Iraqi News Thursday Evening 8-11-22
Tlm724 Administrator Bondlady’s Corner
Government Official: Iraq Is Not Thinking Of Floating The Currency At The Moment
Economy Iraq breaking currency float 2022-08-10 02:18 Shafaq News/ A government official confirmed, on Wednesday, that Iraq is not considering floating the currency currently, indicating that the flotation at the present time will threaten the collapse of the country’s economy.
The official said in an interview with Shafaq News Agency, The rentier nature of the Iraqi economy makes it difficult to float the Iraqi currency, and therefore Iraq is not currently thinking of floating it.”
The official, who asked not to be named, added, “Access to hard currency in Iraq comes mostly from our oil exports, which is in the hands of the government, and that the local market is circulating for it and does not bring this currency,
And therefore its flotation will threaten the Iraqi economy with collapse because it will increase demand for it in exchange for limited supply.”
He also indicated that “floating the currency without diversifying the economy will have negative repercussions on the purchasing power of the Iraqi consumer, especially the middle and poor groups,”
adding that, “the float is on the table with the government in the long run because of its importance in stimulating the production process in the country.”
It is noteworthy that some officials talk from time to time on the necessity of floating the currency and liberalizing it to preserve the hard currency reserves with the Central Bank.
https://shafaq.com/ar/اقتصـاد/مس-ول-حكومي-العراق-لا-يفكر-بتعويم-العملة-حاليا
A Court In Baghdad Decides To Bring In Officials From Al-Rafidain Bank Regarding The Ishtar Gate Company
Economy Baghdad breaking Rafidain Bank court Admission responsible 2022-08-10 00:06 Shafaq News/ The Second Karkh Investigation Court, which is concerned with the issues of the Integrity Commission, decided on Wednesday to bring in officials in Al-Rafidain Bank against the background of signing the contract of the Ishtar Gate Company.
A statement issued by the Supreme Judicial Council received by Shafaq News said that this court decided to take legal measures regarding contracts of electronic payment companies with the Rafidain and Rashid banks, the Industrial Bank and the Iraqi Trade Bank in coordination with the Integrity Commission, the Financial Supervision Bureau and the Central Bank.
And I also decided to bring in: the general manager of Al-Rafidain Bank, the bank’s board of directors, and the contract analysis committees for violating the notes of the Financial Supervision Bureau regarding the signing of the Ishtar Gate Company contract.
The “Ishtar Electronic Payment Company” fined Al-Rafidain State Bank 600 million dollars after it filed a lawsuit to the competent court.
The management of Al-Rafidain Bank decided the day before yesterday, Monday, to appeal the ruling issued against the bank.
An official document issued on the eighth of this month showed that the Ishtar Gateway Company for systems and electronic payment services for money had waived the lawsuit filed against Al-Rafidain Bank.
It is noteworthy that the Iraqi Minister of Finance, Ali Allawi, decided on 3/9/2021 to refer the director of Al-Rafidain Bank to the investigation and withdraw his hand because of his signature on the “Ishtar Gateway” project for electronic payment, which does not meet the conditions and laws related to contracts. https://shafaq.com/ar/اقتصـاد/محكمة-في-بغداد-تقرر-استقدام-مس-ولين-من-مصرف-الرافدين-بخصوص-شركة-بوابة-عشتار
(INA) Reveals The Circumstances Of The Fine Imposed On The Rafidain Bank And The Procedures Of The Government And The Judiciary
Economie Yesterday, 19:44 The source says to the Iraqi News Agency (INA), that “on March 4, 2021, Al-Rafidain Bank signed a contract with an Iraqi local company (Ishtar Gate) regarding the implementation of the (electronic payment service) project, which included, among the rest of the details, the publication of 10 thousand electronic payment machines. (ATM), issuing electronic cards to depositors and other services.
He added, “The bank manager and his committee did not return, to ascertain the opinion of the Ministry of Finance, according to the correct legal procedures,”
noting that “Finance studied the details of the contract after reviewing it, and found in it a clear prejudice to the rights of depositors and the interest of the treasury and public money. illicit, as well as suspicions about the local company itself and its level of performance.
He pointed out that “the Minister of Finance urgently referred the matter to the Prime Minister, who is the chief executive officer responsible for the general policy of the state, and it is not his duties or the duties of his office to audit every contract concluded by one of the Iraqi state institutions,
And the Prime Minister only directed a minister The Finance Ministry should continue to protect public funds and implement the law at all costs, and to stop this financial stipend that passed like a corrupt conspiracy under the title, (service contract).
And he continued, “The Minister of Finance suspended, according to the law, the general manager of the bank, suspended his powers, and referred him to an investigative committee, then referred the contract to the concerned oversight, in order to put (in a legal and not emotional way) the points in which the contract unfairly affects the right of public money, including the imposition of a penalty clause (un) legal), if the Rafidain Bank unilaterally stopped the contract.
