After the decision to cancel the platform.. Will we witness a crazy rise in dollar prices in Iraq?
In a move that has attracted the attention of economic and financial circles, the Governor of the Central Bank, Ali Al-Alaq, announced the bank’s intention to cancel the electronic platform for financial transfers early next year.
This decision comes as part of a series of reforms aimed at facilitating financial procedures and stimulating the economy, but at the same time it raises questions about its potential impact on the stability of the dinar exchange rate. Iraqi before Dollar American.
The concept of the electronic platform and its role in currency stability
The electronic money transfer platform is a mechanism adopted to ensure the regulation of foreign money transfers and to limit manipulation of exchange rates.
The platform documents commercial transactions and money transfers by banks and financial companies, ensuring more effective control over hard currency flows in and out of the country.
This platform has greatly contributed to narrowing the gap between the exchange rate. Official And price The market Black, where it prevented many money laundering and smuggling operations.
However, with the decision to cancel this platform, questions are raised about how it will be regulated. The market And transfer management.
The impact of deplatforming on the price Dollar
1. Increased demand for Dollar in The market Black, with the absence of an electronic platform, the demand for it may increase. Dollar in The market Black money is the result of the absence of control mechanisms, which leads to higher exchange rates outside official channels.
2. Weak confidence in the dinar, as cancelling the platform may weaken confidence in the Iraqi dinar, especially if effective alternatives are not put in place to ensure stability. The market Lack of confidence means that citizens and investors are likely to withdraw their money in dinars and transfer it to Dollar As a safe haven.
3. The impact of smuggling and money laundering, as cancelling the platform could cancel strict control over smuggling operations. Dollar Smuggling and money laundering practices may expand, increasing demand for Dollar Significantly and affects the central bank’s reserves.
4. Accreditation The market On supply and demand, with the platform being cancelled, the currency market may become more affected by direct supply and demand. This may lead to extreme fluctuations in the exchange rate, especially in unstable economic and political conditions.
Chances of facing a rise Dollar
1. Activating alternative control tools
The government and the central bank can rely on other supervisory tools such as strengthening the role of local banks and imposing strict restrictions on foreign transfers.
2. Increase reserves of Dollar
The Central Bank may resort to pumping more dollars into The market To meet demand and maintain price stability.
3. Promoting local investments
By encouraging investment and reducing dependence on foreign currencies, pressure on Dollar And strengthen the dinar.
4. Cooperation with international organizations
The government may cooperate with international institutions such as the International Monetary Fund and the World Bank to develop economic plans that contribute to stability. The market.
The decision to cancel the electronic platform for money transfers represents a major challenge to the Iraqi economy, and may have direct effects on the exchange rate. Dollar In front of the dinar. To achieve economic stability in the next phase, it will be necessary to take proactive measures to compensate for the absence of the platform and ensure the continuity of supervision over The market Financial.
The balance between facilitating economic procedures and protecting the national currency will be the decisive factor in determining the success of this decision and its effects on citizens and investors.
The Governor of the Central Bank, Ali Al-Alaq, confirmed in a statement to the official agency, which was followed by: Sumerian “Next year, we will launch a new approach to expand and enhance citizens’ remittances for various purposes, such as travel, treatment, or any legitimate remittances abroad, just as we did for commercial remittances,” he said, noting that “there are also agreements currently in place with relevant companies such as Visa, Mastercard, MoneyGram, Western Union, to establish a new framework for implementing these operations, which will constitute another shift in controlling these operations.”
Al-Alaq added, “Next year or the beginning of next year 2025 will witness the completion of the current procedures, and we seek to provide reassurance, especially with some people’s questions about the fate of transfers after the completion of the electronic platform at the end of this year 2024.”
“There is no sudden transition, but rather a gradual transition that began in 2024, where the banks’ relationship was transferred directly to correspondent banks without passing through other links, and the process has been completed with continued success,” he continued, stressing that “more than 95% of this goal has been achieved, and this process will be completed successfully within the next two weeks,” noting that “there is international anticipation to celebrate this occasion.”
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Al-Sudani: Foreign investments in Iraq reached 62 billion dollars
Thursday evening that the country has a safe and attractive environment for investment, while pointing out that foreign investments in Iraq amounted to about 62 billion dollars.
