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

[BETTYBOOP]

Well  ... did any body else think this didn't really tell us anything new and was more word salad than anything else?

[yota691]

Central Bank: The dollar price has nothing to do with filling the budget deficit

 4 hours ago

446

 

Central Bank Governor Ali Al-Alaq revealed the success of monetary policy in reducing the inflation rate in the country, and while announcing the date of abandoning the electronic platform, he pointed to the reasons for stopping the industrial initiative and imposing interest on housing loans.

 

The Governor of the Central Bank, Ali Al-Alaq, said in an interview with the official agency, “The Central Bank views the exchange rate as something directly related to the general level of prices in the country, and that the bank has succeeded in covering the needs of importers at the official rate,” stressing that the monetary policy has succeeded in maintaining The general level of prices through the most important indicators regarding inflation, which has witnessed a decline, and this is the main matter that the Central Bank focuses on in the success of its monetary policy.”

 

He added, “Maintaining the general level of prices and low inflation indicate the success of the monetary policy, especially after real traders engaged in the conversion process at the official price, which gave reassurance in the conduct of foreign trade.”

 

Electronic platform

He pointed out that “the electronic platform witnessed many difficulties at the beginning of its work, which led to the reluctance of some people to enter it,” noting that “the implementation rate in the electronic platform has now increased from 20 percent to 95 percent, and this gave reassurance that entering the platform provides speed and safety.”

 

He pointed out that “accessing the electronic platform in the external transfer process spares all parties from the risks of being exposed to local and international sanctions,” warning of some merchants who cannot work in an organized atmosphere and are looking for chaos, and that the Central Bank is working to contain this challenge in coordination with the government to besiege it. These are the categories that are being diagnosed and followed up.”

 

Al-Alaq stated that “90% of the Central Bank’s sales are for the purposes of remittances and external transfers, and they are proceeding smoothly and at the official price (1320), but the problem lies in the cash side, which represents 10% of internal daily sales,” indicating that “ten percent is sufficient.” To meet the needs of travelers, but some are trying to dominate by withdrawing the amount allocated to travelers, which creates pressure and an increase in the cash price, and these parties have been identified as carrying out illegal and criminal operations.”

 

Al-Alaq revealed the development process for the cash sales system allocated to the traveler within a system prepared by exchange companies, and it is being developed to fill the gaps, and does not accept repetition and the unreal traveler,” denying that there is a tendency to stop selling cash dollars to travelers, and that the Central Bank has no problem in covering requests. The correct and legitimate ones are within the categories (travelers - study - treatment - private transfers), as the bank provided this through financial transfer companies represented by (Western Union and Mini Card).”

 

Direct transfer

He explained that “the electronic platform is now being gradually transitioned to direct transfer between the Iraqi Bank and the correspondent bank, with an international auditing company in the middle, stressing that the Central Bank has cut the 60 percent that does not pass through the platform, but rather is a direct transfer.” Al-Alaq noted that “next year The Central Bank will permanently cease being an intermediary in the process, and the electronic platform will end next year and become direct transfer operations as internationally approved. This is a major shift that will put things on the right path, accelerate transfer operations, and intertwine relations with international banks.”

 

The truth about Iraq's loss of 27 trillion

He pointed out that “the idea of linking the exchange rate to filling the general budget deficit is an inaccurate view, and that the central bank is responsible for determining monetary policy, determining the exchange rate within the indicators it has, and achieving the goal of monetary policy,” indicating that “the calculation process is for those who say that Iraq will lose 27 trillion.” The difference between changing the exchange rate is a wrong process, and 30 percent of oil revenues do not enter the central bank, because the Ministry of Finance uses it for external payments, while the second part is that the exchange rate should not be linked to achieving balance in the budget.”

 

US Treasury

Al-Alaq confirmed that “the US Assistant Secretary of the Treasury praised during her visit to Iraq the measures taken by the Central Bank to organize the external transfer process, implement compliance rules, combat money laundering and terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank, and there is very great American satisfaction in this.” the frame".

 

Sanctions on banks

He noted that “the Central Bank is conducting a review and audit process to diagnose violations against the 14 banks that were subject to restrictions and denial of obtaining the dollar,” indicating that “the Central Bank indicated the existence of a response and compliance from the 14 banks to the specified standards.”

 

He stated that “the American side does not restrict the demand for the dollar, and there is coordination regarding cash shipments through an annual agreement on the number of shipments and their dates,” stressing that the Central Bank prefers to use non-cash payment tools through the use of cards (Visa and MasterCard), which has recorded a significant increase. During the past months, this is a good indicator that reduces the focus on the use of cash, and reduces the hassle of reviewing companies to obtain cash dollars.”

 

Regulating trade with Iran

Al-Alaq added, “There are ongoing discussions to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements,” indicating that “the Central Bank will reach a clear formula in organizing the trade process, especially since part of it is through barter.”

 

He stated that “an agreement was reached to settle the debts incurred by Iraq from Iranian gas imports through a new method through which these amounts are paid.”

