KTFA – Members “News and Views” Monday Afternoon 7-31-2023

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KTFA:

Clare:  World Bank: Iraq is witnessing a strong recovery

7/31/2023 Baghdad

Today, Monday, the World Bank confirmed that Iraq is witnessing a strong recovery after years of turmoil.

“Iraq is witnessing a strong recovery after many years of turmoil,” Jean-Christophe Carré, Regional Director of the Middle East Department at the World Bank, said in a statement.

Carre added, “It is necessary to take measures to accelerate the move towards diversification of economic activity.”

He continued, “The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion.” LINK

Turk182:  As of this posting, it is now 2:10AM Monday, July 31st 2023

They printed the 2023, 2024 & 2025 Budget in the Gazette, back in JUNE.  Here we are a day away from AUGUST 2023.

I’m calling their bluff!  I could care less, how many think SUDANI is doing a great job, and the CBI is doing a great job!  ENOUGH

The Citizens of Iraq have suffered enough.  They have bought into your HYPE about the whole, “don’t us the US Dollar anymore (or you’ll go to jail”, and DON’T give away your IRAQI DINAR, because “soon” it will be worth more money than the US Dollar.

Blah Blah Blah…  ALL WORDS, NOT ACTION..

Typical politicians! LIARS!  Could care less about all those MOUs they signed, or all those Countries pouring into Iraq. 

Means NOTHING with a worthless, toilet paper currency.

The time to “Put Up or Shut Up” has longer passed.  Time to see some ACTION! 

Time to put down the Lemonade.  Only so much of the “Boy that cried wolf” are the Iraqi People going to tolerate.

Prove me wrong. 

Suzie:   well stated, if they’re so concerned about their people then prove you’re the leaders  everyone thinks you are. At the beginning of this year things were looking so promising with just a few i’s to dot and t’s to cross and June looked to be the promising time, now here we sit again

Turk182:  IMHO – Sudani & the CBI are very much seriously approaching that point of losing any/all Credibility/Faith of the Iraq Citizens, as well as all those Countries that have been pouring into Iraq to do Business.

Agree with you Suzie, I too was under the impression that once Sudani got in, that this was nothing more than a Rubber Stamp, the words, “Done, Done, Done” have been floated/hyped around for past several months.

Lie on me once, shame on you, lie to me twice, shame one you, lie to me 1,308 Times, SHAME ON ME.  (see what i did there 1308) hahahah

Time to pull back the curtain on Sudani & CBI to find out who are the ones truly in Control of Iraq and pulling the strings.

Frometad:  Talk, talk, talk…enough talk. So many promises made.  

Margarita:  we know the kurds just agreed to implement the budget…as of a few days ago.  So if that is true, and it is true the new exchange rate is a line item AND the HCL is a line item, then once they open it we should get what we want.  I am excited myself

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Clare:  An upcoming visit of an Iraqi government delegation to America to discuss the issue of the exchange rate

7/30/2023  Rudaw Digital 

The State Administration coalition is scheduled to meet this week in Baghdad to discuss a number of issues, on top of which is the depreciation of the Iraqi dinar against the US dollar, with a proposal to send an Iraqi government delegation to America to discuss the issue. 

A spokesman for the Victory Alliance, which represents one of the parties to the State Administration Coalition, Salam Al-Zubaidi, told Rudaw Media Network, on Sunday (July 30, 2023) that the State Administration Coalition “will meet this week in the office of one of the coalition leaders in Baghdad, to discuss a number of issues, including the actions of the government.” level of services, and the latest developments in this field. 

He added, “The financial and banking sector will also be one of the most important axes of the meeting, especially after the US restricted the work of 14 Iraqi banks, which had a significant impact on the depreciation of the dinar.” 

Salam Al-Zubaidi, indicated that this issue has become “dangerous”, attributing this to its threat to the Iraqi economy “and its negative impact on people’s livelihood and destabilization of various sectors, in a way that leads to the loss of billions of dinars,” he said. 

It is noteworthy that the United States of America removed 14 Iraqi banks from the list of the Central Bank of Iraq related to banks that are entitled to obtain hard currency, on charges of smuggling dollars to countries subject to US sanctions. 

On July 19, the Wall Street Journal reported that the United States had taken these measures against the 14 banks, on suspicion of money laundering. 

For his part, the spokesman for the Victory Alliance, which is headed by Haider al-Abadi, stated that “the devaluation of the dinar is one of the hottest issues in the Iraqi street, so it will be the most prominent axes of the meeting of the State Administration Alliance.” 

And he indicated that “there are fears of a further decline in the value of the dinar,” noting that there is a vision among the leaders of the coordination framework and the state administration as well to send a delegation representing the Iraqi government to discuss this issue with the US Federal Bank and discuss with it threats and risks and present proposals to address the situation.    LINK

Clare:  A government meeting to support the Iraqi dinar and address manipulation and speculation

7/31/2023

The Supreme Judicial Council announced, today, Monday, that it will hold a meeting to support the Iraqi dinar and confront manipulation and speculation.

The council said, in a statement, which “Efrat News” received a copy of, that “a meeting was held at the headquarters of the Supreme Judicial Council, within the framework of supporting national efforts to support the Iraqi dinar and to address manipulation and speculation by some speculators in violation of the law.”

He added, “The meeting included the head of the Public Prosecution Service, the head of the Judicial Oversight Authority, the first investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and the Undersecretary of the Interior Minister for Intelligence Affairs.”

He pointed out that “during the meeting, the best ways and mechanisms were discussed to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in order to ensure its reduction and the prosecution of those involved in it in accordance with the laws in force.”   LINK

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Clare:  Judges and security leaders meet to address the “manipulation” of the value of the dinar and to prosecute those involved

7/31/2023

On Monday, Iraqi judges and security leaders held a meeting at the headquarters of the Supreme Judicial Council to put in place mechanisms to deal with “manipulating” the value of the Iraqi dinar and prosecute those involved.

A statement of the Supreme Judicial Council received by Shafaq News agency stated, “The meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court, which is specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and an undersecretary. Minister of the Interior for Intelligence Affairs.

During the meeting, they discussed the best ways and mechanisms to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in a way that ensures limiting it and prosecuting those involved in it in accordance with the laws in force, according to the statement.

Today, Monday, the Supreme Judicial Council announced the arrest of suspects carrying out suspicious banking activities.

He pointed out that “the defendants admitted that they had taken companies to do business as a cover to smuggle currency out of Iraq, and these companies were raided in separate areas of Baghdad, and sums of money estimated at fifteen million dollars were seized and deposited with the central bank after the Anti-Money Laundering Office submitted its reports that included the existence of Suspicions of money laundering by monopolizing the dollar currency in this way.   LINK