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

[rvmydinar]

5 hours ago, Laid Back said:

markb57, Neither us or other countries, the currency speculators inside Iraq.

it is the dollar speculators that cause the dollars to rise, not dinar speculators. let's see when $1= 1190 iqd, then all dollar speculator buy as much dollars as possible that make the dollars scarce in the market. and this will cause the dinars to decline ( because people dump the dinar ), let's say 1:1300. therefore when the dinar decline to 1300, then the dollar speculators sell the dollars for dinars as quick as possible in order to get a profit. let's say if dollars speculator has=100 million dollars, then the profit is =100 million dollars x 110 iqd/us dollar ( the difference is 1300-1190=110 iqd/us dollars )=11 billion dinars=9.2 million dollars in 1 day only. the point is the dollar speculators can get a lot of profit=9.2 million dollars in one day only while waiting for the iqd to rv almost 17 years.  the question is who doesn't want?

[screwball]

3 hours ago, Longtimelurker said:

They are offering 7% interest i believe😳

They use to offer 8%

[screwball]

I got 8% years ago on CD’s

[Longtimelurker]

2 hours ago, screwball said:

They use to offer 8%

I would love to see 7-8% interest after the rv/ri

[danielchu]

10 hours ago, Longtimelurker said:

Sounds like people are dumping their Dinar

Forcing the government too get rid of the auction!

[yota691]

 

Integrity diagnoses financial differences by selling the Central Bank of Iraq for dollars

 

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 2020-12-16 02:58

 

Shafaq News / On Wednesday, the Integrity Commission announced that it diagnosed financial differences between the Central Bank’s sale of the dollar and what was collected as revenues.

 

This came during the announcement of the results of the commission's investigation of the stages of selling the dollar at the auction window for selling the currency in Iraq.

 

In a report prepared by a team from the prevention department at the authority, in a report prepared on the visits it had made to (the Central Bank of Iraq and both the General Authority for Taxes and Customs and the Border Ports Authority, in addition to the two departments of foreign economic relations and the companies' registrar in the Ministry of Trade); To shed light on the stages of the dollar sale and the achieved economic and financial impact.

 

And he recommended the necessity of reinstating the letter of the Prime Minister’s Office on 3/24/2015 that includes deducting private insurances with royalties at a rate of (5%) and withholding insurances for income tax at a rate of (3%), provided that it will be settled later by the two public authorities for taxes and customs, in addition to Work to enact a law that prevents money out of the country without special official approvals. To ensure control and prevent washing.

 

The report, a copy of which was sent to the Office of the Prime Minister and Minister of Finance, and the Parliamentary Finance and Integrity Committees, suggested that the General Tax Authority provide the Central Bank with the tax number for the taxpayers. In order to facilitate the procedures for tax accounting, to avoid the occurrence of similarity in the names, and to work to enter the tax number and the passport number of the importer in the data of the private banks participating in the currency sale window auction, present them to the central bank, include them in the tax declaration and import license, and to find out the bank’s opinion regarding the possibility of Obtaining the trusts for money fees and income tax in Iraqi dinars, instead of dollars; To limit the rise in the dollar’s exchange rate.

 

He pointed to the importance of increasing the percentage of fines for violating private banks and participating in the auction selling the currency by setting special controls for them, noting that the amount of fines imposed by the Central Bank on some banks in violation of the instructions of the window for selling and buying foreign currency for the period from (2012-2018) exceeded (618,000,000,000) One billion dinars, in addition to a monthly reconciliation between the relevant authorities. To ensure that the state's right to tax withholding is not lost.

 

The report emphasized the need to enable the Central Organization for Standardization and Quality Control to inspect and subject the goods, goods and services entering the country, and to provide the Border Ports Authority with the list of materials covered by the examination, according to the customs tariff schedules.

 

The report diagnosed the existence of financial differences between the sale of the dollar by the Central Bank and what was actually collected from the General Authority of Customs as revenues, in addition to the absence of a sound supervisory system; To uncover the manipulators in the private banks that are included in the currency auction window by providing incomplete information, especially those related to tax permits or participation in fictitious companies, as well as the lack of coordination between the two public authorities of customs and taxes in documenting the official declaration; This leads to not collecting taxes in an optimal manner.

