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Iraqi News Monday AM 9-21-20

TLM724 Administrator BondLady’s Corner

With The Documents … A “Large Network” Seizes The Currency Auction, Including One Funded By ISIS

Time: 09/20/2020 14:52:00 Read: 2,288 times    {International: Al Furat News} coinciding with the start of the arrest campaign in Iraq to combat corruption under the umbrella of Prime Minister Mustafa Al-Kazemi, it seems noticeable the changes that have occurred in high-ranking positions, including the position of the governor of the Iraqi Central Committee, Ali Al-Alaq and the appointment of Mustafa Ghaleb as his successor.

In an investigative investigation, in cooperation with Iraqi sources, it revealed “a large network of Iraqi businessmen and banks that acquire the so-called foreign currency sale window in the Central Bank of Iraq.”

To be clear, and with the documents, that they are fake companies belonging to Iraqi people that obtain dollars supported by the Central Bank of Iraq under the pretext of importing goods and goods into Iraq.

Sources describe the “currency auction window” in Baghdad as a gateway to corruption, as the Central Bank of Iraq usually sells dollars to Iraqi private banks after obtaining oil revenues, which in turn sell them to Iraqi companies according to requests to import goods and goods.

Part of the import requests are “fake and fraudulent,” meaning that dollars are sold at subsidized prices to banks by means of a “currency auction”, without goods being imported in return, so that these funds are transferred to exchange companies, some of them linked to ISIS terrorist gangs, even though they have been subjected to American and international sanctions.

In addition, this matter is considered a violation of the Federal Budget Law of the state in 2015, which set the sales of the Central Bank of Iraq at $ 75 million per day, but today the amount ranges as an average between $ 150 – $ 200 million, or nearly 3 times the estimated amount specified in the law, and this is what it shows The results of the foreign currency sale window published by the Central Bank on its official website.

Committee member Magda Al-Tamimi considered that the decision was a “blow to anti-corruption efforts” in government departments at the time, in the year 2015.

When checking the private banks that obtain subsidized dollars to receive them to Iraqi merchants, sources say that nearly half of the banks that participate in the window of sale The currency supervised by the Central Bank of Iraq belongs to personalities close to political figures, and this is what brings them huge profits.

One of the documents prepared by the late head of the Parliament’s Finance Committee, Ahmad Chalabi, shows how the Al-Hoda Bank, which is owned by {H. M}, in the period between 2012-2015, it purchased 6.5 billion dollars for 3 financial transfer companies.

It is to be noted here that, recently, the Supreme Judicial Council / Baghdad Rusafa Federal Court of Appeal demanded, on 8-8-2019, to lift the immunity of H.M. for the crime of appropriating money in another case.

It was later revealed through the documents that the Al-Mahaj Money Transfer Company had dealt with Al-Rawi Exchange Company to transfer amounts of no less than $ 547 million during the year 2014 only, according to Chalabi.

The big surprise is that Al-Rawi Exchange Company was subjected to sanctions in April 2019 by the US Treasury Department for its funding of terrorism.

According to the US Treasury Department report, the six individuals who have been blacklisted constitute the main strength of what is known as the “network of narrator”. They are Mushtaq Talib Zughair Al-Rawi, an Iraqi citizen residing in Belgium, who leads the network’s operations in Turkey and Iraq, in addition to To his son and two brothers, along with two other relatives.

The US Treasury Department’s statement indicates that, as of November 2017, Mushtaq Al-Rawi supervised the transfer of funds to ISIS using the remittance network across Iraq and Turkey where ISIS salaries were paid in Syria.

In turn, the Iraqi Central Bank denied any relationship between Al-Mahaj Money Transfer Company and Al-Rawi Exchange Company, so that the response came quickly from the Finance Committee in the House of Representatives, indicating a statement of accounts for bank transfers that took place between the immigrant and the narrator, as the documents below show.

But more than that, as a document issued by the Ministry of Commerce / Company Registration Department showed that nearly half of the sums that were sold from the foreign currency sale window during the period from 1/1/2014 to 2/28/2015 have not been identified. Accordingly, 29 companies out of 32 are not registered in the Companies Registry.

Since September 2016, the European Union had placed Iraq on the list of high-risk countries related to money laundering and terrorist financing, and even when the Iraqi Foreign Ministry requested that the name of Iraq be removed from this list, the European Union rejected this request, indicating that it may do so in October. October, but Iraq must achieve all necessary criteria to join these countries.   LINK

TLM724:   FINALLY there are people in power that have the b*lls to correct the path of the CBI !!! New governor, new Prime Minister and new reform, get it done !!!

Tobyboy:   YES Timmy this is great I have been saying for several years now that this al-Alak is corrupt, this info kinda tells it all with the corruption in the CBI going on for years. You have to love it with the collection of the corrupt people being arrested. They are like rats running before the ship sinks. I pray that the new Prime Minister is being protected while he is cleaning the countries house of the corrupt. I hope he is able to get the whales and top dirty politicians involved in corruption. Toby

TLM724:   Yes Toby we have waited over a decade for this to happen !!! I am very optimistic right now

The Central Bank Is Looking Into Reforming The Banking Sector

Monday 21st September 2020  95   Baghdad: Morning   The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, discussed the book with the Bank’s Board of Directors General to prepare a paper for reforming the banking sector. A bank statement, a copy of which was received by Al-Sabah, stated that the book chaired a meeting of the Board of Directors General of this bank, and discussed a number of topics, the most prominent of which was “preparing a paper to reform the banking sector”. Implemented.   LINK

