08/04/2024 Read: 1,547 times  {Economic: Al-Furat News} The economic expert and director of the Financial Supervision Bureau, Salah Nouri, separated the relationship between the rise in the exchange rates of the dollar by restricting its sales to travelers at the airport.  Nouri told {Al-Furat News} agency,

“The reasons for the current rise in the price of the dollar are likely to be limited to selling the dollar to travelers at the airport, which was in banks outside the airport based on the passport and travel card, which makes it possible to obtain the travel amount and did not travel,” pointing out that

“Regulatory procedures for foreign remittances are still ongoing by the Central Bank and have not stabilized, which has made importing merchants hesitant.”

He pointed out that “the main reason is still the position of the US Federal Reserve towards some countries, monitoring trade with them, and preventing transfers to them through banks.

In general, these reasons led to anticipation and waiting on the part of importing merchants, which led to stagnation.”  Nouri added,

“According to following up on the statements of the Central Bank, regulating foreign transfers takes a short period, but the

difference remains between the official price and the parallel market price due to trade with some countries, not through the banking system.”    https://alforatnews.iq/news/ما-علاقة-ارتفاع-سعر-الدولار-بحصر-بيعه-للمسافرين-في-المطار؟؟-خبير-يفصل

Parliament Hosts The Governor Of The Central Bank To Discuss The Exchange Rate

A parliamentary source revealed today, Sunday, that  Parliament is today hosting the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss the exchange rate.

The source said in an interview with Al-Sumaria News, “The Finance Committee will host the Governor of the Central Bank at the Parliament session today, Sunday.”  The source added,

“The focus of hosting the Central Bank Governor is to discuss the gap between the official price of the dollar and the price in the parallel market.”   https://www.alsumaria.tv/news/politics/496135/البرلمان-يستضيف-محافظ-البنك-المركزي-لمناقشة-سعر-الصرف

The US Treasury Imposes Control Over The Central Bank Of Iraq To Combat Money Laundering

August 3, 2024  Al-Independent/- Three informed sources close to political and parliamentary decision-making in Baghdad revealed extremely dangerous information confirming that the US Treasury Department has taken a permanent headquarters in the building of the Central Bank of Iraq.

They believe that this step came as a result of great pressure on the Iraqi banking system with the aim of reducing money laundering and dollar smuggling operations, as the

governor of the Central Bank was forced to allocate an entire floor to the US Treasury departments to monitor money transfer operations and prevent any illegal activities.

The three sources confirmed that a team of American employees is working permanently at the Central Bank of Iraq, as part of intensive efforts to ensure Iraq’s compliance with international standards for combating money laundering and terrorist financing.  The sources stressed that the

Iraqi banking sector is suffering from increasing pressure exerted by the US Treasury to prevent the smuggling of dollars to countries such as Iran, Russia and Syria, which face economic sanctions.  One source explained that the Governor of the

Central Bank of Iraq tried to resist these restrictions,

but the American response was strict, as the

Central Bank of Iraq was included among the institutions considered supportive of money laundering operations and non-compliance with sanctions.

In previous reports, it was revealed that the severe sanctions imposed by the US Treasury on several Iraqi banks, on charges of involvement in money laundering and dollar smuggling operations.

The policy of the Central Bank of Iraq is characterized by randomness and the absence of a clear strategic plan to protect Iraqi funds from smuggling, which

prompted the US Treasury Department to impose strict and direct supervision on the Central Bank and Iraqi banks.

Iraqi banks are currently subject to careful evaluations under the supervision of the US Department of the Treasury, which includes monitoring all banking operations and money transfers.

This situation reflects the great challenges facing the Iraqi banking system in light of persistent attempts to reform it and improve its image before the international community.

On the other hand, Prime Minister Muhammad Shiaa Al-Sudani repeatedly sought to ease these measures, trying to reach understandings with the American side.

But there is strong resistance from Washington, which insists on correcting the course of the economic process and reforming the banking system in Iraq.

The Sudanese finds himself in a difficult situation, as he must balance internal pressures and international demands.

In a broader context, the current situation reflects the complexity of the relationship between Iraq and the United States in the financial and banking field.

As Iraq seeks to preserve its sovereignty and independence of its banking system, the

United States continues to exert pressure to ensure that the Iraqi banking system is not used to finance illicit activities.     https://mustaqila.com/البنك-المركزي-العراقي-2/

Central Bank Governor: We Will Not Go To Reduce The Dollar Exchange Rate Now

 Member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, confirmed that the Governor of the Central Bank, Ali Al-Alaq, confirmed that

“there will no longer be a reduction in the dollar exchange rate.”