This came during Al-Sudani’s participation in the Iraqi-Spanish Economic Forum, which was held by the Spanish Chamber of Commerce in Madrid, in the presence of an elite group of businessmen from both countries.
The Prime Minister participated in the opening session, which included a discussion seminar devoted to economic relations and bilateral partnerships between Iraq and Spain in all fields, and discussing mechanisms to enhance the volume of trade exchange between the two countries .
Al-Sudani said in a speech at the forum: “ Our government came two years ago to present a new vision for the advancement of the Iraqi economy. Our country produces 4 million barrels of oil per day, and it is the third-largest producer within OPEC Plus. We have a large reserve of oil and gas, awaiting optimal investment.”
He added: “We have proceeded with the development road project, which represents the least expensive corridor between the East and the West, and it establishes economic cities in Iraq. Around $100 billion has been allocated over 3 years to implement infrastructure projects, which is a suitable ground for the participation of Spanish companies.”
Al-Sudani continued: “We agreed on a railway project between Basra and Iran with a Spanish company for about $250 million, in addition to the coalition negotiating the (Karbala-Najaf) train, which includes Spanish companies.”
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The major embezzlement case in Diyala, the disappearance of 40 billion Iraqi dinars!
The major embezzlement case that took place in Diyala, known as the theft of the century, is still being kept secret without the results of the investigations being announced, as billions of dinars of compensation funds allocated to victims of terrorism were seized.
Reports indicated that the stolen amount reached 9 billion dinars, amid accusations against employees in the governorate’s office. An informed source stated that “the money was gradually withdrawn over several months, using forged checks.”
The source added that “the ongoing investigations revealed the involvement of no less than five employees, including accounting officers, two of whom were arrested and large sums of money were seized, while the search for the rest is still ongoing,” explaining that “the investigations included cooperation from the Integrity Commission and the security authorities to track down those involved and prevent them from traveling.”
While the representative of Diyala Governorate, Ahmed Al-Moussawi, recently revealed that the value of the “theft of the century” in the governorate had risen to 40 billion dinars.
Al-Moussawi said: “We are waiting for the competent authorities to investigate and reveal the theft of approximately forty billion dinars according to the information that reached us,” explaining that “the judiciary and the Integrity Commission in Diyala are facing a major test to clarify the details of this theft and those involved in it.”
He called for “following up on the issue and supervising the investigation directly, returning these funds as soon as possible, holding the thieves accountable and imposing the most severe penalties on them.”
Last April, media outlets reported that nearly 9 billion dinars had disappeared from the Diyala Governorate Diwan, similar to the “theft of the century.” They indicated that “the amount that disappeared was compensation money and was estimated at 8-9 billion dinars, and those involved in the theft were 3 employees who fled to an unknown location,” noting that “the theft was carried out through checks that were gradually cashed over the months.”
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Al-Sudani: We Have Contact With Trump’s Team And They Want To Develop Relations With Us
Prime Minister Mohammed Shia al-Sudani stressed: “Iraq’s relations with the United States are institutional according to the strategic framework agreement.”
Al-Sudani said in an interview with the Spanish newspaper El Mundo: “We have communication with Trump’s team and they want to develop relations with us.”
Regarding Iraq’s relations with Spain, he explained: “We are facing a distinguished stage in relations with Spain and there is a mutual desire to develop and advance them in all fields,” adding: “Spain is part of the international coalition that helped us eliminate the terrorist ISIS, and based on our request, the mission of the international coalition will end within two years due to the lack of justification for its existence.”
He said: “There are Spanish companies in Iraq, especially in the railway and transportation sector, and we are keen to have more companies for their efficiency and experience in implementing projects. We will sign several memoranda of understanding with Spain and there is a financial ceiling of 200 million euros to one billion euros to cover projects implemented by the Iraqi and Spanish private sectors.”
He pointed out that a railway project worth 250 million dollars was referred to a Spanish company, and negotiations are underway with another Spanish company on a high-speed train project between the governorates of Najaf and Karbala.
Regarding the situation in Iraq, Al-Sudani said: “The capabilities of our security services have reached an advanced stage and there is political stability that has been reflected in the general situation of the country.”
