Report: Saudi Arabia seizes 48% of foreign currency reserves for Arab countries

[3n1]

2 hours ago, yota691 said:

2017/12/25 (21:01 PM)   -   Number of readings: 494   -   Number (4097)

 

 

Names, companies and fake bills that outperform billions of dollars

 Baghdad / Zahraa al-Jassim 
 

مستشار Investment Advisor to "(Range) sale window currency theft state will close next year and forwarded to the forgers to eliminate

 

Economists say that the sale of the dollar in the Central Bank of Iraq is one of the reasons for the failure of the economic development of the country and the theft of state funds, as the fictitious profits earned by the bank has exceeded hundreds of billions of dollars, at a time depends more than 90% of the work of the auction On the false invoices and companies and individuals with fake names, according to investment adviser Thaer al-Fili, who reveals in an interview for "(range), that the government decided to close the auction next year and the transfer of all documents and forged files to the judiciary.

The opening of the auction of the currency in the Central Bank of Iraq on a daily basis (except public holidays), where the offers of banks and financial transfer companies and banking in the form of a closed envelope, the presentations are the quantities requested or offered by banks, and where determine the central prices, banks and financial transfer companies and companies Registered Banking sign a pledge in which you agree that all information and financial statements you provide are correct and otherwise bear all legal consequences.
The adviser and expert on investment Thaer al-Fili, said that the subject of the window selling the currency in the Central Bank of Iraq since the period is traded in the seventh unit of economic reform in the Prime Minister, as this auction disrupted the contribution of banks in development and disrupted the work of the Iraqi private sector, To close the selling window of the dollar in the first quarter of 2018, and Iraqi banks to leave living on this window and is directed to the development of the Iraqi private sector and private investment, in order to start a real investment revives work and development in the country through the revitalization of the private sector.
Faily explains why the decision to close this window for several reasons, saying: We all know in 2004, the US Coalition created the window of sale of foreign currency and continued until now and was the reason for the time financing the purchases of the Iraqi state of the dollar on the fact that oil sales were and still stored in the Fund Especially on the basis of the fact that most of the private sector banks have increased and become 95% of their work is to get the dollar from the window between the currency, any of the currency auction in the Central Bank, which is the reason for the fictitious and profitable profits earned by the bank at the time of The currency is not in any country in the world, and Iraq is now the only country that has a currency auction in this way that contribute to the loss and full depletion of the Iraqi economy.
Al-Faily confirms that all economists believe that this auction is one of the reasons behind the backwardness of private sector development in Iraq. The reason is the fictional figures that Al Nubuk earns from this auction. However, all the banks in the world are developing. When one is established, it must contribute to development and boost the economy. By private sector, only Iraqi banks have no contributions in the private sector at all, and if some of them have contributions they are no more than shy and do not exceed their "2 or 5%" contribution, while 95% of the banking activity depends On the currency auction, because the profits earned by these banks and that For the size of 7% per day, per week up to 35% of their profits, up to an annual rate of 1820% profit this imaginary reality can not believe him one, a percentage will not be realized in the event of his money if invested in the private sector.
If we take the example of a bank that invests its money in the private sector, the highest rate of profit it will earn will be 10%, which is also high. The 10 million dinars contributed by the bank will return with one annual profit of one million dollars, which is the normal level for all the banks in the world. And a high level where most banks live on the rate of 2 or 4 or even 5% and have achieved natural profits, not to mention that this percentage of profitability "2 or 4% contribute to the revitalization and development of the wheel of the economy in the private sector.
He said: "The 10%, the high rate in the case of an Iraqi bank invests 10 million dollars in the auction of the currency, which they do now, one day the bank will receive 600 or 700 thousand dollars, while in the week will get 3 or 3 and a half million dollars From the auction of the currency, and annually will get from 160 to 180 million dollars profit of ten million dinars, so naturally the bank goes away from the development of the private sector and away from investment in it, which has frozen and frozen our investment in the private sector, despite the presence of 46 banks have recently arrived To 50 banks, a private sector whose contribution was still very little and did not exceed 3% Private sector. In Fili:
But in any case, the sale of currency depletion of Iraqi energies and funds and the theft of the state budget will not continue at all, because there is a decision will be issued gradually by referring all files of fraud to these banks to the judiciary, and there will be a real chase through cooperation between the concerned authorities to disclose documents and papers Counterfeit to banks, because we want to finish soon the process of auctioning the currency that rely on the wrong documents. 
The central bank sold $ 413.4 billion in the currency sale window between 2004 and 2016. The central bank sells the dollar at 1190 dinars. The central bank decided to set up the currency auction to finance the foreign trade of the private sector and transfer money To individuals outside the country and to cover the market's need for foreign currency.
The central bank has defended its measures to open a window for the sale and purchase of foreign currency, which was considered a way to ensure and stabilize the dinar exchange rate.

