Parliamentary Integrity: Investigations Into The “Theft Of The Century” Revealed That The Value Of Embezzled Funds Has Risen To Approximately 8 Trillion Dinars.
Money and Business Economy News – Baghdad The Parliamentary Integrity Committee reported on Tuesday that investigations into the “theft of the century” case revealed that the value of embezzled funds had risen to about 8 trillion dinars. According to the official newspaper, committee member Talib al-Baydani said that “recovering the looted funds is one of the basic duties undertaken by the Federal Integrity Commission in cooperation with the Parliamentary Integrity Committee,” stressing that “the committee is continuing to follow up on this file continuously in order to recover Iraq’s funds and hold those involved accountable.”
Al-Baydani explained that “part of the stolen funds has already been recovered, while other funds are still outside the country and require legal and diplomatic action to recover them,” indicating that “this file needs high-level support and coordination between regulatory and executive bodies, in addition to cooperation with the Prime Minister’s office, which in turn has emphasized the importance of this file as a national priority.”
He pointed out that “the funds that were seized through illegal means must be returned to the state treasury,” stressing that “recovering them represents a real step towards protecting public funds and restoring the rights of Iraqis, as well as holding all those involved in embezzlement or suspicious deals accountable.”
Al-Baydani explained that “the initial estimates for the ‘Theft of the Century’ case indicated the embezzlement of about two and a half trillion dinars, but the investigations conducted by the Integrity Commission revealed the existence of larger sums, raising the value of the embezzled funds to about eight trillion dinars.”
Regarding Iraqi funds and real estate located outside the country, Al-Baydani called on the Ministry of Foreign Affairs to “intensify its efforts, based on international agreements signed with a number of countries, in order to recover the real estate and assets belonging to the former regime.” https://www.economy-news.net/content.php?id=69258
The General Authority Of Customs Announces An Increase In Its Revenues To 1.351 Trillion Dinars
Money and Business The General Authority of Customs announced today, Monday, that customs revenues have increased to 1 trillion and 351 billion dinars.
The Director General of the Customs Authority, Thamer Qasim Dawood, said in a statement that “Customs revenues have increased to 1 trillion and 351 billion dinars as of 5/17/2026.” https://www.economy-news.net/content.php?id=69247
Foreign Governments Are Abandoning US Treasury Bonds, With China At Its Lowest Holding In 18 Years.
Arabic and international Economy News – Follow-up Foreign governments significantly reduced their holdings of US Treasury bonds during March, amid geopolitical turmoil in the Middle East that prompted central banks to sell their dollar reserves to defend their local currencies, following a shock in energy markets that led to a sharp decline in exchange rates.
This decline comes at a time when escalating conflict between the United States and Iran has led to a sharp jump in crude oil prices, causing significant pressure on global currencies, particularly in Asia.
China at its lowest level since 2008
Data from the US Treasury Department showed that China’s holdings of Treasury bonds fell to $652.3 billion in March, down nearly 6% from February, marking the lowest level since September 2008, according to a report published by the US network CNBC.
Relative calm in US bond sales amid anticipation of a jump in 30-year yields
This trend reflects the continuation of China’s policy of reducing its direct exposure to US debt since its peak in 2013, despite the continuation of what is known as “indirect holdings” through custody centers in other countries.
Japan reduces its holdings of its largest foreign reserve currency
In the same context, Japan, the largest foreign holder of US Treasury bonds, reduced its holdings by about $47 billion to $1.191 trillion.
Overall, total foreign holdings of U.S. debt fell to $9.25 trillion in March, compared with about $9.49 trillion in February.
This decline coincided with widespread turmoil in currency markets, as the conflict in the Middle East and rising oil prices led to a sharp drop in the Japanese yen and several other Asian currencies.
Energy pressures drive selling of dollar assets
The rise in energy prices has forced economies dependent on importing Gulf oil, most notably Japan, to intervene in currency markets, prompting some central banks to sell part of their dollar-denominated assets, including US Treasury bonds.
