Official CBI News 03/14/2023

[6ly410]

Central Bank of Iraq adviser: dollar settled at 1320 dinars

3 hours ago

Nahro Muhammad

• TORE IN
• Central Bank of Iraq adviser: The dollar in 1320 ... | Event.Net (rudaw.net)
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ECONOMY

The central bank of Iraq's adviser says the dinar will soon have a big revival, returning to the official price or near the price of 1320,<> dinars per US dollar.

 

Ihsan Shammari, an adviser to the Central Bank of Iraq, told the media network on Wednesday 26-04-2023 that the dinar "will strengthen", through central bank and government procedures to support the dinar and deliver it at official prices.

 

According to the Central Bank adviser , central bank packages to improve the work of the dollar sales window and to greatly cooperate between the government and the central bank in obliging companies and government institutions whose services are dinar Iraq and the official price were sold; while people had previously been forced to buy dollars, this forced people to ask for dollars through sales windows and abroad to get the necessary dollars.

 

Ihsan Shammari said that people can now buy their services for dinars and official prices, and that the dinar will soon stabilize and return to its natural state. The price per dollar will be 1320,<> dinars.

 

According to Shammari, currency sales window work has been improved for foreign trade, through the electronic platform, traders can buy dollars and import goods instead of resorting to companies, currency exchange offices and those who play in dollars.

 

In the past two years, the value of the dinar against the dollar rose significantly on Tuesday, with 100 US dollars treated at less than 140,<> dinars.

 

[Danishere4news2]

This cannot be so, Frankie boy said the official exchange rate is 1132 & could provide proof. Of course he didn't show proof because it's a lie.

[yota691]

Economic expectations for the continued decline of the dollar.. “It will reach the official price”

 18 hours ago

1,495

 

Today, Thursday, the economist Nabil Al-Ali expected the dollar exchange rate to continue declining in the parallel market, while the dollar price was likely to reach 1320 thousand dinars.
Al-Ali said in a press interview seen by “Takadum”, that “the central bank’s procedures were able to pass a lot of remittances, and only simple things were left,” stressing, “There was no need for irregular remittances, and therefore the exchange rate of the dollar decreased, and a conviction was generated on the street.” The Iraqi government will not raise the price of the dollar.
He added, "The price of the dollar at the beginning of the week will settle at 1320 thousand dinars per dollar, and it will be sold in the market to the citizen at 1320 or 1330 as a maximum."
The economist explained, "The bad scenario that was proposed earlier has been exceeded, and the decision to reduce the official exchange rate to 1,300 dinars was able to limit the increasing rise in the exchange rate, which had it not been for, it would have reached the threshold of 200,000 dinars for every 100 dollars."
The exchange rates are witnessing a significant decline compared to the previous months, until the exchange rate reached 141,000 dinars compared to 100 dollars, amid expectations that the exchange rate in the local markets would reach the official price set (1320) thousand dinars in the coming days.

[6ly410]

A specialist puts forward a proposal that will drop the dollar to its official price in Iraq

Economy | Today, 18:33 pm | 

    A specialist puts forward a proposal that will fall in the dollar to its official price in Iraq » Baghdad Today News Agency

Baghdad Today-Baghdad

Today, Saturday, researcher in economic and financial affairs Nabil Jabbar Al-Tamimi presented a proposal that will reduce the parallel exchange rate and raise the value of the Iraqi dinar, noting that 75% of the trade process has adapted to the new situation.

Al-Tamimi said, to "Baghdad Today", that "a direct cash sales payment from the Central Bank to the markets at a rate of 50-100 million dollars per day for a period of one week is enough to reduce exchange rates to the limits of 1330-1380 dinars per dollar," noting that "these direct payments to the markets will represent stimulating exchange rates towards the decline at a time when the rates of remittances issued by the Central Bank are growing well and reassuringly, down to 175-200 million dollars per session."

He pointed out that "the Central Bank was able to overcome the remittance crisis by approximately 75% of it, but the remaining 25% of the crisis represents a greater challenge as it is linked to a wide range of small traders who have not adapted and adapted their commercial situation until today to be able to pass their commercial transfers within the new controls, which require other treatments by the government and the Central Bank to address them."

The specialist in economic and financial affairs added that "the bad scenario that was put forward earlier was overcome, the decision to reduce the official exchange rate to 1300 dinars was able to limit the increasing rise in the exchange rate, without which it would have reached the threshold of 200 thousand dinars, and for this reason the reform packages from the Central Bank were able to overcome several aspects of the crisis, especially those treatments associated with small remittances and traveler cash, but so far they are insufficient and require larger treatments."

 

[Laid Back]

I believe they’re putting things in place to move to an open market economy and add value to their currency.

