Through the dollar and the yuan… the US Treasury continues to impose its guardianship over the Iraqi economy

The Parliamentary Finance Committee had previously threatened to demand that the Central Bank address the issue of the exchange rate and the fluidity of foreign trade by using the currency basket diversification system, so that the Central Bank and Iraqi traders have more options.

A currency basket system is a monetary system used by the central banks of countries to determine the exchange rate of their local currencies. The system is based on a group of currencies chosen by the central bank of each country. The basket consists of a group of the most powerful banknotes that influence the global economy.

In an “unsuccessful” move, as described by economic experts, the Central Bank of Iraq stopped dealing in the Chinese yuan after the US Federal Reserve accused Iraq of “inflating remittances.” While economic experts warned of the effects of this decision on the local market and its causing of a rise in the exchange rate of the US dollar and an increase in inflation rates, which has negative repercussions on the economic situation of the Iraqi family, they presented 3 solutions to the Central Bank of Iraq to continue the flow of remittances to China.

In the latest Iraqi government move to stop dealing in the Chinese yuan, informed sources revealed to Shafaq News Agency, yesterday, Saturday, that the Governor of the Central Bank of Iraq, Ali Al-Alaq, is making an unannounced visit to the United States of America to discuss with officials in Washington the decision of the US Federal Reserve to stop Baghdad from dealing in the Chinese yuan.

The Central Bank of Iraq had previously strengthened its assets denominated in yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about 12 billion dollars annually. However, the policy of the US Federal Reserve is still putting a stick in the wheel of the liberation of the Iraqi dinar and achieving gains at the expense of the dollar exchange rate. Therefore, when the US Federal Reserve saw the use of the Chinese yuan in foreign transfers, it quickly issued a decision to stop transfers under the pretext of suspicions in some transfers in Chinese yuan.

Member of the Parliamentary Finance Committee, MP Moeen Al-Kadhimi, described the US Federal Reserve’s decision to stop transfers in Chinese yuan as “arbitrary” against the Iraqi economy.

Al-Kadhimi said in a statement to Al-Maalouma Agency, “The decision to stop transfers in the Chinese yuan was issued by the US Federal Reserve, claiming that there were suspicions about some transfers in the Chinese yuan.”

He pointed out that “the Central Bank of Iraq has contracted with an international company to evaluate and monitor transfers, and this company is a source of acceptance and trust for the US Federal Reserve.”

He pointed out that “after a short period, the Central Bank of Iraq will resume transferring remittances in Chinese yuan to Iraqi traders in general,” indicating that “these measures of the US Federal Reserve are considered arbitrary against Iraq and its national economy.”

For his part, commenting on this decision, economic expert, Diaa Al-Mohsen, confirmed that “the suspension of dealing in the Chinese yuan by the Central Bank of Iraq is an unsuccessful step if we take into consideration that trade dealings with China exceed 65 billion dollars.”

Al-Mohsen said in a statement to Al-Maalouma Agency, “This decision will have a negative impact on the local market, and the demand for the dollar will increase, which means an increase in the exchange rate of the US dollar in the local market, which will increase inflation rates, which will have negative effects on the economic situation of the Iraqi family.”

The Central Bank of Iraq stopped dealing in the Chinese yuan after the US Federal Reserve accused Iraq of “inflating remittances.”

During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on private banks and preventing the dollar under many pretexts, which in one way or another led to a severe financial crisis in local markets.

It is noteworthy that the Central Bank of Iraq also moved to strengthen its assets in the UAE dirham and negotiated to increase its assets denominated in euros to finance trade with the European Union. Iraq also began opening bank accounts in Indian rupees for a number of Iraqi banks.

Almaalomah.me

Parliamentary Economy: Warns of Continued Uncontrollable Dollar Exchange

Deputy Chairman of the Parliamentary Economic Committee, Yasser Al-Husseini, warned today, Tuesday, of the continued chaos in the dollar price on the black market, while stressing that the primary beneficiary of the dollar’s ​​rise is a group of banks and companies affiliated with political parties.

Al-Hussaini said in an interview with Al-Maalouma Agency, “There is a gap between the official dollar price and the black market,” indicating that “if the dollar exchange rate continues to rise without real measures, the price will exceed 150 thousand.”

He added that “the rise continues due to the ill-considered decisions of the government and the Central Bank,” stressing “the need for urgent and rapid intervention by the government to control and stabilize the exchange rate and monitor the effects witnessed by the markets.”

Stressing that the stability of the exchange rate contributes directly to the stability of the prices of goods and commodities, which are constantly affected by movements.

