Wednesday Morning Iraq Economic News Highlights 8-9-23
Sudanese Technical Advisor Comments On The Dollar Crisis And Reveals New Secrets
Policy 09/08/2023 Number of readings: 204 Baghdad-Iraq today: The technical advisor to the Prime Minister, Engineer Muhammad Sahib al-Darraji, commented on the dollar crisis and other files during an interview with him.
Al-Darraji said, in a televised interview, that “the dollar file is old and its connection to the approval of the Federal Bank on transfers, and Iraq came out of Chapter VII, but not actually,” explaining that “the dollar file requires The control of the central bank and banks have not been experienced in the process of converting dollars, which gave the US Federal Reserve the possibility of pressure.” Through political extortion, I personally filed a lawsuit for “billing” the transfer of funds abroad.
He added: “The banking system is inefficient and bank owners seek quick profit without taking into account the general economy of the country,” stressing that “retailers do not deal with the platform in order to escape from routine and commissions, which led to the exit of the dollar through cashiers, not banks through incorrect documents and invoices.” This led to the smuggling of dollars abroad.
Al-Daraji pointed out that “the central bank did not control the process of transferring invoices and their accuracy with the electronic platform, and there is a large increase in forged invoices,” noting that “there is a problem with the reality of the money That is published on the platform and is waiting for the approval of the Federal Reserve to transfer it and waiting for the foreign auditing company, which leads to a delay. Completion of dollar transactions and transfers for merchants.
And he stressed that “the defect is not in the person of the governor of the central bank, but in the banking system that needs a bold official and thinks outside the box, although that will expose him to accountability.”
Al-Daraji said, “My presence in Mosul means nothing but that Mosul is Iraqi, and it is a stricken province that needs to be reconstructed and saved through coordination between the ministries and the province, grants and loans to be distributed in a fair manner , creating social peace and reconstruction for all its regions.”
He stressed that “there are authorities responsible for auditing and supervising, and it is not my responsibility to do so, as I am the head of the Supreme Committee for the Reconstruction of Nineveh, in cooperation with the governor and other parties, and our task is to implement the government’s decisions.”
And the advisory to the Prime Minister stated that “the most important projects are roads, bridges, archaeological and tourist sites, and their reconstruction occupies are important, and we do not neglect schools and universities, delivering water to districts and districts, revitalizing industry through the Establishment of two industrial cities, and re-dealing in dollars in the province, the most important of which is the work of bank cards for Mosul, and this will achieve community peace.”
He pointed out that “the new Sadr City will be after Tareq neighborhood to the Al-Ma’mal area, and we are currently dealing with excesses, and it is expected that the designs will be completed within two months, and they will be started .”
Al-Daraji said, “The goal of the new city is to reduce population pressure in Baghdad through vertical construction and integrated services,” explaining that “this project is not an investment because the state is the one who will pay the first installment for the first ten thousand housing units.”
He pointed out that “trade destroys the economy and industry builds the economy, and there is an effort by the government to localize in the country despite internal and external pressures,” stressing that industries “Iraq will not collapse like Lebanon because Iraq has resources and capabilities that do not exist in Lebanon, and what is happening in Lebanon is a scam.”
Al-Daraji stressed that “the scenario of previous years will not be repeated in Iraq, and it is shameful to say in Iraq now that the government is unable to pay the salaries of employees,” stressing that “Iraq needs a foreign legal policy that can get Iraq out of the tutelage of the US federal government.”
Al-Daradji pointed out that “the Americans should be aware that there is a new generation in Iraq, and if America continues its approach in fighting the economy, they will be enemies again if they do not change their policy.”
And he indicated that “the moves of the US ambassador prompted Al-Sudanese to prevent meeting ambassadors except with the presence of the Ministry of Foreign Affairs,” explaining that “Iraq is lagging behind in the regional and international role, which prompted the US embassy staff to take provocative stances towards Iraq.”
He pointed out that “the provincial councils are constitutional, and despite that, I believe that the parliament’s decision to freeze them was correct, and I hoped that the constitution would be amended and that the councils would be abolished, because they would take us back five years because of the “a system and disruption of services.”
