Exclusive: Iraq to end all dollar cash withdrawals by Jan. 1, 2024, central-bank official says

[yota691]

The Central Bank confirms that it is waging a "battle" against dollar smugglers

Today, 16:10

 

Al-Ghad Press/Translation 

Central Bank Governor Ali Al-Alaq affirmed that Iraq has made great strides in applying restrictions on the supply of US dollars, but it is facing an uphill battle with a banking system that is not accustomed to strict control and permanent currency smugglers .

 

Al-Alaq said in an interview with Reuters, translated by Al-Ghad Press, "It is really a battle because the beneficiaries of this situation and those affected (by the new measures) will try in various ways to continue their illegal activities ."

 

He added that he "has no data on the amount of Iraqi dollars that were smuggled into Iran or other neighboring countries, including Turkey and Syria, before the US tightened regulations in November. "

 

Al-Alaq explained that "Iraq's reserves exceed 100 billion dollars, but it cannot intervene freely in the market to reduce the price due to the restrictions . "

 

US officials said that the US Treasury Department and the Federal Reserve last month prevented 14 Iraqi banks from conducting transactions in dollars as part of a broader campaign to smuggle dollars into the Iraqi banking system .

 

Al-Alaq indicated that “the procedure related to transfers is from 2022, before the launch of a new platform aimed at improving transparency,” noting that “the central bank is conducting a review of the banking sector and presenting new regulations that it said will likely witness the closure of some banks. ”

 

"It would be very normal in the coming period to see a decrease in (the number of private banks), " he said.

 

He said, "There are always side effects, but at the same time we have a responsibility to protect the country's interests by trying to find the necessary means of monitoring and supervision so that we do not expose the country to any issues on this front. " .

 

The bank governor pointed out that "one of the features of the informal economy to a large extent, the system was used by thousands of small companies that are not registered with the state, a phenomenon widespread in Iraq that allows them to evade taxes and customs fees. "

 

Since January, the central bank has required banks to provide detailed information on senders and recipients of remittances via an online platform .

 

Alaq said that when companies began trying to use the platform in January, US authorities approved less than 20% of the requests. That number has now risen to about 85 percent, he said, indicating increased ease with the new regulations .

 

And Al-Alaq indicated that the strict regulations, along with government plans to promote digital payment, forced a broader transformation in the Iraqi economy in a country where cash is still king and the majority of adults do not have bank accounts .

 

"It is not just an electronic platform, but it will lead to a complete reorganization of trade and money movement, and control of many avenues for suspicious activity," according to Al-Alaq.

 

[yota691]

The US Federal Reserve asks Iraq about the large number of "importing Indomie": Do you like it that much?

Economy | 12:13 - 08/16/2023

 

 

 

 

Baghdad - Mawazine News,
Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the details of the US Federal Bank's audit of Iraq's imports.
Al-Alaq said, during his hosting of the journalists, "The international committees are asking the Iraqi authorities about the truth about importing 'Indomie', as the US Federal Bank checked it and said, 'Do you like it that much?'"
 He added, "The world is surprised by the love of the new generation of Iraqis for Indomie, due to the large number of Iraq importing it, and international committees ask me if it is real or not. This is among the strange imports that the US Federal Bank investigated."
He pointed out, "Gold is the biggest guarantor of the future of the currency in Iraq," stressing that "the reserves of the yellow metal have now reached 132 tons."
He continued, "There is no parallel market in Iraq, and the unofficial dollar comes from the lions."

[horsesoldier]

Let's be realistic about all this. These Crisiees, problems, difficulties and such are deliberate. 20 years has shown us that.

Then there's the myriad of excuses that comes right on the heels of one nightmare after the other. Criminals 101.

They could turn it around if they choose too, but they choose NOT to do it .

[6ly410]

Governor of the Central Bank: We are fighting a big battle to remove the illegal groups that seize hard currency

Thursday 17 August 2023 10:58 | Economical Number of readings: 467

Baghdad / NINA / - The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Thursday: "The bank is waging a great battle to remove illegal groups that seize hard currency," indicating: "The next trend is to eliminate speculators in the parallel market."

Al-Alaq said in a press statement: "The talk about the entry of 14 foreign banks into Iraq is incorrect," noting: "The banks that have correspondent banks have a sound, official, and easy foreign remittance."

And he explained: "The government owes a debt to the Central Bank in the amount of 46 trillion Iraqi dinars, 30 trillion of which were at the time of the government of former Prime Minister Mustafa Al-Kazemi."/ To

https://www.ninanews.com/Website/News/Details?key=1071433

[6ly410]

Central bank governor says Iraq set in ‘battle’ against dollar smugglers

BYESTA MEDIA NETWORK

7 HOURS AGO

 

A man holds money as he poses for a picture at a foreign currency exchange market in Baghdad, Iraq, December 20, 2020. (Reuters photo)

SULAIMANI (ESTA) — Iraq has made strides implementing U.S. dollar supply restrictions targeting Iran but faces an uphill battle with a banking system unaccustomed to strict oversight and persistent currency smugglers, central bank governor Ali al-Allaq said.

