Iraq Economic News and Points to Ponder Thursday Evening 4-25-24
The Most Difficult Option.. Warnings Of The Danger Of Floating The Iraqi Dinar Without Achieving An “Important Condition”
Economy | Baghdad today – Baghdad Economist Nabil Al-Marsoumi warned today, Thursday (April 25, 2024), of the dangers of floating the Iraqi dinar, noting that
such a step could lead to the dinar witnessing a violent collapse and rampant inflation that would jump prices to insane levels.
Al-Marsoumi said in a post on the social networking site “Facebook”, followed by “Baghdad Today”, that
“some are proposing a solution to address the double price of the dollar against the dinar and the existence of a large gap between the official and parallel prices through a free float of the Iraqi dinar,” indicating, “i.e. Turk.”
The dinar is in the market to find its price against foreign currencies through the interaction of the forces of supply and demand. Al-Marsoumi added, “Such a decision has some economic positives,” adding,
“But the economy should not be taken in its abstract aspect, but rather insofar as it relates to people, especially the poor.”
He continued, “In light of Iraq’s lack of a national private sector that could contribute to increasing the supply of dollars in the Iraqi market, and
because of the large volume of imports, which reach 67 billion dollars annually, the only party that owns the dollar is the government,” explaining that
“in the event that the government decides not to intervene.” In the exchange market, it is expected that the dinar will witness a violent collapse and rampant inflation that will cause prices to rise to insane levels that will cause severe damage to citizens’ living standards, and the poor will become more miserable, and will later lead to social tensions and a major rift in the social peace.”
It is noteworthy that the floating exchange rate or currency float is the currency exchange rate that has been floated so that it has become completely liberalized, so the government or the central bank does not interfere in determining it directly,
but rather it is released automatically in the currency market through the supply and demand mechanism that allows the price to be determined. Exchange the national currency against foreign currencies.
It is worth noting that the price of the dollar in the local markets is still experiencing a state of instability between rises and falls, even though the official price in the Central Bank of Iraq is 132,000 dinars per 100 dollars,
but in the local markets it is witnessing an increase of more than ten points and may at times reach double this.
The number is despite the numerous measures and packages launched by the Central Bank of Iraq, where
some attribute that the reason for this confusion in prices is the result of smuggling operations and speculation in the black market for currency. https://baghdadtoday.news/247930-الخيار-الأصعب.-تحذيرات-من-خطورة-تعويم-الدينار-العراقي-دون-تحقيق-شرط-مهم.html
Economist: Travelers’ Dollars Are Leaking Into The Parallel Market…And This Is What The Central Bank Should Do
Time: 04/24/2024 Read: 2,925 times {Economic: Al-Furat News} The economic expert, Safwan Qusay, revealed the leakage of travelers’ dollars to the parallel market. Qusay said {to Al-Furat News} that:
“The current policy of the Central Bank of Iraq goes towards auditing the cash dollar, which was marred by many failures in the first periods, especially its leakage through travelers to the irregular market, and this issue needs a new and clear mechanism.”
He added, “It is assumed that travelers are dealt with through tourism and airline companies, and
the travel ticket is not allowed to be canceled unless the traveler returns the amount he purchased from the exchange outlets or banks.” Qusay stressed,
“This measure will restore confidence in the cash dollar and the possibility of facilitating the mission of real tourists and filling the gaps that accompanied the process of establishing the electronic platform for the cash sale of foreign currencies.” He stated that
“the Central Bank will not hesitate to provide the dollar to those entitled to it, whether at the level of Hajj or other windows,” noting that
“the Central Bank’s emphasis on procedures for granting citizens the cash dollar ensures that it reaches those who need it.” Qusay added,
“The Central Bank’s official sales during the previous 10 days rose to $270 million per day, which is an indication of the activation of the electronic platform,” adding,
“The more we reduce imports and analyze the irregular demand for the dollar, the more stable the dollar’s exchange rate will be.”
Meanwhile, travelers expressed their surprise at the Central Bank’s decisions to prevent government banks from selling dollars to travelers.
Travelers said, via {Al-Furat News}: “We are surprised by the Central Bank’s decisions to prevent government banks from selling the dollar to travelers and monopolizing it only with financial transfer and exchange companies.”
