Sources: US requests CBI to merge dollar-banned banks and close distressed banks
The Central Bank of Iraq (CBI) is facing new demands from the United States regarding the dollar-banned and distressed banks, sources revealed on Tuesday.
According to sources, both the US Treasury and the Federal Reserve have instructed the Central Bank of Iraq to merge banks that are prohibited from dealing in dollars and to close certain distressed banks.
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The sources noted that the Central Bank of Iraq is expected to implement swift actions in this regard. “This move aims to stabilize the banking sector and improve the exchange rate.”
“In response to Washington’s demands, the Central Bank has enlisted an international consultancy to devise a comprehensive plan, which will encompass the merging and closure of banks.” The sources said.
The consultancy, recommended by US authorities, is reported to have functions similar to those of K2, though its name and additional details have not been disclosed.
America to confine Iraqi banks to prevent currency smuggling to Iran
The United States is working to prevent the Iraqi banking sector from helping Iran evade U.S. economic sanctions by stopping the flow of currency to Iran and using Iraq's dollar reserves as a conduit to Tehran. Washington aims to tighten its control over the movement of dollars from Iraq to Iran, Syria, and Hezbollah in Lebanon by pushing for the Central bank of Iraq to relinquish its role as an intermediary in purchasing currency from the U.S. Instead, major American banks will handle these transactions directly.
Former Central Bank official Mahmoud Dagher revealed that the Central Bank of Iraq plans to withdraw from its intermediary role in purchasing hard currency by the end of 2024. As of now, no Iraqi bank other than the Trade Bank of Iraq (TBI) has obtained the necessary mediation from American banks. This shift is part of a broader strategy to limit the sale of dollars to American or foreign banks exclusively.
Economic expert Maitham Al-Bahadeli predicts that removing the local dollar selling platform and restricting transactions to American or foreign banks will likely lead to a significant depreciation of the Iraqi dinar against the dollar. He explained that the withdrawal of the Central Bank of Iraq from selling hard currency would negatively impact the local economy. The scarcity of dollars would drive up their price, which would be particularly problematic for Iraq's heavily import-dependent market that requires billions of dollars for trade.
Al-Bahadeli emphasized that the reduction in dollar availability would primarily harm the local economy, increasing the cost of imports and exacerbating financial challenges. The increased price of the dollar, driven by its scarcity, would put additional strain on businesses and consumers in Iraq, further complicating economic conditions in the country.
Alia Nassif: The Central Bank "executed" Iraqi banks with new procedures
Member of Parliament Alia Nassif commented today, Tuesday, after granting a license to the Arab Jordanian Bank and the Emirates Federation to work in Iraq, stressing that this method is killing Iraqi banks.
Nassif said in a tweet on the (x) platform, which was followed by / Today's News /, "In this way, Iraqi banks are being executed. A license has been granted to the Arab Jordanian Bank and the Emirates Federation to work in Iraq, and they will start their work at the beginning of next September, alongside the National Bank. The license will also be granted to two banks (Kuwaiti and Qatari), while many Iraqi banks continue to stop and more of them will be stopped due to the management of the Central Bank of Iraq, which did not address the problem during the past period, but rather worked to enter them into contracts with the K2."
She added: "Paying them money without results. The banking sector is being punished for mistakes for previous years in which it was under the supervision of the same current management of the Central Bank, so why was this management not punished for failing to fulfill its duty to supervise the work of those banks?!"
US Treasury sanctions individuals and entities linked to Iran's missile and drone program
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned five individuals and seven entities based in Iran, China, and Hong Kong.
These targets have been involved in facilitating procurements for subordinates of Iran's Ministry of Defense and Armed Forces Logistics (MODAFL).
The designated individuals and entities are implicated in acquiring various components, such as accelerometers and gyroscopes, which are crucial for Iran's ballistic missile and unmanned aerial vehicle (UAV) programs.
"Iran's reckless proliferation of its ballistic missiles and UAVs risks further instability and endangers civilian lives, both in the region and around the world. Today's action exposes additional key front companies and trusted agents through which Iran has sought to acquire these components," said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. "The United States will continue to impose costs on those that facilitate Iran's ability to produce these deadly weapons."
The Treasury's statement added, "Today's action was taken pursuant to Executive Order (EO) 13382, which targets proliferators of weapons of mass destruction (WMD) and their means of delivery. The US Department of State designated MODAFL pursuant to EO 13382 on October 25, 2007 in connection with Iran's ballistic missile program."
This move follows similar sanctions imposed by the United States and the European Union in late May on entities associated with Iran's drone industry.
Notably, Iran is one of the world's leading manufacturers of unmanned aerial vehicles (UAVs). It is accused by Western powers of supplying thousands of drones to Russia for its war against Ukraine, as well as to regional allies, including the Houthis, Hezbollah, and Iraqi militants.
JULY 29 2924
Al-Nusairi details the investment map and confirms: It will achieve sustainable development
Today, Monday, the advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, explained the importance of the investment map included in the government program, while stressing Iraq's need for 3 million housing units.
Al-Nusairi said, in an interview with Al-Eqtisad News, that “the investment map included in the government program is an important map that seeks to develop the economy and achieve sustainable development according to the next five-year plan, which begins in 2024 and ends in 2028.”
He added, "The Ministry of Planning is currently working in cooperation with the government, international organizations, and relevant parties to prepare this plan, for which good amounts have been allocated in the general budget of Iraq for the years 24 and 25."
The advisor to the Private Banks Association continued, "The private sector will be integrated and involved in these projects in order to implement the sustainable development goals through financing and contributing to the implementation of this map."
Al-Nusairi explained that “the important and basic aspect of this map is the implementation of projects in all economic sectors, which exceed 10 sectors, such as education, health, energy, and education, and the most important of which is the construction and building aspect, which includes residential complexes, and the government’s plan is based on leaving the luxurious and expensive complexes that do not meet the required popular need.”
He pointed out that "Iraq needs more than 3 million housing units, and in light of the investment plan announced by the government and the National Investment Commission, low-cost cities will be established and distributed to low-income people, which will end the issue of rising residential real estate prices in Baghdad. There is no objection to the existence of these complexes for high-income people, but the government must provide suitable housing for low-income people."
Manipulating budget tables is a scandal waiting to break out
The issue of tampering with the budget schedules sparked great controversy in the House of Representatives, after approximately 2 trillion dinars from the budget were lost in a dramatic manner.
The General Secretariat of the Council of Ministers sent a letter to the House of Representatives to inquire about the manipulation occurring in the budget tables, as it was stated in the letter, “After examining the printed tables attached to the Parliament letter signed by the ( acting) Speaker of the House of Representatives, it was revealed that there are fundamental differences in them compared to the sent copy.” From the Council of Ministers and contrary to the text of the parliamentary decision.
Member of the Parliamentary Finance Committee, Representative Jamal Kujar, confirmed that the manipulation occurred after voting on the budget tables in Parliament.
He pointed out in a press statement that it was not known who was the party that tampered with the schedules, calling for an investigation to be opened into the matter.
The House of Representatives held its twenty-seventh session, headed by Mr. Mohsen Al-Mandalawi, Acting Speaker of the House, today, Monday, and in the presence of 199 deputies. The House of Representatives voted last May 18 on the schedules of the federal general budget law.
It seems that suspicions of losing the amount revolve around the Finance Committee as well as the Presidency of the House of Representatives.
For its part, the Finance Committee in the House of Representatives vacated its space regarding the issue of tampering with the budget tables for the current year.
Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar, told Al-Ma'louma Agency, “The committee is far removed from the issue raised regarding tampering with the budget tables. It discussed the tables according to the CD sent by the government and then submitted it for a vote to the Presidency of the House of Representatives.”
He added, "The government's raising of the issue of tampering with 2 trillion dinars in the budget tables, as it claims, is very surprising."
He explained, “If there is tampering with the budget tables, then the Presidency of the House of Representatives can be questioned.”