“It is really a battle, because the people benefiting from this situation and those harmed (by the new measures) will try in various ways to continue their illegal activities,” Allaq said in an interview with Reuters.

Allaq did not mention Iran by name and said he did not have data on how much of Iraq’s dollars been smuggled to Iran or other neighbouring countries, including Turkey and Syria, before the United States tightened regulations in November.

The U.S. measures that aim to enforce sanctions on Iran are a sensitive matter in a country that has often been a front line in the rivalry between Washington and Tehran.

Iraq’s government is reliant on Washington’s continued goodwill to ensure oil revenues and finances do not face U.S. censure, but it came to power with the support of powerful, Tehran-backed groups and so cannot afford to alienate Iran.

The latter groups have accused the U.S. of meddling in Iraq’s internal affairs and creating a currency crisis, as businesses either struggling or unwilling to abide by the new measures sourced dollars from exchange shops, driving down the value of the Iraqi dinar.

Iraq has more than $100 billion dollars in reserves, Allaq said, but could not freely intervene in the market to bring the rate down due to the restrictions.

Last month, the U.S. Treasury Department and the Fed barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, U.S. officials said.

Allaq said that action related to transfers from 2022, before a new platform that aimed to improve transparency went live. He said the central bank was undertaking a review of the banking sector and introducing new regulations that he said would likely see some banks close.

“It would be very normal in the coming period to see a reduction in the (number of private banks),” he said.

“There are always side-effects, but at the same time we have a responsibility to protect the country’s interests by trying to find the necessary means for monitoring and oversight so as not to expose the country to any issues on this front,” he said.

‘TRANSFORMATION’

The U.S. measures have targeted Iraq’s so-called dollar auction, where the central bank requests dollars from the U.S. Federal Reserve before selling them to commercial banks, which in turn sell the funds to businesses in the highly import-dependent economy.

U.S. and Iraqi officials have said the auction allowed large sums of money to be illegitimately acquired by groups who would provide fake invoices and then either transfer or physically smuggle the funds to neighbouring countries, chiefly Iran.

A feature of a highly informal economy, the system was also used by thousands of small businesses that are not registered with the state, Allaq said, a widespread phenomenon in Iraq that allows them to dodge taxes and customs fees.

Since January the central bank has asked banks to provide detailed information on senders and recipients of transfers via an online platform.

When companies began trying to use the platform in January, less than 20% of requests were approved by U.S authorities, Allaq said. That number had now risen to around 85 percent, signalling growing ease with the new regulations, he said.

Allaq said that tighter regulations along with government plans to promote digital payment were forcing a wider shift in the Iraq economy in a country where cash remains king and the majority of adults do not have bank accounts.

“It is not just an electronic platform, it will lead to a total reorganisation of trade and the movement of money, and control on a lot of avenues for suspicious activity.”

(Esta Media Network/Reuters)

 

 

[Hotcurl]

3 hours ago, 6ly410 said:

Al-Alaq: The Central Bank is fighting a "battle" against dollar smugglers

 

TOTAL    for the Iraqi "sheeple" .................. IMHO .............

 

The CBI could stop this at any moment, IF THEY WANTED TO ! but they won't because the CBI wants to give Iran access to the $US ...............

 

Just sayin' ...................

 

[Woldopep]

Sobering reality of Iranian influence

 

Iraq on the brink of becoming Iran's clone

Opinion by Shereshevskiy

 16 August 2023 - 12:16

Mikhail Shereshevskiy Caliber.Az

 

The Iranian system clones itself in countries that fall under Tehran's influence. Serious passions flared up around the case of Elizabeth Tsurkov, a citizen of Israel and Russia. She was kidnapped in Iraq, apparently in March 2023, by the pro-Iranian Shiite militia Kataib Hezbollah (KH). Iraqi authorities said they have launched a formal investigation and that the case is related to the country's national security. An adviser to Iraqi Prime Minister Mohammed al-Sudani made the statement in this regard. Tsurkov travelled to Iraq to conduct research. She is affiliated with Princeton University and specialises in the study of the Middle East and specifically Iraq, where in particular the movement of supporters of Shiite preacher Muqtada Sadr is the object of her interest.

