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  1. Here's some articles of Dinarian interests... Al-Mandlawi Is The Prime Suspect In The 2024 Budget Manipulation Case. Treat as rumors. Not verified. Your opine. TNT via Tishwash: Investment In Kurdistan & Iraq On The Agenda Of Nechirvan Barzani's Meeting With Emirati Diplomats. ARTICLE: Kurdistan Region President Nechirvan Barzani discussed investment opportunities in the Kurdistan Region & Iraq on Tuesday with the Chargé d'Affairs of the UAE Consulate General in the Kurdistan Region, Sheikha Bashir Farhan. A statement issued by the Kurdistan Region Presidency, received by Shafaq News Agency, stated that, "On Tuesday, June 17, 2025, the President of the Kurdistan Region, Nechirvan Barzani, received Sheikha Bashir Farhan, the Chargé d'Affairs of the Consulate General of the United Arab Emirates in the Kurdistan Region & discussed with her relations between Kurdistan & the Emirates." The statement added, "During the meeting, Barzani congratulated Sheikha on assuming her position," expressing "his hope for her success & affirming the support and assistance of the relevant authorities in the Kurdistan Region to enable her to carry out her duties to the fullest extent possible." For her part, the Emirati official conveyed the greetings & appreciation of the UAE President, Mohammed bin Zayed Al Nahyan & her country's leadership to Barzani, stressing "the UAE's desire to develop & strengthen relations with the Kurdistan Region," according to the statement. He pointed out that "the meeting addressed Emirati job & investment opportunities in Iraq & the Kurdistan Region, in addition to the latest developments in the region." Tishwash: Parliamentary Source: Al-Mandlawi Is The Prime Suspect In The 2024 Budget Manipulation Case. An informed parliamentary source revealed, on Wednesday, the involvement of First Deputy Speaker of Parliament Mohsen Al-Mandalawi in the case of tampering with the 2024 Budget Tables, indicating that there is a large financial difference of up to 15 trillion Dinars between the tables sent by the government & those voted on by Parliament. The source, who preferred to remain anonymous, told Al-Maalouma Agency, “The parliamentary investigations into the tampering with the 2024 Budget Tables were obstructed by the direct intervention of Mohsen Al-Mandalawi, who exploited his position as acting Speaker of Parliament at the time to pressure the investigation, due to his direct involvement in the case.” He explained that "the investment committee asked the Finance Committee to provide it with all documents related to the Financial Tables & the Finance Committee responded & provided what was requested, but the investigations were stalled & their results have not yet been revealed." The source stressed that "manipulating the schedules represents a serious violation, especially in light of the absence of final accounts, which opens the door to unaccountable financial transfers & gives multiple parties the opportunity to act without real oversight." It is noteworthy that economic experts had previously warned of the danger of manipulating Budget Schedules, given the lack of transparency & the failure to submit final accounts, which reinforces fears of systematic financial corruption within state institutions. Tishwash: Al-Sudani's Advisor Reveals To "Tariq Al-Shaab" The Procedures For Dividing "Rafidain" Into Two Banks. The Iraqi banking sector continues to suffer from chronic deterioration and weakness due to accumulated financial failures, weak capital & a host of other factors, hampering its vital role in supporting the national economy. There is no doubt about the importance of reforming and developing the banking sector in Iraq, including Rafidain Bank, which constitutes the cornerstone of the country's financial system & government payments system. Conditions For Successful Structuring: Although this step is necessary, experts emphasize the need to implement it cautiously & gradually, while enhancing governance & transparency to avoid the risks of rapid privatization & prevent any political influence in the new management of the bank or elsewhere, thus ensuring the restoration of confidence among investors and citizens alike. How is it structured? In this regard, the PM's Financial Advisor, Dr. Mazhar Mohammed Salih, stated that Rafidain Bank—one of the largest commercial government banks in Iraq—has previously suffered from accumulated failures that have posed a significant obstacle to its development, despite its status as the backbone of the government payments system. In an interview with "Tariq Al-Shaab," Saleh said, "Government & individual financial transactions have become largely intertwined, at a time when the bank suffers from weak capital, a near-total reliance on government liquidity & limited int'l banking relationships." He pointed out that Rafidain Bank "alone accounts for approximately 60% of total banking assets in Iraq, which reflects its significant size & the importance of its reform within a broader framework for developing the country's banking sector." He explained that "the study currently being prepared by Ernst & Young is moving towards separating the bank into two independent entities. The first, called Rafidain 1, will be a joint-stock bank open to citizen participation, with the government's stake remaining below 25%, to avoid transforming it into a mixed-sector or fully private sector." He explained that "Rafidain 1" will be effectively integrated into the national & int'l banking environment, will be managed in partnership with a strategic banking partner (int'l or regional) & will rely on modern digital & financial technology. It will also work to finance foreign trade & enhance domestic investment, representing a qualitative shift in the structure of the Iraqi banking sector, which suffers from isolation between government & private banks. He added, "The goal to establish a bank that complies with int'l standards, is free from money laundering issues & keeps pace with technological developments, thus contributing to improving the banking environment in Iraq." Traditional Mesopotamia: The 2nd entity, according to Saleh, will maintain the "traditional Rafidain Bank" as a fully state-owned bank, exclusively concerned with government financial operations. It will be the official banking arm of the state, responsible for managing the unified treasury account & all government payments. He explained that "Rafidain 1, which will be privatized through a guaranteed process, will be completely separate from Rafidain 2 & will deal with the banking market and citizens as a major joint-stock company, with a strategic banking partner." He noted that "the details of the capital, number of branches, size of assets, and the transformation mechanism will be precisely determined within the comprehensive study being prepared by the consulting firm, which is expected to be completed and submitted by the end of this year." Private Sector Involvement: For his part, economic expert Ahmed Abdul Rabbo stressed that "the restructuring of Rafidain Bank represents a crucial step in the process of reforming the Iraqi banking sector, but it requires careful and gradual implementation to avoid any negative repercussions." In an interview with "Tariq Al-Shaab," Abd Rabbo explained that "successful restructuring must begin with comprehensive administrative & technical reforms, clearing the public budget of accumulated burdens& strengthening the principles of governance & transparency." He emphasized the need to "gradually involve the private sector without relinquishing the state's strategic control over the bank." He warned of "the risks of rapid or random privatization, or selling assets for less than their true value, as well as maintaining government influence within the bank's new management, all of which could undermine reform goals rather than achieve them." He continued that the success of this process "will contribute to restoring confidence in the banking sector, enhance the attraction of local & foreign investment & improve the efficiency of the financial system as a whole." However, he cautioned that "any errors in implementation could lead to financial or social crises that would be difficult to contain later."
  2. Here's some articles of Dinarian interests... The Smuggling Of Regional Oil Will Not Stop Until The Oil & Gas Law Is Passed. Corruption Is Alive & Well In Iraq Without A HCL. Treat as rumors. Not verified. Your opine. TNT via Tishwash: The WB Expects Growth In The Iraqi Economy In 2025 & 2026. ARTICLE: The World Bank expects the Iraqi economy to grow by 1.2% this year. The bank said in statistics reviewed by Shafaq News Agency that "the Iraqi economy is expected to grow by 1.2% this year, up from negative 1.5% in 2024." He added that economic growth in Iraq is also expected to rise to 4.4% in 2026, before declining to 3.1% in 2027. He pointed out that "Libya is expected to be the Arab country with the fastest economic growth, with an estimated 12.3%, followed by Djibouti at 5.2%,& then Lebanon at 4.7%." According to World Bank statistics, "Yemen will have the lowest economic growth, at -1.5%, followed by Syria, with a growth of 1%." Tishwash: Prime Minister's Office: 100 US Requests To Participate In Iraq Investment Forum. The PM's Office confirmed on Thursday that the preparatory committee for the investment forum to be held in Baghdad has received 100 American applications to participate. Deputy Director of the PM's Office, Ali Razouki Al-Lami, told the Iraqi News Agency (INA): "Some American companies have submitted a proposal to PM Mohammed Shia al-Sudani to host an investment forum for Iraq in the US to bring American companies to the Iraqi arena, in order to support the Iraqi state & boost investment in Iraq." He pointed out that "a large American investment delegation had previously attended & agreements were concluded & signed between the National Investment Authority & the US Embassy." Regarding the investment forum that will be held in Baghdad in the middle of this month, Razouki explained that "the US embassy in Iraq is interested in this forum, as it requested 100 invitations from the preparatory committee, which reflects the embassy's great interest, in addition to the efforts made by the rest of the embassies in this regard." He indicated that "there are great preparations and we hope that there will be cooperation from everyone to make this forum a success from the first session, so that it becomes a regular annual or biennial forum, to be a reason for opening the Iraqi field to all investors & capital. Tishwash: Al-Fatah: The Smuggling Of Regional Oil Will Not Stop Until The Oil & Gas Law Is Passed. Ali al-Fatlawi, a leader in the Fatah Alliance, confirmed on Thursday that oil smuggling from the Kurdistan Region will continue unless the Oil & Gas Law is passed. He called on the government & political forces to engage in serious dialogue to reach a final agreement on the law & resolve the accumulated disputes between Baghdad & Erbil. Al-Fatlawi said in a statement to the Al-Maalouma Agency, “The time has come to give priority to the approval of the Oil & Gas Law, especially after the vote to amend Paragraph (12) of the Federal Budget Law,” stressing that “the approval of the law is the best way to stop the smuggling of oil from the region.” He added that "the continued smuggling of oil negatively impacts the national economy & causes significant losses to the public treasure," warning of the repercussions of these operations on the country's economic autonomy. Al-Fatlawi called on political forces to "assume their national responsibilities & exert pressure to expedite the passage of the law by completing the draft & agreeing on its main provisions." It is noteworthy that media reports indicated that approximately 400,000 barrels of oil are smuggled daily from the Kurdistan Region, in the absence of clear federal oversight & the unknown fate of the financial revenues resulting from these quantities. Tishwash: An Iraqi Gov Bank Combats Suspicious Financial Transactions Electronically "Without Human Intervention. Rafidain Bank's General Manager, Ali Karim, stated on Thursday that the bank has begun combating suspicious financial transactions, such as money laundering, through electronic technologies. In a speech delivered at the "Governance Forum" held in Baghdad and attended by a Shafaq News Agency correspondent, Karim said, "Rafidain Bank has taken strategic steps to build an internal governance system that focuses on independence, integrity & efficiency." He added that the bank launched a comprehensive corporate risk program that includes operational, interest & reputational risks, in cooperation with global distribution companies. Karim continued, "Rafidain Bank recently acquired advanced systems in cooperation with international institutions, through which suspicious financial transactions will be monitored, analyzed & even thwarted automatically & electronically, without any human intervention." At the end of May, the Gov Of the CBI, Ali Al-Alaq, affirmed Iraq's commitment to combating money laundering & terrorist financing in cooperation with int'l partners.
  3. Here's some articles of Dinarian interests... Direct From The SANDBOX Report. Treat as rumors. Not verified. Your opine. FROM IRAQI SOURCES: Iraq Completes Electronic Project To Monitor The Movement Of Oil Derivatives, Reducing Smuggling By 98%. ARTICLE: The Oil Products Distribution Company, affiliated with the Iraqi Ministry of Oil, has completed a strategic project to electronically monitor tanker movements using a GPRS-based tracking system, as part of a plan to automate the distribution sector & reduce smuggling. The company's media director, Rafid Sadiq, told the Iraq Observer news agency, "The system allows tankers to be tracked from the moment they load fuel until it is unloaded & provides precise electronic records that can be accessed at any time." He noted that the project has been fully completed, with more than 28,000 government & private tankers now connected to the system. He emphasized that this step represents a qualitative shift in the monitoring & distribution of petroleum products. For his part, the Director General of the Energy Police Directorate, Major General Dhafer Al-Hussaini, explained that "the police, in cooperation with the Ministry of Oil, have begun implementing the new system by installing tracking devices on tankers & linking them to a central operations room." He explained tha the system enables relevant authorities to determine the tanker's route, the validity of documents & the loading & unloading location, which has helped expedite audit procedures & prevent forgery. Al-Husseini confirmed that 80% of the country's tankers have been fitted with the devices, 10% have completed their procedures & are awaiting their turn, while the remaining percentage is still in the process of being completed. He emphasized that "no tanker will be allowed to load fuel without the tracking device." He pointed out that this system has contributed to a 98% reduction in petroleum product smuggling & no breaches were recorded in oil pipelines during April. In a related development, Al-Husseini announced that the Energy Police seized 103 vehicles in April, closed five garages & smuggling sites & arrested 103 suspects who were referred to judicial authorities. The total amount of fuel seized & returned to the state amounted to 3 million liters, with protection provided to seven oil experts. Iraq & Turkey Prioritize Development Road; New Company With Public Share Offering Considered. Mohammed Najjar, Advisor to the PM & Executive Director of the Iraq Development Fund Baghdad (IraqiNews.com) – The Development Road project has become a top shared priority for Iraq & Turkey with innovative implementation models under consideration, Mohammed Al-Najjar, PM’s Investment Advisor & Head of the Iraq Fund for Development, announced Sunday (May 18, 2025). This follows PM Mohammed Shia Al Sudani’s recent high-level visit to Turkey. Al-Najjar revealed an MoU has been signed between the Iraq Fund for Development & the Turkish Wealth Fund to kickstart projects along the route. He emphasized Turkish President Erdoğan’s focus on the Iraqi fund’s role. Iraq is exploring a “completely new framework” for the project, targeting 24,000-28,000 km. One approach involves establishing a state-owned Iraqi company,operating on private sector principles, to develop the road, with part of its shares potentially offered for public subscription to citizens. Another option being studied is creating an independent government authority to manage legal, technical & customs aspects. These plans aim to reduce bureaucracy, speed up development & solidify Iraq’s role as a key regional economic & transit hub.