 

thanks yota , not sure who the investment adviser is but i like what he's bringing in the article,  i'd get a little more stoked if it was some sort of official statement out of the cbi's wheelhouse but hey at least its being published what the cause and effect of continued dollar auctions produce, they needed them at the start to dollarize and as a source of income among other things , then sadly after shabibi was run out become a major theft / corruption racket ..  

[skeetdog]

Thanks Yota...We've all known the auctions needed to stop...for the dinar to be the sovereign currency of Iraq...Shabibi was the one who told the world what the criminal capabilities were...if the auctions were to continue...Maliki just took Shabibi's advice to the bank...or bankers...

[yota691]

Iraq's reserves of foreign currency fall 4 percent in 2017

By Rudao Yesterday at 04:40

Iraq's reserves of foreign currency fall 4 percent in 2017

RODAO 


, Iraq - The bank's reserves of foreign currency by the end of 2017 have fallen by 4 percent year-on-year to $ 48 billion, a central bank official said on Wednesday. 

The CBI officially announced in December 2016 that the foreign exchange reserves were $ 50 billion. 

"The reserves of foreign currency at 48 billion dollars, and the exchange rate of the dollar against the local currency has remained constant throughout the year, this is a positive thing," said Mahmoud Dagher, director general of the Central Bank's financial operations department. 

Dagher explained that "tightening the control of some measures, including borders, and reducing other economic problems, raise the financial reserve."

Foreign reserves have fallen rapidly since 2015, as a result of the fall in crude oil prices and the intensification of fighting to fight the terrorist "da'ash" organization, prompting the government to withdraw from them. 

The foreign currency reserve stood at $ 53 billion in June 2016, down $ 15 billion from the $ 68 billion end-of-2015 financial reserve. 

Since 2008, the Iraqi government has initiated steps aimed at improving the industrial, agricultural and trade sectors, with the aim of supplying the state budget with additional imports, with the exception of oil, which is the main source of Iraq's annual revenues. 

Recently, the Iraqi government has doubled the value of taxes on goods entering the country in an effort to boost financial revenues and protect the local product.

[yota691]

Detecting the loss of $ 350 billion through currency smuggling and phantom projects

Readers

 

 

Detecting the loss of $ 350 billion through currency smuggling and phantom projects

 

02-01-2018 01:43 PM

 

The Euphrates -

 

The Committee on Parliamentary Integrity announced on Tuesday that Iraq lost more than 350 billion dollars through the smuggling of currency and the auction of the Central Bank and the stalled contracts and imaginary projects, while noting the possibility of investing money held abroad to repay debts and overcome the economic crisis. 

Committee member Abdul Karim Abtan said in a press statement that there are large sums of money left Iraq, some of them diagnosed and detained in international banks is the real treatment of the financial crisis experienced by the country and enough to repay the debts of the World Bank, which exceeded 120 billion dollars. 

He added that Iraq has lost more than 350 billion dollars since 2003 and so far, it went through the smuggling of currency and the auction of the central brick and contracts lag and imaginary projects, "pointing out that the financial imports to Iraq since the fall of the former regime exceeded the $ 1000 billion and spent about 500 billion for budgets Operating and the rest to the imaginary investment budget and the greatest corruption. "

[Jaygo]

Ok sooooo what are you going to do to fix the problem??? It’s a pretty simple fix genius! 