 

Adopting new currencies

He noted that “there is work to adopt the UAE dirham, the Turkish lira, the Indian rupee, and the euro as part of the process of facilitating external transfer by opening direct outlets in the currencies of the countries we deal with,” noting that “the trade balance with India amounts to 3 billion dollars, as well as There are high numbers for imports from the UAE and Turkey.”

 

He stressed that “the Central Bank has reached advanced stages of understanding in adopting the currencies of these countries, which will facilitate the external transfer process.”

 

Dinar support campaign

Al-Alaq said, “The campaign to support the Iraqi dinar is multi-faceted and multi-party. Its goal is the sovereignty of the local currency in internal transactions instead of foreign currencies, which are being limited. There is a gradual transition process within the Prime Minister’s directive to limit dealing in the Iraqi dinar internally, and oblige companies to do so, to which a large percentage responded.” Of which".

 

Industrial initiative and housing loans

 

Al-Alaq pointed out that “the industrial initiative has not stopped, but the amounts approved for it have been exhausted, and the volume of the lending initiatives has reached more than 13 trillion dinars,” noting that “the Central Bank raised the interest on the housing initiative to 2 percent, and this is a low price compared to international countries.”

 

He explained that “the stated interest does not include complexes that received previous payments, while it includes new complexes.”

[Bama Girl]

25 minutes ago, BETTYBOOP said:

Well  ... did any body else think this didn't really tell us anything new and was more word salad than anything else?

There wasn’t, imo, anything to make me believe the RV is right around the corner. 

[BETTYBOOP]

Just now, Bama Girl said:

There wasn’t, imo, anything to make me believe the RV is right around the corner. 

 Me neither

[BETTYBOOP]

If this was their big announcement within 72 hrs it was nothing exciting

[6ly410]

Central Bank Governor: There is no direction to stop the sale of cash dollars, and there is a review of the violations of deprived banks

Saturday 30, September 2023 11:04 | EconomicalNumber of readings: 425

Central Bank Governor: There is no direction to stop the sale of cash dollars and there is a review of the violations of deprived banks (ninanews-com.translate.goog)

Baghdad/Nina/ Central Bank Governor Ali Al-Alaq denied the existence of a trend to stop the sale of cash dollars to travelers, indicating that: "The Central Bank has no problem in covering the correct and legitimate requests within the classifications (travelers - study - treatment - special transfers, and that the bank provided this through financial transfer companies represented (Western Union and Semen Karam)." Al-Alaq said in statements to the official agency, followed by /
/ that: "The gradual transition from the electronic platform to direct transfer between the Iraqi bank and the correspondent bank mediated by an international audit company," noting: "The Central Bank will come out next year definitively from being an intermediary in the process, and that the electronic platform will end and become direct transfers as it is internationally approved, and this is a major shift that will put things on the right tracks, and accelerate transfers, and entanglement in relations with banks universality".
He pointed out: "The Assistant Secretary of the US Treasury praised during her visit to Iraq the measures taken by the Central Bank to regulate the process of external transfer, the application of compliance rules, the fight against money laundering, terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank, and there is a very great American satisfaction in this context."
He explained: "The Central Bank is conducting a review and audit process in diagnosing irregularities on the fourteen banks that were subject to restrictions and denial of access to dollars, after the bank indicated that there is a response and compliance from those banks with the specified standards."
Al-Alaq continued: "The US side does not restrict the demand for the dollar, and there is coordination with regard to cash shipments through an annual agreement on the number of shipments and their dates," stressing that the Central Bank prefers to use cashless payment tools through the use of cards (Visa and MasterCard), which recorded a significant increase during the past months, and this is a good indicator that reduces the focus on the use of cash, and reduces the trouble of reviewing companies to obtain cash dollars .

[6ly410]

Central Bank Governor: The bank's monetary policy is successful and the rise in the dollar exchange rate in the parallel market has nothing to do with the bank!

Central Bank Governor: The bank's monetary policy is successful and the rise in the dollar exchange rate in the parallel market has nothing to do with the bank! – Iraq News Network (aliraqnews.com)