 

[yota691]

A western site reveals some of the reasons for the rise in the dollar

 

•  Today, 14:30
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•  186

 

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  Baghdad - IQ  

  
  A Western website specializing in Iraqi economic affairs revealed part of the reasons for the high exchange rate of the dollar in the Iraqi market, pointing out that what is happening in Iraq is the "biggest difference" between market prices and the official "window" price of the Central Bank of Iraq.

  The site, which bears the name "Iraq Oil Report" in a report translated by  IQ NEWS , citing MPs, stated that "Iraq's 2021 budget is likely to lead to a significant decrease in the value of the dinar," explaining that "this helps improve the general budget But it harms the purchasing power of most Iraqis . "

  The site states in its report, that "the market value of the Iraqi currency is declining, as the market expects the possibility of reducing the value of the dinar soon in response to an acute economic crisis." 

  The site confirms that money changers in Iraq imposed a price of up to 1,300 Iraqi dinars for every dollar, while the official rate of the Iraqi Central Bank is 1182 dinars per dollar, indicating that this is "the biggest difference between market prices and the official window rate." 

  It is noteworthy that the "Iraq Oil Report" website is concerned with publishing economic news related to Iraq, and defines itself as "independent" and its financing depends on advertisements and subscriptions.

[yota691]

Warnings of the collapse of the economy due to the government's floundering in its financial policy

08:42 - 12/16/2020

 

  

Information / Special The
specialist in economic affairs, Muhammad Atiyah Al-Saadi, warned of an economic collapse due to the government's floundering in its financial policy and its lack of control over the exchange rate of the dollar as for the Iraqi dinar.
Al-Saadi said to "the information", that "the government’s standing idly by in front of the big jumps in the exchange rate is nothing but an attempt to feel the pulse of the Iraqi street to raise it officially in the currency auction, or it is confused and unable to confront speculators and controllers of banks, most of which belong to political parties and personalities." .
He added that "the state budget is losing nearly twenty billion dinars daily due to the big difference between selling the dollar at the central bank’s window and selling it in the market."
And that "proceeding to increase the exchange rate formally will lead to a decline in the purchasing power of citizens, and the middle and poor will be the most affected." 25 n

[yota691]

Integrity reveals the results of its investigation of the stages of selling the dollar in a currency auction

•  Time: 12/16/2020 10:56:45
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•  Read: 3,536 times

  

(Baghdad: Al Furat News) The Federal Integrity Commission called for the acceleration of the establishment of an integrated database (automation) in the General Authority of Customs, and linking it to all departments related to the import process and the entry of goods, which would prevent manipulation, forgery and waste of public money.

A team from the Prevention Department at the authority prepared a report on the visits it had made to (the Central Bank of Iraq and both the General Authority for Taxes and Customs and the Border Ports Authority, in addition to the two departments of foreign economic relations and the companies' registrar in the Ministry of Trade) To shed light on the stages of the dollar sale and the achieved economic and financial impact.
The Integrity Team recommended that the Prime Minister’s Office letter be re-enforced on 3/24/2015 that includes deducting private insurances for royalties at a rate of (5%) and deducting insurance for income tax at a rate of (3%), provided that they be settled later by the two general authorities for taxes and customs. In addition to working on the enactment of a law that prevents money out of the country without special official approvals. To ensure control and prevent washing. 
The report, a copy of which was sent to the Office of the Prime Minister and Minister of Finance, and the Parliamentary Finance and Integrity Committees, suggested that the General Tax Authority provide the Central Bank with the tax number for the taxpayers. In order to facilitate the procedures for tax accounting, to avoid the occurrence of similarity in the names, and to work to enter the tax number and the passport number of the importer in the data of the private banks participating in the currency sale window auction, present them to the central bank, include them in the tax declaration and import license, and to find out the bank’s opinion regarding the possibility of Obtaining the trusts for money fees and income tax in Iraqi dinars, instead of dollars; To limit the rise in the dollar’s exchange rate.
He pointed out the importance of increasing the percentage of fines for violating private banks and participating in the auction selling the currency by setting special controls for them, noting that the amount of fines imposed by the Central Bank on some banks in violation of the instructions of the window for buying and selling foreign currency for the period from (2012-2018) exceeded 618 billion One Dinar, in addition to a monthly match between the relevant authorities; To ensure that the state's right to tax withholding is not lost.
The report emphasized the need to enable the Central Organization for Standardization and Quality Control to examine and subject the goods, goods and services entering the country, and to provide the Border Ports Authority with the list of materials covered by the examination, according to the customs tariff schedules.
And he diagnosed the existence of financial differences between the sale of the dollar by the central bank and what was actually collected from the General Authority of Customs as revenue, in addition to the absence of a sound supervisory system; To uncover the manipulators in the private banks that are included in the currency auction window by providing incomplete information, especially those related to tax permits or participation in fictitious companies, as well as the lack of coordination between the two public authorities of customs and taxes in documenting the official declaration; This leads to not collecting taxes in an optimal manner.
Ammar Al-Masoudi

