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The parallel market has become more powerful.. Chambers of Commerce set 3 points to secure the dollar at the official rate Economy/Localities |Today, 11:51 | Baghdad today - Baghdad The exchange rate in the parallel markets is still recording a significant increase compared to the official rate, while 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 power of the dollar, the head of the chambers of commerce in Diyala, Muhammad Al-Tamimi, said in an interview with “Baghdad Al-Youm” that, “about 8 months ago, the Central Bank set an official exchange rate for the dollar, but the truth is that the parallel market has become more powerful, and the difference between them is very high, and it is burdening the shoulders of millions of simple and poor people.” Wondering where the Central Bank’s procedures are.” Despite the approval of the country's general budget, and the Central Bank selling more than $200 million per day, many questions are being asked about the reason for the continued rise in the exchange rate. Corruption and complaints Al-Tamimi added, “The dollar breaking the exchange barrier of 160,000 dinars for every 100 dollars calls for reconsidering the plans of the Central Bank and making changes that contribute to correcting the situation in a way that does not lead to exhausting the markets and raising prices to alarming levels,” pointing out that “even simple measures are taken to secure the dollar.” At the official price for multiple packages, they did not arrive correctly, and there are negatives and corruption, and the complaints are countless.” Al-Tamimi pointed out that "the Central Bank's efforts to reduce the parallel market are ink on paper. The evidence is that the level of difference between them is very high, and all indicators indicate that prices are on their way up, which means more pressure on the markets." Prime Minister Muhammad Shiaa Al-Sudani repeatedly confirmed that the exchange rate would decline immediately after the approval of the country's general budget, which was confirmed by many government officials over the past months, but that has not happened so far. Economic crisis Yesterday, Saturday (October 7, 2023), Kurdish politician Latif Al-Sheikh warned of a stifling economic crisis as a result of the continued rise in the price of the dollar. The Sheikh said in an interview with “Baghdad Today” that “two parties are bearing the crisis of the continuing rise in the dollar exchange rate, namely the Central Bank and the Association of Iraqi Banks.” He added, "The two parties failed to resolve the crisis and profited at the expense of the citizen, who was a victim of the large disparity in the official and parallel prices," noting that "those who benefited were the banks and private companies, and we warn of a catastrophic economic crisis." Dollar prices are still flying in the parallel market with a large difference from the official exchange rate, as selling prices in exchange shops in the capital, Baghdad, today, Sunday, reached 159,500 Iraqi dinars for every 100 US dollars, while purchasing prices recorded 157,500 Iraqi dinars for every 100 US dollars. Private banks are accused of taking over the largest part of the currency selling window, especially for the cash dollar, which has become extremely difficult for travelers to obtain, which forces them to buy the dollar from the parallel market, while the travelers’ share of the dollar in these banks goes for the purpose of speculation. Source: Baghdad Today

The dollar jumps in Baghdad markets and money exchanges, touching 160,000 Economy |Today, 10:30 | Baghdad today - Baghdad Today, Sunday (October 8, 2023), dollar prices recorded a significant increase in the markets and exchange offices of the capital, Baghdad, to record a record after a slight decline over the past weeks. The "Baghdad Today" correspondent said, "Selling prices in money exchange shops in the capital, Baghdad, amounted to 159,500 Iraqi dinars for every 100 US dollars, while purchasing prices recorded 157,500 Iraqi dinars for every 100 US dollars." Private banks are accused of taking over the largest part of the currency selling window, especially for the cash dollar, which has become extremely difficult for travelers to obtain, which forces them to buy the dollar from the parallel market, while the travelers’ share of the dollar in these banks goes for the purpose of speculation.

The euro is the key to resolving the dollar crisis in Iraq Articles Evan Shaker Aldobardani The euro is ranked second in the world after the US dollar, as it is considered one of the strong currencies in international trade. The euro is also the second most traded currency in the world after the US dollar, and the British pound is ranked fourth. The Central Bank of Iraq is supposed to take the first step by diversifying its financial assets, and increasing the share of the euro, in addition to the pound sterling, at the expense of the US dollar, as the Central Bank of Iraq’s foreign currency reserves are estimated at approximately 113 billion dollars. The Central Bank of Iraq keeping a portion of its reserves in euros will not have any negative impact on the value of the Iraqi dinar, but it will preserve its value. An example of this is the Kuwaiti dinar, which is denominated against a basket of foreign currencies such as the dollar, euro, and pound sterling. The Central Bank of Iraq could have pumped the euro currency into the currency sale window auction, after the strict measures imposed by the US Federal Reserve Bank and the US Department of the Treasury on the Central Bank of Iraq by selling the US dollar currency, with the aim of preventing the smuggling of the dollar into Iran, and therefore The goal of selling the euro in the currency selling window is to avoid the restrictions imposed on the Central Bank of Iraq by the US Treasury, and also to reduce the demand for the US dollar with the aim of reducing the gap between the official rate and the exchange rate in the parallel market. The Central Bank of Iraq was supposed to establish its own platform, as this platform specializes in selling the euro and the pound sterling, and it can also be sold to citizens in cash, just as the euro is a global currency that the Iraqi merchant can deal with normally and smoothly in any country. It excluded Iran, so some foreign imports could be covered through euros instead of dollars. Although I am against the idea of giving each citizen 3,000 US dollars to travel and smuggling hard currency out of the country, but at the same time, if the Central Bank of Iraq continues this policy, I suggest giving citizens the euro as well to travel outside the country in order to reduce the demand for the dollar. American. Hoarded money: Iraqi economy. The euro is an investment currency: The euro is considered an investment currency because it generally moves in an upward direction in the long term, and it rose from the end of last year from levels of 0.96 cents to 1.12 US dollars two months ago, meaning an increase of approximately more than 15%, and the euro currency is currently in the process of A deep correction, as it fell to a level of approximately 1.04 US dollars several days ago, and now it is reeling at the levels of 1.05 US dollars, and perhaps the rise will resume or the correction will be completed to levels close to the parity point with the dollar, and this in itself is an appropriate opportunity for the Central Bank of Iraq to buy a currency. The euro is worth at least 10 billion euros, and I personally saved part of my money in the euro currency, and it is expected that the euro currency will target levels of 1.15 US dollars and more during the first quarter of next year. In the event that the Central Bank of Iraq sold part of the currency sale window auction in the euro currency, a month worth two billion euros, that is, selling 100. Let us assume that the Central Bank of Iraq pumped the euro currency into the markets when it was at a price of 0.96 cents at the end of last year, at a time when the dollar crisis began in Iraq. As a result, the gap between the official price and the exchange rate in the parallel market was greatly reduced, and at the same time, citizens who bought the euro currency at the time achieved profits of an estimated 15%. Also, at the same time, the Central Bank of Iraq could have invested in the euro currency if it had kept part of its reserves of the euro currency, assuming 10 billion euros and sold it when it reached 1.12 dollars. Also, it would have achieved profits of an estimated 15%, that is, about 1 billion and 500. The question here is: Is the Central Bank of Iraq capable? To convert part of his assets from the US dollar to the euro currency? Or will he be a prisoner of the directions of the US Treasury and the policy of the US Federal Reserve? Views 78 Added 10/08/2023 - 2:42 PM

