Sunday Morning Iraq Economy News Highlights 2-5-23
Allawi: America Is Blackmailing The Sudanese Government, And The Federal Government’s Decisions Are Deliberate To Control Iraq
By Moahmmad Editor Iraq news On Sunday, the leader of the National Coalition, Iyad Allawi, accused the United States of practicing blackmail against the Sudanese government, indicating that the decisions of the US Federal Reserve are systematic and deliberate to control Iraq.
Allawi said in a televised interview: “Iraq has to go to sell oil to India, China and other countries in order to obtain dollars urgently and without entering into a crisis, as is happening now.”
He added, “The rise in dollar prices and the decisions of the US Federal Bank were not accidental and could be elements of pressure against the government.”
He pointed out that “Foreign Minister Fouad will visit Washington to discuss the ‘dollar’ crisis and remove Iraq from Chapter VII with a pledge towards a clear monetary policy to avoid the crisis.”
A member of the House of Representatives, Suhaila Al-Sultani, had warned of America’s continued control of the Iraqi economy through its control of the dollar paper, while stressing that the country’s survival as a hostage to this situation would diminish its sovereignty. https://altahreernews.com/42978/
Parliamentary Finance: The 2023 budget will reach parliament this week, and the dollar crisis will end
byMoahmmad EditorIraq news2 Hours ago
Parliamentary Finance: The 2023 budget will reach parliament this week, and the dollar crisis will e Maxresdefault
The Parliamentary Finance Committee confirmed, anticipating the arrival of the current year’s budget at the end of this week, indicating that the budget will end the dollar speculation crisis and will raise the value of the dinar.
Committee member Jamal Cougar said in a press statement today, Sunday, that “the government is determined to send the budget in the coming days, and it is expected to reach Parliament at the end of the week.”
He added, “The crisis cannot continue regarding the dollar, so the approval of the budget is a positive indicator and a strong improvement for the Iraqi dinar, as it will spend about 200 trillion dinars in the market in exchange for the exchange of the dollar.”
He pointed out that “the features of the budget for the current year are radically different from what they were in previous years and will include reform measures within the government curriculum.”
Last Thursday, the Parliamentary Finance Committee revealed its intention to form a committee to follow up on the delay in sending the draft budget law, calling on the government to expedite sending the draft federal budget bill for the year 2023 to the House of Representatives. https://altahreernews.com/42989/
A Kurdish Deputy Sets The “Password” For The Success Of Stopping Dollar Smuggling
Economy / Special Declaration |Yesterday, 23:24 | Today, Saturday, former Kurdish MP Sarkot Shams al-Din considers that the success of preventing dollar smuggling starts from tightening procedures at the ports and airports of the Kurdistan region .
Shams al-Din said in an interview with “Baghdad Today” that “if the government wants to control the smuggling of dollars, it must tighten its procedures at the airports and ports of the region.”
He added, “The airports and ports of the region are managed by the influential, and security measures must be tightened by the federal government, since smuggling continues with huge amounts and for different countries.” LINK
After A Decline That Lasted For Three Days.. Baghdad Is Witnessing An Increase In The Price Of The Dollar
Sunday, 05-02-2023, Tayseer Al-Asadi Today, Sunday, the exchange rates of the US dollar against the Iraqi dinar rose on the main stock exchange in the capital, Baghdad, and the Kurdistan region.
The Central Al-Kifah and Al-Harithiya Stock Exchange in Baghdad recorded 162,750 Iraqi dinars for 100 US dollars this morning.
While the prices on Saturday morning were 160,000 Iraqi dinars for 100 dollars.
The buying and selling prices increased in exchange shops in the local markets in Baghdad, where the selling price reached 162,750 Iraqi dinars for every 100 US dollars, while the buying prices amounted to 161,750 Iraqi dinars for every 100 US dollars.
In Erbil, the capital of the Kurdistan Region, the price of the dollar in the stock market also recorded an increase, as the selling price of the dollar reached 166,750 dinars per 100 US dollars, and the purchase price reached 165,750 dinars per 100 US dollars .
