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Iraqi News Highlights Late Thursday Evening 8-3-23

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The Central Bank Intends To Take New Measures To Ensure A Reduction In The Dollar Exchange Rate

Aug 3 21:37  Information / Baghdad…Today, Thursday, the Central Bank identified three categories of exchange companies for selling dollars to travelers, and while revealing a proposal regarding the entry of imported goods through border crossings, it indicated that  there are new decisions that will be issued next week that may contribute to lowering the price of the dollar.

Deputy Governor Ammar Hamad Khalaf said in a statement to the official TV, followed by / information / that “the Central Bank provides exchange companies with weekly quotas of the dollar for the purpose of selling it to travelers at the official price and in limited quantities of 3 thousand dollars per traveler,” indicating,

“These exchange companies are licensed through The Central Bank is in accordance with controls and is in compliance with the Anti-Money Laundering Law.

He added, “One of the basic tasks of all exchange companies A, B, and mediation C is to provide dollars to travelers at the official rate and in the quantity specified by the Central Bank,” noting,

“There is an electronic platform that the Central Bank has been working on developing since the beginning of this year, and all dollar sales to citizens are done.” Through this platform that is closely monitored by the Central Bank.  And he stated,

“The Central Bank finances the market in dollars through this platform for categories of merchants and small traders and through exchange companies for travelers only.” And

Al-Rasheed through its outlets at airports, while exchange companies are specialized only in the process of selling dollars to travelers].

And he indicated that  “the Central Bank submitted a proposal to the ports and customs, which is that any goods entering Iraq must ensure that the merchant has financed these imports through the Central Bank of Iraq,” pointing out,

“The printing of the Iraqi currency will not be random.”

Regarding the increase in the monetary mass, Khalaf stressed that

“the process of increasing the monetary mass is directly linked to the process of increasing the foreign reserves owned by the Central Bank,

so any financing for the public treasury is through the exchange of dollars obtained from oil sales with dinars, and therefore any increase in the dinar mass comes mainly from foreign currency.””.

And on the exchange rate, Khalaf confirmed that “the Central Bank issued several decisions related to the banking sector,” explaining that

“other decisions will be issued next week, which may contribute significantly to reducing the exchange rate of the dollar.” ended 25 nالبنك-المركزي-يعتزم-اتخاذ-إجراءات-جديدة-لضمان-خفض-سعر-صرف-ال

Al-Sudani Directs Financial Institutions To Adhere To Work In Accordance With The Central Bank Law

Information / Baghdad..Today, Thursday, Prime Minister Muhammad Shia al-Sudani directed all concerned institutions to adhere to work in accordance with what was stated in the Central Bank of Iraq Law No. 56 of 2004.

A statement by the Prime Minister’s Media Office, received by Al-Maalouma Agency, stated,

“In confirmation of the government’s approach to continuing reform of the financial and banking sector, and

as a continuation of the efforts made by the regulatory agencies and financial institutions concerned with controlling transparency and integrity in this vital sector, Prime Minister Muhammad directed Shiaa Al-Sudani, all concerned institutions, to adhere to work in accordance with what was stated in the Central Bank of Iraq Law No. 56 of 2004.

He added, “The aforementioned law shows that the Central Bank of Iraq is the only body that has the authority to take all measures to regulate and monitor the work of banks and non-banking financial institutions to ensure their compliance.”

He pointed out, “The Association of Exchange Companies took the initiative and pledged to work throughout the week to sell foreign currency to citizens at the approved official rate, according to the regulations and instructions of the Central Bank.”

In order to follow up the work of companies and banks, the statement confirmed,

“It was decided to form a permanent committee that includes representatives of the Central Bank, the Prime Minister’s Office, and the Association of Exchange Companies, to address the obstacles in the work of this sector.” End/25السوداني-يوجه-المؤسسات-المالية-التقيد-بالعمل-وفق-قانون-البنك

In The Document, The Central Bank Decides To Increase The Capital Of Banks

Economy     2023-08-03 | 2,054 views Alsumaria News – Economy The Central Bank of Iraq asked today, Thursday, from local and foreign banks to increase their capital, or to “merge or be subject to acquisition or liquidation” in the event of their inability.