  4. Here's some articles of Dinarian interests... -The Iraqi Theft Of The Century. -We Will Witness A Comprehensive Digital Transformation. Treat as rumors. Not verified. Your opine. KTFA via Clare: Iraq Extradites Suspects In 'Theft Of The Century' From Kuwait. ARTICLE: The Iraqi Integrity Commission announced on Saturday the extradition of two of the accused in the case of stealing tax deposits, known in the media as the "theft of the century", from the authorities in the State of Kuwait. The Authority stated in a statement today that it was able to recover the managing director of a private company for general trade & contracting limited & his agent accused in the case of stealing tax deposits, noting that their role in the case was to receive very large sums of money in order to facilitate the procedures for disbursing the stolen deposits. The Authority noted its procedures that resulted in the extradition of the accused, which consisted of organizing an extradition file against them & sending it to the Public Prosecution Office, explaining that after follow-up & coordination with the relevant authorities, including the Arab & Int'l & search warrant were issued against the accused. She pointed out that they were arrested in the State of Kuwait, which handed them over to the Republic of Iraq through diplomatic channels. She pointed out that the judge of the Second Karkh Investigation Court had previously issued an arrest warrant against the accused, based on the provisions of Article (11/444) of the Penal Code, after reviewing the testimony of some of the accused in the case & the witnesses. At the end of 2024, the Iraqi judiciary issued an in absentia prison sentence for a number of defendants accused of stealing tax deposits, known in the media as the “theft of the century,” including the first defendant, Nour Zuhair & a former MP. According to a judicial source, who spoke to Shafaq News Agency, "The Karkh Criminal Court for Combating Corruption settled the cases related to the theft of (tax deposits) & issued sentences of ten years in prison against the accused Nour Zuhair, six years in prison against the accused Raed Juhi, and a number of employees who participated in the crime & three years in prison against the former member of the House of Representatives, Haitham Al-Jubouri." -In 2022, it was announced that more than 3 trillion Iraqi dinars ($2.5 billion) had been lost from tax deposits, through a coalition of 5 oil companies using fictitious bonds. Following this, an order was issued to summon officials close to former PM Mustafa Al-Kadhimi, including Finance Minister Ali Allawi, the Director of the PM’s Office, Raed Juhi & others. On October 24, 2022, Nour Zuhair was arrested, as he heads the board of directors of one of the companies involved in the case & was later released on bail, after PM Mohammed Shia al-Sudani announced the recovery of 5% of the amount, in exchange for Nour Zuhair’s pledge to hand over all the stolen amounts within days. The Anti-Corruption Court set August 14, 2024 as the date for Nour Zuhair’s trial, but the trial was postponed several times due to the defendant’s absence. Clare: Al-Alaq: We Will Witness A Comprehensive Digital Ttransformation In The Financial Sector. The Gov of the CBI, Ali Al-Alaq, announced on Saturday that banks are close to being converted into smart platforms using artificial intelligence, noting that Iraq will witness a comprehensive digital transformation in the financial sector. Al-Alaq said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "despite the great strides that have been made to activate electronic payment methods, which are a fundamental step in the digital transformation, we will soon put this stage behind us, because even the current electronic payment methods & tools are being changed & developed very quickly." He pointed out that "soon we will notice a big difference in the tasks & functions of banks & we will see many banks changing the nature of their work & there will be a digital financial identity for every citizen through which he can conduct many operations in his accounts or check his balances or even invest inside & outside Iraq," stressing that "banks will soon turn into smart platforms that organize financial operations and benefit from technologies & artificial intelligence." He added that "this great work is accompanied by the work of the CBI, like other central banks, in thinking about having a digital currency under the supervision of the CBI. We are not talking about encrypted currencies that are outside the framework of central banks, but rather about a digital currency issued by the CBI & this is a major work being done in the Central Bank in coordination with int'l & Arab organizations and specialized bodies * directly with the Arab Monetary Fund." He continued: "We believe that this trend will be the one that will be imposed in the near future & this represents solutions to major economic, financial & social problems & will also establish a strict framework for monitoring funds & limiting corruption, money laundering & financing terrorism, because all financial movements will be within a strict & transparent system that can monitor all financial operations & at the same time facilitates its holders to conduct extensive operations even in other countries of the world." He added: "We expect that young people will benefit, through the tools and human resources that we have, from these tools. Indeed, we are following that many young people are investing through these portfolios & tools in various fields outside Iraq, but some need to be careful & cautious because there is a lot of fraud that occurs & we are working to prevent citizens from falling victim to any fraud."
  5. Here's some articles of Dinarian interests... Treat as rumors. Not verified. Your opine. FROM IRAQI SOURCES: The CBI Calls For Caution In Reporting News & Clarifies The Outlets’ Operating Mechanisms. ARTICLE: The CBI called for caution in transmitting & circulating news indicating the closure of exchange outlets & confirms that it has not issued any decision, directive, or statement regarding closing the outlets or converting them to exchange companies. The Recently Issued CBI Statement States: Expanding the spread of cash delivery outlets through all available channels, including ATM machines & POC cash payment machines, as well as licensed exchange companies, electronic payment company outlets & POS electronic payment machines spread throughout Iraq. This bank emphasizes transferring news from its official sources, which are published on its official website & verified social media pages. This was confirmed in his circulars issued to all parties in the Iraqi financial and banking sector, which included directing banks & non-banking financial institutions to expand their financial services in areas that lack the aforementioned services. CBI Media Office Jan 18, 2025. -Expectations Of An Increase In Electronic Payments. 2nd & 3rd, 01/19/2025 Rula Wathiq: Iraq has achieved 10 trillion Dinars in total circulation through electronic payment from the government sector only so far, which will be part of the evaluation of the ministries working on it. The head of the Osool Foundation for Economic Development and Sustainable Development, Engineer Khaled Al-Jabri, representative of the special committee for developing & evaluating electronic payment operations associated with the Council of Ministers, told Al-Sabah: “The steps for electronic payment are progressing correctly, as Iraq has reached 10 trillion Dinars from the government sector only. This number is usually a jump from what was achieved during this stage & it is expected that these amounts will increase by 30-40% at the beginning of next year.” He stated that the issue of electronic collection is not without challenges, whether with the platforms on which it operates or the devices through which water & electricity services are paid, indicating that there are steps to solve these problems as quickly as possible. Al-Jabri confirmed that the government has procedures to monitor electronic payment operations wherever they exist & that it will be part of the evaluation of ministries that are working on the digital transformation process & their use of technical & technological tools. He added that the electronic payment process cannot proceed without cooperation between the government & private sectors & the citizen, which is the focus of this process as a whole, noting that Iraq was able to activate these services compared to countries that took 6-7 years to activate them as a result of quick & serious measures in this field. -Advisor To The PM: Electronic Customs Declaration Prevents Smuggling & Reduces Corruption & Bribery Amna Al-Salami Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Sunday, that the electronic customs declaration program prevents smuggling & reduces corruption & bribery & while he explained that it facilitates accurate & rapid control & review, he indicated that it reduces costs for importers. Saleh told the Iraqi News Agency (INA): "The program to develop the electronic customs declaration & its entry into force is an important & positive step towards improving customs performance in particular & enhancing the efficiency of the Iraqi economy in general." He added that "the adoption of this electronic program for customs declaration represents an important part of the reform efforts branching from the government program in the field of e-governance & financial & economic reform aimed at modernizing administrative & financial systems, combating corruption & raising the efficiency of Iraq's foreign trade," Noting that "this electronic system provides two important aspects of customs life in the development of customs policy applications in Iraq as one of the important arms of financial policy in our country: 1st, reducing human intervention in customs clearance operations, which reduces the opportunities for corruption & bribery." He continued: "The 2nd provides clear tracking of transactions, which facilitates effective, accurate & rapid customs control & review," indicating that "the electronic customs declaration program will undoubtedly reduce the time required to complete customs declarations, in a way that supports the movement of trade reduces the costs that fall on traders & importers & this change in the pattern of customs declarations encourages companies to import & export goods with ease and high speed." He explained, "As for customs revenues, the program will contribute to providing accurate collection of customs duties in a way that prevents customs evasion, as taxes are a form of important public revenues that the government program seeks to raise within non-oil revenues. In addition to reducing losses resulting from corruption or negligence in collecting related customs duties & taxes, as was previously followed & through manual methods & human intervention." He pointed out that "it gives the business environment in the national economy an advanced signal to investors and traders & its accurate operations should be positively reflected in the reports of international multilateral organizations within the framework of the progress of the business environment in our country including the World Bank's periodic reports in this regard." -UN Supports Iraq In Recovering Stolen Assets & Combating International Corruption In Iraq. The United Nations has affirmed its full support for Iraq in its efforts to recover its stolen assets located in corruption havens abroad, in addition to tracking suspicious banking transactions. The Resident Representative of the United Nations Development Programme, Auke Lootsma, stated that the programme supports Iraqi investigative journalists to enhance cooperation with international federations in uncovering stolen assets, enabling investigators to file cases & follow up on seizure & confiscation procedures. Lootsma added that the programme is working to expand the scope of trial monitoring to include civil procedures for the recovery of stolen assets. He pointed out that the focus is not limited to strengthening compensation claims from public institutions, but rather extends to include the recovery of assets through civil courts. He stressed that the success of the fight against corruption requires effective international cooperation to track & freeze illicit assets, limit suspicious financial flows & hand over perpetrators. He called for activating bilateral agreements between Iraq & other countries, or using the mechanisms available under the United Nations Convention against Corruption. Lootsma also explained that UNDP supports Iraq in improving the exchange of information on suspicious banking transactions, submitting mutual legal assistance requests to protect assets during investigations & recovering them upon final judgments. He pointed out that the Iraqi government’s programme is participating in expanding its regional partnerships to combat corruption & enhance joint efforts. -ER Recorded 151,750 Dinars Per 100 Dollars In Baghdad. The ER of the Dollar against the Iraqi Dinar witnessed a rise in the currency markets in the capital, Baghdad. The Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 150,700 Dinars for every 100 Dollars, compared to what it recorded yesterday morning, Sunday, at 150,650 Dinars for every 100 Dollars. The selling prices in exchange shops in the local markets in Baghdad reached 151,750 Dinars, while the purchase price reached 149,750 Dinars for every 100 Dollars. -Oil Prices Jump Above $81 A Barrel. Oil prices recovered in early trading on Monday, as supply concerns persisted after Washington imposed two rounds of sanctions in the past two weeks on Russia's energy sector over the war in Ukraine. Market Moves By 0042 GMT, Brent crude futures were up 34 cents, or 0.4 percent, at $81.13 a barrel. They settled down 0.62 percent in the previous session. West Texas Intermediate (WTI) crude futures, which expire on Tuesday, were up 59 cents, or 0.8 percent, after settling down 1.02 percent on Friday. The most active contracts for April rose 36 cents to $77.75 a barrel, according to Reuters data. Both crudes gained more than 1 percent last week, their fourth straight week of gains, after the outgoing administration of US President Joe Biden imposed sanctions on more than 100 oil tankers and two Russian oil producers. This led to a rush by major buyers, China & India, to secure immediate oil cargoes & a global rush to supply ships with oil, with Russian & Iranian oil traders looking for unsanctioned tankers to carry their cargoes. Analyst Tim Evans said in Evans on Energy that the new sanctions are expected to tighten supplies, at least in the short term, according to Reuters. “The rise in tanker rates for unsanctioned vessels & the widening divergence in crude oil prices are among the notable cascading effects, which have heightened supply concerns,” he added. But easing tensions in the Middle East limited oil price gains. Israel & Hamas exchanged hostages & prisoners on Sunday in the same day. The first ceasefire after a 15-month war. -Gold Falls As Tensions Ease, Markets Focus On Trump. Gold prices suffered losses in early trading on Monday as tensions in the Middle East eased, dampening demand for safe-haven assets. As investors await the inauguration of US President Donald Trump & clarity on the policies of the next administration. Price update Spot gold fell 0.4 percent to $2,690.81 per ounce, by 0140 GMT. US gold futures fell 0.5 percent to $2,734.90 an ounce, according to Reuters data. Hamas released three Israeli hostages, while Israel freed 90 Palestinian prisoners on Sunday, the 1st day of a ceasefire that followed a 15-month war that devastated the Gaza Strip & ignited the Middle East. Market players are awaiting Trump’s inauguration later on Monday, whose tariff policies are expected to stoke inflation, ignite trade wars & potentially increase the appeal of safe-haven assets. The future path of US interest will depend on how seriously the next administration implements Trump’s policy pledges. According to a narrow majority of economists polled by Reuters, the Federal Reserve is likely to keep interest rates unchanged at its January 29 meeting & resume cutting them in March. Among other precious metals, spot silver fell 0.7 percent to $30.13 an ounce. Palladium fell 0.3 percent to $944.25 an ounce. Platinum fell 0.2 percent to $940.05 an ounce.