The Iraqi Government is correct in pointing out that what happened is related to national security issues, but that remark has a very different meaning than an outside observer might think. The fact is that the Kataib Hezbollah group that kidnapped Tsurkov is part of the Iraqi regime. A pro-Iranian coalition of Shiite parties and militias called the Coordination Mechanism (CM) is in power in Baghdad. In October 2021, the alliance lost national elections, losing to another Shiite party, the Sairoun bloc led by Muqtada Sadr. But then how did it come to power? It must be said that the majority of Iraqis, suffering from poverty, lack of quality housing, jobs, clean water and power cuts in 50-degree heat, seem to have an extreme aversion to all parties, and they did not turn out for the elections. Of those who did show up - about 40 per cent - many voted for supporters of Sadr, a politician critical of corruption and the Iranians, whom he accuses of deeply infiltrating the engine of Iraqi statehood. However, all of Sadr's attempts to form a majority government have failed.

The Supreme Court, where Iranian and CM supporter Faiq Zaidan plays an important role, ruled that a simple parliamentary majority was not enough to form a government, but that a two-thirds majority was needed. Sadr could not get that much. He then ordered his supporters to leave parliament, unwilling to participate in a comedy choreographed by the Iranians and their allies. Then the pro-Iranian bloc, which came second in the elections, according to Iraqi law, won the seats of Sadr's supporters and, having collected two-thirds, formed a government headed by Prime Minister Sudani. In this way, the people who lost the elections became the government of the country.

According to Michael Knights, one of the leading scholars of Iraq, Sudani is a puppet who cannot make a move without the decisions of the leadership of the Coordination Mechanism (CM). At the head of this structure, and therefore of Iraq, are now three people - Qais Khazali, the leader of the Iranian-trained armed Shiite militia Asaib Ahl al-Haq, former Prime Minister and leader of the "Rule of Law" party Nuri al-Maliki, and the leader of the Iranian-created organisation "Badr" Hadi al-Amiri (members of "Badr" control the Iraqi Interior Ministry).

All three groups and many others are part of or affiliated with the Coordination Mechanism. Israeli journalist of Middle Eastern affairs Jonathan Spyer notes that the KH group that kidnapped Tsurkov "is part of Iraq's ruling establishment, took part in the 2021 Iraqi elections, and its political bloc Hoqq (Rights) was part of the Coordination Mechanism." If the CM is the political wing of the pro-Iranian bloc, its military wing is the Popular Mobilisation Force (PMF). It includes all pro-Iranian militias. At one time, the Iranians relied on the KH as the core of the PMF.

KH leader Abu Mahdi al-Muhandis was the de facto head of all the militias and a close friend of the second man in the Iranian leadership, Qassem Suleimani, who ran Tehran's covert operations abroad. Both were killed by a US missile fired from a drone in Baghdad on January 3, 2020. Since then, KH has lost its former influence. Today, some observers believe Qais Khazali has "gained unfathomable power." But be that as it may, the KH is part of the Iraqi government. Recently, these men, who are the true leaders of the country, have made several important and, in fact, unprecedented decisions that could determine the future of the country. First of all, the Coordination Mechanism has taken control of Iraq's National Intelligence Service, Baghdad airport, anti-corruption agencies and customs posts. The move signifies the group's growing penetration and merger with the state. At the same time, it has decided to increase control over digital media, i.e. censorship.

A number of other decisions are related to the discussion of the Iraqi budget. It will double the number of PMF to 240,000 fighters, bringing the state's expenditures on their maintenance to $1.7 billion. In fact, the PMF militias are turning into the main defence and support of the Iraqi state. And no wonder. It was these forces, along with the elite "Golden Division" (also led by Iranian proxies), that played a leading role in the defeat of ISIS.

The militias later crushed a widespread popular uprising against the regime that erupted in the autumn of 2019. They are all paid from the budget and listed as members of the official security forces. But more importantly, they are turning into the core of the regime, filling it with themselves, being present in all spheres of politics and economy.

Moreover, the pro-Iranian Shiite religious militias that make up the PMF are armed with T-90 tanks and long-range missile systems. The new Iraqi budget promises a total of 700,000 additional public sector jobs (including PMF militias), increasing the number of civil servants by 17 per cent within one year. There is little doubt that these jobs are for relatives and friends of the militias. In this way, Iranian methods are creating an active, state-funded, taxpayer-funded minority capable of defending the regime by force, while at the same time creating opportunities to funnel state money into the pockets of militants.

But perhaps an even more important measure is the decision to create a new state-owned company, the Muhandis General Company, named after the late Kataib Hezbollah leader. Knights points out that it is officially owned by the Popular Mobilisation Forces (PMF), with "the company's scope of activity virtually unlimited: it can operate in any sector, as its full name suggests, and is essentially an empty container through which Iranian-backed militias can consolidate their control over the Iraqi economy." Uniquely for an Iraqi state-owned company, it can obtain land, state capital, and state-owned enterprises, and carry out construction and demolition for free without cabinet or parliamentary approval.

In December 2022, shortly after its creation, the Muhandis General Company received 1.2 million acres of state-owned land along the Iraqi-Saudi border for free. The project is ostensibly intended for tree planting and agriculture, but to put its scale into perspective, it should be noted that the area it covers is only half the size of Lebanon and more than 50 times the size of the largest agricultural project in Iraqi history. What's more, the area is located in an area from where Iraqi militants have repeatedly fired drones at Saudi Arabia and the United Arab Emirates since 2019...

