Iraq Economic News and Points to Ponder Tuesday Evening 2-4-25

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The Amman Dollar In Iraq … A Suspicious Currency Or Losses Of Storage?

Reports and analyzes     Breaking   2025-02-02 Shafaq News/ The owners of banking and merchants are suffering from anxiety and confusion due to the circulation of the $100 USD category called “the old“, which is printed in 2003, known in the local market as (Al-Amani).
 
The dollar is considered the master of difficult currencies in Iraq undisputedly, but the matter differs with the “Omani” papers, as merchants refrain from circulating because they do not contain clear signs.

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The Iraqis call the “Omani” in the 100 dollar category 2003 edition and below , in relation to the Jordanian capital, Amman, where it was widely circulated there during the previous regime.

Price 
“Some of the banking offices refrain from buying the old dollar from people,” the owner of the “Aws” exchange, Ahmed Sadiq, told Shafaq News, noting that  “some accept it at a price lower than the price traded in the market by two thousand or three thousand dinars.”

He adds that  “some banking offices conclude on some dollar category banknotes with a special seal in his office in order to avoid the problems that occur,” noting that
 
“some people returned monetary papers from the dollar to the offices on the pretext of forgery, claiming that they bought them from them.”

He believes that “placing the seal on the banknote would protect the bankrupt from some weak souls who are trying to deceive the owners of the offices by falsifying the papers that were purchased from them,” noting at the same time that “placing the seal on foreign banknotes may cause a problem with their buyers difficult Pay it abroad.”
 
Old Counterfeiting
 
The owner of the “Fez” banking, Jawad Malik, told Shafaq News that  “the lack of dealing in the old dollar is the result of the forgery in which it took place in Turkey and Jordan, and the rumor about his entry into Iraq,” noting that
 
“many exchange owners have become not dealing with it, and it has become from The past, or they accept it by a price difference of up to 20 thousand dinars or more who can transfer this currency to the central bank.  

He points out that “most of the banking offices were concluded on the 100 dollar category with a seal on the name of the banking,  even if this category was new to reassure the buyer not to falsify it and also so that no one has returned from him the dollar and claims to be forged.”

It shows that “many of the banking offices do not deal with the category of dollars or what is spoken to (to you), and sometimes even in the five-dollar category despite the neighborhood countries dealing with them without any problem,” stressing that “this falls into the mood of the great merchants who They deal with dollars. “

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Useful Security Signs 

The Iraqi merchant Haider al-Hassani told Shafaq News that  “he does not deal with the old dollar at all to avoid the problem of forgery,” noting that  “the old has no clear security signs.”

He adds, “It does not deal also even with the new dollar,” noting that 
“economic security prohibits trading in the market price.”
 
All Currencies Are Acceptable
 
“There is no old and new dollar in the concept of the central bank, as all foreign and national currencies in force are acceptable,” said financial expert and former general manager of the central bank, Mahmoud Dagher, told Shafaq News. He continued,
 
“The mood of people, merchants and owners of banking offices cannot force them, whatever happens to accept these types of old dollars,” stressing that “this matter is personal jurisprudence.”
 
There Are No Instructions
 
The Central Bank of Iraq confirms that there are no instructions on the rejection of the old dollar and not dealing with it. An official source in the bank told Shafaq News that
 
“the bank has not issued any instructions on not dealing with the old dollar.” He added that  
“all the sayings and words that are about the bank’s refusal to accept the old dollar is a shame.”
 
In conclusion, the issue of trading the “old” dollar category in Iraq remains a source of concern for citizens and exchange offices alike, as fears of forgery overlap with market considerations.
 
While the Central Bank of Iraq confirms the acceptance of all the coins, dealing with this category remains mortgages with the mood of the market and the decisions of the merchants.
 
Despite the absence of any official instructions that prevent the trading of the old dollar, safety procedures and reservations from some banking offices indicate the continued state of confusion and doubts about this category, which may reflect an urgent need for an official clarification that enhances the stability of the local market and reassures customers     
  
https://www.shafaq.com/ar/تقارير-وتحليلات/الدولار-العماني-في-العراق-عملة-مشبوهة-م-خسا-ر-طول-الخزن  

Finance Minister Stresses Importance Of Partnership With US In Supporting Financial Stability
  
Economy  Baghdad – WAA    Finance Minister Taif Sami stressed, today, Tuesday, the importance of partnership with the US in supporting financial stability and economic reforms.

