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Sudanese exempts frightening and assigns Ali Al-Alaq to manage the Central Bank


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He accused him of "starvation". Deputy: Exempting the Governor of the Central Bank does not exempt him from legal office

  • Today 10:34
He accused him of "starvation". Deputy: Exempting the Governor of the Central Bank does not exempt him from legal prosecution| Information (almaalomah-me.translate.goog)

Information / Baghdad.The MP for the Conquest Alliance, Rafiq Al-Salhi, Wednesday, that the exemption of former Central Bank Governor Mustafa Ghalib scary does not exempt him from trials and legal prosecution, holding him responsible for starving the Iraqi people.
Al-Salhi said in a statement to Al-Maalouma that "the exemption of former Central Bank Governor Mustafa Ghaleb does not exempt him from impeachment and legal prosecution."“The decision to raise the dollar exchange rate had negative effects on the lives of citizens,” he said, noting that “the previous government, represented by the prime minister and the governor of the bank, made a series of mistakes in the financial and economic aspect, not to mention corruption and theft of public money."
Jamal Hassan, a member of the coordination framework, said in a previous interview with the Information Agency that changing the governor of the Central Bank, Mustafa Ghalib, and appointing Ali Al-Alaq instead is part of the plan to reform the Iraqi House of Money . Finished / 25 hours

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25-Jan-2023

Dollar

WARNINGS OF ECONOMIC COLLAPSE (FACEBOOK)

 

Despite the government's decision to dismiss the governor of the Central Bank, Mustafa Ghaleb Makhif, anger is still spreading among Iraqis following the continued rise in dollar prices in all provinces, which has raised questions about the fate of the US currency in Iraq.

The US ambassador to Baghdad said that the measures taken by the United States on the dollar file in Iraq are aimed at preventing money laundering operations

Following the price hike, Prime Minister Mohamed Shia al-Sudani relieved Central Bank Governor Mustafa Ghaleb Makhif of his post on Monday, while Ali Mohsen al-Alaq was assigned to run the central bank acting over the dollar crisis.

Exchange rates exceeded the barrier of 160,000 per $ 100 in the stock exchange and local exchanges, while markets witnessed a continuous rise in consumer goods, prompting Iraqis to demand demonstrations in front of the Central Bank in central Baghdad.

 

 

Economic Solutions

 

 

Economist Ahmed Saddam believes that quick measures to control the exchange rate in local markets do not lie in changing the highest administrative position in the central bank, as much as it lies in the issue of raising the level of liquidity of commercial banks from the dollar, in parallel with the government's trend "towards tightening control over exchange offices and preventing excessive appreciation of the dollar."

 

 

In return, the government must "coordinate with the US Federal Reserve on accelerating the procedures for checking dollar requests on the electronic platform of the Central Bank of Iraq, which is subject to US federal control."

According to the economist's interview with "Ultra Iraq", "these measures would raise the level of traders' orientation towards the Central Bank instead of exchange offices, which will reduce the level of the dollar exchange rate in the parallel

Commenting on Washington's link to the dollar issue, US Ambassador to Baghdad Alina Romanowski said in televised remarks that the measures taken by the United States on the dollar file in Iraq "are not political," noting that they "aim to prevent money laundering operations and banks' compliance with the global banking system."

 

 

What are political connotations?

Politically, the head of the Center for Political Thinking, Ihsan al-Shammari, does not see the issue of changing the governor of the Central Bank linked to the government's political plans, reasoning that "the latter is facing a real disaster that lies in the collapse of the Iraqi dinar."

 

 

In an interview with Ultra Iraq, Al-Shammari pointed out that "the federal government was forced to make a change in the central bank, especially since there is great popular discontent due to the rise in the prices of all materials against the backdrop of the rise in the value of the US dollar."

 

 

According to Al-Shammari, the coordination framework fears the continuation of the crisis, which may lead to holding it responsible for the collapse of the political process in the country, noting that "there is an objection from some leaders within the framework to the assignment of Ali Al-Alaq, the position of governor of the Central Bank, but it came as part of an emergency plan to stop the repercussions of the dollar."

