Iraqi News Highlights Wednesday Afternoon 8-2-23


Iraqi News Highlights Wednesday Afternoon 8-2-23

Tlm724 Administrator Bondlady’s Corner

An Economic Praise For Transferring Money Changers To Non-Punitive Banks To Prevent The Deterioration Of The Market

July 31 11:32  Information / Baghdad..Economic expert Adnan Al-Saadi described, on Monday, the decision of Prime Minister Muhammad Shia Al-Sudani to transfer private exchange work with non-punished banks as a decisive step to prevent the deterioration of the market.

Al-Saadi said, in a statement to Al-Maalouma, that “the government and the Central Bank’s procedures regarding the transfer of exchange companies that were receiving their weekly shares of the dollar from the punished banks to other banks, a correct procedure will return to the recovery of the Iraqi dinar against the US dollar.” 

He added, “These measures, if they were actually applied and continued, will push the value of the dollar down further against the Iraqi dinar, and the actual value may reach nearly the central bank’s exchange rate.”   It is noteworthy that the government approved a proposal by the bank to ease tax procedures to obtain dollars. End / 25 ADاشادة-اقتصادية-بتحويل-الصرافة-الى-بنوك-غير-معاقبة-لمنع-تدهور

Al-Sudani Comments On The Power Station Accidents And Announces A Decisive Battle With The Dollar Smugglers

Political   |  09:08 – 01/08/2023  Baghdad – Mawazine News  Today, Tuesday, the Sudanese Prime Minister, Muhammad Shia’a, confirmed that electricity has returned to normal, and

there are question marks about the recent simultaneous incidents that affected the system, and

while announcing the overthrow of a network of major foreign currency speculators, he referred to the government’s continued efforts to combat corruption, pointing out at the same time that

The federal government and the regional government deal responsibly with the bilateral agreement and what was stated in the budget.

And the Prime Minister said during a press conference, “Electricity is a sensitive issue and affects the life of the citizen in service and economically, and there was a problem of stopping imported gas, and

before that, we recorded the highest production in the history of the system, which reached 26,000 megawatts.” 

He added, “After stopping the gas, electricity production decreased by the limits of 4,500 megawatts to 5,000 megawatts, and after the decision to exchange black oil for Iranian gas, electricity returned to normal.” At the level of the security and technical services.” 

And he continued, “When there is deliberate negligence, there must be such an accident,” referring to “the dismantling of 15 explosive devices in Baiji that were targeting towers placed in articulated areas and nodes.

No country can put guards on every tower and power station, and the state continues its duty to organize and hold accountable, and there are no red lines ahead of us. 

He stressed that “the electrical system has now returned to normal, and we have a fuel crisis because our stations depend on imported gas and oil derivatives, and the oil derivatives crisis was resolved after the opening of the Holy Karbala refinery, and we developed solutions to end the imported gas crisis, and the matter is a matter of time.” 

And he continued, “After the completion of Total projects, the fifth round, and some fields, there will be a surplus of gas, and we will not import from any country.

In fact, the fuel crisis is a crisis of corruption and mismanagement, and we bear this heavy legacy.”  He added, “We have two companies now that have started producing solar energy and combined cycle projects, which will add up to 3,000 megawatts without fuel, after they were idle in previous years.

We have completed final contracts with Siemens regarding long-term maintenance.

It is also hoped to contract with (GE) for the same purpose.”

The Prime Minister indicated in the press conference that “the government continues the executive work according to the priorities of its program with clarity and confidence, and we anticipated the three-year budget by preparing the requirements for the plans we have put in place and we put in place Article Three of the budget, which provides a sovereign guarantee to the private sector.” 

He revealed that “an Iraqi delegation visited Germany and Italy and agreed in principle to import production lines to establish factories, and these factories will be covered by a government sovereign guarantee for the private sector at 85% of their value.”

In another file, the Prime Minister pointed out that “the Council of Ministers approved the system of the Iraq Fund for Development, and  we are working to form a board of directors, and we received offers from Arab and foreign investment funds to participate in the Iraq Fund for Development, as well as

we received requests from the private sector to implement projects within the Iraq Fund for Development.”