 

 

 

 

 

[screwball]

18 hours ago, 6ly410 said:

Today, Saturday, researcher in economic and financial affairs Nabil Jabbar Al-Tamimi presented a proposal that will reduce the parallel exchange rate and raise the value of the Iraqi dinar,

Lol….remove three zeroes

[yota691]

The Central Bank of Iraq imposes nearly 35 billion dinars in fines on banks that manipulated the exchange rate

2023-05-04 04:39

 

 

Shafaq News/ Today, Thursday, the Central Bank of Iraq imposed financial fines on banks and institutions after they manipulated the exchange rate of the dollar against the dinar.

According to the schedule of penalties issued by the bank, fines of more than 34 billion dinars were imposed on banks and non-bank financial institutions for the first quarter of 2023, in addition to directing warnings and warnings after their manipulation of dollar exchange rates.

 

 

The Central Bank of Iraq announced, on Monday, January 19, a package of decisions that would restore the foreign currency market to its normal position after the rise in it.

 

 

[yota691]

Parliamentary Finance expects the date of stabilization of the dollar price at the official price

• Time: 05/06/2023 19:48:14
•  
• Read: 6,045 times

  

{Economic: Al Furat News} The Parliamentary Finance Committee announced, today, Saturday, the date for the stability of the dollar exchange rate and its arrival at the official rate set by the Council of Ministers.

 

A member of the committee, Youssef Al-Kalabi, told Al-Furat News: "The delay in reaching the parallel dollar exchange rate to the official price is due to the attempt of some institutions to play on the citizen's economic stability."
Anbuge added, "We are sure that after the approval of the budget law, there will be a match between the official price and the parallel price."
In February 2023, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar.
The central Kifah Stock Exchange in Baghdad recorded 143,750 Iraqi dinars for 100 dollars, while the prices were 144,350 Iraqis for 100 dollars this morning.
That the buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 144,750 Iraqi dinars, while the purchase price reached 142,750 dinars for every 100 dollars.

From: Raghad Dahham

[yota691]

Association of absent banks and deferred government promises.. The dollar is rising again in Iraq

Politics / Economy / Localities |Today, 16:59 |

    

 

 

Baghdad today - Baghdad

Today, Wednesday, the exchange rates of the dollar in Iraq witnessed a new high, after reaching 148 thousand dinars for every 100 dollars, despite the government's continuous promises to reduce it and return it to its official price of 132 thousand dinars.

After the rise of the dollar, experts are asking about the role of the Association of Banks, as the legal expert, Ali Al-Tamimi, considered that it is more like “groups”, and it has no role in regulating the work of banks or controlling the dollar.

 

Al-Tamimi said in an interview with "Baghdad Today", that "the Association of Banks has no role, and the process of linking any bank must be direct with the Central Bank, as it is the one who holds it accountable and he who gives it the license."

 

He added, "The Association of Banks or any other association is more like private troubles between banks," noting that it "does not represent the mechanisms of dealing and organizing dealing with the Central Bank, because the latter alone is responsible for private and government banks, and it alone has the right to pursue its work."

 

The Iraqis directed their attention towards the "Association of Iraqi Private Banks, and its role in light of the dollar crisis in the Iraqi markets during the past days, which came as a result of the involvement of private banks in smuggling the dollar from Iraq and through the currency sale window in which dozens of private banks participate.

 

In this aspect, bankers and specialists stress the need to dissolve the Association of Banks that did not provide anything to the Iraqis or to the banking sector in general amid its unknown and ambiguous role, while they called for the formation of a new association that includes private banks and organizes their work and has a tangible role in improving and reforming the banking sector.

[yota691]

Remittances and the "monopoly" of the Association of Banks.. Exchange rates herald a recurring crisis without supervision

Economy _Today, 11:45 |

    

 

 

 

Baghdad today - Baghdad 

The exchange rate of the US dollar has risen again against the Iraqi dinar after a significant decline recorded during the past four weeks, and with the increase in the Central Bank’s sales in the currency auction, observers have noticed the exploitation of private banks, especially those that fall under the cloak of the so-called “Association of Private Banks” for a crisis The exchange rate and achieving imaginary benefits by buying at the official rate from the Central Bank at a value of 1320 and selling at the parallel price to reach 1446 and a little higher.

In this regard, the economic expert, Abd al-Rahman al-Mashhadani, identified a major reason behind the escalation of dollar exchange rates in the Iraqi markets, while pointing to violations committed by private banks in financial and bank transfers.

Al-Mashhadani told (Baghdad Today) that "the escalation in the exchange rates of the US dollar in the parallel market in Baghdad and the rest of the provinces is due to a problem in the financial transfers of merchants abroad because some of them are delayed in the audits and others are rejected after two weeks or more have passed," pointing out that "merchants They are mainly interested in financing their trade, so many of them resort to the parallel market and transfer money abroad officially. 