Al-Darraji concluded, “The fight against corruption takes place through three arms, which are the government, the judiciary and society. Together, these will be able to fight and eliminate corruption.” LINK
Again.. Baghdad Dollar Jumps To 154 Thousand Dinars For Every 100 Dollars – Urgent
Economy |Today Baghdad today – Baghdad
Today, Wednesday morning (9 August 2023), the local markets in the capital, Baghdad, witnessed a new rise in the exchange rates of the US dollar against the Iraqi dinar .
The correspondent of “Baghdad Today” said that the parallel markets witnessed increases in the buying and selling of the dollar for unknown reasons, as the sale of 100 US dollars amounted to 154,000 Iraqi dinars, while the purchase price for every 100 US dollars amounted to 152,000 Iraqi dinars .
He added that the local markets are witnessing a state of confusion and panic, following the continuous follow-ups by the Economic Security and Central Bank inspectors against manipulators and speculators. LINK
The Highest In The Region.. A List Of Dollar Exchange Rates In The Iraqi Governorates
Economy | Baghdad today – Baghdad Today, Wednesday (9 August 2023), “Baghdad Today” publishes an evening list of dollar exchange rates in all governorates of Iraq .
And it appears from the list that the governorates of the Kurdistan region and Kirkuk recorded the highest prices for the dollar against the dinar, as it exceeded 153,000 dinars for every 100 dollars.
100$ = 152,300 Baghdad
$100 = 153,000 Erbil
100$ = 152,500 Basra
100$ = 153,000 Sulaymaniyah
100$ = 153,100 Duhok
$100 = 153,150 Kirkuk
$100 = 153,150 Halabja
$100 = 152,950 connectors
100$ = 152,800 Najaf
100$ = 152,850 grey
100$ = 152,850 Samah
$100 = 152,850 Nasiriyah
100$ = 152,800 Karbala
$100 = 152,800 with a penalty
$100 = 152,800 suits
100$ = 152,800 kuwait
$100 =152,900 Diwaniyah
100$ = 152,850 Tikrit
100$ = 152,850 architecture
Al-Sudani’s Advisor: Iraq Did Not Actually Come Out Of Chapter VII, And This Is Who Controls The Dollar
Sumerian special 2023-08-08 | Source: Alsumaria News 8,138 views Today, Tuesday, the technical advisor to the Prime Minister, Muhammad Sahib al-Darraji, confirmed that Iraq did not actually come out from under Chapter Seven, indicating that the Federal Bank controls the dollar.
Al-Darraji said, in an interview with the program “Balmokhtas” broadcast by Al-Sumaria satellite channel, that “the dollar file is old and its connection to the Federal Bank’s approval of transfers, and Iraq came out of Chapter VII, but it is not actual,” explaining that “the dollar file requires the control of the Central Bank and banks have not been experienced in the process of converting dollars.”
What gave the US Federal Reserve the possibility of pressure through political blackmail, and I personally filed a lawsuit over the billing of money transfers abroad, and this prompted the government to take measures that harmed the Iraqi economy.
He added: “The banking system is inefficient and bank owners seek quick profit without taking into account the general economy of the country,” stressing that “retailers do not deal with the platform in order to escape from routine and commissions, which led to the exit of the dollar through cashiers, not banks, through incorrect documents and invoices, which led to To smuggle dollars abroad.
Al-Darraji pointed out that “the central bank did not control the process of transferring invoices and their accuracy with the electronic platform, and there is a large increase in forged invoices,” noting that “there is a problem with the reality of the funds that are published on the platform and await the approval of the Federal Reserve to transfer them and wait for the foreign auditing company, which leads to a delay in completion.” Dollar transactions and transfers for merchants.
He stressed that “the defect is not in the person of the central bank governor, but rather in the banking system that needs a bold official who thinks outside the box, although that will expose him to accountability.”
Al-Daraji said, “My presence in Mosul means nothing but that Mosul is Iraqi, and it is a stricken province that needs to be reconstructed and saved through coordination between the ministries and the province, grants and loans to be distributed in a fair manner, creating social peace and reconstruction for all its regions.”
He stressed that “there are authorities responsible for auditing and supervising, and it is not my responsibility to do so, as I am the head of the Supreme Committee for the Reconstruction of Nineveh, in cooperation with the governor and other parties, and our task is to implement the government’s decisions.”