In order to clear its name, Parliamentary Finance formed an investigative committee on the matter, which aroused the ire of the Presidency of the Iraqi Council of Representatives.
For his part, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expressed his surprise at the Parliament Presidency's objection to forming an investigative committee regarding the changes that occurred in the budget.
Al-Kadhimi told Al-Maalouma Agency, “Forming an investigative committee is the prerogative of the Finance Committee, expressing his regret over the objection of the Presidency of Parliament to the formation of the committee that does not require approval.”
He added, "The Finance Committee is in the process of inquiring about the reason for the difference in the budget tables between the parliamentary version and the government version, noting that the committee asked the relevant authorities to reveal the manipulation of the numbers."
In addition, the representative of the State Support Bloc, Muhammad Al-Ziyadi, confirmed that signatures had been collected to include a paragraph discussing the government's claim that the versions of the budget tables were different after voting on them.
Al-Ziyadi told the Maalouma Agency, “The government sent a letter to the House of Representatives claiming that the schedules that were sent to it by Parliament after the House of Representatives voted on them differ from those schedules that it sent to Parliament.”
He added, "This book created a confused atmosphere between Parliament and the government, and parliamentary signatures were collected to include a paragraph to discuss the issue in order to determine the truth of the dispute between Parliament and the government regarding the schedules and who was the party behind it.
Journalist's question to the Central Bank about acquisition (qualifying holding) exceeding 50%
Dear Management of the Central Bank of Iraq
Subject: Press question about foreign banks’ acquisition (qualified acquisition) exceeding 50% of Iraqi banks
fter Greetings,
We, the Independent Press Agency , with more than 17 years of experience in investigative journalism committed to revealing facts and presenting them transparently to the Iraqi public, have, after consulting specialists, analyzed the financial statements of the National Bank of Iraq, Mansour Investment Bank, and the Iraqi Credit Bank published on the official websites.
Due to the inability to contact the person concerned and the lack of communication channels with you, we decided to submit this question through our website and the publications affiliated with Al-Mustaqilla.
Question 1:
We found acquisitions (qualified holdings) exceeding 50% of the capital or voting rights. Upon reviewing the Iraqi Banking Law of 2004, Article 22 clearly states that prior approval must be obtained from the Central Bank for any holding exceeding 10%.
Question: Did these banks and foreign parties concerned obtain your written consent to acquire these large shares?
If yes, can we obtain the documents confirming this?
If no, have any legal actions been taken against the parties that facilitated these decisions?
Question 2:
What is the position of the Central Bank on foreigners acquiring large shares in Iraqi banks?
If you agree with that, what are the justifications?
Question 3:
Are decisions to grant approval for increasing quotas subject to discussions within the Central Bank, or are they the responsibility of the Bank President or appointed commissioners?
Please provide us with documents and papers that support your decisions, in line with the provisions of the Iraqi Constitution that guarantee the right to access information. This is to reassure citizens of the integrity of the procedures of private banks and dealing with them.
We thank you for your time and look forward to your prompt response to a press question to enable us to complete our story before publication. You can respond either directly through our contact details or by publishing a statement detailing the answer to the question.
And Yours sincerely,
Finance and World Bank meet to conclude "fruitful" agreements that support Iraq's development path
An important meeting was held at the Ministry of Finance headquarters today, Monday, between the Minister of Finance, Taif Sami Mohammed, and a delegation from the World Bank, headed by the Regional Director of the Middle East Department, Jean-Christophe Carré, to discuss ways to enhance cooperation in the field of economic and social development .
The ministry said in a statement received by "Mil", "The meeting's axes focused in particular on supporting transportation, railway and infrastructure projects related to the development road linking Iraq and Turkey towards the European continent, in addition to financing the Social Fund for Development programs."
She explained that "these projects seek to improve the quality of services for citizens, enhance economic growth, and provide new job opportunities. The expected benefits of these projects include developing the road and transportation network, in addition to supporting small and medium enterprises and reducing poverty and unemployment."
According to the statement, the two sides expressed their "optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq."
from social media
Minister of Finance and World Bank discuss financing transportation and social development projects
Both sides expressed optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq
How did the decisions of the Central Bank of Iraq contribute to the dollar crisis?
Economic expert Mustafa Akram Hantoush confirmed today, Monday (July 29, 2024), that some decisions of the Central Bank of Iraq contributed significantly to the dollar crisis in the local market.
Hantoush told Baghdad Today that "despite all the measures taken by the Central Bank of Iraq to control the dollar exchange rate, it has failed to do so throughout the past period. Rather, some of the bank's decisions have contributed to raising prices, as they were hasty and ill-considered decisions, the latest of which was preventing the giving of dollars to travelers except through the airport."
He added, "The Central Bank must search for realistic and real solutions to control the dollar exchange rate in a real way, and continuing with these measures will lead to continued fluctuations, and this is the responsibility of the Central Bank of Iraq."
The Central Bank of Iraq has completely banned the dollar from money changers except through the outlets at the airport or by purchasing through the bank’s electronic window, which has made it difficult to obtain the dollar and has made it scarce for black market traders and smugglers, which has led to its rise by 18 dinars above the official price, and it is also expected to rise to higher levels, according to observers.
Article 140 raises controversy again.. Calls to delay its implementation and take into account the “sensitivity of the situation”
MP Mudhar Al-Karwi called, today, Monday (July 29, 2024), to delay the implementation of Article 140 in 38 villages in eastern Iraq, stressing that the sensitivity of the situation must be taken into account .
Al-Karwi said in an interview with Baghdad Today, "The Committee for the Implementation of Article 140 recently issued a decision regarding agricultural contracts in 38 villages located within the vicinity of Khanaqin District in Diyala Governorate. This is a sensitive issue and requires flexible procedures because hundreds of farmers have official contracts that extend for decades."
Al-Karwi called on the Prime Minister to “issue an order to delay the implementation of the decision of the Committee for the Implementation of Article 140 and to give an opportunity to review the contracts in the villages covered by a higher committee affiliated with the Ministry of Agriculture and the rest of the parties to avoid any injustice or unfairness that affects Arab farmers. The sensitivity of the situation must be taken into account and the matter must be done according to fair and just principles to avoid any confusion.”
He pointed out that "waiting is the most appropriate thing at the moment and agreeing on specific procedures that will lead to achieving justice and fairness for all parties and that no farmer will be wronged, especially since the residents of these villages have been living there for decades."
It is noteworthy that the Article 140 Implementation Committee, headed by Hadi al-Amiri, recently issued a decision regarding agricultural contracts in the villages of Khanaqin and returning them to Kurdish farmers.
Number: 850
Date: 5/28/2004
Ricky Watt:
((Very urgent)) To the Ministry of Agriculture - Office of the Honorable Minister, to return agricultural contracts
General Secretariat Al-Warda
Implementation committee
We extend our best regards to you.........
A reference to the letter of the House of Representatives - the Temporary Parliamentary Committee for Article (140) of the Constitution, No. 19 dated 4/27/2024, which includes the requests of a number of farmers from the Khanaqin district, in which they seek to restore agricultural contracts in the names of the Kurdish farmers, the original owners of the land in the Khanaqin district, and in addition In the book of the Diyala Agriculture Directorate - Land Section, numbered (12508 as of 1/13/2020), attached to the book of the Agricultural Lands Department, Contracts Section, number (20174 as of 7/23/2017), which includes the termination of agricultural contracts for Arabs arriving to Diyala Governorate in the records of the Directorate of Agriculture. Diyala and the Department of Public Lands whose agricultural contracts were canceled according to the committee’s decisions and compensation was paid to them by the committee for what they left behind.
We hope that you will take the necessary measures and restore the situation to what it was by restoring agricultural contracts and registering them in the names of Kurdish farmers from establishments and plants on those lands. As the original owners of the land according to what they owned before their eviction and according to the applicable controls.
Let us know with appreciation
Letter of the House of Representatives - Temporary Parliamentary Committee for Article (140) of the Constitution, Issue (19) on 4/27/2024).
