Iraq news now "Wall Street Journal" reveals the scenes of the Fed's tightening on the dollar in Iraq

[6ly410]

Najm Al-Qassab for Nina: Understanding with the US Federal Reserve. An important step to prevent exchange rate fluctuation again

Monday 23 , January 2023 23:40 |GeneralViews: 59

Najm Al-Qassab for Nina: Understanding with the US Federal Reserve. An important step to prevent exchange rate fluctuation again (ninanews-com.translate.goog)

Baghdad /NinaDirector of Al-Mawred Center for Studies and Media Najm Al-Qassab stressed the importance of taking new steps to ensure that the exchange rate does not fluctuate again. He told the Iraqi National News Agency (
) that if there is no understanding with the US Federal Reserve and preventing currency smuggling, it is difficult to control the exchange rate.
Al-Qassab added: Changing faces may not solve the crisis completely, but other steps must be taken to restore the exchange rate to normal./ End3

[yota691]

After the message of the US Federal Reserve to the Iraqi Central Bank... a new strategy to combat "money laundering"

2023.01.26 - 08:33

 

Baghdad - people  

The Organized Crime Control Directorate announced the preparation of a strategy for the current year, aimed at reducing the rates of money laundering and industrial fraud crimes, while indicating that it is working on concluding internal memorandums of understanding to form an information network to reduce organized crime.  

  

  

  

The Director General of the Directorate affiliated with the Ministry of Interior, Major General Hamid Majeed Hamid, said in a statement to the official newspaper, followed by "Nass" (January 26, 2023), that "his directorate, in light of its endeavor to reduce the rates of organized crime in the country, money laundering and industrial fraud, has developed a strategy for the current year 2023 targeting Reducing them, warning that "most crimes are related to money."  

  

And he stated that "industrial fraud is one of the crimes that the Directorate is working to reduce, as it causes harm to a large number of citizens, especially the poor class who buy (adulterated) goods as original," pointing out that "the conclusion of internal memorandums of understanding contributed greatly to facing crimes." organization, including the agreement with the Fund Recovery Authority in the Integrity Commission.  

  

Hamid continued, "Directly dealing with these entities has become far from bureaucracy, as well as the rapid exchange of information through electronic programs, in addition to training cadres and logistical support regarding technical equipment related to the work of the Directorate," noting that "there are moves to conclude other memorandums of understanding to form An information network that helps speed up the exchange of information to combat crime and speed up the arrival of information that used to take many steps to reach it.”  

  

With regard to the high prices and the measures taken by the Directorate, he stated that "there are large campaigns carried out by the agencies affiliated with the Directorate through committees that compare prices and purchase invoices for the merchant to reveal the value of the sums he carries over the original price, and if it is above the specified amount, he will be arrested and referred to the judiciary." At the same time, he warned that the citizen has a major role in limiting the rise in prices, by boycotting commodities whose prices are rising, and also informing him of any merchant who raises prices through the free phone number 144 designated for contacting intelligence and combating organized crime.  

  

Earlier, the Secretary-General of the "Enough" movement, Rahim al-Darraji, revealed the content of a letter sent from the US Federal Bank to the Central Bank of Iraq regarding "money laundering" in Iraq.  

  

Al-Daraji said, in an interview conducted with him by colleague Ahmed Al-Tayeb, followed by “NAS” (January 24, 2023), “On 11-28-2022, the US Federal Bank informed the Central Bank of Iraq, thus: We will not stand idly by in front of the expansion of money laundering crimes.” In Iraq, in which political figures, businessmen, and bank owners, in addition to economic bodies, participate, to the extent that it has become one of the worst manifestations of money laundering in the Middle East.    

  

He added, "The former and current central bank governor, who was the former, have full knowledge of the money laundering process and detailed knowledge and knowledge, but no one takes action in this regard." 

[psdon]

[screwball]

On 1/22/2023 at 3:51 AM, 6ly410 said:

 

Reservations? Hmmmm…must mean they are considering about accepting yuan and euro for oil and gas!!

[screwball]

On 1/22/2023 at 3:51 AM, 6ly410 said:

 

Reservations? Hmmmm…must mean they are considering about accepting yuan and euro for oil and gas!!

[screwball]

On 1/22/2023 at 3:51 AM, 6ly410 said:

 

Reservations? Hmmmm…must mean they are considering about accepting yuan and euro for oil and gas!!

