Iraqi Dinar may replace US Dollar in Iran-Iraq Trade

Iranian ambassador to Baghdad said Iran and Iraq are weighing plans to eliminate US dollar in trade transactions and also lift visa requirements for citizens of the two countries.

Speaking at a TV program on Saturday night, Iraj Masjedi said Tehran and Baghdad are considering plans to use Iraqi dinar for trade transactions or develop barter trade considering the banking problems caused by the US sanctions on Iran.

He also voiced Iran’s willingness to remove visa restrictions for travels between the two countries, saying the idea of lifting visa requirements for merchants and business people was discussed during Iraqi President Barham Salih’s Saturday visit to Tehran.

Masjedi highlighted the ample opportunities available for the Iranian business sector available in the Iraqi market, saying the Baghdad government welcomes foreign investments.

“The government of Iraq is seeking foreign investment in the economic field, and has now offered 1,200 projects worth $100 billion,” the ambassador added.

He assured Iranian investors of improving security in Iraq, saying the security conditions in the Arab country’s inland and border regions have been getting better since the defeat of the Daesh (ISIL) terrorist group.

The Iraqi president visited Tehran on Saturday with a ranking delegation for a series of political and economic talks.

After high-profile talks between the Iranian and Iraqi delegations, Iranian President Hassan Rouhani said the two neighbors can increase their annual trade from the current $12 billion to $20 billion.

Rouhani also noted that the two sides discussed ways for cooperation in the energy, power and oil industry, including the extraction of petroleum, and a plan to connect the two countries’ railroad networks.

Source: Iraq-businessnews.com

Rafidain Bank: The destruction of the “7 billion” in the Central Bank came according to the law

BAGHDAD / – Rafidain Bank on Saturday issued a new statement on the seven billion dinars, indicating that the destruction of this amount came in accordance with the law and instructions of the Central Bank.

A statement of the bank received by “Eye of Iraq News”, “The issue of sinking and damage of seven billion dinars occurred in 2013 at the time of the former Director General Kamal al-Hassani happened and replaced at the time,” noting that “the destruction of this amount 7 came in accordance with the law and instructions of the Central Bank And under the watch and control of the state control bodies. ”

The statement added that “the replacement of damaged and non-usable papers falls under the responsibility of the Central Bank is constantly on these steps to maintain the sustainability of the local currency,” explaining that “the currency that was sinking would have been replaced even if it did not sink because the age is over.”

The statement expressed its surprise at “raising the subject at this particular time, especially since the subject has been legally settled since then,” calling on the media to “be careful and accurate in transmitting the incorrect information because of the impact on the performance of the bank and the positive results achieved by the time The latest in the provision of banking services for citizens and the start of implementation of the comprehensive electronic banking system. Finished

Source: Aynaliraqnews.com

BGG ~ It would appear Mahdi (and MANY others) are as skeptical as I am on this one…

Negotiations to form a government .. “Asron” gets the post of governor of the Central Bank

BAGHDAD / A senior political source said on Saturday that the post of governor of the Central Bank in the new government formation “resolved” a figure loyal to the leader of the Sadrist movement Moqtada al-Sadr, indicating that the agreement on the post was after talks between the coalition “Ssron” and Fatah.

The source said, “the eye of Iraq News,” that “the negotiations and recent talks between the coalition and other Fatah led to an agreement between the parties to resolve the post of governor of the Central Bank of Iraq in the new government formation in favor of a close to Muqtada al-Sadr.”

The source, who asked not to be named, said that “Sawson won the post after pressure during his dialogues with the conquest.”

Media sources had reported on Friday that Prime Minister Adel Abdul Mahdi had sacked the governor of the Central Bank of Iraq acting Ali al-Alaq, but local media outlets quoted a source close to the links of exile Naveh.

The issue of the inclusion of the Governor of the Central Bank by proxy Ali al-Alaq in the printed from the new aunt for a wide range within the political circles and specialists in this aspect as the Iraqi Council of Representatives held a session dedicated to discuss this matter.

The governor of the Central Bank of Iraq Ali Alaak said that the rains “damaged” about seven billion dinars (about six million dollars) within the Rafidain government.

Al-Alak said in an intervention during his attendance at the parliament session on Monday that the rainwater had entered the coffers of the bank and caused damage to the banknotes stored in those safes.

“In this case, Rafidain Bank requests the replacement of these securities by the Central Bank,” he said, adding that the bank keeps documents to prove the validity of the issuance of currencies that have been damaged.

Al-Alaq said that the Central Bank, in accordance with its instructions and regulations, “replaces the currency when exposed to damage due to various accidents such as drowning, burning or anything else.” Finished

Source: Aynaliraqnews.com

Parliament moves to re-independence of the Central Bank of Iraq!