The Federal Parliament is considering investing the Kurdistan region’s oil internally energy Economy News _ Baghdad The Oil, Gas and Natural Resources Committee in Parliament is studying a proposal to the government to form committees to discuss investing the region’s oil internally, adding that 80,000 barrels of the region’s oil are currently invested internally. Committee member Bassem Ngheimesh said in an interview with Al-Sabah, followed by Al-Iqtisad News, that “Prime Minister Muhammad Shiaa Al-Sudani has formed committees in order to search for investment in the region’s oil, which is estimated today at about 450,000 barrels to local refineries, with the possibility of implementing solutions.” Others, such as being sold to Jordan, Syria, or Lebanon.” Negimesh added, “There is another proposal to offer these quantities marketed through Turkey to be compensated through the south by developing the export and work system,” indicating that “work is underway in this direction in order not to harm the budget.” The representative of the Oil and Gas Committee continued, “Iraq is working to invest the region’s oil internally after pumping 80,000 barrels of it to local refineries,” calling on the federal government to “find clear solutions to stop oil smuggling, as it is its responsibility, by tightening control over the border crossings.” Views 136 Added 10/08/2023 - 8:23 AM

Specialist: The Central Bank has taken an additional decision that will worsen the exchange rate in the market Economy |Today, 17:15 | Baghdad today - Baghdad An economic expert confirmed today, Sunday (October 8, 2023), that the decisions of the Central Bank of Iraq, especially preventing the delivery of citizens’ transfers in dollars, will exacerbate the rise in exchange rates. Economic affairs expert Nasser Al-Kinani told Baghdad Al-Youm, “The Central Bank’s decisions regarding confronting the dollar crisis are all patchwork and not real solutions, and these decisions for nearly a year have not resolved the crisis that is worsening day after day.” He stated that "some of the Central Bank's decisions contributed to the issue of the dollar crisis, especially when allowing some banks to refuse to deliver dollar transfers that reach some citizens," noting that "such measures contribute effectively towards going to the parallel market to buy the dollar, and this worsens the issue and does not solve it." . The Central Bank of Iraq had confirmed in a statement that its decision to stop cash withdrawals includes only remittances received from outside Iraq according to certain arrangements, and does not in any way include citizens’ balances deposited in US dollars. Source: Baghdad Today

Seizing the dollar and violating the law: The Association of Banks “evades” its duties and remains silent Economy |Today, 13:44 | Baghdad today - Baghdad Today, Sunday (October 8, 2023), expert in banking affairs, Ahmed Al-Tamimi, criticized the Iraqi Banks Association for not taking any position on what some private banks are working on to illegally acquire the dollar. Al-Tamimi told "Baghdad Today", "Some private banks are working to illegally seize the dollar. They take the share of the traveling citizen and do not give it to him. Also, some banks refuse to hand over to the citizens the remittances that reach them in dollars, and all of this violates the law." The expert in banking affairs stated, “The Iraqi Banks Association bears a large part of the illegal behavior that is happening in some private banks, especially since it has not yet taken any role from those banks. Rather, it remains silent and tries to evade its role in following up on the work of those banks.” ". Private banks are accused of occupying the largest part of the currency selling window, especially for the cash dollar, which has become extremely difficult for travelers to obtain, which forces them to buy the dollar from the parallel market, while the travelers’ share of the dollar in these banks goes for the purpose of speculation. Economist Sarhang Hussein earlier accused the Association of Private Banks of being behind the rise in dollar exchange rates in the parallel (black) markets. Hussein told "Baghdad Today", "The process of buying the dollar with cards by merchants and granting these to private banks is behind the rise in the dollar exchange rate again." He added, "It is clear that private banks do not want the exchange rate to fall, as they are the largest beneficiaries of the advantage granted to them by the Central Bank, as they buy the dollar at the official price, and it is sold to the citizen at a very large margin," holding the "Association of Private Banks responsible." It is noteworthy that the exchange rate of the dollar in the parallel (black) markets has risen again, as the markets recorded 1,600 dinars per dollar, even though the Central Bank of Iraq sells it for 1,320 dinars. Source: Baghdad Today