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A statement by the ministry – received by the Iraqi News Agency (INA) – stated that
 
Finance Minister Taif Sami received the Chargé d’Affaires of the US Embassy in Baghdad, Daniel Rubinstein, where the two sides discussed ways to enhance financial and economic cooperation between Iraq and the United States.”  The statement added that
 
“during the meeting, the minister stressed the importance of partnership with the US side in supporting financial stability and economic reforms,” ​​noting,
 
Iraq‘s commitment to enhancing an attractive investment environment and developing financial sectors.”  The statement continued,
 
“The US Chargé d’Affaires, for his part, stressed his country’s keenness to support Iraq in the areas of economic development and enhance cooperation in financial reforms,” ​​stressing,
 
“the importance of continuing coordination between financial institutions in the two countries to achieve common interests.”      https://www.ina.iq/227329–.html    

Al -Rafidain Bank “Under The American Microscope” Amid Charges Of “Financing Terrorism”
 
Politics / Economy | Baghdad today – Baghdad   The Iraqi politician, Qanbar’s uprising, today, Monday (3 February 2025), has sparked widespread controversy after his statement that
 
“the Rafidain Bank has not been subject to a review of its financial accounts nine years ago,” which raises questions about transparency and financial oversight on one of the most important banking institutions in Iraq.   https://x.com/eqanbar/status/1886434884232593509?s=48
 
According to a channel, the bank was involved in financing “terrorist groups” through financial tools such as “Ki Card” and unacceptable loans or what it described as “toxic” loans.
 
Qanbar pointed out that there are official bodies that bear the responsibility of this situation, accusing the Ministry of Finance, headed by Taif Sami of involvement or overlooking these practices, which led him to say that the “Ministry of Elon Musk” will take strict measures against the ministry and the bank. Despite the ambiguity of this expression, his statement highlights the confidence crisis in Iraqi financial institutions.
 
 Joe Wilson And The Escalation Of The American Speech Towards Iraq
 
In another context, the tweets of US Republican MP Joe Wilson added to add a more complex political dimension to the financial crisis in Iraq. Wilson stated:
 
“I urge the Ministry of efficiency to investigate Iranian dolls, which publicly stole 2.5 billion dollars from Mesopotamia, while American taxpayers’ money goes to the Central Bank of Iraq.”

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This statement raised speculation about the possibility of an American escalation against Iranian influence in Iraq, and perhaps imposing additional sanctions on the parties involved in illegal financial operations.
 
Observers also link these tweets with increasingly American concerns about the exploitation of the Iraqi financial regime to finance armed groups linked to Iran. 
 
The Central Bank Of Iraq And Its “Failure” In Combating Money Laundering
 
Despite the attempts of the Central Bank of Iraq to reduce money laundering, these efforts have not achieved the required success.
 
The bank launched several measures aimed at controlling the real estate sector as one of the most used sectors in money laundering operations, as a ceiling of 500 million Iraqi dinars imposed on real estate transactions, and later reduced this limit to 100 million.
 
But these measures, according to specialists, did not prevent suspicious money flow through other channels such as exchange companies and fake transfers.
 
There are also accusations of weak control of civil banks that are suspected of using it as a funding interface and the financing of armed groups.
  
Transferring Suspicious Funds From Iraq To Iran
 
International reports revealed that some Iraqi banks used a banking system established by the United States after 2003 to transfer huge sums to Iran.
 
These operations were carried out through fake companies and forged bills, which allowed the transfer of billions of dollars outside the legal financial system.
 
In an attempt to stop these operations, the United States imposed restrictions on a number of Iraqi banks, which led to a decrease in the volume of transfers in dollars from Iraq.
 
However, there remains concern that these funds still find their way to illegal parties across alternative paths.

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 Iraq Cash Reserves At The US Federal Bank
 
It is worth noting that Iraq’s foreign exchange reserves are being held at the American Federal Bank, which puts the Iraqi economy under direct control from Washington.
 
This link enables the United States to impose strict financial restrictions on Iraq if it is suspected of having corruption or financial support for illegal parties.
 
Because of this situation, some Iraqi officials fear that the United States will take more strict measures against the Iraqi banking system, especially if the dollar smuggling and transferring it to Iran and armed groups continues.
 
 A Confidence Crisis That Threatens The Iraqi Economy
 
Iraq faces a complex financial crisis, as issues of financial corruption, money laundering, and terrorist financing with American political pressure overlap.
 
While the central bank tries to take measures to restrict suspicious financial flows, the gaps are still in place, making the required reforms more urgent than ever.
 
Under these circumstances, the most important question remains: Will Iraq be able to regain control of its financial system, or will it face American pressure and strict sanctions in the near future?    
  
https://baghdadtoday.news/267237-مصرف-الرافدين-تحت-المجهر-الأمريكي-وسط-اتهامات-بـتمويل-الإرهاب.html  

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