Regarding the ceasefire in Lebanon, the Prime Minister described the agreement as an important event, expressing his hope that it will include the Gaza Strip to reflect on the stability of the region.
He continued: “Our laws stipulate non-recognition of the Zionist entity, and the Palestinians are the owners of the land and the cause, and they are the ones who decide the formula for the solution to their cause.”
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Gold Falls On Dollar Strength
Gold prices fell on Thursday, pressured by the rise of the dollar, amid anticipation of economic data indicating that the Federal Reserve (the US central bank) may follow a more cautious approach to interest rate cuts.
Spot gold fell 0.3 percent to $ 2627.60 per ounce, and US gold futures fell 0.5 percent to $ 2627.00.
The dollar index rose 0.1 percent, reducing the attractiveness of gold for holders of other currencies.
As for other precious metals, silver fell about one percent to $ 29.78 per ounce, platinum 0.1 percent to $ 928.05, while palladium stabilized at $ 972.75.
Oil Falls After US Gasoline Stocks Rise
Oil prices fell slightly in Asian trading on Thursday after a surprise jump in U.S. gasoline stocks ahead of the Thanksgiving holiday raised concerns about demand in the world’s biggest fuel consumer.
Brent crude futures were down 4 cents, or 0.1 percent, at $72.79 a barrel by 02:20 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $68.71 a barrel.
Trading is expected to be light due to a holiday in the United States.
The U.S. Energy Information Administration said Wednesday that gasoline stocks in the country rose by 3.3 million barrels in the week ending Nov. 22, contrary to expectations for a slight draw in fuel stocks ahead of the holiday season.
Oil analysts had expected U.S. gasoline stocks to fall by 46,000 barrels last week, according to a Reuters poll ahead of the EIA report.
OPEC+ members are discussing a further delay to a planned oil output increase that was due to start in January, two sources from the producer group told Reuters on Tuesday. The group is due to meet on Sunday to decide policy for the first months of 2025.
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Government Communication: All Institutions Are Required To Introduce Electronic Payment By July 2025
Electronic payment device at gas stations Money and business Economy News – Baghdad The Government Communication Team confirmed on Thursday that the number of institutions using electronic payment has increased to 780 and the number of payment cards has increased to 20 million, noting that the government’s plan stresses the obligation of all institutions to introduce electronic payment by July 2025.
The head of the government communication team, Ammar Munim, said in a statement reported by the official news agency, and seen by “Al-Eqtisad News”, that “there are about 780 institutions that have been converted to electronic payment, and the number of electronic cards has increased from 14 million cards to 20 million cards, in addition to the amounts that were traded during the campaign reaching one and a half trillion dinars.”
He added, “We have a set of measures that have allowed for an increase in the number of electronic cards and the number of ATMs, and the conversion of institutions to electronic payment. The culture among citizens has been strengthened to use cards to transfer their money inside and outside Iraq electronically without any difficulty.”
He added, “The national campaign to support the electronic payment process encouraged citizens through simplified procedures from the government, and it is an educational campaign.”
He stressed that “the government has taken important measures through which it has directed all institutions to develop a plan to move to electronic payment by the end of this year and for all institutions to enter the electronic payment process by the beginning of July of next year 2025.”
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Central Bank Sales Rise To More Than $288 Million In Currency Auction Today
The Central Bank of Iraq’s dollar sales increased to more than $ 288 million in the currency auction, compared to yesterday, Wednesday.
The bank sold $ 288 million, 258 thousand and 12 in its auction today, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.
Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to $ 275 million, 158 thousand and 12, up 95% from cash sales of $ 13 million and 100 thousand.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 11 banks, and the total number of exchange companies participating in the auction was 15 companies.
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Sudanese Advisor: The Government Has Taken Decisions That Grant Privileges To Investors
The Prime Minister’s Advisor for Industry and Private Sector Development, Hamoudi Al-Lami, announced that the government has taken decisions to grant privileges to investors, while indicating that the facilities include granting tax exemptions.
Al-Lami said in a speech at the Greek-Arab Economic Forum in Athens, that “Iraq, after the formation of the current government two years ago headed by Prime Minister Mohammed Shia Al-Sudani, had one of its priorities to support the industrial sector, and the government has begun to implement this promise it made,” noting that “the government has taken decisions, including activating Investment Law No. 13 of 2006, and additional amendments were made to it to grant more privileges to investors.”