Parliament moves to re-independence of the Central Bank of IraqBAGHDAD / The deputy MP of the Kurdistan Democratic Party (KDP), Pierre Taher, said on Thursday that parliament is moving to take measures to restore the independence of the Central Bank.

Tahir said, “the eye of Iraq News,” that “there is negligence and a clear negligence in the performance of the work of the Central Bank of Iraq, and his work lacks the full professional and there are several shortcomings in aspects of service provided and performance,” noting that “the Governor of the Central Bank bears waste more than 7 Billion Iraqi dinars in circumstances attributed to the floods previously flooded the province of Baghdad. ”

He added that “the parliament will take the necessary measures to restore the independence of the Central Bank and the performance of his work fully professional to contribute to the revitalization of the national economy.”

Source: Aynaliraqnews.com

Central Bank governor sacked following damaged money remarks

Prime Minister Adel Abdul-Mahdi sacked the governor of the Central Bank Ali al-Alaq after the latter announced the damage of billions of dinars due to rains in 2013, Informed political sources said on Friday.

Iraqi Central Bank Governor Ali al-Alaq’s announcement of the damage of 7 billion dinars at the Rafidain Bank because of rain has drawn sharp political and social criticism, with calls for the Baghdad government to open an investigation into the incident, which may reveal much corruption.

Over the past 15 years, Iraq has reportedly lost €194 billion of public funds.Corruption is responsible for this through methods including fake contracts and salaries for fictional employees.

Iraq is ranked 12th among the most corrupt countries in the world, while various areas, including Baghdad and Basra, witness frequent demonstrations denouncing the poor management of the country and the lack of public services.

Read More: Thebaghdadpost.com

Prime Minister Adel Abdul Mahdi, dismissed the governor of the Central Bank of Iraq​

Shaafaq News / Informed media sources said on Friday that the Prime Minister Adel Abdul Mahdi, dismissed the governor of the Central Bank of Iraq acting on the links.

The sources said today that information indicating the signing of Abdul Mahdi to dismiss the ties from his post against the backdrop of the recent confirmation of the damage of 7 billion Iraqi dinars water.

The sources added that Abdul Mahdi assigned the Iraqi businessman Ahmad Al-Sarraf to the post of governor of the Central Bank.

The relations had said on Monday during hosting the parliament that the amount of 7 billion Iraqi dinars (5 million 882 thousand dollars) was damaged by 100 percent, due to leakage of rainwater to the coffers of Rafidain Bank, reducing the importance of the matter because the amount is worth only the cost of printing .

The statements made by the Governor of the Central Bank of Kuwait have been widely discussed and questioned about the quality of the currency and the place of deposit, and the measures that the Bank provides to protect local currency against damage caused by any opposition to it.

About two months ago, the governor of the Central Bank Ali al-Alaq raised a great controversy after putting his name on the Iraqi currency instead of signing, in an unprecedented precedent since the establishment of the Iraqi state in 1920.

A month before the end of the government in March 2016, Prime Minister Nuri al-Maliki appointed the Secretary-General of the Council of Ministers Ali Al-Alaq as Governor of the Central Bank.

Article Credit: http://www.shafaaq.com/

The issue of the Central Bank of Iraq interact and threaten to overthrow the figures of the budget

The issue of the destruction of seven billion Iraqi dinars from the central bank funds, as a result of poor storage, which was admitted by the governor of the bank last, the dimensions of a dangerous. While officials have begun to open an investigation and interrogate the governor and collect files condemning certain political parties , another is trying to delay the case, at a time when officials are likely to drag influential political figures and figures .

A deputy for the alliance of victory, for the “new Arab”, that “the issue of the Central Bank began, and cannot pass without account,” noting that “the deputies of the Alliance of victory and other alliances began to collect signatures to question the governor of the Central Bank in Parliament , Adults in it “.

He stressed that “parties within the bank revealed to us about serious circumstances in the incident, and the political parties benefiting from them, and we began to collect information and evidence that will reveal large corruption deals within the Central Bank, in support and coordination with certain parties,” noting that ” Political dumping the central bank files corruption for years. “

He pointed out that “the leader of the rule of law, Nuri al-Maliki, will be the first person to come on behalf of suspicious bank transactions, as well as other people working as arms to political parties,” noting that “signatures will be presented to the presidency of parliament during the next parliamentary session.”

And started certain political parties to work to delay the issue of the Central Bank, through the formation of special investigative committees to follow up the case.

The MP of the Fatah Alliance, Haneen Qado, in a press statement, “The next parliament session will be hosted by the Governor of the Central Bank, to show the fact of the loss of seven billion dinars, and the Parliament will work to detect the defaulters and the cause of dumping money, as the loss of this large amount of state funds Management failure “.

“The parliament will form a fact-finding committee, in cooperation with the Integrity Commission , to expose the defaulters and take punitive measures against them,” he said.

The leader of the Sadrist movement Moqtada al-Sadr, has called on the judiciary to arrest those involved in the damage of the seven billion, and hold them legally accountable.