  6. Here's some articles of Dinarian interests... -GOI Seeks To Resolve Controversial Laws & Enhance Oversight To Combat Corruption. -Currency Smuggling: The CBI Punishes 10 Iraqi Banks Due To Violations Of Foreign Transfers. -ASYCUDA System Boosts International Trade, Reduces Corruption At Customs Ports. -Iraq Surpasses Saudi Arabia In Oil Exports To US. -125 Billion Dinars Revenues Of The Iraqi Islamic Bank. -China: $50 Billion Is The Volume Of Trade With Iraq & Dealing In Yuan Is In Its Initial Stages. Treat as rumors. Not verified. Your opine. FROM IRAQI SOURCES: Al-Mandlawi: The House Of Representatives Seeks To Resolve Controversial Laws & Enhance Oversight To Combat Corruption. ARTICLE: The First Deputy Speaker of the Council of Representatives, Mohsen Al-Mandalawi, affirmed today, Sunday, the commitment of the Council Presidency to complete controversial laws during the coming period, calling on the representatives to intensify their oversight efforts to combat corruption & protect Iraq's capabilities. Al-Mandalawi explained, in a statement issued by his media office and received by "Mawazine News", that the launch of the first legislative term of 2025 represents a decisive opportunity to improve the Council's performance in the areas of legislation & oversight. He stressed the importance of deciding laws that serve the people & achieve their aspirations. He added that "the parliamentary committees have been directed to intensify their efforts to complete important draft laws, and activate the oversight role in a way that contributes to undermining opportunities for corruption & preserving Iraq's wealth." He also pointed to the need to enhance transparency by hosting officials to discuss challenges & find solutions to problems that hinder the implementation of public policies. Al-Mandalawi stressed the importance of coordination with the executive authority to accelerate the completion of legislation that directly affects the lives of citizens & to support the government in implementing its electoral program, while improving communication with citizens to convey their problems & follow up on their solutions effectively. -Currency Smuggling: The CBI Punishes 10 Iraqi Banks Due To Violations Of Foreign Transfers. Representative Baqir Al-Saadi confirmed today, Sunday, that the CBI issued sanctions against ten Iraqi banks due to violations related to the foreign transfer file, which has become a direct threat to the local economy. Al-Saadi said, in a statement to the “Al-Ma’louma” Agency, that “the file of smuggling hard currency outside Iraq is still a source of great concern, amid multiple question marks about the mechanisms for implementing these operations, especially with the continuing investigations into exchange offices and banks committing serious violations in foreign transfers.”. He added, "The sanctions issued by the CBI against 10 banks so far come within the framework of reducing violations related to foreign transfers, which are considered one of the most prominent methods used to smuggle currency outside the country." Al-Saadi pointed out that “currency smuggling has serious effects on the local economy & causes an increase in financial crises in the country,” pointing out that “most of the transfers that are made for the purpose of smuggling go to one of the Gulf countries, which requires serious reconsideration & the establishment of strict measures to stop this ongoing bleeding.” The representative stressed that "the Iraqi Financial Institution is working seriously to address this problem by setting new determinants and re-evaluating the tools used in financial transactions, with the importance of revealing the results of investigations to public opinion." -Financial Advisor: ASYCUDA System Boosts International Trade, Reduces Corruption At Customs Ports. Advisor to the PM for Financial Affairs, Mazhar Mohammed Salih, stressed today, Sunday, the importance of adopting the "ASYCUDA" system in the Iraqi Customs Administration, pointing to its role in reducing delays at border crossings & enhancing int'l trade. Salih explained that the ASYCUDA system, developed by the United Nations Conference on Trade & Development (UNCTAD) since the 1980s, relies on modern digital technology to simplify & accelerate customs operations. He added that Iraq is implementing the second generation of this system, which relies on cloud technology to provide comprehensive automation of customs operations, including data recording, fee assessment, customs clearance & records management. He pointed out that the implementation of the system comes in line with the government program to enhance non-oil revenues to reach 20% of total public revenues, explaining that joint cooperation with the UN aims to improve customs control & collection systems & control import & export operations according to the best digital standards. Saleh revealed that the General Authority of Customs & the Border Ports Authority completed the implementation of the system during the past year, while providing a high-quality digital infrastructure to develop customs work in 2025, stressing that this system contributes to reducing corruption by reducing human interaction & adopting full automation, which increases transparency & supports efficiency. He explained that ASYCUDA enhances international trade by accelerating the customs clearance process & reducing administrative barriers, in addition to providing a comprehensive database that supports economic & trade policy-making, pointing to its role in improving border security by tracking & inspecting shipments more accurately to combat smuggling & illegal activities. Saleh concluded by saying that ASYCUDA represents a vital tool for achieving a balance between facilitating trade & protecting borders, stressing that Iraq joins a group of Arab countries, such as Jordan, the Emirates, Saudi Arabia & Egypt, that implement this system in customs ports in an integrated manner.-Iraq Surpasses Saudi Arabia In Oil Exports To America. -Iraq Surpasses Saudi Arabia In Oil Exports To US. The US Energy Information Administration announced today, Sunday, that Iraq has surpassed Saudi Arabia for the 2nd week in a row in oil exports to the US. The administration stated, in a table reviewed by "Al-Eqtisad News", that "the average US imports of crude oil during the past week from 10 major countries amounted to 6.016 million barrels per day, an increase of 251 thousand barrels per day from the previous week, which amounted to 5.765 million barrels per day." She added that "Iraq's oil exports to America reached 180 thousand barrels per day last week, down by 32 thousand barrels per day from the previous week, which reached 212 thousand barrels per day, thus exceeding Saudi Arabia, whose exports to America reached an average of 69 thousand barrels per day." The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 4.422 million barrels per day, followed by Mexico at an average of 392 thousand barrels per day, then Venezuela at 253 thousand barrels per day & Brazil at 233 thousand barrels per day." According to the table, "the amount of US imports of crude oil from Nigeria amounted to an average of 192 thousand barrels per day, from Ecuador 147 thousand barrels per day, from Colombia 72 thousand barrels per day & from Libya 56 thousand barrels per day." -125 Billion Dinars Revenues Of The Iraqi Islamic Bank. Iraqi Islamic Bank announced its financial results for 2024, which showed positive performance in a number of key indicators, as assets rose to 2.65 trillion Dinars compared to 2.2 trillion Dinars in 2023, representing a growth of 20 percent. Credit also witnessed a significant jump, reaching 934.9 billion Dinars, compared to 637.5 billion Dinars in the previous year, an increase of 46.6 percent. In contrast, deposits declined to 751.2 billion Dinars compared to 1.19 trillion Dinars in 2023, a decrease of 37 percent, while revenues increased to record 175 billion Dinars compared to 132.9 billion Dinars, representing a growth of 31.6 percent, which was reflected in profits that reached 86.5 billion Dinars after they were 76.6 billion Dinars in 2023, an increase of 13 percent. -Chinese Ambassador: $50 Billion Is The Volume Of Trade With Iraq & Dealing In Yuan Is In Its Initial Stages. Chinese Ambassador Cui Wei confirmed today, Sunday, that the volume of trade cooperation with Iraq during 11 months reached 50 billion Dollars, while he indicated that dealing in the yuan between the two countries is in its initial stages. Luigi's two cents worth... Today: Some good news & bad news out of Iraq. Iraq is still struggling to stop money laundering, corruption & stealing of it's treasures. However, there's a lot of good news to offset the bad. Go RV.
  7. Here's some articles of Dinarian interests... Direct From The SANDBOX Report. -Dollar Prices Vary Between Baghdad And Erbil With The Closure Of The Iraqi Stock Exchanges. -Gold Stabilizes, Feds Awaits. -Finance Committee Explains The Reason For CBI Penalties On 49 Companies. -After A Sudden Recession Due To Syria.. Expectations Of The Return Of the Iraqi Market Movement, Soon. -Central Bank Announces Launch Of Citizens’ Complaints Management Platform. Treat as rumors. Not verified. Your opine. From Iraqi Sources: Gold Stabilizes, Fed Awaits. ARTICLE: Spot gold prices stabilized today, Tuesday, ahead of the US Federal Reserve’s monetary policy meeting. Markets are keenly awaiting the US Federal Reserve's forecasts for clues on the path of interest rates in 2025. Spot gold rose slightly by 0.06% to $2,654.10 per ounce, while US gold futures fell by 0.10% to $2,677.20. -Finance Committee Explains The Reasons For The CBI’s Penalties On 49 Companies: “Import Invoice Violations” The Finance Committee of the Iraqi Council of Representatives confirmed that the decision of the CBI to punish 49 companies came due to violations in import operations, as it was found that the invoices submitted did not match the value of the imported goods. The CBI had issued directives to banks yesterday preventing these companies from benefiting from external money transfer channels, in a move aimed at limiting manipulation of foreign currency & reducing money laundering operations. In this regard, a member of the Parliamentary Finance Committee, Moeen Al-Kazemi, explained that the CBI sells the Dollar at the official price of 132,000 Dinars for every 100 Dollars, provided that there are real imports & the entry of goods into the country. Al-Kazemi added that “some companies violate the instructions, as they submit requests to import goods for large amounts, but the goods that reach Iraq are less than the value stated in the invoices, which raises suspicions and leads to the imposition of strict penalties on the parties benefiting from the currency sale window.” -Dollar Prices Vary Between Baghdad & Erbil With The Closure Of The Iraqi Stock Exchanges. The Dollar price rose in Baghdad markets while it fell in Erbil, the capital of the Kurdistan Region, on Tuesday, with the closing of the stock exchange. The Dollar price also rose with the closing of the Al-Kifah and Al-Harithiya stock exchanges, recording 151,300 Dinars per 100 Dollars, while the Dollar price recorded 150,950 dinars per 100 Dollars this morning. The selling prices in the exchange sector rose in the local markets in Baghdad, where the selling price reached 152,500 Iraqi Dinars per 100 Dollars, while the purchase price reached 150,500 Dinars per 100 Dollars. In Erbil, the dollar recorded a decrease, where the selling price reached 150,400 Dinars per 100 Dollars & the purchase price reached 150,300 Dinars per 100 US Dollars. -After A Sudden Recession Due To Syria.. Expectations Of The Return Of the Iraqi Market Movement, Soon. An economic expert expects the market to return to activity next week after a temporary recession due to events in the region. Salah Nouri told Al Furat News Agency that "the reasons for the recent economic recession in the markets are due to the news circulating about the possibility of US sanctions on the external transfer system, which created fears among citizens & hesitation in buying." He added, "The situation may change next week and demand for buying will increase." The parliamentary finance committee ruled out on Monday that the Iraqi economy would be affected by the situation in Syria or the dollar exchange rate in the local market, noting that "the government and the central bank have taken several important measures to confront the security and economic challenges in the country, especially in light of the deteriorating situation in Syria." On the 2nd of this month, the Gov of the CBI, Ali Al-Alaq, described the country's monetary position as "very excellent" despite the conditions in the region in terms of controlling inflation & the high adequacy of foreign reserves. -On The Second Day Of Weekly Trading... Basra Crude Rises In The Global Market. Baghdad Iraqi oil (Basra crude) recorded a price increase on Tuesday, the 2nd day of weekly trading in the global market. According to international economic data, Basra Heavy crude recorded $68.99 per barrel, while the average recorded $72.09 per barrel, with a change rate of +0.62, respectively, for February 2025 delivery. The data also showed a slight increase in global crude prices, with British Brent crude recording $73.95, while US West Texas Intermediate crude recorded $70.69 per barrel, with a change rate of 0.04-0.02, respectively. -Central Bank Announces Launch Of Citizens’ Complaints Management Platform. The CBI announced today, Tuesday, the launch of a complaints management platform for citizens. The bank's media office stated in a statement received by "Al-Eqtisad News" that "the CBI announced the launch of an electronic platform to receive, process and resolve complaints submitted by the public," indicating "its keenness to respond quickly to citizens' complaints." He stressed that "the launch of the citizens' complaints management platform comes in line with the bank's tireless efforts in the digital transformation process to receive complaints submitted by the public, regarding their dealings with the banking sector, providing services, reporting negative cases & enhancing the supervisory role of this bank." According to the statement, the Central Bank alerted "the public to the possibility of submitting complaints, starting from Sunday 1/5/2025, through the bank's official website in the complaints platform window, or through the government's Ur platform, or the electronic link.
  8. Here's some articles of Dinarian interests... Direct From The SANDBOX Report. Treat as rumors. Not verified. Your opine. FROM IRAQI SOURCES: ARTICLE: 400% Profit.. The Expected Syrian Situation Pushes Iraqis To Invest In The “Lira” & Experts Warn. While Syria is witnessing major transformations that the whole world is waiting for, these transformations have opened the door to hopes for economic transformations as well, after the Syrian economy deteriorated greatly during the previous years under the rule of Bashar al-Assad due to sanctions. The Syrian pound has undergone major transformations. At the beginning of 2021, it was Dollar It is equivalent to 3 thousand Syrian pounds & in 2022 the price increased Dollar To 4 thousand liras, then it reached 8 thousand liras in 2023 and even 13 thousand liras in mid-2023 & with the continuation of economic sanctions & the collapse of many sectors, it rose Dollar. At the beginning of 2024, it reached 15 thousand liras, then with the start of the battles by the armed factions at the end of November & the successive fall of Syrian cities by their hands, the collapse reached 19 thousand liras per Dollar, then after the fall of the regime, it reached 22 thousand liras per Dollar. But with the start of reassurances about the situation and monitoring the possibility of involvement Countries Global with the help of Syria to establish nation New, the price of the lira returned to 16 thousand liras per Dollar, with expectations that the lira will improve against Dollar With the formation of a new government & a new regime engaged with the regime Global From here. It seems that there are many investors, whether in Syria or even in Countries, the surrounding Arab countries, especially Iraq, have tried to invest in the Syrian pound, by purchasing large quantities of it. Now While it is collapsing, where 16 thousand liras can be bought for every Dollar & waiting for its prices to rise with the improvement of the situation in Syria. For example, if about 1.6 million liras are bought for only 100 Dollars, then the return of the lira price to its price in 2021 only, for example, which is 3 thousand liras per Dollar, then selling the 1.6 million liras will be at a price of more than 500 Dollars, which means a profit margin of 400%. But specialists in the currency market in Iraq warned against buying the Syrian Lira & rushing to it, as the specialists said that Syria is a country without oil or exports & its situation is unclear, so do not let greed lead you & enter into investment in the Lira, while they compared it to Turkey, which is a tourist & industrial country & an exporter to many countries in the world & their currency is collapsing. Al-Sudani: There Are Suspicions Of Corruption In All Loan Transactions In Iraq. PM Mohammed Shia al-Sudani acknowledged, on Saturday, that there were suspicions of corruption in financial loan transactions issued by Iraqi government banks. In a speech he gave during the opening ceremony of the first Riyada Initiative Conference & Exhibition in the capital, Baghdad, Al-Sudani praised the role of banks in the process of lending to the youth participants in that initiative, adding that “let us admit that there are suspicions of corruption in all loan transactions, which we have reached in our previous experiences.” He added, “We are facing a new reality & a new era for Iraq in which all its capabilities & natural resources that were not properly invested are invested & these small projects will be the nucleus for other medium & large projects,” noting that “most advanced industrial countries started with small projects & ended with large companies that sponsor a full spectrum of small companies.” Al-Sudani continued by saying: We are working on developing various sectors & in partnership with foreign companies, the local product must be present, noting that “parts of the automobile industry can be manufactured in local workshops & government banks will be present in supporting (Riyada) initiatives.” The PM concluded his speech by saying: We have an integrated vision that starts with the youth to cover the needs of the local market for goods.