He explained that “the government has taken decisions, including forming committees to grant incentives and privileges to investors and guarantees for investment,” noting that “foreign investors have the right to lease industrial lands for a period of 50 years, renewable.”
Al-Lami explained that “Iraq has great opportunities for investment, especially after the security stability, and the Arab brothers played a major role in activating various sectors in Iraq and they are now spread across all Iraqi governorates,” stressing that “Iraq is now witnessing a renaissance in activating sectors, and there are investment opportunities that were presented two months ago and will be followed by other opportunities that will be announced soon.”
He continued: “Iraq has a great wealth of minerals that exceeds its importance, oil, as oil is now suffering from some disturbances due to the political situation, the issue of the environment and carbon emissions,” explaining that “Iraq has begun to invest in the great wealth of minerals as it has 10 billion tons of phosphate rocks that are used in the phosphate and phosphate fertilizer industry, which has become a great need due to the increasing demand for food that requires agriculture, which in turn needs fertilizers.”
He added that “any production of the phosphate industry is accompanied by uranium production, and the investor can use the uranium to produce energy or sell it to power plants,” noting that “the National Investment Law started with simple and specific investments in the construction sector and has now shifted to investing in the industrial sectors (chemical and petrochemical).”
Al-Lami stated that “the investor obtains full tax exemptions for importing production line equipment and raw materials.”
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Judiciary Warns Of The Danger Of Currency Smuggling
The Supreme Judicial Council warned, on Thursday, of the danger of currency smuggling and its harm to the national economy and development, while revealing the latest methods of currency smuggling and how to pursue it.
The judge of the Integrity and Money Laundering Investigation Court, Iyad Mohsen Damd, said in a statement to Al-Qada newspaper, “Currency smuggling is one of the crimes that has economic and social impacts, most notably harming the national economy by taking hard currency out of the country and pushing it into circulation in the economic market of other countries.”
In light of the technical and technological developments that the world is witnessing, as Damd points out, “currency smugglers have developed their means and methods of smuggling money, and one of the most recent methods that we have been presented with in practical reality is smuggling currency through prepaid electronic payment cards,
where the accused agrees with ordinary citizens to issue payment cards in their names in exchange for small amounts that he gives them, then he fills the cards, carries them and takes them out of the country through airports, and then withdraws the amounts in cash through ATMs in the countries to which he travels.”
Among the methods of smuggling money, Damd stated that “some criminals resort to the currency sales window at the Central Bank of Iraq to buy dollars, and then transfer the money to foreign bank accounts under the pretext of importing goods without there being a real import operation.”
Regarding the legal procedures, he pointed out that “the courts currently consider currency smuggling crimes in accordance with the provisions of Resolution 58 of 1982, the penalty for which is life imprisonment, and sometimes it is adapted according to Article 43 of the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015, which is a misdemeanor, and the decisive factor in determining the penalty is the circumstances and facts of the case.”
The judge in charge of combating money laundering stated that “there are legal procedures represented by the enactment of laws that require combating currency smuggling and impose deterrent penalties on perpetrators, and there are institutional procedures represented by the formation of security and intelligence agencies concerned with combating this crime, arresting its perpetrators, and presenting cases before investigating judges.”
Regarding the obstacles facing the pursuit of currency smugglers, he stated that “the obstacles are represented by the difficulty of tracking and uncovering some of the smugglers’ methods, especially when they use modern methods and advanced technologies. Another obstacle is the fact that the crime is organized and is committed by transnational gangs. It is known that transnational crimes are complex and difficult to track and trace in terms of inspection, arrest and prosecution procedures.”
Regarding technological progress and its impact on increasing or reducing these crimes, the judge described technological development as “a double-edged sword, as criminals can exploit it to develop methods of currency smuggling, speed it up, and complicate the procedures for tracking it.
On the other hand, the competent authorities can benefit from it by combating the crime of currency smuggling by developing inspection and inspection devices at airports, as well as by developing systems to combat money laundering and currency smuggling, and by using technology to activate the due diligence procedures that must be followed to reduce the danger and extent of currency smuggling.”