POSTED ON 2023-10-07 BY SOTALIRAQ Macron: During my visit to Iraq, we will work with all parties to address the outstanding problems French President Emmanuel Macron confirmed that during his visit to Iraq, he will work with all political parties to address the outstanding problems in the country. Emmanuel Macron stated in a press conference, in response to a question regarding his intention to visit Iraq and the Kurdistan Region, and bring the Iraqi and Kurdistan political parties to one table, saying: “During my visit to Iraq, we will work with all political parties to address the outstanding problems” in the country. He pointed out that “Iraq’s lack of stability will lead to the influx of more Iraqi immigrants towards Europe.” He pointed out, “I will attend the Baghdad conference to support Iraq’s sovereignty, and we will work to establish stability in Iraq and throughout the region.” He expressed his hope that “the Baghdad conference will result in the development of a concrete project aimed at establishing security and stability, in addition to making efforts to address the migration problem and end this crisis.” The third edition of the Baghdad Regional Stability Conference, which Paris is co-organizing, is scheduled to begin on November 30 in the Iraqi capital, Baghdad. The second edition of the conference took place in the Dead Sea region of Jordan on December 20, 2022, at the invitation of King Abdullah II, and in coordination with French President Emmanuel Macron and Iraqi Prime Minister Muhammad Shiaa al-Sudani. 12 countries participated in the second edition of the conference, namely Jordan and Iraq, which hosted the conference, France, its sponsor, Turkey, Egypt, Kuwait, Saudi Arabia, the Emirates, Qatar, the Sultanate of Oman, Bahrain, and Iran, in addition to representatives of the European Union and the United Nations. Today, in the Andalusian city of Granada, southern Spain, expanded European meetings began, discussing issues of defense, immigration, the expansion of the European Union, the strategic independence of Europe, and the conflicts taking place on the continent, most notably the conflict between Russia and Ukraine.

POSTED ON 2023-10-08 BY SOTALIRAQ Citizens queue at banks... and the dollar crisis is approaching a situation similar to Lebanon For days, citizens have been queuing in front of bank windows in order to withdraw their deposits, but they were surprised that the banks refused to hand over the amount in dollars, but rather in Iraqi currency and at the exchange rate of the Central Bank. While the banks are focusing on a government decision to ban the circulation of the dollar and deal in the Iraqi dinar only, what observers consider the beginning of a new economic crisis in the country. On Thursday, the Central Bank of Iraq confirmed that citizens’ deposits in Iraqi banks in US dollars are a guaranteed citizen’s right. Absence of standards Many citizens and businessmen in the country suffer from the absence of international standards in Iraqi banks due to the weakness of their banking systems, as they deal with banks of neighboring countries in their commercial and personal dealings due to the lack of confidence most of them have in Iraqi banks, while Iraqi citizens are forced to save money in their homes instead of in government banks. And civil society is spreading throughout the country. Observers confirmed that the dollar crisis and reform of the banking system cannot be achieved without controlling the currency auction due to the sale of large quantities of dollars. sanctions The Federal Reserve Bank of New York imposed stricter restrictions on international dollar transactions by Iraqi commercial banks in November 2022 in a move to curb money laundering and illegal withdrawal of dollars to Iran and other Middle Eastern countries subject to severe sanctions. Under the new procedures, Iraqi banks were required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which is then reviewed by the Federal Reserve Bank. American officials explained that the regime aims to limit the use of the Iraqi banking system to smuggle dollars to Tehran, Damascus, and money laundering havens throughout the Middle East. Financial chaos Economist Dr. Ahmed Al-Husseini explains to (Al-Mada), “The causes of the dollar crisis are the creation of a large gap by the currency selling window between the supply of hard currency and the demand for it, even though this matter was part of a solution at that time, and I mean in the years 2007-2008.” There was an urgent need for the presence of this window (the currency auction), and it was dominated by the state, but after that very broad permissions were given to a spectrum of Iraqi society to open private banks, so the first spark of the crisis was by the currency sale window.” Al-Husseini adds, “There are other reasons that created this financial chaos due to the Central Bank of Iraq’s lack of control over the Iraqi banking system. Also, the controls, laws and legislation regulating the process of trading hard currency were insufficient and sufficient at the same time to control the hard currency, and all of these reasons combined led to the bursting of a bubble.” The dollar.” “Dollarization” of the market Dr. Al-Husseini continues his speech to (Al-Mada): “This financial chaos necessitated the intervention of the American treasury, given that the dollar is an American currency and not an Iraqi currency, and therefore the United States of America has the right, as the exporter of this currency, to preserve its currency because its value reflects the state’s sovereignty as in the rest of the currencies of the countries.” “The other.” Pointing out, “The crisis of confidence between the Iraqi citizen and the Iraqi banking system was not born today, but rather nearly three decades ago, and because of the many wars that Iraq fought, and the instability of its political system, this was reflected in the banking reality, and these reasons are sufficient to break the Iraqi citizen’s confidence in the banking system.” "The Iraqi." The economist continues and says: “There is a phenomenon present in the Iraqi markets called “market dollarization,” meaning that most goods, especially durable ones such as goods, cars, electrical and medical devices, etc., are valued, sold, and bought by the citizen in dollars, even if their value is paid in Iraqi dinars, but they may It was previously valued in dollars, and this phenomenon arises from the Iraqi citizen’s weak confidence in his local currency.”Pointing out, “The solution is simply with the government, represented by the Central Bank. At the present time, it is better for the government to be the commercial agent for merchants, through two methods. Either it opens a documentary credit at the official exchange rate, which is 1320, or it authorizes the Central Bank through The latter opened offices in the governorates through which merchants can submit their requests using receipts or documents for the goods that the merchant wants to import, and thus dealing in hard currency is restricted to the Iraqi government on the one hand, and the entry of goods that are not registered with the government through customs on the other hand, and also benefiting from the issue of Quality control and the entry of materials and goods subject to the laws of control and quality, in addition to getting rid of the platform issue or that the company must be registered. These procedures push medium and small companies to defraud the Central Bank and obtain hard currency in illegal and illegal ways.” Salvation through automation Al-Husseini concludes his speech by saying, “Any work in which a person intervenes is subject to corruption. Today, the process of automating government activity is the solution to all crises in Iraq, and we as a country are no different from other countries to achieve this goal. The presence of minds and tools such as the Internet achieves this, and this project is not difficult for people to do.” The Iraqi government, with the trillions spent through the general budget, if some of it is spent on the project to automate government activities, then we will have restricted corruption and provided services, and this is the beginning of the solution to all crises, but the biggest question remains, is there an actual national will to achieve this? Are the beneficiaries Who will allow this corruption, whether they are members of the political class or corrupt merchants? Decisions but A senior official in the Central Bank of Iraq explained that the country will ban cash withdrawals and transactions in US dollars starting from January 1, 2024, in the latest effort to limit the misuse of the country’s hard currency reserves in financial crimes and evade US sanctions on Iran. Economic experts show that all recent government decisions are compatible with dollar smuggling, and do not serve the citizen or the Iraqi economy. Rather, they lead to weak financial dealings between Iraq and the countries of the region and the world. Meanwhile, on Thursday morning, dozens of owners of banking companies organized a demonstration in front of the Central Bank of Iraq in the center of the capital, Baghdad, demanding the lifting of the penalties imposed on them for financial transactions that violate the law. It is noteworthy that the price of the dollar in the informal market reached 1,680 dinars per dollar, after it was 1,450 dinars before the crisis.