  9. Here's an article of Dinarian intersts... CORUPTION: Kurds, Iran & Turkey are stealing Iraqi oil. Treat as a rumor. Not verified. Your opine. FROM IRAQI SOURCES: Iraq’s Oil Exports To America Drop Significantly In A Week. ARTICLE: The US Energy Information Administration announced today, Sunday, that Iraq’s oil exports to America declined during the past week. The administration stated in a table reviewed by “Al-Eqtisad News” that “the average US imports of crude oil during the past week from 9 major countries amounted to 5.007 million barrels per day, down by 298 thousand barrels per day from the previous week, which amounted to 5.305 million barrels per day.” She added that “Iraq’s oil exports to America amounted to 70 thousand barrels per day last week, down by 171 thousand barrels per day from the previous week, which amounted to 241 thousand barrels per day.” The administration indicated that “the largest oil revenues for America during the past week came from Canada at a rate of 3.537 million barrels per day, followed by Mexico at an average of 406 thousand barrels per day, then Saudi Arabia at 314 thousand barrels per day & from Colombia at 223 thousand barrels per day.” According to the table, “the amount of US crude oil imports from Brazil is 154 thousand barrels per day, from Nigeria 134 thousand barrels per day, from Venezuela 134 thousand barrels per day & from Ecuador at a rate of 35 thousand barrels per day, while it did not import any amount from Libya. Economist Reveals The Value Of Oil Derivatives Smuggled From Kurdistan To Türkiye. Economic expert Rashid Al-Saadi revealed, today, Sunday, that Iraq’s losses due to the smuggling of large quantities of oil derivatives from the Kurdistan Region to Türkiye amounted to one billion and 500 million Dollars. Al-Saadi said in a statement to / Al-Maalouma / agency, “The Oil Marketing Company (SOMO) imposed a financial fine on Turkey as compensation to be paid to Iraq for the value of the oil smuggled from the Kurdistan Region to Turkey, amounting to one billion & 500 million Dollars, but Turkey is still delaying the process of paying the financial amounts due on it as a result of receiving stolen oil shipments from Iraq.” He added, “Imposing financial compensation on Türkiye came against the backdrop of the halt in oil exports from Iraq to Ceyhan.” Al-Saadi continued, “The halt in Iraqi oil exports to Turkey via the port of Ceyhan has revived the smuggling of oil derivatives from the Kurdistan Region to Turkey, despite the fact that oil exports to Turkey are officially halted by the State Oil Marketing Company (SOMO).” He pointed out that “the smuggling of oil derivatives from the Kurdistan Region to Türkiye is large & has greatly affected Iraq’s oil imports.” Iraq Signs Agreement With Turkmenistan To Supply 20 Million Cubic Meters Of Gas Per Day. The signing ceremony of the agreement and contract for the supply of Turkmen gas to Iraq took place in the capital, Baghdad, today, Saturday. On the Iraqi side, it was signed by Ziad Ali Fadhil, Minister of Electricity & on the Turkmen side, it was signed by Maksid Babayev, Minister of State & Chairman of the Gas Company in his country. The signing of the agreement was the culmination of intensive technical efforts that extended for more than a year, including multiple meetings, mutual visits & the signing of a memorandum of understanding last year. The terms of the agreement stipulate that Iraq will be supplied with 20 million cubic meters of Turkmen gas per day, which will constitute a qualitative addition to the country’s energy sources. The Swiss company (Loxstone Energy), which was contracted under the decisions of the Council of Ministers, is responsible for delivering Turkmen gas to Iraq, using the Iranian pipeline network, relying on the swap mechanism, which ensures the smoothness & efficiency of the transportation process, according to a statement issued by the Iraqi Ministry of Electricity. Following the conclusion of the agreement, the Minister of Electricity confirmed in a joint press statement with the Turkmen Minister of State that the agreement is part of the government’s program to diversify energy sources and enhance supplies & the Iranian side’s approval was obtained. He explained that “this step will contribute significantly to ensuring that gas stations are supplied with the necessary fuel,” indicating that “gas stations currently contribute about 60% of the total electricity production in Iraq.” He continued, “We work in the Ministry of Electricity according to a comprehensive vision that combines immediate solutions and long-term strategy,” noting that “importing gas represents a temporary measure until our national gas production projects are completed, self-sufficiency is achieved & full reliance on our local resources is achieved within the next few years.” For his part, the Turkmen minister expressed his pride in this strategic partnership, stressing his country’s commitment to supporting Iraq’s efforts to develop the energy sector. We are proud to be a reliable partner of Iraq in the energy sector & we look forward to strengthening economic cooperation between our two countries,” Maksad Babayev said in the joint statement. In early July, Iran signed an agreement stipulating the exchange of gas between it & Turkmenistan, after intensive negotiations. Iranian media reported at the time that a contract had been signed to exchange gas between Iran and Turkmenistan & then supply it to Iraq. [On October 6, 2023, the Iraqi Minister of Electricity, Ziyad Ali Fadhil, signed a memorandum of understanding with the Turkmen Minister of State for Gas Affairs, to supply Turkmen gas to Iraq. Iraq imports electricity & gas from Iran for between a third and 40 percent of its energy needs, which is critical, especially in the summer months when temperatures reach 50 degrees Celsius & energy consumption peaks. [size=45]Iraq is facing difficulty in paying for these imports due to US sanctions that only allow Iran to obtain funds to purchase non-sanctioned goods, such as food & medicine. Al-Sudani: We Will Reach A Production Stage Exceeding 80% In Three Years[/Size]. PM Mohammed Shia al-Sudani announced today, Saturday, the production of 25% of Iraq’s need for antibiotics, stressing that a pharmaceutical production stage exceeding 80% will be reached within three years. His office stated, in a statement received by “Mawazine News”, that “al-Sudani opened, today, two factories for antibiotics (cephalosporins) & immunosuppressive drugs, which are private sector projects, within the program to localize pharmaceutical industries in Iraq, which the government has adopted as a priority in its program.” Al-Sudani was briefed on “the stages of work in the factory, which has adopted the most advanced global technological origins, represented by the Italian company (EMA), which specializes in pharmaceutical industries & met with the working cadres from various scientific specialties, in addition to reviewing the stages of implementing a new factory for cancer treatment drugs at a cost of (60) million dollars, which is planned to be completed in the coming months.” He pointed out that “this factory was established in light of the government’s decisions taken since the beginning of its work,” stressing that “the goal of localizing the pharmaceutical industry was among the priorities of the work & was accompanied by providing facilities to private sector drug producers, in the field of issuing loans & sovereign guarantees to establish pharmaceutical projects. ” Al-Sudani noted that “the products of this factory of antibiotics will cover about (25%) of the country’s need, which is important to achieve self-sufficiency,” stressing “work to achieve drug security, as it is not permissible to accept that local pharmaceutical products cover 10% of the original drug market, which is worth more than (3) billion Dollars.” He explained that “contracts for establishing pharmaceutical projects have increased under the current government by more than 60%, which is a positive indicator for reaching a production stage exceeding 80% during the next three years, especially for life-saving drugs & cancer patients’ drugs, which are expensive & difficult to secure on a permanent basis,” stressing “work to establish the pharmaceutical industrial city.” Cephalospor ins are life-saving antibiotics & they will be produced in all their pharmaceutical forms up to the fourth generation, which include suspensions with a capacity of (12) million vials annually, capsules with a capacity of (450) million capsules annually, tablets with a capacity of (600) million tablets annually, and intramuscular & intravenous injections (vials) with a capacity of (40) million injections annually. Karbala Refinery Shutdown For Maintenance Cuts 40% Of Kerosene Supply. Local Confirmed Committee Oil and Gas Parliamentary Committee, today, Sunday, to stop Filtered Karbala Its maintenance led to a 40% cut in kerosene fuel supplies. Iraq. A member said Committee Oil, Gas and Natural Resources in the Council Representatives Thank you very much, “Musfa”KarbalaIt witnessed a halt in maintenance work, which led to a 40 percent cut in the supply of kerosene, which is necessary for the operation of power plants. Electricity & electric generators, as well as operating several types of vehicles. Al-Mashkoor stressed that “the government was forced to compensate for the shortage of kerosene & divert the available amount to power generation stations. ”electricity Considering it the most important in terms of serving citizens, stressing “the return of a large part of it, equipping fuel stations & restoring things to their former state,” according to the newspaper. the morning Governmental.
  10. Here's an article of Dinarian interests... Some Iraqi banks close, others refuse to return customer deposits. Treat as a rumor. Not verified. Your opine. FROM IRAQI SOURCES: The Closure Of Most Private Banks & Fears Of A Liquidity Crisis Amid Citizens Anger. ARTICLE: Today, many banks in Iraq witnessed a state of chaos & tension after their sudden closure, which raised widespread concern among citizens, especially with the emergence of reports of some other banks refusing to return customer deposits under the pretext of a lack of cash liquidity. This development prompted many citizens to quarrel with the managements of the banks that remained open, in light of mounting fears that the officials of these banks would flee after emptying them of funds. Banks That Closed Their Doors Include: World Bank. Assyrian Consumption. Consumption Of Babylon. Al Ansari Bank. Middle East Bank. Holding Bank. Noor Bank of Iraq. Trans-Iraq Bank. Al Huda Bank. Mosul Bank. As for the banks that remained open, but refused to return customer deposits under the pretext of a lack of liquidity, they include: National Bank. Consumption of Baghdad. Development Bank. Hermit Bank. South Bank United Bank. Union Bank. Spectrum Bank. This sudden closure comes amid reports of financial turmoil hitting the banking sector in Iraq, as many customers expressed their fear of losing their money amid increasing rumors about the intention of some bank officials to flee outside the country after withdrawing financial assets from the branches.
  11. Here's some articles from Iraq of Dinarian interests... Treat as rumors. Not verified. Your opine. An Expert Reveals The Reason For The Fragility Of The Iraqi Market: Countries Want Imports To Remain. Economic expert Nasser Al-Kanani revealed the reason for the fragility of the Iraqi local market & its inability to confront any external problems. Al-Kanani said in an interview with Baghdad Today, “The Iraqi local market is fragile & cannot face any external problems, as it depends only on foreign imports & does not depend on local national production & therefore the market is greatly affected by any external problems & cannot face any of those problems & therefore the Iraqi government must work seriously to restore local production so that the local market is strong & not affected by any regional or international problems and crises.” He added, “The Iraqi local market is considered one of the most important markets for many countries in the region & the world, to sell their materials in it & it is not unlikely that there are countries working to keep the Iraqi market fragile & dependent on imports, instead of national production & for this reason, throughout the past years, we have not seen any control of local products over the market.” Last March, the Central Bank of Iraq announced that “there is no return to the previous price of the Dollar & the price will not be reduced under any circumstances,” stressing that there is no intention to raise the price above 145,000 for every 100 Dollars, which is the official Iraqi ER. The prices of basic foodstuffs doubled after the government devalued the Dinar & prices increased again, before rising again due to the rise in the price of the Dollar . The prices of some food items in Iraq have increased by between 25 and 75 percent, as the price of one kilogram of sugar rose from 1,000 Dinars to 1,300 Dinars in retail markets, a bottle of cooking oil from 1,500 to 3,000, & grains from 500-750 to 1,000-1,500 Dinars. Warning To Iraqis: New Ways To Steal Your Money & Smuggle It Abroad. Economic via the Internet & mobile phone applications, new digital banks in Iraq are starting to steal money & smuggle it out of the country, especially with the absence of government oversight over the work of these banks that do not have branches on the ground. A new loophole for stealing money & a shortcut for smuggling currency requires government oversight. Digital banks in Iraq are another way to smuggle currency after it is exploited by banks that have been subject to sanctions & require government oversight & serious action towards them. Through unregulated electronic applications, financial transfers are carried out within these applications, without the need for paperwork or financial auditing, which facilitates the transfer process & the possibility of smuggling money in huge quantities. Al-Sudani’s Advisor Explains: Did Electronic Payment Procedures Contribute To Preserving The Dinar’s Solidity? Advisor to the PM & Chairman of the Supreme Committee to Support the Iraqi Dinar, Qasim Al-Dhalimi, announced today, Tuesday, the committee’s success in restoring citizens’ confidence in the Dinar, while pointing out that it has provided mechanisms to preserve the solidity of the Dinar & the financial bloc. Al-Dhalimi said, “The Supreme Committee for Supporting the Iraqi Dinar worked on how to restore the citizen’s confidence in the Dinar & to make it the main link between him & the source of his money & how the citizen can connect the Dinar to the solid Iraqi banks & how to deal with it electronically,” indicating that “the committee worked on many important joints.” He added that “the citizen wanted to know the extent of the interest of the government or private bank in dealing with depositing his money & how to find real mechanisms to support the Dinar by balancing it with other foreign currencies,” noting that “there are mechanisms proposed by the committee for how electronic payment can be one of the features that preserve the solidity of the Dinar & preserve the financial mass present within the banks & for the citizen to be the 1st & last beneficiary & the electronic organization process, so the committee sought to achieve financial security & stability in the government program.” Expert Proposes A Single Proposal To Confront The Decline In Oil Prices & Issues A Warning To Producing Countries Oil expert Haider Al-Batat warned oil-producing countries today, Monday (September 30, 2024), noting that shale oil production is more economically feasible. Al-Batat said in an interview with Baghdad Today that “the rise in oil prices leads to a slowdown in industrial growth & a decrease in demand for oil, with an increase in the trend towards the use of alternative energy. This represents a threat to oil-exporting countries & the main beneficiary of this situation is the US.” He added, “US shale oil production is only economically viable when the price per barrel exceeds $65. If the price of oil falls below $65, US oil production becomes economically unviable.” He explained that “this will force America to reduce its production of shale oil, which will make the market need 10 million barrels of oil & this will lead to an increase in demand for oil produced by OPEC member states to compensate for the gap resulting from the decline in American production.” The oil expert concluded by saying, “This scenario is the only solution to confront the decline in oil consumption & the shift to alternative energy. It will also increase industrial growth, thus pushing oil-producing countries to increase oil production to keep pace with the increasing global demand. Thus, they compensate for the decline in price by increasing quantities. This in turn increases the costs of using alternative energy, which is ultimately much higher than the price of fossil energy, leading consumers to turn away from it & continue to rely on fossil energy while developing & upgrading it to be environmentally friendly.” According to the US Energy Information Administration, the US has the largest recoverable resource of shale oil in the world, amounting to 78.2 billion barrels so far, followed by Russia with 74.6 billion barrels. Although China is a relative newcomer to the scene, it holds a significant position with reserves of 32.2 billion barrels, contributing 7.7% of the global share. Argentina, Libya & the United Arab Emirates also made the top ranks, indicating the diverse distribution of shale oil resources around the world. Internal & External Debts “Exhaust” The Iraqi Budget & Experts Diagnose The Reasons. The Iraqi government took a series of measures to reduce the external public debt from the financial surpluses achieved as a result of the rise in oil prices & succeeded in reducing it. However, in return, the internal debt rose to exceed 70 trillion Dinars to bridge the gap in financial liquidity & operating expenses. Iraq continued to borrow externally after 2003, especially during the oil price collapse that coincided with security operations against ISIS in 2014, in addition to internal borrowing to cover the country’s General Budget deficit. The IMF said that Iraq’s internal imbalances were exacerbated by the large financial expansion & the decline in oil prices, noting that Iraq needs to gradually correct the public finances to achieve debt stability in the medium term & rebuild financial reserves. “Dead” Debts. Member of the Parliamentary Finance Committee, Jamal Kojer, said in an interview with Shafaq News Agency, “The external debt found in the reports available to us is a dead debt related to the Gulf War. These debts date back more than 30 years & countries do not demand them, so they are not real debts. If the Iraqi state demands their cancellation, they will be cancelled.” He points out that “the internal debt, which exceeds 70 trillion Iraqi Dinars, is gradually increasing because the state’s revenues are less than expenditures & despite that, it is not a frightening debt.” According to official data, Iraq’s internal debts amount to $50 billion, which are collected within the official & governmental financial apparatus, in addition to the existence of outstanding debts to eight countries, including Iran, Saudi Arabia, Qatar, the Emirates & Kuwait, amounting to $40 billion. These debts are questionable from Iraq’s point of view & have not been written off, despite being subject to the Paris Club. Low External Debt. In turn, the financial advisor to the PM, Mazhar Muhammad Salih, explained in an interview with Shafaq News Agency, that “Iraq is considered one of the countries with very little external debt, as the total debts due do not exceed 10 billion Dollars & these have annual allocations in the federal General Budget to extinguish them & they must be extinguished by 2028.” “The external debt is the remnants of the pre-1990 settlements,” he added, noting that “Iraq is considered to have high creditworthiness according to the classification of international companies such as S&P Global Ratings and Fitch & therefore the external debt does not exceed 5% of the gross domestic product compared to the international standard that accepts debts up to 60% of the gross domestic product.” Saleh points out that “there are internal debts amounting to 76 trillion Dinars caused by two financial crises, the 1st of which was between 2014 & 2017, which was the war against ISIS terrorism & the decline in oil prices & the 2nd crisis was the Corona pandemic, which led to the closure of global markets & a significant decline in oil prices& thus large borrowings occurred.” He stresses that “domestic debt generally does not exceed 30% of the gross domestic product & is a debt within the government & not between the government & individuals or the market & there are mechanisms to extinguish it within the government’s financial & banking system & therefore there are no risks.” Debt Is Not The Perfect Solution. However, the economic expert, Dhurgham Muhammad Ali, sees the opposite of what the financial advisor said & says in an interview with Shafaq News Agency, “The internal debts also pose a danger because they must be paid & must not exceed 50% of the country’s annual gross domestic product.” He added, “Expanding domestic borrowing is not the ideal solution to cover the Budget deficit, but rather it is an easy way to cover the deficit using primitive but effective methods, as long as they do not exceed the required limit, especially in light of the decline in financial inclusion & the low rates of bank deposits for the Iraqi citizen compared to neighboring countries.” He explains that “combating corruption and following up on Iraq’s money that has been swallowed by corruption over the past years is slow and ineffective and faces obstacles and challenges, and recovering this money could pay off many internal debts.” Hard Currency. For his part, economic expert Hilal Al-Taan confirmed, in an interview with Shafaq News Agency, that “the internal debts do not have a significant impact on the Iraqi economy & most of them are in favor of the Ministry of Finance, the CBI & other ministries.” He believes that “the major impact on the economy is on foreign debts because they are settled in hard currency, unlike domestic debts, which are settled in national currency. The state must first reduce foreign debts.” The largest part of the domestic debt is owed to the CBI, the Rafidain & Rashid banks & the Trade Bank of Iraq, which lent the government large sums of money to cover the federal budget deficit.