And he added, “A significant part of merchants and companies have not been organized on the electronic platform designated for them, and these are still dependent on the parallel market, in addition to delaying transfers to merchants that lead to the imposition of very expensive fines in foreign ports and airports that some see as higher than the cost of buying dollars from the parallel market.” Therefore, they resort to the latter in order to speed up the shipment of goods to Iraqi ports." 

He pointed out that "the shipment of any merchant is not released in the ports except after paying the money, and this is what prompts some of them to rely on the parallel market to buy the dollar, despite its rise above the specified prices, because the cost of floor fines is very high." 

On the same level, the professor and researcher in economic affairs in the Kurdistan region, Muhammad Huwaizi, held the Association of Iraqi Banks responsible for keeping the exchange rate high due to the parallelization of its market to the price set by the Central Bank of Iraq, and it is the party that benefits from the high price because it sells the dollar outside the price to a specific one from the bank by a large difference and it is the one who monopolizes The dollar on citizens so that they are forced to buy it at high prices.

Hwezi confirmed to (Baghdad Today), that "the Sudanese government must hold these accountable, otherwise it will be directly responsible to the citizens who are affected by the exchange rate fire that exhausts the markets and the high cost of living." 

He added that the policy of Iraqi banks will not succeed in its "parallel" policy because the game is exposed and no longer deceives the simple citizen, as well as experts and analysts of economic policies, not to mention the control of the US Treasury, which laid common foundations earlier with the Central Bank of Iraq during its last meeting. with him.

For its part, the bank announced in a statement on (May 12, 2023) that it would refer speculators with exchange rate issues to the competent courts, indicating that it had succeeded in providing easy and appropriate tools represented in the packages of facilities it issued that included support for the settlement of electronic cards at the official price and money transfers of various kinds. However, some of those who were able to obtain the cards misused them far from the intended goals for this purpose, as revealed by the reports of the competent security authorities and the supervisory procedures of the Central Bank and the Office of Combating Money Laundering and Terrorist Financing, which called for the development of a (strict new electronic system) that ends this phenomenon and violations. used on these cards.  

The Central Bank of Iraq revealed "the completion of legal procedures against violators, individuals, companies and banks," announcing their referral to the courts specialized in money laundering and terrorist financing.

The bank affirmed its "extreme keenness to provide all appropriate tools to achieve exchange rate stability, especially with the high levels of external transfers through the electronic platform." 

And he continued, "In addition to the use of electronic cards and the cash sale of dollars, all of this made what is called (the exchange rate in the parallel market) not reflect the real exchange rate as long as the Central Bank of Iraq responds to all (legitimate requests) to buy dollars, and that the price is in the parallel market." It is associated with speculative activity, and non-fundamentalist operations that try to evade the methods provided by the Central Bank of Iraq law and its decisions. 

The currency crisis began last November when the Federal Reserve (the Central Bank of America) in New York approved stricter controls on international transactions in dollars for Iraqi commercial banks.

Under the new restrictions, banks must use an electronic platform to disclose their dealings and details about the sender and recipients, and US officials can object to suspicious transfer requests.

It is noteworthy that the Central Bank of Iraq approved in late December a package of measures to control the stability of the exchange rate against the dollar, including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for selling foreign currency in government banks to the public for travel purposes.

The bank called on merchants at the time to deal "with banks directly and not to resort to brokers and speculators to avoid charging their imports with undue commissions and expenses."

[6ly410]

Remittances and the "monopoly" of the Association of Banks. Exchange rates portend a repeated crisis unchecked

Economy | Today, 11:45 am | 

    Remittances and the "monopoly" of the Association of Banks. Exchange rates portend a repeated crisis without control » Baghdad News Agency Today (baghdadtoday.news)

 

 

Baghdad Today – Baghdad

The exchange rate of the US dollar returned to rise against the Iraqi dinar after a significant decline recorded during the past four weeks, and with the increase in sales of the Central Bank in the currency auction, observers noticed the exploitation of private banks, especially those that fall under the cloak of the so-called "Association of Private Banks" for the exchange rate crisis and achieve imaginary benefits by buying at the official rate from the Central Bank at a value of 1320 and selling at the parallel price to reach 1446 and slightly higher.

In this regard, economic expert Abdul Rahman Al-Mashhadani identified a major reason behind the escalation of dollar exchange rates in the Iraqi markets, while pointing to violations committed by private banks with financial and bank transfers.

