dinars, with a profit margin of up to 73 points per transfer, meaning a profit of 70 million Iraqi dinars per million dollars,” noting that “this Obscene profit and obvious corruption were the victim of the simple citizen through the high prices of food commodities, medicine and the rest of the basic life necessities, and it does not go to the state treasury, but to the pockets of the influential.

Al-Mayahi added, “The Central Bank’s continued observance and silence of this corruption and waste of public money, although it is an important part of its duties, puts it in a position of responsibility before the legislative authority as a supervisor, and makes us obligated to give the Central Bank and its management a week to address this confusion before going to other options within the dome of parliament.” To defend the money of the Iraqi people and the wealth of the country.

Al-Mayahi called on the Integrity Commission and the oversight committees to take “urgent and immediate action to stop what is happening in the auction of selling the chaos, which was paid for by the poor classes of citizens, and to take the most severe measures against the price manipulators.”

Al-Mayahi also called on the Prime Minister to “open the file of the currency auction, the exchange rate and the state of chaos in the markets within the agenda of the next cabinet session and to take immediate and urgent measures to address this file, which has become an unacceptable door of corruption and waste of public money.”

Shafaq.com

Al-Sudani subjects Iraqi government officials to evaluation: work or dismissal

On Monday evening, Iraqi Prime Minister Muhammad Shia al-Sudani gave all his government officials a specific period to evaluate their work, vowing to dismiss those who fail to do so during this period.

Al-Sudani presided over an extraordinary session of the Council of Ministers, which witnessed the approval of the government program and a unanimous vote on it by the members of the Council.

Al-Sudani stressed during the meeting that the government program represents the future vision of the government and translates the plans and programs of the ministries that it intends to implement for the next stage. According to a statement by his media office.

He added that the government’s work will be evaluated in light of its planned government program, and the evaluation will include ministers, agents, governors, advisors and general managers, according to specific timings.

He gave the general managers three months, starting tomorrow, Tuesday, after which their performance will be evaluated according to what has been implemented on the basis of the government program.

While ministers, undersecretaries, governors and advisors will be given six months, after which their work will be evaluated in light of the implementation of the government program and their commitment to its main axes and priorities, according to the statement.

The special session witnessed extensive discussions regarding the mechanisms for implementing the government program, and affirmation of commitment to it by ministers and advanced cadres in all ministries and agencies.

The government program, which was voted on by the Council of Ministers in its extraordinary session, includes “the completion of lagging hospital projects (Basra with 400 beds, Maysan with 400 beds, and Anbar with 200 beds), and the construction of 2,000 to 5,000 schools within the Iraq Fund for Development – ​​Education Sector,” according to the Iraqi News Agency. “conscious”.

According to the agency, it also includes “distributing 500,000 housing units with soft loans, establishing new residential cities with full services, as well as opening six major hospitals in the governorates (Babylon, Najaf, Dhi Qar, Karbala, Maysan, Basra, and Tikrit).”

The program also includes “launching the fourth license to establish a national telecommunications company, which will undertake to improve the service and reduce its prices,” according to the agency, which indicated that it also includes “urgently starting an integrated project to remove traffic jams in Baghdad by building tunnels, bridges, and rehabilitating highways.”

It also contains “improving and raising the items of the food basket, increasing the number of people covered by the social welfare network and increasing the subsidy rate, in addition to increasing loans to support small projects by increasing the fund’s capital four times over the current amounts.”

It also seeks to “carry out a large and urgent campaign to maintain the electric power production stations (the completion of new stations, the installation of mobile stations, the completion of solar energy projects),” according to the same source.

What the Council of Ministers approved on Monday is a detailed government action program, while the House of Representatives voted last October 27 in favor of broad lines for the government program and granting confidence to the Sudanese government.

Al-Sudani formed his government commissioned by the “Coordination Framework”, an alliance of Shiite forces close to Iran, which managed to push the leader of the Sadrist movement, Muqtada al-Sadr, to stop his attempts to form a “national majority government” and withdraw from parliament last June.

With the formation of the government, Iraq will have moved to a new stage after two political and security crises that lasted more than a year after the October 2021 elections, and the country witnessed tensions that amounted to an armed clash in the capital, Baghdad, between militants affiliated with the Sadrist movement on the one hand, and the security forces and fighters from armed factions allied to Iran on the other.

Rawabetcenter.com

Head of the Integrity Commission: Large corruption files will be announced soon

Monday, the head of the Federal Integrity Commission, Haider Hanoun, revealed large corruption files that will be announced soon, while he indicated that delaying procedures against the corrupt is part of corruption.

“We must demonstrate against corruption in the family before we demonstrate against institutions,” Hanoun said in his speech during the launch of the annual Integrity Week on the occasion of the International Anti-Corruption Day, stressing that “the spread of corruption among individuals must be prevented.”

He added, “The people have the main role in combating corruption, and we are tools in their hands. We must invest in the sincere intentions of the judiciary, which is the safety valve.”