  12. FROM IRAQI SOURCES: Government Confirms Its Adoption Of A “Constructive Economic Policy” ARTICLE: PM Mohammed Shia Al-Sudani met today, Friday, with the head of the Victory Coalition, Haider Al-Abadi, where the meeting witnessed discussions on a number of issues & files related to the work of the legislative & executive authorities. The two sides reviewed “ways to enhance cooperation & accelerate the basic requirements for implementing the government program in various fields.” During the meeting, Al-Sudani stressed that the government is adopting a constructive economic policy, improving the level of services that citizens receive from state agencies, alleviating their suffering & completing the infrastructure that will provide an additional boost to development projects at various levels. Oil & Gas Parliamentary: There Is A Major Failure In The Work Of The Internal Control Department At The Ministry Of Oil. The Parliamentary Oil & Gas Committee identified a major failure & a number of observations regarding the work of the Director of the Internal Control Department at the Ministry of Oil. The committee’s spokesman, Ali Shaddad, told Al-Mirbad that his committee hosted the director of the Internal Control Department at the Ministry of Oil & after directing a number of questions to him, it became clear that there were many delays in the work of the department & it had become one of the departments that repelled cadres specialized in internal control, despite the fact that they were cadres who had undergone important training & were linked to financial control. However, there were 35 employees who left the Internal Control Department during the current director’s tenure & it is not easy to dispense with them. Shaddad added that a number of questions were put to the director regarding suspicions of corruption in some contracts that were flagged by the Federal Financial Supervision Bureau, in addition to the failure of the Director of Special Supervision to adhere to the directives of the Minister of Oil, so the work in the department began to decline despite the importance of its work. Pointing out that the Parliamentary Oil Committee decided that this hosting would be open until the next session, which will be determined later by the Oil & Gas Committee. Of their raw materials. It Is Due To Iran & Russia...Iraq & Saudi Arabia Have Fallen From The Top Oil Exporters To China. The “Iraq Al-Mustaqbal” Foundation for Economic Studies and Consultations attributed, on Saturday, the reason for the decline of both Iraq & Saudi Arabia from the ranks of the largest oil exporters to China to the incentives provided by the Russians & Iranians to increase the purchase The institution stated in a report published today that Russia acquired 22% of China’s oil imports in August 2024, at prices less than 6% of the average purchase prices. He added that the Iranians, through Malaysia, acquired 17% of China’s oil imports & less than 10% of the average price, which pushed both Iraq & Saudi Arabia to fall from the position of the largest exporters of crude oil to China, which is the largest market. According to the institution’s report, during last July, the average price of Russian oil was less than 4% of the average price, while the average price of Iranian oil was less than 7.5%, meaning that both parties increased their incentives to China to continue China’s dependence on the oil of the two countries, even if at prices lower than the offered rates. The institution attached to its report a detailed table on oil sales to countries that deal with China, as listed below: Escalating Demands To Expose Corruption In Iraqi Ports: A Threat To The National Economy. By Sotaliraq: The Iraqi arena is witnessing increasing demands to uncover corruption files in Iraqi ports, as these ports are among the most important vital facilities for the Iraqi economy. Suspicions have increased about financial and administrative irregularities in import and export operations, which have negatively affected government revenues. Political & parliamentary parties are demanding transparent investigations to uncover those involved and hold them accountable, considering that corruption in these institutions contributes to the deterioration of the economic situation & hinders development & reform plans. This comes at a time when Iraq is seeking to strengthen financial oversight & achieve transparency in government institutions. Independent MP Yasser Al-Hussaini says, “The most dangerous corruption file in the Iraqi government is the file of the General Company for Iraqi Ports, where there is a waste of money and a lack of engagement with the voices calling for stopping this corruption.” He added, “The government has ignored the ports corruption file, although the ministerial program stipulates combating corruption, as there are corruption files that will not be investigated even with the end of the current government’s term, especially in the General Ports Company.” Al-Hussaini calls on the government to “pay attention to the voices calling for withdrawing the current management of the aforementioned company & to open a fair judicial investigation to look into the number of identified violations.” For his part, the head of the Parliamentary Security and Defense Committee, Karim Aliwi Al-Muhammadawi, revealed suspicions of corruption in the manipulation of types of cars & customs clearance at ports & border crossings. Al-Muhammadawi says, “There is a lack of oversight operations and a lack of coordination between the security & oversight agencies within the Iraqi ports and border crossings, as the competent oversight agencies are required to play their role in reducing suspicions of corruption & preserving public money.” In this context, MP Alaa Al-Haidari, a member of the Iraqi Ports Corruption Investigation Committee, said: “We were surprised to find a shipment of about 20,000 tons of yellow corn that was rotten & spoiled inside a ship coming from Australia. There were approvals from some government agencies to unload this shipment, so we were surprised to find about 6,000 tons of yellow corn unloaded in the warehouses of a Turkish factory used to receive cooking oil in the port of Umm Qasr.” He added: “We found that the contract included that the yellow corn coming from Australia was used for oil & after it was spoiled, its quality was changed to animal feed because it was exposed to rot. After examining this material, it became clear that it was not suitable for animal feed, nor was it suitable as cooking oil.” He explained: “The opinion of the Parliamentary Order 160 Committee to investigate port corruption was to reserve & inform the Director of the Southern Ports & the Customs Administration not to unload the remaining shipment from these warehouses, but the information received indicates that approximately 14 thousand tons of this damaged shipment were unloaded from these warehouses,” stressing that “every party that gave approval to unload this shipment will bear responsibility for negligence & an investigation will be opened into this dangerous file.” It is noteworthy that the Ministry of Finance and the Customs Authority are seriously seeking to make new progress in implementing the “ASYCUDA” system in the Grand Welcome Square at Basra Ports in rapid procedures to generalize information technology & limit commercial transactions electronically as is happening in more than 80 countries around the world. At the beginning of 2024, the Iraqi General Customs Authority announced that its revenues during the past year amounted to one trillion, 33 billion, 765 million, 697 thousand, 521 Iraqi Dinars, an increase of 28 percent, compared to 2022, expressing its hope to maximize its revenues during 2024 after completing the implementation of electronic systems in all customs centers. Government Confirms Its Adoption Of A “Constructive Economic Policy” PM Mohammed Shia Al-Sudani met today, Friday, with the head of the Victory Coalition, Haider Al-Abadi, where the meeting witnessed discussions on a number of issues & files related to the work of the legislative and executive authorities. The two sides reviewed “ways to enhance cooperation & accelerate the basic requirements for implementing the government program in various fields.” During the meeting, Al-Sudani stressed that the government is adopting a constructive economic policy, improving the level of services that citizens receive from state agencies, alleviating their suffering & completing the infrastructure that will provide an additional boost to development projects at various levels. Oil & Gas Parliamentary: There Is A Major Failure In The Work Of The Internal Control Department At The Ministry Of Oil. The Parliamentary Oil and Gas Committee identified a major failure and a number of observations regarding the work of the Director of the Internal Control Department at the Ministry of Oil. The committee’s spokesman, Ali Shaddad, told Al-Mirbad that his committee hosted the director of the Internal Control Department at the Ministry of Oil & after directing a number of questions to him, it became clear that there were many delays in the work of the department & it had become one of the departments that repelled cadres specialized in internal control, despite the fact that they were cadres who had undergone important training & were linked to financial control. However, there were 35 employees who left the Internal Control Department during the current director’s tenure & it is not easy to dispense with them. Shaddad added that a number of questions were put to the director regarding suspicions of corruption in some contracts that were flagged by the Federal Financial Supervision Bureau, in addition to the failure of the Director of Special Supervision to adhere to the directives of the Minister of Oil, so the work in the department began to decline despite the importance of its work. Pointing out that the Parliamentary Oil Committee decided that this hosting would be open until the next session, which will be determined later by the Oil & Gas Committee. The “Iraq Al-Mustaqbal” Foundation for Economic Studies & Consultations attributed, on Saturday, the reason for the decline of both Iraq & Saudi Arabia from the ranks of the largest oil exporters to China to the incentives provided by the Russians & Iranians to increase the purchase of their raw materials. The institution stated in a report published today that Russia acquired 22% of China’s oil imports in August 2024, at prices less than 6% of the average purchase prices. He added that the Iranians, through Malaysia, acquired 17% of China’s oil imports and less than 10% of the average price, which pushed both Iraq & Saudi Arabia to fall from the position of the largest exporters of crude oil to China, which is the largest market. According to the institution’s report, during last July, the average price of Russian oil was less than 4% of the average price, while the average price of Iranian oil was less than 7.5%, meaning that both parties increased their incentives to China to continue China’s dependence on the oil of the two countries, even if at prices lower than the offered rates. The institution attached to its report a detailed table on oil sales to countries that deal with China, as listed below: Escalating Demands To Expose Corruption In Iraqi Ports: A Threat To The National Economy. By Sotaliraq The Iraqi arena is witnessing increasing demands to uncover corruption files in Iraqi ports, as these ports are among the most important vital facilities for the Iraqi economy. Suspicions have increased about financial and administrative irregularities in import & export operations, which have negatively affected government revenues. Political & parliamentary parties are demanding transparent investigations to uncover those involved & hold them accountable, considering that corruption in these institutions contributes to the deterioration of the economic situation & hinders development & reform plans. This comes at a time when Iraq is seeking to strengthen financial oversight & achieve transparency in government institutions. Independent MP Yasser Al-Hussaini says, “The most dangerous corruption file in the Iraqi government is the file of the General Company for Iraqi Ports, where there is a waste of money & a lack of engagement with the voices calling for stopping this corruption.” He added, “The government has ignored the ports corruption file, although the ministerial program stipulates combating corruption, as there are corruption files that will not be investigated even with the end of the current government’s term, especially in the General Ports Company.” Al-Hussaini calls on the government to “pay attention to the voices calling for withdrawing the current management of the aforementioned company & to open a fair judicial investigation to look into the number of identified violations.” For his part, the head of the Parliamentary Security and Defense Committee, Karim Aliwi Al-Muhammadawi, revealed suspicions of corruption in the manipulation of types of cars & customs clearance at ports & border crossings. Al-Muhammadawi says, “There is a lack of oversight operations and a lack of coordination between the security & oversight agencies within the Iraqi ports & border crossings, as the competent oversight agencies are required to play their role in reducing suspicions of corruption & preserving public money.” In this context, MP Alaa Al-Haidari, a member of the Iraqi Ports Corruption Investigation Committee, said: “We were surprised to find a shipment of about 20,000 tons of yellow corn that was rotten & spoiled inside a ship coming from Australia. There were approvals from some government agencies to unload this shipment, so we were surprised to find about 6,000 tons of yellow corn unloaded in the warehouses of a Turkish factory used to receive cooking oil in the port of Umm Qasr.” He added: “We found that the contract included that the yellow corn coming from Australia was used for oil & after it was spoiled, its quality was changed to animal feed because it was exposed to rot. After examining this material, it became clear that it was not suitable for animal feed, nor was it suitable as cooking oil.” He explained: “The opinion of the Parliamentary Order 160 Committee to investigate port corruption was to reserve and inform the Director of the Southern Ports and the Customs Administration not to unload the remaining shipment from these warehouses, but the information received indicates that approximately 14 thousand tons of this damaged shipment were unloaded from these warehouses,” stressing that “every party that gave approval to unload this shipment will bear responsibility for negligence & an investigation will be opened into this dangerous file.” It is noteworthy that the Ministry of Finance & the Customs Authority are seriously seeking to make new progress in implementing the “ASYCUDA” system in the Grand Welcome Square at Basra Ports in rapid procedures to generalize information technology & limit commercial transactions electronically as is happening in more than 80 countries around the world. At the beginning of 2024, the Iraqi General Customs Authority announced that its revenues during the past year amounted to one trillion, 33 billion, 765 million, 697 thousand, 521 Iraqi Dinars, an increase of 28 percent, compared to 2022, expressing its hope to maximize its revenues during 2024 after completing the implementation of electronic systems in all customs centers.
