Day: January 20, 2023

The President of the Republic returns to the country after his participation in the Davos Economic Forum

Walter

  • Time: 01/20/2023 22:43:45
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The President of the Republic returns to the country after his participation in the Davos Economic Forum

  {Politics: Al Furat News} The President of the Republic, Abdul Latif Jamal Rashid, returned today, Friday, to the country, after his participation in the World Economic Forum in Davos.

The Office of the President of the Republic stated in a statement received by {Euphrates News}, that “the president held meetings with a number of state leaders and heads of participating delegations, and President Rashid’s participation in the dialogue sessions reflected the positive developments in services and infrastructure and the reform steps taken by the Iraqi government in combating corruption despite challenges and difficulties that Iraq is going through. 

He added, “Rasheed participated in a dialogue session on (democracy is the way forward), which was held on Tuesday, January 17, 2023 at the Congress headquarters in Davos, Switzerland, while he proposed some important points that centered around criticizing the imposition of the blockade on a country, as the blockade is usually It casts its negative effects, most of the time, on the majority of the people without affecting dictatorial and totalitarian governments, and the problem of exposing elections in some democracies to material pressures that change the course of the democratic process and imposes personalities that sometimes do not believe in it, calling for the existence of a single standard of human rights that applies to all countries without exception and not subject to the influences of special relations to support democracy.” 

On the sidelines of the session, he also met with some leaders of the countries participating in the forum, including the King of Belgium, King Philippe, and the President of the Republic of Costa Rica, Rodrigo Chavez.

The President of the Republic, “at his residence in Davos, received the Chairman and CEO of DP World, Sultan Ahmed bin Sulayem, and Suhail Al-Banna, Managing Director of the company for the Middle East and North Africa,” stressing that “there are many areas of work and huge opportunities for investors wishing to work in Iraq”.

 And he indicated that “Iraq is a fertile environment for entrepreneurship, due to its great energies and capabilities compared to other countries.” 

He also received, at his residence in Davos, the President of the Kurdistan Regional Government, Masrour Barzani, where he stressed the importance of joining efforts and unifying visions regarding the challenges facing all Iraqis. The misunderstanding between the Kurdish political parties and the need to focus on solving problems and putting the interest of the region’s citizens first and at various levels, especially those related to government decisions directly related to people’s livelihood, were also discussed, calling for the need to give priority to the national interest in all outstanding issues and to find decisive solutions according to them. to the constitution and the law.

And he received, “in the building of the World Economic Forum, the President of the European Bank for Reconstruction and Development, Odile Reno Basso, while he indicated, during the meeting, that Iraq possesses the will, and has the capabilities and energies to support comprehensive national development,” noting that “the Iraqi government confirms that the advancement of development Sustainable local development is achieved through building strategic regional and international partnerships, and encouraging the private sector in Iraq. 

The President of the Republic continued his meetings on the sidelines of the World Economic Forum, where “he met with the CEO of the Qatar Financial Center, Yusef Muhammad al-Jaidah,” stressing that “Iraq has taken many measures to facilitate the movement of money, through a number of government decisions that allow the investment of foreign capital in Iraq.”

The President also discussed the development of tourism activity and benefiting from the important tourist facilities in Iraq and Tunisia, during his reception at his residence in Davos, the Prime Minister of Tunisia, Naglaa Boudin, pointing out that “Iraq is going through a period of advancement and development, and there are strategic and development projects for the purpose of improving the service, health and educational aspects for all Iraqis.” While the President of the Republic participated in the dialogue session on the future of the Middle East, which was held in the building of the World Economic Forum.

In addition, he stressed in the session that “the Iraqis suffered in the past period, and during the period of dictatorship, from wars, conflicts, terrorism, violence and sanctions, which caused the poverty of Iraq, which is rich in its wealth,” explaining that “a new phase began after the last elections, as we have become better confidence in ourselves and in the future, specifically in what concerning peace and stability.”

In the session, the President of the Republic spoke about reforming the public sector in Iraq by modernizing some financial laws, providing support for the development of private sector work, cooperation with neighboring countries, and the priorities of immediate and direct projects such as health and housing projects, strategic projects related to oil and gas, and other ambitious projects such as the Faw port project. and agricultural projects under preparation. 