Almaalomah.me

Al-Sakini: The government is unable to expel the Americans from Iraq

Ibrahim Al-Sakini, a member of the State of Law Coalition, accused the Iraqi government of being unable to expel the Americans from the country, while he confirmed that America has stated many times that it will not leave Iraq.

Al-Sakini said in a statement to Al-Maalouma Agency, “America does not have principles or a sense of humanity, and the Iraqi people must rise up to expel the American forces, since the government cannot expel them,” noting that “if the government had an intention in this file, then let it do so and the people will be with it, rather than keep waiting for false negotiations.”

He added, “America’s tricks and continuous deceptions do not justify the government’s work on this file, and Al-Sudani must resolve the matter as quickly as possible,” noting that “the government’s failure in this file is clear, as it does not seek the people’s help to support it, nor does it coordinate with the resistance.”

It is worth noting that America seeks to keep its forces in Iraq, as is the case with their forces in Japan, and to seek to conclude an agreement with Baghdad similar to Washington’s agreement with Tokyo, so that these forces are not treated according to Iraqi laws, and these actions represent a violation of Iraq and its sovereignty.”

Almaalomah.me

Popular movement: The government is still unable to confront the dollar crisis

The head of the Popular Movement’s regulatory body, Hussein Ali Al-Karawi, confirmed today, Tuesday, that the government’s submission to American dictates made it unable to confront the dollar crisis.

Al-Karawi said in an interview with Al-Maalouma Agency, “The rise in the dollar exchange rate in local markets has become worrying,” indicating that “this rise will have dire consequences for the Iraqi street.”

He added, “Ending the dollar crisis lies in the global currency basket and adopting a barter system in exchange for a percentage of oil exports, as is the case with the Chinese agreement signed by Abdul Mahdi’s government.”

He pointed out that “the government is unable to confront the dollar crisis in the black market,” stressing that “the Central Bank of Iraq failed to manage the exchange rate and control the continuous rise of the dollar against the Iraqi dinar.”

Almaalomah.me

Carrying “Iraqi Fuel”… 400 Iranian Trucks Stopped in Afghanistan

The Director of Customs of South Khorasan Province in Iran, Mahirud, said on Tuesday that more than 400 trucks loaded with Iraqi fuel have been stuck in Afghanistan for more than 3 weeks due to their non-acceptance by this country.

Fars News Agency reported in a report translated by Shafaq News Agency, on Tuesday, that Reza Abedini, Director of Mahirud Customs, said that more than 400 Iranian trucks are stuck in Afghanistan, noting that more than 3 weeks have passed since these numbers of fuel trucks have been stuck due to their non-acceptance by the Afghan government.

Abedini continued: Truck drivers are waiting for permission from the Taliban government to clear the cargo that was loaded from Iraq and must be unloaded in this country.

The Director of Mahirud Customs pointed out that the stopping of these trucks occurred in Afghan territory, adding that this incident has no impact on Mahirud Customs exports and exports are continuing as usual.

Shafaq.com

Iraqi Dinar / US Dollar auction results for today 7-015-2024

Results of the foreign currency selling window for Monday 07/15/2024

Advertisement No. (5161)

The amount:

Total amounts of transfers abroad (transfers, credits)
252,324,037

Total cash withdrawals
18,302,000

Total total sales
270,626,037

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

MP: America is using the dollar to impose restrictions on the Iraqi economy

Al-Hussaini told Al-Maalouma, “America has a multi-faceted agenda in Iraq and does not want there to be integration in its economy, and this explains its repeated exploitation of the dollar bill to impose restrictions on the economy.”

He added, “America is behind many corruption files through its pressures and manipulation, noting that all dollar crises are caused by corrupt people and America in order to achieve multiple goals and agendas.”

He pointed out that “America wants to dominate the national economy and drain Iraq’s wealth, and this explains its pressure to proceed with the Aqaba pipeline project, which does not achieve any real benefit for the country.”

It is noteworthy that America controls Iraqi oil payments through the Federal Bank, which sends financial transfers to the Central Bank.

Almaalomah.me

Iraq advances one place in the world’s gold reserves

The World Gold Council announced on Monday that Iraq has advanced one rank in the list of countries with the largest reserves of the precious metal in the world.

According to the latest table published by the Council in July, which Shafak News Agency reviewed, it advanced to 30th place out of 100 countries listed in the table with the largest gold reserves, after it was ranked 31st globally, and fourth in the Arab world after Saudi Arabia, Lebanon and Libya.

According to the table, Iraq maintained its gold holdings unchanged, reaching 1,457 tons, which represents 10% of its other reserves.

