Iraqi News Highlights Late Thursday Night 7-28-23

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Iraqi News Highlights Late Thursday Night 7-27-23

Tlm724 Administrator Bondlady’s Corner

Almost Complete Suspension Of Applications Of The Dollar Exchange In Iraq

Information / Baghdad.. On Thursday, the electronic “stock exchange” applications witnessed a halt in displaying updates of the exchange rate of the dollar in the parallel market.

Experts point out that the mobile applications that promote local exchange rates (black market exchange rates) do not reflect the real demand in the market, such as a real electronic auction or stock exchange, but are merely a means of media display.

Earlier, experts warned against using these applications as a tool to change the direction of the market, due to its wide spread and the degree of dependence of markets, traders and merchants on its presented data, through the imaginary effect on exchange rates and the impact on the markets.

The dollar exchange rates recorded high levels in recent days, until they reached levels of 157 thousand dinars per 100 dollars, amid punitive measures imposed by the United States on some private banks.

https://almaalomah.me/news/economy/توقف-شبه-تام-لتطبيقات-بورصة-الدولار-في-العراق

Specialists: Fears Of Sanctions Behind The Reduction Of US Bonds

Economical 2023/07/26 Baghdad: Hussein Thaghab Al-Tamimi  Economic specialists suggested that fears of US sanctions on the Iraqi banking and monetary system were behind Baghdad’s move to reduce US bonds, while others considered it an important step towards diversifying the investment portfolio.

Iraq reduced its holdings of US bonds to more than $8 billion during the first five months of 2023, to reach the 36th rank among the 38 countries with the largest holders of US Treasury bonds.

This comes days after the US Treasury announced imposing new sanctions on 14 Iraqi banks, months after imposing similar sanctions on 4 important banks.

Financial expert Aqil Jabr Ali al-Muhammadawi told Al-Sabah,

“Reducing Iraq’s holdings to more than $8 billion indicates that it senses economic risks involving continuous international sanctions from the US Treasury, in light of the restrictions of the Federal Bank and the US Treasury on the electronic transfer platform and its impact on the instability of the parallel exchange rate market.” 

He added, “The reality of the situation requires an objective assessment of the risks and penalties and their impact on the economic and financial reality and the restriction of monetary policy, in light of the availability of spaces available for investment in bonds and assets in other countries that are safer and less risky, including China, India, East Asia, Europe and others.”

He pointed out that “the monetary policy of the Central Bank of Iraq is not free-handed nationally, as is evident from the American pressures,”

explaining that the latter is exercising the hidden hand controlling the reality of Iraqi banks.

For his part, Hassan Ali Abd, an expert in financial affairs, explained that “safe and qualitative investment enhances Iraq’s financial capabilities, and confronts the challenges that occur in more than one detail.”

 He added to “Al-Sabah” that “despite the decline in Iraq’s possession of US bonds, it is still in an advanced position among the Arab countries,” pointing out that

“the diversification of the investment portfolio represents an important step in economic performance and reduces risks in financial investment work.” 

And he hinted that “reducing the possession of US bonds sometimes comes from heading to the safest investment, and here gold may be one of the most important destinations that the country is heading towards, and this is one of the obvious things that creates flexibility in financial investments.”

As for the consultant in development and investment, Amer Al-Jawahiri, he told Al-Sabah: 

He explained that “the method of managing the country’s resources and its development projects and moving to diversify its economy improves the credit capabilities of Iraq and the extent to which it attracts direct investments, both local and foreign, and that means moving the Iraqi economy.” 

Al-Jawahiri called on “the government and the central bank to disclose the investment of the reduction amounts for those bonds in terms of transparency related to the generational reserve and the extent of the benefit of these investments.”   https://alsabaah.iq/81228-.html

Judicial Council: Recovering Large Sums Of Money In Cases Of Financial And Administrative Corruption

Money  and business  Economy News – Baghdad  The Presidency of the Baghdad Court of Appeal, Al-Karkh, announced, on Thursday, the recovery of large sums of money, in implementation of the directives of the Supreme Judicial Council, regarding the need to recover sums related to financial and administrative corruption cases.

The media center of the Supreme Judicial Council said in a statement received by “Al-Iqtisad News”, that

“the Karkh Investigation Court, which is specialized in cases of integrity and money laundering, was able to recover large sums that were returned to the state treasury, including (12 billion and 793 million and 817 thousand and 804 dinars in the case of wallet violations.” investment retirement. 

He added that “a financial settlement was made to an insurance company to pay an amount of (18 million dinars) as compensation to the Rafidain Bank, paid on behalf of the deceased borrowers and those who borrowed from the aforementioned bank,” explaining that

“an amount of (800 million dinars) was recovered out of the amount (One billion and 76 million dinars), which is the amount of inflation in the funds of one of the directors of the National Retirement Authority.” 

He pointed out that “an amount of (15 billion Iraqi dinars) has been recovered out of an amount of (69 billion dinars) from one of the lagging banks,” noting that

“the settlement procedures are continuing to pay the rest of the amount during the coming period,

pointing to the recovery of an amount of (160 million Iraqi dinars) from one of the accused for the crime of forging retirement identities and receiving sums accordingly.”  And he indicated that,

“Based on the directives of the Supreme Judicial Council, the competent court applied the procedures for managing the seized funds in money laundering and illegal gain cases by appointing judicial guards to receive the proceeds of the seized properties in preparation for their confiscation in favor of the state treasury, as the value of the amounts collected during the last period amounted to (100 thousand dollars), while An amount of (40 million dinars) will be returned later as revenue to the state treasury after confiscating it.  Views 46   07/27/2023 –  https://economy-news.net/content.php?id=35377

Central Bank: Iraq Annually Imports Goods Worth $60 Billion

Governor of the Central Bank Ali Al-Alaq

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that Iraq imports goods worth $60 billion annually.

Al-Alaq said in an interview with Al-Iraqiya News Channel, which was viewed by Al-Iqtisad News, that the daily announcement of the sale of the dollar by the Central Bank of Iraq cannot be considered an actual sale, as we transferred 200 million dollars through the dollar sale window, so 150 million dollars may be accepted from it and the rest It is classified under several boxes, including refusal, requesting information, or pending.

He stressed that Iraqi trade needs more than what we sell from the dollar through the window, noting that 118 exchange companies have turned to deal with new banks instead of the banks that were punished by the US Treasury.

He pointed out that the Western Union and MoneyCram companies will be transferred to work with new banks instead of the previous banks, during the next week, noting that

the level of financial inclusion in Iraq is still low despite the high percentage of the population.

And he indicated that the rights of citizens in the punished banks are preserved through the deposit guarantee company, and that the punished banks do not suffer from a liquidity crisis.

59 views    Added 07/28/2023 – https://economy-news.net/content.php?id=35388

 

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