On April 24, PMF forces also illegally expropriated a large tract of prime real estate in western Baghdad on behalf of the Muhandis General Company, simply seizing a chunk of the historic centre of the country's capital the size of 20 New York City blocks. Thus, we are talking about the creation of a state-owned (actually owned by the leaders of the PMF and CM) corporation that will be able to get its hands on any expensive assets.

The Iraqi state and society are rapidly transforming. A new structure, very similar to Iran's, is forming within the former shell. In Iran, the role of the PMF is played by the Islamic Revolutionary Guard Corps (IRGC), a special army composed of religious military personnel. The IRGC is the core of the Iranian regime and at the same time the largest corporation in the country. According to various estimates, about half of Iran's GDP is under the control of its companies, both state-owned and those owned by IRGC-affiliated individuals. Of course, such a system is extremely inefficient in economic terms. Up to 60 per cent of Iranians live at or below the poverty line. A narrow ruling class linked to powerbrokers and bureaucrats enriches itself from the state budget through all sorts of subsidies and lucrative contracts, but it is prosperity at the expense of the rest of the working population. It pays for an unlimited line of credit for militants, law enforcers and their relatives, who have turned into new dollar millionaires. Something similar is now happening in Iraq, a country that is the world's fourth-largest oil exporter. But such projects are expensive. The new budget assumes spending of $152 billion - 50 per cent more than in the 2021 budget. The government has pledged to maintain this level of spending for three years, until the 2025 elections.

Despite all the country's wealth, increased spending amid corruption could drive Iraq into economic bankruptcy. And it is likely to trigger a new revolution in the future on the part of the poorest population, as has been systematically happening in Iran in recent years, and as has already happened in Iraq in 2019. The Iranian system literally clones itself in countries that fall under Tehran's influence, be it Iraq or Lebanon. But the consequences are similar - massive social protests and uprisings throughout the Shia belt, including both Iran itself and its sphere of influence.

Back to the Tsurkov case. She is being held captive by the Iranians or their closest friends. Spyer, one of Israel's most knowledgeable analysts and specialists on the region, suggests that she may already be in Iran. Her fate will be decided in negotiations and deals. The Iranians will probably demand the release of some prominent Palestinian commander or activist in Israel, or they may want to talk to the Americans about it. The figureheads in Baghdad decide almost nothing in such a situation.

 

Caliber.Az

[T B]

i have no words, its all been told and showed!😀

[md11fr8dawg]

The Governor of the Central Bank of Iraq acknowledges the difficulty of the battle to curb currency smuggling to Iran

 

One well placed 308 shot between ole Tater Head's eyes should help do the trick!!

[gregp]

1 hour ago, md11fr8dawg said:

The Governor of the Central Bank of Iraq acknowledges the difficulty of the battle to curb currency smuggling to Iran

 

One well placed 308 shot between ole Tater Head's eyes should help do the trick!!

Waste of a perfectly good bullet

[Hotcurl]

So here are the questions, related to the above, that I have been trying to answer / understand for a while and have yet to do so; 

 

#1, Wouldn't the Iranians, (since they are in control of Iraq and the CBI) do better financially by holding a bunch of IQD and directing the CBI to RV the IQD at say;  1 $US to 1 IQD or 1 IQD to X Euro ? or X yuan or   ?

 

#2, How is the financial benefit greater for the Iranians to smuggle $US out of Iraq ?

 

Just askin' ...............

[yota691]

The US ambassador sets a course for the return of stability to the dollar exchange rate

2023.08.18 - 15:43

 

Baghdad - Nas  

The US ambassador to Baghdad, Alina Romansky, commented on the reason for her recent tour of Iraqi politicians, and announced that Washington was ready to help Baghdad in the water file with the upstream countries, and indicated that Iraq's adoption of the legitimate banking system would guarantee the stability of the dollar's exchange rates.  

 

Romansky stated in an interview with her colleague Saif Ali, followed by “NAS” today, Friday (August 18, 2023), that “there are several reasons that cause the dollar to fluctuate against the dinar, including the existence of a parallel financial system, the presence of smugglers and money launderers, and this leads to an increase in the price of the dollar.  

  

She added that "returning to the legitimate banking system can create stability for the exchange rate."  

  

And she continued, "I think there is a misunderstanding about the 14 banks, as no sanctions were imposed on them, but these banks are not allowed at the present time to deal in dollars."  

[yota691]

Romansky: The fluctuation of the dollar against the dinar is caused by smugglers and money launderers

 

August 18, 2023

Baghdad / Obelisk Al-Hadath: The US ambassador to Baghdad, Alina Romansky, said on Thursday that Washington is ready to help Baghdad in the water file with the upstream countries.