For his part, the judge of the Third Karkh Investigation Court, Muhammad Khalid Jiyad, revealed “other modern methods used in currency smuggling and money laundering operations, which are represented by importing goods from neighboring countries through fictitious deals or attaching forged invoices in which prices are inflated to high levels or through (K-Card) cards.”
Jihad explained that “currency smugglers collect a large number of Key Cards and Visa Cards after filling them with national currencies and traveling with them outside Iraq and withdrawing the amounts deposited in them in dollars or by purchasing electronic game cards from the Internet in dollars, as well as through drug and weapons trade and oil smuggling.”
He explained that “traders and importers evade legal accountability by importing under fictitious names, as most of them are not registered for taxes or do not possess an import certificate that originally allows them to conduct commercial exchange.”
He warned of “the danger of currency smuggling, which causes economic inflation by doubling or more the prices of goods,” indicating that “these crimes have led to the instability of the country’s economic situation, the fluctuation of the exchange rate of foreign currencies against the value of the Iraqi dinar, and the spread of poverty, classism, and ignorance in society.”
“The biggest obstacle facing the concerned authorities in pursuing foreign currency smugglers is the fact that the ownership of the dollar is restricted to a certain group or parties that control the devaluation or increase of the local currency against the dollar, which has created a kind of dominance and monopoly supported by an umbrella and official decisions,”
Jiyad continued, noting that “the financial policy has failed to achieve stability in the exchange rate of the dinar against the dollar, in addition to the difficulty of uncovering people who launder money and smuggle hard currencies, as this type of crime is covered by a commercial nature.”
He pointed out that “one of the reasons for not controlling smuggling is the border crossings that are not controlled by the General Authority of Customs, as well as the presence of some smugglers outside Iraq and of different nationalities, which makes it difficult to reach them and hand them over to the Iraqi state due to international law, as the handing over of smugglers is according to the principle of reciprocity and extradition agreements between countries.”
Regarding the measures taken to confront currency smugglers, he stated that “the Central Bank of Iraq plays an important role through its policies, so a special policy must be set for the bank and translated according to instructions and controls and applied to all banks and financial institutions strictly, in addition to the special oversight that is represented by practicing auditing procedures related to oversight of financial institutions.”
Regarding the judicial efforts in this field, Jihad stressed that “the Iraqi judiciary has an important role in confronting this crime through the judicial rulings it issued against currency smugglers, where the provisions of Article (456) of the Penal Code were applied, in accordance with Article (57) of the Iraqi Banking Law No. 94 of 2004, which states that (any person who practices banking activities and works without a banking license issued by the Central Bank of Iraq is considered guilty and subject to prosecution, and the fraud penalty stipulated in the Penal Code shall be applied against him).”
He added that “Article (456) of the Penal Code punishes anyone who obtains or transfers possession of movable property owned by another to himself or to a person by using fraudulent methods or by adopting a false name or incorrect description or by reporting a false matter about a specific incident, whenever this is likely to deceive the victim and induce him to surrender.”
The judge explained that “actions are taken against natural and legal persons who practice banking activities such as financial transfers abroad without having a license to do so according to their certificate of establishment, and the provisions of the dissolved Revolutionary Command Council Resolution No. 58 of 1982 are also applied, which states (first):
Anyone proven to have smuggled money outside Iraq for the purpose of investment shall be punished with life imprisonment, and his movable and immovable assets located in Iraq shall be confiscated and registered in the name of the Ministry of Finance.”
He pointed out that “Article (38) of the Anti-Money Laundering and Terrorism Financing Law 39 of 2015 stipulated (First: The funds involved in the crime must be confiscated…), and the decision of the dissolved Revolutionary Command Council No. 58 of 1982 included the confiscation of movable and immovable funds located in Iraq for anyone proven to have smuggled funds and specified the entity in whose name these confiscated funds are registered (the Ministry of Finance).”
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“Innovative” Methods For Smuggling Dollars In Iraq… And The Perpetrators Are “Safe
Baghdad Two judges specializing in integrity, money laundering and smuggling cases revealed the latest methods used in money laundering and smuggling crimes in Iraq, which are represented by the use of electronic cards or fictitious imports, while they indicated that the biggest obstacles facing the pursuit of money laundering is the monopoly of the dollar for certain categories covered by legal decisions.
