The Central Bank of Iraq issues “reform packages” to deter dollar smuggling and observers: It faces great challenges

Reports And Analysis Of The Rise In Dollar Prices, The Central Bank Of Iraq

2023-02-04 13:17Font

Twilight News / During the past months, smuggling of the dollar out of Iraq has increased in multiple ways, due to the “lack” of control measures by the Central Bank, according to the opinion of the Parliamentary Integrity Committee, while specialists believe that the packages recently launched by the Central Bank will “cut off crimes that disrupt national economic security.”

The word smuggling refers to “counter-operations of law and public order, which are among the criminal violations that are strictly governed by law and within economic crimes,” according to the Prime Minister’s adviser for Financial Affairs, Mazhar Mohammed Saleh.

Saleh tells Shafaq News that “the economic freedom provided by the country to deal with external transfer naturally, is enough to reduce the use of economic crimes represented by the illegal depletion of funds.”

Wider freedom

The Prime Minister’s Advisor for Financial Affairs pointed out that “the coming days in Iraq will witness wider freedom of external transfer or transfer of foreign currency with flexible, transparent and tight tools and means at the same time, and through the Iraqi banking system.”

Saleh continued, “The first easy procedural package launched by the Central Bank of Iraq is only an expression of facilitating the legitimate and legal movement of funds out of the country, which will cut off crimes that detrimental to national economic security.”

The Central Bank of Iraq issued, on Friday, the second package of facilities to meet the demand for the dollar, in both sides of cash and foreign transfers.

On Monday, January 19, the Central Bank announced the first package of decisions that would return the foreign currency market to normal after its rise.

The dollar against the dinar has risen significantly recently, due to measures imposed by the United States of America to curb currency smuggling from Iraq.

The beginning of smuggling

Currency smuggling began with “the currency auction that was a means of smuggling it and money laundering,” according to a member of the Parliamentary Integrity Committee, Bassem Khashan, adding, “Now it seems that restrictions have become tight on smuggling, so these results have emerged.”

Khashan explained in an interview with Shafaq News Agency that “the supervision of the Central Bank on the work of government and private banks was non-existent, as (banks) had a divorced hand due to the lack of supervisory procedures on them.”

multiple methods

“Dexit smuggling of dollars abroad has increased in recent months after the US Federal Bank imposed sanctions on banks that were facilitating money laundering operations,” says economic researcher Ahmed Eid.

Eid said during his speech to Shafaq News, “where smuggling amounts rose by withdrawing hard currency from secondary outlets and exchange shops through agents working for Iran.”

The researcher added, “The stages of hard currency smuggling are not limited to Iran only, but there are influential people who have interests in other countries where money laundering operations are carried out, through the purchase of real estate or opening investments.”

Eid continued, “The phenomenon of smuggling hard currency is increasing in many ways, including importing goods with bills that include fake goods, or through forged invoices in which prices are inflated at large levels.”

pressures and challenges

In turn, security expert Alaa Al-Nashwa says that “the Iraqi government without US restrictions cannot limit currency smuggling, for many reasons, including under the authority of the state coalition, especially pro-Iranian, who have been proven to be smuggling currency for the latter.”

Al-Nashwa explained to Shafaq News that “Sudanese does not have the decisive decision on this issue, and is subject to Iranian pressure and American determinations that work to ensure its interests by activating the decisions of the Federal Reserve in reducing the volume of sales to the Central Bank in currency auctions.”

The Central Bank of Iraq announced on Friday that the US Treasury has shown its readiness for the necessary flexibility to achieve “common goals”, and agreed to continue coordination and cooperation during meetings to be held in Washington, D.C., before the middle of this month.

Money laundering penalty

The Anti-Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2015, in its articles 36, 37, 39, 40, 41, 42, 43, 44 and 46, punishes the crimes of money laundering, smuggling or affecting the local currency, according to legal expert, Haider Al-Sufi.

