KTFA (Delta)

DELTA: MASSACRE OF THE DOLLAR IN IRAQ…OFFICIAL MOVEMENT AGAINST FRAUD AT THE CBI AUCTION

Baghdad – Ali Husseini, Mohammed Ali
12 July 2019

The file of the “auction of hard currency” in Iraq to the forefront after the comments of deputies in parliament, demanding the Prime Minister and the Supreme Judicial Council and the public prosecution in the country, put an end to the massive corruption carried out through the auction of hard currency organized by the Central Bank of Iraq every day.

The bank sells between 140 million and 160 million dollars for public and private companies and banks, as part of a plan adopted since 2004 to control the exchange rate of the Iraqi dinar and prevent its collapse in the market.

In 2004, during the Coalition Provisional Authority formed by the United States after the US-British occupation of Iraq, the Central Bank of Iraq established the so-called “daily auction of hard currency,” in an effort to raise the value of the Iraqi dinar, and sales amounted to more than 200 million dollars Sometimes this amount is usually from Iraqi oil revenues sold.

The auction has continued this way since. Iraqi observers and officials estimate the value of the dollar sold in this auction over the past 15 years by more than $ 300 billion, most of which went from Iraq to other countries without benefiting the Iraqi dinar and its value, which is still under value for the fifth largest oil producer in the world (1200 dinars per dollar). 

The Central Bank of Iraq allows only limited companies and banks to enter the auction and buy the dollar. The word “auction” here is not a metaphor for what is happening on a daily basis, as the bank pre-determines its selling price to the dollar by 1180 dinars per dollar for banks and companies to sell at 1200 dinars to the dollar.

Finally, the bank specified who is allowed to enter the auction, and the number was reduced to less than 50 banks and financial companies that are licensed by the Central Bank of Iraq and all are private or private.

A senior Iraqi official in Baghdad told the “New Arab” that the government is considering the dollar auction, which turned into a black hole to smuggle the dollar out of the country without achieving its goal of strengthening the strength of the dinar. He added that “Iran is the first beneficiary of the dollar auction, followed by Turkey, Lebanon and Jordan The conversion of the dollar is under the cover of the import of materials and goods and the purchase of shares and investments in those countries and some of them transferred through private offices and the Iraqi citizen does not benefit from this massacre.

The official stressed that the government is considering several options to strengthen the dinar, such as the deletion of zeros or determine the price globally, as do many countries in the Arabian Gulf. The survival of the dollar inside Iraq is better than removing it, and the continuation of this primitive formula cost the country large losses.

He pointed to the existence of a committee of experts studying reasonable options, after confirming documents and documents that Iraqi oil money in hard currency easily flow abroad because of this auction.

The Iraqi official revealed that the Integrity Commission is currently investigating the largest case of money laundering in Iraq up to two billion dollars accused of banks and companies, some of them linked to political parties “and we hope that there are other files close to the search and investigation of the Integrity Commission on the same subject, Difficult of Iraq “.

Expert on the Iraqi market for securities Ali al-Saadawi explained to the “new Arab”, that “stop the auction may not be able to the government now that a large part of the dollar ends in Tehran,” saying that committees, experts and financial observers advised the Central Bank to stop the auction, “He said.

https://www.alaraby.co.uk/economy/2019/7/12/

Iobey777: 
I Love this!! I especially like the last sentence!!   read it slooowwly …”The survival of the dollar inside Iraq is better than removing it, and the continuation of this primitive formula cost the country large losses.”   Go ahead Iraq!! Do It!!!

JJimmyjj:  Wow. This is one sexy article. Both blunt AND provocative.  If I was single, I’d be tempted to ask it out on a date.   Thanks Delta.

Samson:  Trade calls for countries and companies to participate in the 46th session of the Baghdad International Fair

12th July, 2019

The Ministry of Commerce on Friday called on countries and companies to participate in the 46th International Fair of the Baghdad International Fair in October this year. The Iraqi Exhibitions Company has prepared a wide program and invited the countries and companies as well as inviting the Iraqi ministries, bodies and private sector to participate in the exhibition. The good relations of Iraq with a large number of countries will be exploited to participate,” said Minister Hashem al-Ani in a statement received by Al-Ghad Press. In the exhibition.”

Al-Ani added that the ministry has addressed several letters to commercial attachés in a large number of countries in the world to send official invitations to the countries present in order to participate in the exhibition, which may be different from its predecessors because of the stable situation in Iraq after the announcement of victory over terrorist groups.”

For his part, the Director General of the Iraqi Exhibitions Company Hashim Sudani said that “his company continues its daily work intensively to prepare and prepare for the international session through the invitations to countries and companies as well as rehabilitation processes witnessed in the halls of the exhibition and its various gaps and include sewage and electricity and various facilities as well as green squares.Al-Sudani pointed to “the agreement with one of the local companies to oversee the media and technical works that permeate the days of the exhibition. This company started the work entrusted to it in media mobilization and coordination.”   LINK

Don961:  Using electronic payment tools .. Iraq fights corruption

– 8 Hours Ago

Iraq has launched the deployment of electronic payment tools after the development of infrastructure

The Executive Director of the Association of Iraqi private banks Ali Tarek, in an interview to Al Jazeera Net, that Iraq has the infrastructure of electronic payment systems, which has seen a significant development in this area during the past four years.

Source: Al Jazeera   link

David12001:  Iraq has launched past tense wow, things are getting better and better

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Samson:  Iraq’s Ministry of Planning is working with other Iraqi ministries and state institutions to ensure an effective, timely and successful implementation of the @IraqiGovt programme 2018-2022.

Watch this short video to find out more. #InvestIraq pic.twitter.com/qEA0Fr2fRL
— Government of Iraq – (@IraqiGovt) July 12, 2019

Stevep99:   Such awesome news today! Is this the cherry on the top of the delicious ice cream sundae announcement we seek…as in the sought after 2nd article?! Sure looks promising for their holiday timing and or I M O…celebration coming on the 14th!

Samson:  A senior US official calls Barzani delighted and confirms two things

12th July, 2019

The Deputy Assistant Secretary of State for Iraq and Iran, Andrew Peck, in a telephone conversation on Friday pleased Barzani, Prime Minister of the Kurdistan Region on the occasion of the formation of the new government of the region.

A statement issued by Barzani’s office said the US official wished the conciliation to the new government and expressed the importance of continued assistance to the Peshmerga and the strengthening of relations between the Kurdistan Region and the United States of America.   LINK

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