Accelerating The Formation Of The Economic Council Supports The Private Sector

Monday 21st September 2020  96  Baghdad: Mustafa Al-Hashemi   The former head of the Iraqi Insurance Association, Abdul-Hassan Al-Ziyadi, who is in charge of the economic file in Iraq, called for speeding up the special approvals to approve and announce the establishment of the Supreme Economic Council as an actual representative of the private sector with the aim of involving it in the management of all economic activities in the country, if it received support through the announcement of the establishment of this the Council

Al-Ziyadi explained to Al-Sabah that “preparations were to be made to establish this council during the year 2014, but the country’s circumstances prevented it from starting to take its real role in the development process, indicating that the time is right to take this step because the country has a real need to enter the private sector. As an active partner in development. ”

He explained the necessity for the council to include in its membership a number of economic organizations such as the Federation of Chambers of Commerce, the Federation of Contractors, the Iraqi Federation of Industries, the Iraqi Insurance Association, as well as the Travel and Tourism Association and official private sector representations, which represent a specific segment under the law. He stressed that “the private sector has missed many opportunities and important international and international conferences, due to the absence of an official representative, which requires expediting the approval of the establishment of the Supreme Economic Council to compensate for the lost opportunities on our national economy, and to provide government support to the private sector with this step.”

He continued, “Such a council exists in most developed countries and includes an elite of economists to correct the country’s economic performance and address imbalances. It can also erase the distortions it has suffered as a result of wrong policies over the decades Past “.   LINK

Minister Of Planning: Corona Raised Poverty In Iraq To More Than 31%

Time: 09/21/2020 14:46:29 Read: 1,586 times  {Baghdad: Al Furat News} The Minister of Planning, Khaled Battal Al-Najm, confirmed, on Monday, that the Corona virus has raised poverty in Iraq to more than 31%.

Planning Minister Khaled Battal Al-Najm said, in a speech he delivered during his participation in the meetings of the 35th session of the FAO Regional Conference for the Near East, which was held “hypothetically” on September 21-22, “The Covid 19 pandemic and the financial crisis have caused an increase in poverty rates in Iraq to More than 31%, “indicating that” the vulnerable segments of society were the most affected and affected by this crisis as a result of the suspension of many businesses, especially the private sector. ”

He added that “the Iraqi government is working under difficult circumstances to develop possible policies and plans to face the challenges resulting from the current crisis, to reduce its negative effects on the economy and society,” explaining that “the Ministry of Planning has begun work to review the paths of the five-year national development plan 2018-2022, And the national vision for sustainable development 2030, consistent with the nature of the challenges and their future implications.

He stated, “The Iraqi government pays exceptional attention to the private sector, in order to empower it and achieve true partnership with the public sector, within the framework of a comprehensive national strategy, and we believe in the importance of the role of civil society organizations in supporting the efforts of the government and society to face current and future challenges.”

The minister added, “We have launched the national strategy to reduce poverty in Iraq, which includes a set of policies, programs and projects to improve the lives of the poor in the areas of health, education, housing, income and food,” calling on the countries participating in the conference to “work hard to achieve economic and agricultural integration among themselves to secure lunch for their people “.   LINK

The Stock Market Continues Its Losses In The Second Session

Iraq Stock Exchange   Market  Economy News – Baghdad  The bourse extended its losses in the second session, Monday, after its index fell by 0.45%.

During the session, 7.1 billion shares were traded, worth 6.8 billion dinars.

Shares of 9 companies advanced by the shares of the Islamic Bank decreased by 4.55% and the shares of Al-Amin Insurance Company by 3.92%.

The shares of 3 Al-Karkh Games City companies rose by 9.88%, and the Baghdad-Iraq Public Transport Company shares rose by 6.33%.

While foreign investors sold 45 million shares at a value of 19 million dinars.

Number of observations 97 Date of addendum 09/21/2020

The Low Exchange Rate Of The Dollar In The Local Markets

Market  Economy News _ Baghdad  The exchange rates of the dollar in the main stock markets decreased slightly, while it stabilized in local markets today, Monday (September 21, 2020).

The Kifah Stock Exchange recorded 122,900 dinars against $ 100, while the stock exchange prices yesterday were 122,950 dinars per 100 dollars.

Selling prices in the exchange shops in the local markets in Baghdad:

Sales price: 123,500 dinars per $ 100.   Purchase price: 122,500 dinars per $ 100.

Number of observations 53 Date of addendum 09/21/2020

Parliamentary Finance Decides To Send The Second Amendment Proposal To The Retirement Law To The Government

Money  and business  Economy News _ Baghdad  The Parliamentary Finance Committee decided, on Monday, to send a proposal for a new retirement law to the government, which is the second amendment to the Unified Pension Law No. 9 of 2014.

The committee said, in a statement that “Al-Eqtisad News” received a copy of, that it “held a meeting headed by Haitham Al-Jubouri in which it discussed the laws and draft laws referred to it for the purpose of carrying out the necessary actions regarding them as soon as possible.”

She added, “The Financial Committee reviewed the special report by the committee formed by it to study the proposal for the second amendment law of the Unified Pension Law No. (9) for the year 2014, noting that“ the members of the committee agreed to send the law proposal to the government to take its opinion on it due to the existence of a financial aspect. “.

The statement continued, “The Finance Committee agreed to host the President of the Retirement Authority next Tuesday to discuss the conditions of retirees and their needs according to the recommendations of the Presidency of the Council of Representatives.”

The Finance Committee discussed, according to the statement, “a draft law for collecting an exemplary wage for state-owned lands disposed of for non-agricultural purposes,” noting that it “decided to host the Minister of Agriculture and the Director General of State Real Estate to discuss the law in order to raise it to the vote.”

The statement confirmed, “The Finance Committee agreed to submit the report on the building of the Central Bank of Iraq to the Presidency of the Council of Representatives to take the necessary and send it to the concerned authorities.”

Number of observations 313 Date of addendum 09/21/2020

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