[screwball]

On 1/22/2023 at 3:51 AM, 6ly410 said:

 

Reservations? Hmmmm…must mean they are considering about accepting yuan and euro for oil and gas!!

 

On 1/22/2023 at 3:52 AM, 6ly410 said:

 

Sounds like they are being forced…

[screwball]

On 1/22/2023 at 3:51 AM, 6ly410 said:

 

Reservations? Hmmmm…must mean they are considering about accepting yuan and euro for oil and gas!!

 

On 1/22/2023 at 3:52 AM, 6ly410 said:

 

Sounds like they are being forced…

[6ly410]

Expert: The management of the Central Bank received notifications warning of a danger to Iraq's economy

2023.01.28 - 12:42

Expert: The management of the Central Bank received notifications warning of a danger to Iraq's economy (nasnews.com)

 

  

Baghdad - Nas   

Economist Ahmed Al-Hathal identified, on Saturday, two reasons behind the arrival of dollar exchange rates to levels "considered the highest" in the Iraqi market, while pointing out that the Central Bank received notifications of the need to activate the platform platform to know the truth of documentary credits and the amount of goods and services corresponding to financial transfers.  

  

  

  

Al-Hathal said in a statement to the official newspaper of "NAS", (January 28, 2023), that "the exchange rate of the dollar against the dinar has reached high levels that are the highest, due to two cuts, the first related to the general budget's need for financial liquidity after the decline in oil prices at the end of 2021, and the second came due to the high demand for the internal monetary dollar after activating a new mechanism with a platform linked to the US Federal Bank and the global financial system, so the Central Bank should take new measures to ease The brunt of that."  

  

He pointed out that "the management of the Central Bank received notifications more than two years ago of the need to activate the platform to know the truth about documentary credits and the amount of goods and services corresponding to financial transfers, due to suspicions of money laundering and the low indicators of Iraq in the anti-corruption classifications, and this poses a danger to the economy because it will collapse if reform mechanisms are not applied seriously."  

  

According to Al-Hathal, "the mechanism of the external remittance monitoring platform serves the economy and protects the cover of the local currency from collapse as a result of the high volume of remittances, but the government should work to activate more serious measures regarding corruption, the overthrow of smugglers and banks that receive fake invoices, the closure of unlicensed companies because they sell at a price higher than the official exchange rate, which reaches the difference between them to 11 percent, in addition to protecting social groups from the impact of the rise in the parallel exchange rate, because this has created problems. a social relationship between the creditor and the debtor as well as led to the stagnation of markets."  

  

Earlier, the Directorate of Combating Organized Crime announced the preparation of a strategy for the current year, aimed at reducing the rates of money laundering and industrial fraud, while indicating that it is working on concluding internal memorandums of understanding to form an information network to reduce organized crime.  

  

The Director General of the Directorate of the Ministry of Interior, Major General Hamid Majeed Hameed, said in a statement to the official newspaper "NAS", (January 26, 2023), that "his directorate, in light of its efforts to reduce the rates of organized crime in the country, money laundering and industrial fraud, has developed a strategy for the current year 2023 aimed at reducing them, warning that "most crimes are related to money."   

  

He stated that "industrial fraud is one of the crimes that the Directorate is working to reduce, as it causes harm to a large number of citizens, especially the poor class that buys (adulterated) goods as original," pointing out that "the conclusion of internal memorandums of understanding contributed significantly to confronting organized crimes, including the agreement with the Asset Recovery Authority in the Integrity Commission."   

  

"Dealing directly with these bodies has become far from bureaucracy, as well as the speed of exchanging information through electronic programs, in addition to training cadres and logistical support regarding the technical equipment related to the work of the directorate," Hamid said, noting that "there are moves to conclude other memorandums of understanding to form an information network that helps speed up the exchange of information to combat crime and speed up the arrival of information, which was previously taking many steps to reach."   

  

With regard to the rise in prices and the measures taken by the Directorate, he stated that "there are large campaigns carried out by the organs of the Directorate through committees that compare prices and purchase invoices for the merchant to reveal the value of the amounts he carries on the original price, and if they are above the specified, he will be arrested and referred to the judiciary, warning at the same time that the citizen has a major role in limiting the rise in prices by boycotting goods whose prices rise, and also informing him about any trader who by raising prices through the toll-free phone number 144 dedicated to calling intelligence and combating organized crime."   

  

Earlier, the Secretary-General of the "Enough" movement, Rahim Al-Daraji, revealed the content of a letter sent by the US Federal Reserve to the Central Bank of Iraq on "money laundering" in Iraq.  