 

The ambassador said that Iraq's reliance on the legitimate banking system guarantees the stability of the dollar's exchange rates.

 

The US ambassador said in a televised interview that after my return from Washington, I met with Iraqi political leaders to follow up on matters.

 

She added: We will follow the provincial council elections and the extent to which they are free and fair, as well as the Kurdistan Parliament elections, and then the parliamentary elections.

 

Romansky attributed the fluctuation of the dollar against the dinar to the existence of a parallel financial system, smugglers and money launderers.

 

She said: There is a misunderstanding about the 14 banks, as no penalties were imposed on them, but these banks are not allowed at the present time to deal in dollars.

 

Regarding the visit of the Iraqi military delegation to Washington, Romansky said: This is the first joint military interaction that takes place under the Sudanese government between high-level officials in the defense ministries of the two countries. When Minister of Defense Austin came to Iraq in March, he called on the prime minister to send a delegation to Washington to talk about several issues. .

 

Romansky indicated that we made arrangements and gave exceptions to the Iraqis by paying money to Iran through restricted accounts in the central bank, and we continue to provide these exceptions to Iraq, realizing that Iraq must continue to receive electricity.

 

And she continued: Our coordination targets electricity payments, and the arrangements go back several years and do not include the exchange of oil or anything similar. We are studying what appears to be a proposal drawn up by the Iraqi government, but the details should be known from the Iraqi government.

 

The US ambassador commented on the news of an American military build-up to cut the borders between Iraq and Syria, stressing that “these issues were discussed between the US and Iraqi Ministries of Defense.”

 

The American ambassador responded to the accusation of the Iranian ambassador in Baghdad, the United States of using the electricity card to delay the street, by saying, "This is what the Iranians are doing."

[yota691]

Iraq set in 'battle' against dollar smugglers, c.bank governor says

By Timour Azhari
August 16, 20237:36 AM EDT Updated 3 days ago

 

Iraqi central bank (CBI) Governor Ali Al-Allaq speaks during an interview with Reuters in Baghdad, Iraq August 15, 2023. REUTERS/Ahmed Saad Acquire Licensing Rights

• Summary

• Iraq trying to crack down on dollar smuggling, including to Iran
• Baghdad faces hard task of balancing Washington, Tehran
• Banking sector could shrink with new regulations
• Govt, c.bank eye modernizing, digitizing economy

BAGHDAD, Aug 16 (Reuters) - Iraq has made strides implementing U.S. dollar supply restrictions targeting Iran but faces an uphill battle with a banking system unaccustomed to strict oversight and persistent currency smugglers, central bank governor Ali al-Allaq said.

 

"It is really a battle, because the people benefiting from this situation and those harmed (by the new measures) will try in various ways to continue their illegal activities," Allaq said in an interview with Reuters.

 

Allaq did not mention Iran by name and said he did not have data on how much of Iraq's dollars been smuggled to Iran or other neighboring countries, including Turkey and Syria, before the United States tightened regulations in November.

 

The U.S. measures that aim to enforce sanctions on Iran are a sensitive matter in a country that has often been a front line in the rivalry between Washington and Tehran.

 

Iraq's government is reliant on Washington's continued goodwill to ensure oil revenues and finances do not face U.S. censure, but it came to power with the suppor t of powerful, Tehran-backed groups and so cannot afford to alienate Iran.

 

The latter groups have accused the U.S. of meddling in Iraq's internal affairs and creating a currency crisis, as businesses either struggling or unwilling to abide by the new measures sourced dollars from exchange shops, driving down the value of the Iraqi dinar.

 

Iraq has more than $100 billion dollars in reserves, Allaq said, but could not freely intervene in the market to bring the rate down due to the restrictions.

 

Last month, the U.S. Treasury Department and the Fed barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, U.S. officials said.

 

Allaq said that action related to transfers from 2022, before a new platform that aimed to improve transparency went live. He said the central bank was undertaking a review of the banking sector and introducing new regulations that he said would likely see some banks close.

 

"It would be very normal in the coming period to see a reduction in the (number of private banks)," he said.

 

"There are always side-effects, but at the same time we have a responsibility to protect the country's interests by trying to find the necessary means for monitoring and oversight so as not to expose the country to any issues on this front," he said.

'TRANSFORMATION'

The U.S. measures have targeted Iraq's so-called dollar auction, where the central bank requests dollars from the U.S. Federal Reserve before selling them to commercial banks, which in turn sell the funds to businesses in the highly import-dependent economy.

 

U.S. and Iraqi officials have said the auction allowed large sums of money to be illegitimately acquired by groups who would provide fake invoices and then either transfer or physically smuggle the funds to neighboring countries, chiefly Iran.