The US Embassy in Beirut warns its citizens against traveling to Lebanon
The US Embassy in Beirut has issued warnings and recommendations to its citizens wishing to travel to Lebanon, amid rising regional tensions that have disrupted flight schedules .
The embassy stated, in a statement published on its official website, yesterday, Sunday, that it "calls on American citizens traveling to Lebanon to check their flight schedules and remain vigilant, as flight paths may change without prior notice."
“The security environment in Lebanon remains complex and can change rapidly, and we remind travelers to review the current travel warning, which strongly urges them to reconsider travel to Lebanon,” she added.
Lebanon's Middle East Airlines announced the postponement of several of its flights to and from Lebanon on Monday, for reasons it said were related to the distribution of insurance risks on aircraft, while expectations of a retaliatory Israeli strike are increasing, after the missile attack that targeted the village of Majdal Shams in the Golan.
Its owner is Iraqi.. Iran seizes an African oil tanker in Gulf waters
The Public Relations Department of the Third Naval Region of the Iranian Revolutionary Guard announced on Monday the seizure of an oil tanker carrying smuggled fuel in the Gulf waters.
The Public Relations Department of the Third Maritime Region said in a statement, reported by Tasnim International News Agency, that on Friday morning, July 26, an oil tanker bearing the brand name " Pearl G ", flying the flag of the African country of Togo, and owned by an Iraqi person residing in Dubai in the United Arab Emirates, was seized.
She explained that the tanker was seized north of the Gulf, near the Arash oil field, while loading fuel smuggled from Iranian boats.
She added that initial estimates indicate that there are at least 700,000 liters of smuggled oil on this tanker, indicating that this oil tanker, with its Indian crew of 9, was transferred to Imam Khomeini Port and is now under surveillance.
Confirming what Shafaq News reported.. Nechirvan Barzani visits Tehran tomorrow
The President of the Kurdistan Region, Nechirvan Barzani, is scheduled to visit the Iranian capital, Tehran, tomorrow, Tuesday, upon an official invitation, according to a statement from the Presidency of the Kurdistan Region, received by Shafaq News Agency.
According to the statement, Barzani, along with the leaders of other countries, will participate in the swearing-in ceremony of Iranian President-elect Masoud Pezeshkian.
Earlier today, a presidential source told Shafaq News Agency that President Nechirvan Barzani is attending the inauguration ceremony of the new Iranian president at the official invitation of the Islamic Republic of Iran.
Pezeshkian, a reformist candidate and former health minister from Tabriz, won the second round of the presidential election on July 5, receiving 53.7 percent of the vote, becoming the ninth president of the Islamic Republic of Iran.
The presidential elections came after the death of President Ebrahim Raisi, Foreign Minister Hossein Amir Abdollahian and their accompanying delegation in a helicopter crash in East Azerbaijan Province on May 19.
Parliamentary warnings of Iraq being affected by the escalation in Lebanon - Urgent
The Security and Defense Committee in the Iraqi Parliament warned, on Monday (July 29, 2024), that Iraq would be affected by the escalation taking place in Lebanon between Hezbollah and the Zionist entity.
Committee member Yasser Watout told Baghdad Today, "Iraq is affected by any events and problems that occur in the countries of the region, especially Iran, Syria and Lebanon, and this escalation in Lebanon at present will have security repercussions on the internal Iraqi situation."
Watout said, "It is not unlikely that the development of the security and military situation in Lebanon will push some Iraqi factions to escalate their operations against the Americans or against Israel, and for this reason the tension in Lebanon has had a negative impact on the Iraqi state, and there are fears of this escalation."
Iraqi and Iranian sources confirmed that the Iraqi factions are preparing to enter into a battle with the Zionist entity if it decides to invade Lebanon.
TUE JULY 30 2024
Corruption and favoritism weaken the Iraqi Stock Exchange: Neglected laws and a bitter reality
Many joint-stock companies and banks participating in the Iraq Stock Exchange have shown their failure to submit their final financial statements for the year 2023, reflecting a state of chaos and indifference towards the laws regulating the work of the Iraq Stock Exchange. The market suffers from a continuous disregard for the legal articles regulating the relationship between companies and the market, as Article 14 obliges listed companies to prepare and publish periodic financial reports that include balance sheets and profit and loss accounts, in addition to detailed annual reports. However, the reality indicates that many companies blatantly ignore this article, leading to a significant lack of transparency and information available to investors.
The data, disclosures and financial reports monitored by Al-Mustaqillah
Article 17 imposes penalties on companies that fail to submit their financial reports on time, including fines and other disciplinary measures. However, enforcement of these penalties remains weak and ineffective, encouraging companies to continue to ignore the laws without fear of punishment. Non-compliance with the laws is not the only problem, as the Iraq Stock Exchange faces several challenges that increase its vulnerability, including the turbulent political situation that leads to delays in issuing financial certificates and complicating financial audits, and the increase in capital for companies that leads to flooding the market with issued shares, which requires the submission of accurate and updated financial reports on an ongoing basis.
But the bigger problem lies in the suspicions of corruption and favoritism that are spreading around the management of the Iraq Stock Exchange, which makes it tolerate illegal situations and circumvent the laws. Rumors are spreading about corruption within the management of the market, where violations are overlooked due to personal relationships and interests, which undermines confidence in the regulatory system. This bitter reality reflects a state of chaos and indifference to the laws, which makes it difficult to achieve any progress towards transparency and good governance.
Data indicates that the Iraq Stock Exchange is considered one of the weakest markets in the region and the world, as the daily trading numbers are very small compared to the size of the gross domestic product and the average income per capita in Iraq . This weakness reflects the lack of confidence of investors in the market and its regulatory system, and reinforces the state of stagnation and inertia that the market suffers from. In light of the challenges and suspicions of corruption facing the Iraq Stock Exchange, it becomes necessary to reconsider regulatory procedures and enhance oversight of companies. Without transparency and adherence to the laws, the market will remain weak and unable to attract investments and achieve the required economic growth.
Addressing corruption and favoritism weakens the Iraq Stock Exchange: Neglected laws and a bitter reality require strong political will and decisive action by the supervisory and regulatory bodies. Transparency and accountability must be enhanced by strictly implementing penalties on violators and ensuring that companies comply with the legal provisions regulating financial disclosure. Corruption and favoritism within the market administration must also be combated to enhance confidence and restore stability to the financial market. Implementing these reforms will contribute to building a stable and investment-friendly financial market, which will enhance the growth and stability of the Iraqi economy.
In the presence of Al-Sudani.. 3 files bring the framework together at the nightly negotiating table
The Coordination Framework, which includes the Shiite forces forming the government of Mohammed Shia al-Sudani, is scheduled to hold an important meeting on Monday evening, with the attendance of all its leaders, in addition to the Prime Minister.
A leader in the framework told Shafaq News Agency, "The Coordination Framework will hold a meeting in an hour from now, in the presence of its leadership and the Prime Minister, to discuss a number of important topics and issues on the political scene."
The leader added, "The meeting of the framework leaders will discuss the issue of the position of the Speaker of the House of Representatives and agree to set a record date for holding the session to elect the president."
He explained that "the meeting will also discuss the file of forming local governments in the provinces of Diyala and Kirkuk, in addition to discussing with Al-Sudani the file of the Turkish incursion into Iraqi territory."
Despite the passage of more than 8 months, the Sunni political forces have not succeeded in agreeing on an alternative candidate for Parliament Speaker Mohammed al-Halbousi .
The parliament failed five times in a row to resolve the issue, in light of the division between the political parties in supporting one of the candidates for the position, namely Mahmoud Al-Mashhadani, the candidate of the Progress Party, and Salem Al-Issawi, the candidate of the Sunni parties (Sovereignty and the Azm and Al-Hasm alliances), who obtained the majority of votes during the last parliament session .
