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Representative economy calls for stopping the depletion of hard currency by selling auctions


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Association of Banks: The Central Bank is able to restore stability to the dollar

Monday 14th December 2020 35

Association of Banks: The Central Bank is able to restore stability to the dollar
 
 
 Baghdad: Conscious 
 
The Association of Private Banks announced, yesterday, Sunday, work on two axes to support various segments of society, while it indicated that negative statements about the depreciation of the Iraqi dinar contributed to the rise in the exchange rate of the dollar.
The executive director of the Association of Private Banks, Ali Tariq, told the Iraqi News Agency (INA): “The association is currently working on two axes, the first is the support provided through the Empowerment of Community Initiatives Fund, which is supervised by the Central Bank and the Association of Banks, and the other axis is related to banking, as The Iraqi Central Bank has greatly facilitated the issue of financing small and medium enterprises through banks, as there are more than 35 banks participating in this
 The initiative".
Regarding the increase in currency exchange rates, the Executive Director explained, "The exchange rates of the dollar are subject to the issue of supply and demand, as the very negative statements about reducing the value of the Iraqi dinar in the coming period have pushed merchants and dealers to convert their money into hard currency." He pointed out that «the Central Bank of Iraq has its tools to manage monetary policy». It is expected that "the central bank, during the coming period, will be able to absorb this crisis and restore prices to normal."
 
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10 minutes ago, 6ly410 said:

Al-Jashaimi: Iraq's loss from the currency auction amounted to more than 27 billion dinars

"It is reasonable that the Central Bank sells one dollar to private banks at a price of 119 dinars to one dollar, and today its price in the market is 131 dinars !! 

Cbi official exchange rate=1190 and the market rate=1310. Therefore, the difference is=120 iqd per us dollar. This is a big difference. Wow this is why this is not so surprisingly and a shock if iraq lost more than 27 billion dinars in one day only. This is a big corruption in the currency auction. This has got to be stopped immediately and then catch and hang the thief's head like saddam.

 

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57 minutes ago, 6ly410 said:

132000 dinars against 100 US dollars, a rapid decline of the Iraqi dinar

Posted 1 hour ago
https://iraqakhbar.com/2805082
5e1311e342360423192e4dea-810x537.jpg
Independent Press Agency
News source / Independent Press Agency

Al-Mustaqila /… The exchange rate of the dollar against the Iraqi dinar in the Baghdad markets increased rapidly, and the Central Al-Kifah Stock Exchange in Baghdad this afternoon recorded 132,000 Iraqi dinars against 100 US dollars, and Al-Harithiya Stock Exchange in Baghdad recorded 132,000 dinars against 100 dollars.

The selling and buying prices also increased in the exchange shops in the local markets in Baghdad, where the selling price reached 133,000 Iraqi dinars, while the purchase prices reached 131,000 dinars per 100 US dollars. (The end)

The post 132,000 dinars versus $ 100 a rapid drop of the Iraqi dinar appeared first on the independent press agency

Yes this one works for me now delete the zeros and the dinar will $1: $1.32!! Please do it before the end of this year or within the first 4 days of January will be much appreciated!!!

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What is the secret of the sudden drop of the dinar ... a "governmental intention" that pushes Parliament to act

 

EconomyDollarThe dinar

 

 2020-12-14 10:08

https://shafaq.com/ar/اقتصـاد/ما-سر-الهبوط-المفاج-للدينار-تعم-د-حكومي-يدفع-البرلمان-للتحرك

1596640124702.jpeg

 

Shafaq News / The Iraqi local currency witnessed an accelerated decline against the dollar over the past few days, which raised a storm of questions in the country about the reasons behind this sudden decline.

A member of the Parliamentary Finance Committee, Jamal Cougar, attributed the decline of the dinar in local markets to an organized government plan to reduce the fiscal deficit and achieve abundant revenues.

Cougar said to Shafaq News, "The Iraqi government is deliberately raising the price of the dollar against the Iraqi dinar to provide large financial differences in the hope of achieving financial abundance for the state treasury."

He pointed out that Iraq gets the dollar from selling crude oil and distributes salaries to employees in the local dinar process, and the government believes that it will achieve financial abundance in the event that the dinar's value falls against the dollar.