Al-Mashhadani told Baghdad Today that "the escalation of US dollar exchange rates in the parallel market in Baghdad and the rest of the provinces is due to a problem in traders' financial transfers abroad because some of them are delayed in auditing and others are rejected after two weeks or more," pointing out that "traders are mainly interested in financing their trade, so many of them resort to the parallel market and transfer money abroad officially."

He added, "A not a small part of traders and companies did not organize in the electronic platform dedicated to them, and these still depend on the parallel market, as well as delaying transfers to traders lead to the imposition of very expensive fines in ports and foreign airports that some see as higher than the cost of buying dollars from the parallel market, so they resort to the latter in order to speed up the pace of shipping goods to Iraqi ports."

He pointed out that "the shipment of any trader is not released in the ports until after paying the money, and this is what drives some of them to rely on the parallel market to buy the dollar, despite its rise above the specified prices because the cost of land fines is very high."

On the same level, the professor and researcher in economic affairs in the Kurdistan region, Muhammad Huwaizi, held the Iraqi Banks Association responsible for keeping the exchange rate high due to its parallel market to the price set by the Central Bank of Iraq, which is the beneficiary of the high price because it sells the dollar outside the price for a specific price from the bank by a large margin, and it is the one who monopolizes the dollar on citizens so that they are forced to buy it at high prices.

Huwaizi stressed to (Baghdad Today) that "the Sudanese government must hold these people accountable, otherwise it will be directly responsible to citizens who are shrouded in the fire of the exchange rate that exhausts the markets and the cost of living."

He added that the policy of Iraqi banks will not succeed in its "parallel" policy because the game is exposed and no longer fools the simple citizen, as well as experts and analysts of economic policies, not to mention the supervision of the US Treasury, which laid common foundations earlier with the Central Bank of Iraq during its last meeting with him.

For its part, the bank announced in a statement on (May 12, 2023), that it will refer speculators in exchange rate cases to the competent courts, indicating that it has succeeded in providing easy and appropriate tools represented in the facilitation packages it issued, which include support for the settlement of electronic cards at the official rate and financial transfers of various kinds, but some of those who were allowed to obtain the cards misused them away from the desired goals for this purpose, as revealed by the reports of the competent security authorities and the supervisory procedures of the Central Bank and the Combating money laundering and terrorist financing, which called for the development of a "strict new electronic system" to end this phenomenon and the violations used in those cards."

The Central Bank of Iraq revealed "the completion of legal procedures against violators, individuals, companies and banks," announcing their referral to the courts specialized in money laundering and terrorist financing."

The bank stressed its "keenness to provide all the appropriate tools to stabilize the exchange rate, especially with the arrival of external transfers through the electronic platform to high levels."

"In addition to the use of electronic cards and the cash sale of dollars, all of this has made the so-called 'parallel market exchange rate' not reflect the real exchange rate as long as the Central Bank of Iraq responds to all (legitimate requests) to buy dollars, and that the price in the parallel market is linked to speculative activity, and non-fundamentalist operations that try to move away from the methods provided by the Central Bank of Iraq law and its decisions," he said.

The currency crisis began last November when the Federal Reserve in New York approved stricter controls on international dollar transactions for Iraqi commercial banks.

Under the new restrictions, banks must use an online platform to disclose their transactions, sender and beneficiary details, and U.S. officials can object to suspicious transfer requests.

It is noteworthy that the Central Bank of Iraq approved in late December a package of measures to control the stability of the exchange rate against the dollar, including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for the sale of foreign currency in government banks for the public for travel purposes.

At the time, the bank called on traders to deal "with banks directly and not to resort to intermediaries and speculators to avoid charging their imports undue commissions and expenses".

[yota691]

Monitor on the return line of the rise in dollar exchange rates: There are no real measures to revive the dinar

2023.05.15 - 22:37

 

Baghdad - people  

On Monday, meteorologist Sadiq Attia commented on the return of the dollar exchange rate in the Iraqi market.  

  

  

Attia said in a post followed by "Nass" (May 15, 2023), "Gradually, the dollar began to rise... We have not seen real government measures to revive the exchange of the (tired) dinar against the dollar."  

  

He added, "I am not an expert in economics, but if the government is unable to control smuggling, then many internal banking transactions are still conducted in dollars instead of dinars, and this can be controlled, such as the car market and the investment real estate market, paying some internal debts and preventing the import of unnecessary things for the citizen." etc.”  

  

He continued, "There is no country in the world in which the exchange rate of the dollar fluctuates like Iraq, which burdens the citizen who is still between the hammer of high prices in the markets and the anvil of the scarcity of daily resources and the government's lack of control over them."  

  

He pointed out that "the process of control does not come through an (egg layer) descending to the markets, or expediting the processing of food baskets, or reducing the disbursement of electronic bank cards. Rather, we need economic solutions and the expertise of economists to get out of the pressure of the US Federal Reserve."  

