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

[Artitech]

1 hour ago, Half Crazy Runner said:

Well, only 30 days left in 2020, so 2021 is ok by me 😄

Yep 30 days left in 2020! This was supposed to be our year for an RV of the IQD. Well 2020 has come and gone! Maybe 2021! Hopefully by this March 15, 2021! That is my next window of opportunity! Merry Christmas to All DVers and your families! Im Praying 2021 is a hell of lot better than 2020! No more blackeyed peas for me this coming year, 2021! After 2020, I will never have those again, 50 years of eating them for Good luck! NO MORE Blackeyed Peas! 🤠

[Half Crazy Runner]

1 hour ago, Wheelman said:

The middle of January 2021, they are to star implementing the reconstruction contracts, so they need their own valuable currency to pay the contracts off. Beside they are a shareholder in the European Central Bank.

Also, didn’t they announce that Iraq will be joining the WTO in January 2021..? 

[Longtimelurker]

11 minutes ago, Half Crazy Runner said:

Also, didn’t they announce that Iraq will be joining the WTO in January 2021..? 

I think their words were " early 2021".

Edited December 1, 2020 by Longtimelurker

[yota691]

Support for (Tigris): The Central Bank should disclose the beneficiaries of the currency auction

 

 

- 01-12-2020 11:12 PM - Number of readings: 8,165

 

Today, Wednesday, a media professor at Ahl al-Bayt University, Ghalib Al-Daami, called on the Central Bank to reveal the beneficiaries of the currency auction.

In his speech to "Tigris", Al-Daami confirmed that there are parties in Parliament and banks that benefit from the auction of selling the currency and acquire it, calling on members of Parliament to investigate the sales of the Central Bank, and warning that Iraq is heading towards an economic disaster as a result of widespread corruption in all parts of the state.

Regarding the election file, Al-Daami explained that there are many obstacles to holding early elections, including the unwillingness of some Kurdish and Shiite blocs to UN supervision and hold the elections on time for fear of change, noting that the uncontrolled weapon threatens the integrity and transparency of the elections.

He added that adopting the biometric card is a guarantee of the integrity of the elections, in light of the efforts of some parties to rig the elections.

[yota691]

The Iraqi judiciary is investigating the documents of the joint banks and the operations of the currency sale window

Archival photo

 02 December 2020 10:38 PM

Mubasher: The investigative court specialized in combating money laundering and economic crime in Iraq, today, Wednesday, began conducting the investigation with documents of joint banks in the currency sale window.

 In a statement received by the Iraqi News Agency "INA," the judicial media stated that the investigation court specialized in combating money laundering and economic crime responds to the request of the Central Bank and proceeds with the investigation with documents and documents submitted by the participating banks in the window of selling and buying foreign currency.

He stressed that the step comes to verify the correctness of the operations and their compliance with the law.

[southbeach]

On 12/1/2020 at 4:40 PM, Artitech said:

Yep 30 days left in 2020! This was supposed to be our year for an RV of the IQD. Well 2020 has come and gone! Maybe 2021! Hopefully by this March 15, 2021! That is my next window of opportunity! Merry Christmas to All DVers and your families! Im Praying 2021 is a hell of lot better than 2020! No more blackeyed peas for me this coming year, 2021! After 2020, I will never have those again, 50 years of eating them for Good luck! NO MORE Blackeyed Peas! 🤠

You are hereby freed/delivered from black eyed peas - in the name of JESUS.  Now live by faith (in Jesus), and NOT by sight.  Peace.

[Donziman]

I have a prediction. Drum roll please....AL-Darraji will not live long. Probably a

bad car accident..

[screwball]

On 12/2/2020 at 8:40 AM, Artitech said:

Yep 30 days left in 2020! This was supposed to be our year for an RV of the IQD. Well 2020 has come and gone! Maybe 2021! Hopefully by this March 15, 2021! That is my next window of opportunity! Merry Christmas to All DVers and your families! Im Praying 2021 is a hell of lot better than 2020! No more blackeyed peas for me this coming year, 2021! After 2020, I will never have those again, 50 years of eating them for Good luck! NO MORE Blackeyed Peas! 🤠

april 30th when they post rates but yes could be march and anytime in between. NO prediction

[yota691]

An economist warns of Iraq losing the dollar and increasing its value against the dinar

08:42 - 12/03/2020

 

  

 

Information / private

The economic expert, Ihssan Al-Kinani, warned of Iraq's loss of the dollar, the loss of the foreign currency, and the significant increase in its value against the dinar, pointing out that there is a contradiction between the dollar lost annually and the dollar that is legally taken out by merchants and businessmen.