 

A feature of a highly informal economy, the system was also used by thousands of small businesses that are not registered with the state, Allaq said, a widespread phenomenon in Iraq that allows them to dodge taxes and customs fees.

 

Since January the central bank has asked banks to provide detailed information on senders and recipients of transfers via an online platform.

 

When companies began trying to use the platform in January, less than 20% of requests were approved by U.S authorities, Allaq said. That number had now risen to around 85 percent, signaling growing ease with the new regulations, he said.

 

Allaq said that tighter regulations along with government plans to promote digital payment were forcing a wider shift in the Iraq economy in a country where cash remains king and the majority of adults do not have bank accounts.

 

"It is not just an electronic platform, it will lead to a total reorganization of trade and the movement of money, and control on a lot of avenues for suspicious activity."

 

Reporting by Timour Azhari; Editing by Angus MacSwan

[Hotcurl]

On 8/16/2023 at 6:36 PM, Hotcurl said:

So here are the questions, related to the above, that I have been trying to answer / understand for a while and have yet to do so; 

 

#1, Wouldn't the Iranians, (since they are in control of Iraq and the CBI) do better financially by holding a bunch of IQD and directing the CBI to RV the IQD at say;  1 $US to 1 IQD or 1 IQD to X Euro ? or X yuan or   ?

 

#2, How is the financial benefit greater for the Iranians to smuggle $US out of Iraq ?

 

Just askin' ...............

To the top ...............

 

Anyone have any ideas as to my questions ?

[horsesoldier]

1 hour ago, Hotcurl said:

To the top ...............

 

Anyone have any ideas as to my questions ?

My answer is it's all  . All they're whining & crying & finger pointing: their deliberate manufactured Crises, problems, difficulties, battles, the sky is falling, woe to us, and all manner of pathetic excuses are played out. 

If this was taking place prior to 2010 I could understand it, to a point. But 20 years on we've seen every kind of Crap doled out from these jackasses.

That's right, they're PLAYED OUT !!! These Criminals have exposed themselves to world as the Biggest Frauds going...and as we've seen been enabled by the UN,WB& anyone dealing with Iraq...talk about a Money Pit !!! They deserve my contempt. I speak for my self only. They're a vile despicable breed.

I could Rip these chicken Shiite arseholes a new one forevermore but I'm gonna stop here. Reckon folks know where I stand.

All the Best

[blackrobes]

2 hours ago, horsesoldier said:

My answer is it's all  . All they're whining & crying & finger pointing: their deliberate manufactured Crises, problems, difficulties, battles, the sky is falling, woe to us, and all manner of pathetic excuses are played out. 

If this was taking place prior to 2010 I could understand it, to a point. But 20 years on we've seen every kind of Crap doled out from these jackasses.

That's right, they're PLAYED OUT !!! These Criminals have exposed themselves to world as the Biggest Frauds going...and as we've seen been enabled by the UN,WB& anyone dealing with Iraq...talk about a Money Pit !!! They deserve my contempt. I speak for my self only. They're a vile despicable breed.

I could Rip these chicken Shiite arseholes a new one forevermore but I'm gonna stop here. Reckon folks know where I stand.

All the Best

You are completely correct. The banking situation and business in general in Iraq will never be perfect or even without corruption, this is just in the nature of middle eastern people.

I have never seen or heard anyone who can adequately explain to me why Iraq cannot increase the value of their currency and let the chips fall where they will.

horsesoldier, the last 15 years of my life waiting for the never ending saga of the potential revaluation of the Iraqi dinar has simply put, been soul destroying. I am not by nature a pessimistic man but frankly I think my crypto currency holding will ultimately make me far more money the fairly substantial amount of dinars I bought many years ago.

Edited August 19, 2023 by blackrobes

[yota691]

Specialist: Central sales go to "black banks"...and the decline in the auction will raise the dollar

Economy _Yesterday, 23:26 |

    

 

 

Baghdad today - Baghdad

Today, Sunday (August 27, 2023), the expert in financial affairs, Nasser Al-Kinani, confirmed that the central bank’s sales go to the influential banks, which work on “black transfers.”

 

Al-Kinani said, to "Baghdad Today", that "the increase in central bank sales has become less affected by the exchange rate of the dollar in the local market, because the majority of those sales go to banks owned by the influential, and which are directly responsible for black remittances, and for this came to prevent some of those banks from dealing in dollars.

 

And the expert in financial matters stated that “the decrease in central bank sales will certainly have an impact on the issue of the high exchange rate, as this decrease will lead to a scarcity in the dollar currency,” noting that “those banks and speculators will work to collect dollars with the aim of providing currency for the purpose of continuing black transfers.” ".

 

Sales of the Central Bank of Iraq are currently hovering around $200 million per day, after it used to exceed $250 million, while exchange rates continue to fluctuate in the black markets due to traders financing their trade in parallel dollars instead of the official dollar to escape taxes, or because of imports. From countries banned from the dollar, such as Iran.

