TNT – “Tidbits From TNT” Wednesday 3-6-2024

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Tishwash:  During 2023.. 7 Iraqi banks break the barrier of 1 trillion dinars in the amount of their deposits

Five Iraqi banks were able to exceed the barrier of one trillion dinars in the size of their deposits in 2023, while only two Iraqi banks were able to break the barrier of 2 trillion Iraqi dinars in the size of customer deposits with the two banks.

The economist, Manar Al-Obaidi, said, “The International Development Bank and the National Bank of Iraq were able to break the barrier of 2 trillion dinars in deposits in 2023.”

As for the five banks, they are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Iraqi Islamic Bank, and the Islamic South Bank, according to the economic expert.

Headded, “The deposits of the five banks grew by 11.3% compared to theyear 2022, bringing the total bank deposits to 9.25 trillion Iraqi dinars.”

He pointed out, “Al-Janoob Islamic Bank achieved the highest percentage of growth in deposits at a rate of more than 147%, then the National Bank of Iraq, whose deposits grew in value by 90%.”

Al-Obaidi stressed, “This growth reflects an increase in public confidence in Iraqi private banks and the ability of private sector banks to acquire part of the monetary mass issued outside the banking system, as it is noted that the volume of deposits for the five banks in 2019 did not exceed the barrier of 1.8 trillion Iraqi dinars, reaching today.” To more than 9.25 trillion dinars.

He continued: “It is expected that the five Iraqi banks will continue their control of the local market and the ability to attract deposits, whether from outside the banking system or from public sector deposits, as a result of the increased confidence in these banks and their spread in various governorates, in addition to the increase in the great competition between these banks in order to acquire the largest… Amount of deposit.

He pointed out, “The increase in the volume of deposits in the private banking sector will contribute to strengthening the wheel of economic growth by directing these banks to invest deposit funds in beneficial economic projects through which they can achieve profits to cover the interest paid on these deposits.”

Al-Obaidi stated, “The total value of deposits in the private and public banking sector amounted to more than 133 trillion dinars at the end of 2023, and these five banks were able to acquire 7% of the total of these deposits, and the largest value of the deposits is still present in government banks   link

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Tishwash:  Governmental weevils” are a direct threat to the state: extreme wealth exposes advocates of reform

As the voices of some politicians and elites rose on the issue of reforms and directed harsh criticism at state institutions regarding the provision of services to poor citizens in order to live a decent life, they soon began to decline again, during a period in which the citizen was still suffering from the repercussions of the depletion of the country’s wealth and the chaos of laws and procedures amidst a state of extreme poverty and poor health conditions. Services, where popular voices rise to combat what some call “government weevils.”

Hope portal

Abdullah Al-Tamimi, a retired government employee, pointed out in an interview with “Baghdad Al-Youm” that “Prime Minister Muhammad Shia’ Al-Sudani’s steps in managing the state are good and have given a glimmer of hope that we will finally have a government that is aware of its duties and is not hostage to the adventures and agenda of parties and quotas.”

He added, “The crisis of the dollar, housing, water, and unemployment is the real danger in Iraq currently, and the government has put in place plans that, if implemented, will create a gateway of hope to get out of the impasse, but there are parties that do not want the matter to proceed and a strong government to be formed in Baghdad, so it is pushing to create any crises and obstruct the state’s laws, especially in Economic file.

Whales of corruption… who are they?

As for the independent politician Sadiq Ali, he believes that “some reform advocates are basically practicing a hidden role in blackmailing state institutions, and the evidence is their obscene wealth and their silence after they have achieved a specific trend after every period,” pointing out that “the application of the Where did you get this law? is what gives sufficient answers to the question.” Knowing the good from the bad.”

Ali added in an interview exclusively with “Baghdad Today” that “there are representatives accused of corruption and have cases against them who criticize the Sudanese government, and this matter raises many question marks,” wondering what is the reason for the wealth of some of them, they and their relatives? “.

He continues by saying, “Corruption is an octopus in state institutions and the Sudanese government cannot proceed with any reforms without real blows to the whales of corruption, some of whom are protected by political immunity that recognizes that they are corrupt, but at the same time they are banks that finance campaigns during election seasons.”

The body of the state is dilapidated

For his part, the head of the Diyala Chambers of Commerce, Muhammad Al-Tamimi, admitted in an interview with “Baghdad Al-Youm” that “Iraq’s main problem is the penetration of the whales of corruption into all its institutions, which is more like a mite that has been eating away at the body of the state for many years, but it has become stronger in light of the marriage of money and politics.”

He added, “Corruption is much more dangerous than terrorism and is a direct cause of the suffering of 40 million Iraqis because any government measure for correction faces obstacles within government institutions because the arms of corruption are large.”