Last Update: 30 September 2023 - 11:38 AM

Baghdad / Iraq News Network - Central Bank Governor Ali Al-Alaq revealed on Saturday the success of monetary policy in reducing inflation in the country, and while announcing the date of abandoning the electronic platform, he pointed to the reasons for stopping the industrial initiative, and imposing interest on housing loans.The Governor of the Central Bank, Ali Al-Alaq, said that "the Central Bank views the exchange rate as a matter directly related to the general level of prices in the country, and that the bank succeeded in covering the needs of importers at the official rate," stressing that the monetary policy succeeded in maintaining the general level of prices through the most important indicators for inflation, which witnessed a decline, and this is the main matter that the Central Bank focuses on in the success of its monetary policy.He added that "maintaining the general level of prices and the low inflation rate indicates the success of monetary policy, especially after real traders engaged in the conversion process at the official rate, which gave reassurance in the conduct of foreign trade."He pointed out that "the electronic platform witnessed at the beginning of its work many difficulties that led to the reluctance of some to enter it," noting that "the implementation rate in the electronic platform has now risen from 20 percent to 95 percent, and this gave reassurance that access to the platform gives speed and security."He pointed out that "entering the electronic platform in the process of external transfer avoids all parties from the risks of exposure to local and international sanctions," warning of some traders who can not work in an organized atmosphere, and are looking for chaos, and that the Central Bank is working to surround this challenge in coordination with the government to besiege these groups that are being diagnosed and followed, "and between the relationship that "the sales of the Central Bank, 90% of them for the purposes of remittances and external transfer,
which is going smoothly and at the official rate (1320), but the problem lies In the cash aspect, which represents 10 percent of the internal daily sales," noting that "the ten percent is enough to meet the needs of travelers, but some are trying to dominate by withdrawing the quantity allocated to travelers, which generates pressure and a rise in the cash price, and these parties are diagnosed and carry out illegal and criminal operations."
Al-Alaq revealed the process of developing the cash sales system dedicated to the traveler within the (system) equipped by exchange companies, and it is being developed to fill the gaps, and does not accept repetition and the unreal traveler, denying the existence of a trend to stop selling cash dollars to travelers, and that the Central Bank has no problem in covering the correct and legitimate requests within the classifications (travelers - study - treatment - special transfers) as the bank provided this through financial transfer companies represented (Western Union and Semen Karam)."
He explained that "the electronic platform is now gradually moving from it to direct transfer between the Iraqi bank and the correspondent bank, mediated by an international audit company, stressing that the Central Bank cut 60 percent that does not pass through the platform, but by direct transfer." correct, speeds up transfers, and entangles relations with global banks."
He pointed out that "the idea of linking the exchange rate to fill the public budget deficit is an inaccurate view, and that the Central Bank is responsible for determining monetary policy, determining the exchange rate within the indicators it has, and achieving the goal of monetary policy, noting that "the calculation process for those who say Iraq lost 27 trillion of the exchange rate change difference is wrong, and 30 percent of oil revenues do not enter the Central Bank, because the Ministry of Finance uses them for external payments, while the second part is that the exchange rate It should not be tied to balancing the budget."
Al-Alaq stressed that "the Assistant Secretary of the US Treasury praised during her visit to Iraq The measures taken by the Central Bank to regulate the external transfer process, the application of compliance rules, the fight against money laundering, terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank, there is a very great American satisfaction in this regard."He noted that "the Central Bank is conducting a review and scrutiny process in diagnosing violations on the 14 banks who were subject to restrictions and denial of access to the dollar," noting that "the Central Bank indicated the existence of a response and compliance from the 14 banks to the specified standards."
He pointed out that "the US side does not restrict the demand for the dollar, and there is coordination with regard to cash shipments through an annual agreement on the number of shipments and dates," stressing that the Central Bank prefers to use non-cash payment tools through the use of cards (Visa and MasterCard), which recorded a significant increase during the past months, and this is a good indicator that reduces the focus on the use of cash, and reduces the trouble of reviewing companies to obtain cash dollars.Al-Alaq added that "there are talks taking place continuously to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements," noting that "the Central Bank will reach a clear formula in regulating the trade process, especially since part of it is through barter."
He pointed out that "an agreement was obtained to settle the debts incurred by Iraq from imports of Iranian gas through a new method through which these amounts are paid."He noted that "there is work to adopt the UAE dirham, Turkish lira, Indian rupee, and euro as part of the process of facilitating external transfer by opening direct outlets in the currencies of the countries we deal with," noting that "the trade balance with India amounts to $ 3 billion, as well as there are high figures for imports from the UAE and Turkey.""The central bank has reached advanced stages of understanding in adopting the currencies of those countries, which will facilitate the process of external transfer," he said."The campaign to support the Iraqi dinar is multifaceted and multi-party aimed at the supremacy of the local currency in internal transactions instead of foreign currencies, which are being reduced, and there is a gradual transition process within the Prime Minister's directive to limit dealing with the Iraqi dinar internally, and oblige companies to do so, a large proportion of which responded," al-Alaq said.Al-Alaq pointed out that "the industrial initiative is not stopped, but the amounts approved for it have been exhausted, which amounted to the volume of loaned initiatives of more than 13 trillion dinars," noting that "the Central Bank raised the interest on the housing initiative to 2 percent, and this is a low price compared to international countries.""The interest set does not include complexes that received previous payments, with new complexes included in them," he said.

[6ly410]

Central Bank Governor Talks About Dollar Selling to Travelers and American Relief

economy

Ultra Iraq

 

30-Sep-2023

INTERVIEW WITH ALI AL-ALAQ (FACEBOOK)

 

On Saturday, September 30, 2023, Central Bank Governor Ali Al-Alaq spoke about the exchange rates of the dollar and its sale to travelers and the future of dealing with the dollar and dinar crisis in Iraq.

Al-Alaq claimed in an interview seen by Ultra Iraq that the central bank succeeded in "maintaining the general level of prices through the most important indicators for inflation, which witnessed a decline," which indicates "the success of monetary policy, especially after real traders engaged in the conversion process at the official rate, which gave reassurance in the conduct of foreign trade."