[horsesoldier]

This is going to go on forever. Foot dragging, sand bagging, delays & postponements...it's The Walk of Life for these clowns.

I've had enough. I'm joining the French Foreign Legion, I need a change of scenery.

[Woldopep]

On 8/18/2023 at 9:36 PM, Hotcurl said:

Anyone have any ideas as to my questions ?

I believe you answered your own question. It seems that the power to “RV”

is not in the hands of the central bank but in the US treasury. If the US treasury lets go of their control over Iraq then the USA will have zero influence. 

[6ly410]

Concerning the dollar.. America continues to blackmail and central procedures are air in a net!

• Today 19:23
• Concerning the dollar.. America continues to blackmail and central procedures are air in a net! | The information (almaalomah-me.translate.goog)

Information/exclusive..
After several months have passed since the government and the central bank attempted to control the rise in dollar exchange rates, the official and parallel rate gap continues, given the schemes that Washington is pushing to pass its own interests.
As for government measures and the central bank, they are still mere notifications and decisions that do not fatten or satisfy hunger, especially since they did not stand up to the decisions of the United States of America that push to fabricate crises and not find solutions.
Washington control!
Speaking about this file, Member of Parliament Suhaila Al-Sultani accuses the United States of controlling the file of dollar exchange rates in the local markets so far, while she confirmed that the beneficiaries and speculators support the continuity of the current dollar crisis. 
Al-Sultani said, in an interview with the information agency, that "there are many parties that support destabilizing the economic situation in order to influence the workflow of the current government," noting that "the application of the budget in the ministries and governorates will not lead to a reduction in the exchange rates of the dollar in the local markets." . 
And she continues, "America continues to control the file of dollar exchange rates in the local markets until now," adding that "the United States of America controls the dollar paper in order to subject the Iraqi economy to the decisions and wills that it wants to impose." 
Regarding the internal factors of the dollar crisis, Al-Sultani confirms during her speech: "The beneficiaries and speculators support the continuity of the dollar crisis and the weakness of the value of the Iraqi dinar in order to achieve their personal goal." 
* Blame war!
In addition, a member of Parliament, Thaer al-Jubouri, accuses the United States of America of waging a conspiratorial war to destroy Iraq's economy, while he directed a request to the Iraqi government regarding methods of dealing with Washington during diplomatic meetings. 
Al-Jubouri said, in an interview with Al-Maalouma Agency, that "the Iraqi government, when it talks with the American side within the diplomatic framework, must bear in mind the criterion of strength and try to obtain advanced and modern technological technologies that benefit Iraq."
And he adds, "America is leading the policy of economic conspiracy during the current period to destroy the Iraqi currency and the exchange rate," stressing "the necessity of referring to this war and not leaving it."
The member of the House of Representatives explains that "the government and the relevant ministries are required to deal as much as they can with America, and that the conversation be in a diplomatic manner par excellence," pointing out that "Washington, despite its geographical distance from Baghdad, is trying to impose its full control over all joints and focus on Important files such as economy and development.
* Technical procedures?
For his part, the researcher in economic affairs, Muhammad Al-Saadi, pledges control and control of the exchange rate of the dollar in the parallel market by taking practical technical measures without resorting to methods of arrests or the use of force.  
Al-Saadi told Al-Maalouma, "The responsible authorities are working to pursue speculators by applying the law against those who want to harm the Iraqi economy, in addition to being a first step to ensuring that the differences between the official and parallel market are eliminated." 
He adds that "the need has become urgent to take decisions related to technical and financial aspects, which would expand the outlets for selling the currency and allow citizens to buy in limited quantities by setting restrictions or preconditions." 
And he shows that "the problem of exchange and high prices is often suffered by the citizen before the merchant, as the merchants began to go to the official platform to obtain the dollar, while the citizen is still suffering in obtaining the dollar, especially since some citizens go to the car showrooms and face difficulty in buying in the currency of the dollar." . 
And America worked during the current period to destroy the Iraqi currency by imposing sanctions on Iraqi banks, and preventing the dollar under many pretexts, which led, in one way or another, to a severe financial crisis in the Iraqi markets. Ended 25/c

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The Blame Game. 
 

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Iran continues to “dry up” Iraqi dollars.. The dollar is on the way to flying towards 160 thousand (details)

Economy |Today, 15:51 |

    

 

Baghdad today - Baghdad 

Today, Sunday (September 10, 2023), the expert in economic affairs, Nabil Al-Marsoumi, detailed the reasons for the continued rise in the exchange rate of the dollar against the Iraqi dinar, despite the many decisions taken by the Central Bank.

 

Al-Marsoumi said in an interview with “Baghdad Today” that “the reason for the large gap between the dollar in the official market and the parallel market is due to the large trade with Iran, as the latter exports goods to Iraq worth 10 billion dollars annually, and this trade is covered through bank transfers that go to banks.” UAE and then to Iran.”

