Iraqi News

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Iraqi News Highlights and Points to Ponder Thursday AM 11-9-23

The Dollar Deepens The Wounds And Hits The Economy. Smuggling To Jordan, The Emirates, And Iraq Pays The Price

Information/Baghdad..   Iraq continues to pay the trade bill of merchants and smugglers to Jordan, Turkey, and the Emirates, reaching record numbers, exceeding the reasonable price, while demands are mounting to end the control of Jordan and its banks over the Iraqi currency auction in the Central Bank of Iraq.   Representative Youssef Al-Kalabi said in a post on the “X” platform, “The Iraqi judiciary is investigating the director general responsible for transfers and credits at the Central Bank on suspicions of corruption and causing manipulation of dollar prices and other serious issues.”

He added, “This person enabled the National Bank, known as (the Jordan Bank), to acquire two billion dollars a month.”

Al-Halbousi Ignores Calls For Reform

In addition, independent MP Hadi Al-Salami accused the Parliament Presidency of ignoring the representatives’ calls to host the Prime Minister and the Governor of the Central Bank to discuss the dollar crisis.

Al-Salami said in an interview with the Maalouma Agency, “The Presidency of Parliament did not deal with the issue of the dollar exchange rate,” pointing out that “there is continuous follow-up by members of the House of Representatives regarding the real and parallel exchange rates.”

He added, “The dollar crisis is still casting a shadow over the economic scene in light of warnings about the decline in the value of the Iraqi dinar.”

He pointed out that “the dollar is continuing to gradually increase and it is possible that it will exceed 170 thousand dinars in the absence of new deliberate steps to control this matter.”

Al-Salami pointed out, “The Presidency of Parliament ignored our calls to host the Prime Minister and the Governor of the Central Bank to discuss the dollar crisis.”

Independent MP Basem Ngheimesh Al-Gharibawi had confirmed that the Presidency of Parliament had not responded to demands to hold an investment session to discuss the dollar crisis and its instability in the markets.

Shy Steps

In a shy step, the Central Bank announced the resumption of the sale of gold bullion and coins via an electronic platform in order to reduce demand for the dollar.

A statement from the Central Bank, received by the Maalouma Agency, stated that it “decided to sell gold bullion and coins via an electronic platform, starting tomorrow, Wednesday.”

He pointed out, “Governmental and private banks can apply to buy gold bullion and coins via (an electronic platform designated for this purpose),” indicating that “their sale will be in accordance with the instructions and controls issued by the Central Bank of Iraq.”

The Dollar Is Beyond Reasonable

Dollar prices rose significantly in Baghdad and in Erbil, the capital of the Kurdistan Region, with the closure.

The Maaloma Agency correspondent said that dollar prices rose with the closure of the Al-Kifah and Al-Harithiya stock exchanges, recording 166,800 dinars against 100 dollars.    LINK

Iraq Maintains Its 30th Position In The World With The Largest Gold Reserves

Market   Economy News _ Baghdad  The World Gold Council announced, on Thursday, that Iraq maintained its 30th place in the world with the largest gold reserves.

The Council said in its latest table for the month of November 2023, which Al-Eqtisad News reviewed, that “Iraq maintained its ranking of 30 globally out of 100 countries included in the table with the largest gold reserves, as it has not purchased gold since the month of May, bringing its gold possessions to 132.7 tons, which is It represents 7.6% of its other reserves.

He added, “Iraq came in fourth place in the Arab world with the largest gold reserves after Saudi Arabia with 323.1 tons, Lebanon with 286.8 tons, and Algeria with 173.6 tons. Egypt came in fifth place with 125.9 tons.”

He pointed out that “the United States of America leads the rest of the countries with the largest possession of gold in the world, with 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, then Italy came with 2,451.8 thousand tons, while Bosnia and Herzegovina ranked 99th with 1.5 tons, followed by Suriname.” The same quantity is 1.5 tons.

On June 27, 2022, Iraq announced the purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what it had in possession, while in May it announced the purchase of 2.3 tons of gold.