  

In an interview with colleague Ahmed Al-Tayeb, followed by "NAS", Al-Daraji said (January 24, 2023), "On 28-11-2022, the US Federal Reserve informed the Central Bank of Iraq of the following: We will not stand idly by in front of the expansion of money laundering crimes in Iraq, which involve political figures, businessmen, bank owners and economic bodies, to the extent that it has become one of the worst manifestations of money laundering in the Middle East."   

  

"The former and current central bank governors, who were the former, have full knowledge of the money laundering process and are well informed in detail, but no one is taking action about it," he said.   

[6ly410]

A deputy from Maysan asks a parliamentary question to the governor of the Central Bank of Iraq regarding the survival of Iraq’s money in the US Federal Bank

Saturday 28 January 2023 18:14 | EconomicalNumber of readings: 172

A deputy from Maysan asks a parliamentary question to the governor of the Central Bank of Iraq regarding the survival of Iraq’s money in the US Federal Bank (ninanews-com.translate.goog)

Amara/Nina/ Independent MP for Maysan Governorate, "Raed Hamdan Al-Maliki," asked a parliamentary question to the Governor of the Central Bank of Iraq regarding the survival of Iraq's funds in the US Federal Bank. He wondered in a statement what is the legal basis for the survival of Iraq's money deposits in the US Federal Bank / New York?, and is there a fear of seizing some of Iraq's money in the Federal Bank through lawsuits in the US or European courts, ? What are the justifications for increasing investment in the possession of US Treasury bonds, which amounted to (38) billion dollars, and whose funds are formed from Iraq's official reserves? /Ends Q

[6ly410]

Reuters: Washington imposed restrictions on Iraqi banks for violating sanctions on Iran

Reuters: Washington imposed restrictions on Iraqi banks for violating sanctions on Iran » Baghdad Today News Agency

 

Translated Reports / | Economy Today, 21:07 | 

    

 

Baghdad Today - Translation

Reuters revealed on Saturday a US decision to send a special envoy to Middle Eastern countries next week, especially Turkey, to see the dealings of those countries and confirm their commitment to the blockade on Iran and Russia.

Reuters said in a report translated by (Baghdad Today), that "the adviser for financial intelligence and terrorism affairs to the US presidency, Brian Nelson, will visit Middle Eastern countries, including Oman, the UAE and Turkey between the twenty-ninth of January and the third of next February, with the aim of ensuring that those countries apply US economic sanctions on both Iran and Russia."

A spokesman for the US Treasury confirmed to Reuters that "Washington intends to apply sanctions on Tehran and Moscow violently," pointing to "forcing the countries of the world to cut off their trade dealings with the two countries outside what the United States desires, waving the application of sanctions on countries that do not comply with US sanctions."

"Individuals and institutions that do not comply with sanctions are genuinely risking losing access to the U.S. market because of their dealings with sanctioned countries, including misinterpretation, ignorance or diligence of sanctions," he said.

Reuters also pointed out that "Washington imposed restrictions on Iraqi banks because of a violation of sanctions issued by the Iraqi authorities," pointing to "Washington's intentions to apply the same restrictions to the rest of the countries of the region that are proven to deal with Iran or Russia outside the US conditions."

[6ly410]

A new measure for the Central Bank of Iraq will raise the dollar exchange rate

Posted 5 seconds ago

 

A new measure by the Central Bank of Iraq will raise the exchange rate of the dollar (iraqakhbar-com.translate.goog)

 

News Source /Shafaq News

 

Shafaq News/ An official source in the Central Bank of Iraq revealed today, Saturday, that the bank has taken a new step, which will lead to an increase in the exchange rate of the dollar against the Iraqi dinar in the local market.

The source told Shafaq News agency, "The Central Bank of Iraq will work from tomorrow, Sunday, to stop (cash sales), and cash will be sold only through an electronic platform, which will reduce the value of cash sales."

And between the source, who asked not to be named; That “the Central Bank of Iraq will not sell after tomorrow, Sunday, anything cash to banks, exchanges, and merchants directly except through an electronic platform, and this matter will cause a rise in the exchange rate of the dollar, so there will be a great demand for the dollar due to stopping (cash sales), and the dollar may reach To great levels exceeding 1750 per dollar.

