Iraqi News Highlights Early Sunday Morning 7-30-23

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Iraqi News Highlights Early Sunday Morning 7-30-23

Tlm724 Administrator Bondlady’s Corner

Deleting Zeros And Printing A New Currency Will Raise Inflation

Special|..Economic expert Ahmed Saddam warned today, Thursday, against printing a new currency, pointing out that this will lead to an increase in the level of inflation.

Saddam said in an interview with Al-Jarida , that “printing a new currency with no expansion of non-oil commodity production, i.e. the absence of real growth in non-oil domestic product, will lead to raising the level of inflation, meaning the depreciation of the currency against the dollar and the instability of prices, and therefore no This can be considered a solution that alleviates the monetary crisis in Iraq. 

He explained, “Resorting to deleting zeros, this option cannot work unless there is stability in the dollar exchange rate, economic diversification and political stability, and these conditions are not available in Iraq at present, meaning that deleting zeros under the current circumstances may be feasible only from a computational point of view.”   If there will be ease in transactions in large numbers, no more, and this procedure is not feasible if we take into account the costs that the central bank will bear to print a new currency.   https://jaredaiq.net/News/4984

The Banking System Is Facing Serious Disturbances: Cash Withdrawal Operations Are Expanding!

Special  |.. The economic advisor, Ziyad Al-Hashemi, said today, Wednesday, that the operations of withdrawing cash balances from accounts with local banks are among the dangerous signs that indicate a weakness in the level of confidence and concern about the loss of the monetary value of savings in Iraqi banks, which led to the tendency of dealers to withdraw their savings from the dinar and search for dollars..

And Al-Hashemi told Al-Jazeera that the fever of these withdrawals may expand as a result of the continued rise in exchange rates and the state of turmoil in the banking system remaining unresolved, and this will generate a significant decrease in the cash balances with banks, and this may eventually lead to the collapse of those banks and the declaration of their bankruptcy.. 

Al-Hashemi added, “This dangerous scenario reminds us of the collapse of US banks that occurred a few months ago as a result of the widespread and continuous cash withdrawal by dealers, and this caused great confusion in the US banking system, which prompted the US Federal Reserve to intervene urgently to save the US banking system.” 

He pointed out, “The Central Bank of Iraq must be ready to deal with all scenarios, especially since there are no viable solutions on the horizon for the structural problems of the Iraqi banking system and the resulting continuous rises in the exchange rate of the dollar, which is matched by a continuous erosion of the value of the Iraqi dinar.”   https://jaredaiq-net.translate.goog/News/4977

A Parliamentarian Opens Fire On The Central Bank: Laureate Smuggles Dollars To Iran!

follow-up  |. A member of the Parliamentary Finance Committee, Muhammad Nouri, said yesterday, Saturday, that the smuggling of dollars to Iran is carried out by means of “lorias”, which are (large load wheels).

And he added, during his hosting of the eighth program presented by colleague Ahmed Al-Tayeb and followed by “Jarida”, that “the central bank governor does not have a strategy to get out of the dollar crisis, and he did not answer clearly the questions of the members of the Finance Committee.” 

He pointed out that “the governor of the central bank does not have any plan to solve the dollar crisis.”  Nuri warned, saying, “The coming days will bring big and heavy surprises regarding the central bank,” explaining that “the banks were working to provide cover for smuggling the dollar.” 

He continued, “The punished banks began to buy dollars from the markets to cover smuggling requests for dollars.”  Nuri pointed out that “suspicions are hovering about the” dinar “with which the dollar is bought from the central bank,” noting that “Iran prints” Iraqi dinars “to buy central bank dollars and then burns.” 

He revealed that “dollar smuggling to Iran is done by “lorries,” adding that “Iran is buying dollars from Iraq using fake Iraqi currency.”  Nuri pointed out that “the budget lost 13 trillion dinars due to the exchange rate cut.”   https://jaredaiq.net/News/4993

Iraq Leads The Middle East With The Numbers Of Civil, Islamic And Economic Banks Clarifying

Economy     Source: Alsumaria News    2,133 views  Alsumaria News – Economy  Economist Nabil Al -Marsoumi revealed today, Wednesday, the percentage of the number of private banks in the Middle East, among the fact that Iraq is leading countries in the number of private banks.

