Blinken: We are working to strengthen Iraq’s economy and reintegrate it into the region

During a joint press conference between the US Secretary of State and his Iraqi counterpart in Washington

10.02.2023

Iraq

Istanbul / Anatolia

US Secretary of State Anthony Blinken said on Thursday that his country is working to strengthen the Iraqi economy and reintegrate it into the region within the framework of the strategic relations between the two countries.

This came during a joint press conference between Blinken and his Iraqi counterpart Fouad Hussein, who is visiting Washington as part of a high-level delegation, according to the official Iraqi News Agency.

In early February, Iraqi Prime Minister Mohammed Shiaa al-Sudani announced that a high-level delegation would visit Washington on the seventh of the same month to discuss files, including fluctuations in the price of the dollar against the dinar.

Since last November, the US Federal Reserve has imposed stricter controls on international dollar transactions by Iraqi commercial banks.

In his speech during the press conference, Blinken said: “We are working to strengthen the Iraqi economy and reintegrate it into the region in accordance with the strategic framework agreement linking the two countries,” explaining that “we are now focusing very intensively on the economic dimension of that agreement.”

In 2008, Washington and Baghdad concluded a “strategic framework” agreement that paved the way for the exit of US forces from Iraq at the end of 2011 after eight years of occupation.

“Particular emphasis will be placed on energy and electricity in the strategic framework agreement,” Blinken said, adding that Iraq “can and must be independent in the field of energy.”

He pointed out that “US President (Joe Biden) had a very good conversation with the Iraqi Prime Minister a few days ago, stressing the way to strengthen the strategic partnership that unites Iraq and the United States.”

For his part, the Iraqi Foreign Minister said that his country “will continue to work with Washington on the basis of building the Iraqi economy.”

“We thank the United States for supporting Iraq in its fight against ISIS,” Hussein said in his speech at the conference.

Since 2014, Washington has led an international coalition to combat ISIS, with about 3,000 troops deployed in Iraq, including 2,500 Americans.

https://www.aa.com.tr/ar/اقتصاد/بلينكن-نعمل-على-تعزيز-اقتصاد-العراق-وإعادة-دمجه-بالمنطقة/2813890#

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Challenges facing C.B.I.’s “reform initiatives” to curb dollar smuggling

ReportBreakingCBI

2023-02-06 02:39Font

Shafaq News / The “lack” of supervisory processes by the Central Bank of Iraq (C.B.I.) has led to an upsurge in the smuggling of dollars out of Iraq during the past few months, according to the Parliamentary Integrity Committee. On the other hand, experts think that the current C.B.I. initiatives will “cut off crimes against national economic security.”

According to Mudhhir Mohammed Saleh, the PM’s advisor for financial affairs, the term “smuggling” refers to “operations against the law and public order, which are among the criminal offenses that are tightly restricted by the law and among the economic crimes.”

“The country’s economic independence in dealing with external transfers typically is enough to reduce the resort to economic crimes represented by the illegal drain of cash.”

He also pointed out that “the coming days in Iraq will witness greater freedom of external transfer or foreign currency transfer with flexible, transparent, and tight means, and through the Iraqi banking system.”

“The C.B.I.’s first facilitative procedural initiative is an indication of enabling the legal transfer of funds out of the country, which will cut off crimes against national economic security.”

Furthermore, in order to address the demand for the dollar on both the cash and international remittances sides, the C.B.I. issued the second package of facilities on Friday.

It is worth mentioning that on Monday, January 19, the C.B.I. announced the first set of actions to bring the foreign exchange market back to normal after the dollar rise, which has skyrocketed unprecedentedly due to the measures imposed by the U.S. to curb currency smuggling from Iraq.

Bassem Khushan, a member of the parliamentary integrity committee, stated that the currency auction, which served as a platform for money laundering and currency smuggling, is where currency smuggling first started, “It seems that restrictions have become tighter on smuggling, which led to the results that surfaced currently.”

Khushan explained to Shafaq News Agency, that “the C.B.I.’s control over the government and private banks was non-existent. They were completely unrestricted due to their lack of supervisory procedures.”

Additionally, according to economist Ahmed Eid, the smuggling of dollars abroad has escalated in recent months after the U.S. Federal Reserve imposed sanctions on banks that were facilitating money laundering operations.

“The smuggled amounts increased by withdrawing hard currency through Iranian-affiliated agents from secondary outlets and exchange points.”

He added, “The phases of smuggling are not restricted to Iran alone, 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 the opening of businesses.”