[6ly410]

Again .. the high exchange rates of the dollar in the Iraqi market

Economie

2020-12-16 | 03:43

 

https://www.alsumaria.tv/news/اقتصاد/367085/مجدداً-ارتفاع-أسعار-صرف-الدولار-في-الأسواق-العراقي

 

The exchange rates of the dollar rose in the main stock market and local markets, today, Wednesday (December 16, 2020).

 

The Kifah Stock Exchange recorded 129,500 dinars compared to 100 dollars, while the exchange rates for yesterday, Tuesday, in the Al-Kifah Stock Exchange were recorded at 127,800 dinars per 100 dollars.

As for the exchange rate in the local market, it also rose, as it recorded:

Sale price: 130,000 dinars per $ 100.

Purchase price: 129,000 dinars per $ 10

[6ly410]

Deputy: Some exchange companies are behind the high dollar price

15:09 - 12/16/2020

https://www.almaalomah.com/2020/12/16/510456/

 

Information / Special ...

On Wednesday, the MP for the Saeron Star Al-Attabi Alliance attributed the high price of the dollar against the Iraqi dinar to the rumors broadcast by beneficiaries in the local markets.

Al-Atabi told / the information / that “there is no official statement from the government regarding the rise in the price of the dollar,” indicating that “confusions and rumors that exist among some traders are behind this rise.”

He added that "such rumors generate great benefit to some beneficiaries, including exchange companies," calling on the government to "do its duty to control the dollar sales outlets and stabilize them in the local markets."

He pointed out that "the government's duty is to sell the dollar directly through outlets and banks, or to set a specific price and not allow hard currency dealers to manipulate the dollar."

The decision of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, announced today, Wednesday, that his committee has many observations about the window of the currency auction. Ended 25 h

[6ly410]

Iraq news now

In a report to Al-Kazemi's office ... Integrity reveals the results of the investigation of selling the dollar from the currency auction at the Central Bank

Posted 5 hours ago

https://iraqakhbar.com/2808563

 

News source / Iraq News Agency today

Baghdad - Iraq today:

On Wednesday, the Integrity Commission revealed the results of its investigation of the stages of selling the dollar at an auction window for selling the currency, while calling for the enactment of a law that prevents the exit of funds except with special official approvals to ensure control over them and prevent their laundering.  

The Federal Integrity Commission called in a statement to “expedite the establishment of an integrated database (automation) in the General Authority of Customs, and to link it to all departments that are related to the import process and the entry of goods, which would prevent manipulation, forgery and waste of public money.”  

The authority indicated that “a working group from the prevention department at the authority recommended, in a report prepared on the visits that it had made to (the Central Bank of Iraq and both the General Authority for Taxes and Customs and the Border Ports Authority, in addition to the two departments of foreign economic relations and the companies registrar in the Ministry of Trade) ; To shed light on the stages of selling the dollar and the verified economic and financial impact.  

The Commission’s report recommended “the necessity of re-applying the letter of the Prime Minister’s Office on 3/24/2015 which includes deducting private insurances with royal fees at a rate of (5%) and deducting insurances for income tax at a rate of (3%), provided that it is settled later by the two public authorities. For taxes and customs, in addition to working on enacting a law preventing money out of the country except with special official approvals; To ensure control and prevent washing.   

