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By Amina al-Dahabi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
A prominent economic official in the Iraqi government, who preferred to remain anonymous, said in an interview with Al-Monitor that out of the 33 private Iraqi banks operating in the country, 29 […]. By John Lee. Hamed khalaf Ahmad.
Mr Ismail said he was leaving his former […]. While it has long been assumed that ISIS gets most of its money from donors in the Gulf, recently declassified documents suggest otherwise. See this article.
IQD - Iraqi Dinar
The […]. For those with access […]. If that is the case, you might think it would be easy to get the banks to put more of their deposits to work in the "real economy. Fund managers visiting Iraq for the first time are often surprised by the large amounts of cash Iraqi banks typically hold. These parties have banks that monopolise the circuit of buying dollars from the central bank then reselling them on the black market, reaping in huge profits in the millions of dollars on a daily basis.
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In its statement, the Dawa Party seemed to have conveniently forgotten that it had, during the two terms as prime minister of its leader Nouri al-Maliki, squandered about a trillion dollars of exceptional oil revenues at the height of the rise in oil prices. It spoent the money on buying political and popular loyalties and on an unprecedented increase in the number of state employees and security agencies, which led to widespread political, financial and administrative corruption, mismanagement and the domination of certain families on the state. Unofficial estimates indicated that the successive Iraqi governments that followed the formation of the first post invasion Iraqi authority were responsible for the disappearance of about a quarter of a trillion dollars, which were set aside for reforming the sectors of health, education, electricity and public services.
Khazali, like Maliki, has a bank that participates in the monopoly of buying dollars from the central bank and selling it on the black market, reaping huge daily profits.
Iraq Fiscal Reforms Key to Curbing Forex Reserve Decline
Khazali tried to mobilise politicians and public opinion against the government. This deficit prompted the government to propose reducing the value of the local currency against the US dollar, in order to collect higher dinar returns that would enable it to meet public expenditures. Years ago, the Central Bank of Iraq fixed the rate of exchange of the Iraqi dinar against the US dollar of 1, Iraqi dinars to the dollar.
Despite the emergence of a parallel black market selling dollars at a higher price, the difference was within a permissible margin of economic manoeuvring. Iraq needs about 40 billion dollars annually to cover the salaries of employees, retirees, and all those who receive fixed monthly payments from the government.
Cbi rate for iraqi dinar
It seems that the solution of devaluating the local currency found by the Iraqi Ministry of Finance, headed by veteran economist Ali Allawi, will indeed deduct from the salaries of employees but without announcing it as such. The budget bill, which carries the new exchange rate, had been suspiciously leaked to the media, causing the exchange rate to rise on the black market. Following the leak, the authorities were completely confused.
While the Ministry of Finance criticised the leak, saying that it will make assessing the merits of the budget difficult, the Finance Committee of the Parliament immediately called on the government to introduce rapid amendments to protect the vulnerable classes, those living on welfare, workers in the private sector, and deal with inflation and provide the necessary food items made available through the ration card.
The draft budget also included an appendix explaining the process of deducting part of the allocations granted to employees for purposes of risk, subsistence, transportation, clothes and others. Representatives in the Iraqi parliament said that the government stole from employees in two ways, first by reducing the value of the dinar and secondly by deducting part of the allocations.