TNT – “Tidbits From TNT” Sunday 12-10-2023

Report: More than 90 trillion dinars in cash are in circulation outside the banking system in Iraq

The Future Iraq Foundation for Economic Studies and Consultations counted, on Sunday, the local currency circulating outside the banking system in the country during the year 2023, and said that it exceeded 90 trillion dinars.

The institution stated in a report published today that the value of the issued cash currency increased from 78 trillion dinars at the beginning of the year 2022 to reach more than 102 trillion dinars at the end of the year 2023, with a growth rate in the issued cash currency amounting to 9.24% during 2023 and a growth rate in 2022 amounting to 20%, an increase. For the year 2019, by 58 trillion Iraqi dinars, according to data from the Central Bank of Iraq.

The report added that the cash currency outside the banking system amounted to approximately 93 trillion Iraqi dinars, an increase of 30% compared to 2022, and it is the highest volume of funds existing outside the banking system throughout the history of the Iraqi banking system.

According to data from the Ministry of Planning, the population of Iraq in 2023 reached approximately 43 million people, representing only 60% of them over the age of 15 years. Therefore, the number of Iraqis’ population who are more than 15 years old exceeds 26 million people, and based on the Ministry’s figures Work, which indicates that the size of social welfare beneficiaries is approximately 14 million people, while the number of adult Iraqi citizens who are not covered by social welfare is approximately 12 million people.

The report indicated that, based on data from the Ministry of Labour, the Ministry of Planning, and the Central Bank of Iraq, it can be concluded that the average value of each Iraqi’s hoarding of money in the Iraqi currency “exclusively” is approximately 7.2 million Iraqi dinars per citizen, higher than in 2019, which was approximately 4 million. Iraqi Dinar.

According to the Foundation, considering that each home contains at least two adults (a man and a woman) who are not covered by social care, the rate of each Iraqi home hoarding money exclusively in the Iraqi currency amounts to 15 million Iraqi dinars, which is a higher percentage than in 2019, which was approximately 8.12 million dinars. Iraqi.

The report noted that, based on these official figures issued by official bodies, every adult Iraqi citizen over the age of 15 (man and woman) who is not a beneficiary of social welfare was able to increase his money stored in Iraqi dinars by 1.2 million Iraqi dinars during the years 2022 and 2023 despite From the decline in the value of the dinar compared to the dollar in the local market, in addition to the rise in commodity prices and the rise in inflation rates by 4%, according to data from the Ministry of Planning.

Hoarded money is defined as the value of money that a person keeps away from the banking system, and does not invest it or buy his own assets, but rather keeps it away from financial institutions and exclusively in the Iraqi currency and not in other currencies.

The institution concluded in its report that some believe that these numbers may be illogical, and that Iraqis are suffering from a major shortage of funds and deteriorating social conditions. However, what is proven is that the Central Bank of Iraq has, in two years, exported more than 24 trillion Iraqi dinars, warning that more Of the 22 trillion Iraqi dinars that were hoarded by adult citizens and non-beneficiaries of social welfare. link

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Tishwash:  Iraq requests US Treasury assistance in tracking the funds of Saddam Hussein’s regime

The head of the Federal Integrity Commission, Judge Haider Hanoun, and his accompanying delegation met with US Deputy Assistant Secretary of the Treasury, Jesse Baker, to discuss the possibility of concluding a memorandum of understanding between the Iraq Money Recovery Fund and the US Treasury, according to a statement issued by the commission on Sunday.

Integrity stated in its statement that Judge Hanoun stressed, during the meeting that took place at the US Treasury headquarters, Iraq’s need for Treasury assistance, in order to reach the fate of Iraqi funds before the year 2003, linked to the era of the previous regime, its symbols and front companies, pointing out that concluding an understanding agreement between the two parties is sufficient. By facilitating this and removing obstacles and barriers, if any.

 Hanoun added, saying: Negotiating with the cronies of the former regime entails the need to lift the hold on the funds recovered from the American side, praising the quick response of the American side in this regard and its pledge to fully cooperate and as permitted by the laws.

For his part, Jesse Baker praised the cooperation between the US Treasury and the Central Bank, pledging also to cooperate with the Iraq Money Recovery Fund in tracking its funds during the era of the former regime, in addition to his cooperation with the Central Bank to combat money laundering and terrorist financing, which requires concerted efforts. To confront these crimes and combat their advanced methods.

It is noteworthy that the Iraq Money Recovery Fund, which was established under Law No. (9 of 2012) (amended), aims to recover the financial rights of Iraq that were obtained by others illegally. As a result of the misuse of the oil-for-food program, the blockade, smuggling, economic sabotage, or exploitation of the sanctions imposed on Iraq at the time; To achieve financial gains at the expense of the Iraqi people. link

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Tishwash: The three presidencies remember victory: Today, the Iraqis are fighting the battle of reconstruction and construction

On Sunday, the Iraqi Presidencies, the Council of Ministers, and the Iraqi Parliament recalled the victory over ISIS, which falls on 10/12, and stressed that “the Iraqis are today fighting the battle of reconstruction and construction, the fight against corruption, and the challenge of providing services.”

The President of the Republic, Abdul Latif Rashid, said, “On the Day of Victory over the terrorist ISIS, we remember with reverence the great sacrifices made by our forces in all their formations, and the important role of the religious authority, and the support of the people of all walks of life to defend the homeland and preserve its dignity.”

He explained that “national solidarity to establish security and continue construction is a duty in order to fulfill the pure blood that was shed for the country.”

For his part, Prime Minister Muhammad Shiaa Al-Sudani said, “On the occasion of the sixth anniversary of the great victory over the terrorist ISIS gangs, we remember this historic victory, in which the Iraqis were able to defeat ISIS and its terrorism, on behalf of the world and all of humanity, and we recall with reverence and honor the titles of sacrifice of our heroic martyrs, And with them are the leaders of victory, who would not have seen freedom, victory, and safe living except through their great sacrifices. We also express pride and pride in the heroic performance of our heroic armed forces in all their forms, which set out towards victories, armed with the great position of the supreme authority and the fatwa of the competent jihad of the Sistani authority, which mobilized all the energies of the nation against… “Terrorism.”

He continued, “We also salute the Iraqi woman and her great stance. The confrontation claimed the lives of martyrs, the disappeared, and the kidnapped, just as it claimed the lives of men. We cannot fail to thank all the brothers and friends who supported Iraq in its true war against the forces of evil and darkness.”

He concluded by saying, “Iraqis today are fighting the battle of reconstruction and construction, fighting corruption, and the challenge of providing services, based on the stability achieved thanks to those sacrifices, which we cannot allow anyone to neglect, under any circumstances.”

In turn, Mohsen Al-Mandalawi, Acting Speaker of the House of Representatives, congratulated the Iraqi people and the security forces on this occasion.

Al-Mandalawi stressed in a statement today, Sunday, that “the fatwa of sufficient jihad of the supreme religious authority, the national cohesion between the people and their various types of security forces, and the blood of the martyrs that was shed in order to defend the land and the sanctities, and on the path of pride, dignity and freedom, created the brightest picture of the Iraqi victory over the forces of terrorism.” And backwardness, and this image will remain immortal throughout history and engraved in the minds and consciences of generations.”

The Acting President of the Council said, “The whole world owes the Iraqi hands the credit for ending the mythical state that was threatening the security of the region and all the peoples of the world, calling for the completion of the security victory achieved by supporting the families of the martyrs and the institutions concerned with providing full care to them.”   link