Al-Sufi explains to Shafak News that “the penalty (incarceration and a fine) varies according to the type of each crime and its article in Iraqi law, some of which amount to life imprisonment.”تقارير-وتحليلات/المركزي-العراقي-يصدر-ح-زما-صلاحية-لردع-تهريب-الدولار-ومراقبون-مامه-تحديات-كبيرة

Al-Sudani hosts a presidential meeting at the government palace: Discuss the economic situation

PoliticiansBreakingThe Three PresidenciesMohammed Shiaa Al-Sudani

2023-02-04 10:47Font

Twilight News / Prime Minister Mohammed Shiaa Al-Sudani hosted, on Saturday evening at the government palace, a meeting that included President of the Republic Abdul Latif Jamal Rashid, Speaker of the House of Representatives Mohammed Rikan Al-Halbousi / and Speaker of the Supreme Judicial Council Judge Faiq Zeidan, according to a statement by the Sudanese office received by Sha

The meeting witnessed a deliberate on the most important political, economic and social situation at the national level, discussing a number of pressing issues and their repercussions on the reality of the country, and discussing the progress of the implementation of the government program and meeting the aspirations of citizens in services and care.

The meeting discussed the most prominent economic challenges and measures taken to confront them, in order to ensure the protection of the poor and vulnerable classes and provide them with protection.سیاسة/السوداني-يستضيف-اجتماعا-للر-اسات-في-القصر-الحكومي-ناقش-الوضع-الاقتصادي

US Treasury for Istanbul meeting: We discussed with the Central Bank of Iraq the mutual commitment to money laundering

PoliticiansBreakingU.S. Treasury DepartmentThe Central Bank Of IraqMoney LaunderingIstanbul Meeting

2023-02-04 12:53Font

Twilight News / The US Treasury Department announced on Saturday the files it discussed with the Central Bank at the Istanbul meeting.

“Treasury Undersecretary for Terrorism and Financial Intelligence Brian E. Nelson met with the Governor of the Central Bank of Iraq Ali Al-Alaq in Istanbul on February 3 to discuss banking sector reforms and mutual commitment to combat money laundering and countering financing,” a ministry statement said. of the measures of terrorism (AML / CFT)”.سیاسة/الخزانة-ال-ميركية-عن-اجتماع-سطنبول-ناقشنا-مع-البنك-المركزي-العراقي-الالتزام-المتبادل-لغسيل-ال-موال

Al-Mandalawi: We support the measures taken by Al-Sudani in dialogue with the US Treasury

  • Time : 2023/02/04 17:29:37
  • Read: 3090 times
Al-Mandalawi: We support the measures taken by Al-Sudani in dialogue with the US Treasury


{Policy: Al-Furat News} First Deputy Speaker of the House of Representatives Mohsen Al-Mindlawi announced on Saturday the Council’s support for the measures taken by Prime Minister Mohammed Shiaa Al-Sudani by understanding and dialogue with the US Treasury.

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“We support all efforts and measures taken by Prime Minister Mohammed Shiaa Al-Sudani, by understanding and dialogue with the US Treasury on transfer mechanisms,” Al-Mandalawi said in a tweet on {Twitter}.

“We also support controlling the work of banks and banking companies, in addition to providing all basic food commodities at discounted prices,” Mandalawi added.المندلاوي-ندعم-الجهود-والإجراءات-المتخذة-من-قبل-السوداني-بالحوار-مع-الخزانة-الأمريكية

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Iraqi sources to “New Arab”: Lavrov begins a visit to Baghdad on Monday


04 Feb 2023

Lavrov will discuss activating a number of memorandums of understanding between the two countries (Evgenia Novozhininia/AFP)

Russian Foreign Minister Sergei Lavrov is expected to arrive in the Iraqi capital Baghdad within the next two days, where he will meet with Prime Minister Mohammed Shiaa Al-Sudani and other officials to discuss a number of files, an Iraqi Foreign Ministry official revealed to Al-Arabi Al-Jadeed.

The file of foreign relations of the Sudanese government is one of the most prominent files it faced, with accusations that it is close to Iran, and standing within the so-called “axis”, especially as it is formed by the “coordination framework” that brings together all blocs and parties supported and close to Tehran, which Al-Sudani has denied more than once since

An official source at the Iraqi Foreign Ministry told Al-Arabi Al-Jadeed that “Lavrov will arrive in Baghdad on Monday, on a two-day official visit, during which he will hold meetings with prime ministers, the Republic and parliament in Baghdad, and will also go to Erbil, the capital of the Kurdistan region, in order to meet with the leaders of the region.”