Cougar considered that the policy of raising the price of the dollar against the dinar is "a failure" and harms the Iraqi citizen and limits his financial and purchasing power in the local market, given that prices will rise in the local markets as the value of the dinar decreases.

Cougar ruled out the existence of any goals or political control of dollar prices, indicating that "the central bank is the only one controlling the dollar market in Iraq."

On Monday, the US dollar recorded a significant increase against the Iraqi dinar, as the price of 100 dollars reached 132 thousand Iraqi dinars, amid weights that the price of the dollar would continue to rise.

And the continuous decline in the value of the local currency raises fears in the country.

A member of Parliamentary Economy and Investment, Nada Shaker Jawdat, told Shafaq News that her committee will move with the Parliamentary Finance Committee and Parliament to discuss the sudden drop of the Iraqi dinar against the US dollar and take a decision on that at a session tomorrow, Tuesday.

She added, "The sudden rise in the foreign currency will directly affect the life of the citizen through the rise in the prices of foodstuffs and other materials that the citizen consumes with his daily life."

Despite the decline in the value of the dinar against the dollar in the local markets, the Central Bank sells dollars to banks at a fixed price, which is 1190 dinars to one dollar, which costs the state large daily losses in favor of the banks.

Deputy Chairman of the Integrity Committee in the Iraqi Parliament, Khaled Al-Jushami, revealed that the loss of Iraq from the currency auction only for this Monday amounted to more than 27 billion dinars.

Al-Ghashami said in a tweet on Twitter, "The loss of the Iraqi state from the notorious currency auction due to the policies of the Central Bank and its proxy governor amounted to only 27.6 billion dinars for this day."

He added, "I have not witnessed the daring of theft and waste of public money like this," wondering, "Where are you, Prime Minister, from the actions of your governor whom you appointed in the proxy contrary to the legal requirements. It is reasonable that the Central Bank sells dollars to private banks at a price of 1190 dinars per dollar, and today its price is in the market?" 1310 dinars. "

"What is this farce, what is this disregard for the capabilities and goods of the people."

According to the correspondent of Shafaq News Agency, the Central Al-Kifah Stock Exchange in Baghdad recorded at noon Monday, 132,000 Iraqi dinars against 100 US dollars, and Al-Harithiya Stock Exchange in Baghdad recorded 132,000 dinars against 100 dollars.

Al-Kifah Central Stock Exchange in Baghdad this morning recorded 128,200 Iraqi dinars against 100 US dollars.

Our correspondent indicated that the buying and selling prices also increased in the exchange shops in the local markets in Baghdad, where the selling price reached 133,000 Iraqi dinars, while the purchase prices reached 131,000 dinars per 100 US dollars.

Some office owners attributed this rise in the price of the dollar quickly to rumors circulating that the Central Bank is seeking to stabilize the price of the dollar at 130 thousand dinars per 100 dollars.

 

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52 minutes ago, 6ly410 said:

What is the secret of the sudden drop of the dinar ... a "governmental intention" that pushes Parliament to act

 

EconomyDollarThe dinar

 

 2020-12-14 10:08

https://shafaq.com/ar/اقتصـاد/ما-سر-الهبوط-المفاج-للدينار-تعم-د-حكومي-يدفع-البرلمان-للتحرك

1596640124702.jpeg

 

Shafaq News / The Iraqi local currency witnessed an accelerated decline against the dollar over the past few days, which raised a storm of questions in the country about the reasons behind this sudden decline.

A member of the Parliamentary Finance Committee, Jamal Cougar, attributed the decline of the dinar in local markets to an organized government plan to reduce the fiscal deficit and achieve abundant revenues.

Cougar said to Shafaq News, "The Iraqi government is deliberately raising the price of the dollar against the Iraqi dinar to provide large financial differences in the hope of achieving financial abundance for the state treasury."

He pointed out that Iraq gets the dollar from selling crude oil and distributes salaries to employees in the local dinar process, and the government believes that it will achieve financial abundance in the event that the dinar's value falls against the dollar.

Cougar considered that the policy of raising the price of the dollar against the dinar is "a failure" and harms the Iraqi citizen and limits his financial and purchasing power in the local market, given that prices will rise in the local markets as the value of the dinar decreases.

Cougar ruled out the existence of any goals or political control of dollar prices, indicating that "the central bank is the only one controlling the dollar market in Iraq."