[Butifldrm]

Fire currency auction !! ..

 

 

 

Iyad the Heavenly

 (1)

(When the thieves walk in the streets safe there are two reasons, but the regime is a big thief or the people are stupider than me.) In 2003, Iraq was not the biggest fool, but the regime is the big thief, the thieves who walk the roads of Iraq safe And the story of the auction of the currency in Iraq will fill the pages of history as the largest process of depletion and theft of public funds in Iraq have been in Iraq since its inception until this moment, and ironically that those who loot the money of the Iraqi people are themselves who deal with the Iraqi public and who are talking Sincerely for the concerns of the citizen and his suffering and problems And they are the ones who propose solutions to these concerns and problems, which are raising the slogan of fighting corruption in Iraq, and the currency that was created to cover Iraq's imports of goods and services after the fall of the dictatorship, is the most serious types of economic corruption associated with money laundering and smuggling out of Iraq,.

Why did successive governments keep this huge fire and this bleeding for the Iraqi public money until this moment ?? Why was the investigation of this file, which was formed under the chairmanship of the former Vice President of the Iraqi Council of Representatives, Dr. Qusay al-Suhail, the Iraqi public opinion? What are the measures taken by the Iraqi Council of Representatives considering that the Central Bank is accountable to the Iraqi Council of Representatives? The biggest question for the government is why the currency auction has not been canceled until now? Who is the one who refuses to cancel the auction? Has the government, regulatory bodies and the Iraqi judiciary represented the public prosecution on the size of the corrupt financial empires that arose through the currency auction? How much has the central bank's sales of foreign currency since the beginning of this auction in 2004 until this moment? How much money has entered Iraq as goods and services from currency auction funds? And when only 20% of the funds entered the country as goods and services The value of the size of the Central Bank's sales, is not this conclusive evidence of the magnitude of this huge fire? Who are the banks, banks and private companies that buy the dollar from the central bank? Are they related to senior officials, politicians and MPs as rumored? And finally who is responsible for the continuation of this fire and this bleeding of Iraqi public money? ...

(2)

In the first part of this article we have explained to the reader that the currency auction, which was created in 2004 to cover the expenses of Iraq's imports of goods and services and control the exchange rate of the Iraqi dinar to achieve balance and stability of prices and achieve a measure of economic growth, is the most serious types of economic corruption linked The money laundering and smuggling out of Iraq, and explained that all the official investigations conducted on the file auction currency confirms that the Iraqi public money has been subjected to the largest robbery in history, through this auction and through contracts and fictitious banks and fake and fictitious companies and names of traders and imaginary , And all these banks and companies stand behind the ruling power parties, and not exclude any of these parties, which confirms unequivocally that the regime is the big thief, and when the regime is the big thief, it is certain that the laws and regulations of this system must cover the robbery Grand on public money and legally,

- Allows banks to buy and sell dollars from the Central Bank of Iraq.

- Allowed to transfer companies and financial exchange companies licensed to sell and buy the dollar from the Central Bank of Iraq through the banks authorized.

- Purchases of banks approved for the purpose of covering the value of private sector imports.

- The Bank shall be allowed to purchase the dollar in its favor to feed its foreign accounts by not more than 20% of its proper capital and sound reserves, and to provide an analysis of the exchange aspects.

- Permitted financial transfer companies are allowed to buy the dollar from the Iraqi Central Bank through Iraqi banks approved for the purposes of their clients to submit an analytical statement including (name of the transferor - amount of transfer amount - his work address - the purpose of the transfer - the name of the beneficiary - his nationality - ).

- Approved financial transfer companies are allowed to buy dollars from Iraqi banks authorized to feed their foreign accounts by not more than 20% of their proper capital and sound reserves, to provide an analytical statement of the disbursement within seven days from the date of transfer.

 

These are some of the instructions that opened the door of hell on Iraq and the Iraqi people and paved the way for the largest robbery in history of the Iraqi public money. From this law and these instructions began bleeding currency auction ...