  13. Here's some articles of Dinarian interests... -A Reading Of The “Roles Of Corruption” Between Parliament & Local Councils. What Is The Story Of The $1,000 Billion? -Rafidain”: Implementing The Comprehensive Banking System In 40 Branches In Baghdad & The Governorates. -Central Bank Meets With Electronic Payment Companies & Contracts With An International Auditing Firm In NYC. -Al-Sudani Directs The Formation Of A Committee To Review The Financial & Legal Observations Of The Decision To Transfer Oil Companies. -Oil Falls In August Amid Supply Concerns. Treat as rumors. Not verified. Your opine. -A Reading Of The “Roles Of Corruption” Between Parliament & Local Councils. What Is The Story Of The $1,000 Billion? Political science professor Issam Al-Faily commented Wed (August 28, 2024), about the extent of corruption between the House of Representatives & the provincial councils & which of them is wasting public money. Al-Faili told “Baghdad Today” “It is not possible to evaluate the experience of the provincial councils, whether they are corrupt or not, because of the short lifespan of those councils, in addition to their cessation that lasted for years, while they did not carry out their assigned tasks, especially the executive side, as the Budget has not been released yet.” He added, “But in previous experiences, there were many files in the provincial councils that were referred to the Integrity & Judicial Authorities Commission & some officials in those councils were issued recruitment or follow-up orders, so there were practices that caused the waste of public money & the seizure of state capabilities.” He added, “The House of Representatives is financially burdening the state treasury, especially in light of the demands to increase the salaries of representatives, allocations & privileges. This contradicts the legislative work of Parliament, whose work is based on oversight and legislation, as well as evaluating government performance.” Al-Faili pointed out, “There are representatives who have been referred to the judiciary on corruption charges,” adding: “Corruption does not only include wasting public money & appropriating it, but rather includes violating the law in many cases.” He stated, “The material damages are distributed between the House of Representatives & the governorate councils. The governorate councils involve a waste of public money & some see it as an extra link & an overlap of the powers of the executive & legislative authority on the one hand with the work of the governorate council & this has created a state of confusion.” The information indicates, according to officials’ statements, that Iraq wasted more than 450 billion Dollars during the last period without there being NO accounts for this money, taking into account that oil revenues from 2003 to 2021 amounted to more than 1,000 Billion Dollars, according to what was revealed by the former President of the Republic. Barham Salih, who added that the value of the looted funds is estimated at 150 billion Dollars, noting that these numbers reveal only a small amount of the truth, according to observers. -Rafidain”: Implementing The Comprehensive Banking System In 40 Branches In Baghdad & The Governorates. Rafidain Bank announced today, Saturday, the implementation of the comprehensive banking system in 40 branches. The bank stated in a brief statement: “The comprehensive banking system has been implemented in 40 branches in Baghdad & the governorates.” -Central Bank Meets With Electronic Payment Companies & Contracts With An International Auditing Firm In NYC. The CBI confirmed on Saturday that its governor, Ali Mohsen Al-Alaq, met with a number of electronic payment companies & signed a contract with an international auditing firm in NYC. The CBI said in a statement, seen by “Economy News”, that the CBI delegation “headed by the Gov of the CBI Ali Mohsen Al-Alaq to the US, discussed the use of electronic payment cards & ways to regulate & stimulate their use in line with Iraq’s move towards electronic payment.” Al-Ban added that this came “during separate meetings with a group of companies such as (Visa, Mastercard & MoneyGram), as the international auditing firm (KPMG) presented an extensive analytical presentation of the uses of these cards, reinforced with recommendations & proposals to enhance organized use & accommodate the significant increase in citizens’ use of these cards.” The statement stressed that the parties praised “during the negotiations the important steps to enhance the banking sector reforms, the most important of which is the contract that the delegation of the CBI concluded with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the USD, as the company will work to develop practical solutions to reintegrate these banks into the Iraqi & international banking sector, in addition to improving the level of banks’ procedures in line with international standards, as this initiative aims to facilitate the process of establishing direct banking relations, and improve the quality & type of services provided by banks to serve the Iraqi economy, as the company is scheduled to start its work in the coming period. -Al-Sudani Directs The Formation Of A Committee To Review The Financial & Legal Observations Of The Decision To Transfer Oil Companies. PM Mohammed Shia al-Sudani directed today, Saturday, to form a committee to review the Cabinet’s decision to transfer the salaries of the Ministry of Oil companies to central financing. Deputy PM for Energy Affairs &d Minister of Oil Hayan Abdul Ghani said in a statement received b Mawazine News, “The government & the Ministry of Oil, in their keenness to support workers in the oil sector, PM Mohammed Shia al-Sudani directed to form a committee to study & review all financial & legal observations of Cabinet Resolution No. 24600 of 2024 & correct it in a way that ensures the preservation & non-touching of salaries, incentives & profits of members of oil companies& formations.” He added, “This came based on the observations of the Ministry of Oil pursuant to its letters No. (W/644 on 8/21/2024) and (W/666 on 8/28/2024),” stressing that “this issue is receiving attention and follow-up from the leadership of the oil sector, which confirms its keenness to support the rights, duties & interests of workers in oil companies & formations, in a way that ensures a free & dignified life.” -Oil Falls In August Amid Supply Concerns. Oil prices settled lower, as investors assessed expectations that the OPEC+ alliance will increase supplies starting in October. This is in addition to the fading of hopes for a significant interest rate cut in the US next month, after US inflation data showed strong consumer spending. Brent crude futures for October delivery, which expire on Friday, fell $1.14, or 1.43 percent, to settle at $78.80 a barrel, down 0.3 percent on the week & 2.4 percent on the month. U.S. West Texas Intermediate (WTI) crude futures fell $2.36, or 3.11 percent, to $73.55, down 1.7 percent on the week and 3.6 percent in August. Six OPEC+ sources told Reuters that the alliance is likely to proceed with a planned gradual increase in oil production from October, at a time when outages from Libya & pledges to cut production by some member states to compensate for overproduction will offset the impact of slowing demand. Investors, meanwhile, are assessing new data showing U.S. consumer spending rose strongly in July, suggesting continued strength in the economy early in the 3rd quarter & are seeing no reason for the Federal Reserve to cut borrowing costs by half a percentage point next month. LUIGI'S TWO CENTS WORTH: Corruption in CBI USD auctions are only the surface of how widespread corruption in Iraq really is. Corruption in taxes, customs, banking, the Budget & in Parliament is totally out of control. Even fake banks, corporations & street vendors are benefiting Iran that's bleeding the economy. CBI hires an int'l accounting firm to monitor where all the monies are disappearing to. Billions, if no trillions of USD are disappearing out of the Iraq economy. Iran grows fatter by the day as ordinary out of work Iraqis, starve. The Iraqi treasury & CBI auctions revenues remain unchanged in spite of record revenues coming in. Iraq is being slowly bled from all facets of the entire Iraq economy. There cannot be a RV-RI with all the institutionalized corruption going on. This is the #1 issue holding back the RV-RI. IMHO.
  14. Here's some articles of Dinarian interests... -Government Acknowledges “CBI Failure” To Control Dollar ER. -Parliament Falsifies The Budget Again.. Al-Mandlawi May Lose His Position! -Allocations were manipulated within the House of Representatives in an illegal manner. Treat as rumors. Not verified. Your opine. FROM IRAQI SOURCES: Government Acknowledges “CBI Failure” To Control Dollar ER. ARTICLE: Since the CBI started operating the electronic platform & the international financial transfer system “SWIFT” about a year ago, the Dollar ER in Iraq has not witnessed stability despite the government & CBI’s attempts to control the ER in parallel markets. In this context, member of the Parliamentary Finance Committee, Mustafa Sand, held the government & the CBI responsible for the failure to control the ER of the Dollar against the Iraqi Dinar today, Monday. Today, Monday, the Dollar prices decreased with the opening of the Al-Kifah & Al-Harithiya stock exchanges in Baghdad, where it recorded 149,500 Dinars for every 100 Dollars, while the ER in the exchange shops in the local markets in Baghdad witnessed a decrease, where the selling price reached 150,000 Dinars & the buying price reached 148,000 Dinars for every 100 Dollars. Sand said in a press statement that “the government did not succeed in controlling the Dollar ER due to the policies of the US Federal Reserve,” noting that “the Iraqi side’s discussions with the American side did not achieve any positive results except for a protocol meeting with Biden that did not exceed 20 minutes.” He pointed out that “there is American guardianship to bring in the Jordan National Bank & its acquisition of hard currency.” On July 9, Parliamentary Finance Committee member Raed Al-Maliki confirmed that the failure of the CBI’s measures & the “government’s measures” & its advisors to achieve stability for the Dinar & reduce the gap between the two prices costs the state huge sums of money (trillions) that are wasted outside the Budget, & billions that go into the pockets of corrupt people whose addresses are many & the people bear a great burden as a result of the reliance of the prices of most goods on the ER in the parallel market, which is much higher than the official selling price.” On July 2, the PM’s financial advisor, Mazhar Mohammed Saleh, confirmed that the suspension of the electronic platform was part of a test aimed at controlling all financial transactions related to the Dollar & preventing tourists from taking out the Dollar, adding that closing the platform showed that the Dollar was no longer able to rised & that the CBI would reopen the platform on July 14 under close supervision. On July 1, the CBI issued a letter allowing Rashid Bank, Rafidain Bank, the Commercial Bank of Iraq & airport exchange companies to sell the Dollar at the official ER to tourists starting next November. The bank stressed that any currency exchange company that does not have branches at airports until November 11 can transfer its transactions to branches of one of the Rafidain or Rashid Banks or the Commercial Bank of Iraq, or work in partnership with exchange companies such as Al Rayan, Finjan, Sama Baghdad & Al Sukkar, which currently have branches at airports. Since the beginning of last year, Washington has intervened to limit the smuggling of Dollars from Iraq, which led to the Dollar price rising in the local market to a record level of 170,000 Dinars per 100 Dollars, due to the decline in the CBI’s sales of Dollars, given its subjection to the international “SWIFT” financial system. It is noteworthy that the CBI decided to finance trade in the Euro, the Chinese Yuan, the UAE Dirham & the Indian Rupee, in steps to reduce the demand for the Dollar. -Parliament Falsifies The Budget Tables Again.. Al-Mandlawi May Lose His Position! MP Basem Khashan confirmed the possibility of terminating the membership of the acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, if the charges of tampering with the Budget Tables that were recently revealed by the PM’s Office are proven, noting that the parliament committed legal violations in amending the Budget Tables & they were on their way to being published & implemented had it not been for the government’s scrutiny, indicating that many MPs were subjected to deception in this file. The Council of Ministers had spoken of an increase of 15 trillion Dinars in the last tables & it was not included in the agreement, discussions & voting, requesting a re-audit. Khashan said, in an interview with the media figure Ahmed Mulla Talal: The Budget Tables sent by the Council of Ministers were changed & their allocations were manipulated within the House of Representatives in an illegal manner. The forged schedules would have been published and implemented had it not been for the Cabinet’s scrutiny. Most of the Budget Schedules have been changed & the process has been carried out by ignoring a large number of parliamentarians. The legal violations committed by the House of Representatives in amending the Budget Tables are countless & are considered a major crime. The funding for the ration card basket has been increased to 5 trillion Dinars for contracts that include major problems. Manipulation & alteration operations can be legally classified under the crimes of alteration with the intent to defraud, regardless of the size of the amounts & figures that were manipulated. The acting Speaker of the House of Representatives is responsible for tampering with the budget tables sent to the Cabinet. The Federal Court can terminate Mohsen Al-Mandalawi’s membership, if the charges of manipulation are proven. -Learn About The Mechanism For Depositing Dinars & Receiving Dollars For Travelers From The Airport, Local. The CBI published the mechanism for depositing the Dinar & receiving the Dollar for travelers from the airport. The CBI stated in a statement received by Sumarya News, “The process of depositing the Dinar & receiving the Dollar for travelers from the airport has become easier & safer, in a very smooth electronic manner & without routine complications.” -The Biggest Challenge. The biggest dilemma that many countries – especially Iraq – are struggling with is their reliance on a rentier economy, which places the state’s capabilities under the control of variables that it may not be able to control & direct & contributes greatly to the emergence of a clearly unequal class in society, as it also has an impact on spreading ease & resignation among citizens due to the absence of incentive & competition. In Iraq, oil constitutes more than 90 percent of its total economy, making it a rentier state par excellence. There are many reasons for this, most of which go back to the series of wars & policies of the former regime & the period of economic blockade & later to political strife & factional conflicts that contributed to the dispersion of resources & the absence of an effective economic policy. But the status quo is not an imposed fate & the government program proposed by PM Mohammed Shia al-Sudani & approved by the House of Representatives included solutions to this dilemma that could be the 1st steps on a long & arduous path that will take Iraq out of the captivity of dependence on a rentier economy. The PM’s repeated references to diversifying sources of income & maximizing financial resources from other sources of income & the urging to pay great attention to the agricultural, industrial & service sectors& activate the tax sector. All these references reveal the size of the challenge that the government has placed on itself, a challenge that forms the basis of the government’s policy aimed at reforming the economy after decades of lack of will & ability to create a secure alternative economy.
  15. Here's some articles of Dinarian interests... -Parliamentary Committee: The Decline In Oil Prices Will Not Affect The Budget. -CBI Gov Participates In A Workshop Specialized In Electronic Payment.-Document. -The Iraqi Judiciary Settles The Controversy Over Whether The Gov Of CBI Should Remain In His Position Or Not. -Iraq Loses $52 Billion In Foreign Investment Due To “Corruption” Treat as rumors. Not verified. Your opine. -Tishwash: Parliamentary Committee: The Decline In Oil Prices Will Not Affect The Budget. On Saturday, the Parliamentary Oil and Energy Committee in the House of Representatives renewed its assertion that the drop in oil prices to $70 per barrel will not affect the budget. Vice Chairman of the Committee, Nehru Mahmoud Qadir, told the Maaloma Agency, “There are concerns if the price of a barrel of oil reaches less than $70 in next year’s budget.” He added, “The price of a barrel of oil was calculated at $70 in the budget for the year 2024, indicating that the slight fluctuation in oil prices will not affect it.” He stressed that “employees’ salaries are fully insured even if oil prices drop to $70.” -CBI Gov Participates In A Workshop Specialized In Electronic Payment-Parliamentary Committee: His Excellency the Governor of the CBI, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the PM & organized by the Osool Foundation for Economic Development & Sustainable Development. His Excellency the Governor said during his speech at the workshop: The CBI works side by side with the government program & the PM’s direction to support electronic payment & we are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure & the expansion in the use of electronic payment channels & the impact of the campaign launched by the PM to activate electronic payment operations in general & in the government sector in particular. His Excellency added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi Dinars in July alone, compared to (800) billion Dinars in the same month of 2023, after which it became (1) trillion Dinars in January of 2024 & government payments witnessed an additional increase, reaching (912) billion Iraqi Dinars last July compared to (287) million Dinars in the same month of 2023. His Excellency pointed out that payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion Dinars in July of this year, compared to (183) million Dinars in July of 2023 and (4.5) billion Dinars in December 2023, revealing a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023 & thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023. Expressing his hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up & developing this important aspect. -Document.. The Iraqi Judiciary Settles The Controversy Over Whether The Gov Of CBI Should Remain In His Position Or Not. The Supreme Judicial Council in Iraq supported the State Council’s decision to refer the CBI Gov, Ali Al-Alaq, to retirement after reaching the legal age. The Supreme Judicial Council said in an official document, a copy of which was received by Shafaq News Agency, that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority & the same opinion of the State Council was reached in the two aforementioned decisions. The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age. The State Council has decided the official position on whether or not the CBI Gov, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age. It was stated in correspondence between the State Council and Parliament, in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Gov of the CBI continuing in service after reaching the legal retirement age. The State Council had explained, according to the documents, that Clause (First) of Article (103) of the Constitution stipulated that the CBI shall be a financially & administratively independent body whose work shall be regulated by law & which shall be accountable to the House of Representatives. Article (2) of the CBI Law issued pursuant to Order No. (56) of 2004 of the (dissolved) Provisional Coalition Authority stipulated that the CBI shall be a legal entity with full capacity & independence & subject to accountability. He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision & since there is no special provision exempting the Gov of the CBI from the provisions of inevitable retirement upon reaching the legal age. The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal retirement age.” -Iraq Loses $52 Billion In Foreign Investment Due To “Corruption” On Saturday, the head of the “Iraq Al-Mustaqbal” Foundation concerned with economic affairs, Manar Al-Obaidi, referred to the latest report of the United Nations Development Program, which revealed the exit of more than 5 billion US dollars in foreign direct investments from Iraq in 2023. The report showed, according to Al-Obaidi, that Iraq lost foreign investments worth more than 52 billion US dollars from 2013 to 2023. Al-Obaidi stressed, in a statement received by Shafak News Agency, the importance of foreign investments in stimulating economic growth, increasing job opportunities & transferring knowledge, stressing that foreign investments are an important source of income for funds not linked to state revenues or local investments. Al-Obaidi identified the main reasons for the exit of these investments from Iraq, which include the deteriorating business environment, lack of transparency, accumulated bureaucracy & multiple & conflicting decision-making sources, explaining that the lack of clear laws to protect foreign investors’ funds also contributed to this deterioration. Al-Obaidi described the private sector support programmes as “weak slogans”, pointing out that the totalitarian & socialist thinking is prevalent in government institutions, which has negatively affected the objectives of investment agencies that have focused mainly on local real estate investments rather than in the fields of energy, infrastructure & productive projects. Al-Ubaidi stressed that the continuation of socialist & pastoral thinking in government agencies will lead to the continued draining of foreign investments from Iraq. He stressed the need for a real will to improve the business environment through three basic elements: transparency, facilities, and protection, in order to attract foreign investors and strengthen the Iraqi economy. Mot: ….. OK Gals!! — What Can Ya Do With $5…… CBI Media Office August 10, 2024.