POSTED ON 2023-10-08 BY SOTALIRAQ Parliamentary preferences for a ministerial change soon: Committees under the supervision of Al-Sudani re-evaluate the ministers 2023-10-08 The Parliamentary Strategic Planning Committee revealed, on Sunday, the formation of committees under the supervision of Prime Minister Muhammad Shiaa Al-Sudani to re-evaluate the ministers according to their performance and preservation of public money. The head of the committee, Laila Al-Tamimi, said, “Through our communication with the government, we believe that there are ministerial changes expected by Prime Minister Muhammad Shiaa Al-Sudani, given that he has important observations, most notably the fight against corruption and waste of public money in the ministries.” She explained that “the file of wasting money and combating corruption is one of the most important files, and it is the one that will evaluate the work and performance of ministers in the government. This will be done through the follow-up and inspection committees in the Prime Minister’s Office and under the supervision of Al-Sudani. In light of this, the work of ministers will be evaluated and their replacement within the expected ministerial change.”

POSTED ON 2023-10-08 BY SOTALIRAQ The Central Bank denies the disruption of dollar shipments from America, and the Sudanese meets Putin soon Baghdad/ Tamim Al-Hassan The Central Bank denied the disruption of US dollar shipments to Iraq at a time when events at home indicate a “liquidity crisis” in hard currency. These indicators undermine the official narrative of “American satisfaction” with Iraq’s measures to prevent dollar smuggling. It also gives confirmation of the leaks that circulated about the reasons for Prime Minister Muhammad al-Sudani not meeting with the American President last month. The crisis is expected to expand after Russian President Vladimir Putin announced that he welcomed the Sudanese, who is expected to visit Moscow tomorrow, Monday, instead of meeting with Joe Biden. According to a statement by the Central Bank, the dollar is still arriving in Iraq according to the agreed upon timings, and there is no “stop” or “reduction.” International financial and press reports confirmed that Washington rejected a request from Iraq to obtain one billion dollars in cash from the Federal Reserve Bank. These reports confirmed that this was due to the conflict with Washington's efforts to curb Baghdad's use of the dollar and stop illicit cash flows to Iran. On the other hand, the Central Bank’s statement last Friday said that “dollar shipments sent by the US Federal Bank are proceeding according to a specific schedule and timings agreed upon between the two monetary institutions, and yesterday, Thursday, the shipment was received on time.” The Central Bank denied news and media reports that “talk about stopping or reducing shipments sent to the bank.” The American Wall Street Journal reported that since the American invasion of Iraq two decades ago, the United States has provided $10 billion or more annually to Baghdad via bi-monthly cargo flights, and the money is derived from the proceeds of Iraqi oil sales deposited with the Federal Reserve Bank. American officials said, “Banknotes in the hands of Iraqis have become a lucrative source of illicit dollars that go back to militias and corrupt politicians, as well as to Iran.” By applying for an additional $1 billion shipment, Iraq says it needs the money to help prop up its faltering currency. A senior Iraqi official explained, “Last week, the Central Bank of Iraq submitted an official request that the Treasury Ministry is still studying, after Washington rejected the initial request submitted by Iraq last month.” Iraqi officials said, according to the newspaper, that Treasury officials informed Iraq that sending a large additional shipment conflicts with Washington's goal of limiting Iraq's use of American banknotes. American officials spoke of conclusive evidence that some of the dollars that were arriving in Iraq were smuggled in cash over the years to Iran, as well as to Turkey, Lebanon, Syria and Jordan. A former Shiite MP, who requested that his name not be mentioned, said in an interview with Al-Mada: “The US Federal Reserve was tracking the numbers of dollars it sent to Iraq and found them in Lebanon, Iran, and other countries.” The Central Bank’s clarification was linked to financial developments that took place at home, such as the Central Bank’s announcement of stopping dollar transfers and reducing banks’ share of the dollar by half. Reuters quoted Mazen Ahmed, the investment and transfer officer at the Central Bank, as saying that Iraq will ban cash withdrawals and transactions in dollars, starting next January 1. Shortly after the news was broadcast, the Iraqi official issued a statement to correct what the agency reported, and said, “The statement that the date of January 1, 2024 will be the beginning of stopping cash withdrawals includes transfers received only from outside Iraq according to certain arrangements that guarantee business sustainability and does not include in any way Citizens’ balances are in US dollars.” According to the statement, the reforms undertaken by the Central Bank aim to achieve compliance by the latter and the banking system in general with international compliance standards “in a way that prevents the dollar from reaching parties prohibited from obtaining it or speculating with it.” As a result, the Imtiad movement called on the Prime Minister to make urgent changes in the management of the Central Bank, while describing the bank’s policy as “unprofessional.” The head of the bloc, MP Haider Al-Salami, said in a statement, “The government is watching the collapse of the dinar, the inability of the central bank to control the dollar exchange rate, and the banks forcing citizens to receive their deposits and transfers in Iraqi dinars.” He added, “The Prime Minister must break his silence and make urgent changes in the management of the Central Bank and its unprofessional policy, and move this important institution away from the control of the militias of corruption and ruin.” Al-Salami continued, “Controlling the dollar starts from the borders and not from fighting exchange companies and confiscating citizens’ remittances and their deposits in banks.” Ahmed Magdy and Hadi Al-Salami, two other representatives in Parliament, previously called for changing the governor of the Central Bank due to his “failure to manage the dollar crisis.” On the other hand, Nabil Al-Marsoumi, a professor of economics in Basra, suggests “cutting off trade with Iran” as one of the solutions to end the gap between the official and parallel dollar exchange rates. The local currency (the dinar) was on the verge of collapse last July, when Washington imposed sanctions on 14 banks, before the Iraqi Central Bank and the US Federal Reserve announced a settlement of the matter with the banks. Informed sources believe that there is “almost agreement” to issue media statements that are “not necessarily accurate” to save the financial situation, such as denying that banks will be punished, or denying that dollar shipments will be delayed. Such a position may apply to the recent announcement of Joe Biden’s invitation last September to Prime Minister Mohamed Al-Sudani to meet in Washington, which has not yet materialized for unknown reasons. The leaks indicate that “Washington’s reduction” of Iraq’s share of the dollar is linked to “the American administration’s lack of conviction about the Iraqi measures, and therefore the meeting with Badin did not take place.” Some speculation said that the meeting was postponed until the end of this year, because Washington is waiting for more from Baghdad regarding currency smuggling and the position on Iran, even though government statements indicated Washington’s support for banking reform steps in Iraq. The crisis with Washington is expected to escalate with Russian President Vladimir Putin announcing that he “welcomes the upcoming visit of Prime Minister Muhammad Shiaa Al-Sudani to Russia,” according to what the official agency reported from Russian sources. Ghazi Faisal, a former ambassador to Al-Mada, says that Iraq may be exposed to “pressure and sanctions from the United States if Baghdad goes too far in traditional international relations with Russia and saves the latter from the American and European blockade imposed on it because of the war in Ukraine.” Baghdad had announced that Al-Sudani had received an invitation to visit Moscow while the latter was in New York last month, to participate in United Nations meetings and possibly meet with Biden. The Sudanese is expected to leave Baghdad for Moscow tomorrow, Monday, while his meeting with Putin will be next Wednesday.