[screwball]

7 minutes ago, 6ly410 said:

That “the Central Bank of Iraq will not sell after tomorrow, Sunday, anything cash to banks, exchanges, and merchants directly except through an electronic platform, and this matter will cause a rise in the exchange rate of the dollar, so there will be a great demand for the dollar due to stopping (cash sales), and the dollar may reach To great levels exceeding 1750 per dollar.

Higher the better

[NMP2017]

1750 - 1 or more? will have less worth than toilet paper...and not as soft for wiping 😁

[Fairways&Greens]

1 hour ago, screwball said:

Higher the better

Hmmm, are they raising it on purpose to suck in the mattress money pre-RV? Makes you wonder. 
 

Like I’ve said before, all this uncertainty is a great environment for change. 

[Engine1]

35 minutes ago, Fairways&Greens said:

Hmmm, are they raising it on purpose to suck in the mattress money pre-RV? Makes you wonder. 
 

Like I’ve said before, all this uncertainty is a great environment for change. 

Or could it be that their currency is going to be even more worthless.. 

[6ly410]

Starting from Sunday, CBI to adopt measures that will send the US dollar exchange rate soaring

Starting from Sunday, CBI to adopt measures that will send the US dollar exchange rate soaring (shafaq.com)

2023-01-28 13:44

 

Shafaq News/ Iraq's Central Bank (CBI) will halt cash sales in its daily forex auctions starting from tomorrow, Sunday; a move that is expected to send the US dollar exchange rate against the Iraqi dinar to record levels.

 

"Starting from tomorrow, the central bank will halt direct cash sales to commercial banks. Cash transactions will be exclusively mediated via an online platform," a senior CBI source told Shafaq News Agency, "such a move will significantly limit cash sales."

 

"The demand for the US dollars in the market will rise accordingly, pushing its exchange rate again the local currency to more than 1,750 dinars to 1," the source elaborated.

 

The dinar went into a tailspin against the dollar after the New York Federal Reserve imposed tighter controls on international dollar transactions by Iraqi commercial banks in November to halt the illegal siphoning of dollars to neighboring Iran and Syria, which are under tough U.S. sanctions.

 

Under the curbs that took effect this month, Iraqi banks must use an online platform to reveal their transaction details. But most private banks have not registered on the platform and resorted to informal black markets in Baghdad to buy dollars.

 

This has created dollar shortages as demand has outstripped supply and accelerated the dinar's descent against the greenback.

 

Prime Minister Mohammed al-Sudani replaced the central bank governor last week as he had not taken effective steps to tackle the consequences of the new Fed regulations and their impact on the dinar, government sources told Reuters.

[yota691]

The dollar... Iraqi power is threatened and an American grip

• Time: 01/30/2023 09:38:08
•  
• Read: 3,146 times

  

{Reports: Al-Furat News} Ammar Al-Masoudi

The exchange rate of the dollar continues its insane rise against the Iraqi dinar, in light of the monetary and governmental authorities trying to stop it.

Yesterday, the exchange rates exceeded the barrier of 1,650 dinars per dollar. This led to increased turmoil and depression in the local markets. As a result of rising prices of goods and services to unprecedented levels.

While the official exchange rate from the Central Bank of Iraq for the dollar, directed to individual citizens, is 1470 per one dollar.

The decline comes as the local markets continue to be affected by the scarcity and abundance of the dollar, and the failure of the government and the central bank’s attempts to restore stability to the exchange markets.
Since the beginning of this year, the government and the central bank have taken a package of measures to increase the dollar supply in the local market, a decision that partially succeeded in resolving the crisis, but the exchange rates remained declining.

The crisis dates back to December 2020, when the government of former Prime Minister Mustafa Al-Kazemi announced a change in the exchange rate of the dollar from 1117 dinars to one dollar, to 1450 dinars, due to the decline in global oil prices. 

and the beginning of 2022, and in light of the resurgence of oil prices in the global market; The government has rejected calls to return the dinar to what it was.

And the first repercussions of the dollar crisis was the dismissal of the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, last Monday, by order of Prime Minister Muhammad Shia’a al-Sudani, who assigned the former bank governor, Ali Al-Alaq, as an agency.

Al-Sudani commented on the changes by saying: "The departments that have been assigned to the Central Bank and the Trade Bank of Iraq possess skills and will work to reduce the rise in exchange rates."

Most sellers and wholesalers have been complaining for weeks about the decline in buying and selling in local markets and the citizens' reluctance to shop. As a result of the significant increase in the prices of most commodities and basic foodstuffs, after the prices of some commodities increased by almost half.