[6ly410]

Central Bank Controls for Remittances and Trade Finance

[JonnyV]

Thanks for posting.  Too bad I don’t read Arabic or speak Farsi.  

[Carrello]

Thank you, 6ly410. I'm grateful for what you bring everyday to DV, and the dedication you have to inform strangers and friends. It takes a big person to show such selflessness. All posters show this type of character and perseverance. It's hard work to post the news and takes many more steps, discernment, and time than simply a copy and past motion.

[yota691]

Specialists: There are three reasons behind the recent rise in the exchange rate of the dollar

2023.05.20 - 09:21

 

Baghdad - people  

Financial speculation in the dollar exchange markets disturbed the price stability that the country witnessed during the recent period, resulting from the packages of measures launched by the Central Bank in cooperation with various government agencies to control the dollar.  

  

  

  

While the "green currency" witnessed an increase that touched the limits of 147 thousand dinars per 100 dollars, specialists in economic affairs confirmed that there was a discrepancy between supply and demand that led to a rise in the exchange rate of the dollar in the parallel markets, accompanied by an increase in speculation and the difficulty and delay of audit procedures for the purchase of foreign currency.  

  

Despite the "fluctuation" taking place in the parallel exchange markets, however, specialists believe that this matter will be temporary, suggesting that the dollar exchange rate will return very soon, and its stability at the 1340-1360 range.  

  

Amidst this, the central bank doubled its measures aimed at tightening control over the exchange rate, while its recent sales amounted to more than $200 million in the currency sale window, the governor of the central bank, Ali Al-Alaq, confirmed following up on the exchange rate situation, developing appropriate solutions for any problems, and implementing purchase requests. From merchants and citizens as a whole, pointing out that those who refrain from buying from the official platforms may have problems and illegal dealings.  

  

Al-Alaq said, "The central has a daily follow-up of the dollar exchange rate to find out all the factors and influences related to the exchange rate."  

  

Al-Alaq added, "The Central Bank is trying to find solutions to it and the appropriate channels, and we are walking near the market to identify the problems that occur in order to put the price in its official direction."  

  

The governor explained, “The Central Bank implements the purchase requirements and the needs of all citizens in terms of dollars, and each price remains outside the official price, either for speculation or for illegal actions,” considering that “goes to buy dollars from the black market at a price higher than the official, despite the availability of the official through approved platforms, perhaps.” There will be problems in the transactions that he performs.”  

  

In turn, the economic and financial expert, Mahmoud Dagher, believes that the rise in the exchange rate represents a “normal matter” in light of the failure to solve the problem of the dollar supply for import purposes and the rest of the commercial activities, stressing that the failure to provide the dollar in a way that suits the high demand in recent times, could lead to a lack of control it.  

  

The expert Dagher also attributed the reasons for the rise in the exchange rate, after it witnessed stability in previous times, to a number of factors, including “problems related to the transfer process, return and audit by the US Federal Reserve, which takes a long time for remittances,” noting that these matters “led to Supply does not cover the level of demand, which is now not only for trading purposes, but rather for speculative and precautionary purposes.  

  

Dagher stressed, "The restrictions that stand in front of the expansion of the dollar supply are still very present, indicating the possibility of reaching the goal when the supply restriction is completely lifted."  

  

The economist, Nabil Jabbar Al-Tamimi, did not deviate much from the previous opinion, when he indicated that "speculation represents the most prominent reason behind the high dollar exchange rate," stressing the possibility of restoring the stability of the foreign exchange between 1340-1360 dinars within a week or a little more, in In the event that the Central Bank takes measures related to providing greater facilities to companies and small traders and requests for financial transfers, to conduct transfers on (less severe) terms.  

  

Despite Al-Tamimi's call for "less severe measures," he "praised the Central Bank's policies during the recent period," stressing that those policies "did not lead to restrictions on access to the dollar, and that the rise resulted from the speculations conducted by some currency traders taking advantage of the high price of gold." exchange,” indicating at the same time, that “the currency selling window has maintained a moderate daily sales rate during the past two weeks between 180-200 million dollars per session, and it may approach a little bit from the actual need of the Iraqi market for dollars.”  

  

The expert, Al-Tamimi, called for the need to stop the “imaginary effect on exchange rates” represented by (mobile applications) that promote local exchange rates (black market exchange rates) because they are applications whose displayed data do not include their dependence on real demand in the market (such as a real electronic auction and stock exchange, but rather It is just a media display.  

  

"The Official Gazette"  

[yota691]

Dollar speculation puts individual livelihood and the value of the Iraqi dinar in front of serious challenges

 

May 20, 2023

Baghdad / Obelisk Al-Hadath: Dollar speculation in financial markets and its fluctuations directly affect the global economy and the standard of living of the individual, while there is fear of widening potential negative effects.