POSTED ON 2023-10-06 BY SOTALIRAQ The dollar crisis is worsening in Iraq: quarrels within private banks Iraqis who have accounts in private banks complain of the inability to receive their money transfers that reach them from abroad in hard currency, even though they have contracts for their salaries, official books, and documents related to their companies and interests, while banks refrain from delivering dollars to Iraqis under the pretext of a government decision prohibiting the circulation of the dollar and dealing in the dinar. Iraqi only, what observers consider the beginning of an economic crisis and a new global isolation for Iraq. The Iraqi Council of Ministers issued a decision, last April, obligating all companies and banks to use the dinar only in their transactions, including the salaries of employees of foreign companies, which were in dollars and paid in dinars, and the official rate is 1,320 dinars, with the exception of diplomatic missions, which are paid in dollars, and in turn the bank The Iraqi Central Bank circulated this decision to the Iraqi banks to adhere to it, which implemented the decision and forced companies to receive all their incoming transfers in dinars and at the official rate, knowing that the exchange rate of the dollar in the markets is close to 1,600 Iraqi dinars. Representative and member of the “Al-Basas” coalition, Hussein Arab, published a video clip on his account on the “X” platform (formerly Twitter), showing Iraqis angry that they had not received sums of money allocated to them in dollars, but the banks were refraining from giving them dollars. He wrote: “The acquisition by a non-local private bank of the amounts of financial transfers via the electronic dollar platform, estimated at 70% of Iraq’s transfers, is abnormal and disastrous. We will have a clear position on manipulating the fate of the country’s economy. We will not remain silent.” For his part, the independent representative in the Iraqi parliament, Hadi Al-Salami, said, “The current failure in the US dollar issue is borne by all the Iraqi governments that have ruled the country since 2003 until now, and the government of Muhammad Shiaa Al-Sudani has pledged to solve the crisis by establishing mechanisms to prevent currency smuggling.” It was difficult, but it did not succeed in this file.” Al-Salami added, in an interview with Al-Araby Al-Jadeed, that “reforming the banking system and the dollar crisis requires controlling the currency auction, which is still selling large quantities of dollars, and we do not know where it goes,” noting that “the problem is big in Iraq, and we are facing challenges.” Huge amounts that may lead to a crack in the current system, especially since the United States of America has often warned against smuggling the dollar to neighboring countries.” According to an advisor to the Sudanese government, “The United States of America warned the Sudanese government eight times, publicly and clearly, against the continued sale of the dollar in large quantities through the currency auction window of the Central Bank, and it provided ample evidence that the majority of buyers of the dollar are smuggling it to Iran, Syria, and Lebanon.” He explained to Al-Araby Al-Jadeed that “this sale led to the monopoly of the dollar among merchants, and its presence in local and private banks declined.” Reuters also quoted the Director General of Investment and Transfers at the Central Bank of Iraq, Mazen Ahmed, as saying that “Iraq will ban cash withdrawals and transactions in US dollars as of January 2024,” considering that “the ban is the latest campaign to limit the misuse of Iraq’s currency reserves.” Hard currency in financial crimes and evading US sanctions on Iran.” But the researcher in economic affairs in Iraq, Wissam al-Jubouri, pointed out that “the government’s continued failure to deal with the dollar file, and depriving Iraqis of receiving their salaries and managing their economic and commercial affairs, is pushing them to leave Iraq, and will lead to discouraging financial transfers from abroad in the future.” . He confirmed to Al-Araby Al-Jadeed that “all recent government decisions are in line with smugglers, and do not serve the Iraqi economy. Rather, they lead to weak financial dealings between Iraq and the countries of the region and the world.” Earlier, American officials confirmed that Washington had imposed sanctions on 14 Iraqi banks by preventing them from conducting transactions in dollars, as part of a comprehensive campaign to combat the leakage of American currency to Iran, considering that banks and exchange companies were able to achieve huge profits from their transactions in dollars, through the use of operations. Fraudulent import. The US sanctions included the banks “Al-Mashashar, Al-Qartas, Al-Tayef, Elaf, and Erbil, in addition to the International Islamic Bank, Trans-Iraq Bank, Mosul, Al-Rajeh, Sumer, Al-Thiqah, Or, Al-Tayef, Al-Alam, and Zain Iraq,” and according to Iraqi sources, these banks are affiliated with religious parties, militias, and armed factions loyal to Iran. Over the past years, an average of $170 million was sold daily through what is known as the dollar auction, in which merchants, banks, and companies participate, without monitoring the end of that money, which is classified as import trade for the local market in most cases, or foreign transfers, knowing that The actual need for dollars in the markets and among merchants does not exceed $50 million per day, according to experts.