A few days ago, the Azm Alliance, led by Muthanna al-Samarrai, warned the Shiite forces against continuing to obstruct the election of the Parliament Speaker .
The leader of the coalition, Haider Al-Mulla, told Shafaq News Agency, "The talk about achieving a Sunni-Sunni consensus is an attempt to obstruct the election of the Speaker of the Council of Representatives. Throughout the life of the political process in Iraq, there has been no consensus or agreement on choosing any of the three presidencies."
Iraqi Parliamentary Integrity Committee accuses CBI of lack of transparency in dollar auction
On Monday, the Iraqi Parliamentary Integrity Committee accused the Central Bank of Iraq (CBI) of "lacking transparency" regarding its dollar auction, failing to provide data on the destinations where foreign currency is spent, confirming plans to hold the Bank's governor accountable.
Committee member Hadi al-Salami told Shafaq News Agency, "There is a lack of transparency in the dollar auction, and the daily bulletin detailing where the dollars go and are sold through the auction remains secret. Only the amount of dollars sold is announced, but we do not know where this quantity is going."
He added, "There is a parliamentary movement to hold CBI Governor Ali Al-Alaq accountable, starting with a verbal parliamentary question, and we are awaiting his presence in the parliament for questioning."
"Some blocs and parties oppose the interrogation of the Governor, providing him political protection despite failures in tasks and operations, particularly in the currency auction."
Earlier, several MPs revealed efforts to question the CBI, highlighting that the dollar auction costs Iraq trillions of dinars and threatens the economy. Legal Committee member Raed Al-Maliki stated, "The continuous failure of the CBI and the government to stabilize the dinar and reduce the gap between official and parallel market prices has led to massive financial waste and increased suffering for citizens."
Al-Maliki noted that this situation has resulted in the state incurring trillions of dinars in losses, enriching corrupt individuals at the expense of the public, as most goods' prices depend on the much higher parallel market rate compared to the official rate.
MP Majid Shingali called on the Council of Ministers to take decisive and bold measures regarding Iraq's financial reality. He stressed, "There needs to be a process of building trust between citizens and the banking system, which currently suffers from a significant lack of confidence."
Shingali urged banning the use of dollars in transactions and promoting the use of the Iraqi dinar, along with limiting citizens from holding amounts exceeding ten thousand dollars outside banks to curb financial evasion and enhance official banking practices.
On July 23, it was reported that CBI's total dollar sales over the past six months exceeded $26 billion. Shafaq News Agency correspondents indicated that during the past six months, CBI sold $26.54 billion, averaging $4.42 billion per month.
External remittances accounted for $24.11 billion, representing 89% of the total sales compared to cash sales, which amounted to $2.57 billion.
Washington Institute: The Federal Court is a Tool in the Hands of Iranian Militias to Destroy Democracy in Iraq
The Washington Institute for Near East Policy published an article on July 24, 2024, written by Michael Knights and Crispin Smith, in which he discussed the role of the Iraqi Federal Supreme Court in Iraqi politics and Iranian influence on it.
Since 2022, the Federal Supreme Court has become a means for Iran-backed militias and terrorist groups inside Iraq to obtain detailed legal rulings that serve their interests, the researchers said in the article, which was translated by “Al-Mustaqilla.” These rulings have decisive effects in the “lawfare” in favor of the Iran-backed militias.
The court, established under Article 44 of the Transitional Administration Law of 2005, was supposed to be independent and nonpartisan, but it has come under the control of Iran-backed political blocs such as the Badr Organization and Nouri al-Maliki’s State of Law Coalition, as well as US-designated terrorist groups such as Asaib Ahl al-Haq (AAH) and Kataib Hezbollah (KH). The court regularly issues rulings that harm pro-US factions and benefit Iran-backed blocs, reducing Iraqis’ freedom of expression.
Although the Iraqi constitution stipulates that the Federal Supreme Court should be independent and interpret the constitution and determine the constitutionality of laws, it has intervened significantly in national politics since 2010. These interventions include changing the government formation process after general elections and influencing opponents of current factions within the Coordination Framework.
Law No. 30 of 2005 was amended on March 18, 2021 by a simple majority of 204 MPs through the passing of Law No. 25 of 2021. This vote was illegal to amend Law No. 30 of 2005 because Article 92 of the Constitution and Federal Supreme Court Decision No. 107 of 2012 require any amendment to Federal Supreme Court legislation to be passed by a two-thirds majority of Parliament.
The court has faced widespread criticism from the US Congress and the European Parliament for politicized rulings that negatively impact Iraqi minorities, such as Kurds and Sunnis, as well as accusations that it regularly oversteps its authority in ruling on unfinished legislative projects.
Since 2022, the court has proven particularly responsive to cases brought by US-designated terrorists such as Kataib Hezbollah, striking down a law ratifying the 2012 Iraq-Kuwait Navigation Agreement in the Khor Abdullah waterway.
Evidence suggests that Badr leader Hadi al-Ameri and former Prime Minister Nouri al-Maliki have significant influence on the court, able to steer rulings in their favor and those of their associates. In addition, the chief justice of the Federal Supreme Court, Judge Jassim Abboud, plays a key role in manipulating rulings in favor of Iran-backed militias.
Evidence suggests that Judge Jassim Aboud regularly meets with militia leaders and terrorists, and attends public events with Iranian officials, raising questions about the court’s independence.
In conclusion, the Federal Supreme Court in Iraq plays a major role in Iraqi politics, serving the interests of Iran-backed factions and negatively influencing other factions, raising concerns among the international community about the integrity and independence of the judiciary in Iraq.
To view the article details, click on the article link.
With a grand celebration attended by dignitaries.. The opening date of the "architectural masterpiece" of the Central Bank is revealed - Urgent
A responsible source in the Central Bank of Iraq revealed, today, Monday (July 29, 2024), the imminent opening of the bank’s new building in the center of the capital, Baghdad.
The source told Baghdad Today, "It is scheduled that at the end of the current year or the beginning of the new year at the latest, the Central Bank building will be opened as the first architectural masterpiece with a height of (172) meters and includes (38) floors, including offices, meeting rooms, and fortified storage areas for money and gold, in addition to celebration halls and various theaters."
The source, who requested anonymity, added, "The opening of the Central Bank building will be accompanied by a very large celebration attended by senior officials in the Iraqi state, in addition to representatives of embassies and diplomatic missions. Moving the bank to this building will also ease traffic congestion in the Rashid area and nearby areas."
Work began on the new Central Bank building in 2018, designed by the late Iraqi architect Zaha Hadid.
Iranian trade delegation visits Erbil to discuss expanding trade relations
A delegation from the Iranian Chamber of Commerce of Qazvin province on Monday visited the Union of Importers and Exporters in the Kurdistan Region in Erbil to discuss expanding and developing trade relations between the two sides.
Rasoul Haji Omar, head of the Erbil branch of the Union of Importers and Exporters, said, "The trade delegation consists of 50 companies in different sectors, and they want to participate in the Erbil International Fair."
Haji Omar confirmed during a statement to Kurdistan 24 that the delegation "requested commercial coordination with the union, and we expressed our readiness to cooperate."
Mahdi Abdian, president of the International Chamber of Commerce for Qazvin province, who is visiting Erbil as part of the trade delegation, said that more than a third of Qazvin province's products "are exported to the Kurdistan Region".
He pointed out in a statement to Kurdistan 24, that the reason for their visit to Erbil "is to develop trade relations and the opening of an exhibition of the products of their province in the region."
According to Abdian, "during the past 15 years, 50% of Qazvin province's products were exported to Iraq, of which 70% were exported to the Kurdistan Region, and accordingly, a third of Qazvin's products are exported to the region."
He added: There are 21 industrial complexes in Qazvin province, 3,740 industrial establishments, and 1,050 companies active in the fields of agriculture, flowers and fisheries.
60% of Iranian cleaning materials are produced in Qazvin province, 50% of tiles and ceramics, and 50% of Iranian raisins and olives.