And the advisor to the Prime Minister stated that “the most important projects are roads, bridges, archaeological and tourist sites, and their reconstruction occupies importance, and we do not neglect schools and universities, delivering water to districts and districts, revitalizing industry through the establishment of two industrial cities, and re-dealing in dollars in the province, the most important of which is the work of bank cards for Mosul, and this will achieve community peace.”
He pointed out that “the new Sadr City will be after Tariq neighborhood to the Al-Ma’mal area, and we are currently dealing with excesses, and it is expected that the designs will be completed within two months, and they will be started.”
Al-Daraji said, “The goal of the new city is to reduce population pressure in Baghdad through vertical construction and integrated services,” explaining that “this project is not an investment because the state is the one who will pay the first installment for the first ten thousand housing units.”
He pointed out that “trade destroys the economy and industry builds the economy, and there is an effort by the government to localize industries in the country despite internal and external pressures,” stressing that “Iraq will not collapse like Lebanon because Iraq has resources and capabilities that do not exist in Lebanon, and what is happening in Lebanon is a A scam.”
Al-Daraji stressed that “the scenario of previous years will not be repeated in Iraq, and it is shameful to say in Iraq now that the government is unable to pay the salaries of employees,” stressing that “Iraq needs a legal foreign policy that can get Iraq out of the tutelage of the US federal government.”
Al-Daradji pointed out that “the Americans should be aware that there is a new generation in Iraq, and if America continues its approach in fighting the economy, they will be enemies again if they do not change their policy.”
And he indicated that “the moves of the US ambassador prompted Al-Sudani to prevent meeting ambassadors except with the presence of the Ministry of Foreign Affairs [/url],” explaining that “Iraq is lagging behind in the regional and international role, which prompted the US embassy staff to take provocative stances towards Iraq.”
He pointed out that “the provincial councils are constitutional, and despite that, I believe that the parliament’s decision to freeze them was correct, and I hoped that the constitution would be amended and that the councils would be abolished, because they would take us back five years because of the quota system and disrupt services.”
Al-Darraji concluded, “The fight against corruption takes place through three arms, which are the government, the judiciary and society, and together these will be able to fight and eliminate corruption.” LINK
A New Blow To The US Economy… Banks Are In Danger And A Return To The Red Zone!
Baghdad today – follow-up One week after Fitch downgraded the US’s long-term debt rating, Moody’s (MCO) is now slapping North America again. Specifically, to the country’s banks.
Moody’s Puts Banks At Risk
The agency downgraded the credit ratings of 10 small and medium-sized US banks and said it may downgrade the ratings of major banks, including US Bancorp, Bank of New York Mellon (BK), State Street Corp (STT) and Trust Financial Corp (TFC).
In a series of observations compiled by Bloomberg, Moody’s points out that rising financing costs, potentially weak regulatory capital, and heightened risks associated with commercial real estate lending amid weak demand for office space were some of the tensions upon which this review is based.
The agency notes that “all these factors taken together have reduced the credit profile of many US banks, though not all banks equally.”
The downgraded companies included M&P Bank (MTB), Webster Financial (WBS), BOK Financial Corp. (NASDAQ: BOKF), Old National Bancorp (NASDAQ: ONB), Pincall Financial Partners (NASDAQ: PNFP), and Falton Financial Corp. (NASDAQ: ONB). FULT).
The Northern Trust Company (NASDAQ: NTRS) and Callen/Frost Bankers (CFR) are under review for downgrade.
Moody’s also gave “negative” ratings to 11 lenders, including Y Financial Services Group (PNC), Capital One Financial Group (COF), Citizens Financial Group (CFG), Fifth Third Bancorp (NASDAQ: FITB), Financial Regulators Corp (RF). ), Ally Financial, OZK Bank (NASDAQ: OZK), and Huntingdon Branches (NASDAQ: HBAN).
Will More Banks Fail?
According to opinions compiled by Yahoo Finance, investors, baffled by the collapse of regional banks in California and New York this year, are watching closely for signs of stress in the industry, as rising interest rates force companies to pay more for deposits. And increase the cost of financing from alternative sources.
According to Moody’s, some banks have curbed loan growth, which is preserving capital but also slowing the shift in the lending mix towards higher-yielding assets. LINK