President Rashid received “Dutch Prime Minister Mark Rutte, while stressing that” the consolidation of security and stability in the country occupies a priority in our curriculum, especially since the security situation is better than that of many countries in general, as well as the relationship between the regional government and the federal government, “stressing that” In an increasing improvement, and this is in the interest of all of us, and we are currently working seriously to legislate the oil and gas law, which will guarantee the rights of all,” according to the statement.

https://alforatnews.iq/news/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%AC%D9%85%D9%87%D9%88%D8%B1%D9%8A%D8%A9-%D9%8A%D8%B9%D9%88%D8%AF-%D8%A5%D9%84%D9%89-%D8%A7%D9%84%D8%A8%D9%84%D8%A7%D8%AF-%D8%A8%D8%B9%D8%AF-%D9%85%D8%B4%D8%A7%D8%B1%D9%83%D8%AA%D9%87-%D9%81%D9%8A-%D9%85%D9%86%D8%AA%D8%AF%D9%89-%D8%AF%D8%A7%D9%81%D9%88%D8%B3-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A

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Wall Street Journal: Intensifying pressure on Iran to devalue the Iraqi currency

Walter

8 hours ago

economy

The Wall Street Journal confirmed in a report that the intensification of pressure on the Iranian regime led to the devaluation of the Iraqi currency.

Since the Federal Bank of New York imposed strict controls in November to counter the smuggling of dollars into Iran, more than 80 percent of Iraqi bank transfers have been closed, she added.

According to the report, these bank exchanges used to reach $250 million in some days, but now due to a lack of sufficient information about where the money is sent, the possibility of exchanging money has been discontinued.

The American newspaper continued in its report that this new policy of the Federal Bank of New York, which was adopted mainly to increase pressure on the Iranian regime, has already caused the devaluation of the Iraqi currency and weakened Iraq’s economy.

Iraqi government officials see this unexpected factor as the reason for weakening their national currency, leading to higher prices of food and imported goods, the Wall Street Journal wrote.

Agence France-Presse also reported in recent days that the devaluation of the Iraqi dinar caused the rise in the prices of imported goods such as gas and wheat.

Iraq, which has more than $100 billion in foreign exchange reserves, must take measures to combat money laundering, combat the financing of terrorism and comply with sanctions such as sanctions against Russia and Iran, in order to be able to use its money, the French press reported.

The Wall Street Journal also wrote that under the new regulations, Iraqi banks must submit their dollar transactions to the central bank through a new online platform, which will then be reviewed by the Federal Bank of New York.

The newspaper added that the aim is to limit the use of the Iraqi banking system as a tool to send dollars to Tehran, Damascus and other money laundering havens in the Middle East.

https://www.iranintl.com/ar/202301206287

Kurdistan Region seeks to rein in the dollar through the National Bank after the approval of the Central Bank

Walter

Kurdistan WomenKurdistan RegionBreakingThe Central Bank Of IraqThe National Bank

2023-01-20 08:10Font

Twilight News / The Director General of Commercial Banks in the Kurdistan Region, Meuloud Saber, confirmed on Friday that the opening of the National Bank will contribute to the development of banking work in the region, in addition to limiting the rise in the exchange rate of the dollar against the dinar in local markets in Kurdistan.

Saber said in an interview with the official website of the Kurdistan Regional Government and published today that the work of establishing the National Bank in the region was completed with a capital of about 250 billion dinars with 25 billion dinars deposited in cash in the account of the Central Bank of Iraq / Erbil branch, adding that what is left is only obtaining a license by the Central Bank to practice work.

On the benefits of this bank, the banking official said that if we obtain permission from the Central Bank of Iraq to work, all the work of that bank will be carried out in terms of regulations and laws by the National Bank.

Mouloud counted a number of other benefits that will be achieved in the banking system in the region after the National Bank started its activity, most notably opening the door for Kurdistan banks to be regular. And dealing with international banks that do not deal with the territory at the moment.

He also pointed out that there are 94 banks in the Kurdistan Region, and with the opening of the National Bank, the percentage of employees working in the banking sector will decrease, and the National Bank will be a door for investors and create confidence for foreign investors.