On Monday, the US dollar recorded a significant increase against the Iraqi dinar, as the price of 100 dollars reached 132 thousand Iraqi dinars, amid weights that the price of the dollar would continue to rise.

And the continuous decline in the value of the local currency raises fears in the country.

A member of Parliamentary Economy and Investment, Nada Shaker Jawdat, told Shafaq News that her committee will move with the Parliamentary Finance Committee and Parliament to discuss the sudden drop of the Iraqi dinar against the US dollar and take a decision on that at a session tomorrow, Tuesday.

She added, "The sudden rise in the foreign currency will directly affect the life of the citizen through the rise in the prices of foodstuffs and other materials that the citizen consumes with his daily life."

Despite the decline in the value of the dinar against the dollar in the local markets, the Central Bank sells dollars to banks at a fixed price, which is 1190 dinars to one dollar, which costs the state large daily losses in favor of the banks.

Deputy Chairman of the Integrity Committee in the Iraqi Parliament, Khaled Al-Jushami, revealed that the loss of Iraq from the currency auction only for this Monday amounted to more than 27 billion dinars.

Al-Ghashami said in a tweet on Twitter, "The loss of the Iraqi state from the notorious currency auction due to the policies of the Central Bank and its proxy governor amounted to only 27.6 billion dinars for this day."

He added, "I have not witnessed the daring of theft and waste of public money like this," wondering, "Where are you, Prime Minister, from the actions of your governor whom you appointed in the proxy contrary to the legal requirements. It is reasonable that the Central Bank sells dollars to private banks at a price of 1190 dinars per dollar, and today its price is in the market?" 1310 dinars. "

"What is this farce, what is this disregard for the capabilities and goods of the people."

According to the correspondent of Shafaq News Agency, the Central Al-Kifah Stock Exchange in Baghdad recorded at noon Monday, 132,000 Iraqi dinars against 100 US dollars, and Al-Harithiya Stock Exchange in Baghdad recorded 132,000 dinars against 100 dollars.

Al-Kifah Central Stock Exchange in Baghdad this morning recorded 128,200 Iraqi dinars against 100 US dollars.

Our correspondent indicated that the buying and selling prices also increased in the exchange shops in the local markets in Baghdad, where the selling price reached 133,000 Iraqi dinars, while the purchase prices reached 131,000 dinars per 100 US dollars.

Some office owners attributed this rise in the price of the dollar quickly to rumors circulating that the Central Bank is seeking to stabilize the price of the dollar at 130 thousand dinars per 100 dollars.

 

This excites me more than discourages me. I've been expecting a drop before the climb up. I was expecting a larger move however.. we wait and watch

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11 minutes ago, Longtimelurker said:

This excites me more than discourages me. I've been expecting a drop before the climb up. I was expecting a larger move however.. we wait and watch

So what you are saying,,,,, is they will drop the value of the dinar,,,,  that way more people can buy the dinar,,,,, then all of the sudden the dinar will raise in value???  Hmmm I dont think so, why would they drop the value, knowing that they want to raise it?  Sounds like bad business to me. 

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2 minutes ago, Engine1 said:

So what you are saying,,,,, is they will drop the value of the dinar,,,,  that way more people can buy the dinar,,,,, then all of the sudden the dinar will raise in value???  Hmmm I dont think so, why would they drop the value, knowing that they want to raise it?  Sounds like bad business to me. 

No, those are your words. I traded currencies as a profession and would typically see a substantial drop in price before any major climb. I understand this is different but I've been expecting it non the less. I've posted about it before.

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Just now, Longtimelurker said:

No, those are your words. I traded currencies as a profession and would typically see a substantial drop in price before any major climb. I understand this is different but I've been expecting it non the less. I've posted about it before.

I hope you are right because there are a lot of articles stating a drop and a lot talking of raising and some with both of them in it.  Maybe this thing might just come to an end. 

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140367.jpg.118af65be73c656800f6135ce96316c8.jpg
 
12/14/2020 21:29
 

The Central Bank: We have measures to stabilize the dollar exchange rate, including injecting 250 million dollars

https://almasalah.com/ar/news/202467/البنك-المركزي-لدينا-إجراءات-لاستقرار-سعر-صرف-الدولار-منها-ضخ-250-مليون-دولار

 

Baghdad / Obelisk: The Central Bank, Basra Branch, Monday, December 14, 2020, attributed the high exchange rates of the dollar to statements made by some politicians and economic analysts on addressing the financial crisis that raising the dollar against the dinar will contribute to the stability of the economy.