 

The economic analyst, Nabil Jabbar Al-Tamimi, said that “speculation represents the most prominent reason behind the rise in the dollar exchange rate,” stressing the possibility of the return of foreign exchange stability between 1340-1360 dinars within a week or a little more, in the event that the central bank takes measures related to providing greater facilities. For companies, small merchants, and financial transfer requests, to carry out transfers on (less severe) terms.

 

The sharp decrease in the value of the local currency (the Iraqi dinar) against the US dollar, causes an increase in the cost of importing goods and products imported from abroad, which leads to an increase in the cost of living and the impact on the purchasing power of citizens.

 

Despite Al-Tamimi’s call for “less severe measures,” he “praised the Central Bank’s policies during the recent period,” stressing that these policies “did not lead to restrictions on access to the dollar, and that the rise resulted from speculations conducted by some currency traders taking advantage of the high price of gold.” exchange,” indicating at the same time, that “the currency selling window has maintained a moderate daily sales rate during the past two weeks between 180-200 million dollars per session, and it may approach a little bit from the actual need of the Iraqi market for dollars.”

 

The depreciation of the local currency leads to an increase in inflation in the country, which happened in the past recent months, as prices are linked to the dollar, which increases the price of local goods and services based on exchange rate movements, and thus increases inflation and decreases the purchasing power of citizens.

Al-Tamimi called for the need to stop the “imaginary effect on exchange rates” represented by (mobile applications) that work to promote local exchange rates (black market exchange rates) because they are applications whose displayed data do not include their dependence on real demand in the market (such as a real electronic auction and stock exchange, but are Just an informational display).

 

The selling price of the dollar was 144,800 dinars per 100 dollars, while the buying price of the dollar was 145,250 dinars per 100 dollars.

 

The commercial markets witnessed a decline in the exchange rate in the past weeks, but it rose again, which indicates an economic problem that is still present in the country.

 

And the Central Bank of Iraq decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. Dollars from banks and non-bank financial institutions to the final beneficiary.

 

Analyzes say that the decline in foreign direct investment due to fluctuation in the exchange rate will affect foreign direct investment in Iraq. And when there is instability in the value of the local currency, foreign investors may hesitate to inject their capital into the country or they may withdraw their current investments, and this can lead to reducing investment opportunities and economic growth in the future.

[yota691]

No need for the dollar'.. The Central Bank talks about the mechanism of dealing in Iraq

2023.05.31 - 17:19

 

Baghdad - people  

The Central Bank of Iraq identified, on Wednesday, the party responsible for selling the dollar at the parallel price, while stressing that the dinar is the national currency and there is no need to deal with anything else.  

  

  

  

The Deputy Director General of the Investments Department at the Central Bank of Iraq, Muhammad Yunis, said in a statement to the official agency, followed by “NAS”, (May 31, 2023), that “the goal of the Central Bank’s launch of the three consecutive packages is to maintain the stability of the exchange rate and deal with the official price.” Selling through cash sales platforms.  

  

He added, "The bank is currently adopting a mechanism to improve procedures, facilitate remittance transfers, and overcome all difficulties," pointing out that "small merchants who are not entitled to enter the platform are the ones who buy dollars and deal at the parallel price, pressure and form a demand for it. As for the rest of the commercial companies, they enter the platform and run Its remittances are normal and at the official rate.”  

  

He continued, "The members of the Iraqi Dinar support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support the dinar, stabilize the exchange rate, and prevent informal dealings because there is no need to deal in dollars in Iraq."  

  

He emphasized that "those speculating in dollars are violating the law, and dealing with them is done through the Iraqi judiciary."  

[yota691]

"Credit cards"... a new trick to smuggle dollars out of Iraq

2023-06-06 02:10

 

 

Shafaq News/ Despite the strict measures taken by the US Treasury and the Central Bank of Iraq and its placement of several controls, there are many ways to smuggle hard currency out of Iraq, including bank credit cards, which are backed by organized parties, as described by specialists.

 

In a new trick to bypass government control, the smuggling gangs follow the method of filling the smuggler with dozens of bank credit cards with large amounts of Iraqi dinars and converting them into dollars at the official government rate abroad, as influential parties were able to withdraw various funds from the dollar currency in neighboring countries.

 

Salam Muhammad, an economist, confirmed to Shafaq News agency, "The great restrictions imposed by the US Treasury and the Central Bank of Iraq on those who smuggled currency abroad made them create new ways to smuggle currency," explaining, "Now there are smuggling operations behind which influential parties are smuggling currency by means of Bank credit cards By forging the smuggler dozens of bank credit cards that hold large financial accounts, the smuggler converts the dollar at the government exchange rate and transfers the dollar out of the country.