He stated that $500 million of oil money is spent monthly through private banks on employees’ salaries, and that the National Bank will resolve this matter.

The banking official continued, “Now the value of the dollar rises daily, and we are all about the reason for that,” he added that the reason is that the Central Bank offers a small percentage of dollars in the market, and if we become a member of this bank and obtain a license under the law, then it will give us a percentage of the dollar, and we will put it

He continued by saying that “getting the dollar from the Central Bank of Iraq, and putting it on the market in the region will lead to a decline in the exchange rate.”

On August 12, 2022, the Kurdistan Regional Government announced that the steps to establish the National Bank in the region have reached their final stages, after the completion of most of the work related to this project.

https://shafaq.com/ar/كوردســتانيات/قليم-كوردستان-يسعى-لكبح-جماح-الدولار-عبر-البنك-الوطني-بعد-موافقة-البنك-المركزي

Oil and Baghdadi-Erbili talks between Masroor Barzani and Hoxtine

Walter

Kurdistan WomenMasroor BarzaniAmos Hoxtine

2023-01-20 02:49Font

Twilight News / The President of the Kurdistan Regional Government, Masrour Barzani, received on Friday, January 20, 2023, a phone call from the US Presidential Coordinator for Infrastructure and Energy Security Amos Hoekstein.

During the phone call, the Prime Minister referred to his recent visit to Baghdad on January 11, his meeting with the Federal Prime Minister, and his confirmation of the readiness of the Kurdistan Regional Government to resolve the problems, especially efforts to prepare the Federal Oil and Gas Law in accordance with the Constitution.

In this regard, the President of the Kurdistan Regional Government stressed that pending the adoption of the Federal Oil and Gas Law, the Kurdistan Regional Government will continue to coordinate and cooperate with Baghdad to continue to produce and strengthen the energy sector in the region.

The U.S. presidential coordinator briefed on their visit in recent days to Baghdad and Erbil. The two sides agreed on the importance of overcoming obstacles to the development of the energy sector.

In another aspect of the talks, the two sides discussed ways to strengthen relations between the Kurdistan Region and the United States, and the discussions also witnessed mutual emphasis on the importance of promoting trade, investment and energy in the Kurdistan Region and Iraq.

https://shafaq.com/ar/كوردســتانيات/مباحثات-نفطية-وبغدادية–ربيلية-بين-مسرور-بارزاني-وهوكستين

The Iraqi dinar is paying the price. Washington cuts the route of smuggling dollars into Iran

Walter

Reports And AnalysisDollar RatesU.S. Treasury DepartmentIranThe Central Bank Of IraqThe Iraqi DinarThe US Federal Bank

2023-01-20 01:30Font

Twilight News / The Iraqi dinar continues to pay the price, by staggering against the dollar, and perhaps the most prominent reason lies in the noticeable change by the US Treasury Department and the Federal Reserve Bank in New York towards monetary policy in Iraq, due to currency smuggling operations to Iran, which has been suffering from severe economic sanctions for years.

The American newspaper “The Wall Street Journal” shed light on the currency file in Iraq, in a report translated by Shafaq News, noting that the Iraqi economy suffers from a taggering with the decline in the value of the dinar 10% against the dollar, which led to higher food prices.

the American procedure

The American newspaper explained in its report that “American and Iraqi officials say that the stricter controls imposed by the Federal Reserve Bank in New York, with regard to dollar transactions by Iraqi banks last November, are a step aimed at curbing money laundering and illegal smuggling of dollars to Iran and other countries in the Middle East are subject to severe sanctions.

She added that “successive US administrations have postponed the entry of the Iraqi banking system to global money transfer mechanisms so far, due to the years of weak governments in Iraq and the crises represented by the insurgency during the period of US occupation, to the control of ISIS on large parts of the country.

According to US and Iraqi officials and official data, since the new measures came into force, 80% or more of daily dollar transfers to Iraq, which previously totaled more than $250 million, have been banned in some days, partly due to insufficient information on the destination of these funds or due to other errors.