Frederic Neumann, chief Asia economist at HSBC, said that increased financial volatility since the start of the Gulf War and exchange rate pressures, particularly in Asia, make it natural for central banks’ holdings of US bonds to decline.
He added that foreign exchange market interventions to support local currencies led to the sale of part of these holdings, along with the rebalancing of investment portfolios during periods of tension.
Rating losses and pressure on bonds
Treasury bonds came under additional pressure as yields rose, amid inflation fears stemming from the Middle East crisis, prompting investors to demand higher returns in exchange for holding U.S. debt.
Foreign holdings also suffered significant valuation losses, amounting to $142.1 billion in March alone as a result of the decline in long-term bond prices.
In contrast, Britain bucked the general trend, increasing its holdings by about $29.6 billion to reach $926.9 billion.
China’s “indirect holdings”
Despite the decline in China’s direct holdings, analysts believe that official figures may not reflect the true extent of Beijing’s exposure to the US market, as it is believed that some of the investments pass through custody centers such as Belgium and Luxembourg.
According to experts, these “indirect holdings” appear relatively stable, with Belgium holding $454 billion and Luxembourg holding approximately $439.4 billion in US Treasury bonds.
Becky Liu, executive director of global research at Fidelity International, said that China’s total holdings of US bonds remain relatively stable, noting that short-term volatility is the main factor behind recent movements.
Japan and political pressures
In Japan, policymakers in Washington are closely watching the possibility that Tokyo might resort to selling more bonds to finance interventions in the currency market to support the yen.
The Bank of Japan had intervened in the foreign exchange markets in late March and early April after the yen fell to politically sensitive levels near 160 yen to the dollar, amid concerns that the current account deficit would worsen as a result of rising energy import costs.
Vikas Birshad, portfolio manager at M&G Investments, said the message from U.S. policymakers is clear: “The preferred option is not to sell Treasury bonds,” noting that Washington sees alternatives such as trade deals in critical metals, technology, and defense to ease pressure on foreign reserves. https://www.economy-news.net/content.php?id=69272
Cyprus Plans To Export Natural Gas To Europe Via Egypt By 2028
Arabic and international Economy News – Follow-up Cypriot President Nicos Christodoulides announced on Tuesday, ahead of a cabinet meeting, that his country aims to sell its first shipment of natural gas to European markets via Egypt in 2028, according to Bloomberg News.
In a statement issued by the official press office, Christodoulides explained that the Cabinet would today approve the development and production plan for the Kronos gas field, as well as agreements relating to the basic terms of the sale of Cypriot natural gas.
The Cypriot president also indicated that further announcements would be made very soon, in cooperation with ExxonMobil, saying: “Consultations are now at an advanced stage, and we will very soon be in a position to announce the next steps in detail.”
He noted that Cyprus and Egypt had previously signed a framework agreement for cooperation in the field of natural gas to link and develop Cypriot offshore fields with Egyptian infrastructure in preparation for liquefying and re-exporting it.
The Italian company Eni also signed a deal with Egypt and Cyprus to develop and export gas discovered in Cypriot waters.https://www.economy-news.net/content.php?id=69273
Al-Zaydi And Amidi Stress The Need For Continued Coordination Between The Four Presidencies To Preserve Stability.
Localities Economy News – Baghdad Prime Minister Ali Faleh al-Zaidi and President Nizar Amidi stressed on Tuesday the need for continued coordination and cooperation between the four presidencies in order to preserve stability.
The Prime Minister’s Media Office stated in a statement received by “Al-Eqtisad News” that “the Prime Minister received President Nizar Amidi, who offered his congratulations on the new government gaining the confidence of the House of Representatives.”
The statement added that “the meeting discussed the overall situation in Iraq, and the importance of supporting the government in implementing its governmental program and development plans in a way that contributes to improving the service and economic situation and meeting the needs of citizens.”
He added that “both sides stressed the need for continued coordination and cooperation between the four presidencies, in order to preserve stability and enhance joint efforts to serve the country.” https://www.economy-news.net/content.php?id=69271