POSTED ON 2023-10-08 BY SOTALIRAQ Seizing the dollar and violating the law: The Association of Banks “evades” its duties and remains silent Today, Sunday (October 8, 2023), expert in banking affairs, Ahmed Al-Tamimi, criticized the Iraqi Banks Association for not taking any position on what some private banks are working on to illegally acquire the dollar. Al-Tamimi said, “Some private banks are working to illegally seize the dollar. They take the share of the traveling citizen and do not give it to him. Also, some banks refuse to hand over to the citizens the remittances that reach them in dollars, and all of this violates the law.” The expert in banking affairs stated, “The Iraqi Banks Association bears a large part of the illegal behavior that is happening in some private banks, especially since it has not yet taken any role from those banks. Rather, it remains silent and tries to evade its role in following up on the work of those banks.” “. Private banks are accused of occupying the largest part of the currency selling window, especially for the cash dollar, which has become extremely difficult for travelers to obtain, which forces them to buy the dollar from the parallel market, while the travelers’ share of the dollar in these banks goes for the purpose of speculation. Economist Sarhang Hussein earlier accused the Association of Private Banks of being behind the rise in dollar exchange rates in the parallel (black) markets. Hussein said, “The process of buying dollars with cards by merchants and granting them to private banks is behind the rise in the dollar exchange rate again.” He added, “It is clear that private banks do not want the exchange rate to fall, as they are the largest beneficiaries of the advantage granted to them by the Central Bank, as they buy the dollar at the official price, and it is sold to the citizen at a very large difference,” holding the “Association of Private Banks responsible.” It is noteworthy that the exchange rate of the dollar in the parallel (black) markets has risen again, as the markets recorded 1,600 dinars per dollar, even though the Central Bank of Iraq sells it for 1,320 dinars.

POSTED ON 2023-10-08 BY SOTALIRAQ The dollar is “forbidden” to Iraqis, and a “Jordanian” bank alone has 70% of sales!.. What is the story of the Central Bank? The file of “restriction” on the dollar by the Central Bank of Iraq is surrounded by many circumstances, the most important of which is depriving Iraqis of the freedom to deal in other currencies, to meet their daily needs, or to receive their remittances and salaries paid in dollars by external institutions. In return, the Central Bank of Iraq grants approximately 70% of Daily dollar sales for one non-Iraqi private bank. The National Bank of Iraq, or what the Iraqis sarcastically describe as “Jordanian”, since it is 65% owned by the Capital Bank of Jordan, began to reveal the papers of its dominance and its possession of the largest percentage of the dollar issued by the Central Bank of Iraq, with the start of restrictions on the dollar and not even the Rafidain Governmental Bank getting its share. Sufficient supply of dollars, which prompted it to be patient in providing dollars to travelers in a number of its branches recently. Although the Bank of Jordan accounts for the largest percentage of daily currency sales, according to representatives, including Chairman of the Parliamentary Work Committee Hussein Arab, the bank opened eyes to it when a video clip spread of one of the Iraqis depositing their money in dollars with the bank, but the bank refused to hand over his money to him. He was forced to withdraw his money in Iraqi dinars and at the official exchange rate, which prompted the citizen to scream inside the bank. Representative Hussein Arab says, “The Jordan National Bank accounts for 70% of the amounts of financial transfers through the electronic dollar platform.” Arab considered that “what is happening is abnormal and catastrophic,” stressing that “we will have a clear position on manipulating the fate of the country’s economy.” According to Arabs, financial transfers in dollars from the Jordan National Bank amount to approximately 100 million dollars daily, noting that the total currency sales at the Central Bank auction range between 170 and 190 million dollars. According to sources who spoke, “For at least two years, the Central Bank of Iraq has been ‘revealing’ the names of the banks participating in the foreign currency auction, amid accusations and information about the dominance of certain banks in the currency auction over others.” Only 30% of banks dominate the central window She indicates - on the condition that her name not be mentioned - that, for example, there are more than 80 banks in Iraq, but the daily bulletin of the Central Bank’s sales shows that the number of banks participating in meeting cash requests ranges between 5 to 7 banks only, while the number of banks participating in meeting remittances does not exceed Foreign Affairs: More than 20 banks. This means - according to the sources - that only 30% of the total banks in Iraq at most are dominant in the currency sale auction from the Central Bank of Iraq, which in turn is reserved and discreet about announcing the names of these banks. Specialized circles believe that the dominance of a few banks over the currency selling window will make their profits greater. It will also reduce the amount of dollars on offer and increase the chances of “blackmailing” other banks, as these banks can participate in the currency auction by selling the dollar to banks that need the dollar at a profit margin.

Economist: The Central Bank of Iraq turned into a “money changer” and broke into the black market 2023-10-07 10:33 Shafaq News/ An economic expert revealed, today, Saturday, the reasons for the rise in the dollar exchange rates in the Iraqi markets in general and the Sulaymaniyah markets in the Kurdistan Region in particular, while explaining that it is not the duty of the Central Bank to sell the dollar against the local currency and that the matter must be left to the “black market” for stability. market. Economist Dana Mawloud said in an interview with Shafaq News Agency, “There are two main reasons behind the sudden rise in the dollar exchange rate, the first of which is the Central Bank of Iraq’s announcement to stop pumping and selling the dollar to the markets as of the beginning of next year, and the second reason is due to the media exaggeration carried out by some media outlets, which had an impact.” On citizens’ decisions to collect dollars instead of local currency.” Regarding the reasons for the Central Bank of Iraq’s decision to stop pumping currency at the start of the new year, Mawloud added, “The Central Bank of Iraq, in coordination with the World Bank, took this decision and with the approval of the US Treasury, and it will be implemented as of next January 1, with the aim of preventing the US dollar from reaching Iran from Iraqi markets.” And Turkey, as these two countries are the ones that buy the most US dollars from Iraqi markets.” Mawloud stated that “the Central Bank is the only body that sells foreign currency in the markets and it acts as a money exchange, and there is no bank or bank in the world that sells foreign currencies,” indicating that “the issue is supposed to be left to the black market and the Central Bank and other banks exchange and transfer currencies.” Foreign exchange rate at the government rate, then the dollar exchange rate stabilizes between the government-specified rate and does not exceed 137,000 thousand dinars for every 100 dollars.” Mawloud explained, "The reasons for currency smuggling are that the dollars pumped by the Central Bank of Iraq do not go to citizens, but rather go to banks and companies that do not benefit the Iraqi citizen." Today, Saturday, the exchange rate of the US dollar on the Sulaymaniyah Stock Exchange reached 158,500 thousand dinars per 100 dollars.