The report, a copy of which was sent to the Office of the Prime Minister and the Minister of Finance, and the Parliamentary Finance and Integrity Committees, suggested “that the General Tax Authority provide the central bank with the tax number for the taxpayers; In order to facilitate the procedures for tax accounting, and to avoid the occurrence of similarity in the names, ”in addition to“ the work to enter the tax number and the passport number of the importer in the data of the private banks participating in the currency sale window auction, present it to the Central Bank, and include it in the customs declaration and import license, and stand on The bank’s opinion on the possibility of obtaining the depository for the import fees and income tax in Iraqi dinars, instead of dollars; To limit the rise in the dollar’s exchange rate.  

He pointed out “the importance of increasing the percentage of fines for violating private banks and participating in the auction selling the currency by setting special controls for them, noting that the amount of fines imposed by the Central Bank on some banks in violation of the instructions of the window for selling and buying foreign currency for the period from (2012-2018) exceeded ( (618,000,000,000) billion dinars, in addition to “making a monthly match between the relevant authorities. To ensure that the state's right to tax withholding is not lost.  

The report emphasized "the need to enable the Central Organization for Standardization and Quality Control to inspect and subject goods, goods and services entering the country, and to provide the Border Ports Authority with the list of materials covered by the examination, according to the tariff schedules."  

The report diagnosed “the existence of financial differences between the process of selling the dollar by the Central Bank and what was actually collected from the General Authority of Customs as revenues, in addition to the absence of a sound supervisory system, to detect manipulators in the private banks entering the window of the currency auction by providing incomplete information, no Especially those related to tax permits or participation in shell companies ”, as well as“ lack of coordination between the two public authorities of customs and taxes in documenting the customs declaration; This leads to not collecting taxes in an optimal manner.   

 

[6ly410]

political news 

Conscious / Representative Economy calls for an end to the dangerous attrition and thefts lined up in the currency auction

December 16, 2020 3 Views

https://al-iraqinews.com/archives/86725

Conscious / Baghdad / M.A.

Today, Wednesday, the Parliamentary Economic and Investment Committee called for a halt to the dangerous attrition and the thefts hidden in the currency auction, while it revealed that its losses exceeded 30 billion dinars per day.

A member of the committee, Mazen Al-Faili, said in a statement received by (Iraqi Media News Agency / INA): “We renew our demand to stop the dangerous attrition and thefts lined with fake addresses and mechanisms that circumvent the facts of matters so that more than thirty billion dinars are lost during the currency auction for one day, as is the case in The recent days that have witnessed jumps in the price of selling the dollar in the markets and this huge money goes undue profits to intermediary banks that do not provide any significant economic development or production activity. Rather, many indications indicate the use of powerful forces and influential political figures in the acquisition of these fictional benefits, which explains Scott A lot about the prosecution, investigation and investigation of this dangerous topic.

Al-Faili, the prime minister who formed an anti-corruption committee, demanded that "the subject of the investigation into the sale of the currency auction and the detection of the great financial waste that is lost in its corridors and the presentation of those involved in the depletion of the economy and hard currency to justice and the restoration of all these illegal profits to the public treasury should be a priority that cannot be delayed."

He continued: “And if we calculate it at the lowest estimates, what is wasted daily in the auction sale is sufficient to pay rewards for the martyrs of the victory over ISIS in the amount of ten million dinars to the families of three thousand martyr families, even if we count the profit of these parasitic banks for a week only, which is equal to (200) billion dinars, which is Sufficient to appoint more than thirty thousand holders of higher degrees and young college graduates by a salary of (500) thousand dinars and for a full year of only one week’s profit acquired by these parasitic banks.

He called on the responsible authorities, such as integrity and the public prosecution, to "bear their responsibility firmly with those parties that deplete the national economy in extremely difficult circumstances

[Laid Back]

Looks like the CBI and economic and investment  committee are working to put halt in the currency auctions.

 

Go end of currency 

Go dinar international 

Go open market economy 

Go Rv

Go $1:1

[yota691]

New Thread on the same subject. 

 

Economist: speculators and exchanges manipulating the dollar and it will affect the markets and citizens