A document issued by the bank, seen by Alsumaria News, showed that, “Based on the decision of the bank’s board of directors No. 27 of 2023 in its session numbered 1628 held on 7/18 2023,

it was decided to increase the banks’ capital to no less than 400 billion dinars during a maximum period of December 31.” 2024, in three installments, provided that each installment is not less than 50 billion dinars on December 31, 2023, June 30, 2024, and December 31, 2024.

The document added that the bank may make the increase in one payment within a maximum period of December 31, 2023, noting that

“the operating capital of foreign bank branches is increased by no less than 60% of the operating capital during a maximum period of December 31, 2023.”

And the Central Bank stressed in its document that, “in the event of non-compliance with the instructions, it initiates the merger or is subject to acquisition or liquidation.”بالوثيقة-البنك-المركزي-يقرر-زيادة-رؤوس-أموال-المصا

Iraq Recovers One Of Those Involved In The Case Of Stealing The “Horn” From Jordan

Policy      Iraq     breaking  2023-08-02 23:40 Shafaq News/ The Integrity Commission reported, on Thursday, that one of those involved in the theft of tax secretariats has been recovered, what is known in the media as the theft of the “horn” from Jordan.

In a statement and speaking about the recovery of the accused, the Commission’s Recovery Department stated that it had recovered one of the businessmen accused in the case of theft of tax secretariats from the Jordanian authorities, noting that

the recovery process was carried out under the direct supervision and follow-up of the Prime Minister (Muhammad Shia’a Al-Sudani).

And she added that the accused was charged with several charges of collusion with one of the most prominent persons involved in the theft of tax secretariats by providing facilities to fictitious foreign companies, and organizing an unreal waiver from these companies to the main defendant in the case.

This caused the theft of more than three trillion Iraqi dinars.

The circuit added the accused wanted for two cases, as the Second Karkh Investigation Court issued more than one arrest and search warrant against him. For the charges against him in the two cases of theft of tax secretariats and impersonation of a state official, based on the provisions of Article (11/444) of the Penal Code, and according to Resolution (160 of 1983).

The statement continued by saying that  the diplomatic effort of the Prime Minister and his opening of prospects for cooperation and bilateral relations with countries recently led to the cooperation of those countries in recovering convicts and smuggled funds, the latest of which was the recovery of convicts from the United Arab Emirates and the Sultanate of Oman, while

the Commission announced the opening of two accounts in the Rafidain Bank. in dinars and US dollars; In order to deposit refunds, including stolen tax secretariat money.

In turn, an informed source revealed, in an interview with Shafaq News Agency, the identity of the accused, saying that he is the Iraqi businessman Ahmed Al-Sarraf.

And last October, the “theft of the century” case was revealed for the first time, in which former senior officials and businessmen were involved, and

it sparked great discontent in Iraq, which in recent years has witnessed massive protests calling for an end to corruption.

The “theft of the century” became the talk of the Iraqi street, political circles, and others, until its echo spread outside Iraq and was covered by Arab and Western media.

The “theft of the century” is represented by the disappearance of 3.7 trillion Iraqi dinars (about two and a half billion dollars) from tax secretariat funds, and

it was revealed by several concerned parties about two months before the end of the term of the previous government headed by Mustafa Al-Kazemi.سیاسة/العراق-يسترد-حد-المتورطين-بقضية-سرقة-ال-مانات-الضريبية-من-ال-ردن

CBI Announces The Reinstatement For Exchange Companies Previously Deprived Of Dollar Transactions

Economy  Baghdad-INA  The Central Bank of Iraq – CBI announced on Thursday, the reinstatement for exchange companies previously deprived of dollar transactions.

“CBI announced the reinstatement of a large number of exchange companies that were previously deprived of dealing in the dollar currency in the governorates of (Nineveh, Anbar, Kirkuk, Salah al-Din), as the security conditions after the terrorist ISIS, in those governorates, to led to their suspension from work,” stated CBI media office, in a statement received by the Iraqi News Agency (INA).

“The reinstatement of these companies came after strenuous efforts made in cooperation with security and auditing agencies”,  The statement added,

“the above decision would enhance the transactions of dollar currency in these governorates to meet legitimate demands which in turn would help stabilize the exchange rate”.


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