The American newspaper pointed out that “in light of the scarcity of the availability of the dollar, the Iraqi dinar fell by up to 10% against the dollar, which caused a strong rise in the prices of imported goods, including basic commodities such as eggs, flour and cooking oil.”

shock policy

The Wall Street Journal report quoted the chairman of the Board of Directors of the South Islamic Bank Mahmoud Dagher (a former official at the Central Bank of Iraq) as saying that “for 20 years, we have been following the same system, but the shock policy followed by the Federal Reserve has created a crisis within the Iraqi economy.”

The report pointed out that this turmoil reflects the cautious and intertwined relations between Washington and Baghdad, recalling that since the United States contributed to the establishment of the Central Bank of Iraq in 2004, the US dollar has turned into being the main currency of the country to a large extent because a large part of Iraq’s economy is working on cash.

The report continued that in order to provide Iraq with dollars, planes transport shipments of US currency to Baghdad every few months, noting that additional dollars flow electronically through transactions carried out by Iraqi banks, which are withdrawn from official Iraqi accounts at the Federal Reserve Bank in New York, where revenues from oil sales are deposited.

US officials acknowledged that “the strict rules of electronic transfers to the dollar by Iraqi banks were not a surprise to officials in Baghdad, explaining that they were implemented jointly last November, after two years of discussion and planning by the Central Bank of Iraq, the US Treasury Department and the Federal Reserve Bank, stressing that “the increase in the dollar exchange rate was not due to the new measures.”

The American newspaper pointed out that “the scrutiny of dollar transactions caused a demand for the dollar in Iraq and a wave of criticism from Iraqi officials, bankers and importers who criticize the new regime because it caused an unnecessary financial shock and contributed to the aggravation of their acute economic problems.

The new “platform” system

“Under the new measures in place, banks must submit dollar transfer requests via a new electronic platform with the Central Bank, and then review them by the Federal Reserve Bank of New York,” she explained.

The report quoted US officials as saying that this system “aims to limit the use of the Iraqi banking system to smuggle dollars into Tehran and Damascus and safe havens to launder money throughout the Middle East.”

“Under the old rules, Iraqi bank account holders were not obliged to disclose to whom they were sending the money until the dollars had already been transferred,” the report quoted Dagher as saying.

Referring to bank accounts belonging to foreign governments under its control, similar to Iraqi accounts, a spokeswoman for the Federal Reserve Bank of New York said that “we have a strong compliance system for these accounts that evolves over time in response to new information.”

The report also quoted a U.S. official as saying that these measures would reduce “the ability of malicious parties to use the Iraqi banking system.”

The report pointed out that both the US Treasury Department and the Central Bank of Iraq declined to comment, but the Central Bank of Iraq described the new electronic platform in a statement issued on December 15, noting that it requires providing “full details of customers who want to transfer money”, including who are the ultimate beneficiaries of it, adding that “a number of errors are discovered and that what is required of

According to Iraqi officials and judicial documents, the central bank prevented four banks, including the Islamic Bank of Asia and the Middle East Bank of Iraq, from carrying out any transactions in dollars.

The report pointed out that US officials have been putting pressure on Iraq for years to strengthen its banking controls, citing US officials at the time that the Federal Reserve and the Treasury Department temporarily stopped the flow of billions of dollars to the Central Bank of Iraq in 2015 due to their fears that dollars were on their way to Iranian banks and may be transferred to ISIS militants.

The report pointed out that some Iraqi officials support strengthening control over Iraqi banks, and MP Hadi Al-Salami, a member of the Anti-Corruption Commission, was quoted as saying that political parties and militias control most banks, and use them to smuggle dollars to neighboring countries, adding, “We need to stop this immediately.”

The American newspaper considered, in its report, that the impact of the new controls can be seen in the sharp decline in banks’ dollar transactions, which the Central Bank tracks on its website, adding that on October 17 last year, before the new controls came into force, daily transfers from Iraq’s official accounts in the Federal Reserve Bank in New York and other external institutions amounted to 224.

While US officials say, according to the Wall Street Journal, that this financial confusion will ease as Iraqi account holders comply with the new controls, the newspaper pointed out that “Iraqi bankers and merchants of the operation consider that the new rules are aimed at stemming the methods of schemes used to steal dollars.”

https://shafaq.com/ar/تقارير-وتحليلات/الدينار-العراقي-يدفع-الثمن-واشنطن-تقطع-طريق-تهريب-الدولار-لى-يران