 

 

On the possibility of parties exploiting the dollar issue in order to make changes in special grades, al-Shammari explained that "there is an urgent need to structure positions on the economic side, but away from partisan divisions, since the continued distribution of positions on the basis of quotas will lead to the collapse of the state."

 

 

 

 

The British website "Middle East Eye" predicted that the crisis will worsen in the next few weeks, which may go towards the collapse of daily trade in dollars through the currency auction run by the Central Bank of Iraq, as the government relies on the auction to convert the dollars it earns from oil revenues into the local currency (dinar).

According to the website, the Iraqi government is facing a crisis in paying public sector salaries and meeting its other monthly obligations, as well as a deep gap in its public finances due to the crackdown on corruption and dollar smuggling by the US Federal Reserve since the "theft of the century."

 

 

New Government Plan

 

 

But economist Abdul Rahman al-Sheikhly said that the rise in dollar prices is not tolerated by the former central bank governor, as "Iraq is now more committed to international standards and has begun to deal with them seriously."

 

 

Al-Sheikhly told Ultra Iraq that "Iraq's measures reassured the US Federal Reserve, with the continuous emphasis on ensuring that foreign remittances do not leak to other than their intended ones, which is the most important thing that the international community wants today from Iraq."

 

 

"The new governor previously headed an anti-money laundering organization in North Africa and the Middle East, which means that he could succeed in negotiating with the Federal Reserve to lift heavy restrictions on Iraq and at the same time prove the guarantee of government measures to prevent the leakage of dollars to banned countries," al-Sheikhly said.

 

 

Political analysts have argued that the continued distribution of economic positions on the basis of quotas will lead to the collapse of the state

 

According to the Wall Street Journal, the Iraqi currency has lost about 10 percent of its value, after ambiguous procedures for many, related to the imposition of compliance rules on the Central Bank of Iraq's dealings with currency traders in relation to the US dollar.

market, provided that it is at a continuous pace."

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International Network Reveals Reasons for Replacing Central Bank of Iraq Governor - Urgent

Baghdad TodayR1674672961_1000x551_12_MjAyMy0wMS0yNSAyMTo1NToyOQ==.jpg?u=1674675692

International Network Reveals Reasons for Replacing Central Bank of Iraq Governor - Urgent

  •  45 minutes ago
Baghdad Today-Baghdad
Al-Monitor revealed on Wednesday the reasons it described as "actual" behind the replacement of the Governor of the Central Bank of Iraq, Mustafa Ghaleb, on the eve of Prime Minister Mohammed Shia al-Sudani's travel to Washington, considering that "the exemption is the first step to address the dollar crisis with Washington."
 
The network said through its report, which was translated by (Baghdad Today), that "addressing the dollar crisis in Iraq passes through two stages, which required the replacement of the governor of the Central Bank by a decision of the Sudanese, through which he hopes that the two stages will be fully achieved," noting that "the former governor of the Central Bank, was not able to apply those solutions."
The proposed solutions, according to the network, came through statements by the Secretary-General of the Dawa Party, Nouri al-Maliki, who described the new governor of the Central Bank Ali Al-Alaq as "close to him," explaining that "Iraq first needs to fully control the flow of dollars and its circulation inside and outside the country through new measures."
As for the second phase, the network confirmed that it includes "discussions with the government of the United States of America on reducing restrictions and facilitating the mechanisms of transferring dollars to Iraqi banks," which Maliki stressed the importance of, according to the report.
The network also said that "accusations were issued by the leader of the Badr Organization Hadi Al-Amiri and a member of parliament for the State of Law Aqeel Al-Fatlawi against the United States, stressing that it is trying to use the dollar as a "means of political pressure" on the Sudanese government, which was denied by the US ambassador in Baghdad Elena Romanowski, who said according to the network "The measures aim at money laundering and corruption," as she put it.
 
