Warnings Of The Collapse Of The National Currency: Leave The Rotation Of Positions
August 15, 2024 Baghdad/Iraq Observer Professor of political thought, Talib Muhammad Karim, warned today, Thursday, of the collapse of the national currency due to the spread of corruption and suspicions in the Central Bank of Iraq, while
criticizing the phenomenon of “rotation of positions.”
Talib said in an interview with “Iraq Observer,” that
“careful specialization to match the state’s economy with the actual need achieves economic growth and stability for local markets and maintains the individual’s income in proportion to his daily living.”
He added, “Corruption and suspicions are not far from the Central Bank of Iraq, which has caused great damage to the reserves and level of the national currency.”
The professor of political thought stated, “The central bank has loose addresses and failed steps, which paralyzed the movement of the market and the private sector, which led to a major depression that may increase the phenomenon of poverty, layoffs of the workforce, and increase the area of unemployment.” https://observeriraq.net/تحذيرات-من-انهيار-العملة-الوطنية-اترك/
A Deputy Reveals The Results Of The War On “Hard Currency” Smuggling
On Thursday, Representative Yasser Iskandar revealed the results of the war on the smuggling of hard currency from Iraq. Iskandar said in an interview with Al-Maalouma, “The
smuggling of hard currency is one of the tools that
drain the economy and
creates an anomaly in the balance of exchange rates and
pushes the parallel market to rise, which
leads to excessive prices in the markets, the price of which is paid by the simple people.”
He added,
“The efforts of the Ministry of Interior with the Central Bank and supporting formations contributed to reducing the file of hard currency smuggling by 80%, while directing 11 qualitative strikes to companies and offices dealing in the file of selling currency illegally.”
He pointed out that
“currency smuggling is part of corruption that requires exceptional efforts to dismantle it, and
government committees are continuing to expose it day after day.”
It is noteworthy that the smuggling of hard currency leads to an increase in exchange rates in Iraq, which puts pressure on the markets and leads to the emergence of excessive prices. Ended 25 F
https://almaalomah.me/news/73456/economy/نائب-يكشف-نتائج-الحرب-على-تهريب-العملة-الصعبة
Digital Banks… Fears Of Money Laundering And Currency Smuggling To Banks That Do Not Have Branches (Witness)
Fears have been raised recently that so-called digital banks are being used for the purposes of money laundering and currency smuggling, especially since
they are nothing more than electronic pages that do not have branches on the ground,
thus opening a new door to corruption that directly harms the country’s economic reality.
Economic affairs specialist Ali Tamer said in an interview with Al-Sumaria that
merchants and manipulators are lurking to exploit this (digital) card, as
this card has adopted the secret numbers of its holders, but these numbers can be adopted by other people as they are a number and not a handprint, indicating that the bank’s oversight The Central Bank has established a mechanism for dealing with this card that can limit these manipulations and currency smuggling outside Iraq.
Also, the issue of conducting financial transactions through a phone application and digital cards, some believe that it may open a wider door to corruption, especially since this process is not subject to close monitoring, and this facilitates making deposits at home, withdrawals from abroad, and smuggling money.
In an interview with Al-Sumaria, an economic affairs specialist, Duraid Al-Anazi, said that
money could be smuggled under the pretext of importing goods, but these goods did not arrive and the money was smuggled.
On the other hand, economists confirm that the idea of establishing digital banks that provide their services through electronic channels without the presence of real branches on the ground raises suspicion and fear that it will contribute to confusing the economic situation through incomprehensible operations that could be exploited to harm the country’s economy.
To view the report, see the main image above
It Attracts Investors And Limits Currency Smuggling.. A Specialist Explains The Importance Of “Digitizing” Iraqi Banks
Baghdad Today, Friday (August 16, 2024), Nawar Al-Saadi, an expert in financial and economic affairs, revealed the
importance of the benefits of “digitizing” the financial transactions of Iraqi banks, while noting that
digitization can enhance financial inclusion by attracting users who do not deal with traditional banks remotely. By providing services that are accessible and easy to use. Al-Saadi told “Baghdad Today” that
“digitizing financial transactions in Iraqi banks can provide great benefits, especially with regard to reducing cases of currency smuggling,” noting that
“by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency.”
This means that every transaction is automatically recorded and saved in a central database that can be reviewed at any time.
This allows the relevant authorities to quickly monitor and detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currency.” He added,
“The digitization of the banking system contributes to reducing cases of money laundering, as these operations usually depend on exploiting loopholes in traditional systems,
but with the presence of an advanced digital system, these operations become more complex, and
digitization allows the use of advanced technologies such as artificial intelligence to analyze patterns.” in banking data and identifying any abnormal or suspicious transactions,” stressing that
“this helps prevent money laundering by early identifying unusual activities and reporting them to the competent authorities.” Al-Saadi explained,
“To implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that
“this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage On digital transactions,
it is also important to enhance customers’ awareness of the benefits of digital transactions and build their confidence in the new systems.” He stressed that
“digitalization in banks contributes to achieving more transparency and credibility in the financial system, as every transaction can be easily tracked and reviewed.
It also works to improve the operational efficiency of banks by completing transactions more quickly and at a lower cost.
From a security standpoint, digitization provides higher levels of security.” Protection against fraud and theft through advanced encryption technologies. The expert in financial and economic affairs concluded by saying,
“Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.
The digitization of financial transactions in Iraqi banks also carries great potential to enhance economic stability and reduce the risks associated with it.” Money laundering and currency smuggling, leading to a safer and more efficient financial system.”