Sources: Washington sent two messages to Tehran through Iraqi mediators.. Lebanon worries everyone
Iraqi sources revealed, today, Tuesday (July 30, 2024), that Washington sent two messages to Tehran through mediators within 48 hours, amid fears of the danger of a potential war between Hezbollah and Israel.
The sources said in an interview with "Baghdad Today" that "America realizes the danger of a comprehensive and open clash between Hezbollah and Israel in light of the large arsenal of weapons that the party possesses, with the presence of armed wings within the axis of resistance in Iraq, Syria, and Yemen, and behind them Iran in general."
She added that "America sent two messages through Iraqi mediators during the past 48 hours, the gist of which is that it does not want a comprehensive and open war in Lebanon and that it seeks to calm things down and defuse the crisis, while pointing out the need to avoid escalation that could lead to a major fire in the region, while pointing out that Washington is committed to Tel Aviv's security, and it is a form of support that it will enter the conflict if an open and comprehensive war occurs."
The sources indicated that "American diplomacy is in a state of alert and in an undeclared manner, and it is trying to open the doors of communication with figures who have close relations with Tehran in order to explain the seriousness of the situation," noting that "America realizes that war with Hezbollah will not be a picnic and that its arsenal of missiles, especially precision missiles, will be a source of concern and may push the conflict with Israel to an uncontrollable level."
A rocket that fell on a football field killed 12 Israeli children in the Golan Heights. While Hezbollah denied responsibility for the attack, Tel Aviv vowed a harsh response to Hezbollah, with fears rising of a possible all-out war.
Government Advisor: Adopting budget schedules has become a reality and does not affect financial obligations
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Tuesday, that the budget schedules have become a reality, and issuing instructions is a procedural matter that does not affect financial obligations.
Saleh said, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the legal basis for the current fiscal year 2024 is something that has been legislated and approved primarily, based on the provisions of the federal general budget for the years 2023, 2025, 2024 issued by Law No. 13 of 2023, which was published on June 26, 2023 in the Official Gazette."
He explained that "what is stipulated in Article Two/77 of the law includes the executive authority submitting the financial tables for the two fiscal years 2024, 2025 to enable the House of Representatives to approve them sequentially," noting that "this was achieved in the fiscal year 2024." He
pointed out that "the three-year federal general budget was implemented for the first time in the country, which was based in its approval on one of the articles included in the provisions of the Federal Financial Management Law No. 6 of 2019, as amended, which authorized the work of a financial plan consisting of a general budget for three fiscal years."
He added that "the legal options available to implement the provisions of the federal general budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions even if any approval of the general budget formalities is delayed in principle, especially allowing continued spending or disbursement on investment projects approved in the three-year general budget as ongoing projects, as well as operational spending, or any financial transactions stipulated in the three-year general budget law."
He added, "Despite this, the adoption of the financial tables for the current fiscal year 2024, which were approved by the House of Representatives earlier this year, has become a reality, and issuing instructions for their implementation is a procedural matter that does not affect the obligations of the fiscal year itself, as these instructions are in all cases consistent with the emerging financial transactions when issued."
He added that "the Ministry of Finance had announced earlier this month the issuance of financial bonds (achievement bond) as a source of financing for the budget by borrowing from the local financial market worth 1.5 trillion dinars," stressing that "spending on operating expenses such as salaries, pensions, social care, debt services, and others is ongoing, in addition to the continued financing of ongoing investment projects and those under implementation."
He pointed out that "all of these activities are financial activities in which spending has not stopped, which is consistent with the legal work rules that
came with the three-year federal general budget, with high flexibility, transparency, and governance."
He noted that "the instructions for implementing the general budget schedules for the fiscal year 2024 will touch upon some of the developments and partial financial transactions that have been newly created or adapted, and not the faculties of public finance, and that the financial activity in the country with its three pillars: revenues, expenditures, and deficit management is proceeding in a consistent and harmonious manner and in accordance with the objectives of the three-year general budget law, and that the executive and legislative authorities are in continuous communication and high coordination to ensure the achievement of public interests without interruption."
Erbil hosts a conference to discuss the policy of developing facilities in supporting the Iraqi economy
The city of Erbil hosted a conference sponsored by the Ministry of Planning to discuss the policy of developing national micro, small and medium enterprises in Iraq.
Director General of the Ministry's Economic Policies Department, Sabah Jundi, told the Iraqi News Agency (INA) today, Tuesday: "A conference was held in Erbil Governorate on the policy of developing micro, small and medium enterprises, under the auspices of the Ministry of Planning and in cooperation with the International Labor Organization," indicating that "this segment of enterprises constitutes 90% of the global business level, employs 70% of the workforce and represents 50% of the gross domestic product, which reflects its importance, and the government is interested in this file, and the Ministry of Planning coordinates with all parties to develop a clear policy and executive plan."
Jundi added that "the policy of the Ministry of Planning supports government programs, including green projects in southern Iraq, specifically Basra, because these areas are exposed to environmental pollution and affected by climate change, and we are working to integrate the issue of green projects into all our orientations and strategies, including the Prime Minister's recent initiative for afforestation."
During the conference, he stressed "the vital role played by micro, small and medium enterprises in promoting economic growth and creating job opportunities in Iraq," noting that "micro, small and medium enterprises are the basis of economic development and job creation. It is necessary to make unified efforts to support these enterprises effectively."
He pointed to "the ministry's current efforts to support these enterprises, including strategic plans and policies that include regulatory reforms and capacity building programs that aim to provide a more suitable environment for these enterprises," stressing "the ministry's commitment to reducing bureaucratic obstacles and facilitating access to the necessary resources for these enterprises."
For her part, the International Labor Organization Coordinator in Iraq, Maha Kattaa, stated that "all efforts have been unified to develop these enterprises in Iraq for the purpose of creating job opportunities, reducing unemployment, and lifting the burden on the government sector, as we are working together for the first time at this level," noting that "we are working with the Ministry of Environment on green projects and businesses, and this concept is very large and includes all businesses that contribute to reducing climate change or mitigating its effects, by giving incentives and tax exemptions to the private sector to establish green and environmentally friendly projects."
Regarding the percentage of women’s participation, Qata’a explained: “We worked with the Ministry of Planning on a labor force survey in Iraq, and the percentage of women’s participation was as follows: 13 million women of working age, of whom only 1.3 million are working or looking for work, of whom only 980 thousand are working and 70% are distributed in the public sector. These numbers are considered the lowest in the world and the region, and the reasons are many, including the lack of company laws, women’s care and custody of children, and the lack of public transportation.” Qata’a
affirmed, during the conference, “the commitment of the International Labor Organization to promoting the development of sustainable institutions and promoting decent work from micro, small and medium enterprises,” noting that “the International Labor Organization is committed to supporting micro, small and medium enterprises and ensuring their contribution to sustainable economic development and providing decent job opportunities.”
The Ministry of Planning, the International Labor Organization, and the Italian Agency for Development Cooperation (AICS) Italy also held a joint conference to
discuss the policy for the development of micro, small and medium enterprises in Iraq.
The Ministry of Planning (MOP), the International Labour Organization (ILO), and the Italian Agency for Development Cooperation (AICS) collaborated with key stakeholders and UN agencies to enhance the role of micro, small and medium enterprises (MSMEs) in Iraq’s economic development.
The two-day conference aims to discuss the national MSME development policy in Iraq, by bringing together representatives of government agencies, employers’ and workers’ organizations, international organizations, and
financial institutions, to work collaboratively to promote the growth and development of this sector in Iraq.
The Deputy Governor of the Central Bank of Iraq, Ammar Khalaf, gave a keynote presentation on the Central Bank’s initiatives to support MSMEs, and presented the National Bank Lending Strategy launched in May 2024, which aims to address financing challenges, which remain a major obstacle for these enterprises.
Khalaf reviewed the main pillars of the strategy, which include low-interest loans, financial literacy programs, and cooperation with microfinance institutions
to enhance financial inclusion.