Travelers called on Parliament and members of the Parliamentary Finance Committee to “intervene and solve the problem and allow government banks to carry out the process of selling the dollar, especially in conjunction with the delegation of pilgrims to the Holy House of God, and they need to buy the dollar at the official price.”
Parliament Talks About The Mechanism For Recovering Smuggled Funds And Hints At The Next Stage
Politics |Today, 14:07 | Baghdad today – Baghdad Today, Thursday (April 25, 2024), the Parliamentary Integrity Committee confirmed that there is ongoing work to recover all Iraqi funds smuggled abroad, while indicating that the
next stage will witness the recovery of funds and more fugitives on charges of corruption and others.
Committee member Ghareeb Al-Muradli told “Baghdad Today” that
“there are real efforts by the Iraqi government in addition to the Federal Integrity Commission to recover Iraqi money smuggled as a result of corruption operations, and
this is very possible because of international cooperation in this file.” Al-Muradli stated,
“Iraq has good international relations, and through these relations it is able to track its money and follow up on those wanted by it on corruption charges,” adding,
“For this reason, it was able during the last period to arrest a number of fugitives.” He stressed that
“the next stage will witness the recovery of funds and more fugitives on charges of corruption and other charges.”
It is noteworthy that the Parliamentary Integrity Committee commented, Thursday (March 28, 2024), on the activities of the Iraq Assets Recovery Fund and the slowness in recovering that money and some of those accused of fleeing on corruption charges or belonging to the previous regime.
Committee member Duraid Jameel told “Baghdad Today” that
“there is great and important work for the Iraq Money Recovery Fund and
there is a noticeable increase in the activities of this fund,” adding:
“But the slowness is not on the part of the Iraqi side, but rather on the part of countries, some of which are procrastinating in Implementing what Iraq demands.” Jamil stated,
“There are major legal and technical procedures undertaken by the Iraq Assets Recovery Fund, in order to recover smuggled funds or recover some of the fugitive defendants on corruption charges and others,
but the routine procedures by those countries are what delayed the resolution of many of these activities.”
A member of the Parliamentary Integrity Committee added,
“There is no accurate figure for the sums of money smuggled from Iraq abroad, whether through corruption operations or other funds of the former regime,
but there are government efforts being made to recover all that money, and there are practical steps in this regard.”
Estimates indicate that the funds smuggled abroad amount to approximately $350 billion over the past twenty years, while
the Integrity Commission is working to recover some of the funds from other countries or recover the accused, but
some countries refuse to recover some of the corruption funds smuggled over the past years because they have entered into the economic cycle or Existing projects in those countries, according to observers.
Parliamentary Integrity Reveals An Agreement With Interpol To Recover Fugitive Corrupt People
Political| 04/23/2024 Mawazine News – Baghdad Member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, revealed new moves to proceed with amending the election law again, noting that Parliament is coordinating an agreement between the Iraqi and international Interpol to arrest fleeing corrupt people. Al-Mayahi said in an interview followed by Mawazine News:
“There is an agreement between the Iraqi Interpol and the International Interpol, to pursue any wanted person in any country, in an effort by the Iraqi Interpol to arrest the wanted persons and hand them over to the Iraqi government, and there is effective coordination with Interpol in this regard.” He added.
“The Integrity Committee works independently and seeks to collect the required documents regarding those accused of corruption, and upon obtaining proof, the committee will work to request hosting the concerned official if he is present inside the country, while submitting recommendations to the relevant authorities.” He continued, “The committee is not responsible for prosecuting the wanted individuals.”
On charges of corruption outside the country, it is the responsibility of the Federal Integrity Commission and the Iraqi and international Interpol if there are arrest warrants for certain figures of state employees who have committed corruption and of the Integrity Commission or the Public Prosecution.” https://www.mawazin.net/Details.aspx?jimare=246516
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Provoking Points To Ponder on Failures and Mistakes
Learn to see in another’s calamity the ills which you should avoid.- Publilius Syrus
A man is fortunate if he encounters living examples of vice, as well as of virtue, to inspire him.- Brendan Francis
The line between failure and success is so fine that we scarcely know when we pass it; so fine that we are often on the line and do not know it.- Elbert Hubbard
A series of failures may culminate in the best possible result.- Gisela Richter
Failure is that early morning hour of darkness which precedes the dawning of the day of success.- Leigh Mitchell Hodges
People fail forward to success.- Mary Kay Ash
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