 

http://www.ikhnews.com/index.php?page=article&id=163511

 

 

[Butifldrm]

Parliamentary finance reveals a new door to corruption

 

 03 January 2018 - 10:06 | Number of readings: 10   

 

 

BAGHDAD - The Parliamentary Finance Committee on Wednesday repeated the sale of foreign currency in the central bank as a door to corruption, while Prime Minister Haider al-Abadi demanded an order to close the auction and open other outlets to sell foreign currency.

"The sale of foreign currency in the Central Bank is a door to corruption through the sale of currency to banks and civil companies and the use of false invoices under the pretext of importing goods from abroad," said member of the Committee Rahim Darraji.

At the same time, he accused some political parties of standing and seeing false invoices and smuggling money abroad.

"The sale of the currency has become a place to steal the dollar and smuggling the currency abroad," he said, adding that "Iraq is losing millions of dollars a day because of this auction."

He demanded at the same time Prime Minister Haider Abadi to issue an order to close the auction and open other outlets to sell foreign currency.

 

http://sumer.news/ar/news/24813/المالية-النيابية-تكشف-عن-باب-جديد-للفساد

[Butifldrm]

Revealed the loss of Iraq 350 billion dollars because of the bank auction and currency smuggling

2010

 January 02, 2018 - 7:52 | Number of readings:   

 

 

Sumer News: The Integrity Committee of the parliamentary, on Tuesday, the loss of Iraq more than 350 billion dollars through the smuggling of currency and the Central Bank auction and the contracts and the phantom projects imaginary.

The parliamentary integrity pointed to the possibility of investing money held abroad to repay debts and overcome the economic crisis .

According to the agency (Sumer News), that the member of the Committee Abdul Karim Abtan said in a press statement, "There are large sums of money left Iraq, some of them diagnosed and detained in international banks is the real treatment of the financial crisis experienced by the country and enough to repay the debts of the World Bank, which exceeded 120 Billion dollars . "

"Iraq has lost more than $ 350 billion since 2003 and so far, it has gone through currency smuggling, the Central Bank auction, the sluggish contracts and fake projects," Abtan said.

It shows that "the financial imports to Iraq since the fall of the former regime exceeded the $ 1000 billion and spent about 500 billion for operating budgets and the rest to the imaginary investment budget and the greatest corruption."

On Friday, the Parliamentary Integrity Committee revealed large differences in the sale of the currency, estimated at one million dollars, to sell every 10 million dollars.

A member of the Finance Committee, Majida al-Tamimi, has called for canceling the sale of the currency in the Central Bank of Iraq, pointing out that the political and party quotas have confused the work of government institutions, especially the economic ones.

 

http://sumer.news/ar/news/24788/الكشف-عن-خسارة-العراق-350-مليار-دولار-بسبب-مزاد-البنك-وتهريب-العملة

 

[Jaygo]

JUST DO IT ALREADY HOLY HELL!!! 

[10 YEARS LATER]

1 hour ago, Jaygo said:

JUST DO IT ALREADY HOLY HELL!!! 

 

It will have to boil up into their manufactured crisis status first-all the while to continue to talk about it, then in the " near future " they'll form a committee and so on and so forth. 

 

YOU ARE CORRECT-just DO IT ALREADY! 

[King Bean]

On ‎12‎/‎8‎/‎2017 at 4:15 PM, SnowGlobe7 said:

is this to show the theft of money?

 

Look at the drastic increases those years Maliki was in office (2006-2013) then in 2014 they start to fall again, when Abadi took office. Billions $$$ spent, stolen, lost. We know the culprit.

[10 YEARS LATER]

Why the hold up on getting this over the goal line and into the End Zone for the BigScore ? How long do they intend to keep these auctions going knowing full well the damage it's causing ?

