Al-Sudani: All possibilities are contained in adjusting the exchange rate of the dollar

[yota691]

Al-Sudani confirms the biggest challenge: Hundreds of millions of dollars are smuggled daily with forged bills to Kurdistan and then abroad

 

February 1, 2023

Baghdad / Obelisk: Iraqi Prime Minister Muhammad Shia al-Sudani revealed on Tuesday evening that fraudulent transfers of dollars abroad had taken place, indicating that this matter was revealed by the start of implementing regulations that sponsor financial transfers in a step that coincided with the decline in the value of the dinar against the dollar.

During the past two months, the Iraqi dinar lost more than 10% of its value against the green currency, which led to sporadic demonstrations protesting the decline in the purchasing power of citizens.

On Tuesday, the price of the dollar in the market reached 1,680 dinars, while its official price is still the same at 1,470 dinars.

Analysts and officials attribute this decline in the value of the national currency to the Iraqi banking system's compliance with international regulations related to money transfer.

It has become imperative for Iraqi banks to conduct these transfers through the electronic SWIFT platform, which allows, in particular, the US Central Bank to monitor these transfers.

During his interview with a TV channel, Al-Sudani touched on this mechanism, considering it a tool to achieve “real reform of the banking system, the economic system, to preserve public money and prevent it from smuggling and money laundering.”

The prime minister explained that currency smuggling abroad was done through transfers made on the basis of forged invoices for imports whose prices were inflated.

He said that smuggling was done through “false invoices, and the money was coming out and being smuggled, and this is a reality, otherwise what would we have imported for $300 million a day?”

He added, “What does it mean that we were importing goods worth 300 million dollars per day? Inevitably, this money was coming out of Iraq, and this has been a chronic problem for years.”

The prime minister inferred the existence of smuggling by saying that before the implementation of the Swift system, the Central Bank of Iraq used to sell merchants quantities of green currency many times more than what it sells to them today, and yet there are no missing goods in the markets today.

Iraq suffers from chronic corruption that undermines public administration and the entire economy.

“Before, we used to sell $300 million, $200 million, $250 million per day,” he said. Now, the central bank sells 30, 40 or 50 million dollars daily, and what has changed, what has been lost in the market, nothing.

And Al-Sudani continued, “So, where did the money that comes out go? All with fake invoices. There are commodities that they enter at irrational prices, and it is clear that the aim is to get the currency out of Iraq. This matter must stop.”

The Prime Minister confirmed that his government had formed “specialized security teams” to detect smugglers and seize smuggled funds.

He added, "We hear that there is smuggling of money that is transferred to the Kurdistan region, and from the region it goes to neighboring countries."

Al-Sudani said, “The financial situation in Iraq today is in the best condition, because merchants and businessmen are accustomed to correct and legitimate trade.”

The Prime Minister confirmed that Foreign Minister Fuad Hussein and the new governor of the Central Bank will be among the delegation that will travel to Washington on February 7 to discuss the exchange rate mechanism and its fluctuations.

[3n1]

19 minutes ago, keylime said:

The million dollar...er....ten million dinar question is....What do they consider the normal price?

 

1156 1256 my guess articles keep stating how strong the dinar is but the articles never talk about its purchasing power or lack thereof or that it can only be used in iraq ...we wait

[Rochester]

Why 3.48 IQD per dollar, sounds reasonable to me: The world is going through an energy crisis, as the World Economic Council has failed in it's policies, to get the world off of fossil fuel energy. See: Jordan Peterson on Joe Rogan, below. Human beings need fossil fuels, lots of them, to sustain a modern way of life. Without it, food supplies collapse, many things collapse. It's why your food bill is going up. Solar and wind are nice ideas as sources of energy, but it will be a long long time before they can replace fossil fuels. And what's the place with a huge source of fossil fuels? Oh yeah, that would be Iraq. 

 

 

[dinarham]

  The currency auctions are the biggest source of smuggled dinar. It's surprising the auctions are still going on .