 

He added, “After implementing the electronic platform system, bank transfers were stopped, and trade with Iran is now being covered through the parallel market, so there is pressure on the dollar,” noting, “There are parties that monopolize the dollar in order to pump it back to Iran for the purpose of commercial settlement with "Tehran."

 

Although Al-Marsoumi does not hide that Iraq faces many economic problems in this aspect, he confirms that the demand for investment and consumer goods will increase after the release of budget allocations.

 

“Due to the limited national production base, the demand for the dollar will increase again and cause it to rise to high levels,” the economist says.

 

Al-Marsoumi was not satisfied with this, but rather warned that the price of the dollar was on its way to jumping above the barrier of 160 thousand dinars, in the coming weeks due to a number of reasons mentioned, and “the failure to take decisions that would reduce the difference.” 

 

According to US sanctions, any deal between Iran and Iraq must be based on the dinar, and the use of the US dollar in these transactions is prohibited.

 

14 private Iraqi banks were prevented from purchasing US dollars from the Central Bank of Iraq as part of a campaign by the US Treasury Department to smuggle dollars to Iran through the Iraqi financial system .

 

Banks were prohibited from purchasing US dollars through the "foreign exchange auction window", known as dollar and conversion auctions .

 

It is an officially approved mechanism to cover the foreign currency needs of banks and public and private commercial institutions, and ensures the ability of these institutions to finance their financial activities and foreign trade . 

 

The American step taken by Washington on July 19, 2023 is part of a broader effort to prevent Iran from depleting Iraq’s dollar reserves through false or fictitious import transactions carried out with “inflated” invoices or “fraudulent” money transfers.

 

The Central Bank of Iraq works with the US Department of the Treasury to implement anti-money laundering and counter-terrorism financing initiatives .

 

The Central Bank explained that within the framework of this partnership, an “electronic platform” was developed to ensure the safety and accuracy of money transfer transactions in all aspects, in accordance with international standards and practices.

 

 

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Sudani says his government will end dollar crisis after deal with Iran

economy

Sudani says his government will end dollar crisis after deal with Iran (ultrasawt.com)

 

11-Sep-2023

Prime Minister Mohamed Shia al-Sudani announced on Monday new steps in the issue of the dollar exchange rate crisis, saying that these steps will "break" the parallel market.

Al-Sudani spoke about the currency market file during a meeting with a number of media professionals held at the government palace, noting that "the dollar issue requires reform of the banking and financial sector, and is linked to tax, customs and fees, protection of products and economic policies."

Al-Sudani said that this sector "has not witnessed any reform since 2003, and it was necessary to adhere to global compliance standards, which were supposed to be dragged in the previous government," noting that "the decision to reduce the exchange rate to 1320 dinars per dollar, was a correction to the previous decision to raise the exchange rate, which was not studied."

Al-Sudani pointed out that the existence of "the parallel market is linked to a number of commercial operations, including trade with Iran," and explained in this regard that traders cannot send money legally under US sanctions on Tehran, "which forces them to deal with the parallel market."

The prime minister stressed that "the Iranian side informed the government in the last meeting to stop dealing with the dollar, and replace it with euros, yuan, dirhams, Iraqi dinars or Iranian toman," and revealed that there is "a mechanism on which the Central Bank of Iraq and its Iranian counterpart are working to prepare a plan to regulate this trade."

Al-Sudani said the new mechanism with Iran would "break the back of the parallel market", while explaining that other problems associated with the parallel market related to the trade in tobacco, gold and medicines.

The Prime Minister pointed out that "his government is working to solve problems and organize the work of major traders in these sectors in preparation for their inclusion in the procedures for buying dollars from the Central Bank."

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Sudani: The decision to raise the dollar exchange in the previous government was not studied and its impact was negative on the citizen

Monday, September 11, 2023 22:01 |EconomyViews: 184

Al-Sudani: The decision to raise the dollar exchange rate in the previous government was not well thought out and its impact was negative on the citizen (ninanews-com.translate.goog)

Baghdad/Nina/ Prime Minister Mohammed Shia Sudanese that the decision to raise the exchange of the dollar in the previous government was not studied and its impact was negative on the citizen and said in an interview with a number of Iraqi satellite channels that the dollar is linked to many sectors and can not be dismantled
and
added that the banking and financial sector has not witnessed any reform process since 2003 and explained that Iraq's trade is now reliable
and real.
He added that the Iraqi and Iranian central banks are working on a mechanism to regulate trade and break the back of the parallel

market, explaining that the tobacco trade has zero revenues despite being the strongest trade.

"We have real reforms for the financial sector and the teams are working on that.
He said that the banks that were banned from dealing in dollars were supposed to be sanctioned by the central
bank, adding: "There is an American understanding of all the measures taken on reforms from Iraq."