The source, who asked not to be named, indicated that “Lavrov will be at the head of a Russian government delegation, in addition to Russian companies specialized in a number of fields, and will work to sign agreements on investment and economic issues, especially in the oil, gas and energy side, with security files, exchange of experiences, and the possibility of concluding new arms deals between Baghdad and

He pointed out that “the Russian minister will discuss in Baghdad activating a number of memorandums of understanding between the two countries, related to health, education, transport, oil, energy, and other files, in addition to the file of Iraqi students studying in Russia, and the majority of these files will also be discussed during his visit to Erbil and his meeting with the Kurdistan Regional Government and Kurdish leaders.”

The source in charge of the Iraqi Foreign Ministry confirmed that “the file of developments in the situation in the region will not be absent from the axes of Lavrov meetings, during his visit to Iraq.”

For his part, the expert on Iraqi political affairs, Ahmed Al-Sharifi, said in a phone call with the “New Arab”, that the Sudanese government “wants to conclude economic and trade agreements and other second files, with many countries and international companies, and does not want to limit any file to one country, and therefore it is directed to Russian, American, Chinese, French, German

Russian weapons make up about 30 percent of the Iraqi army’s arsenal today, the majority of which were old weapons before the 2003 U.S. invasion of Iraq, which was rehabilitated. Several deals were also struck with Moscow after 2012 during the government of former Prime Minister Nuri al-Maliki to buy armored vehicles, combat weapons and attack helicopters.

At the end of November 2020, Moscow announced its readiness to meet Iraq’s demands in the field of arming its forces. Russian Foreign Minister Sergei Lavrov said at the time, at a joint press conference in Moscow with his Iraqi counterpart Fouad Hussein, that “Russia and Iraq are cooperating in various fields, including military cooperation.” Lavrov added that his country is ready to “meet all Iraq’s needs for Russian-made military products.”مصادر-عراقية-لـالعربي-الجديد-لافروف-يبدأ-الاثنين-زيارة-إلى-بغداد

meeting of Iraqi political forces to discuss dollar crisis

PoliticiansBreakingThe Central Bank Of IraqPolitical ForcesDollar Exchange Rates

Iraqi Political Forces at a Meeting – Archive

2023-02-04 02:00Font

Twilight News / Informed Iraqi political sources revealed, on Saturday, a meeting of Iraqi political forces to discuss the latest developments in the crisis of the rise in the exchange rate of the dollar in the local market.

The sources told Shafaq News that “all blocs and political parties will hold, today, an important meeting for them in the capital Baghdad, in the presence of Prime Minister Mohammed Shiaa Al-Sudani and Speaker of Parliament Mohammed Halbousi, in order to discuss the latest developments in the crisis of the rise in the exchange rate of the dollar in the local market, and the

The sources indicated that “the meeting will come out with unified decisions and recommendations aimed at supporting government measures that seek to control the dollar exchange rate in the local market,” likely that “there will be an agreement to vote on some decisions of the meeting in the parliament session to be binding on implementation.”

The Central Bank of Iraq announced, on Friday, the conclusion of its meetings with the US Treasury Department in Istanbul, and noted that Washington has shown its readiness for the necessary flexibility to achieve “common goals.”

After the Istanbul meeting, dollar exchange rates fell “significantly” on Iraqi stock exchanges.سیاسة/اجتماع-مهم-للقوى-السياسية-العراقية-لمناقشة-زمة-الدولار

Russian Foreign Minister visits Baghdad this week

PoliticiansIraqBreakingSergei LavrovVisit

2023-02-04 02:59Font

Twilight News / An official source at the Iraqi Foreign Ministry revealed, on Saturday, an upcoming visit by Russian Foreign Minister Sergei Lavrov to the capital Baghdad.

The source told Shafaq News that “Russian Foreign Minister Sergei Lavrov will visit the Iraqi capital Baghdad next Monday at the head of a government delegation and a number of major Russian companies, during which he will meet his Iraqi counterpart Fuad Hussein and the three Iraqi presidencies.”

The source, who asked not to be named, said that “Russian Foreign Minister Sergei Lavrov will discuss in Baghdad the file of energy, oil and gas and the work of Russian companies, in addition to the arms file,” noting that “there is the possibility of concluding various deals during Lavrov’s meetings with Iraqi officials.”

Russian Foreign Minister visits Baghdad this week