"The financial and banking policy in Iraq needs a fundamental change, and strict control is needed to ensure that every dollar that enters and leaves Iraq is known through special software systems in this regard," Al-Kinani said to "the information ".

He added that "the amounts of dollars leaving Iraq do not correspond to the official data of the competent authorities, and therefore there are big question marks about the loss of this currency and the parties that obtained it."

And that "the continued waste of foreign currency will increase its value against the dinar, in addition to that the prices of goods and commodities will rise dramatically, at a time when Iraq depends almost entirely on import." 25 n

[yota691]

The judiciary begins the investigation of the documents of the joint banks in the foreign currency sale window

Economie

2020-12-02 | 14:40

 

 

4,106 Views

 

On Wednesday, the investigative court specialized in combating money laundering and economic crime began conducting an investigation with documents of joint banks in the foreign currency sale window.

In a brief statement Alsumaria News received a copy of, the judiciary media said, "Investigation Court Competent in combating money laundering and economic crime crimes responds to the central bank’s request and conducts investigations with documents and documents submitted by participating banks in the foreign currency sale and purchase window, to verify their authenticity and compliance with the law.

[yota691]

Where does the dollar difference money go? An economist talks about "shadow price"

•  Yesterday, 15:49
•  
•  Economie
•  
•  65

Baghdad -  

An economist attributed, on Thursday, (December 03, 2020), the reasons for the high exchange rate of the dollar to the acquisition by the authorities controlling the currency auction of the largest share of it, and while he stressed that the central bank's job is to control the price process and not sell the currency, he stressed the need to rely on the auction Electronic to break the monopoly.

Economic expert Alaa Al-Fahd told  IQ NEWS , "The price of the dollar is determined according to supply and demand, far from the central bank's currency auction," indicating that "when expectations are pessimistic, and demand for the dollar increases, the dollar will rise in the market, so the shadow price will mediate them," Which includes the difference between the price announced by the central, and the demand relative to the supply . "

And the Central Bank set the price of selling the dollar to bank accounts abroad at 1190 dinars per dollar, and the cash sale price at 1190 dinars per dollar, while the price of selling the dollar in the market today reached 125,750, and buying 124,750 .

And Al-Fahd stated that "controlling parties in the currency auction acquire the largest share of the dollar, which leads to not making it available to everyone, and this produces shadow prices," noting that "this issue causes a difference of 5-6 tiger (thousand dinars) in the currency (100 dollars). Its benefit goes to the private banks that subsist on this mechanism, which is their only source of income, far from their economic activities .

He explained, "If the central bank wants to eliminate this situation, corruption and influential people, then it must rely on the electronic auction and more broadly, provided that it is not limited to specific bodies, and is available to all ."

He pointed out that "economists presented a proposal that includes the distribution of 50 percent of the national salaries that employees receive in local currency, and the other half in foreign currency," explaining that "this issue contributes to making dollars available to everyone, and leads to a process of buying and selling, and ensuring that it reaches the official price away from speculators ."

He pointed out that "Iraq is an oil country that depends on selling oil in dollars, and the central bank’s mission is as a monetary policy that includes buying dollars from the government and distributing the local currency," noting that "the Ministry of Finance should demand to raise the exchange rate in the Iraqi dinar, in a way that leads to a difference in the currency in the interest of the ministry. " .

He continued, "The official price of the dollar is 117 thousand and 800 dinars, per 100 dollars, but it is sold in the market at a price of 126 thousand dinars, and this is a big difference," explaining that "the issue of the price difference is punctuated by very high corruption, and it cannot be controlled due to the presence of large parties that live in On a currency auction . "

The economist said, "The central bank's job is not to sell the dollar, but to control the process of maintaining the exchange rate, so that it is a seller in the event of a demand, and a buyer in the event of a deficiency in demand ."

For his part, Alaa Faeq, director of credit at Ashur Al-Ahly Bank, said, "The source of the spread of the dollar is the Central Bank of Iraq, through open sales outlets in exchange companies ."

And, "the exchange rates vary based on several reasons, most notably the amount of the dollar, supply and demand in the market, and the disparity will be somewhat not large between the market and banks, and the dollar rate between private banks is almost uniform ."