[6ly410]

Al-Fateh Alliance is optimistic about the Sudanese measures in the dollar file

Posted 56 seconds ago

 

Al-Fatah Alliance is optimistic about the Sudanese measures in the dollar file - Iraq News (iraqakhbar-com.translate.goog)

 

news source /Iraq Today Agency

 

Baghdad - Iraq today:

The leader of the Al-Fateh Alliance, Ali Hussein Al-Fatlawi, affirmed, on Wednesday, the ability of government measures to restore the exchange rate of the dollar to its normal state, indicating that the plans announced by Al-Sudani are important in stabilizing the exchange rate.

 Al-Fatlawi said in a press statement, "We are optimistic about the measures of Prime Minister Muhammad Shia'a al-Sudani to overcome the dollar crisis through his practice of working with high professionalism towards the crisis, relying on highly professional plans and procedures." 

He added that “the plans revealed by Al-Sudani yesterday that it will limit the rise of the dollar and return its exchange to what it was according to the exchange rate set by the Central Bank,” noting that “what he proposed of procedures and solutions capable of overcoming the external and internal causes that were the cause of the rise in the exchange rate of the dollar.” .

Prime Minister Muhammad Shia al-Sudani had confirmed, during a televised meeting, his intention to restore the exchange rate of the dollar and hold traders accountable for manipulating prices.

[6ly410]

Al-Sudanese and Al-Abadi discuss effective solutions to control dollar prices and support the poor classes in the country / expanded

Al-Sudani and Al-Abadi discuss effective solutions to control dollar prices and support the poor classes in the country / expanded (ninanews-com.translate.goog)

Wed 01 , Feb 2023 18:49 |EconomicalViews: 32

Bagdad (Nina) - Prime Minister Mohammed Shia al-Sudanese and head of the Nasr Coalition Haider al-Abadi discussed finding effective solutions to control dollar prices in local markets and support the poor classes in the country. According to a statement by his media office, Abadi received the Sudanese in his office, on Wednesday, and during the meeting they discussed the overall political, economic and security situation, and the government's plans to serve citizens and implement its government program, and overcome The obstacles and difficulties that stand in front of it, and find effective solutions to control dollar prices in local markets, and support the poor classes in the country.

According to the statement, the importance of unifying the word to move forward in the reconstruction and building of the country, reform in state institutions, fight corruption, and support the efforts of the Prime Minister in implementing his program was stressed./End2

[6ly410]

After the Sudanese Blades. Parliamentary Finance reveals the truth of the trend to change the exchange rate

After the Sudanese Blades. Parliamentary Finance reveals the truth of the trend to change the exchange rate » Baghdad Today News Agency

 

Economy | Today, 16:35 | 

    

 

 

Baghdad Today-Baghdad

Today, Wednesday, the Parliamentary Finance Committee revealed the fact that there is a government intention to reduce the dollar exchange rate in the 2023 budget law.

A member of the committee, MP for the Coordination Framework, Moeen Al-Kazemi, told "Baghdad Today" that "the Iraqi government has no intention or direction towards reducing the dollar exchange rate in the 2023 budget law, and the price was fixed within the budget is 1450 dinars."

Al-Kazemi pointed out that "the Iraqi government, in cooperation with the Monetary Authority, is working to develop quick solutions in order to control the rise in the dollar exchange rate in the local market, and some solutions will be applied soon and will have an impact on the exchange rate in the market."

Al-Sudani had said in televised statements that changing the dollar exchange rate is possible, in the context of talking about the 2023 budget, while advising Iraqis not to acquire the dollar, because "the dinar is stronger", which prompted the belief that the government could go to change the exchange rate.

[6ly410]

Sudani, Abadi discuss "finding effective solutions" to adjust the exchange rate

IQ News

Sudani, Abadi discuss "finding effective solutions" to adjust the exchange rate

•  52 minutes ago

Prime Minister Mohammed Shia al-Sudani discussed with his predecessor Haider al-Abadi, on Tuesday, "finding effective solutions to control dollar prices" in local markets.