Representatives.. The Dollar Is Chasing You
SUNDAY, 05-02-2023, KARRAR AL-ASADI Written by: Ali Hussain
Every day, the Iraqis wake up to a new scenario, but it is a bad plot. After we waited for an explanation for the insane rise of the dollar, and after people were unable to solve the mystery of theft of the century, and we hit fifths in Asdas to know the secret of releasing the main accused, “Nour Zuhair”,
And after we promised the House of Representatives that the world will be spring and the weather will be wonderful, after all that, we discovered by chance that the loss of the country’s wealth and the theft of its billions are behind the people who indulge in it grace of democracy.
In all countries of the world, the job of the minister, the official, and the real parliamentarian is to manage the affairs of the country in a way that makes people safer, happier, and more confident in the future, except in Iraq, where our politicians spread terror and perpetuate a culture of hatred and violence, using the scarecrow of terrorism and foreign agendas, a discourse that is no different from the abhorrent discourse that was Saddam cracks our heads every day,
they talk about chaos while they are the first to spread ruin everywhere, they talk about law and justice while they ruin the country every morning, they are fond of dealing in people’s issues, and they have invested in recent years in the chaos of lawlessness, so their trade flourished amidst a huge crowd of False words, every day the poverty index increases,
And the dinar loses its prestige, while our deputies insist on filling the satellite platforms with noise and noise at a time when people know very well who the thief, who was killed, who caused the dollar crisis, and who wants to hide all the facts .
Today, Iraqis want a state of social justice, brotherhood, and equality, not a sick and corrupt state that is governed by a culture of ignorance, poverty, and disease, in which there is no place for anything real, but rather a place and status for everything that is fake, forged, liar, hypocritical, cheating, corrupt, murderer, opportunist, thief, and counterfeiter.
Today we all realize that stability will not be achieved unless the people get rid of the politicians of crises, whose experience in the past years has shown that they came to serve their interests and the blocks to which they belong. And the other is in one of the neighboring countries. They differ in the degree of their closeness to the benefits and not in the degree of their closeness to the people..
And in the end they meet with their peers among the officials at one point, which is “remaining in office and preserving the gains.” .” They will fill the heavens and the earth with statements about reform and change, forgetting and forgetting that those who are impoverished and whose future is lost are the ones who seat them in the chairs of government, and they are also the owners of the first credit. in the political process that they trade in.
Report: The Dollar Crisis In Iraq Puts The Framework On A Hot Plate
2023.02.05 – 10:13 A press report shed light on the dollar crisis in Iraq, while noting that it puts the coordination framework “on a hot plate.”
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The report, published by “Al-Arab” newspaper, followed by “Nass” (February 5, 2023), says, “The complaints of the Sudanese coordination framework groups centered on the fact that he did not stick to the demand to postpone compliance with the American controls until local equipment and expertise are available to deal with them.”
The following is the text of the report:
The coordination framework groups whose factions and affiliated banks lead dollar smuggling operations to Iran are facing an unprecedented situation, between Iranian pressure urging them to continue these operations to support Iran’s steadfastness, and the protests of Iraqis who suffer from high prices due to the depreciation of their currency against the dollar.
Observers say that some of the framework’s leaders, who met with Prime Minister Muhammad Shia’ al-Sudani on Saturday, blamed him for providing hasty responses to American pressures that called on Iraq to control the “currency auctions” organized by the Iraqi Central Bank to curb smuggling.
But Al-Sudani responded to these leaders by saying that the crisis could explode further if it ends up tightening restrictions imposed by the Federal Reserve on dollar transfers to Iraq, or even starting a series of sanctions on banks that are active in smuggling.
And the Central Bank of Iraq has been organizing auctions to sell dollars, ranging between 100 and 300 million dollars a day. Al-Sudani himself revealed that this money was sent abroad based on fake invoices to buy goods at tens of times their price.
