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{Al Furat News} Reveals The Results Of The Judicial Investigation Into The Currency Auction

Time: 01/07/2021 12:38:28 Read: 4,745 times  {Baghdad: Al Furat News} A judge responsible for the investigation of the currency auction file uncovered major legal violations and smuggling of foreign currency abroad, pointing out that the investigation had reached advanced stages.

In addition, the Supreme Judicial Council directed, through a circular issued by all investigation courts, to take legal measures against everyone who caused damage to the national economy, whether from foreign currency dealers or monopolistic traders of goods and food commodities and the necessary commodities that citizens need daily, according to a statement by the Supreme Judicial Council . The Council requested the Ministry of the Interior also instructed the police directorates concerned that conduct inspection tours shops selling wholesale and places selling foreign currency to control the violators of the law.

He pointed out the council ‘s statement that ” the competent anti – court investigating money laundering began several days ago to conduct an investigation regarding The auction of selling foreign currency and violations of the law by some private banks to participate in the auction of selling foreign currency.

The competent judge said the investigation advanced stages arrived in the detection of illegal operations and fraud and forgery to participate in the auction sale of the currency and the smuggling of foreign currency outside the country.

Furthermore, I decided to achieve the competent Rusafa Court to consider the integrity issues, money laundering and economic crime to take legal action against three ten banks for irregularities entering the auction currency without permits Kmarkip supports the entry of goods tax and settling accounts and the presence of suspicions of falsification of documents related to it.

According to the statement of the Supreme Judicial Council that ” the mentioned court decided to bring directors authorized banks offense due to breach of due diligence procedures imposed by the law anti – money laundering and the financing of terrorism No. (39) for the year 2015 “.

It is said that the Iraqi parliament on a date with a number of interrogations of finance ministers and electricity as well as Chairman of the board of Information and communications and the Governor of the Central Bank of Iraq.

A member of the Iraqi Alliance, a representative of the parliamentary wisdom bloc, Faleh Al-Sari, had previously announced his readiness to question the bank governor, Mustafa Ghaleb, against the backdrop of the dollar crisis and the currency auction.

It is noteworthy that judges specializing in money laundering cases revealed earlier that millions of dollars were smuggled out of the country by fake merchants, money changers and money transfer companies.

The judge defines this crime as “legitimizing money from an unlawful source, in a way that makes it appear in a legitimate form using several methods.”

Iyad Mohsen Damad, a money laundering investigation judge, says, “The Central Bank sells dollars to achieve two basic purposes, the first to exchange companies with a weekly quota, provided that these companies sell them to those who intend to travel for treatment or tourism for less than the market price.” He added that “some companies sell dollars.” On the black market and offers copies of fake tickets and passports. ”

He added that “the second purpose is for the purposes of importing the private sector through the currency auction,” indicating that “the most frequent picture of money laundering in Iraq occurs through the auction of currency sale in the Central Bank, by the perpetrators of the crimes of embezzlement and bribery and charging commissions by depositing their money in accounts with private banks. “.

He pointed out that “an agreement takes place with persons who represent their interfaces and registration of public trade companies in their names, and then they submit requests to enter the auction, selling dollars under the pretext of covering the import needs of the private sector and transferring millions of dollars to financial accounts abroad without entering goods against them, and then their transactions are suspicious without commercial or Legal. ”

And that “the mechanisms set up by the Central Bank to sell the dollar through the currency auction is by opening the merchant to an account in the National Bank in order to obtain what he needs from the Central Bank after submitting an application to buy the currency, supported by lists of purchase of goods, clearance from tax and import licenses from Iraqi exhibitions.”

Damad explained that “the process of buying the dollar is between the National Bank and the Central Bank for the purpose of covering what the customer requests,” indicating that “legal obligations imposed by the Central Bank on private banks according to the law in accordance with the principle of Know Your Customer as it is the responsibility of those banks to verify who deals with him and the need to know whether The customer, the merchant, can perform such an import process and owns the money, or is it a front to cover sources of money owned by criminals, “indicating that” LINK

The Central Bank Auction Sales Of The Dollar Increased

Time: 01/07/2021 13:40:43 Read: 3,653 times  {Baghdad: Al Furat News} The Central Bank of Iraq’s dollar sales increased today, Thursday.   According to the bank’s daily bulletin on the currency auction on Thursday, the total sale for purposes of strengthening funds abroad {transfers, credits} 23 million and 350 thousand dollars, while cash sales reached 100 thousand dollars.    The total sales were 23,450,000 dollars.

The central bank sells dollars for the sums transferred to bank accounts abroad at a price of {1460} dinars per dollar, and cash sales at {1460} dinars per dollar, in implementation of its recent decision to raise the exchange rate.  LINK

The High Price Of The Dollar In The Iraqi Market

Pratha News Agency89 2021-01-07  The exchange rate of the dollar rose in the main stock markets, while it stabilized in the local markets, today, Thursday (January 7, 2021).