Politicians confirm that efforts to form a parliamentary committee to follow up on the issue is a “suspicious” step aimed at delaying the case.

The leader of the civil coalition, Naim al-Amri, told the “new Arab”, “Parliamentary committees are not a solution, but is a delay of the solution, and we have noted over the previous three parliamentary sessions that the parliamentary committees did not come out the outcome of any issue.”

He stressed that “the formation of the Committee will not prevent the completion of our steps in the questioning of the Governor of the Central Bank, and we will do our best to reveal the truth, despite attempts to procrastinate,” highlighting that “the issue is linked to the strength of the people, can not be silent about them,

The governor of the Central Bank defended himself by saying that the incident took place in 2013, that is, before taking office, that is during the period of the government of Nuri al-Maliki, stressing that the bank’s governor was then Abdul Basit Turki, who was the head of the Office of Financial Supervision.

Article Credit: https://www.alaraby.co.uk/

Central Bank: The process of exchange of banknotes takes place daily

Economy News Baghdad: The Central Bank of Iraq revealed on Thursday the reasons that led to the replacement of damaged banknotes in 2013, stressing that all procedures related to the replacement of those securities “took place according to the law instructions and controls ,” noting that the process of exchange of banknotes is a daily process.

“The cash exchange process is a daily function, and if we assume that the central bank did not receive the banknotes (the damaged banknotes in 2013) or the last receipt, the banknotes will cause more problems,” said Ihsan al-Yasiri, director general of the central bank, in a press conference. Rot, and will constitute damage to the treasury of Rafidain Bank, and will pass the loss to the owner of the bank, which is the Ministry of Finance so the central bank received and conducted the process of replacement .

For his part, said the Director General of the Legal Department in the bank, Mustafa Ghaleb, “Article 33 and Article 34 of the law of the Central Bank of Iraq No. 56 of 2004 was clear on the replacement of paper currency and cash damaged and is considered one of the core duties and functions of the Central Bank of Iraq based on the law ” .

He added that “this process is carried out by the mechanism and controls and instructions issued by the issuance department and the treasury in the bank, which has implemented instructions on the subject in question,” noting that “all procedures related to the replacement of currency in a timely manner in 2013 took place in accordance with the law and instructions and controls .”

Source: Economy-news.net

Rafidain Bank on Wednesday issued a clarification on the amount of seven billion dinars

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Rafidain Bank on Wednesday issued a clarification on the amount of seven billion dinars, stressing that these banknotes were “damaged and ready for replacement.”
The director of the Rafidain Bank Khawla al-Asadi said in a statement, “Economy News”, “What happened in 2013 of the losses in the street Rashid caused by heavy rain led to the cracking of some of the walls of safes and the rise in water level Tigris River above the level of safes, Led to the entry of water from the doors of safes and walls and through the drainage networks, which represents a force majeure on the bank.

“The destruction of banknotes and replacing them with the Central Bank is a legal process according to the law and controls and instructions adopted in the management of cash between the Central Bank and banks.”

Al-Asadi pointed out that “the banknotes that were exposed to water in time are bad notes that were intended to be exchanged with the Central Bank, based on article 34, paragraph 1, of the Central Bank Law No. 56 of 2004, which states that the legal currency of non-negotiable paper and metal currencies Without prejudice to paragraph (h) of this Article, the Central Bank shall withdraw any paper or metal currencies that are in a non-negotiable condition and execute them and exchange them in paper or equivalent currencies in value.

“The replacement was at a cost and commission according to the controls of the Central Bank after due diligence was taken to prove the case and all concerned parties in the whole subject.”

The governor of the Central Bank Ali Al-Alaq made statements during his hosting before Parliament, before Monday, “12 November 2018” in which he said that the amount of 7 billion Iraqi dinars were damaged by 100 percent, due to leakage of rainwater to the coffers of Rafidain Bank.

Article Credit: http://economy-news.net/

The central bank reveals the amount of cash and gold reserves currently in Iraq

Information / special …  Revealed the Central Bank of Iraq, Thursday, total printed from the Iraqi currency in the whole country, which is estimated at 40 trillion dinars, noting that Iraq has reserves of foreign currency and gold isestimated at more than $ 60 billion.

“Iraq has plans and strategies that it is working on periodically to make adjustments to the currency and pull out the damaged from public markets and replace it with a new one,” said Central Bank spokesman Bassem Abdulhadi.

He added that “the total Iraqi currency printed in the public market, banks and coffers of the bank up to 40 trillion Iraqi dinars,” noting that “there is no intention at the present time to issue any new category and existing categories that cover the need of local Iraq.”
He said that “the total reserves of the Bank of foreign currency and gold is estimated at more than 60 billion dollars,” noting that “this figure is variable and depends on Iraqi oil exports to decline and rise.”

Source: Almaalomah.com