He attributed the reasons for the big difference between the dollar and the local currency, to "growing cases of monopoly, repeated curfews, or a large demand and withdrawal."

 

[yota691]

In numbers ... the cumulative loss of the currency auction since 2004

•  Time: 12/07/2020 11:42:46
•  
•  Read: 2,600 times

  

{Baghdad: Al Furat News} The Future Iraq Foundation for Studies and Economic Consultations revealed the cumulative loss of the currency sale window in the Central Bank of Iraq during the past years.

The institution said in a statement, according to "an analysis of the Central Bank's sales figures for dollars through the foreign currency sale window and the average market price. The amount of Iraq's loss from the difference between the two prices amounted to more than 20.7 billion US dollars from 2004 to September 2020 depending on the amount of foreign currency from the bank." The central bank and the rate of the private selling rate from the central bank and the domestic market rate. "
He explained that "this value represents 3.57% of the total central bank sales, which amounted to more than $ 582 billion over the past years."
The statement pointed out that "the highest ratio between the amount of loss as a result of the price difference and the value of the currency sold was in 2016, where the ratio was 8%, with a loss of 2.64 billion dollars out of the 33.5 billion dollars that were sold through the auction window."
"As for the highest value of the loss, it was in 2013, when the loss amounted to about 3 billion dollars out of the 53 billion dollars that were sold through auction."
He noted that "this loss came as a result of the existence of two prices, the first is the official selling price from the central bank and the other is the market exchange rate," indicating that "whenever the exchange rates rise in the local market with the stability of the selling exchange rate from the central bank, the difference represents a loss to the central bank." He won for exchange companies and banks dealing in speculation between the two rates. "
The statement indicated that "this process of loss will continue as a result of the existence of two official prices and a local price or a speculative price, and that work must be done either on floating the dollar or imposing on exchange companies, money transfers and banks to unify the selling price according to the numbers set by the Central Bank in order not to create this large fluctuation." ".
He pointed out that "the loss percentage has decreased during the past three years, as it reached 1.2% of the total window sales in 2019, but it has returned and increased during 2020 to more than 2.84%."
Iraqi experts warn of "currency leakage" outside Iraq due to "corruption" in the currency auction in the country.
The Public Prosecutor had opened an investigation into the auction upon a request submitted by the Parliamentary Finance Committee to stop the waste of hard currency and its smuggling abroad.
Ammar Al-Masoudi

[yota691]

an urgent parliamentary message to al-kazemi .. this "catastrophe" will plague iraq economically

Author: AhadNA4 On 12/8/2020 - 6:30 PM  186

The head of the Investment Sub-Committee, MP Riad Al-Tamimi, sent a letter to the Prime Minister, on Tuesday, in which he warned of "a catastrophe that kills investment, after it plummets Iraq economically . "

Al-Tamimi said in a statement, received by Al-Ahed News: “I once again speak to Prime Minister Mustafa Al-Kazemi in his capacity as the first person responsible for the reform file in the country, and I am talking about a disaster that kills investment in the wake of its economic collapse.  

Al-Tamimi added, "Your Excellency, Iraq needs to develop investment and revitalize it and support the general budget through the investment and economy files, but the surprise that is always repeated is the administrative changes that are from bad to worse."  

And he continued, "Mr. President, the director of state real estate was assigned to look at matters only without having the possibility of real action, and a vision that stimulates investment, and it has become a media tool for speech without real action," noting that "the file of banks and banks has become a killing tool for investment, because their goal is personal interest without Public benefit ”.  

He pointed out that "Iraq needs a quick and expanded meeting with the relevant authorities to speak to you frankly about what is happening in the relevant departments with the aim of stimulating investment."  

And he stated that "our parliamentary committee, which is the investment committee, aims to strengthen the economy and investment, and today we notice the killing of the Iraqi economy by the currency auction and state real estate and the Supreme Committee for the allocation of lands in your esteemed council," calling for "firm, quick and effective decisions that change reality and strike heads of corruption, because the stage is sensitive and critical. There is no more risk and delay in decisions.

[yota691]

Al-Sumaida’i: The currency auction is a smuggling of the dollar and its corruption goes beyond simple sales

•  Time: 12/09/2020 23:27:28
•  
•  Read: 1,664 times

  

{Baghdad: Al Furat News} An independent politician, Ibrahim Al-Sumaidaie, described the auction of selling the currency as "smuggling."