Abadi's media office said in a statement received by IQ News that the latter received al-Sudani in his office today.

"During the meeting, they discussed the overall political, economic and security situation, the government's plans to serve citizens, implement its government program, overcome obstacles and difficulties facing it, find effective solutions to control dollar prices in local markets, and support the poor classes in the country," he added.

The two sides stressed "the importance of unifying the word to move forward in the reconstruction and building of the country, reform in state institutions, fight corruption, and support the efforts of the Prime Minister in implementing his program."

 

[dinarham]

  So much of this stuff is smoke and mirrors , meant to confuse on an actual rate and date . They always act like they are just starting  to think about solutions ,setting up meetings which will spawn more meetings . The powers that be know exactly what the solution is . 

[BETTYBOOP]

Just curious..... did he ACTIALLY say he wants to put the rate back to $3.48 or is that what some people are assuming?

[Bama Girl]

18 hours ago, 6ly410 said:

that Iraq's financial situation is at its best, reassuring citizens that the dinar is the strongest

I doubt very much if the Iraqi citizens would be convinced of this statement.

 

[rvmydinar]

1 hour ago, 6ly410 said:

"the dinar is stronger", which prompted the belief that the government could go to change the exchange rate.

It depends on what is the meaning of " Stronger ", according to iraq's definition?

[rvmydinar]

36 minutes ago, BETTYBOOP said:

Just curious..... did he ACTIALLY say he wants to put the rate back to $3.48 or is that what some people are assuming?

That is exactly what some people are assuming.

[Bama Girl]

4 hours ago, yota691 said:

He added, "The return of the exchange rate to 1470 dinars is possible, but it will take time, up to one to two months from now.

Everything I’ve read, it seems to me when they refer to returning the dinar to former exchange rate, they mean 1470. I’m not interested in this rate unless they intend on moving the decimal point 3 digits to the left. 

[rvmydinar]

19 hours ago, 6ly410 said:

"the Iraqi dinar is the strongest and citizens should not acquire the dollar, but the dinar,

Just wonder , Is 1,460 the strongest? The strongest rate should be in a single digit number. 1,460 is a four digit number considered the weaker rate.

[edbeach]

No Bettyboop some people just put rates out their which are not true, I guess they think they are one of these guru's pumping false info  on the site/ If you read above 2 articles up , the mp Moean al-Kazem of the parliament Finance Committee said the fact government intention to reduce the dollar exchange in the 2023 budget bill. Then he says government has no intention or direction toward reducing the dollar exchange rate and the price was fixed within the budget is 1450 dinars. al-Sulani the prime minister  said in a televised statement the dinar is stronger which prompted the belief that the government could go to change the exchange rate,   No One knows what will happen except a few like the CBI governor. These guys pushing this crap knows nothing.

[6ly410]

Economist: Sudani's statements confused beliefs about the dollar rate in the 2023 budget

Economist: Sudani's statements confused beliefs about the dollar rate in the 2023 budget » Baghdad Today News Agency

Economy | Today, 20:48 | 

    

 

Baghdad Today - Baghdad

Economist Nabil Jaafar said on Wednesday that Prime Minister Mohamed Shia al-Sudani's statements confused beliefs about the dollar rate in the 2023 budget.

Jaafar said in an interview with "Baghdad Today", that "the budget for the current year included a final price of the dollar amounted to 1450 dinars, but the Sudanese statements yesterday not to disclose the amount included in the budget has confused the situation despite his attempt to talk about the strength of the Iraqi dinar."

Jaafar added that "the procedures and restrictions imposed by the US Federal Reserve through the electronic platform hinder the sending of foreign remittances, as at times the rejection on remittances reached 100%, meaning that the transfer rate is zero."

He stressed that "this matter contributed to the rise of the dollar because commercial remittances are financed 85% through the Central Bank, and this prompted traders to switch to documentary remittances, which are financed by 15%, and the matter complicated the matter, and this contributed to the rise of the dollar more."