External dollar remittances increased by 75% at the Central Bank of Iraq auction 2023-10-08 05:50 Shafaq News/ External remittances increased at the Central Bank’s auction, today, Sunday, by 75% at the expense of cash sales, to reach 156 million dollars. Shafaq News Agency correspondent stated, “Today during its auction for buying and selling the US dollar, the Central Bank sold 195 million 502 thousand and 595 dollars, which the bank covered at a base exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for remittances.” Foreign affairs at a price of 1310 dinars per dollar in cash. Our correspondent added that most of the bank's dollar sales went to strengthening balances abroad in the form of (remittances, credits), which amounted to 156 million, 462,595 dollars, an increase of 75%, compared to cash sales of 39 million, 40 thousand dollars. Our correspondent pointed out that the number of banks that purchased cash dollars reached 6 banks, while the number of banks that responded to requests to enhance balances abroad reached 19 banks, while the total number of exchange and brokerage companies participating in the auction was 47 companies.

Dollar prices continue to soar in Baghdad and Erbil with the closure of the two stock exchanges 2023-10-08 09:39 Shafaq News/ The prices of the US dollar continued to rise against the Iraqi dinar, on Sunday, in Baghdad and Erbil, the capital of the Kurdistan Region, with the stock exchange closed. Shafaq News Agency correspondent said that dollar prices rose with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 159,000 Iraqi dinars against 100 dollars, while dollar prices this morning recorded 158,350 Iraqi dinars against 100 dollars. Our correspondent pointed out that selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 160,000 dinars for 100 dollars, while the purchase price reached 158,000 dinars for 100 dollars. In Erbil, the dollar also recorded an increase, as the selling price reached 158,750 dinars for every 100 dollars, and the purchase price was 158,650 dinars for every 100 dollars.

Integrity dismantles a network that practices appointment and transfer work in state institutions in exchange for financial sums Time: 10/08/2023 14:28:31 Read: 832 times {Local: Al-Furat News} Today, Sunday, the Federal Integrity Commission was able to dismantle a network that practices the work of “appointing, transferring, and selling positions” for employees in state institutions. In exchange for sums of money. The Commission's Investigations Department stated in a statement received by {Al-Furat News}, "It has formed a working team to investigate and investigate information contained in a complaint by a member of the Ministry of Defense, which includes a person requesting a sum of money to complete an educational transaction." She added, “After confirming the veracity of the information and obtaining the judicial decision, the team quickly set up an ambush for the complainant in cooperation with the complainant, and were able to catch him red-handed while receiving the agreed-upon amount of money in exchange for completing the complainant’s transaction regarding completing his studies at the expense of the Ministry of Defense.” The department continued, “The operation also resulted in the seizure of the accused’s two phones, and after transcribing his correspondence with citizens from the WhatsApp application, it was found that he was carrying out “appointment and transfer” work in state institutions, while the accused’s son, who received one of the payments from the complainant, was seized, confirming the seizure of three Identities, two of which were in the name of a person, but on which was affixed a picture of the main accused, stating that he was the Assistant Director-General of a news agency and the Deputy Secretary-General of one of the obscure political blocs.” She noted "the organization of an arrest report on the operation that was carried out, based on the provisions of Resolution (160 of 1983), to present it, along with the accused, and all the seized exhibits, to the competent investigating judge, to decide their fate."

Minister of Oil: The demand for oil will increase by two million barrels per day next year Time: 10/08/2023 13:46:17 Read: 780 times {Economic: Al-Furat News} Oil Minister Hayan Abdul-Ghani expected, on Sunday, an increase in demand for oil by about two million barrels per day next year, stressing that the world still needs fossil fuels. Abdul-Ghani said during the Climate Week held by the United Nations in Riyadh, “Both fossil fuels and clean energy sources require huge investments,” adding that “Baghdad has shifted its focus towards using natural gas to generate electricity.” He added, "The world still needs fossil fuels in light of an expected increase in demand for oil next year."

Labor reveals the formation of a committee to negotiate with the Finance Ministry regarding the construction of housing complexes for the ministry’s beneficiaries Time: 10/08/2023 12:40:55 Read: 871 times {Local: Al-Furat News} Today, Sunday, the Ministry of Labor and Social Affairs revealed negotiations with the Ministry of Finance regarding the construction of residential complexes for beneficiaries of the ministry’s services. Media advisor to the Minister of Labor and Social Affairs, Kazem Al-Atwani, told {Al-Furat News}: “With regard to population complexes for beneficiaries of the ministry’s services, whether social protection or people with disabilities, there are proposals under study to build these complexes.” He added, "A committee will be formed by the Ministry of Labor to negotiate with the Ministry of Finance in order to grant appropriate lands and the necessary allocations for this purpose in order to have suitable population complexes for these categories at nominal prices and deductions that may be deducted from the monthly subsidy in a way that does not affect it or granted for free." He noted that "the project is extremely important and requires concerted government efforts in order to achieve it, which is the least that can be provided to these families."