He explained that “the penalty clause was illegal because it exceeds (according to the concept of Iraqi law) the ceiling of the damage caused to the company (if it had actual damage).
This means that a fine of $600 million is tens of times greater than any damage that may befall a portal company. As a result of the bank’s suspension of the contract, which originally suffers from a legal imbalance, and because the intention is pure, the company (Ishtar Gate) resorted to the judiciary, and on May 4th issued a warning to the Ministry of Finance and to the bank that it would legally demand the penalty clause (600 million dollars).
He noted that “on August 3, the supervisory report was issued, which indicates dozens of places in the aforementioned contract, which clearly violate the instructions of the Central Bank of Iraq, and the instructions of the Ministry of Finance, and seriously harm public funds and depositors’ money,
but Ishtar Gateway Company proceeded with its lawsuit, and a decision was issued From the Court of First Instance specialized in commercial cases in Rusafa, it shall decide (according to the text of the contract) in favor of the aforementioned company and that the Rafidain Bank shall pay the huge fine.
And he indicated that “the bank did not pay the aforementioned fine, because there is another stage of appeal, and filing the lawsuit to a higher judicial level than (a court that specializes in commercial lawsuits), given that there is a semi-premeditated intention to harm public money, and the conclusion of a contract in which there is unfairness in the interest of public funds and public funds. depositors, and in fact, it clearly violates dozens of instructions, laws and decisions in force.”
He pointed out that “the Minister of Finance immediately took the initiative to meet with the President of the Judicial Council, Faiq Zaidan, on the seventh of August, to put him in the details of the matter..
He pointed out that “the popular interaction with the huge amount of fine has angered the people, and they are right about that, especially at a time when the government is engaged in a delicate and multifaceted operation and confrontations with the corrupt, but the best way to confront these problems is certainly the law, and the government has succeeded.”
Indeed, by stopping the violation of the law and preventing the exploitation of state resources, the corrupt people who stand behind this contract, whether they are politicians or owners of suspicious capital, will have much more than just a lawsuit that will win its first round as a result of misinformation and deliberate manipulation, and this case will be a clear chapter through which the opinion is known.
The year is the extent of the government’s insistence on ending this file, not in the manner of the angry toiling citizen by hanging the accused in Tahrir Square, but by exposing all the parties involved, whether they are large or small. He added,
“The Prime Minister does not have the law to (execute) a citizen, a convicted person, not even a terrorist, under any circumstance.
Confronting corruption is a security, legal and legislative confrontation that requires determination, will and support for the rule of law.” https://www.ina.iq/162833–.html
Documents .. The Judiciary Ratifies The Waiver Of The Ashtar Company In Compensation Of 600 Million Dollars From Al-Rafidain Bank
economy Mesopotamia waiver Istar 2022-08-10 01:51 Shafaq News/ The Commercial Cases Court of First Instance confirmed, on Wednesday, that Ishtar Gate Company waived its right to obtain a financial compensation of 600 million US dollars from Al-Rafidain Bank for the termination of a contract between the two sides on issuing and managing cards for electronic payment and collection.
Earlier today, the Second Karkh Investigation Court, which is concerned with the issues of the Integrity Commission, decided to bring in officials at Al-Rafidain Bank against the background of signing the contract of the Ishtar Gate Company.
The “Ishtar Electronic Payment Company” fined Al-Rafidain State Bank 600 million dollars after it filed a lawsuit to the competent court.
The management of Al-Rafidain Bank decided the day before yesterday, Monday, to appeal the ruling issued against the bank.
An official document issued on the eighth of this month showed that Ishtar Gateway Company for Systems and Electronic Payment Services for Money has waived the lawsuit filed against Al-Rafidain Bank.
It is noteworthy that the Iraqi Minister of Finance, Ali Allawi, decided on 3/9/2021 to refer the director of Al-Rafidain Bank to the investigation and withdraw his hand because of his signature on the “Ishtar Gateway” project for electronic payment, which does not meet the conditions and laws related to contracts.
The Central Bank Counts The Private Banks And Clarifies The Payment Of The Retired Loan
Sweetened Today, 18:48 Baghdad – INA – Nassar Al-Hajj The Central Bank counted, today, Wednesday, the number of private banks operating in Iraq, while setting a condition for the retired employee to pay the remaining loan he owes.
The Central Bank media said to the Iraqi News Agency (INA), that “the number of private banks operating in Iraq is 70 banks (commercial, Islamic, branches of foreign banks operating in Iraq).”