The Council pointed out that “the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Suriname came in last with 1.2 thousand tons.”

The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.

Shafaq.com

The controversy over foreign banks’ acquisition of the “Iraqi Dollar Auction”.. A ​​comprehensive explanation of the reasons

The researcher in banking and economic affairs, Mustafa Hantoush, reviewed today, Sunday, the reasons for foreign banks’ acquisition of the largest percentage of shares in some banks inside Iraq and their acquisition of the currency auction as well, as the strengths of these banks are that they are owned by foreign banks capable of opening accounts easily in accordance with the standards of American banks that supply the dollar.
Hantoush told Sumaria News, “Some foreign investors and foreign banks have obtained more than 51% of shares in some banks inside Iraq, despite the fact that the Companies Law prohibits giving the foreign investor more than 49%.”

However, Hantoush reviewed the existence of a “legal loophole” that enabled the Central Bank to grant foreign investors larger percentages than stipulated in the Companies Law, noting that Article 107 of Banking Law 94 of 2004 gives the Central Bank’s Board of Directors the authority to determine the percentage of foreign investor ownership in banks without being bound by general laws.

He considered that this paragraph is not supposed to mean that the percentage should be more than 50%, but rather that it should be less, but the loophole is that the legal article gave absolute authority without addressing that the percentage should be less or more than 49%.

He explained that “there is no granting of a share larger than 50% in the world except in countries where there is a high circulation of funds, considering them bankrupt countries that do not possess wealth that they fear will be controlled by foreign banks.” He explained that

“according to this strategic mistake, foreign banks were given more than 60% of the shares in banks inside Iraq Today, we have begun to observe the fruits of this mistake, when the American side noticed the existence of currency smuggling and trade operations with Iran. Syria and set conditions of compliance, failed Central Bank of Iraq And Iraqi banks by applying the standards or the possibility of opening accounts for Iraqi banks in American banks to achieve control and finance their accounts in dollars.

He pointed out that “when this happened and the arena became empty of Iraqi banks capable of taking on this role, these foreign banks operating in Iraq And through the governors of the central banks of the countries of origin of these banks, they presented themselves as a solution to Washington instead of presenting themselves as a mediator between Iraq And America.”

He stressed that “indeed, American banks relied on these foreign banks operating in Iraq And they opened accounts for them in Citibank And JPMorgan, to their parent banks in other countries, which own the largest part of these banks within Iraq Although these banks are in Iraq Its work does not rise to achieve 5 points in the international standards, but it relied on its parent banks located in other countries.”

Accordingly, Iraq Now I take the dollars he has in the US Federal Reserve, and through them I finance the accounts of these banks that are open in my pocket accounts. Morgan And Citibank From there, the dollar is transferred to the rest of the world for Iraqi traders, and the traders deposit the dinars in Central Bank of Iraq He explained that “Iraqi banks cannot perform this role because they cannot open accounts in Citibank My pocket Morgan “Because it does not have branches in countries that the American banking system trusts, and the Central Bank of Iraq failed to guarantee Iraqi banks against American banks, and succeeded earlier in 5 banks but they only lasted a month and then these banks were punished, and they too were guaranteed by Jordanian banks.”

He stressed that “it is not possible to rely on foreign banks to manage the Iraqi banking system, this model failed in India because of its reliance on the foreign banking system, as the foreign bank gives profits to its parent branches abroad, and does not reinvest the profits here inside Iraq”, calling on the Central Bank to “find a solution to trade with Iran and Syria…and strengthening the Iraqi banking system and guaranteeing it before American banks and opening accounts for Iraqi banks to experiment with American banks.

Alsumaria.tv

Nechirvan Barzani concerned about Trump assassination attempt, denounces use of violence in political disputes

The President of the Kurdistan Region of Iraq, Nechirvan Barzani, expressed his condemnation, on Sunday, of the assassination attempt on former US President Donald Trump, while denouncing the use of violence to resolve political disputes.

“I am deeply concerned about the assassination attempt on former President Donald Trump,” President Nechirvan Barzani wrote in a post on Twitter.

“I condemn the use of violence to resolve political disputes, and violence should have no place in today’s politics,” he added.

The President of the Kurdistan Region concluded his post by saying, “My thoughts are with President Trump, his family, and all the victims affected by this attack.”

Former US President Donald Trump was shot yesterday, Saturday, amid a group of his supporters in the state of Pennsylvania, which resulted in his injury, the death of one person, the injury of two others, and the death of the perpetrator of the failed assassination attempt.

Shafaq.com