Meanwhile, the Ministry of Labor and Social Affairs highlighted its efforts to promote entrepreneurship, especially among youth and women, through comprehensive support programs for micro, small and medium enterprises. These programs include various loan schemes, technical support, and vocational
training aimed at improving the skills and capabilities of owners of these enterprises.
The International Labor Organization presented the results of a comprehensive assessment of the Enabling Environment for Sustainable Enterprises (EESE) in Iraq, with a focus on women-led enterprises, including the challenges and opportunities facing women entrepreneurs and recommending the need for comprehensive policies to support women’s participation in the labor market and promote equality in entrepreneurship. The
EESE framework, established by the ILO at the International Labor Conference in 2007, identifies 17 key pillars for promoting sustainable enterprises, with a focus on integrating profit with human dignity, environmental sustainability, and decent work. This framework has been applied globally, including in fragile contexts, to support economic growth, create jobs, and reduce poverty through comprehensive policies and programs.
Representatives of international organizations including the International Labour Organization (ILO), the United Nations Development Program (UNDP), the International Organization for Migration (IOM), the World Food Program (WFP), the International Trade Center (ITC), the German Agency for International Cooperation (GIZ), the International Fund for Agricultural Development (IFAD), and the United Nations Industrial Development Organization (UNIDO) shared their experiences and best practices in supporting micro, small and medium enterprises (MSMEs) in Iraq, presenting current and planned projects that are
aligned with the Sustainable Development Goals (SDGs), with a focus on green initiatives.
The conference included a panel discussion with representatives from the Iraqi Microfinance Network (IMN), the Iraqi Company for Bank Guarantees (ICBG), Capita, First Finance Company, Al-Mahta, and the Iraqi Finance Company, who discussed a variety of support services available to MSMEs, both financial and
non-financial.
Participants emphasized “the challenges facing their institutions and the importance of having integrated support mechanisms, including mentoring, business development services, and access to technology, to ensure the sustainability and growth of these enterprises.”
On the second day of the conference, more than 100 participants will continue their discussions, focusing on women’s participation in the Iraqi labor market, particularly in the field of entrepreneurship, where they will work to formulate practical recommendations for a comprehensive national policy to support micro,
small and medium enterprises in Iraq.
The ILO, the Ministry of Planning, AICS Italy and other stakeholders are collaborating to create a sustainable and inclusive economic environment that supports micro, small and medium enterprises and promotes inclusive development in Iraq.
“Revitalizing SMEs is not just a strategy; it is the cornerstone of Iraq’s economic renaissance,” said AICS Regional Director Roxane Weber. “It is not just about business growth; it is about creating a harmonious environment where everyone, regardless of their background, is given a fair chance to thrive. This is not just an initiative; it is a promise to the people of Iraq that we see them, we hear them and we are committed to their success.”
She explained that “this initiative falls within the project Towards more and better jobs by strengthening private sector support in southern Iraq – Focus on green businesses, implemented by the ILO with the support of Italy.”
She pointed out that "the project is part of broader efforts within the framework of the Decent Work Programme in Iraq, which is a collaborative initiative signed by the government, employers' and workers' organizations, and the International Labour Organization to promote employment opportunities and decent work."
Banking Scandal: QNB Controls 85% of Mansour Bank Shares
Following the latest financial report published by Al-Mustaqilla on Al-Mansour Investment Bank, a heavy bomb exploded that will shake the foundations of the Iraqi financial sector if it is dealt with seriously by the regulatory bodies.
An informed source with over 20 years of experience in the private banking sector revealed shocking information: confirming that Qatar National Bank owns 85% of Mansour Bank’s shares, not 54% as published in the official financial statements. They considered this acquisition to be a flagrant violation of the Iraqi Banking Law No. 94 of 2004 in force.
The source, who requested anonymity, confirmed in a phone call with Al-Mustaqillah ’s correspondent that the management of Al-Mansour Bank operates entirely under the supervision of Qatar National Bank, noting that the percentage of traded shares is controlled by people directly linked to the bank’s Qatari management.
He explained that Mansour Bank is an advanced front for the Qatari government's operations in Iraq, and works as a main point for moving money and transferring profits of Qatari companies that have spread in recent years in Iraq.
The source stressed that the financial statements provided do not reflect the truth and are inconsistent with the actual liquidity volume that the bank deals with.
He pointed out that the transfer of funds from inside Iraq to Qatar exceeds hundreds of times what is disclosed in the official financial statements. He added that financial management, control, supervision and all sensitive details remain confined to Qatari employees, and no Iraqi employee is allowed to view them.
The source confirmed that the percentage of profits announced by the Qatari management of Al-Mansour Investment Bank represents less than 10% of the real profits that the bank earns from transferring money to Qatari companies worth billions. The source strongly criticized the weakness of the Central Bank of Iraq’s management in supervising the determination of foreign institutions’ shares in the Iraqi banking sector.
He explained that the current banking law prohibits acquisitions exceeding 50% for objective reasons, but the Central Bank of Iraq has let things go and colluded with foreign institutions, allowing them to acquire unreasonable percentages.
The source stressed that Qatar National Bank’s acquisition of an influential stake of more than 85% of Mansour Bank is something that cannot be tolerated. He called for the need for regulatory authorities to intervene to ensure transparency and compliance with Iraqi laws. He stressed that the continuation of these conditions without intervention may exacerbate the financial crises and undermine confidence in the Iraqi banking system.
The source concluded by stressing the need to strengthen oversight and strictly implement laws to ensure the protection of the Iraqi economy from financial manipulation and ensure fair competition between banks. He stressed that the intervention of the competent authorities will restore confidence in the banking sector and ensure financial stability in the country.
Iraqi Army receives seven Bell 505 helicopters from US
The Iraqi Army Aviation Command announced Tuesday that it has received seven Bell 505 helicopters from the United States.
The Bell 505 Jet Ranger X is an American/Canadian light helicopter developed and manufactured by Bell Helicopter.
In a statement, the Iraqi Ministry of Defense said the delivery is part of "pre-arranged contracts aimed at advancing the country's military training programs. The handover ceremony was attended by the representative of the Commander-in-Chief of the Armed Forces, the Air Force Commander, senior officers from the Ministry of Defense, the US Military Attaché, and a representative from Bell Helicopter."
"This batch will significantly update and improve our training system with modern aircraft," said Major General Mohammed Abdul Karim Awfi, Commander of Army Aviation. "It will also help in preparing skilled pilots capable of protecting Iraq's airspace and executing missions with high efficiency."
In turn, the US Military Attaché described this step as "a pioneering to enhance the command's capabilities and train pilots under ambitious and advanced plans."
The Financial Supervision Bureau announces the audit and cross-examination of the salaries data of the Kurdistan Region employees
The Federal Board of Financial Supervision announced, on Tuesday, the issuance of reports on the audit and boycott of salaries of employees of the Kurdistan Region and the completion of the audit and boycott of oil and non-oil revenues in the region.
The head of the Federal Board of Supreme Audit, Ammar Subhi Al-Mashhadani, said in a televised statement, followed by "Al-Eqtisad News", that "the Board of Supreme Audit has completed the tasks assigned to it to audit and cross-check oil and non-oil revenues in the Kurdistan Region," stressing "sending the report to the Prime Minister's Office and the relevant authorities."
He added, "The Board of Supervision overcame the obstacles that stood in the way of auditing salaries after they were audited individually and cross-checked revenue and expenditure data and issued the results and notified the relevant authorities," noting that "the audit process aims to correct."
Al-Mashhadani continued, "Spending and revenue were audited and reports were issued regarding oil and non-oil revenues after the data was provided by the Board of Supreme Audit in the Kurdistan Region."
He added, "Some information in all state institutions did not reach the Board of Supreme Audit in a very accurate manner to reach accurate results on which the relevant authorities can rely."
Reasons for the momentum of demand for the dollar in the local market
Member of the Parliamentary Finance Committee, Moeen Al-Kazemi, explained the reasons for the demand for the dollar in the local market.