“Hard currency smuggling is expanding in various ways, including through importing items with invoices containing counterfeit goods or falsified invoices with excessively inflated prices.”

For his part, security analyst Alaa al-Nashou said, “Without U.S. restrictions, the Iraqi government cannot prevent currency smuggling, for lots of reasons, including being subject to the state coalition, especially those loyal to Iran, who have been proven to be the ones who smuggle dollars to the latter.”

He explained, “Al-Sudani does not possess the last say in this matter. He is subjected to Iranian pressure and U.S. determinations that work to ensure its interests by activating the Federal Reserve’s decisions to reduce the volume of sales to the C.B.I. in currency auctions.”

Meanwhile, the C.B.I. announced on Friday that the U.S. Treasury reaffirmed its readiness for the flexibility necessary 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.

According to legal expert Haider al-Sufi, articles 36, 37, 39, 40, 41, 42, 43, 44, and 46 of the Anti-Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2015 punish money laundering, smuggling, or affecting the local currency by imprisonment and fine varies according to the type of each crime and its article in Iraqi law, some of which amounts to life imprisonment.

https://shafaq.com/en/Report/Challenges-facing-C-B-I-s-reform-initiatives-to-curb-dollar-smuggling

Meeting the Iraqi FM, Blinken: Iraq should be strongly energy independent

Iraq NewsFuad HusseinAntony Blinken

2023-02-09 14:43Font

Shafaq News/ On Thursday, the Iraqi Minister of Foreign Affairs and the US secretary of State, Anthony Blinken, held a joint conference in Washington.

“It’s a great pleasure to have my longtime friend Fuad Hussein, the foreign minister of Iraq, here at the State Department in Washington. We have worked together for many years – too many years. But it’s always wonderful to have you here.” Blinken said.

The US top official said the United States has a “Strategic Framework Agreement with Iraq, but we are now focused very intensely on the economic dimension of that agreement and the work that we can do together…to continue to strengthen Iraq’s economy, its integration, reintegration in the region, in ways that make a material difference in the lives of the Iraqi people and Iraqi citizens.”

“One particular focus will be on energy, on electricity, and this is something that I think the United States and others can continue to support Iraq as it moves in that direction.” He added.

Blinken reaffirms the talks between President Biden and Iraqi Prime Minister Mohamad S. Al-Sudani about strengthening the strategic partnership that “unites Iraq and the United States.”

In turn, Hussein thanked Washington for the American support in the fight against ISIS. “ we worked together, we fought together, we defeated the so-called Islamic State together, and we will continue working together on the basis of building and rebuilding our economy.”

The Iraqi Foreign Minister stressed that Baghdad is in need of the American companies’ support. “we need your support in various fields, and we will continue our cooperation.”

https://shafaq.com/en/Iraq-News/Meeting-the-Iraqi-FM-Blinken-Iraq-should-be-strongly-energy-independent

She didn’t touch the dollar. US ambassador reveals details of Iraqi delegation meeting in Washington

political| 02:30 – 09/02/2023

Baghdad – Mawazine News
US Ambassador to Iraq Alenja Romanisky revealed the details of the meeting of the Iraqi delegation in Washington.
“The work of the Supreme Coordination Committee between the United States and Iraq, chaired by US Secretary of State Antonio Blinken, and Deputy Prime Minister and Iraqi Foreign Minister Fuad Hussein,” the ambassador said in a tweet and followed by Mawazine News.
She pointed out that “cooperation under the strategic framework agreement between the two countries in the fields of trade, energy independence, environment, climate change and ties between the two peoples has been strengthened.”

The ambassador did not address the dollar exchange rate during the talks. Finished29/h

https://mawazin.net/Details.aspx?jimare=218869

A $20 million fine.” Banking offices: The closing penalty pushes us not to sell dollars

EconomyBreakingThe Central Bank Of IraqDollar Exchange RateBanking

2023-02-09 04:57Font

Twilight News / Many banking offices are witnessing reluctance to sell dollars to citizens after determining the new price by the Central Bank of Iraq and approving it by the Council of Ministers.

Owners of some banking offices confirm on Thursday that the threat of closure and fine prompted us not to sell dollars to citizens’ beneficiaries.

A banking owner in Baghdad said in an interview with Shafaq News that “the threat of the Central Bank to impose financial sanctions and close our offices made us wary of the process of selling the dollar,” noting that “the Central Bank asked us to abide by the official pricing by selling at a price of 132 thousand dinars per 100 dollars.”