Branch manager Qassem Raheef said in a statement followed by the obelisk that these statements indicated that one of the solutions to address the economic crisis in Iraq is to reduce the value of the Iraqi dinar against the dollar, which are statements that are not based on reliability or being issued by the Central Bank, but thus led to an increase in demand On foreign currency, and increased demand from the local community, some owners of capital and others worried about the economic situation, it led to a decrease in supply and an increase in prices.

Raheef added that the official price, as approved according to the Central Bank bulletins, is 120,000 dinars per 100 dollars.

Also in his response to Al-Marbad's question about the effects of the rise in the price of the dollar on the markets, Raheef replied that if the dollar exchange rate rose, it would lead to a significant increase in the prices of consumer and productive goods, and even if the exchange rate decreased, some commodities would not decrease in prices, which is one of the problems Therefore, the central bank made sure that the exchange rate was fixed.

He denied at the same time that the Central Bank has a plan to raise the exchange rate of the dollar as it is said, especially since such plans are not within the jurisdiction of the bank, but within the jurisdiction of the Ministry of Finance on the grounds that the dollar is originally the property of finance, and as it is known, the dollar comes as a result of selling oil and it is considered revenue The Ministry of Finance, and that the Central Bank plays a mediating role between finance and some beneficiaries of the dollar with the aim of converting it to the Iraqi dinar and then to the Ministry of Finance, which in turn will distribute it in the form of expenditures, salaries and the like. 

He added that the ministry did not inform the bank that it wanted to raise the price, nor did the Central Bank intend to reduce the value of the Iraqi dinar against the dollar. 

Regarding their expectations about the period for which this price will remain, Raheef replied that it is expected that this issue will end next week, despite the difficulty of expectations. If real solutions are found in the process of pumping a larger amount of dollars into the markets, it will not continue this week or next week.

Before that, a number of the owners of the exchange offices of Al-Murabd spoke about the rise in the exchange rates of the dinar against the dollar to 131 thousand dinars per $ 100, while the purchase price of the $ 100 reached 128.5 thousand dinars, referring this to statements by some MPs in which they said that the state is aiming to raise the price The dollar, they say.

Follow the obelisk 

 

 

 

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59 minutes ago, Longtimelurker said:

No, those are your words. I traded currencies as a profession and would typically see a substantial drop in price before any major climb. I understand this is different but I've been expecting it non the less. I've posted about it before.

I can see both of your positions. However, the first thing I thought of was that a devaluation of the Dinar would allow the Iraqi Gov. itself the chance to buy back more Dinars off the street using Dollars right before an impending RV. After an RV there would be fewer Dinars out there that they would have to cover. I know, wishful thinking on my part.

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Just now, Rugbylaird19 said:

I can see both of your positions. However, the first thing I thought of was that a devaluation of the Dinar would allow the Iraqi Gov. itself the chance to buy back more Dinars off the street using Dollars right before an impending RV. After an RV there would be fewer Dinars out there that they would have to cover. I know, wishful thinking on my part.

Agreed.

 

I traded on the news and charts and it always amazed me how a news article would come out to steer the market in a particular direction before another news piece would come out to make it jump the opposite direction. Thats what i am speculating here. Who knows?... 

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Al-Darraji (forced) addresses corrupt currency auctioneers: Enough defect ...!

 
Policy  ,   2020/12/15 00:27
 
48172.jpg?watermark=4
 
 

http://iraqtoday.com/ar/news/47214/الدراجي-مضطرا-يخاطب-تجار--مزاد-العملة-الفاسدين---كافي-عيب--?latest

Baghdad - Iraq today:

A member of the Parliamentary Finance Committee, Representative Muhammad Sahib Al-Darraji, revealed, on Monday, that the profit of the difference in selling the dollar between the central bank and the market is 25 billion Iraqi dinars in one day.  

Al-Darraji said, "Today the central bank's sales are $ 230 million, and the difference in the selling price between the bank and the market is 110 dinars per dollar, which means that the profit is 25 billion dinars in one day!"  