This comes days after the Ministry of Planning announced an increase in the inflation rate in Iraq for August 2023, by (0.5%)" compared to the previous July.

Regarding the electronic platform, Al-Alaq said that the implementation rate in the electronic platform has now risen from 20% to 95%, and this gave reassurance that access to the platform gives speed and security, warning of "some merchants who cannot work in an organized atmosphere, and are looking for chaos."

He pointed out that there is a gradual transition from the electronic platform to "direct transfer between the Iraqi bank and the correspondent bank mediated by an international audit company," and by 60% so far, expecting the Central Bank to exit permanently from the mediation process in 2024, and that "the electronic platform will end next year and become direct transfers as internationally approved."

He pointed out that 90% of the central bank's sales are for the purposes of remittances and external transfers, but the problem, according to the relationship, "lies in the monetary aspect, which represents 10% of the internal daily sales".

This percentage, ten percent, Al-Alaq said, is "enough to meet the needs of travelers, but some are trying to dominate by withdrawing the amount allocated to passengers, which generates pressure and a rise in the cash price, and these parties are diagnosed and carry out illegal and criminal operations."

She confirmed that exchange companies are equipped with a "system" to develop a cash sales system dedicated to the traveler, and "it is being developed to fill the gaps, and does not accept repetition and the unreal traveler," with no tendency to stop selling cash dollars to travelers.

On the relationship with abroad, Al-Alaq spoke of the existence of "very great American satisfaction" with regard to "regulating the foreign transfer process, applying compliance rules, combating money laundering, terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank," and conveyed the praise of the Assistant Secretary of the US Treasury during her visit to Iraq for the measures taken by the Central Bank.

Al-Alaq revealed that there was "a response and compliance from the fourteen banks to the specified standards," after "restrictions were imposed on them and denied access to dollars."
He also revealed that "he worked to adopt the UAE dirham, Turkish lira, Indian rupee, and euro as part of the process of facilitating external transfer by opening direct outlets in the currencies of the countries we deal with," pointing out that the bank has reached "advanced stages of understanding in adopting the currencies of those countries, which will facilitate the process of external transfer."

As for Iran, he confirmed the existence of talks, and that "an agreement obtained to settle the debts incurred by Iraq from imports of Iranian gas through a new method through which these amounts are paid," and that the bank "will reach a clear formula in regulating the trade process."

Regarding the talk about Iraq's loss of 27 trillion dinars due to the change in the dollar exchange rate, Al-Alaq said that it is a "wrong operation" in the calculation, and that "30% of oil revenues do not enter the Central Bank, because the Ministry of Finance uses them for external payments," and that "the exchange rate should not be linked to achieving balance in the budget."

He pointed to the existence of "a gradual transition process in limiting dealing with Iraqi dinars internally, and obliging companies to do so," and revealed that "raising the interest on the housing initiative to 2%, which is a low price compared to international countries."

[Officiallytook]

Information information ... now it's missdirections 

[3n1]

2 hours ago, 6ly410 said:

He pointed to the existence of "a gradual transition process in limiting dealing with Iraqi dinars internally, and obliging companies to do so,

 

wash rinse repeat over and over , one would think after 20 years someone in iraq has enough financial sense or has the ability to read a book explaining how to stop duel currency use and how to empower their own currency and get on with rebuilding iraq , im sure its all by design though , its no wonder the average iraqi citizen just scoffs at the thought of a strong iqd . cheers we wait

[BETTYBOOP]

1 hour ago, 3n1 said:

 

wash rinse repeat over and over , one would think after 20 years someone in iraq has enough financial sense or has the ability to read a book explaining how to stop duel currency use and how to empower their own currency and get on with rebuilding iraq , im sure its all by design though , its no wonder the average iraqi citizen just scoffs at the thought of a strong iqd . cheers we wait

Just gives the crooks all the longer to keep their jand in the coffers. Does anybody see anything major in what Al Alak said ? 

[horsesoldier]

9 hours ago, BETTYBOOP said:

Well  ... did any body else think this didn't really tell us anything new and was more word salad than anything else?

Indeed, they could give the queen of word salads VP Harris a run for the top seat.

[gregp]

15 hours ago, BETTYBOOP said:Does anybody see anything major in what Al Alak said ? 

Next year. 

[BETTYBOOP]

@gregp  Have to agree this year is a bust. 

[yota691]

Central Bank: We are working on adopting the euro and the currencies of the Emirates, Turkey and India to facilitate external transfers

“Our monetary policy succeeded in maintaining the general level of prices.”

09/30/2023 11:39 AM

Zagros - Erbil 

The Governor of the Central Bank, Ali Al-Alaq, announced today, Saturday (September 30, 2023), that the monetary policy succeeded in maintaining the general level of prices, amid a review and audit process to diagnose violations that concluded that there was a response from the 14 banks that had previously been subjected to US restrictions and deprivation. From obtaining the dollar to comply with the specified standards, and while he indicated that “there are ongoing discussions to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements,” he stressed the work on adopting the Emirati dirham, the Turkish lira, the Indian rupee, and the euro as part of the The process of facilitating external transfer by opening direct outlets “and reaching advanced stages of understanding in adopting the currencies of those countries.”