Al-Sumaidaie said {to the Euphrates News} that "the currency auction is a smuggling of currency and is based on covering the sale of the dinar for the purpose of import and credit."
He pointed out that "the latest statistics of the Central Statistics Agency revealed differences in the currency auction that exceeded the $ 26 billion without basis, even in the amount of $ 19 million for the purpose of import. Most of its invoices are forged and the Central Bank evades responsibility."
Al-Sumaida’i added, "The only solution to stop the bleeding of currency selling is to inject the dollar in real and go to savings accounts," noting that "the problem of this auction has existed since 2010."
The independent politician concluded, "The Central Bank of Iraq deluded the people that there is no alternative to the currency auction, and he admitted that there were 45 trillion dinars outside the monetary policy of Iraq, and the corruption of the auction went beyond simple direct sales to specialization."
The representative of the parliamentary wisdom bloc affiliated with the coalition of Iraqis, Khaled Al-Jushami, revealed that Iraq lost 240 million dinars per month in the currency auction.
Al-Ghashami said in a press statement, that the Central Bank of Iraq sells 4 billion dollars a month, even if we divide it by 200 in 5 working days, it equals one billion dollars in four weeks, and if we multiply the 4 billion dollars by 6, the result is 240 billion dinars per month for the Iraqi state from the auction selling the currency.
He added that the profit goes to people in private banks, not to government banks, in order to return to the state treasury.
It is noteworthy that the member of the Parliamentary Finance Committee, Faleh Al-Sari, collected signatures to submit a request to question the Governor of the Central Bank of Iraq regarding suspicions in the currency auction.
In the year 2019, the Central Bank sold $ 44 billion in hard currency in a currency auction, mostly intended to cover the import of materials and goods that the country needs, stabilize the price of the Iraqi dinar and prevent inflation, according to bank data.
However, as economists say, the volume of Iraqi imports reached 18 billion dollars, and they warn of "currency leakage" outside Iraq due to "corruption" in the currency auction in the country.
In light of this, the Supreme Judicial Council announced that it would initiate the investigation of documents of joint banks in the foreign currency sale window.
A statement to inform the judiciary stated that the investigation court competent to combat money laundering and economic crime crimes responds to the request of the Central Bank and conducts the investigation with documents and documents submitted by the participating banks in the foreign currency sale and purchase window to verify its validity and compliance with the law.
Wafa Al-Fatlawi

[6ly410]

Al-Maamouri: The instability of the currency price confuses the market and indicates greedy speculation

17:47 - 12/11/2020

https://www.almaalomah.com/2020/12/11/509641/

 

The information / Baghdad ..

MP Burhan Al-Mamouri confirmed today, Friday, that the instability of the currency rate will confuse the market and undermine confidence in the national economy.

"The exchange rates of the Iraqi dinar against the dollar are witnessing a clear instability in the market, while we notice them steady in the currency auction, which indicates greedy speculations by parties that do not want good for Iraq and its people," Al-Mamouri said in a statement.

Al-Mamouri added: "The big difference between the official price of the dollar and what is traded in the local markets confused the market and raised citizens' fears of high prices of goods and foodstuffs, which causes a new burden on the Iraqi individual."

Al-Maamouri called for a review of the currency auction, monitoring the exchange rates in the local markets, and punishing all those who manipulate the currency rate with severe penalties to protect the national economy, which suffers greatly as a result of the absence of a strategic vision in managing the country's financial file

[yota691]

A leader in Saeron attributes the instability of exchange rates to (greedy speculations)

 12/11/2020

 

 2694

 

 

Baghdad / Al-Mawred News

The leader of the Saeron Alliance, MP Burhan Al-Mamouri, said, Friday, that the instability of the Iraqi dinar exchange rate against the US dollar in the local markets, despite its stability in the currency auction, indicates the existence of "greedy speculation by parties that do not want good for Iraq."

Al-Mamouri said in a statement, "The exchange rates of the Iraqi dinar against the dollar are witnessing a clear instability in the market, while we notice them steady in the currency auction, which indicates greedy speculations by parties that do not want good for Iraq and its people."

The head of the Saeron Alliance added, "The big difference between the official price of the dollar and what is traded in the local markets confused the market and raised citizens' concerns about the high prices of goods and foodstuffs, which causes a new burden on the Iraqi individual." 