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Parliamentary Finance talks about an important measure that will reduce dollar prices - Urgent

Baghdad Today12_MjAyMy0wMS0yNSAyMzowNToxNw==.jpg?u=1674678107

Parliamentary Finance talks about an important measure that will reduce dollar prices - Urgent

  •  15 minutes ago
  •  
Baghdad Today-Baghdad 
Jamal Kojar, a member of the parliamentary finance committee, revealed that additional measures must be taken for the purpose of reducing the exchange rate of the dollar and keeping it away from speculation and banking control.
Koger said in an interview with (Baghdad Today), that "the decisions taken by Prime Minister Mohammed Shia al-Sudani are important, but we need a number of other decisions for the purpose of reducing the dollar."
"One of the factors we think is important is to open a direct gateway to buy dollars from the central bank," Koger added.
He considered that "the bank must open more than one branch within the same province for the purpose of facilitating the access of traders and bankers to buy dollars without the need for the mediation of some banks, which may be the reason behind the failure to deliver the dollar to traders and owners of companies, which contributes to its rise."
 
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1 hour ago, 6ly410 said:

The proposed solutions, according to the network, came through statements by the Secretary-General of the Dawa Party, Nouri al-Maliki, who described the new governor of the Central Bank Ali Al-Alaq as "close to him," explaining that "Iraq first needs to fully control the flow of dollars and its circulation inside and outside the country through new measures."

Well , The new Governor of the CBI being “close” to Maliki darn sure doesn’t make me feel warm and fuzzy toward the new Governor. 
Maliki is the last d*&$m person in Iraq who should be giving advice on the dollar.
IMO, Maliki is trying to worm his way back into being PM. He needs to be in prison or 6 feet under but it would not surprise me one iota if he isn’t successful in being PM again one day.

He is Iran’s friend, period. 

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We are supposed to get our own Fedcoin introduced in May this year.  I think all  cental banks are trying to go digital accross the board and Iraqs solution to this whole mess will be a digital currency as well.  Something that can be coverted instantly.  With all the uproar and protests, I think they will accept it hook, line and sinker. This has gone on forever. They are sick of banknotes and would rather it just be available on their smartcards(which alreay have fingerprint and retinal scans)along with the HCL proceeds. No paper, no red tape.  Nothing is by accident, its all control for them, and us.  The international banking system is already set up for the global carbon laws. Just my thoughts, although its far from what I want, its just what Im seeing.

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Urgent Source: Major changes will affect the departments of government banks soon

Source: Major changes will affect the departments of government banks soon
  
{Economic: Al-Furat News} An informed source revealed "major changes" that will affect the departments of government banks.

The source told Al-Furat News Agency that "major changes will affect the departments of government banks soon in light of the government's grace period of 3 months that was given to them to evaluate the performance and tasks of the departments and what has been implemented within the framework of the government program, which represents the future vision of the government."
The Prime Minister, Mohammed Shia Sudani, relieved last Monday the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, from his post against the backdrop of the continued rise in the exchange rate of the dollar and the bank's inability to rein in it.
Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to run the bank by proxy.
The Prime Minister also referred the Director of the Iraqi Trade Bank to retirement and assigned Rabal Al-Hamdani to manage the Iraqi Trade Bank in addition to his duties.

 

 
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12 minutes ago, ronscarpa said:
header.jpg
Jubilee 75
 

 His Excellency the Governor, Dr. Ali Mohsen Ismail Al-Allaq

 

His Excellency the Governor, Dr. Ali Mohsen Ismail Al-Allaq

file-167462672645590.jpg


 

HE looks like a yes man that only follow order from his boss. He always consult with his boss before making a decision that only benefits his boss and cronies. I hope I was wrong.

 

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Political bloc expects exchange rates to reach the threshold of 200 thousand dinars - urgent

Political bloc expects exchange rates to reach the threshold of 200 thousand dinars - Urgent » Baghdad Today News Agency

 

| Policy Today, 20:10 | 

    
1674913695_621295154c59b76bc71e86d0.jpg

 

Baghdad Today - Baghdad

The head of the Bayariq al-Khair bloc, Mohammed al-Khalidi, expected on Saturday that the dollar exchange rate in the Iraqi markets will reach the threshold of 200,000 Iraqi dinars per 100 dollars.

Khalidi said in an interview with Baghdad Today that "the dollar crisis is not the result of the moment, but rather the result of the lack of a vision and financial policy in the country that anticipates events and develops a comprehensive strategy for market conditions in times of crisis."