Al-Alaq said in an interview with the Iraqi News Agency (INA) that “the Central Bank views the exchange rate as something directly related to the general level of prices in the country, and that the bank succeeded in covering the needs of importers at the official price,” adding that “the monetary policy succeeded in maintaining The general level of prices through the most important indicators regarding inflation, which has witnessed a decline.

He continued, "Maintaining the general level of prices and low inflation indicate the success of the monetary policy, especially after real traders engaged in the conversion process at the official price, which gave reassurance in the conduct of foreign trade."

He pointed out that "the electronic platform witnessed many difficulties at the beginning of its work, which led to the reluctance of some people to enter it," noting that "the implementation rate in the electronic platform has now increased from 20 percent to 95 percent, and this gave reassurance that entering the platform provides speed and safety."

He pointed out that "accessing the electronic platform in the external transfer process spares all parties from the risks of being exposed to local and international sanctions," warning of some merchants who cannot work in an organized atmosphere and are looking for chaos, and that the Central Bank is working to contain this challenge in coordination with the government to besiege it. These are the categories that are being diagnosed and followed up.”

He explained that “90% of the Central Bank’s sales go for the purposes of remittances and external transfers, and they are proceeding smoothly and at the official price (1320), but the problem lies in the monetary aspect, which represents 10% of internal daily sales, which is sufficient to meet the needs of travelers, but some are trying to dominate.” By withdrawing the amount allocated to travelers, which creates pressure and an increase in the cash price, and these parties are identified as carrying out illegal and criminal operations.”

Al-Alaq revealed the process of developing the cash sales system designated for the traveler within a system prepared by the exchange companies, and it is being developed to fill the gaps, and does not accept repetition and the unreal traveler,” denying the existence of a tendency to stop selling cash dollars to travelers, saying that “the Central Bank has no problem with... Covering valid and legitimate requests within the categories (travelers - study - treatment - private transfers), as the bank provided this through financial transfer companies represented by (Western Union and MoneyCram).”

He stated that "the electronic platform is now being gradually transitioned to direct transfer between the Iraqi Bank and the correspondent bank, with an international auditing company in the middle, and the Central Bank has cut off the 60 percent that does not pass through the platform, but rather is a direct transfer," noting that "next year the Central Bank will exit Finally, the electronic platform will end next year and become direct transfer operations as internationally approved. This is a major shift that will put things on the right path, speed up transfer operations, and intertwine relations with international banks.”

He pointed out that “the idea of linking the exchange rate to filling the general budget deficit is an inaccurate view, and that the central bank is responsible for determining monetary policy, determining the exchange rate within the indicators it has, and achieving the goal of monetary policy,” indicating that “the calculation process for those who say Iraq is a loss is 27 A trillion of the difference in changing the exchange rate is a wrong process, and 30 percent of oil revenues do not enter the central bank, because the Ministry of Finance uses them for external payments, while the second part is that the exchange rate should not be linked to achieving balance in the budget.”

Regarding the American restrictions, Al-Alaq said, “The US Assistant Secretary of the Treasury praised during her visit to Iraq the measures taken by the Central Bank to organize the external transfer process, implement compliance rules, combat money laundering and terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank, and there is American satisfaction.” Very big in this context.”

He added, "The Central Bank is conducting a review and audit process to diagnose violations against the 14 banks that were subject to restrictions and denial of obtaining the dollar," indicating that "the Central Bank indicated the presence of a response and compliance from the 14 banks to the specified standards."

He stated that "the American side does not restrict the demand for the dollar, and there is coordination regarding cash shipments through an annual agreement on the number of shipments and their dates," stressing that the Central Bank prefers to use non-cash payment tools through the use of cards (Visa and MasterCard), which has recorded a significant increase. During the past months, this is a good indicator that reduces the focus on the use of cash, and reduces the hassle of reviewing companies to obtain cash dollars.”

He added, "There are ongoing discussions to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements," indicating that "the Central Bank will reach a clear formula in regulating the trade process, especially since part of it is done through barter."

He stated that "an agreement was reached to settle the debts incurred by Iraq from Iranian gas imports through a new method through which these amounts are paid."

Regarding the adoption of new currencies, the Governor of the Central Bank stated that “there is work to adopt the UAE dirham, the Turkish lira, the Indian rupee, and the euro as part of the process of facilitating external transfer by opening direct outlets in the currencies of the countries that we deal with,” noting that “the trade balance with... India amounts to $3 billion, and there are also high numbers for imports from the Emirates and Turkey.”

He stressed that "the Central Bank has reached advanced stages of understanding in adopting the currencies of these countries, which will facilitate the external transfer process."

He also touched on the campaign to support the dinar by saying, “The campaign to support the Iraqi dinar is multi-faceted and multi-party. Its goal is the sovereignty of the local currency in internal transactions instead of foreign currencies that are being limited, and there is a gradual transition process within the Prime Minister’s directive to limit dealing in the Iraqi dinar internally, and oblige companies to do so.” A large percentage of which responded.

