Economist: Iraqi-American talks are expected regarding the exchange rate of the dollar

[RJG]

Economist: Iraqi-American talks are expected regarding the exchange rate of the dollar

Monday 09 January 2023 10:18 | Economical Number of readings: 334

Baghdad / NINA / - The expert in economic affairs, Salam Sumaisem, announced: "There are expected discussions that will be held between Finance Minister Taif Sami and the US Treasury Secretary to develop solutions for the price of the dollar."

Sumaisem said in a statement to the National Iraqi News Agency / NINA /: "The approval of the budget faces great challenges that the government must expedite in resolving."

And she explained: "The budget faces the challenges of monetary instability due to the discrepancy in the exchange rate of the dollar and the discrepancy in the price of a barrel of oil and other political issues, in addition to the absence of prior financial planning," noting: "This chaos needs a serious political decision to expedite the approval of the general budget to implement discontinued service projects. / finished8

https://ninanews.com/Website/News/Details?key=1025312

[yota691]

In a message to the Sudanese

A member of Parliamentary Economics identifies the reasons for the exchange rate turmoil

2023.01.10 - 13:41

 

Baghdad - Nas  

A member of the Economic Committee in the Iraqi Parliament, Soran Omar, addressed, on Tuesday, a letter to the Prime Minister, Muhammad Shia Al-Sudani, in which he specified the reasons for the disturbance in the exchange rate of the dinar against the dollar.  

  

  

  

Omar said in a statement, which "NAS" received a copy of, (January 10, 2023), that "economic security in Iraq is facing great dangers, with the presence of threats from the American treasury under the pretext of controlling Iraqi funds, and the inability to stop this wave of financial and economic corruption and take measures." Legal action against the corrupt has become very necessary, especially banks, commercial companies, real estate, tourism and travel companies, and corruption networks at customs, border crossings, checkpoints and airports, which is an essential part of the dollar smuggling and money laundering process for the benefit of a group of companies exclusively.  

  

He added, "In order to reduce these risks, control prices, and prevent the collapse of the market and the national economy in many areas such as agriculture, industry, investment, and banks, we recommend taking concrete steps, including:  

  

1- All Iraqi money is in America and it can circulate with it, and it was supposed to return this money to Iraqi or European banks and what it contains of bonds and gold, which are oil money, reserves and the Future Generations Fund. It is not held accountable by our local government and those involved in money laundering and smuggling abroad, so that money can be a reason for supporting terrorism.  

  

2- It is the responsibility of the Central Bank and the government to maintain the price of the Iraqi dinar, and this also includes financial matters related to the local markets, and to stop and hold accountable all those who do not implement the decisions issued by the Central Bank and the Ministry of Finance. The dollar cannot be sold for (1460), but on the black market it is sold for (1560), and prices are manipulated according to the mood.  

  

3- At the present time, monetary policy in Iraq must be respected by the government, and then by the International Monetary Fund, the Central Bank and the US Treasury, and the Central Bank should not lose its credibility in not controlling local banks and exchange houses.  

  

4- A lot of banks need to reconsider how they are given a license to operate and investigate how money laundering is done by some of those banks.  

  

5- Money laundering by some banks and companies is the main reason for the instability of the exchange rate in the local markets. Unfortunately, the situation and the economic system have deteriorated. Those banks are supposed to be held accountable.  

  

6- The Central Bank does not publish the names of those banks and companies participating in the public auction of the dollar, not to mention the monopoly of some banks and companies in this field, so that these parties import fictitious goods for money laundering. Deterrent and transparent measures and continuous follow-up can be taken.  

  

7- Part of the banks participating in the currency auction used citizens’ documents to establish fictitious companies to import goods in their name, and those who opened fictitious customs accounts and receipts in their names without being fully aware of that, in order to then launder money outside Iraq.  

  

8- Taking firm measures with the border crossings, holding those negligent during the process of importing fake goods accountable, giving bribes to the bribe-takers, stopping corruption networks between companies, customs and border crossings, and preventing the import of prohibited goods, which is an essential part of corruption operations and may lead to great damage in the agricultural and industrial fields.  

  

9- Some companies smuggle and launder money through the border crossings with wheels and through the airports without any accountability. They are supposed not to be allowed and to confront this crime, as well as follow up on the border crossings and airports, including the Kurdistan region.  

  

10- Money laundering and smuggling led to a significant increase in real estate prices in Baghdad in an illegal and unnatural way, and part of these real estate are fake and have no origin.  

  

11- Some tourism, travel and ticketing companies buy passports, through which the dollar is laundered and smuggled out of the country, which leads to a deterioration in prices and an increase in dollar prices, and this is not in the interest of the Iraqi citizen with limited income and the only beneficiary is the corrupt trader and smuggler who bleaches Iraqi money.  

  

  

  

[Engine1]

21 hours ago, RJG said:

And she explained: "The budget faces the challenges of monetary instability due to the discrepancy in the exchange rate of the dollar and the discrepancy in the price of a barrel of oil and other political issues, in addition to the absence of prior financial planning," noting:

To me this sounds like she is saying due to the oil prices that the exchange rate should be adjusted accordingly.  I know I am Mr. Negative. But this does sound positive. Hopefully it's not just talk and they take action. 