He added that "the exchange rate of the dollar will not fall and will rise to the threshold of 200 gradually and grind with it millions of Iraqis who are at risk of poverty, if the bleeding of the dollar in the country is not stopped through smuggling first and reduce expenditures in imports through a comprehensive review that prevents smuggling abroad."

He pointed out that "dollar smuggling has been going on for years with different frameworks and financial circles know the truth of the matter," stressing that "Iraq is facing a major economic slide because the rise in the exchange rate will lead to an economic crisis that leads to a social crisis and here we will be in front of a popular explosion that may exceed the entire public scene."

He continued: "The Sudanese government must take bold decisions regarding the smuggling file, reduce expenses, exit the dollar from Iraq, and seek to stimulate non-oil revenues and reduce imports as much as possible."

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18 hours ago, 6ly410 said:

 

The best since 2003 huh? What about the corruption ( by Malarky , Barzani and their cronies ) that is spreading like a wild fire? Not to mention , the rate is going down and down the toilet until 1,600 and hardly getting up and back to what it was during a saddam's regime.

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The battle of the dollar and the Iraqi dinar How will it end

The battle of the dollar and the Iraqi dinar How it will end – Iraq News Network (aliraqnews.com)

The battle of the dollar and the Iraqi dinar How will it end
Last Updated: February 1, 2023 - 9:31 AM

By:Adel Al-Jubouri

Over the past few days, Iraqi Prime Minister Mohammed Shia al-Sudani has taken a number of decisions and measures to limit the appreciation of the US dollar against the Iraqi dinar in the Iraqi markets, and to prevent the deterioration of the country's economic conditions as a result, and the political consequences that this rise could entail that undermine stability and restore the scene of confusion and turmoil that cast a heavy shadow on the Iraqi street for most of last year.

Among the decisions and measures taken by Al-Sudani were the dismissal of the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, the appointment of the former Governor of the Bank, Ali Al-Alaq, the referral of the Director General of the Trade Bank of Iraq (TBI), one of the largest government banks, Salem Chalabi, to retirement, and the appointment of financial expert Bilal Al-Hamdani in his place. In addition to a number of measures unanimously approved by the Council of Ministers, related to facilitating and accelerating banking transactions, increasing the number of outlets selling hard currency (dollars) to citizens at subsidized prices, providing financial and banking facilities to traders, especially small ones, and reducing administrative loops of a monotonous bureaucratic nature, which allow manipulation, corruption and monopoly. In addition, a few days ago, the Economic Security Agency of the Ministry of Interior launched raids in some currency markets (stock exchanges) in the capital, Baghdad, and arrested a number of speculators and price manipulators.

After the dollar had risen against the dinar to record levels within a very short period of time, which entailed a clear rise in the prices of various basic commodities and commodities, especially those with daily consumption, the decisions and measures taken contributed to its slight decline, with promises and pledges made by the new central bank governor to re-devalue the dollar within a short time, thus restoring stability to the market. But did the story end there? Certainly not, because there are different causes, factors, and circumstances that led to that confusion, not to exclude the hypothesis of premeditated intentions and planned agendas.

It is natural that some fingers are pointed at the United States, because since the overthrow of Saddam's regime in the spring of 2003, it has controlled the various joints of the Iraqi state, especially the financial and economic ones. Perhaps the most prominent and clearest evidence of this is that for twenty years, Iraqi oil revenues have been deposited in the US Federal Reserve Bank in a special account called the Development Fund for Iraq (DFI) in accordance with United Nations Security Council Resolution No. 1483 issued on the twenty-second of May 2003, from which compensation due to the State of Kuwait is paid, and all transfers and financial expenditures from it are subject to the supervision and control of the Federal Reserve.

About ten years ago or more, popular and parliamentary voices rose demanding the liberation of Iraqi funds and the end of American hegemony over them, but a number of political and technical tensions and problems prevented this, despite the announcement of the former US president of his intention to lift the immunity of the Development Fund for Iraq at that time. Economy. MP Mustafa Sanad confirmed late last month that "the rise of the dollar these days is due to the suspension of the transfer of Iraq's entitlement to the dollar by the US Federal Reserve for the purpose of political blackmail and understanding." At the same time, the Central Bank issued a decision to prevent four private banks from dealing in dollars for auditing purposes, namely Al Ansari Islamic Bank for Investment and Finance, Holding Islamic Bank for Investment and Finance, Asia Iraq Islamic Bank for Investment and Finance, and the Middle East Iraq Investment Bank.