Al-Kadhimi said, during his hosting on the {Free Talk} program broadcast on Al-Furat satellite channel this evening, that: "One of the reasons for the momentum on the dollar is granting the traveler $3,000 and the US Federal Reserve controlling Iraq's revenues."
He added, "The US Federal Reserve deliberately delays transfers in hard currency, which causes an increase in demand for the dollar."
According to Al-Kadhimi, "providing hard currency to traders at the official price by the Central Bank of Iraq, provided that its full value is entered into goods, will provide a state of economic stability in the Iraqi market."
The selling and buying prices of the US dollar in local markets have ranged between 150,500 and 150,250 dinars for days.
The exchange rates of the US dollar against the Iraqi dinar today, Tuesday, were as follows:
The selling price was 149,750 dinars.
While the purchase price was 147,750 dinars for 100 dollars.
Advisor: Budget Implementation Instructions {Procedural Issue}
The Prime Minister's Financial Advisor, Mazhar Muhammad Salih, stated that the budget schedules have become a reality, and that issuing implementation instructions to institutions is a "procedural matter" that does not affect financial obligations.
Saleh told WAA: “The legal options available to implement the provisions of the federal general budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions - even if any approval of the general budget formalities is delayed in principle - especially allowing the continuation of spending or disbursement on investment projects approved in the three-year general budget as ongoing projects, as well as operational spending, or any financial transactions.”
Parliamentary Finance: We wrote a paragraph to transfer 2 trillion dinars to support governorate budgets
Member of the Parliamentary Finance Committee Jamal Kojer said today, Tuesday, that the committee wrote a paragraph that gives the Council of Ministers the right to transfer 2 trillion dinars to support the budgets of the governorates.
Kojer said in a televised interview followed by / Today's News / that "there is a paragraph that we wrote within the committee that says that the Council of Ministers has the right to transfer 2 trillion dinars to the budgets of the governorates, which are small."
Kojer added that "the vote was held within the House of Representatives to pass the tables as they came from the government, with the addition of a paragraph stating that the Council of Ministers can transfer 2 trillion dinars to support the governorates whose budgets are small." He pointed
out that "the transfer is according to the needs and according to the population ratios and resources of the governorates."
Network politician: The region practices a policy of demographic change in 140 regions
Shabaka politician Hussein Ali confirmed on Tuesday that the region is practicing a policy of demographic change in 140 regions.
Ali said in an interview with Al-Maalouma, “The Kurdistan Region’s agenda to change the demographic nature of cities and towns in Nineveh within what is called Article 140 will not succeed despite repeated attempts through multiple means.”
He added, “The regional government does not have any powers to distribute lands within the 140 regions, whether in Nineveh or other governorates, stressing that its interference in the powers of the federal government is a constitutional violation.”
He pointed out that "it is necessary for all administrative units in Nineveh to be managed according to a unified vision by the local government, away from any interference from the regional government."
It is noteworthy that Barzani's party has been imposing its control over many administrative units in Nineveh for many years.
Experts: Dollar stability depends on creating a “new platform” with Iran and Syria
Financial and economic experts believe that the stability of the dollar exchange rate depends on creating a new platform for trade with Syria and Iran, and dealing with countries banned from the dollar in another currency.
Like the euro or the Chinese yuan.
The exchange rate yesterday in the parallel market was recorded at 149 thousand dinars for every 100 dollars, although the official rate at the Central Bank is 132 thousand dinars for every 100 dollars. Economic researcher Mustafa Al-Faraj said in a statement to “Sabah” that “the parallel market for the dollar is facing great pressure
By traders and travelers to Iran, Syria and other countries banned from using the dollar,” noting that “this increases the demand for the dollar and thus prices rise.”
He pointed out that "the solution to this problem lies in finding a new platform with these countries and dealing with them in a currency other than the dollar, such as the euro and the yuan, with the importance of finding an appropriate formula for the US Treasury that removes sanctions from our banking sector."
Al-Faraj explained that “Iraq lacks economic diversity and is completely dependent on oil, which has weakened other economic sectors,” explaining that supporting the productive sector can limit the drain on hard currency for imports.
For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar, explained:
Kuran said that “the rise of the dollar this time is not linked to a political or economic crisis or external factors, but rather is linked to the measures of the Central Bank of Iraq, and it is possible that the bank will control this.”
Height".
The Central Bank called for "taking measures that could reduce the dollar shortage in local markets."
In addition, economic researcher Alaa Al-Fahd expected the dollar exchange rate to gradually decrease in the coming days, explaining that this increase is common with the implementation of any new policy by the Central Bank of Iraq, as speculators try to exploit this in order to increase their profits.
He added, "The Central Bank of Iraq has discussions and procedures with the US Federal Reserve in order to control the exchange rate in the parallel market, and we hope that these discussions will yield positive results."
Parliamentary Committee: Parliament will host the Central Bank Governor for this reason
The Presidency of the Council of Representatives agreed to host the Governor of the Central Bank of Iraq, Ali Al-Alaq, during the upcoming sessions of the Council of Representatives.
Member of the Parliamentary Integrity Committee Hadi Al-Salami confirmed, in a statement to the National Iraqi News Agency / NINA /, that "the Presidency of the Council of Representatives approved hosting the Governor of the Central Bank in the session of the Council of Representatives, the date of which will be determined later, within the framework of the supervisory role of the work of the Central Bank and its Governor, and in accordance with the Council of Representatives Law No. 13 of 2018, Articles 27-29 thereof."
He added, "Hosting the Governor of the Central Bank will be to answer the oral question before the Council of Representatives regarding the exchange rate in the parallel market, and the large financial difference from the official exchange rate, as well as what is related to the application of the standards of transparency and confidentiality and not announcing the daily bulletin of the Central Bank."
Iraq and Iran discuss developing economic relations between Baghdad and Tehran
Prime Minister Mohammed Shia al-Sudani discussed with Iranian President Masoud Pezeshkian ways to stop the genocide against the Palestinian people and economic relations between the two countries.
The Prime Minister's Media Office stated in a statement that "Prime Minister Mohammed Shia al-Sudani met with Iranian President Masoud Pezeshkian in Tehran, which he arrived at earlier today, Tuesday, to attend the inauguration ceremony of the President of the Republic and his taking of the constitutional oath."
During the meeting, according to the statement, Al-Sudani expressed "Iraq's congratulations, government and people, to President Pezeshkian and the Iranian people on the success of the presidential elections and the selection of a successor to the late President Mr. Ibrahim Raisi (may God have mercy on him)."
The statement continued, "The meeting witnessed discussions on developing bilateral relations, enhancing cooperation in various economic and development fields, as well as reviewing the conditions and tensions in the region, the efforts made to stop the aggression on Gaza and prevent the expansion of the conflict, ways to stop the genocide against the Palestinian people, and opening the ports for providing urgent humanitarian and medical aid."
Moeen Al-Kadhimi: Corruption dates back to Saddam’s time.. Is the budget error an employee oversight?
Ask about the Sudanese objection
Badr Organization leader Moeen Al-Kadhimi, a member of parliament’s finance committee, said that the prime minister’s objection to the existence of different versions of the budget and the addition of large sums is now being justified as an “error and oversight” made by employees, but shouldn’t we ask the “accomplices” about the truth of what happened? Expressing his belief that corruption dates back to the era of Saddam Hussein and has now evolved and become more complex.
Moeen Al-Kadhimi, with the media figure Khitam Al-Gharawi:
Going too far with public money has become a culture and has reached junior employees, and this needs to be reconsidered. This has been going on since the previous regime, and now officers are not given leave or transferred soldiers unless there is something in return for that, even though managers and officials have cars, protection and good salaries, so why do you extend your hand to ill-gotten money, and it is sometimes considered cleverness? This culture needs real treatment.