Hanoun continued, “We found a clear vision from the prime minister to combat corruption and prevent its spread, and that the Integrity Commission is the main tool for combating corruption.”

And he indicated that “the media has an important role in exposing many corruption files, and from now on it must address previous failures and appear with a new face,” stressing that “delaying procedures against the corrupt is part of corruption.”

He stressed that “we have many corruption files and we will announce them soon, and that the Supreme Commission for Combating Corruption is an important and effective part,” adding, “We will wage a comprehensive war against corruption and it will be greater than the war on terrorism.”

Burathanews.com

Iraq pays full compensation to Kuwait..and the Central Bank receives the remaining amount

Mubasher: The Central Bank of Iraq announced today, Monday, that it had received the remaining amount of $7.95 million from the Kuwait Compensation Fund. After paying the full compensation for the State of Kuwait.

An authorized source in the Central Bank of Iraq said, in a statement to the bank today, that the amount was returned after auditing the accounts according to Security Council Resolution No. (2621) for the year (2022) concerned with ending the file of compensation resulting from the invasion of the former Iraqi regime of the State of Kuwait.

It is reported that Iraq revealed in 2021 that it had terminated all necessary banking arrangements with the US Federal Reserve Bank; To stop the automatic deduction of Kuwait’s compensation from the revenues of exporting Iraqi crude oil, after paying the full remaining amount of compensation.

And the financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, revealed on March 2, 2021, that only an amount remained from the compensation for the Kuwait war, perhaps less than $ 2.5 billion out of $ 52 billion so far; 3% of the proceeds of every barrel of Iraqi crude oil being exported is still being deducted, through a mechanism and a bank account maintained by the Federal Reserve Bank in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003.

On November 3, 2021, Iraq announced the payment of $490 million in compensation for the invasion of Kuwait .

It is noteworthy that the United Nations Compensation Commission was formed in 1991; It is the same year that the US-led coalition drove Iraqi forces out of Kuwait, and commissioned the committee to pay $52.4 billion (46.8 billion euros) to individuals, companies, Kuwaiti government agencies and other organizations that suffered losses due to the war to Kuwait, and the compensation money comes from a tax imposed on sales Iraqi oil and its products.

Mubasher.info

The Democrat confirms the existence of seriousness to pass the oil and gas law within 6 months

Baghdad – Mawazine News, the representative of the Kurdistan Democratic Party, Sharif Suleiman, affirmed today, Saturday, the existence of seriousness and political consensus on approving the oil and gas law within a maximum period of 6 months, while noting that the difference of visions regarding the value of oil and the classification of funds delayed sending the draft budget law to the parliament deputies.

Suleiman told the official news agency, followed by Mawazine News, that “the oil and gas law is the result of multiple sessions, and is considered one of the very important and basic laws in state administration, especially with regard to the oil and gas file between the region and the center.”

He added, “There is seriousness by all political forces at this stage to approve the oil and gas law within a maximum period of 6 months,” stressing “the importance of approving the oil and gas law as a roadmap to bridge differences.”

He pointed out that “the law needs to put in place new frameworks because there have been changes in the same country and many things,” noting that “the management of the fields that were discovered after 2003, and the issue of other fields that were discovered before 2003, all of these matters are framed by constitutional articles, so These constitutional frameworks must be relied upon to set the mechanisms, provisions and basic points of the oil and gas law.

Regarding the next year’s budget, Suleiman said: “Dialogues between the central government, the Kurdistan region, and the Ministry of Finance are still continuing regarding the general budget law for the next year 2023, but until now the visions have not been unified about the value of oil determined in the budget, the amounts, how the budget is classified, and other issues.” that have been sent to the House of Representatives.

And the Ministry of Planning announced, on Wednesday (11/30/2022), the agreement of the Diwani Order Committee 22151 for the year 2022 headed by the Deputy Prime Minister – Minister of Planning, Muhammad Ali Tamim, (in charge of resolving outstanding issues with the Kurdistan region), and the delegation of the Kurdistan Region of Iraq headed by the Minister of Planning In the region, Dara Rashid Mahmoud agreed to form joint technical committees to consider outstanding issues between Baghdad and Erbil, especially the oil and gas law, the budget, and other issues.

The two parties agreed, according to the statement of the Ministry of Planning, that the outstanding issues be dealt with, in accordance with what was stipulated in the Iraqi constitution, and the ministerial platform of the government of Prime Minister Muhammad Shia al-Sudani, which was voted on by the House of Representatives.

It is worth noting that the committee formed under the chairmanship of the Deputy Prime Minister – Minister of Planning, includes in its membership the ministers of oil and finance, the heads of the Office of Financial Supervision and the Border Crossings Authority, the economic advisor to the Prime Minister, the head of the legal department in the General Secretariat of the Council of Ministers, in addition to the director of SOMO.