He added that “the price of the dollar in the parallel market is higher by about 20 nigments, so some banking offices buy dollars from citizens at a price of 131,000 dinars per 100 dollars, but they refuse to sell except for knowledge and at the price of the parallel market for fear of economic security.”

He added that “we received yesterday, Wednesday, the weekly quota of the dollar at a rate of 146,500 against 100 dollars after we paid the bank its dues a week ago,” noting that “we will bear to lose it after reducing the price to 131,000 dinars per 100 dollars.”

The owner of another exchange company confirmed in an interview with Shafaq News that “economic security is widespread in the region and they follow and deliberately enter our offices and companies claiming their need to sell or buy dollars to ensure the company’s compliance with the instructions of the Central Bank,” noting that “the violator will close his office immediately and refer him to court to be fined 20

He pointed out that “Economic Security also follows up the outlets for the distribution of salaries that previously bought the dollar and are originally prohibited from buying or selling dollars,” stressing that “most of these ports and some exchange companies preferred to close his office for fear of sanctions.”

It is noteworthy that the Central Bank allocated on Wednesday a hotline to receive citizens’ complaints and inquiries related to the purchase of foreign currency dollar, indicating that it will receive complaints and inquiries during official working hours, from 8:30 am to 7:00 pm.

https://shafaq.com/ar/اقتصـاد/غرامة-20-مليون-دولار-مكاتب-صيرفة-عقوبة-ال-غلاق-تدفعنا-لى-عدم-بيع-الدولار

Integrity: Arrest of the former director of the Trade Bank of Iraq in the UAE

• Time : 2023/02/09 15:22:58
• Read: 741 times

  

{locality: Al-Furat News) The Federal Integrity Commission announced the arrest of the former Director General of the Trade Bank of Iraq (TBI), on the background of her conviction in a number of cases of administrative and financial corruption, coinciding with the visit of Prime Minister Mohammed Shiaa Al-Sudani to the United Arab Emirates on Thursday.

A statement of integrity received by {Euphrates News} a copy of it that “the recovery department in the authority indicated that it has already organized recovery files against the fugitive convict arrested in the United Arab Emirates, indicating that (17) recovery files were sent to the Presidency of Public Prosecutions; for the purpose of sending them to the UAE; in order to hand over the

The department added that “the conviction caused damage to public money during her tenure as Director General of the Trade Bank of Iraq (TBI) amounting to (1,116,024,788) billion US dollars and (90,786,020.500) billion Iraqi dinars, noting that these amounts were determined in the criminal decisions issued by the competent courts against the fugitive convict.”

A source in Al-Zahah told Al-Furat News that “the intention of the announcement of arrest is the former director of the bank (Hamdiya Al-Jaf) required for the judiciary.”

https://alforatnews.iq/news/النزاهة-القبض-على-مديرة-المصرف-العراقي-للتجارة-الأسبق-في-الامارات

UrgentIn pictures.. Al-Sudani and bin Zayed discuss economic cooperation and finding peaceful settlements to the crises of the region

• Time : 2023/02/09 15:06:03
• Read: 689 times

  

{International: Al-Furat News} Prime Minister Mohammed Shiaa Al-Sudani discussed with the President of the United Arab Emirates, Mohammed bin Zayed Al Nahyan, “fraternal relations and opportunities to develop cooperation and joint action between Iraq and the UAE.”

The Emirates News Agency {WAM} said that the two sides discussed “diversizing the prospects for cooperation in all fields for their mutual interests, in addition to a number of issues and topics of common interest.”
During the meeting held at Qasr Al Watan in the capital Abu Dhabi, bin Zayed welcomed the Sudanese “in his second country, the UAE.”
Al-Sudani and bin Zayed reviewed “facets of cooperation and joint work in the economic, trade, investment and development aspects and the opportunities available to develop them to wider levels in all fields that are consistent with the priorities of the two countries in achieving development, progress and prosperity for their brotherly peoples.”
The two sides also reviewed “a number of regional and international topics and files of common interest and exchanged views on them.”
The Prime Minister and the President of the UAE stressed “the compatibility of the visions of the two countries on many issues of common interest, especially with regard to finding peaceful settlements of the conflicts and crises taking place in the region and advancing diplomatic efforts that contribute to achieving the aspirations of their peoples for stability and prosperity.”

https://alforatnews.iq/news/بالصور-السوداني-وبن-زايد-يبحثان-التعاون-الاقتصادي-وإيجاد-تسويات-سلمية-لأزمات-المنطقة