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

The Iraqi government has a special strategy to open up to the world

Baghdad (IraqiNews.com) – The Iraqi President, Abdul Latif Rashid, said on Tuesday that the Iraqi government has a special strategy to open up to the world and strengthen Baghdad’s relations with other countries, according to a press statement issued by the Iraqi Presidency.

Rashid’s statement took place during his meeting with the delegation of the European Union mission to Iraq, according to the Iraqi News Agency (INA).

The Iraqi President stated that Iraq has close relations with the European Union, stressing the need to strengthen these relations in all areas.

Rashid indicated that Iraq was suffering from several domestic and foreign issues, noting that the situation has now become better, especially in terms of security.

Rashid clarified that his country seeks to strengthen its international relations through openness to the world.

Regarding the government’s program, Rashid explained that it depends on the completion of the infrastructure in various fields related to the needs of the Iraqis.

The Iraqi President also clarified that the government will work to end the outstanding issues between the Kurdistan Region and the federal government.

Rashid said that presenting the real situation in Iraq and showing how it improved will encourage investments and increase private sector projects.

The European delegation expressed its aspiration to strengthen relations with Baghdad in training and advisory fields, in addition to cultural fields.

Iraqinews.com

Leaks from inside the Central Bank of Iraq

* The US Federal Reserve summons the Director General of Banking Control at the Central Bank, and she goes with an interpreter, along with a statement and information on all Iraqi banks.

* The Governor of the Central Bank and the Director General of Investment with the Compliance Department of the Central Bank of Iraq went urgently to Amman to meet a delegation from the US Treasury a week ago, and Iraqi officials were (rebuked) for suspicious transfers in the currency auction over the past year.

* All the talk revolves around what the federal and US treasury audits of currency sales witnessed during the current year (for a daily sale rate of more than $250 million) discovered that many of the transfers were intended to smuggle and launder money.

* The initial decision of the US Treasury was to freeze four banks (the Middle East, the clutch, Al-Ansari, and Asia).

* The current hidden is that there are suspicions of the work of 14 other banks during the past year, the discussion is taking place around it, and the Central Bank is trying to delay or stop the treasury procedures against these banks because depriving other banks in addition to the current four means the collapse of the Iraqi banking system.

* The current sales of the auction, especially (remittances), are fully audited by the federation, and every day a group of remittances is returned, and this is the main reason for the rise in the price of the dollar because the price is linked to the remittance and not to cash. Therefore, the bank’s procedure to increase the exchange companies’ share of the cash remains a helpless and unscientific procedure.

* The most dangerous thing is that there are leaks currently circulating that the US Treasury has given signals to the Central Bank that it will reduce the amount of dollars (cash cash) granted to the Central Bank in the future because it is against the policy of increasing cash cash in the Iraqi market for fear that this cash will reach groups, countries and others … and this will also affect the coming days On the amount of cash in the market and thus will inevitably affect the exchange rate.

* It is clear that the current administration of the Central Bank as a whole (chairman and directors) has become internationally unreliable and its impact will focus on the poor citizen.

* Iraq will pay the price for the options that the leaders of the financial, monetary and economic institutions are subject to partisan quotas away from competence, integrity and transparency.

Iraqi Economists Forum

Burathanews.com

The Central Bank denies that the US Federal Reserve will punish Iraqi banks

Baghdad – The Central Bank of Iraq denied the US Federal Reserve’s intention to punish some Iraqi banks.

An authorized source in the Central Bank of Iraq confirmed to the official news agency, which was followed by Mawazine News, today, Thursday, that “this news, which threatens the reputation of the banking sector and the business sector in Iraq, is untrue.”

The Central Bank of Iraq called on those who transmit the news to exercise caution by transmitting inaccurate information, stressing that all Iraqi banks are in compliance with the laws and instructions issued by the Central Bank, especially those related to combating money laundering and terrorist financing.

Mawazin.net

Al-Sudani and the International Monetary are discussing reforming the Iraqi banking system and efforts to combat corruption

Al Furat News – Prime Minister Muhammad Shia Al-Sudani received, yesterday, Wednesday, the delegation of the International Monetary Fund, headed by the Resident Representative of the Fund in Iraq, Mr. Ghazi Shbeikat.

Al-Sudani stressed during the meeting, according to a statement issued by his office today, Thursday, “the importance of strengthening aspects of joint cooperation between Iraq and the Fund’s development programs, and supporting the path of empowering the Iraqi economy.”

“The IMF’s support for the economic reform approach adopted by the government was also discussed, as well as cooperation in the field of reforming and developing the Iraqi banking system, and supporting Iraq’s efforts to combat corruption,” the statement added.

Alforatnews.iq

Association of Banks: Central Bank measures will return dollar prices to their rates quickly

The Association of Iraqi Private Banks announced on Monday that the measures of the Central Bank to increase the supply of the dollar through its approved outlets will lead to the return of exchange rates to their rates quickly.

“Economic and political conditions and their repercussions negatively affect the stability of the monetary system and the financial system, and therefore this will lead to economic instability and market confusion,” ASEAN adviser Samir Al-Nusairi said in a statement.

Al-Nusairi added, “Several days ago, a new wave of criticism began from some media outlets affected by the rumors launched and driven by speculators in the currency exchange market in order to create confusion and instability and try to drag the monetary market into instability and thwart the Central Bank’s plans to control the target rates of the exchange rate, which has

He pointed out that “speculators took advantage of the decline in dollar sales in the window of selling foreign currency, which was explained by the Central Bank in a statement last week that the reason is the application of a new electronic platform to control external transfer similar to the platform of letters of guarantee currently implemented,” pointing out that “given the insufficient readiness of local banks with the start

He stressed that “another rumor is that the Central Bank will make a new change to the current price,” explaining that “the Central Bank has repeatedly announced that there is no intention to change the price at the moment and explained the negative effects of any change in price on the national economy, trade exchanges and local and foreign banking transactions with the countries of the world.”

He continued, “The exchange rate is determined by the Central Bank according to the effects and repercussions of the economic reality in a country like Iraq that suffers from challenges, repercussions, economic and financial crises, structural and systematic imbalance in the management of the economy and money that are not borne by the Central Bank alone because its role is clear, specific and independent, concentrated in stimulating the economy according to the tools and applications of monetary policy, but this is not achieved without joint coordination with fiscal policy and other economic sectors, activating the real economy, diversifying sources of national income and leaving the unilateral economy based on oil as a major resource that constitutes 93–1% of the revenues of the budget and 57.5% of GDP.”

He stressed that “those who criticize the Central Bank should be aware that its measures announced yesterday by increasing the supply of the dollar through its approved outlets and banks will inevitably lead to the return of the price to its target rates inevitably and quickly.”

Economy-news.net