 

Salam added, "Failure to control such types of smuggling will make the hard currency unstable in the markets, and this requires setting a filter for bank card holders or defining a mechanism for granting them according to very precise controls."

 

The Directorate of Border Crossings had said earlier that the use of bank credit cards to smuggle dollars is a new tactic, after its cadres tightened security measures at land border crossings and international airports to limit smuggling of dollars (cash) out of Iraq.

 

In this regard, Salah Al-Wandi, who works at one of the border crossings with one of the neighboring countries, said in a statement to Shafaq News agency; "Currency smuggling has become easy in light of the smugglers' innovation of new ways to smuggle currency," stressing that "credit bank card holders smuggle currency through Baghdad, Najaf and Basra airports, as well as land outlets with neighboring countries."

 

Al-Wandi continues, "The US Treasury and the Central Bank of Iraq have previously imposed strict controls on cash transfers carried out by Iraqi banks, in an attempt to reduce money laundering and smuggling. However, smuggling operations witness a variety of ways and means of exiting the currency, which poses a great threat to the national economy." .

[yota691]

Integrity cracks down on currency manipulators and overthrows (46) owners of exchange companies

• Time: 06/21/2023 15:31:31
•  
• Read: 819 times

  

{Local: Al Furat News} Today, Wednesday, the Federal Integrity Commission announced the arrest of (46) accused of the owners of private exchange companies; Against the backdrop of manipulation, forgery, and circumvention of the platform system for selling foreign currency.

 

Integrity stated in a statement received by {Euphrates News} that "the investigation department of the commission, and in its discussion of the seizure operations that it carried out according to judicial notes, stated that it had formed teams in the directorates and offices of the commission's investigation in Baghdad and the provinces, to investigate and verify information it received that includes the commission of some companies The private exchange fraud and violations, to circumvent the platform system approved by the Central Bank of Iraq to withdraw foreign currency and sell it on the black market.

 

Al-Nazaha continued, "its teams were able to launch an inspection campaign, and after investigations, investigations, and audits, they overthrew (46) money changers, because they used the passports of citizens and uploaded them to the platform system approved by the Central Bank, and withdrew an amount of (2000) US dollars." for each passport without the knowledge or consent of the passport holder and with a forged travel ticket," pointing out to "the absence of the customer's documents and his signature on the form for disbursing the amount."

 

She indicated, "The arrested were distributed among several governorates, where (20) of them were seized in the capital, Baghdad, and (8) in Basra, while (7) accused were arrested in Wasit, while the number of owners of private exchange companies who were seized reached In each of Maysan, Anbar, Muthanna, Najaf and Diwaniyah, there are two accused in each of them, and one accused in Babil province.

 

And Al-Nazaha added, "Its teams were also able to seize dozens of transactions and passport records of private exchange companies, which showed that there were no signatures for the customer to receive the amounts in the records or transactions," warning that "some transaction owners denied receiving the amounts, after they were contacted by teams." Commission".

 

And she continued, "The defendants were taken, accompanied by the exhibits and the arrest reports, to the judges of the investigation courts specialized in examining cases of integrity, who decided to arrest them according to various legal articles," while "the judge of the Second Karkh Investigation Court decided to assign the Commission's investigation department to form an investigative committee to conduct an administrative investigation into The procedures of the Central Bank of Iraq to follow up on the work of some private exchange companies, "and it also decided to assign the aforementioned investigative committee to conduct investigations and indicate the shortcomings by checking the exchange of money amounts according to the tickets and passports seized by the commission and which it began to compose."

[RJG]

 

The Integrity Commission arrests 46 owners of exchange companies on charges of currency manipulation

6/21/2023

 

The Federal Integrity Authority stated, on Wednesday, that its teams managed to seize 46 accused owners of private exchange companies. Against the backdrop of manipulation, forgery, and circumvention of the platform system for selling foreign currency.

The investigations department of the commission, speaking of the arrest operations it carried out according to judicial notes, indicated that it had formed teams in the directorates and offices of the commission's investigations in Baghdad and the provinces. To investigate and audit information received by it that includes some private exchange companies committing fraud and violations; To circumvent the platform system approved by the Central Bank of Iraq to withdraw foreign currency and sell it on the black market.

The department continued that its teams were able to launch an inspection campaign, and after investigations, investigations and audits, they overthrew (46) of the owners of money changers. Because they used the passports of citizens and uploaded them to the platform system approved by the Central Bank, and withdrew an amount of (2000) US dollars for each passport without the knowledge or approval of the holder of the passport and with a forged travel ticket, pointing to the absence of the customer’s documents and his signature on the form for disbursing the amount.