Mawazin.net

The Central Bank explains the reasons for the rise in the price of the dollar and sets a date for its decline

Information / Baghdad.. Today, Saturday, the Central Bank of Iraq clarified the reasons for the rise in the price of the dollar, while setting a date for its return to normal

The Central Bank’s advisor, Ihsan Al-Yasiri, said in a statement to the official agency, which I saw / information /, that “the problem of the exchange rate is related to the money supply,” noting that “the central bank has established a platform for banks to submit their requests to obtain the dollar.”

He pointed out that “this platform has procedures, because Iraq is still complying with international requirements on the issue of the dollar and combating money laundering and terrorist financing,” explaining that “some banks took time to implement these requests.”

Al-Yasiri added, “The banks previously submitted their requests and came to the central bank and obtained the dollar, but now the banks raise their requests on the platform and when they reach the central bank they are checked by the bank, and this process may take some time,” noting that “some banks have restrictions.” international and there is no longer any dealing with it by the Central Bank.

He explained that “the Central Bank dealt with this by raising the level of supply of demand for cash sales and increased the shares of banks and companies of category (A – B – C) from the dollar,” noting that “audit procedures will take their usual ranges, and the exchange rate will return to the natural balance.” “.

And he stressed that “the exchange rate is still disciplined and will be returned to normal within two weeks, no more.”

Almaalomah.me

The theft of the century will not be the last, and it is time for “cleanliness” in Iraq

Shafaq News / The representative of the Secretary-General of the United Nations in Iraq, Jeanine Plasschaert, sent a message to the Iraqis, on the occasion of the International Anti-Corruption Day, noting that the issue of the so-called “theft of the century” in Iraq will not be the last for “regret”.

This year’s International Anti-Corruption Day (IACD) seeks to highlight the critical link between anti-corruption, peace, security and development.

Plasschaert said, in a statement received by Shafaq News agency, “The rampant and systematic corruption is one of the biggest challenges facing Iraq, as its economic cost and negative impact on stability and prosperity are enormous… it undermines progress, deprives citizens of their rights, discourages international investment, and robs the state of the necessary resources.” To provide its people with better schools, hospitals, roads, and countless other public services.”

She added, “Corruption is a major cause of Iraq’s dysfunction, and keeping the system as it is will eventually lead to counterproductive results,” referring to the latest high-level corruption case in Iraq, “the theft of the century,” by saying: “Unfortunately, it will not be the last, and we can only hope that it will be.” It’s like a wake-up call.”

And Plasschaert continued: “Change will not happen overnight.. It will require intense work, perseverance, collective efforts, and the realization that the time to act clean is now. While the government has taken a number of encouraging steps, it is no secret that these efforts may be hindered or undermined by those who stand to lose.” But they should not be given any respite.”

Under the slogan “unifying the world against corruption,” the UN envoy stressed the need to “confront this crime as a right and responsibility for all. In this spirit, and for the sake of future generations, we must work in Iraq and elsewhere, whether as individual citizens or those holding public office, to struggle from For accountability, transparency and the rule of law.

Shafaq.com

Deputy For The Truthful Calls On The Government And The Governor Of The Central Bank To Reduce The Exchange Rate Of The Dollar

Earth News / The representative of the Al-Sadiqun Bloc, Rafik Al-Salhi, called on the government and the governor of the Central Bank to reduce the exchange rate of the dollar.

Al-Salhi said during a press conference held in the parliament building, which was attended by the Earth News correspondent, that “with the rise in crude oil prices and the growth of oil revenues, the governor of the Central Bank is still insisting on raising the exchange rate of the dollar and restricting citizens, especially those with limited income.”

Al-Salihi added, “We followed with great astonishment during the past days about the central bank’s inability to change the exchange rate of the dollar, and that the decision was taken in consultation with the International Monetary Fund, and we do not know whether the governor of the central bank lives in Iraq or in another country, and he is not aware of the extent of the damage he suffered.” Over the past two years, the simple citizen has witnessed an insane rise in the prices of consumer goods, which added another burden on the shoulders of the poor.

And Al-Salihi indicated that “mortgaging the Iraqi economy with the dictates of the International Monetary Fund represents a dangerous turning point affecting the country’s future.”

Al-Salihi continued that, based on that:
First, we call on the government and the governor of the Central Bank to expedite the reduction of the exchange rate of the dollar to what it was previously, and we affirm that the House of Representatives has the final word, otherwise it is possible to correct the decision by the legislative authority, even if it is necessary to amend the Central Bank Law.

Secondly, the House of Representatives is required to fulfill its moral and constitutional responsibility, work to correct the decision to raise the exchange rate of the dollar, and look at the extent of the injustice and harm that befell millions of the poor and those with no income.

Thirdly, in the event that the governor of the Central Bank does not respond by returning the exchange rate of the dollar to the old rate, we have no choice but to collect parliamentary signatures to interrogate the governor of the Central Bank inside the dome of Parliament.

Earthiq.news