Al-Sudani and Al-Sisi stress urgent action to avoid more violence in Palestine Time: 10/07/2023 20:47:37 Read: 1,534 times {Politics: Al-Furat News} Prime Minister Muhammad Shiaa al-Sudani stressed, this Saturday evening, in a telephone call with Egyptian President Abdel Fattah al-Sisi, the developments of events in the Palestinian territories. Al-Sudani’s office stated in a statement received by {Al-Furat News}: “During the call, the importance of the unity of the Arab and Islamic position regarding what our Palestinian people are exposed to, and defending their sanctities, security and legitimate rights, which were violated by the Zionist occupation forces, was emphasized.” The two presidents also stressed the need for urgent action to avoid further violence, the consequences of which will have serious impacts on the region, and for the international community to take its role in stopping racist policies and working to preserve the right of the Palestinian people to live in dignity on their land.

The Chief Justice and the American Ambassador discuss joint judicial files between the two countries Time: 10/07/2023 20:06:29 Read: 1,092 times {Local: Al-Furat News} The head of the Supreme Judicial Council, Faiq Zaidan, discussed with the American ambassador in Baghdad the joint judicial files between the two countries. The Supreme Judicial Media said in a statement received by {Al-Furat News} that "the latter received the US Ambassador to Iraq, Elena Romanowski, and discussed with her a number of joint judicial files between the two countries."

Erdogan: I will visit Baghdad and Erbil soon Time: 10/07/2023 17:33:48 Read: 2,808 times {Politics: Al-Furat News} The meeting that brought together Turkish President Recep Tayyip Erdogan with the delegations of the federal government and the Kurdistan Regional Government concluded, where Erdogan expressed his desire to visit Baghdad and Erbil “soon.” During the meeting of Turkish President Recep Tayyip Erdogan with the delegation of Iraq and the Kurdistan region present in Turkey to participate in the fourth extraordinary conference of the Justice and Development Party, Erdogan said at the meeting, "I will come soon to Baghdad and Erbil." Regarding the “development” project related to extending the railway line between Iraq and Turkey, the Turkish President indicated during the meeting that he “is determined to implement it.” For the purpose of participating in the Justice and Development Party conference headed by the President of the Republic of Turkey, Recep Tayyip Erdogan, a representative delegation of the Kurdish parties is present in the capital, Ankara, representing the Kurdistan Democratic Party, the Kurdistan Islamic Union Party, the Kurdistan Toilers Party, and the Turkmen Front. The fourth extraordinary conference of the Justice and Development Party began today in Ankara. According to information reported by the organizing committee of the party’s fourth extraordinary conference, thousands of members and 400 special guests from 81 Kurdish and Turkish provinces in Turkey will participate in the conference. Slogans such as “Turkey’s 100th Anniversary,” “The White Face of the Republic,” and “The Justice and Development Party is a Partner of Turkish Thought” will be raised at the conference.

Al-Halbousi and Erdogan discuss cooperation between the two countries and developments in the region Time: 10/07/2023 19:38:09 Read: 1,183 times {Politics” Al-Furat News} Speaker of the House of Representatives, Muhammad al-Halbousi, met with the President of the Turkish Republic, Recep Tayyip Erdogan, in Ankara. During the meeting, according to a statement from Al-Halbousi’s office, “they discussed enhancing cooperation and coordination between the two countries, developments in the situation in the region, and a number of topics of common interest.” During the meeting of Turkish President Recep Tayyip Erdogan with the delegation of Iraq and the Kurdistan region present in Turkey to participate in the fourth extraordinary conference of the Justice and Development Party, Erdogan said at the meeting, "I will come soon to Baghdad and Erbil." Regarding the “development” project related to extending the railway line between Iraq and Turkey, the Turkish President indicated during the meeting that he “is determined to implement it.” For the purpose of participating in the Justice and Development Party conference headed by the President of the Republic of Turkey, Recep Tayyip Erdogan, a representative delegation of the Kurdish parties is present in the capital, Ankara, representing the Kurdistan Democratic Party, the Kurdistan Islamic Union Party, the Kurdistan Toilers Party, and the Turkmen Front. The fourth extraordinary conference of the Justice and Development Party began today in Ankara. According to information reported by the organizing committee of the party’s fourth extraordinary conference, thousands of members and 400 special guests from 81 Kurdish and Turkish provinces in Turkey will participate in the conference. Slogans such as “Turkey’s 100th Anniversary,” “The White Face of the Republic,” and “The Justice and Development Party is a Partner of Turkish Thought” will be raised at the conference.

The President of the Republic: We renew Iraq's firm position on the Palestinian issue and strongly condemn the brutal attacks against it Time: 10/07/2023 18:12:11 Read: 1,040 times {Politics: Al-Furat News} Today, Saturday, the Presidency of the Republic expressed its condemnation of the brutal attacks carried out by the Zionist occupation against the Palestinian people, while sending an invitation to the international community. The presidency stated, in a statement received by {Al-Furat News}, "We renew Iraq's firm position on the Palestinian issue in a way that expresses full support for the Palestinian people in achieving their full legitimate rights, and we strongly condemn the brutal attacks being carried out against them." She called on the international community to "assume its legal and moral responsibilities to achieve justice and guarantee the legitimate rights of the people of Palestine."

Government spokesman: Iraq confirms its firm position on the Palestinian issue Time: 10/07/2023 15:27:05 Read: 1,261 times {Politics: Al-Furat News} The Iraqi government confirmed, today, Saturday, its firm position towards the Palestinian issue. Iraqi government spokesman Bassem Al-Awadi said in a statement received by {Al-Furat News}, “Iraq affirms its firm position, as a people and a government, towards the Palestinian issue, and its standing by the Palestinian people in achieving their aspirations and obtaining their full legitimate rights, and that injustice and usurpation of these rights cannot produce "Sustainable peace." He continued, "The operations carried out by the Palestinian people today are a natural result of the systematic oppression they have been subjected to since ancient times at the hands of the Zionist occupation authority, which has never adhered to international and UN resolutions," urging "the international community to take action to put an end to the serious violations and restore rights." "The legitimate rights of the Palestinian people, who are still suffering from occupation, policies of racial discrimination, siege, transgression of sacred things, and violation of humanitarian values and principles." Al-Awadi warned against “continuing escalation within the Palestinian territories, because it will affect the stability of the region,” calling on “the League of Arab States to convene urgently to discuss developments in the dangerous situation in the Palestinian territories.”