The Kifah Stock Exchange recorded 144.100 dinars against 100 dollars, while the exchange rates for yesterday, Wednesday, in the Al-Kifah Stock Exchange recorded 143,850 dinars per 100 dollars.

As for the exchange rates in the local markets, they have stabilized, as the selling price was: 145,000 dinars per 100 dollars, and the purchase price: 143,000 dinars per 100 dollars

Adopting A New Economic Growth Model / Iraq As A Model

Pratha News Agency124 2021-01-07  Financial researcher Aqeel Jabr Ali Al-Muhammadawi ||Adapted translated article … A new socio-economic policy

The 2020 crisis has clearly demonstrated that Iraq stands at a new turning point in social and economic development.

The potential of previous models of economic growth, which depended on the uncontrolled expansion of domestic demand, has largely been exhausted.

The new socio-economic model will require massive use of all resources and labor productivity reserves.

At this time, it seems that the country is facing a great task in addressing the risks of a financial and monetary crisis, stemming from the measures of the government’s reform package and changing the exchange rate in a shock manner, and the difficult and deteriorating economic, financial and social implications.

This task and the great challenge is to enter the path of sustainable growth And balanced for the sake of modernizing development and catching up, moving to the innovative stage of economic development and creating the corresponding infrastructure for a productive, industrial and post-industrial society. For the purpose of overcoming transformational stagnation, and social to overcome poverty that covers more than a third of the country’s population.

This strategy rests on two pillars – a new model for economic growth and a new social policy – to bypass the stage of the distorted shape of the economy.

It is clear that the second – the new social policy – is impossible without first economic growth.

To achieve its strategic goals, Iraq not only needs economic growth, it needs high rates of it – at least 5% annually, which greatly exceeds the growth rates in developed countries.

However, Iraq needs not only economic growth, but economic growth of a certain quality.

The country cannot live almost exclusively on the export of crude oil with the continuing market fluctuations of the global oil markets, not only because of the reasons for price instability with political instability that predetermines the instability of development, but also because in this case it is doomed to an increasing technological, technical and institutional backwardness .

The need for continuous redistribution of funds from the resource-intensive sector, which is low in terms of employment, to low-efficiency sectors with high employment, amplifies the role of the state in the economy, suppressing and distorting market incentives, and the predominance of rent-seeking attitudes in enterprises.

We propose the strategy “New Growth Model – New Economic and Social Policy”

Executing a maneuver designed to use the factors of competitiveness that have not been sufficiently exploited in the past period, most notably the optimal employment of efficient and capable economic and financial management elements. In addition to the availability of natural resources and the large internal market – the factors of competitiveness involved in the distortion of the previous economic model of economic growth – and the building of a new economic development model. In light of the availability of relatively high quality of human capital and certain scientific and material capabilities.

This maneuver involves, on the one hand, a slightly different system of economic incentives, changes in macroeconomic parameters (reduced inflation, focus on attracting long-term money to the economy, growth in business activity and private investment, changes in the structure of budget expenditures), and on the other hand, renewal of social policy . …

Along with the unconditional implementation of its traditional tasks aimed at supporting the most vulnerable population groups, the new socio-economic policy must fully take into account the interests of the classes of society capable of realizing innovative development potentials. It is designed to create comfortable conditions for realizing this potential and meeting higher social standards.

From an economic point of view, these are the representatives of the middle class, whose income and social attitudes allow them to choose models of work and consumption behavior. From an economic cultural point of view, these are people with a higher education, belonging to the creative class (at least likely).

With consideration in mind, this approach does not mean abandoning the struggle against poverty, which remains a serious challenge to social and economic stability, and embarking on the required development paths and methodology, but it allows for a balance of this trend with efforts related to economic development goals.

All this imposes the need for a new growth model that will shape the “supply economy” and harness material and human resources and wealth. First of all, macroeconomic and fiscal priorities and objectives must be clarified.

The continued focus on lowering inflation will make it possible to change the money supply mechanism, increase the propensity to save and long-term investment, and reduce the economy’s dependence on external market conditions.

The new fiscal rules are designed to limit the negative impact of foreign trade imbalances on public finances and macroeconomic stability.

Financial regulation requires an early warning system of imbalances.

The second cornerstone of the new growth model is a concerted effort to remove institutional barriers to economic growth.

In the context of rapidly changing technologies, the state should not participate in the economy in selecting “preferred” industries and companies, but to support exponential growth, improve the business climate, increase the country’s investment attractiveness, develop a competitive environment, and develop and maintain the rules of the game for markets. This approach does not exclude the establishment of state institutions for development and real partnership with the private sector.