On the other hand, he added, “Requiring the retired employee to pay the installments of loans and advances he owes is related to the retirement authority,”
noting that “the retirement law stipulates that the amount of deduction from the pensioner’s salary does not exceed 50% of his salary.”
He stressed that “the bank is obliged to oblige the retired employee to pay part of the remaining loan that he owes, so that half of his salary covers the value of the monthly installment after reducing the principal of the loan,” noting that “there is no demand to pay the full amount, as some promote.”
https://www.ina.iq/162962–.html
Abdul Hassan Al-Shammari To / NINA /: Iraq’s Financial Potential Is Very High, Which Does Not Require The Transfer Of Funds From The Rights Of The Governorates
Wednesday 10 August 2022 21:45 | Economic Number of readings: 885 Baghdad / NINA / – The economic expert, Abdul Hassan Al-Shammari, confirmed:
“The financial potential of Iraq is very high, which does not require the transfer of funds from the rights of the provinces.” In a statement to the National Iraqi News Agency ( NINA ),
he said: “The Iraqi state does not have a clear and comprehensive vision of how to distribute wealth.”
Al-Shammari added: “The transfer of petro-dollars, outlets, and service projects from one side to another is meaningless, as Iraq has a very high financial possibility of rising oil prices, and therefore an amount must be allocated to any tournament or activity, whatever the budget or 1 over 12.”
He stressed: “Petrodollar funds are a right of the governorates, and it is desirable to compensate them for oil exploration and projects to establish service projects, infrastructure, reconstruction, building a huge economic edifice and providing opportunities for the unemployed.
This is one of their rights over the state.” / https://ninanews.com/Website/News/Details?key=993172
About 300 Iraqi Officials And Ministers Accused Of Corruption And Integrity Cases Recover Two Trillion
dinars politics Iraq breaking integrity 2022-08-10 23:32 Shafaq News/ The Federal Integrity Commission announced, on Thursday, that 39 ministers and those of his rank and (241) of those with special grades, general managers and those of their rank, are among the accused in criminal cases.
She explained, during a press conference, that during the first half of this year, she considered (34,209) communications, reports and criminal cases, distributed between (8,877) communications, (10,535) reports, and (14,797) criminal cases.
It noted the recovery and prevention of wasting (1,773,380,063,273) dinars of public funds to the account of the public treasury through its deterrent and preventive measures.
The authority indicated that these amounts represent what was actually recovered to the account of the public treasury, or those that were revealed, or the funds that were issued court rulings to return them, which prevented and stopped their waste.
Integrity also said that its investigations led to the issuance of (731) arrest warrants by the judicial authorities, of which (396) were executed, including (8) ministers and those of his rank, and (53) of those with special degrees, general managers and those of their rank.
Integrity revealed that, during the first six months of this year, it worked on (58) files related to fugitives wanted in corruption cases, of which (23) files were processed, including (11) files against people with special degrees, general managers and those of their rank, in addition to (104) Files to recover the smuggled money, in which (166) judicial decisions were issued.
She indicated that she had prepared, during the same period (9) drafts of cooperation agreements and memoranda of understanding with Iraqi, Arab and international ministries and governmental institutions, one of which was concluded. https://shafaq.com/ar/سیاسة/النزاهة-تستعيد-وتمنع-هدر-قرابة-تريليوني-دينار
Statistics: Iraq Lost 3 Trillion Dinars In One Year Due To The Corruption Of The Outlets
Politician Last update 08/10/2022 | 10:30 AM Information/Baghdad. The Iraq Future Economic Corporation revealed, on Wednesday, that Iraq lost more than three trillion dinars during the past year 2021 due to the waste taking place at the border crossings.
The head of the Corporation, Manar Al-Obaidi, said in a statement seen by “The Information”, that “seven countries announced the volume of their exports to Iraq in 2021, which amounted to more than 37 billion dollars, according to official reports issued by the customs authorities in those countries.”
Al-Obaidi added, “On the other hand, the Iraqi Customs Authority announced its data published by the Central Bureau of Statistics, in which it stated that the total volume of Iraq’s imports amounted to 16 billion US dollars, and that
the volume of Iraq’s imports from these seven countries amounted to only 7 billion dollars, a difference of 30 billion dollars.”
He explained, “This big difference indicates the volume of unregistered goods entering Iraq through unofficial ports or through unofficial ways,
which led to Iraq’s loss of more than 3 trillion Iraqi dinars as a minimum as a result of customs not obtaining the imported materials, which reflects the volume of waste that occurs in the field of ports.” border, which has been talked about for a long time, but it is still clearly far from the required efficiency.”
Al-Obaidi indicated that “the Central Bank of Iraq sold more than 37 billion US dollars in 2021, most of which were to cover Iraq’s imports, according to the data of the Central Bank.” https://almaalomah.me/2022/08/10/612995/
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