Al-Dulaimi said in a press statement that

 “the price of the dollar has stabilized somewhat, and may rise and fall within certain limits,” indicating:

 “We will not currently go to reduce the price of the dollar, as the Governor of the Central Bank said, given that there are other measures that have not been taken.”  She warned that

 “the security repercussions that occurred recently and the problems between Iran and America could have repercussions on some banks and the price of the dollar.”

She explained that   “the Ministry of Finance is demanding financing, and the matter has not yet been resolved, and  it is one of the reasons for hosting the Governor of the Central Bank today, as  there were answers and he will soon send other answers.”

 Today, Sunday, the Parliamentary Finance Committee hosted the Governor of the Central Bank to follow up on the

      exchange rate file, the

     Real Estate Bank initiative, the

     auction file, and

     financing foreign trade.

 It is noteworthy that the exchange rate of the dollar in the parallel market is about 1,490 dinars, while the Central Bank of Iraq sells the dollar at the official price of 1,320 dinars. https://alforatnews.iq/news/محافظ-البنك-المركزي-لن-نذهب-الى-خفض-صرف-الدولار-حالياً

Al-Alaq: The Central Reserve Is Sufficient To Create Market Balance

Central Bank Governor Ali Mohsen Al-Alaq confirmed today, Sunday, that the dollar’s ​​financial reserve is sufficient to create a balance in the market.

A statement by the media department in the House of Representatives, a copy of which was received by {Al-Furat News} Agency today, stated that

“Iraq’s hard currency reserves are sufficient to create balance in the market,” noting that

“the Central Bank sells more than 250 million dollars daily to meet the requirements of foreign trade.”  The statement indicated that

“the Governor of the Central Bank provided a complete briefing on the reasons for the

fluctuation of the exchange rate, the
mechanism of operation of the electronic platform and
its role in controlling internal and external trade, as well as the file of the
housing initiative, the
American sanctions on Iraqi banks, and the
status of the bank’s cash reserve of hard currencies.” “Central”

Al-Alaq pointed out, according to the statement, that “85% of remittances do not pass through the US Federal Reserve.”  https://alforatnews.iq/news/العلاق-احتياطي-المركزي-يكفي-لخلق-توازن-السوق

Kuwait Arrests Two Iraqis Embezzled $124 Million

Amr Salem August 4, 2024 The head of the Federal Commission of Integrity (COI), Haider Hanoun, during a press conference to announce that some of the funds stolen have been recovered. Photo: INA

Baghdad (IraqiNews.com) – The head of the Federal Commission of Integrity (COI), Haider Hanoun, revealed on Thursday that the Kuwaiti authorities arrested two individuals with dual Kuwaiti and Iraqi citizenship for embezzling $124 million as part of the theft of the century.

Hanoun said in a press conference that the Iraqi Prime Minister, Mohammed Shia Al-Sudani, is following up on the theft of more than $2.5 billion from the General Commission for Taxes (the theft of the century), the Iraqi News Agency (INA) reported.

In October 2022, Iraq’s COI disclosed details about the theft of more than 3.7 trillion Iraqi dinars ($2.53 billion) from the General Commission for Taxes.

The Iraqi judiciary issued arrest warrants for senior officials in the Ministry of Finance regarding this major breach and terrible abuse of public funds.

Hanoun said earlier that procedures will be taken with Interpol to have Red Notices, which are requests to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action, published against former officials involved in the Theft of the Century.

The head of the COI indicated that Iraq is seeking to extradite those involved in the theft from countries including the UAE, Turkey, Jordan, and Saudi Arabia and called on the United States and the United Kingdom to hand over the fugitive suspects.

Hanoun elaborated that each of those involved in the theft of the century received not less than $77 million, adding that

it is a big crime where the number of suspects is more than 48.

An internal investigation carried out by the Ministry of Finance found the money had been withdrawn from the account of the General Commission for Taxes at a state-owned bank.

At that time, the Iraqi Prime Minister vowed to tackle endemic corruption in the country.

“We will not allow Iraqis’ money to be robbed,” Al-Sudani said via Twitter.

The Rafidain Bank issued a statement confirming it has nothing to do with any manipulation or theft and is only responsible for cashing the checks issued by the General Commission for Taxes.

The vast sum of cash, equivalent to nearly 3.7 trillion Iraqi dinars, was stolen by five companies from the General Commission of Taxes account at Baghdad’s Al-Rafidain Bank between September 2021 and August 2022 through the cashing in of 247 checks issued by the tax directorate, according to Rudaw News.

The Karkh Investigation Court decided on August 21, 2022, to stop the disbursement of checks issued by the General Commission for Taxes.    https://www.iraqinews.com/iraq/kuwait-arrests-two-iraqis-embezzled-124-million/