He added, "It is assumed that any change in the exchange rate must be through the central bank in order for the state and the citizen to benefit from it and not through currency dealers in order to benefit them and those behind them."

p_1809908eh1.png?watermark=4

 

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Support: the leakage of information from the central bank behind the dollar's rise

Support: the leakage of information from the central bank behind the dollar's rise
 
 

MP for the coalition of Iraqi Hassan The support of the Euphrates: the
dollar supply and demand and what happened because of leaking information from the central bank will raise the value of the dollar traders resorted to the withdrawal of large quantities of the
central bank is assumed to be controlled in dollars , but traders are controllers currency
there are 73 banks waged in Iraq , the
high price The dollar is not only related to banks and the central bank, but also with merchants. The
judiciary is independent, but it is our right to express an opinion and the responsible is supposed to be held accountable more than the average citizen.
I expect the Court of Cassation to overrule the lighter ruling of the former Minister of Education, and the sentence will increase and perhaps re-investigate

 

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The Central Bank announces a solution soon to reduce the dollar rate and clarify its details - urgent

Posted 2 hours ago
 
1607972510_142420-810x540.jpg
Baghdad today
News source / Baghdad today

Baghdad Today - Follow-up 

The Central Bank branch in Basra Governorate determined the reason for the rise in the price of the dollar, today, Monday, in exchange offices, and the selling price reached 133 thousand dinars against the $ 100, while the purchase prices reached 131 thousand dinars for the same value.

The Central Bank, Basra Branch, during statements followed by (Baghdad today), attributed the high exchange rates of the dollar to "statements made by some politicians and economic analysts on addressing the financial crisis that raising the dollar against the dinar will contribute to the stability of the economy."

The bank’s management indicated that “this matter is not based on a study,” confirming that “the official exchange rate is 120,000 dinars per $ 100,” while revealing “measures to maintain the stability of this, including pumping nearly $ 250 million a day in preparation for the end of this rise in Within the next week ”.

Branch manager Qasim Raheef said, in a press statement, that “these statements indicated that one of the solutions to address the economic crisis in Iraq is to reduce the value of the Iraqi dinar against the dollar. These statements are not based on reliability or being issued by the Central Bank, but thus they have led to Increased demand for foreign currency, increased demand from the local community, some owners of capital and others apprehensive about the economic situation, as it led to a decrease in supply and an increase in prices.

"The official price, as approved according to the Central Bank bulletins, is 120 thousand dinars per 100 dollars," Raheef added.

Regarding the effects of the rise in the price of the dollar on the markets, Raheef stated that “if the dollar exchange rate rises, it will lead to a significant increase in the prices of consumer and productive goods, and even if the exchange rate decreases, some commodities will not decrease in prices, which is one of the problems. The Central Bank made sure that the exchange rate was fixed.

He denied at the same time that “the central bank has a plan to raise the exchange rate of the dollar as it is said, especially since such plans are not within the jurisdiction of the bank, but within the jurisdiction of the Ministry of Finance, considering that the dollar is originally the property of finance, and as it is known, the dollar comes as a result of selling oil and it is considered The revenues of the Ministry of Finance, and that the Central Bank plays a mediating role between finance and some beneficiaries of the dollar with the aim of converting it to the Iraqi dinar and then to the Ministry of Finance, which in turn will distribute it in the form of expenditures, salaries and the like.

He added that "the ministry did not inform the bank that it wanted to raise the price, nor did the central bank intend to reduce the value of the Iraqi dinar against the dollar."

Regarding their expectations regarding the period for which this price will remain, Rahaif said, "It is expected that this issue will end next week, despite the difficulty of expectations. If real solutions are found in the process of pumping a larger amount of dollars into the market, it will not continue this week or next week."

The price of the dollar against the dinar rose today in several governorates, reaching more than 130,000 dinars for every $ 100.

The Al-Kifah and Al-Harithiya Stock Exchanges in Baghdad recorded an exchange rate of 132 thousand Iraqi dinars against 100 dollars, while the exchange rate this morning did not exceed 128 thousand dinars compared to 100 dollars.

The price of the dollar rose in exchange offices in Baghdad, bringing the selling price to 133 thousand dinars against the $ 100, while the purchase prices reached 131 thousand dinars for the same value.