Regarding the budget instructions, he explained that “the House of Representatives, during its discussions, deleted the article related to the implementation of the budget instructions, and

the budget implementation instructions will be published this week, and

we held meetings with several ministries to prioritize financing projects in the budget.”

With regard to the oil and gas law, the Prime Minister announced that “tomorrow an important session will be held in the presence of political leaders and technicians from the federal ministries of oil and natural resources in the Kurdistan region and legal advisors to discuss the draft oil and gas law.”

The Prime Minister revealed the decisions of the Council of Ministers today, stressing that the

Council approved today the Reconstruction Fund system for the poorest provinces, and agreed to allocate 5 billion dinars to the Artists’ Retirement Fund. Individual or tourist entry visas for visitors to the forty from the Gulf countries,” indicating that

“the visas are granted through the official border crossings and through a special seal until the end of the month of Safar.”

On the file of imported gas, he explained that

“work is continuing with the American side regarding the payment of Iranian gas dues, and

these dues have decreased to 9 billion and 250 million euros, and

we have contributed to a transfer of about one billion and 842 million euros to Iran regarding its gas dues within a period of 7 months of the government’s life,” revealing That

“an Iraqi delegation from the Central Bank and the Iraqi Trade Bank left for the Sultanate of Oman to agree on a formula for transferring these funds to the Sultanate in coordination with the US Treasury.”

On the issue of speculation in foreign currency, the prime minister said,

“The issue of the dollar is a battle, not a crisis.

It is a battle between the state, which insists on completing reform of the financial and banking system, and an affected group, which is a group of speculators and smugglers.”  The Prime Minister confirmed that

“the National Security Agency carried out a heroic operation that overthrew a network of major currency speculators, who were setting an exchange rate and communicating with people who would withdraw dollars from the market for them, and

these were associated with others in the Kurdistan region through whom the currency was being smuggled,” adding that

“in cooperation with the Kurdistan region.” A speculative network was also overthrown in the city of Erbil.  He pointed out that

“there are banks that did not adhere to the Central Bank’s instructions, and

we will publish clear details about them, and

one of the speculators who were arrested was sentenced to life imprisonment on the same charge in 2001, and he was pardoned in 2002.”  He pointed out that

“security operations against speculators were carried out in high coordination with the judiciary, and

the council was exceptionally cooperative, and

the government will continue the procedures and any movement of speculators will be exposed to us, and

our target is not stock exchanges, but speculators who practice illegal activities and harm the economy.”

Regarding the facilities, the Prime Minister explained, “We gave facilities to small merchants to obtain dollars from the Trade Bank of Iraq, and

we have a team working to prepare customs and tax facilities for importers,” noting

that the Central Bank is currently reviewing the work of all banks and exchange companies to verify funds.

We care about the number of banks, but we focus on meeting legal procedures and applying modern technologies, and

there are media statements that serve speculators because they affect official institutions, including the Central Bank, and

these statements affected the market because speculators invested them to raise the price of the dollar.

Regarding the battle with corruption, the Prime Minister explained that our efforts in combating corruption are continuing without stopping and blocking the way for those who lurk with public money.

We value the role of brotherly and friendly countries that cooperated with us to recover wanted persons and funds.

An important factor in uncovering the circumstances of the crime, and

yesterday, general managers and officials from the Sultanate of Oman accused of corruption were recovered.

”It is done in a professional and legal manner and not in a way of defamation and extortion.”

Regarding the relationship with the region, he said, “The federal government and the regional government deal responsibly with the bilateral agreement and what was stated in the budget, and

today we launched financing for a meal from the entitlement of the Kurdistan region in the budget,” stressing at the same time that

“the export of Iraqi oil through Turkey to the port of Ceyhan is still suspended.” [/color]

An Auction Announcement

August 01, 2023     We would like to inform you that the auction of the traditional financial remittances of the Central Bank of Iraq has been announced for (14) days in the number B302, and the implementation will be on 7/27/2023 and according to the details included in the announcement published on the central conservation system for financial papers, and banks can start applying starting from the date of the announcement Until the day of implementation.

Principles And Rules Of Ethics Of The Profession Of Internal Audit

August 01, 2023      Principles and rules of the ethics of the profession of internal audit … click here


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