  16. Here's some articles of Dinarian interests... - Who Bears The Responsibility For The Mistakes Of Government Projects? -Alsumaria Publishes The Dollar Exchange Rates In The Iraqi Stock Exchanges Today. -Al-Sadr Calls For Boycotting American Products & Those Supporting The Israeli Entity: Peacefully, Not Through Violence. -Government Advisor: Adopting Budget Schedules Has Become A Reality & Does Not Affect Financial Obligations. Treat as rumors. Not verified. Your opine. FROM OTHER SOURCES: Who Bears The Responsibility For The Mistakes Of Government Projects? ARTICLE: Since PM Mohammed Shia al-Sudani announced the implementation of projects, including plans to relieve traffic congestion in the capital, Baghdad, the construction, building of bridges & overpasses, & widening of streets have been marred by many shortcomings & errors, which led to some of them being repaired shortly after their opening, or details being added to them, which raised several questions about the priority of speed of completion at the expense of quality. However, observers considered the matter, despite that, a step forward in the reconstruction process. Regarding these errors, economic researcher Mustafa Akram Hantoush points out that “the occurrence of some errors does not affect the good service construction & development movement of Baghdad Governorate & if errors occur, they can be addressed and what the government has done regarding the bridges issue can be considered an achievement because if it were not for the current trend, the Baghdad Municipality would not have built any of these bridges.” Hantoush believes that “the Iraqi government is very good with regard to bridges & some issues related to infrastructure. In fact, we have never seen anything similar from previous governments. The Baghdad Municipality often received money to transfer it to replacing sidewalks on an ongoing basis, so no bridges or gates were built.” It is noteworthy that the PM announced at the beginning of 2023 the commencement of a package of projects, starting with supplying residential areas on the outskirts of Baghdad & slums with infrastructure, including sewage, water, electricity & road paving networks, while launching a plan to relieve traffic congestion, which includes the construction of a number of bridges & overpasses & the expansion of many streets. For his part, political analyst Hassan Fadel says, “Some of the failures that occur in completing the projects implemented by Al-Sudani’s government are not directly borne by the government, nor by Mr. Al-Sudani himself, but rather are primarily borne by the Ministry of Construction & Housing, because it is necessary to evaluate the companies implementing the project according to standards set by the ministry before approving the bids of the implementing companies.” “Among these criteria, this company must have implemented similar projects & possess the capabilities, tools, experts & engineers. This means that the company submitting the bid has previous experience in similar projects, is it a company that has been working in this field for years, does it have sufficient experience or is it a new company & what is the nationality of this company? These criteria & others must be taken into consideration to avoid these mistakes in the future,” Fadel added. “The PM is trying to fix what was spoiled by years of government failures, but all the projects undertaken by the current government fall within its duties & cannot be considered achievements, because the achievement is the realization of huge strategic goals such as the development road & the Grand Faw Port, which can be classified among the huge strategic achievements & projects if they are completed,” he added. “As for building bridges & factories, these are routine procedures that every government in the world undertakes & they cannot be classified as achievements. Rather, building bridges & overpasses is the duty of the Baghdad Municipality & the Ministry of Reconstruction & is within their powers & sometimes there may be a simple intervention from the PM, not a large-scale intervention,” He added,“but because of the situation in Iraq & the nature of the circumstances it has suffered, the government was forced to intervene in such small projects that are of lower responsibilities in order to speed up completion & achieve a solution to the problem of traffic congestion & bottlenecks, & therefore these projects are not considered achievements.” The General Traffic Directorate had previously announced the closure of the Cordoba Bridge in central Baghdad for maintenance purposes, four months after its opening, in addition to the completion of the Rustumiyah Bridge in Baghdad without channels to drain rainwater. The Federal Integrity Commission had previously announced the failure of most of the electronic gates in parking garages in Baghdad & the governorates, after costing the state about eight & a half billion Dinars. Regarding the malfunction of these electronic gates, legal expert Adnan Al-Sharifi comments, “What is related to the malfunction of the electronic gates is either due to poor equipment or exposure to electronic hacking or sabotage by an agent. If it is a sudden malfunction, this is a normal thing that may happen anywhere, provided that the materials of these gates are equipped & implemented according to good controls, contracts & specifications. However, if it is due to an agent, the investigation will reveal his identity & he will be referred to the competent authorities.” He continued, “As for the poor quality of the projects, it is divided into two parts. The first is the poor quality of the plans, quantity schedules, & engineering specifications, which is the responsibility of the party that carried them out. The second is the poor quality of the implementation, which is due to the collusion of the resident engineer, the supervisory authorities & the receiving committees. All of these bear full responsibility for the intentional damages & will be held accountable in accordance with Articles 341 & 340 of the Penal Code & as the results of the investigation show. -Alsumaria Publishes The Dollar Exchange Rates In The Iraqi Stock Exchanges Today. Alsumaria News publishes the ER of the Dollar against the Iraqi Dinar in the local Iraqi markets for Tuesday, July 30, 2024. The Dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 Dinars for every 100 Dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,000 Dinars, while the purchase price reached 148,000 Dinars for every 100 Dollars. On February 7, 2022, the Council of Ministers announced its approval to amend the Dollar ER to 1,320 Dinars per Dollar. For about a year, specifically since the CBI began operating the electronic platform & the international financial transfer system “SWIFT”, the Dollar ER in Iraq has not witnessed stability despite the government and the CBI’s attempts to control the ER in parallel markets. -Al-Sadr Calls For Boycotting American Products & Those Supporting The Israeli Entity: Peacefully, Not Through Violence. The leader of the Shiite National Movement, Muqtada al-Sadr, called today, Monday, for boycotting American products and goods that support the Israeli entity, while stressing the need not to use violence as some parties that want to destroy Iraq are doing. In response to a question directed to the leader of the Shiite National Movement, which read: “What is your advice to all Muslims & Iraqis in particular regarding boycotting American goods & goods that support the usurping Zionist entity, in support of the people of Gaza in particular & Islam & humanity in general?” Al-Sadr said the following text: “Yes, all believers in the Palestinian cause, all lovers of humanity & all those who reject the mass massacres taking place in Gaza & all those who reject the terrorist Zionist entity, its actions, crimes & terrorism & its master, America, the great evil occupier who hates peoples, should boycott all products that support Israel, America, colonialism & the unjust global arrogance that is trying to make the world a village in its hands like a toy… Boycotting them inside & outside Iraq is an act that pleases God Almighty & even pleases our consciences as Muslims & lovers of humanity & peace… All of this is done through a peaceful boycott by not selling, not buying, or even using them & not using violence as some parties do that want to destroy our beloved Iraq & benefit personally & partisanly from that in: #We are all boycotting.” -Government Advisor: Adopting Budget Schedules Has Become A Reality & Does Not Affect Financial Obligations. The financial advisor to the PM, Mazhar Muhammad Salih, confirmed today, Tuesday, that the Budget Schedules have become a reality & issuing instructions is a procedural matter that does not affect financial obligations. Saleh said, in an interview with the Iraqi News Agency, followed by “Al-Eqtisad News”, that “the legal basis for the current fiscal year 2024 is a matter that has been legislated & approved primarily, based on the provisions of the Federal General Budget for the years 2023, 2025, 2024 issued by Law No. 13 of 2023, which was published on June 26, 2023 in the Official Gazette.” He explained that “what is stipulated in Article Two / 77 of the law includes the executive authority submitting the financial tables for the two fiscal years 2024, 2025 to enable the House of Representatives to approve them sequentially,” noting that “this was achieved in the fiscal year 2024.” He pointed out that “the three-year Federal General Budget was applied for the first time in the country, which was based in its approval on one of the articles included in the provisions of the Federal Financial Management Law No. 6 of 2019, as amended, which authorized the work of a financial plan consisting of a General Budget for three fiscal years.” He added that “the legal options available to implement the provisions of the Federal General Budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions even if any approval of the General Budget formalities is delayed in principle, especially allowing continued spending or disbursement on investment projects approved in the three-year General Budget as ongoing projects, as well as operational spending, or any financial transactions stipulated in the three-year general budget law.” He added, “Despite this, the adoption of the financial tables for the current fiscal year 2024, which were approved by the House of Representatives earlier this year, has become a reality & issuing instructions for their implementation is a procedural matter that does not affect the obligations of the fiscal year itself, as these instructions are in all cases consistent with the emerging financial transactions when issued.” He added that “the Ministry of Finance announced earlier this month the issuance of financial bonds (achievement bond) as a source of financing for the Budget by borrowing from the local financial market worth 1.5 trillion Dinars,” stressing that “spending on operating expenses such as salaries, pensions, social care, debt services & others is ongoing, in addition to the continued financing of ongoing investment projects & those under implementation.” He pointed out that “all of these activities are financial activities in which spending has not stopped, which is consistent with the legal work rules that came with the three-year federal general budget, with high flexibility, transparency & governance.” He noted that “the instructions for implementing the General Budget Schedules for the fiscal year 2024 will touch upon some of the developments & partial financial transactions that have been created or adapted & not the faculties of public finance & that the financial activity in the country with its three pillars: revenues, expenditures & deficit management is proceeding in a consistent & harmonious manner & in accordance with the objectives of the three-year General Budget Law & that the executive & legislative authorities are in continuous communication & high coordination to ensure the achievement of public interests without interruption.
  17. Here's an article of Dinarian interests... There's Trouble In River City. Is The CBI Leading Iraq Towards An Economic Crisis? Corruption & costs over runs are rising CBI operational expenses. Is CBI cooking the books or does it have two set of books? Treat as a rumor. Not verified. Your opine. FROM OTHER SOURCES: Is The Central Bank Leading Iraq Towards An Economic Crisis? July 22, 2024 Last updated: July 22, 2024. ARTICLE: A Financial Report Reveals & Reality Confirms… Is The CBI Leading Iraq Towards An Economic Crisis? Informed sources said that the financial policy of the CBI faces sharp criticism from financial experts & economic observers, amid a continuous rise in operational costs & a noticeable increase in expenditures. According to the financial situation tables as of 6/30/2024 published on the CBI’s website, the financial statements show that there is a clear imbalance. The financial report revealed a slight increase in total assets, which reflects an apparent stability in the bank’s financial performance. However, the financial statements showed some points that call for criticism & questioning the effectiveness of the financial management of the CBI. The report indicated that gold reserves rose to 14,672,164,921 thousand Iraqi Dinars from 14,475,189,559 thousand Iraqi Dinars. Although this strengthens the bank’s position, the question remains about the adequacy of these reserves in the face of potential economic crises. As for the bank’s balances with banks outside Iraq, they increased to 2,011,145,122 thousand Iraqi Dinars from 1,827,075,442 thousand Iraqi Dinars, which reflects a diversification of assets, but the question remains about the risks associated with relying on foreign banks. -Foreign currencies: witnessed a noticeable increase to 24,688,182,816 thousand Iraqi Dinars from 23,838,913,348 thousand Iraqi Dinars, which enhances foreign exchange reserves, but how these reserves are managed effectively must be monitored. In terms of expenses, currency issuance expenses increased to 10,588,686 thousand Iraqi Dinars from 9,897,229 thousand Iraqi Dinars, raising questions about the effectiveness of managing issuance costs. -Foreign currency valuation differences: also increased significantly to 188,168,707 thousand Iraqi Dinars from 151,874,481 thousand Iraqi Dinars, which indicates fluctuations in the value of foreign currencies that may negatively affect financial stability. Also, general administrative expenses increased to 52,643,698 thousand Iraqi Dinars from 39,692,228 thousand Iraqi Dinars, which reflects an increase in operational costs that need to be carefully reviewed to ensure that resources are not wasted. In terms of profits & losses, interest & commission income increased to 2,968,280,621 thousand Iraqi Dinars from 2,495,021,601 thousand Iraqi Dinars, which reflects a good performance, but the question remains about the sustainability of these revenues in light of the economic challenges. -Total interest expenses: increased to 2,684,950,171 thousand Iraqi Dinars from 2,271,995,595 thousand Iraqi Dinars, which indicates an increase in interest costs that need better management. As for the final Budget, the exported currency rose to 102,311,666,715 thousand Iraqi Dinars from 100,791,930,154 thousand Iraqi Dinars, which may indicate inflationary pressures if not properly monitored. -Bank deposits: increased to 54,434,578,910 thousand Iraqi dinars from 47,851,676,798 thousand Iraqi dinars, which reflects an increase in deposits, but the stability of these deposits in the long term must be verified. -strength point: The report showed an increase in total assets, reflecting the central bank’s apparent financial stability. Gold reserves & external bank balances also increased, which significantly strengthens the bank’s monetary position. In addition, interest & commission income witnessed a significant increase, reflecting a good performance in the bank’s financial returns. -Weaknesses & doubts: Despite the apparent stability, outstanding outstanding debts amounting to 530,499,124 thousand Iraqi Dinars did not change, indicating challenges in debt collection. Administrative expenses also increased to 52,643,698 thousand Iraqi Dinars, which may indicate poor management of operational costs. In addition, CBI transfers decreased to 0 from 5,110,240,000 thousand Iraqi Dinars, raising questions about the efficiency of liquidity management. Finally, the balances of government institutions decreased to 10,750,719,726 thousand Iraqi Dinars from 13,353,688,408 thousand Iraqi Dinars, indicating challenges in government financing. -Recommendations: To improve the financial position of the central bank, it is important to develop effective plans to collect outstanding debts to reduce financial risks. Operational costs must also be reviewed and controlled to avoid any unjustified increase in expenses. It is necessary to establish policies to monitor currency issuance to ensure that unwanted inflation does not occur. Finally, the reasons behind the decline in the balances of government institutions must be studied & the necessary measures taken to strengthen government financing. Based on this analysis, it is clear that the central bank needs improvements in several aspects to ensure actual financial stability and effectiveness in resource management. To view the financial situation table, click here: CBI. https://mustaqila.com/wp-content/uploads/2024/07/البنك-المركزي-العراق.pdf https://mustaqila.com/تقرير-مالي-يكشف-والواقع-يؤكد-هل-يقود-ا/