 

I guess the real question here is - " just how long do they intend to keep on keeping on playing the same old broken record while everyone and their grand pappy continue to wait the RV & 2018 The Year of Reconstruction in Iraq to get started ? "

[KDuesing]

2 hours ago, 10 YEARS LATER said:

I guess the real question here is - " just how long do they intend to keep on keeping on playing the same old broken record while everyone and their grand pappy continue to wait the RV & 2018 The Year of Reconstruction in Iraq to get started ? "

 

Guess you need to change your name to 20 YEARS LATER.

[10 YEARS LATER]

1 hour ago, KDuesing said:

 

Guess you need to change your name to 20 YEARS LATER.

 

Begining to look like it !

 

10YL + 5  ( & counting ) 

[yota691]

Parliamentary finance reveals a new door to corruption

 03 January 2018 - 10:08 | Number of readings:

  

BAGHDAD - The Parliamentary Finance Committee on Wednesday repeated the sale of foreign currency in the central bank as a door to corruption, while Prime Minister Haider al-Abadi demanded an order to close the auction and open other outlets to sell foreign currency.

 

"The sale of foreign currency in the Central Bank is a door to corruption through the sale of currency to banks and civil companies and the use of false invoices under the pretext of importing goods from abroad," said member of the Committee Rahim Darraji.

 

At the same time, he accused some political parties of standing and seeing false invoices and smuggling money abroad.

 

"The sale of the currency has become a place to steal the dollar and smuggling the currency abroad," he said, adding that "Iraq is losing millions of dollars a day because of this auction."

 

He demanded at the same time Prime Minister Haider Abadi to issue an order to close the auction and open other outlets to sell foreign currency.

 

 

[Big_J]

GM YOTA AND DV.

[tigergorzow]

Yota Thanks,   DV,  PM Abadi has to know that the "Currency Auctions" are 100 percent used to steal & smuggle money by the corrupt.   There have been numerous articles from various Iraqi agencies & MP's, etc stating this fact.   Why would he allow this to continue and also allow Alak to continue as Acting CBI Governor.   The urgency is now to increase the IQD rate.   Let's hope the wait will be over sooner rather than later.

 

 

GO RV / RI

[mannie2g]

8 minutes ago, tigergorzow said:

Yota Thanks,   DV,  PM Abadi has to know that the "Currency Auctions" are 100 percent used to steal & smuggle money by the corrupt.   There have been numerous articles from various Iraqi agencies & MP's, etc stating this fact.   Why would he allow this to continue and also allow Alak to continue as Acting CBI Governor.   The urgency is now to increase the IQD rate.   Let's hope the wait will be over sooner rather than later.

 

 

GO RV / RI

Abadi hands are just as dirty as the rest of the currupt

[235snack]

Trade Ministry contracted with fake company to start hotel

January 05 2018 12:44 PM

Iraqi dinars

 

MP Alya Nassif called Friday on Prime Minister Haider al-Abadi, the Integrity Commission and regulators to open an investigation into a deal between the General Company for Exhibitions, affiliated to in the Ministry of Trade, and a fake Emirati company to start a hotel on the exhibition ground.  
In a statement, Nassif said under the deal between the two companies, the Ministry of Trade shall pay 70 billion Iraqi dinars to start the project and provide the land where the hotel will be established in return for a 20% share in the Emirati company.  
The General Company for Exhibitions has transferred 30 billion dinars to the Emirati company’s bank account. The Emirati company has used the Ministry of Trade’s funds in a currency auction to achieve higher returns, she added. 

[Butifldrm]

Observers: Closing the "currency auction" provides the state with what is deducted from salaries

 

2 hours ago

Views

 

Baghdad / NRT

Is encouraging the inclusion of 3.8 percent of salaries despite the government's lack of reasons for approving it, an unprecedented discontent among Iraqi employees. The charges against the government have been compounded by the failure to create a balanced administration of state funds. According to observers, the abolition of the "currency auction", one of the "foundations of corruption in the country," could have filled Iraq's need to fight against its sponsor and care for the displaced.

The economic adviser Abdul-Hussain al-Shammari told NRT Arabia that "the deduction of salaries of employees and retirees by 3.8 percent provides for the general budget more than 2 trillion dinars a year (equivalent to about 2 billion dollars)," adding that "government policy on the economic side is completely unsuccessful, The state currency auction, which disrupted the work of government banks and the eligibility to build the economy in its adoption of profits to banks by selling the currency after the purchase of counterfeiting, and this generates about 2 billion dollars a year.