He called for "reconsidering the currency auction, monitoring exchange rates in local markets, and punishing all those who manipulate the currency rate with severe penalties to protect the national economy, which suffers greatly as a result of the absence of a strategic vision in managing the country's financial file." 

It is noteworthy that the selling price of the dollar reached in the Iraqi local markets these days, about 127,250 dinars per 100 dollars.

[yota691]

An economist explains the reasons for the high price of the dollar

•  Time: 12/12/2020 11:53:02
•  
•  Read: 5,018 times

  

(Baghdad: Al Furat News) An economist, Bassem Jamil Antoine, commented on the reasons for the high price of the dollar.

"There are speculations in the exchange rates of the dollar against the dinar between the Kurdistan region and Baghdad, and between one region and another in Baghdad," Antoine said in an interview with the Euphrates News Agency. 
He stressed that "the price of the dollar is still the same in the central bank, but there are those who are trying to create confusion among citizens, trying to create terror and commotion." 
He added that "the Central Bank and international organizations refuse to change the price of the Iraqi dinar," noting that "it creates a kind of inflation that reflects on the poor classes."
The economic expert pointed out that "there are mafias that are waiting for opportunities and are supported by external parties who benefit from the high prices in the currency." 

 

 

[screwball]

On 12/2/2020 at 7:50 AM, Wheelman said:

The middle of January 2021, they are to star implementing the reconstruction contracts, so they need their own valuable currency to pay the contracts off. Beside they are a shareholder in the European Central Bank.

I didn’t know this!!’ Is there an article maybe I missed this one?

[Half Crazy Runner]

1 hour ago, screwball said:

I didn’t know this!!’ Is there an article maybe I missed this one?

😲 I must have missing it too! Sounds HUGE! 

[rvmydinar]

16 hours ago, yota691 said:

"the Central Bank and international organizations refuse to change the price of the Iraqi dinar

 

Who is international organizations? Is it like the imf? Wow now the central bank ( cbi ) and imf ( may be ) denials of a rate change? Are both of them hiding something ( behind closed door ) that we aren't allowed to know behind the denials of a rate change? I thought the previous article said that minister of finance and the imf discussed to determine the exchange rate and now they change their minds that quickly? Hopefully this is just smoke and mirrors and distraction to avoid dinar investors to buy more and more dinars. Come rv closer than ever.

[screwball]

1 hour ago, rvmydinar said:

Who is international organizations? Is it like the imf? Wow now the central bank ( cbi ) and imf ( may be ) denials of a rate change? Are both of them hiding something ( behind closed door ) that we aren't allowed to know behind the denials of a rate change? I thought the previous article said that minister of finance and the imf discussed to determine the exchange rate and now they change their minds that quickly? Hopefully this is just smoke and mirrors and distraction to avoid dinar investors to buy more and more dinars. Come rv closer than ever.

Denials before a rv very very possible! 

[rvmydinar]

34 minutes ago, screwball said:

Denials before a rv very very possible! 

Agree. Rv is what we are waiting for almost 17 years.

[rvmydinar]

44 minutes ago, screwball said:

Denials before a rv very very possible! 

Hopefully,  according to iraq's definition "denials ( refuse to change ) " means rv comes closer and closer than we have never expected before, then after that it is  openly to the public surprisingly and suddenly. Come rv closer.

[3n1]

18 hours ago, yota691 said:

He stressed that "the price of the dollar is still the same in the central bank, but there are those who are trying to create confusion among citizens, trying to create terror and commotion." 

 

18 hours ago, yota691 said:

He added that "the Central Bank and international organizations refuse to change the price of the Iraqi dinar," noting that "it creates a kind of inflation that reflects on the poor classes."

 

the dollar is the same price value to iqd the person is stating , the cbi does not want to change the iqd value ( devalue ) it more which creates less purchasing power for the iraqi and hurts those that use it , imo its not talking about a increase in value the cbi , imf or whoever can never give advance notice of a currency increase just will not ever happen .................. one day it (iqd) will just be a different rate and life goes on ... those that follow the financials will know a change occurred but many will not even be aware of it ... all my conjecturing of course , cheers

[rvmydinar]

10 minutes ago, 3n1 said:

those that follow the financials will know a change occurred but many will not even be aware of it

If you say it that way, Then we don't have to come here very often like every 3 or 5 years because the end of the crazy ride will happen suddenly without nobody will ever notice. May be this is such a good idea after all so we don't have to read the same boring and bs articles everyday.