[HowieC]

 

Loans and dollars. Parliamentary mobilization to oust the governor of the Central Bank: failures and promises not implemented

Politics | Today, 10:10 | 

 

+A- A-A.

Baghdad Today - Baghdad 

On the twenty-fourth of January of this year, the Iraqi Prime Minister, Mohammed Shia Al-Sudani, reassigned Ali Mohsen Al-Alaq to the position of governor of the Central Bank, more than two years after he was dismissed from the same position he held for about six years, from 2014 to 2020.

With the worsening of the US dollar exchange rate crisis and its continued rise against the Iraqi dinar, as well as the high interest rate on loans granted by the Central Bank, voices rose within the Iraqi parliament to demand the dismissal of Governor Ali Al-Alaq from his post and replace him with another to address the rise in the exchange rate and financial and economic reforms after Al-Alaq failed to resolve these crises. According to the opinion of the deputies.

In this regard, independent MP Hadi Al-Salami affirms, on Sunday (October 1, 2023), the continuation of the parliamentary movement aimed at removing Ali Al-Alaq from the tasks of managing the Central Bank of Iraq.

Al-Salami says, for "Baghdad Today", that "many MPs have different observations on the management of the Central Bank of Iraq, there is a major failure of this administration and despite all the promises and measures taken by the relationship, the Central Bank is still not in control of the issue of the rise in the exchange rate of the dollar and there is an exacerbation of this crisis."

The tenure of the bank's presidency witnessed a number of financial failures, most notably the sinking of 7 billion Iraqi dinars in the money store inside the central building in central Baghdad, and the disclosure that other large sums were damaged as a result of moisture and rainwater.

The MP believes that "there are observations on the issue of raising interest on housing loans, this matter will reduce the issue of applying for those loans, which aims to reduce the housing crisis, this matter caused great popular anger, such measures exacerbate the housing crisis do not reduce it, despite the exacerbation of this crisis in all Iraqi cities, with the significant rise in real estate prices."

While the researcher in economic affairs, Nasser Al-Kinani, MP Al-Salami, shares the opinion by saying, that increasing the interest on housing loans will exacerbate the housing crisis in Iraq, he confirms in an interview with "Baghdad Today", that "increasing the interest on housing loans, will significantly reduce the provision of citizens to obtain those loans, the interest will be very large, and I am sure that this step opposes all efforts to reduce the housing crisis, but it will be a factor to exacerbate the crisis."

The researcher continues, saying, "The solution to the housing crisis in Iraq requires multiple offers to citizens and employees on housing loans, through the period of loan repayment and interest rate, and other encouraging factors to push the citizen to withdraw loans in order to buy housing for him, so the crisis is solved and managed and not the opposite."

Between 2006 and 2014, Ali al-Alaq served as secretary-general of the Council of Ministers during Maliki's first and second governments, before being named acting governor of the Central Bank for six years starting in 6, in addition to being named head of the Joint Council for Combating Corruption in Iraq.

Al-Alaq, 62, holds a higher diploma in financial sciences from the University of Baghdad. During his tenure as Governor of the Central Bank, Iraq witnessed many crises related to the management of the bank, the most prominent of which was the scandal of fake import documents under which dollars are obtained from the currency auction at the Central Bank, without the companies concerned importing any materials into Iraq.

This comes in addition to the scandal of the sinking of more than 7 billion dinars as a result of rainwater in the Central Bank warehouse in 2018, and the damage of other amounts due to moisture, and the step of writing his name on banknotes of 250 dinars and 1000 dinars, contrary to the Iraqi law adopted by mentioning the governor's phrase and signing the currency, led to increasing confusion, in addition to the file of financing the Central Bank government deals marred by corruption.

 

Source: Baghdad Today + The New Arab

 

Loans and dollars. Parliamentary mobilization to overthrow the governor of the Central Bank: failure and promises not implemented » Baghdad News Agency (baghdadtoday.news)

[BETTYBOOP]

And if he Rv / Ri' s the currency in the next 10 days he would be the peoples hero

[BETTYBOOP]

This would be the last thing we as investors or the country of Iraq needs right now.. Yeah he is an Iranian puppet but somebody new could take the dinar in the opposite direction from what we need and it could be somebody that Iran finds easier to manipulate than Al Alak is. Remember he was trained under Shabbabi.  He knows what the plan was before Malaki ousted Shabbabi and put him in prison. I don't believe this would be a good thing at all. Hopefully Sudani will tell them all to sit down and shut up. 

[WheresmyRV?]

5 hours ago, BETTYBOOP said:

This would be the last thing we as investors or the country of Iraq needs right now.. Yeah he is an Iranian puppet but somebody new could take the dinar in the opposite direction from what we need and it could be somebody that Iran finds easier to manipulate than Al Alak is. Remember he was trained under Shabbabi.  He knows what the plan was before Malaki ousted Shabbabi and put him in prison. I don't believe this would be a good thing at all. Hopefully Sudani will tell them all to sit down and shut up. 