(An example of corruption) is the change that occurred in the budget tables. Some ministries, such as the Ministry of Commerce, had large amounts added to the food ration item. Who will benefit from this and who colluded with them? The explanations and justifications that are being put forward are that this was an employee mistake!
There are protocols signed between Iraq and countries such as Russia, Saudi Arabia, the Emirates, Lebanon and Jordan because these countries did not respond to demands to return the money even if they knew it was smuggled because they benefit from it, and some of these countries grant citizenship to the person and consider him a citizen of theirs. An example of this is the case of Ayham al-Samarrai, the former Minister of Electricity, who was imprisoned in the Salihiya Police Station, and an American force came and got him out and escaped, and now he lives in America.
Some of the protocols signed with countries give enough space to recover the money, but other countries do not accept this, such as Switzerland, which prefers that the money remain in its banks, and is prepared to grant citizenship to the Iraqi in order to provide him with protection and keep the money, especially for executive officials.
The government has a duty to follow up on general managers, and unfortunately, until now, there are some managers who consider the position a spoil that they want to benefit from. Sometimes this is clear to see. Yesterday, I had a call regarding the issue of security clearances, and I came across an official in a company, and we clearly noticed that he was corrupt, because all matters pass through him, he approves them and covers them up, and action was taken.
The Integrity Commission, through our conversations with them, has two problems. The first is internal, which is the lack of cooperation from some ministries and departments, which are negligent in research and auditing and do not provide priorities. The second is the lack of cooperation from the countries to which the corrupt flee.
Official to Reuters: US carried out strike in Iraq
The United States carried out a strike in Iraq on Tuesday in self-defense, a U.S. official told Reuters, hours after Israel struck Iranian-backed Hezbollah in Lebanon and as tensions escalated in the Middle East.
The official, who spoke on condition of anonymity, said the strike was caused by a threat to US-led coalition forces.
Explosions took place on Tuesday inside a base used by Iraq's Popular Mobilization Forces south of Baghdad, killing four of its members and wounding four others, police and medical sources told Reuters.
The Popular Mobilization Forces is an official security agency that includes several armed groups allied with Iran.
Hospital sources said the initial death toll was one, but two people who were seriously injured in the blasts later died, and another body was recovered from the blast site.
The explosions came after several missiles were fired at Iraq's Ain al-Asad air base, which houses US-led forces, late Thursday, causing no damage or injuries, US and Iraqi sources said.
In a statement issued after the explosions, the Popular Mobilization Forces did not make any accusations, referring to an explosion of unknown origin.
Later, another statement by the Popular Mobilization Forces said that missiles launched by drones targeted two Popular Mobilization Forces patrols in the town of Jurf al-Sakhar, south of Baghdad.
An Iraqi military official said the cause of the explosion was still unclear and authorities would begin investigating the incident.
Two local leaders of Iraq's Popular Mobilization Forces accused the United States of carrying out airstrikes targeting the Popular Mobilization Forces base. There was no immediate comment from the US military.
Witnesses said ambulances rushed to the area where the camp is located, 50 kilometres south of Baghdad.
Iraq has seen a surge in tit-for-tat attacks since the war between Israel and Hamas broke out in October. It is a rare ally of both Tehran and Washington, hosts 2,500 US troops and has Iranian-backed militias linked to its security forces.
Sudanese is “embarrassed” by the removal of American forces and is trying to balance interests between Tehran and Washington
New York Times: Any withdrawal would multiply the armed factions
The American newspaper The New York Times indicated in a report that the government of Iraqi Prime Minister Muhammad Shia al-Sudani is trying hard, as it engages in discussions on the withdrawal of American forces from Iraq, to balance in its foreign policy between Maintaining a sustainable relationship with Washington on the economic and security levels, as well as a stable neighborhood relationship with... Tehran, along with active political parties in Iraq, is demanding the withdrawal of the Americans as soon as possible.
The American newspaper mentions in its report, which was translated by (Al-Mada), that when the Iraqi Prime Minister left for Washington last spring, he was hoping to negotiate the most requested file, which is the economic development file and discuss common strategic interests with the United States, which is one of the country's most important international allies.
But on the same day he arrived there in mid-April 2024, the events inside revealed a clear point showing the conflicting pressures that Prime Minister Muhammad Shia al-Sudani was caught up in, as Iran was launching missiles and drones at Israel in an attack in which at least one faction participated. One Iraqi militant supported by Iran.
The New York Times says that both the United States and Iran have long been exchanging influence in Iraq, but since the outbreak of war between the United States' ally, Israel, and the Hamas movement in Gaza about ten months ago, tensions between them have increased.
Regarding Iraq, one of its most complex issues is the presence of approximately 2,500 American soldiers on its soil.
Over the past twenty months, Iran has used its extensive influence to try to persuade the Iraqis to take action to remove these forces. If it succeeds, this will provide Tehran with a wider scope to increase its influence in the country.
Last week, in the latest round of discussions in Washington about rearranging the military relationship and the presence of forces, Iraq called for reducing the presence of the US-led coalition forces within a year, which confirmed its determination to reduce the American presence.
The newspaper indicates that Iran's influence in Iraq has increased over the past few years at a time when Shiite political parties close to Tehran controlled important aspects of the government, while Iraqi armed factions supported by Iran over the past 20 years have become a growing part of The formations of the national security forces that their number has doubled over the past few years.
The war in Gaza has escalated regional tensions, and the American, British and Israeli governments have indicated that Iraqi armed factions supported by Iran had participated in the attack on Israel last April, and this comes in contradiction to the demands of Prime Minister Shia al- Sudani to stay out of the conflict.
The New York Times notes that even before Iraqi armed factions participated in the attack on Israel, a prominent leader of the Iraqi security forces, the Chief of Staff of the Mobilization Forces, Abdul Aziz al-Muhammadawi, expressed his support for Tehran and said that his forces, which he supervises, are ready to meet their request.
Sajjad Jiyad, an Iraqi researcher and analyst and fellow at the Singari International Research Center in New York, says, “Iran’s goal is clear. The Iranians always say: This is our region, and the Americans do not live here. They are on the other side of the world. What are you doing here? Prime Minister Shia al-Sudani was often able to balance the conflicting American and Iranian interests and demands, but when it comes to the possibility of allowing a number of American forces to remain on Iraqi soil, it is considered one of the most complex dilemmas he faces. faces.
Urban Cunningham, a researcher at the Royal United Service Research Institute in London, says that “any American withdrawal would double Iran’s influence over Iraq, as is the case with its influence in Lebanon, Yemen and Syria, and advance its anti-Western agenda in the Middle East.”
But the situation in Iraq is different. One of the reasons for this is that the United States has broader interests in Iraq, in addition to the fact that many Iraqis, inside and outside the government, have welcomed it as a counterweight to Iran. But what happened after the 2021 parliamentary elections and the emergence of Shiite political blocs close to Iran has a broader influence, and demands to withdraw and reduce American forces have become central and priority.
The Prime Minister and his advisors tried to take a precise position. They hope for a formula to rearrange the military situation to ensure the continuity of some American military contributions in terms of supplies of necessary equipment and parts and the continuation of training, which may lead to some withdrawals such as a reduction in forces, and this will satisfy the demands of the political blocs calling for this. However, Iran is pushing hard towards the goal of withdrawing all American forces as quickly as possible, and the newspaper indicates that
there are Iraqi political leaders who support this approach. Mahmoud al-Rubaie, a prominent member of the Asaib Ahl al-Haq movement, said that “the image of the United States in Iraq has worsened since the American invasion of the country in 2003.” Al-Rubaie added, “The post-2003 generation had hopes and dreams that the United States would change the reality of the country’s condition, but while the scope of the American military presence expanded over the years, the Iraqi people did not see any change or transition that they aspired to,” noting that “This feeling towards the Americans intensified after the United States assassinated the commander of the Quds Force, Qassem Soleimani, and the deputy commander of the Popular Mobilization Forces, Abu Mahdi al-Muhandis, in Baghdad in 2020.”
From the New York Times