The bank’s procedures oblige everyone to fill out a digital form for each dollar transfer and to specify the transfer authority and documents proving its authenticity
The meeting held by representatives of the Central Bank of Iraq with representatives of the Federal Reserve in Istanbul on Friday ended until the Iraqi Bank issued a new regulation for transfer controls, requiring banks to provide auditable statements about the reason for their needs for dollars and the destination to which they go.
While the meeting focused on the fact that the Federal Reserve is ready to “show flexibility as long as the Iraqi Bank adheres to common goals,” those goals mean combating smuggling and money laundering exclusively.
According to the statement issued by the White House on the phone conversations between President Joe Biden and Al-Sudani last Friday, they dealt with “the prime minister’s economic agenda and his plans to ensure that he serves the Iraqi economy and the Iraqi people, which are plans that the United States has expressed that it is ready to fully support.”
The focus on “serving the Iraqi economy and the Iraqi people” is a clear indication that Iraq’s money should not be in the service of another party.
The “facilitation” package announced by the Central Bank provided dollars at the announced official price (1450 dinars to the dollar) for a list of legitimate purposes, for individuals, government companies and foreign companies operating in Iraq.
However, the bank’s procedures obligated everyone to fill out a digital form for each dollar transfer, including specifying the transfer authority, its reasons, and documents proving its authenticity. The Federal Reserve also created an electronic platform within the central bank to monitor transfers and audit import invoices.
Under the new restrictions, the coordination framework groups concerned with smuggling dollars into Iran will have to suck dollars out of free markets, leading to a further drop in the dinar’s price.
Although about 20 “private” banks complied with the platform’s conditions, dozens of other banks took the other path, which is to buy dollars from merchants and individual dealers by paying larger amounts in exchange for the dollar. This led to an increase in its price, and the return of the Iraqi dinar to a decline until it exceeded the amount of 1750 dinars to the dollar, that is, a difference of about 300 dinars from the official price.
And although the former Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, called for the postponement, the Federal Reserve insisted on the immediate implementation after the expiry of the qualification period that was previously agreed upon. This was one of the reasons that prompted the appointment of Ali Mohsen Al-Alaq, who is close to Nuri al-Maliki, the leader of State of Law, as governor of the bank.
The dilemma is embodied in the fact that the coordination framework groups concerned with smuggling dollars into Iran, which demanded the continuation of its flow to it “by land and air” in an official statement, will be forced, in light of the new restrictions, to absorb dollars from free markets, which leads to a further decline in the price of the dinar and fueling protests against it and against Sudanese government.
One of the exits before it is to return to the way that prevailed during the era of the Maliki government between 2006 and 2014, which is contracting for the implementation of fake government projects implemented by companies affiliated with the Iranian Revolutionary Guard, and transferring funds through them to Iran.
This way allowed the smuggling of a large part of the $400 billion that was said, after the end of that government’s term, to have disappeared from government accounts. Subsequently, private banks replaced this method to perform the same task through the dollar sale window opened by the Central Bank.
Observers say that President Biden’s reference during his phone conversation with Al-Sudani to “Washington’s commitment to the strategic framework agreement signed with Iraq in 2008” meant adhering to the fact that all of Iraq’s oil revenues remain subject to the supervision of the US Federal Reserve.
And while Iraq can receive daily cash transfers to meet its domestic needs, all of its other financial dealings are done through the Federal Reserve.
The daily “auctions” organized by the Central Bank of Iraq constitute the widest loophole through which smuggling operations take place, especially since they include amounts far in excess of Iraq’s actual import need.
And in the event that the framework groups insist on smuggling the dollar to Iran, whether by buying it from the auction window or by purchasing it from the markets, the result remains the same, which is a decline in the dinar, an increase in prices, and an increase in the already high rates of poverty and unemployment. This provides new fuel for the outbreak of protests that will bring Iraq back to the square of the October uprising that led to the fall of the government of Adel Abdul-Mahdi in December 2019.
More importantly, this crisis will frustrate the Sudanese government’s plans to buy off the street by offering services and setting up projects. As soon as the coordination framework groups return to the previous means of smuggling, these services and projects will turn into illusions, and billions will return to “disappear” from government accounts. https://www.nasnews.com/view.php?cat=101452