However, their activities must be included in the business of competitive markets; And encourage market redistribution of resources, rather than offering alternatives to this distribution.

Under the second direction, it proposes to develop an institutional strategy aimed at improving the business climate and the movement of money. It should help remove the most critical obstacles to economic growth.

These include, in particular, high barriers to entry to many markets, excessive inequality in the rights of market agents, excessive and ineffective government regulation, corruption, the judicial system and the law enforcement system. In order to remove these obstacles, it is necessary to strengthen the legislative, economic and regulatory protection of competition, build an orderly price apparatus, change the motives of the state apparatus, and sharply reduce the functions of state agencies to control business while empowering the private sector.

The transition from a demand economy to a supply economy is impossible without the growth of trade activity and internal competition which can increase supply elasticity in the domestic market. Only in this case will success in reducing inflation be achieved and the mechanism of lending rates will stimulate.

President Saleh And The US Ambassador Stress The Importance Of Easing Tensions And Supporting Efforts To Enhance Security And Stability In The Region / Expanded

Thursday 07, January 2021 15:29 | Political Views: 201  Baghdad / NINA / The President of the Republic, Barham Salih and the US ambassador to Iraq, Matthew Toller, stressed the importance of reducing tensions, rejecting escalation, supporting efforts to enhance security, stability and peace in the region, and using the language of dialogue to resolve outstanding issues, respecting sovereignty and rejecting interventions and attacks.

A presidential statement received by the Iraqi National News Agency / NINA / a copy of it said: “President Barham Salih received today, Thursday, at the Peace Palace in Baghdad, the US ambassador to Iraq, Matthew Toller. The context of the existing strategic dialogue between the two countries, in a way that achieves common interests, in addition to discussing developments in the country.

The two sides also discussed the latest developments on the regional and international arenas, stressing the importance of reducing tensions and rejecting escalation, supporting efforts to enhance security, stability and peace in the region, using the language of dialogue in resolving outstanding issues, respecting sovereignty and rejecting interventions and attacks.

A Deputy Reveals Staggering Phone Company Debts

11:47 – 07/01/2021   The information / Baghdad ..Member of the Parliamentary Services Committee, Manar Abdul Muttalib, revealed, on Thursday, that there are approximately 10 trillion Iraqi dinars in debt owed by mobile phone companies.

“We are surprised by the government’s refusal to accept the lawsuit against the mobile phone companies,” Abdul-Muttalib said in a statement to “the information”, indicating that “about 10 trillion Iraqi dinars are in debt owed by companies that they refrain from paying into the state treasury.”

She added, “Using telecommunications imports properly will provide revenues equivalent to oil revenues.”

She pointed out that “the government stands with the telephone companies against its people to steal their money,” stressing that “the communications revenues are sufficient to fill part of the deficit in the budget.”

Deputy Uday al-Shaalan had earlier accused political blocs and leaders of supporting mobile phone companies in the country, indicating that those companies still deal in dollars in their services. End / 25 h

Within The Japanese Loan … Transport Is Implementing 20 Projects To Develop Ports

Editing date: 1/7/2021 13:08 • 79 read times  [Baghdad_in]  The Ministry of Transport has implemented 20 port development projects within the Japanese loan.

The director of the General Company for Ports of Iraq, Farhan Muhaisen Al-Fartousi, said, according to official media, that “the shipyard and maritime industries section is one of the important departments in the company and it is a model that competes with the docking business in neighboring countries.”

He pointed out, “the existence of expansion works for one of the docks within that loan, as a contract has been signed with a company to build large and wide structures on it, as well as building a dry dock and preparing a dock to receive the floating dock, which will soon be constructed by Turkish companies and under the supervision and financing of the Japanese loan.” Also, it is considered a very large industrial base for the dock of the General Company for Ports of Iraq and includes infrastructure that contributes to preserving marine equipment. ”

He added, “A special program has been organized with four companies to fully convert to electronic automation, starting with the entry of trucks and loading them and the arrival of goods to the target destination, with the arrival of ships through the (manifest) to the port and unloading of the cargo, as well as electronic collection, and the automation program will be completed. End of 2021, with the completion of the Grand Welcome Square.

Al-Fartousi pointed out that “the company has completed two berths at a rate of 60 percent, one of which is for the export of oil derivatives through the port of Khor Al-Zubair, and includes special equipment and an advanced safety system used for the first time in the region, as well as an automatic firefighting system, while the other berth is for berthing and maintenance of marine vessels.”

The rigs are in the port of Umm Qasr, and these two berths are among the projects of which 11 projects have been completed within the first phase and 9 projects for the second phase, and will be completed during the current year

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