Most merchants and citizens fear that the dollar prices will continue to rise and reach the barrier of 2,000 dinars for one dollar in the event that the government continues to fail to confront the crisis, which would explode the situation in the form of protest demonstrations, which are taking place in a limited manner now, in front of the Central Bank building in central Baghdad.

Dealers in the foreign exchange market in Iraq are likely to continue the fluctuation wave in the stability of the foreign exchange market until the completion of the implementation of government measures on the movement of the dollar, preventing its smuggling out of the country, and tightening control over imports from abroad.

It has become clear that the continuous rise in dollar exchange rates is linked to the strict measures taken by the US Federal Bank regarding money transfers to the Central Bank of Iraq. To prevent corruption, manipulation and currency smuggling to neighboring countries through the currency window in the Central Bank.

In its new procedures, the federation requires that Iraq present clear and specific import documents and certificates by companies and persons wishing to obtain dollars, after it used to present unknown and forged documents many times.

The Sudanese government decided to send Foreign Minister Fouad Hussein to Washington at the head of a high-tech economic delegation to discuss the dollar crisis and discuss the proposal to postpone the US Federal Reserve's decision for six months, according to informed sources.

For its part, the Central Bank resolved the issue of cash selling to citizens in dollars, and it was reported that it was about to stop its direct sale, and denied "preventing or restricting cash selling to citizens, and that electronic registration guarantees meeting the citizen's need for dollars."

He also directed, in another development, to curb the rise in exchange rates, to expand outlets for selling cash dollars to travelers at the country's airports (Baghdad, Basra, Najaf, Erbil, and Sulaymaniyah).

Independent MP Mustafa Sanad accused the United States of trying to use the dollar to put pressure on al-Sudani and said to al-Furat yesterday: "America used the dollar file to pressure al-Sudani, which is the biggest weapon in its influence that exceeds the missiles it uses to punish countries, and America is punishing Iraq through the measures of the (Swift) platform," he said.

The economist, Abd al-Rahman al-Mashhadani, explains the function of this platform by saying: “What is happening now is due to the fact that the US Federal Reserve Bank imposed amendments to the procedures for transfers that pass through the Swift system, which includes an audit of the source of funds until the final future, which came after the consequences of theft of the century, which Money smuggling schemes revealed.

For his part, the advisor to the Central Bank of Iraq, Ihsan Shamran al-Yasiri, said, “The US Federal Bank has set strict conditions recently that oblige us to display lists of dollars sold on it that include the names of people and beneficiaries, and it takes 15 days to state its position on the safety of the purchase process for the party submitting the request, and the sale process stops.” In the event that the Federal Bank objects to a specific name because it is required, or if there is a similarity of names, or if it finds a suspicion of the purpose of purchasing the dollar.

The increase in exchange rates led to an increase in the inflation rate in Iraq by 0.3 percent for the month of December, according to the Ministry of Planning.

The ministry said, in a statement on Saturday, that "the Central Statistical Organization monitored an increase in the monthly inflation rate during the last month of last year (December) by 0.3 percent, compared to the previous month of October."

In another government attempt to curb the rise of the dollar and reduce the volume of inflation that swept the markets as a result of the rise in the exchange rate, and the resulting waves of high prices, which clearly affected those with limited incomes, and led to “biting off” a large part of the incomes of workers in the public and private sectors, it hinted at its entry { Wholesaler} in the local market with the aim of controlling prices.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: "We find in the state's intervention in the field of import trade a comprehensive national solution to provide price stability and provide an atmosphere of anti-competition (cartels) monopolizing trade, which sends negative signals towards the stability of the Iraqi dinar exchange rate."

Saleh added, "As long as government trade is highly governed and outside this constraint, as it relies on the mechanisms of documentary credits, which is the traditional base for financing trade, and so that the commercial market can reorganize itself, its contracts and its foreign purchases, and in order to contain fluctuations in the exchange rate within a narrow range, we suggest that trade expand." The government foreign ministry (as a wholesale trader) is currently in order to supply the market with the most important commodities that have a wide impact on people's lives, which flow according to the fixed official exchange rate of 1460 dinars to the dollar.

The dollar crisis will remain a preoccupation for the Iraqi citizen because of its direct impact on his financial and pension income. It is also considered one of the most prominent challenges facing the Sudanese government despite its efforts and attempts to control the rhythm between combating high prices and poverty and standing by the national interest in its inevitable negotiations with Washington.