Al -Marsoumi said in a post followed by Alsumaria News, that

“Iraq is first in the number of private banks in the Middle East,” noting that

“the total number of banks in Iraq is 81 banks.”  And the economist indicated that

“the number of government banks in Iraq is 7 banks,” adding that

“the number of private banks is 74.”  Al -Marsoumi explained that

“the percentage of private banks to the total number of banks in Iraq is 91%.”  He added that

“this percentage is the highest in the Middle East, where the number of banks in Turkey (43), Egypt (41), Saudi Arabia (31), Iran (30), Jordan (26), and Algeria (20)”, reached, revealing that ” The number of banks registered in a superpower like Britain (54) banks only.

*Islamic Masar in Iraq

He stressed that “the number of Islamic banks in Iraq is 29 banks, and this means that Islamic banks in Iraq constitute more than a third of the banks in Iraq,” explaining that “Islamic banks affected by US sanctions amounted to more than half of the total number of banks accused of money laundering and the smuggling of the dollar, which is considered Foreign currency window window is the main source of its profits.

At the time, the Wall Street Journal quoted US officials as saying that the United States had prevented 14 Iraqi banks from conducting transactions in dollars. 

The newspaper report stated that “the ban imposed by the Treasury and the Federal Reserve Bank in New York comes within the framework of a comprehensive campaign to convert the US currency into Iran,” the newspaper report stated.

Penalties affected banks like:

*Islamic Advisor for Investment and Finance

*Islamic Carthas Bank for Investment and Finance

*The Islamic Spectrum Bank for Investment and Finance

*Elaf Islamic Bank

*Arbil Bank for Investment and Finance

*Islamic International Bank

*A bank via Iraq for investment

*Mosul Bank for Development and Investment

*Al -Rajeh Islamic Bank

*Sumer Commercial Bank

*Islamic International Trust Bank

*Islamic Money Bank

*Islamic World Bank for Investment and Finance

*Zain Iraq Islamic Bank for Investment and Finance

https://www.alsumaria.tv/news/economy/462849/العراق-يتصدر-الشرق-الأوسط-بأعداد-المصارف-الأهلية-و

The Iraqi Trade Bank Decides To Expand The Financial Transfer Process For Merchants

2023-07-29 | Source:    Alsumaria News        2,550 views  The Iraqi Trade Bank decided, on Saturday, to expand the scope of the external financial transfer process for merchants to import consumer goods at the exchange rate of the Central Bank of Iraq, stressing that this matter came from the directions of the Presidency of the Council of Ministers. 

The bank said in a statement, “Based on the directions of the Presidency of the Council of Ministers and the Central Bank of Iraq to limit the rise in the exchange rate of the dollar against the dinar in the local markets,

and to support the import process in accordance with legal frameworks and correct and sound contexts in a way that guarantees the safety of financial transfer operations, which reflects positively on individual merchants and shop owners.” commercial”.

The statement added, “The Iraqi Trade Bank (TBI) decided to take the initiative to expand the scope of the external financial transfer process by allowing the aforementioned groups to import consumer goods at the exchange rate of the Central Bank of Iraq 1320 dinars per one dollar, provided that the value of the external transfer for each individual merchant per month does not exceed (one hundred thousand). dollar)”. 

The bank pointed out that “work will be in this matter, starting in the bank’s branches in the capital, Baghdad, and work will be expanded in other branches outside Baghdad soon, according to the instructions of the Trade Bank of Iraq.”

https://www.alsumaria.tv/news/economy/463123/المصرف-العراقي-للتجارة-يقرر-توسيع-عملية-التحويل-ال

The Baghdad Job, History’s Biggest Bank Heist

The biggest bank heist in history (and why you’ve never heard of it)

The Economist   3.06M subscribers  170,409 views  Jul 28, 2023  In 2022 news broke that $2.5bn had been stolen in Iraq, the biggest bank heist ever. Nicolas Pelham, The Economist’s Middle East correspondent, follows the money

01:41 – The investigation begins

02:28 – Where did the money come from?

03:55- Who was Nur Zuheir?

04:29 – Following the trail in Baghdad

08:11- Corruption in Iraq

13:21 – The government changes course

15:46 – Who is complicit, really?

16:50 – What happened to the money?

Artwork based on illustrations by Mike McQuaid