It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest gold mining companies in the world and the most

Views 31 11/09/2023 – https://economy-news.net/content.php?id=37403

Experts Call For Changing Some Economic Laws

Iraq  11/09/2023    Baghdad: Muhannad Abdel Wahab  The opinions of economic experts varied regarding Iraq’s need to change or amend a number of economic laws, including the law of the Central Bank, Securities and Investment Authority, while they called for dividing the budget law into three investment budgets and others for the Investment Authority and the Central Bank to support loans.

The economic expert, Mustafa Hantoush, said in an interview with “Al-Sabah”: The Iraqi economic reality needs to amend some of the laws that work to restore its economic growth in accordance with the development that the world is witnessing, as they need to be reformulated or amended to their paragraphs, noting that the laws that need to be amended

They are Central Bank Law No. 56 of 2004, Banks No. 4 of 2004, Securities Commission No. 72 of 2004, Investment No. 50 of 2015, Tax Law No. 113 of 1982 amended for the year 2004, and Companies Law No. 21 of 1999 amended for the year 2019. He explained

. These laws have a number of problems and do not help direct the Iraqi economy or manage banking operations or state funds correctly, stressing that we need to activate investment in another way and with a greater flow. Even the budget law needs to be divided and made into three budgets, one for investment and another for the Investment Authority and the Central Bank and to support Loans.

In this context, economic expert Hazem Hadi pointed out, in an interview with Al-Sabah, that the Iraqi economic system has a number of distortions, especially since it is burdened by widespread unemployment, deteriorating services, and others, warning that all of these factors, unless they are addressed, cannot improve the economy. The Iraqi.

He pointed out that the solutions lie in changing a number of laws, including the Central Bank Law, which must take its role in controlling the foreign currency in a positive manner and not leave matters to the currency auction, adding that Iraq since 2003 has not witnessed an import plan or approach for what the country needs, and it must Be clear to those working in the industrial and commercial sector and their import needs.   Edited by: Adhraa Juma   https://alsabaah.iq/87002-.html

They Have More Than 800 Thousand Dollars In Their Possession. They Overthrew A Group Of Exchange Rate Speculators

2023-11-09 | 918 views  Al-Sumaria News – Security   The Federal Intelligence and Investigation Agency announced today, Thursday, the arrest of gangs smuggling and speculating in the price of the dollar, while noting that 806,370 thousand dollars were seized in their possession.

The agency stated, in a statement received by Al-Sumaria News, that “our detachments received accurate information about a group of smuggling gangs and speculators exercising the price of the dollar through their practice of making transfers inside and outside the country and buying and selling the dollar currency, in contravention of the instructions of the Central Bank, which would harm the national economy.”

She added: “Immediately, our detachments specialized in combating organized crime formed a specialized intelligence and technical team to investigate and collect information about these speculators, and after completing the technical investigations and judicial approvals, our detachments began raiding more than one specific target within Baghdad Governorate and a group of governorates, which resulted in the arrest of a group.” of speculators and seized sums of money estimated at 806,370 thousand US dollars.”

The statement indicated, “The defendants, upon interrogation, frankly admitted that they made transfers at home and abroad and bought and sold dollars in contravention of the instructions of the Central Bank.”

The statement concluded: “Their statements were recorded and they were referred to the relevant authorities in preparation for their appearance before the judiciary and their trial in accordance with the money laundering law, which stipulates the confiscation of their funds obtained as a result of money laundering operations so that they receive their just punishment.”  LINK

Provoking Points to Ponder From Daily Reflections For Highly Effective People By Stephen Covey:

Our character – basically – is a composite of our habits —  Because they are consistent – often unconscious patterns – they consistently – daily – express our character and produce our effectiveness ……………. or ineffectiveness — p. 46

It becomes obvious that if we want to make relatively minor changes in our  lives — we can perhaps appropriately focus on our attitudes and behaviors — But if we want  to make  significant — quantum change – we need  to work on our basic paradigms — p. 31

Change — REAL CHANGE — comes from the inside out — It doesn’t come from hacking at the leaves of attitude and behavior with quick fix personality ethic techniques — it comes from striking at the root — the fabric of our thought – the fundamental – essential paradigms – which give definition to our character and create the  lens through which we see the world — p. 317

You can decide within yourself how circumstances will affect you — Between what happens to you or the stimulus – and your response to it — is your FREEDOM or POWER to CHOOSE that response — p. 69