 A member of the Finance Committee parliamentary Najiba Najib, the proportion of deductions included in the budget law for the year 2018 is 3.8 percent, while criticized the cutoff saying that the necessity is no longer exist, and the need for it disappeared after the end of the battle with terrorism and the gradual return of the displaced.

Commenting on the percentage included in the budget, adds Abdul-Hussain al-Shammari, "This amount is considered to support the state and is a simple contribution of employees and retirees to protect Iraq," noting that "the injustice that is not in the deduction of a larger proportion of senior employees and high salary; To reach the proportion of them to 10 percent, and the three presidencies up to 25 percent; to be their contribution to their standard of living. "

The economic adviser asks when he should continue with the current deduction, saying that "continuing it is necessary until the operation of the economic sector, government and private, the most important industry and agriculture and apply the transition from the state employees to the state of production, and keep hard currency.

Al-Shammari added that one of the effective solutions that the state can go through is to reduce the value of the dinar to be the price of the dollar corresponds to 2000 Iraqi dinars, thus the budget will achieve more than 35 trillion dinars (equivalent to 32 billion dollars) and this amount equivalent to one third of the budget required To build the Iraqi economy.

And others are demanding not to repeat the deduction in the next year, as a member of the Commission on Parliamentary Integrity Haider al-Fawadi called on the government to fill the outlets of corruption rather than the retirement of employees and retirees. Calling on the federal government to "include the abolition of deductions of salaries of employees in the budget law next year."

http://www.nrttv.com/AR/Detail.aspx?Jimare=67821

[Jaygo]

So close it and move on!! Let’s go!! 

[10 YEARS LATER]

Like everything else: gotta talk it to death first-form a committee to discuss forming THE committee to study the situation, gather and submit findings ; then submit those findings to the committee that formed THE committee-then ( coming full circle ) discuss and submit recommendations to a " Higher Authority ."

 

Then its beaten to death with more "dialogue "  ---- then someone's knickers get into a wad, and they call for a postponement to review the findings and a call for dialogue in the near future once all parties can agree on a date to reconvene-so long as it doesn't come into conflict with holidays (religious or otherwise) or any of the numerous vacations they have scheduled throughout the year.

[Wiljor]

45 minutes ago, 10 YEARS LATER said:

Like everything else: gotta talk it to death first-form a committee to discuss forming THE committee to study the situation, gather and submit findings ; then submit those findings to the committee that formed THE committee-then ( coming full circle ) discuss and submit recommendations to a " Higher Authority ."

 

Then its beaten to death with more "dialogue "  ---- then someone's knickers get into a wad, and they call for a postponement to review the findings and a call for dialogue in the near future once all parties can agree on a date to reconvene-so long as it doesn't come into conflict with holidays (religious or otherwise) or any of the numerous vacations they have scheduled throughout the year.

 

Nailed it !!!!! 

[siberian_shaddow]

1 hour ago, 10 YEARS LATER said:

Like everything else: gotta talk it to death first-form a committee to discuss forming THE committee to study the situation, gather and submit findings ; then submit those findings to the committee that formed THE committee-then ( coming full circle ) discuss and submit recommendations to a " Higher Authority ."

 

Then its beaten to death with more "dialogue "  ---- then someone's knickers get into a wad, and they call for a postponement to review the findings and a call for dialogue in the near future once all parties can agree on a date to reconvene-so long as it doesn't come into conflict with holidays (religious or otherwise) or any of the numerous vacations they have scheduled throughout the year.

And I wonder how the population there is increasing, there all talk no action. wonder what there woman think 😀

[Bama Girl]

57 minutes ago, siberian_shaddow said:

And I wonder how the population there is increasing, there all talk no action. wonder what there woman think 😀

Oh, I have a sneaky suspicion that “all talk, no action”, only applies to the government dealings 😊