Informed circles say that the aforementioned decision came under pressure and at the behest of the US Federal Reserve, and the real reason is that there is information about the four banks referred to transferring sums of money to entities and persons included in the US blacklists covered by the sanctions, and these parties are either Iranian or they are linked to Iran. "The United States does not set or determine the exchange rate between the dollar and the dinar, and it has not imposed new sanctions on a bank in Iraq, but rather continues a mechanism that took several years to strengthen the Iraqi banking sector to help it comply with the global banking system and to ensure that the banking system is not used to launder the Iraqi people's money and smuggle it out of Iraq," it said. Romanowski adds, "These procedures began two years ago with a gradual application by Iraqi banks, according to an agreement between the US Federal Bank and the Central Bank of Iraq, and that these measures are designed to prevent and restrict money laundering, and that suspending or postponing them leads to returning the system back," and stresses, "We focused on the file of corruption in Iraq, and what happened was a coincidence with the Sudanese assumption of power."

There is no doubt that the words of the US ambassador are very clear, and it is an explicit acknowledgment and recognition of Washington's dominance and influence over the Iraqi financial file, otherwise what is the legal and legal cover that allows it to intervene and impose the contexts and procedures that it sees and decides what to apply in it? The only one for the crisis is an understanding with the American side. At the same time, Western media quoted American officials as confirming that "the banking system to be implemented by the US Federal Bank and the Central Bank of Iraq aims to limit the use of the Iraqi banking system to smuggle dollars to Tehran, Damascus and money laundering havens throughout the Middle East."

If we go back a little, we find that several years ago, the US Treasury Department imposed a package of sanctions on Iraqi private banks under the pretext of providing facilities to the Iranian Revolutionary Guards and the Lebanese Hezbollah, knowing that some of the owners and managers of these banks have good relations with American political circles and forums. Iraq, as it was well aware of the parties behind this and well aware of the movement of looted funds and the ways in which they were laundered, remained silent and did not lift a finger, because this did not contradict its calculations and interests on the one hand, and on the other hand did not benefit its opponents and enemies in the region.

While the words of the US ambassador do not bear much interpretation and interpretation regarding Washington's involvement in the great confusion that Iraq has recently been subjected to due to the rise in the value of the dollar, her claim that the synchronization of the activation of audit and financial control procedures with the first period of Sudani's assumption of the premiership was a coincidence, he cannot claim, i.e. claim, withstand readings, data and facts that go to the fact that the US administration is uncomfortable with some of the orientations, policies and decisions of Sudani, despite the announcement of its support and support for him, so it is trying Occupying it with side files in order to tighten internal pressures on it. As Iraqi parliamentarians stressed, "Washington is trying to blackmail the Sudanese by working to overthrow his government using the dollar crisis if he does not cooperate with the American goals in Iraq, and it tells him in short that we will bring down the government if it does not work with us against Iran." This is at a time when some politicians and opinion holders believe that "Al-Sudani is now facing a great challenge in maintaining a balance in Iraqi relations with both Washington and Tehran without taking one side against another, and that this task is very difficult and requires Al-Sudani to walk on the rope."

So far, it seems that the Iraqi Prime Minister is moving in the right direction, and that his decisions, steps and procedures are consistent in terms of their realism and priorities with the nature of the crisis and ways to resolve and address it, and the US administration may not be able to impose and decide everything it wants and desires, because there is a public opinion that can move in some way, and there is a great political weight in support of the Sudanese represented by the Shiite coordination framework, and more broadly the State Administration Alliance, which includes major forces from the Sunni and Kurdish components, which although It had good relations with Washington, but it is not in its interest to mix the cards and trouble the situation, especially since the intersections and differences within these components make their forces keen to move towards calming matters, resolving crises and containing tension

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