Agree with you 100%

[horsesoldier]

On 9/30/2023 at 3:40 PM, 3n1 said:

 

wash rinse repeat over and over , one would think after 20 years someone in iraq has enough financial sense or has the ability to read a book explaining how to stop duel currency use and how to empower their own currency and get on with rebuilding iraq , im sure its all by design though , its no wonder the average iraqi citizen just scoffs at the thought of a strong iqd . cheers we wait

They know what to do, just an endless river of verbal bs. They simply refuse to do the right thing...they like the status quo just the way it is. IMHO

All the Best

 

[NMP2017]

15 hours ago, BETTYBOOP said:

And if he Rv / Ri' s the currency in the next 10 days he would be the peoples hero

Sadly I don't think that most politicians of any country care about the people...

[yota691]

Al-Kadhimi: American arbitrariness towards Iraq with the dollar crisis... and the Central Bank proposed solutions

• Time: 10/01/2023 22:37:12
•  
• Read: 5,486 times

  

{Politics: Al-Furat News} Member of the Parliamentary Finance Committee, Moin Al-Kadhimi, considered the American action towards Iraq regarding the dollar crisis “arbitrary,” while he confirmed that the Central Bank of Iraq had proposed solutions to the crisis.

 

Al-Kazemi said: For the program {Free Speech} broadcast by Al-Furat satellite channel this Sunday evening, it said: “There is arbitrariness on the part of the American side in dealing with Iraq through the filtering on remittances and for unrealistic reasons, despite them meeting all the conditions.”

 

He added, "The merchant is also required not to import from Syria, as if American anger is focused on starving the Syrian people, and so it is with Iran," indicating that "what is happening today in Iraq is caused by American policies toward Iraq."

 

Al-Kadhimi continued, "The United States deals with hegemony over the Iraqi dinar and all oil revenues enter the Federal Bank and imposes conditions. Their latest problem is that the dollar sold is not proportional to the number of travelers, and the government is serious about providing services despite the great conspiracy."

 

He stressed, "The need for internal solidarity and popular awareness to control American hegemony by importing materials in another currency to be liberated from the dollar. There is a global trend to liberate from the hegemony of the American dollar." 

 

Al-Kadhimi pointed out, “The United States is required to pay 33 trillion dollars because it has no monetary cover.” 

 

Regarding hosting the Governor of the Central Bank, Ali Al-Alaq, Al-Kadhimi said, “The Central Bank of Iraq presented proposals to the government regarding the tax to simplify it and encourage the merchant to enter the currency platform, as well as simplify procedures with travelers, but it must have serious oversight of the banks and their performance.”

 

He noted that "60% of banking companies were prohibited from selling dollar cash to travelers, and controlling the border crossings solves the crisis in the prices of the dollar and the local product and stops smuggling, which is a very important issue." 

 

Al-Kadhimi ended his statement by saying, “Dealing with investors, contractors, and projects inside Iraq is in Iraqi dinars, but imports of medical devices and others are in dollars and at a subsidized price.”

 

The Iraqi economy is witnessing a new shock with a continuous rise in the dollar exchange rate in local markets, while the official exchange rate is only 1,320 dinars.

The US Treasury imposed sanctions on 14 banks last July, as revealed by the Wall Street Journal last Wednesday, and these sanctions come months after similar sanctions were imposed on 4 other Iraqi banks after they were accused of money laundering.

 

However, the Central Bank announced again in a new statement in which it confirmed its continued fulfillment of legitimate requests for the dollar from the official outlets licensed by it and at the official price (1,320 dinars to the dollar), calling on citizens to report cases of raising the dollar exchange rate in the markets, according to the text of the statement.

 

Wafaa Al-Fatlawi

[yota691]

Financial expert: The international financial system prevents Iraq from dealing in anything other than the dollar

• Time: 10/01/2023 22:54:08
•  
• Read: 4,680 times

  

{Economic: Al-Furat News} Financial expert, Dawoud Ali Zayer, believes that the international financial system prevents Iraq from dealing in anything other than the dollar.

 

Zayer said: In the program {Free Speech} broadcast by Al-Furat satellite channel this Sunday evening, it said: “The exchange of the dollar against the dinar is not determined by the exchange rate, but by the official price, and the parallel market is limited to the requirements for importing goods and does not exceed 20% in the best money, and it meets the trade of the intra-states subject to the sanctions and part of it.” It meets requirements outside the law, including the trade in drugs, organs, etc.

 

He added, "156 thousand dinars for 100 US dollars does not represent the real exchange rate of the dollar," indicating that "90% of car importers, i.e. {agents}, meet their credits through the exchange rate of 132, and 10% of them secure their import via the black market."

 

Zayer pointed out, "Iranian goods meet a large portion of the Iraqi market's requirements, most of which are foodstuffs that meet the requirements of poor families and below. The problem is reflected in the exchange rate on the black market, and in such a case a system is required that avoids American sanctions."

 

He explained, "The international financial system does not allow Iraq to deal with anything other than the American dollar, and it requires time and the emergence of other competing international powers to impose a new financial system parallel to the American system that exists at the present time."
 