The judge of the Integrity and Money Laundering Investigation Court, Iyad Mohsen Damd, told Al-Qada newspaper that “currency smuggling is one of the crimes that has economic and social impacts, most notably harming the national economy by taking hard currency out of the country and pushing it into circulation in the economic market of other countries.”
He explained that “currency smugglers have developed their means and methods of smuggling money, and one of the most recent methods that have been presented to us in practical reality is smuggling currency through prepaid electronic payment cards, where the accused agrees with ordinary citizens to issue payment cards in their names in exchange for small amounts that he gives them, then he fills the cards, carries them and takes them out of the country through airports, and then withdraws the amounts in cash through ATMs in the countries to which he travels.”
He pointed out that “some criminals resort to the currency sales window at the Central Bank of Iraq to buy dollars, and then transfer the money to foreign bank accounts under the pretext of importing goods without there being a real import operation.”
For his part, Judge of the Third Karkh Investigation Court, Muhammad Khalid Jiyad, reveals other modern methods used in currency smuggling and money laundering operations, which are represented by “importing goods from neighboring countries through fictitious deals or attaching forged invoices in which prices are inflated to high levels or through (K-Card) cards.”
He explains that “currency smugglers collect a large number of Key Cards and Visa Cards after filling them with national currencies and traveling with them outside Iraq and withdrawing the amounts deposited in them in dollars or by purchasing electronic game cards from the Internet in dollars, as well as through drug and weapons trade and oil smuggling.”
He stressed that “traders and importers evade legal accountability by importing under fictitious names, as most of them are not registered for taxes or do not possess an import certificate that originally allows them to conduct commercial exchange.”
“The biggest obstacle facing the concerned authorities in pursuing foreign currency smugglers is the fact that the ownership of the dollar is restricted to a certain group or parties that control the devaluation or increase of the local currency against the dollar, which has created a kind of dominance and monopoly supported by an umbrella and official decisions,”
he said, noting that “the financial policy has failed to achieve stability in the exchange rate of the dinar against the dollar, in addition to the difficulty of uncovering people who launder money and smuggle hard currencies, as this type of crime is covered by a commercial nature.”
He also attributes the reasons for the lack of control over smuggling to “the border crossings that are not controlled by the General Authority of Customs, as well as the presence of some smugglers outside Iraq and of different nationalities, which makes it difficult to reach them and hand them over to the Iraqi state due to international law, as the handing over of smugglers is according to the principle of reciprocity and extradition agreements between countries.”
The major embezzlement case that took place in Diyala Which was known as the theft of the century, kept secret without Advertisement About the results of the investigations into it.
The case included the seizure of billions of dinars of compensation funds allocated to victims of terrorism.
Reports indicate that the stolen amount amounts to 9 billion dinars, amid accusations against employees in the governorate’s office.
An informed source said, “The funds were gradually withdrawn over several months, using forged checks.“
He added that “the ongoing investigations revealed the involvement of no less than five employees, including accounting officers, two of whom were arrested and large sums of money were seized, while the search for the rest is still ongoing,” explaining that “the investigations included cooperation from Integrity And the security authorities to track down those involved and prevent them from traveling.
However, the representative of the province Diyala Ahmed Al-Moussawi recently revealed that the value of the “theft of the century” has increased in The province To 40 billion dinars.
Al-Moussawi said: “We are waiting for the competent authorities to investigate and reveal the theft of approximately forty billion dinars, according to the information that reached us,” explaining that “the judiciary and the Integrity in Diyala We are facing a major test to clarify the details of this theft and those involved in it.
He called for “following up on the issue and supervising the investigation directly, returning these funds as soon as possible, holding the thieves accountable and imposing the most severe penalties on them.”
Last April, media outlets reported that nearly 9 billion dinars had disappeared from the Diyala Governorate office, similar to the “theft of the century.”
She explained that “the amount that disappeared is compensation amounts and is estimated at 8-9 billion dinars, and those involved in stealing it are 3 employees who fled to an unknown location,” noting that “the theft was carried out through checks that were gradually cashed over the past months.”