He concluded by saying: How can any government employee have huge wealth and not be asked about its source?

Unannounced investigations 

Earlier, a parliamentary source revealed the existence of unannounced investigations into the wealth of nine Iraqi officials in several governorates.

The source said in an interview with “Baghdad Today”, “A lot of evidence was presented by representatives and figures about the file of the extreme wealth of some officials in Baghdad and the provinces, amid questions about the source of that money, especially since they are government employees.”

The source, who preferred not to reveal his name, added, “Indeed, there are investigations currently underway into the file of 9 officials,” pointing out that “extreme wealth is a source of real concern that has prompted regulatory authorities to open important files in the past months in order to clarify the sources of that money, which some have tried to do.” It involves purchasing real estate and land.

He pointed out that “2024 will witness a qualitative shift in the fight against corruption, especially in the suspicious wealth of some,” expecting “important decisions to be issued in the coming weeks.” link

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CandyKisses:  The “black dollar” is protected by influential political parties that obstruct economic reforms

Baghdad today – Baghdad

Economic expert Ahmed Al-Tamimi confirmed today, Wednesday (March 6, 2024), that the dollar crisis in Iraq is behind corruption mafias, with political protection from some influential people and entities that are trying to obstruct economic reforms.

Al-Tamimi told “Baghdad Today”, “The politically protected corruption mafias were the primary beneficiaries of the dollar crisis and they worked to exacerbate this crisis for their own interests and gains. They are also currently working to obstruct any government reforms in the financial and economic sector.”

He added, “These mafias have political protection from some influential people and parties, and these parties work politically to create problems so that any government efforts that want reform fail. This is why we see that the dollar crisis is still continuing and ongoing despite all government steps. The parallel market is still witnessing a significant increase.” at the official price.

Exchange rates have not stabilized for nearly two years, despite many measures taken by the government to try to control it, all of which failed, due to the existence of political “protection” for the black dollar, according to observers.

A member of the Parliamentary Finance Committee, Mudar Al-Karawi, confirmed on Tuesday (March 5, 2024) that the government has achieved good success in containing Iraq’s most dangerous economic files, represented in depreciating the value of the dollar prices and limiting its rise again.

Al-Karawi told Baghdad Today that “the dollar in the parallel markets has been a source of wealth for some for years and a drain on the country’s resources in various ways, especially with smuggling in a way that threatens Baghdad’s economy and pushes the dinar to frequent collapse, which puts pressure on the markets and plunges the country into the maze of sanctions.”

He added, “The government’s measures have achieved a glimmer of hope in confronting and the most dangerous economic files by reducing the value of the dollar and stopping its rise, even if in limited proportions, but it gave strength to the dinar and dealt with a good percentage of the smuggling file and seeking to end the dollarization of the file in the markets and move to electronic payment.”

Al-Karawi pointed out that “all government measures face obstacles and in different ways because the dollar was and is still the resource of the deep state and some corrupt people and those who lived on crises in increasing their wealth in different ways,” pointing out that “strengthening the strength of the dinar and filling smuggling gaps will hit the interests of many at home and abroad, and thus many parties will move to sabotage the joy of citizens in the presence of correct economic paths that contribute to saving the economy and pushing it to recover after lean years.”

“The government’s measures are moving in the right direction despite the side pressures, but they give stimulus to achieve economic growth and ensure that the file of smuggling, corruption and the depletion of hard currency are addressed in various ways,” he said.

Last Sunday (March 3, 2024), Prime Minister Mohamed Shia al-Sudani stressed that depreciating the exchange rate means giving the dollar to “illegal” trade.

Al-Sudani said during his participation in the opening of the activities of the Rafidain Forum for Dialogue in Baghdad, that “the financial situation in Iraq is at its best and the collection of commercial transactions is through commercial institutions.”

“We give the student, the patient, the trader, the contractor and the investor the dollar at the official rate,” he said, pointing out that “the notes recorded on Iraqi banks from the US Treasury are at the time of previous governments.” “

He pointed out that “economic reform was one of the most important priorities of the government program,” noting that “the salaries of employees and retirees constitute the largest monetary mass in the fiscal budget.”

It is noteworthy that Iraq relies on the platform of selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms to preserve the value of the Iraqi dinar, and to fight speculation in the parallel. market.

The Governor of the Central Bank of Iraq Ali Al-Alaq on February 6 that “some groups are trying to stay away from the platform for selling foreign currency to evade tax or customs or the existence of illegal trade,” pointing to “the possibility of meeting all requests for the dollar,” adding that “the bank has no problem in the supply or sale of dollars.”

“The bank is in a comfortable position to respond to requests to buy dollars, and we have sufficient reserves and soon we will launch a mechanism that ensures that only the real traveler receives the dollar,” he said.