Zayer noted, "The United States dominates the local parallel market and intends to legalize the pumping of dollars into Iraq, noting that Iran's intra-trade with the UAE amounts to 7 billion dollars annually."

 

He continued, "The government of Prime Minister Muhammad Shiaa Al-Sudani directly coped with the crisis of changing the exchange rate and struggled by reducing the price and putting pressure on its revenues, but it gained something very big, which is the transformation of the banking system into a banking system through legal methods by importing goods."

 

Zayer concluded by saying, "There is a complex problem in the tax system that is marred by corruption and bureaucracy, and the current government has addressed it through regulations for reforming the tax system, which will be implemented and resolved completely next year, and the government's steps are confident and crowned with success."

 

In its regular session held on September 17, 2023, the Council of Ministers issued a decision regarding the tax system reform paragraph within the government curriculum, which stipulated the following:

 

The accounts and financial statements are approved and approved by a certified auditor as a basis for tax calculations, after approval by the Council of the Accounting Oversight and Auditing Profession on the validity of the auditor’s seal and signature, submitted by all taxpayers, individuals, entities, companies and offices to the General Authority for Taxes.

- With regard to the financial statements submitted by taxpayers to the General Tax Authority and not subject to audit by a licensed auditor, based on the Commercial Bookkeeping System for Income Tax Purposes No. (2) of 1985, what is stated in Paragraph (1) above applies, provided that it is organized. By accounting regulation offices licensed by the Accountants and Auditors Syndicate.

The tax amount is collected according to the information in (1 and 2) above, and the taxpayer is immediately discharged.

The General Authority for Taxes may audit the accounts presented in (1) above according to a mechanism to be prepared, in coordination between the General Authority for Taxes, the Federal Office of Financial Supervision, and the Society of Certified Public Accountants. In the event of any accounting or financial defect, the certified public accountant bears responsibility, and the mechanism includes procedures to combat tax evasion.

- Obligating all taxpayers, especially importers, to present a document proving their clearance issued by the General Authority for Taxes, and the validity period of the clearance is one calendar year from the date of its issuance.

-Canceling the query from the calculator for purchasing foreign currencies for all previous and current taxpayers when they visit the General Authority for Taxes.

- Failure to collect tax deposits at previously established border crossings. Tax accounting is carried out at the General Authority for Taxes center and its branches, and according to the taxpayer’s registration authority in the tax departments according to the mechanism mentioned in Paragraphs (1 and 2).

-This decision applies to taxpayers who failed to file a tax accounting before its issuance.

Wafaa Al-Fatlawi 

[yota691]

Is Iraq committed to the controls on trade exchange? An economist answers

 20 hours ago

459

 

The economic expert, Nabil Al-Ali, explained the extent of Iraq’s commitment to the controls set by the United States in addition to trade exchange, while he stressed that the government is required to find solutions away from the dollar.

Al-Ali said, in a press interview seen by “Taqaddam,” that “the Iraqi government and through the Central Bank, and through the recent procedures followed, appear to be officially committed, but the Iraqi market and currency and remittance merchants are not committed, and this is what leads to an increase in the dollar exchange rates in Iraq.” “.

The economist explained, “This difference creates pressure on local markets. Due to the increasing demand internally, as well as small merchants who transfer to different places without registering on the platform and buying it from the black market.”

Al-Ali stated, “The government is required to find solutions that will not put pressure on the dollar.”

[yota691]

An Iraqi official announces an agreement with Tehran regarding the payment of debts to Iran

Economy | 07:26 - 09/30/2023

 

 

 

 

Follow-up - Mawazine News
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Saturday, that an agreement had been reached on settling his country’s debts related to importing gas from Iran through a new method.

IRNA news agency quoted Al-Alaq on Saturday evening as saying, “There are ongoing discussions to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements.”

The Iraqi official explained that there was an agreement between the Iraqi and Iranian parties, stipulating that his country's debts incurred from Iranian gas imports would be settled through a new method through which these amounts would be paid.

Ali Al-Alaq continued that the Iraqi discussions with Iran regarding regulating the import of gas are continuing, so that Iraq is not exposed to problems such as violating sanctions and agreements, adding that the Central Bank of Iraq will reach a clear formula in regulating the trade process with Iran, especially since part of it is through barter.

Early last month, the Iranian and Iraqi oil ministers discussed how to enhance Iranian gas exports to Iraq, as well as discussing the issue of repaying Baghdad’s gas debts to Tehran.

A delegation from the Iraqi Ministry of Electricity visited Iran at the beginning of last June. The visit led to an increase in gas imports to Iraq, as the spokesman for the Iraqi Ministry of Electricity, Ahmed Musa al-Abadi, explained that “Iran supplies Iraq with 45 million cubic meters of gas, This helped enhance the capacity of power plants and launch other Iraqi power plants, and the Iranian side is ready to increase gas exports to Iraq.”

Al-Abadi pointed out that there is no possibility of supplying gas from countries other than Iran, or gas transportation lines to import gas to Iraq, adding that the only existing communication lines that supply Iraqi gas are from Iran. Ended 29/M99