 

[6ly410]

Iraqi PM alleges that banking reforms reveal fake dollar transactions

• AFP
•  February 1, 2023
•  Iraqi PM alleges that banking reforms reveal fake dollar transactions - Iraqi News

A man counts US dollar banknotes in a Baghdad market on December 27, 2022 as the value of Iraqi dinar against US dollar drops further.

Baghdad – Iraq’s premier said Tuesday that new banking regulations had revealed fraudulent dollar transactions made from his country, as the fresh controls coincide with a drop in the local currency’s value.

Iraq has in recent months been making efforts to ensure its banking system is compliant with the international electronic transfer system known as SWIFT.

Referring to the new controls, Prime Minister Mohammed Shia Al-Sudani hailed “a real reform of the banking system”, but denounced “falsified invoices, money going out fraudulently”, in particular as foreign currency payments for imports.

“That is a reality,” he said in an interview on state television.

The adoption of the SWIFT system was supposed to allow for greater transparency, tackle money laundering and help to enforce international sanctions, such as those against Iran and Russia.

An adviser to Al-Sudani had said that since mid-November, Iraqi banks wanting to access dollar reserves stored in the United States must make transfers using the electronic system.

The US Federal Reserve will then examine the requests and block them if it finds them suspicious.

According to the adviser, the Fed had so far rejected 80 percent of the transfer requests over concerns of the funds’ final recipients.

Before the introduction of the new regulations, “we were selling $200 million or $300 million a day”, Al-Sudani said.

“Now, the central bank provides $30 million, $40 million, $50 million,” he said, questioning: “What were we importing in a single day for $300 million?”

“There are products that were entering (Iraq) for prices that make no sense. Clearly, the objective was to take foreign currency out of Iraq,” he said. “This must stop.”

Money may have been transported to Iraq’s autonomous Kurdistan province “and from there to neighbouring countries”, Al-Sudani said, without specifying whether he was referring to Turkey, Iran or war-torn Syria.

He said the new controls had been planned for two years, in accordance with an agreement between Iraq’s central bank and US financial authorities, and deplored previous failures to put them in place.

Iraq, which is trying to move past four decades of war and unrest, is plagued by endemic corruption.

The official exchange rate is fixed by the government at 1,470 dinars to the dollar, but the currency was trading at around 1,680 on Tuesday on unofficial markets amid dollar scarcity.

The drop has sparked sporadic protests by Iraqis worried about their purchasing power.

Foreign Minister Fuad Hussein and the new central bank chief will be among a delegation traveling to Washington on February 7 to discuss the new mechanism and the fluctuating exchange rate, Al-Sudani said.

 

[6ly410]

 

 

[screwball]

6 hours ago, 6ly410 said:

the dinar is stronger", which prompted the belief that the government could go to change the exchange rate

 

PM says don't use USD...use Dinar

 

PM Says dinar is stronger

 

PM wants returned to former value....another member in Basra said old era???? guess what that rate is?

 

in MHO rate will be 2.20 or greater...

 

former PN said  Iraq will make a move that will shock the world.....3-4 years ago...time is now...now ask yourself what did he know to make this statement in advance????

[screwball]

Just now, screwball said:

former PN said  Iraq will make a move that will shock the world.....3-4 years ago...time is now...now ask yourself what did he know to make this statement in advance????

you dont make these statements unless you know something, have been told something or singed a document??? maybe with trump???? on the tarmac alone and on an airfield???

[screwball]

19 minutes ago, 6ly410 said:

 

 

what happens when zeros come off???? is 1.47 out of reach????....remember zeros added are war time action...they will be removed

[screwball]

the rules of counterinsurgency! remove their communications......all forms

 

shutdowns and close borders....prevent currency flows and insurgents from escaping...

 

devalue currency....add three zeros....

 

 

[6ly410]

 

 

[6ly410]