  18. Here's some articles of Dinarian interests... The Iraq war on corruption intensifies. Treat asrumors. Not verified. Your opine. FROM OTHER SOURCES: Al-Sudani Confirms The Progress Of The Fight Against Corruption. ARTICLE: PM Muhammad Shiaa Al-Sudani stressed the progress of the fight against corruption “in every corner where it hides.” Al-Sudani said in a statement, a copy of which {Al-Furat News} received on the occasion of the blessed Eid al-Adha, “I extend my best congratulations & blessings to our honorable Iraqi People on the occasion of the blessed Eid al-Adha, coupled with my sincere prayers to the Creator, the Almighty, to repeat this occasion for our people in all parts of Mesopotamia.” The peoples of the Arab & Islamic worlds, with more abundance of goodness & the blessing of security and stability & to bestow His victory & mercy upon our patient people in Gaza & to repel aggression from them.” He added, “I turn to the Almighty to accept the good deeds of those who performed Hajj to His Sacred House & to return our Iraqi pilgrims safely, winning God’s forgiveness & satisfaction & enjoying His abundant mercy. He is the best Lord & Helper.” On this occasion, Al-Sudani renewed “the bond of responsibility & covenant, with our people of all categories & sects, to continue work & diligence & to exert efforts & energies, to achieve all the components of our government program, which is a realistic extrapolation of the demands & ambitions of our people & an actual & field response to confront all the challenges & difficulties that stand in their way.” He continued, “Just as we affirm the continuation of our responsibilities towards the sovereignty of Iraq, extending the hand of the law, liberating & developing the economy, bringing about progress & development, creating creative opportunities & combating all social ills & corruption in every corner where it hides, Eid Mubarak & acceptable work & may the Iraqis’ days last in joy & happiness. “Iraq will remain proud & strong under the shadow of its honorable sons & family.” LINK -Iraq Affirms Its Commitment To Supporting International Security & Stability In The Region. Foreign Minister Fuad Hussein affirmed, on Sunday, Iraq’s commitment to its effective role in supporting international security & stability in the region. A statement from the Ministry of Foreign Affairs, received by Mawazine News Agency, stated that “Deputy Prime Minister & Minister of Foreign Affairs Fouad Hussein met with Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs of the Kingdom of Saudi Arabia, on the sidelines of the peace summit in Ukraine, which was held at the Brukenstock Resort in the Swiss city of Lucerne.” The statement added, “During the meeting, the two sides held in-depth talks on ways to enhance efforts to bring peace to Ukraine & end the war & stressed the importance of enhancing constructive dialogue between the conflicting parties through international mediation & diplomacy & relying on peace initiatives supported by the United Nations.” The statement indicated, “The discussions between the minister & Prince Faisal bin Farhan dealt with bilateral relations between Iraq & the Kingdom of Saudi Arabia, with a focus on ways to enhance & expand bilateral cooperation.” Hussein stressed, according to the statement, that “Iraq is striving to strengthen its efforts in cooperation with our brothers & the international community to achieve security & stability in the region, which reflects Iraq’s commitment to its effective role in supporting international peace & security.” -Iraq Is Preparing To Establish A Project That Will Change The Oil Map. Will It Affect Energy Producers. Iraq’s Budget for the current year 2024 allocated an amount of up to 4.9 billion Dollars to establish a pipeline extending from Basra in the far south of Iraq on the waters of the Gulf, to the city of Haditha, located in the far west of Iraq within the Anbar Governorate bordering Jordan & Syria, which means the return of life to the Iraq project – Jordan, which has been witnessing political opposition inside Baghdad for years, stipulates that Iraqi oil be exported through Jordan to the world via the Mediterranean, given that the project was essentially linked to extending the oil pipeline through two stages, the first to Haditha, which is the longest & the 2nd to enter neighboring Jordanian territory. For years, the project has witnessed controversy over its economic feasibility, in addition to the opposition of political & armed forces & parties allied with Tehran, describing the project as allowing Iraqi oil to reach the Israeli occupation. However, the proposals presented by economists & oil experts confirm that opening a 3rd export port to Iraq will change the waters of the Arabian Gulf & Turkey. It will give Iraq an advantage over Iran & Saudi Arabia in terms of export diversification, especially in times of military & political tensions in the Middle East. Advisor to the Iraqi Ministry of Oil, Ahmed Al-Omar, said that the arrival of the pipeline to Haditha, western Iraq, means that Iraq can transport its oil not only through Jordanian territory & then Aqaba, but also through the Syrian port of Baniyas. Al-Omar added, “The project will change the map of the oil industry and production in the region and give Iraq a great advantage over other oil neighbors.” By approving the amount allocated to start the project, according to the age, the government will begin work on the implementation phase, stressing that Iraqi companies will undertake work on it & the pipeline will be implemented through the Iraqi Ministry of Industry as well. Director General of the Petroleum Projects Company, Ali Ward Hammoud, said, “The Basra-Haditha oil pipeline project is considered one of the most important strategic projects for the movement of oil in Iraq, and it strengthens the economy by enabling the country to export oil through new ports.” He added, “The oil produced from the southern fields is exported through our ports and loading points overlooking the Gulf, which is the only outlet for most of Iraqi oil currently, and with the presence of geopolitical challenges in the region, the Ministry of Oil has taken it upon itself to diversify export outlets, as over the past decade it prepared a study.” -Strategic Project. “For the northern export system, with the help of the most important international consulting companies & developing appropriate plans to develop new export outlets to serve the expansion of oil production in the country through the licensing rounds proposed by the ministry.” He continued, “The Basra-Haditha pipeline falls within this trend. The size of the pipeline is 56 knots & has a capacity to secure the export of two million and 250 thousand barrels per day. It will be manufactured by Iraqi hands & the bulk of it will be manufactured by the Iron & Steel Company affiliated with the Ministry of Industry & it provides new export outlets.” Iraqi oil is transported to European & North American countries, in line with the development road project & the government’s endeavor to make it a global energy corridor, in addition to its role in transporting goods between the East & the West.” He confirmed that “there is an intention to connect the pipeline in the future to the port of Tartous on the Mediterranean Sea, after achieving appropriate security conditions in Syria, through a pipeline established for this purpose & linking the Haditha warehouse to the port of Tartous,” he said. -Iraq Towards New Markets. According to Iraqi political sources, the beginning of the project was in 1983, when the Iraqi & Jordanian sides agreed to extend a pipeline from Basra to the port of Aqaba on the Red Sea, passing through Jordanian territory. At the time, both sides demanded guarantees from the United States so that Israel would not target the pipeline. The sources state that the government of Muhammad Shiaa al-Sudani seeks to start the project as soon as possible, because the pipeline represents a new type of outlet for Iraqi energy exports, specifically oil, & it also provides the opportunity for Iraqi oil to reach new markets in Europe, as well as sustainable & diversified economic gains and financial returns. In addition to participating & investing in international manufacturing sectors. Although Iraq’s financial Budget for the current year included the new pipeline project at an amount estimated at approximately 6.5 billion Iraqi Dinars ($4.9 billion), representatives from Basra Governorate confirmed that they would obstruct the project. Member of the Iraqi Parliament, Hadi Al-Salami, stated, “What is strange about this project is that it was rejected by most of the Iraqi parties during the period of Mustafa Al-Kadhimi’s (previous) government, but the parties themselves currently agree to it & we do not know what the reasons are, especially since information is scarce about it & we do not know “The reasons for the government’s secrecy about it.” Al-Salami explains, “Politicians and representatives in Iraq do not have sufficient information about the pipeline project & we demand to know the economic feasibility of the project from the government’s point of view.” The consultant in international transport economics, Ziad Al-Hashemi, pointed out that “the Basra-Aqaba pipeline project is a strategic project to raise the level of cooperation between Iraq, Jordan & Egypt & to enhance the level of inter-relations, whether political, security or economic & that the passage of the oil pipeline through a regional country like Jordan will not be exploited.” This pipeline is intended to put pressure on Iraq in the future & this will ensure the smooth flow of Iraqi oil flows without obstacles.” Al-Hashemi continues by saying, “The project raises fears that the pipeline will be exploited to supply the Israeli entity with Iraqi oil in response to supposed Western requirements or pressures.” Al-Hashimi added, “One of the problems that the project may face is the refusal by some pivotal regional countries to hinder Iraq’s attempts to diversify Iraqi oil export outlets towards the West, in addition to the security pressures & stability problems that still constitute an obstacle to the completion & success of any Iraqi project, let alone About the possibilities of opening new outlets for corruption inside & outside Iraq due to the high construction costs. In turn, oil expert Kovind Sherwani considered that “the Basra-Haditha oil pipeline project falls within the framework of the 1st phase of a project extending to the port of Aqaba in the Mediterranean, which will provide a new export outlet for Iraq.” He continued, “We also believe that it is necessary to revive the Kirkuk-Ceyhan line, which used to transport up to 400,000 barrels per day, in addition to the investment possibility in transporting Nineveh and Salah al-Din oil, with a capacity that could reach one million barrels per day, which provides export outlets.” A mission for Iraq.”
  19. Here's an article of Dinarian interests... Corruption in Iraq is alive & well. GOI & CBI are trying to get a handle on it. Treat as a rumor. Not verifeid. Your opine. MilitiaMan & Crew: The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI & Militia Man: ARTICLE: There is a massive amount of people being arrested & charged with money laundering & illegal trading of the IQD & the USD. They are trying to get rid of the black market & the Budget distributed.
  20. Here's an article from Dinarland... URGENT: Progress is being made in dealing with corruption. Treat as a rumor. Not verified. Your opine. BLC via TLM724: URGENT: Progress Is Being Made In Dealing With Corruption. ARTICLE: Parliamentary Integrity: The Government is moving in the right direction in dealing with corruption files. The Integrity Committee of the House of Representatives considered on Thursday, that "the Government is moving in the right direction in dealing with corrupt files" Committee member, Duha Al Quaseer said in a statement with the press. "There are many issues that were opened by the current Government which were not dealt with or were previously overlooked"
  21. Here's an article from Dinarland... Iraq clamps down on USD going to Iran. Treat as a rumor. Not verified. Your opine. Paulette: There will be a significant amount of USD going to Iran for imports & this will continue but under the “new mechanism”. ARTICLE: Merchants conducting Legal business can purchase USD for 1320…Who is willing to pay nearly 14% more for their imports at 1530? The Market is clearly still filled with corruption! The Sudani GOI is stating all the right things about taking action against the corrupt that are causing this significant difference in the official & market rates & perhaps this is how they are “smoking out” the corrupt. Time will Tell…it seems the clock is ticking.
  22. Here's an article from Dinarland... The 60 banks in Iraq were money laundering USD to Iran. Iran finds a new loop hole to steal USD out of Iraq. This could set back any short term chances of monetary reform. Treat as a rumor. Not verified. Your opine. Frank26 Boots on the Ground via Firefly: ARTICLE: Today, the US Fed explained more on the the 60 banks & those fake airline tickets that they were selling to us. They're saying more than $150 million was being stolen by these banks. The 60 banks have been busted. Iraq wants to clean up & do what's right so we can reward our citizens but corruption must be dealt with. Didn't I say that was the reason why we don't have the monetary reform, because of corruption in Iran.
  23. here's some more articles from Dinarland... Iraq banking corruption & stealing of funds probes widens. Iraq Politicians may be using foreign banks to money launder. Treat as rumors. Not verified. Your opine. TNT via Tishwash: REPORT: The CBI Stops Dealings With Lebanese Banks. About one week after the decision of the Central Bank of Iraq to stop all transactions between Lebanese banks & Iraqi financial institutions & banks, following the discovery of large suspicions of corruption. Sources in Baghdad revealed the latest results of the investigation conducted by the Iraqi Integrity Commission in Baghdad & the amount of money actually withdrawn. Banking corruption operations are summarized in the transfer of accounts by Iraqi & Lebanese companies & personalities in troubled Lebanese banks to the Iraqi government branches of Al-Rafidain & Al-Rashid Banks in Beirut, in order to withdraw funds through them, in a fraudulent operation involving Iraqi bank employees and officials. KTFA via Samson: ARTICLE: In The Document... A Deputy Reveals That The Ministry of Finance Confirmed The Theft Of (3.7) Trillion Dinars From The Tax Account. A member of the Parliamentary Integrity Committee, Representative, Engineer Ahmed Taha Al-Rubaie, revealed that the Ministry of Finance confirmed that the amounts stolen from the trusts account belonging to the Tax Authority in the Rafidain Bank amounted to (3.7) trillion dinars. Al-Rubaie said in a statement: "The ministry indicated, in its address to our office, a detailed report on the amounts & the parties responsible for disbursing these amounts." He added, "For oversight purposes, we have addressed the Ministry of Finance more than once to clarify the stolen amounts, the parties behind them & the ministry's procedures for exposing the thieves of public money. "The administrative and judicial investigation, confirming at the same time his communication with the judicial and oversight authorities to follow up the details of the issue until the money is recovered and the corrupt are held accountable. Samson: Nassif reveals about a "big theft" of Iraqi politicians' money ARTICLE: A member of the Parliamentary Integrity Committee, Alia Nassif, revealed today, Saturday, a second type of theft, which is related to politicians' money. Nassif said, in an exclusive interview with Mawazine News, that "most of the politicians' money was placed in the banks of Beirut & because of the bankruptcy of Lebanon, the banks also went bankrupt, which prompted the owners of the money to establish a transfer entry from the Lebanese Bank to the Rashid or Al-Rafidian Bank." And she added, "They are filing a lawsuit against Al-Rashid Bank or Al-Rafidain Bank to obtain that money, which led to the banks' attention to those movements," indicating that one of them was in the amount of one million 250 thousand dollars & the other two million & 250 thousand dollars, which the judiciary noticed and stopped the procedures & lawsuits, and some were arrested. Those involved and the file under investigation.” She pointed out that “the defendants held high positions, “Minister of Foreign Affairs and head of a security apparatus,” which amounted to 6 billion dinars.
  24. Here's an article from Dinarland... Al Sudani is serious about cleaning up corruption. Al Sudani targets the most corrupt in Kazemi Gov. Treat as a rumor. Not verified. Your opine. Administrator Bondlady’s Corner via Tlm724: ARTICLE: Why The Central Bank’s Sales Of The Dollar Have Fallen Over The Past Days. The deputy of the state of Law coalition, Mohammed Al-Shammari, attributed the decrease in the central bank’s sales of USD at the currency auction to the new government’s control over currency smuggling & money laundering. Al-Shammari said in a press interview that “the decrease in the central bank’s sales of dollars at the currency auction occurred after the control of all the money that was entering the smuggling & laundering box,” stressing that “the Sudanese made a right start by standing up to all those who were making profits from the sale of hard currency in very high amounts, especially in the recent period. He added that “the features of the product of the work of the new government began to appear through a number of files that were processed in the period following the previous caretaker government”. He pointed out that “there are many officials who have been dismissed or held accountable for all the files that were hacked in the caretaker government headed by Mustafa al-Kazemi”.
  25. Here's an article from Dinarland... Al Sudani to raise the value of the IQD & end corruption. Treat as a rumor. Not verified. Your opine. KTFA via Samson: ARTICLE: Iraq's Premier To Raise The IQD value. "The Iraq government with the help of the CBI, will do it's best to increase the price of the IQD against the USD" Al Sudani, Iraq's premier, said in a news conference on Tuesday. "Tackling endemic corruption is one of the priorities of this Cabinet" he said. "The Iraq government work with other countries to return Iraq's stolen money" he said.
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