The exchange rate of the dollar in the markets of Erbil rose to 130 thousand dinars for every 100 dollars.

This jump comes with news of the central bank’s intention to fix the dollar’s price at 130,000 dinars per $ 100, to cover the budget deficit.

About a week ago, the financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, on Tuesday, December 08, 2020, denied the existence of a government intention to raise the exchange rate of the dollar.

Saleh said in an interview with (Baghdad Today), that "the talk about a governmental tendency to raise the exchange rate of the dollar, until it reaches the level of 150 thousand dinars against the $ 100, is absolutely incorrect and there is no plan proposed by the government for such an option."

He added that "the high exchange rate of the dollar in the local markets, at the present time, came because of rumors, which are launched here and there, and they are unfounded," noting that "this rise is temporary, and the coming days will witness a new decline in the exchange rate

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The dollar hits a new high against the Iraqi dinar ... surpasses a psychological barrier

Posted 7 hours ago
News source / NR TV
141220201669%D8%B4%D8%B4-810x486.jpg
NR TV
News source / NR TV
Digital Media NRT

The exchange rate of the US dollar against the Iraqi dinar rose, on Tuesday, to surpass 130,000 dinars.

The exchange rate of the dollar rose today (December 14, 2020) to 130,500 dinars in the banking markets in the Kurdistan Region, while the price of gold has witnessed relatively stability, bringing the price of an ounce to $ 1835.

Those familiar with the conditions of the dollar exchange market stated that there is a great demand to buy the American currency, while citizens are replacing their savings from dinars to dollars, due to concerns about the lack of clarity of the Iraqi economy’s prospects and the state’s continued borrowing

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Political analyst: Hidden hands manipulate the exchange of dollars to create confusion in the country

Political analyst: Hidden hands manipulate the exchange of dollars to create confusion in the country
 
{Baghdad: Al Furat News} Political analyst, Abu Mithaq Al-Masari, suggested the existence of hidden hands that manipulate the exchange of dollars, with the aim of creating confusion in the country.

Al-Masari said {to the Euphrates News} that "there are classifications of corruption and three of them have been adopted (corruption and fairness whales and the thieves of chickens), suggesting that there are hidden hands working to raise the price of the dollar to create confusion in the country.
And the dollar exchange rate rose today, Monday in Iraq.
The exchange rate on the Al-Kifah and Al-Harithiya Stock Exchanges in Baghdad was 1282 dinars to the dollar, or 128,200 dinars per hundred dollars.
Yesterday's price on the two exchanges was 1270 dinars to the dollar, while the selling price in the money exchange shops in Baghdad also increased to 1287.5 dinars to the dollar, and the purchase price was 12,775 dinars. 
Al-Masari added, "The astronomical figures that bank owners have won are barely read, and that there is a seizure of the power of political and financial decision. In the country by [unnamed] people. "
He continued, "The currency auction is a major Iraqi concern, and there are alternatives proposed to the government, including the distribution of salaries in dollars through its estimate of 20%, and then the escalation to eliminate the corrupt," noting that "the lack of money rotation behind it is great political goals."
And he added, "The money that goes to Erbil does not find its way back to the Central Bank, and that the spread of corruption is more dangerous to the country than the corrupt, because it leads to an explosion," stressing, "The policy of the axes has exhausted Iraq and must be disposed of."
Al-Masari concluded, "The 41 billion dinars accused of wasting the former education minister are present and did not go outside Iraq, and some corrupt MPs provide a tent to pass corruption deals."
Yesterday, Sunday, the Central Anti-Corruption Criminal Court issued a one-year prison sentence with a suspension of execution against the former Minister of Education {Soha Khalil Hussein Al-Ali Bek} on the subject of violations in the health insurance contract concluded between the Ministry of Education and the {Ard al-Watan} Insurance Company and preparing an annex to the contract that includes payment An amount of 41 billion dinars from the fund of the Ministry of Education for the company.
A statement quoted the competent judge as saying that the court has returned the entire contract amount of 41 billion dinars in favor of the Ministry of Education account and removed any damage to public money resulting from the aforementioned contract, and that the court is in the process of completing the investigation and referring the defendants to the Central Criminal Court specialized in combating corruption to conduct trials against the accused in This crime is according to due process.

Wafa Al-Fatlawi

 

 

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