The department also indicated that the arrested were distributed among several governorates, where (20) of them were seized in the capital, Baghdad, and (8) in Basra, while (7) accused were arrested in Wasit, while the number of owners of private exchange companies who were seized reached In each of Maysan, Anbar, Muthanna, Najaf and Diwaniyah, there are two accused in each of them, and one accused in Babil governorate.

And she added that the teams were also able to seize dozens of transactions and passport records of private exchange companies, which showed that there were no signatures for the customer to receive the amounts in the records or transactions, warning that some of the owners of the transactions denied receiving the amounts, after they were contacted by the authority’s teams.

The accused, accompanied by the exhibits and the arrest reports, were taken to the judges of the investigation courts specialized in hearing cases of integrity. Those who decided to arrest according to different legal articles, while the judge of the Second Karkh Investigation Court decided to assign the Commission’s Investigation Department to form an investigative committee to conduct an administrative investigation into the procedures of the Central Bank of Iraq by following up the work of some private exchange companies.

The judge also decided to assign the aforementioned investigative committee to conduct investigations and clarify the shortcomings by checking the disbursement of money according to the tickets and the first passports seized by the commission and which it started authoring, according to the Integrity Commission.

https://shafaq.com/ar/مجتـمع/هي-ة-النزاهة-تعتقل-46-شخصا-من-صحاب-شركات-الصرافة-بتهمة-التلاعب-بالعملة

[new york kevin]

Was one of the accused Maliki, A ?

[BETTYBOOP]

38 minutes ago, new york kevin said:

Was one of the accused Maliki, A ?

Probably not, but rest assured he has his fingers in that pie as well.

Edited June 21, 2023 by BETTYBOOP

[horsesoldier]

2 hours ago, new york kevin said:

Was one of the accused Maliki, A ?

NAW, he probably issued the arrest order...Big Time criminals like him don't like the competition.

There's only room for the Big Tater in Iraq.

[jg1]

12 hours ago, yota691 said:

Integrity cracks down on currency manipulators and overthrows (46) owners of exchange companies

• Time: 06/21/2023 15:31:31
•  
• Read: 819 times

  

{Local: Al Furat News} Today, Wednesday, the Federal Integrity Commission announced the arrest of (46) accused of the owners of private exchange companies; Against the backdrop of manipulation, forgery, and circumvention of the platform system for selling foreign currency.

 

Integrity stated in a statement received by {Euphrates News} that "the investigation department of the commission, and in its discussion of the seizure operations that it carried out according to judicial notes, stated that it had formed teams in the directorates and offices of the commission's investigation in Baghdad and the provinces, to investigate and verify information it received that includes the commission of some companies The private exchange fraud and violations, to circumvent the platform system approved by the Central Bank of Iraq to withdraw foreign currency and sell it on the black market.

 

Al-Nazaha continued, "its teams were able to launch an inspection campaign, and after investigations, investigations, and audits, they overthrew (46) money changers, because they used the passports of citizens and uploaded them to the platform system approved by the Central Bank, and withdrew an amount of (2000) US dollars." for each passport without the knowledge or consent of the passport holder and with a forged travel ticket," pointing out to "the absence of the customer's documents and his signature on the form for disbursing the amount."

 

She indicated, "The arrested were distributed among several governorates, where (20) of them were seized in the capital, Baghdad, and (8) in Basra, while (7) accused were arrested in Wasit, while the number of owners of private exchange companies who were seized reached In each of Maysan, Anbar, Muthanna, Najaf and Diwaniyah, there are two accused in each of them, and one accused in Babil province.

 

And Al-Nazaha added, "Its teams were also able to seize dozens of transactions and passport records of private exchange companies, which showed that there were no signatures for the customer to receive the amounts in the records or transactions," warning that "some transaction owners denied receiving the amounts, after they were contacted by teams." Commission".

 

And she continued, "The defendants were taken, accompanied by the exhibits and the arrest reports, to the judges of the investigation courts specialized in examining cases of integrity, who decided to arrest them according to various legal articles," while "the judge of the Second Karkh Investigation Court decided to assign the Commission's investigation department to form an investigative committee to conduct an administrative investigation into The procedures of the Central Bank of Iraq to follow up on the work of some private exchange companies, "and it also decided to assign the aforementioned investigative committee to conduct investigations and indicate the shortcomings by checking the exchange of money amounts according to the tickets and passports seized by the commission and which it began to compose."

“arrest of (46) accused of the owners of private exchange companies”

Lol. Really! Pointing fingers again. Ya. How About all the payoffs to Iran in dinars, or the government corruption, or the cbi making so much money off the dollar sales. Sheez.