[yota691]

Parliamentary finance squanders the validity of international tutelage over the Central Bank

• Today 13:30

cougar

Information/Baghdad.. 
Jamal Cougar, a member of the Parliamentary Finance Committee, confirmed, on Tuesday, that there is no guardianship of the World Bank over the Central Bank of Iraq because of the deal of the century and corruption. 
Cougar said in an interview seen by "the information", that "there is no talk of trusteeship of the World Bank over the Central Bank of Iraq because of the deal of the century and corruption and the like, because Iraq is the only country that linked its currency to the US Federal Bank according to two issues. The first is that the dollar is considered the only major foreign currency that It is dealt with, whether it is buying or selling, and the second point is that Iraq's money goes to the Development Fund for Iraq, which contains oil revenues. 
Cougar added, "The United States will not be satisfied that another fund or another bank comes and places its hand on the Central Bank because it is the only beneficiary, just as the United States needs liquidity and has a very large debt crisis inside America and needs, free of charge, the Iraqi money that it has, which it does not release directly." ". 
Political analyst Hazem Al-Bawi saw in a previous statement to Al-Maalouma that there is an urgent need for the responsible authorities to reveal to the people the truth about the American measures that were behind the high exchange rate of the dollar in the local markets. End/25

[yota691]

Parliamentary Finance Denies Efforts To Impose International Tutelage On The Central Bank

Because of theft of the century and rampant corruption

Last updated January 10, 2023

The Independent / - The Finance Committee in the Iraqi Parliament denied the existence of efforts to impose guardianship from the World Bank on the Central Bank of Iraq due to financial corruption.

A member of the committee, Jamal Cougar, told Al-Sabah newspaper and its follow-up, “The Independent”, today, Tuesday, that “there is no talk of trusteeship of the World Bank over the Central Bank of Iraq because of the theft of the century, corruption and the like, because Iraq is the only country that linked its currency to the US Federal Bank, According to two issues; The first is to consider the dollar as the only major foreign currency that is dealt with, whether buying or selling.

The Iraqi MP added, "The second point is that Iraq's money goes to the Development Fund for Iraq, which contains oil revenues."

 

Iraqi popular and political circles are still experiencing the shock of what was known as the “theft of the century,” as five companies embezzled an amount of two and a half billion dollars, in an incident that shook the country.

In recent days, writers and analysts have discussed the possibility that the United States will impose greater measures on Iraqi banks and the central bank, due to the issue of dealing with the dollar, and the concern about smuggling it to neighboring countries such as Iran and Turkey, in addition to the financial corruption taking place.

The dollar crisis in Iraq escalated, after the exchange rate against the dinar recorded unprecedented levels since 2004, while experts and politicians say that the issue is related to the Iranian-American conflict on Iraqi soil.

And the Baghdad Stock Exchange closed, on Monday evening, the exchange rate at 1600 dinars against one dollar, while the exchange rate set by the Central Bank is 1460 dinars against the dollar.

[Officiallytook]

I like this thread...promising

[bigwave]

On 1/10/2023 at 5:29 AM, Engine1 said:

Hopefully it's not just talk and they take action. 

"Soon"  "In the coming days" LOLOL

[screwball]

On 1/11/2023 at 12:29 AM, Engine1 said:

To me this sounds like she is saying due to the oil prices that the exchange rate should be adjusted accordingly.  I know I am Mr. Negative. But this does sound positive. Hopefully it's not just talk and they take action. 

Sounds like it! 

[screwball]

On 1/11/2023 at 1:03 AM, yota691 said:

Iraq is the only country that linked its currency to the US Federal Bank,

Boom….sounds like not any more 

[screwball]

On 1/10/2023 at 2:47 AM, RJG said:

There are expected discussions that will be held between Finance Minister Taif Sami and the US Treasury Secretary to develop solutions for the price of the dollar."

Yep…she’s saying give us the rate…

[screwball]

On 1/11/2023 at 12:53 AM, yota691 said:

because Iraq is the only country that linked its currency to the US Federal Bank according to two issues. The first is that the dollar is considered the only major foreign currency that It is dealt with, whether it is buying or selling, and the second point is that Iraq's money goes to the Development Fund for Iraq, which contains oil revenues. 

This seriously says it all….our funds should be coming to us…..we should be linked to other currencies and if the world bank has no control over us why does the US… solutions…?

[southbeach]

Fabulous 

[Officiallytook]

3 hours ago, bigwave said:

"Soon"  "In the coming days" LOLOL

Find that positive vagueness is the new norm so lol I try to play my part

[horsesoldier]

Expecting something is one thing, I'm expecting positive results: 20 years of flapping your yaps is ridiculous, move your country forward!!!

[lmb4321]

Now Let's get the HCL Passed and we have the Perfect Storm.....

[screwball]

So let me get this straight,,,

 

the US Treasury has told you to stop buying or selling USD in country!

 

your have instructed all departments and business etc to trade only in dinar which means no more USD

 

the only place you can get USD for travelling is airport or one of the approved banks…

 

you have stated your the only country link to one currency and that the USD

 

you have told us that the world bank is not stopping you from trading in USD and other currencies

 

and you have told us that you are waiting on the US Treasury to give you USD solutions.

 

this sounds like to me your about to change your rate and waiting on the Us Treasury to tell you what the rate should be and to release your DFI fund!

[Retiredofficer]

4 hours ago, screwball said:

So let me get this straight,,,

 

the US Treasury has told you to stop buying or selling USD in country!

 

your have instructed all departments and business etc to trade only in dinar which means no more USD

 

the only place you can get USD for travelling is airport or one of the approved banks…

 

you have stated your the only country link to one currency and that the USD

 

you have told us that the world bank is not stopping you from trading in USD and other currencies

 

and you have told us that you are waiting on the US Treasury to give you USD solutions.

 

this sounds like to me your about to change your rate and waiting on the Us Treasury to tell you what the rate should be and to release your DFI fund!

2nd That! 

[rvmydinar]

5 hours ago, screwball said:

waiting on the Us Treasury to tell you what the rate should be 

Wow. Another word ,  The US treasury can tell Iraq what to do to change the rate/ RV the IQD?? This is a good news if this is really happening.

[yota691]

add this to the subject