Rriminal spend jail customer bank runaway "colluded" to steal more than two billion dinars
October 21, 2016 | 12:16

Integrity Commission announced on Friday sentenced a customer Ahli Bank of fugitive convicted of "complicity" with the government bank employees to steal two billion dinars and a half billion of public money.

The authority said that "competent integrity issues, the Criminal Court sentenced in absentia to prison, serving a customer Ahli Bank of oldest to steal two billion dinars and a half billion of public money by manipulating the electronic clearing procedures in collusion with other convicts,"

indicating that "a convicted fugitive (H.s.b ) the oldest to steal two billion five hundred million from the state’s Rafidain Bank funds in partnership and agreement with the convicted (S.d.kh) and other staff in the state Bank divisive cases.

"She explained the Commission, that "the details of the case do not refer to the convicted (H.s.b) to withdraw the amount under the instrument on his account in one of the private banks for the benefit of the convicted (S.d.kh) who deposited the instrument in the state’s Rafidain Bank – Branch brotherhood, and then the amount withdrawn without a government bank staff to send a notice to the National Bank, to verify the existence of sufficient credit in the first convicted account covers the amount of the instrument.

"She Integrity Commission, that "the decision of the judgment based on the provisions of Article (444 / fourth and eleventh) as well as to sentence to prison for ten years, to ensure the support of booking movable and immovable property, and giving the right to hand the affected request compensation if the acquisition of the decision become final ".

Referred to the Integrity Commission announced from time to time in the seizure attempts to steal public money and the release of definitive judgments against people convicted of attempted embezzlement of funds.


Imprisonment for TBI director and director of Harthiya branch Alosbakan for their involvement with corruption
Friday, October 21, 2016 11:14

Baghdadi News / ..
Integrity Commission announced on Friday for the sentencing the director of the Iraqi Trade Bank and director of the bank’s branch in Baghdad Balharthyh Alosbakan, for their involvement corruption issues.

The Commission said in a statement received / Baghdadi News / copy of it, that "the Director of the Trade Bank of Iraq branch TBI granting himself a loan of one million dollars,

unlike the banking instructions with the knowledge and approval of the Director General were known Integrity Commission for the issuance of a default judgment serving prison director general of the Iraqi Bank for Trade TBI and Branch Manager Bank in Harthiya Alosbakan, the overriding functional caused by their powers and causing serious damage to public property. "

She said the Commission, that "the Department of Investigation in the Commission reported an exhibition Speaking about the case referred to the Court by the competent investigating judge of integrity issues, the issuance of a sentence to seven years’ imprisonment imposed on those convicted H.a.a director general of the Iraqi Trade Bank (TBI) and (m .b.d) director of the bank’s branch in Harthiya Alosbakan. "

And he referred to "the feet of the convicted (M.b.d) exploiting his career as the director of the branch of Trade Bank of Iraq (TBI) in Harthiya and give himself a loan of million dollars, on the pretext that one of the founders of a competent civil company air cargo and aviation, was signed on the treatment of the loan twice : first as a creditor and a debtor as a second,

"indicating that" the investigations that led to the violations, which earlier convicted them (M.b.d) had the knowledge and approval of the Director General of the Iraqi trade Bank (TBI) former (H.a.a) and also showed that the Okiem real estate stocks, which put as collateral to meet the loan,

it was much less than the loan granted to a convicted value, as well as the civil company’s failure to pay interest on the loan, the amount of damage to public money to reach more than a million and a half million dollars. "

It said the Commission, that "the competent court of integrity issues and found the result available to its enhanced minutes of the investigative committee, composed in the bank evidence and recommended to download convicts full responsibility for the abuses and violations taking place in the treatment of the loan and the damage that mass public money,

as well as the presumption of escape of convicts from the face of justice, sufficient and convincing for being convicted on the basis of the requirements of Article 340 of the Penal Code. "

She stressed that "the court decided to rule on each of the convicts sentenced to seven years, pro custody on their money movable and immovable property, giving the right hand of the affected request compensation if the acquisition of the decision become final rule".


The managing director of the National Iranian Gas Company (NIGC) said the Islamic Republic is fully ready to start exporting gas to neighbouring Iraq as soon as the Arab country opens a line of credit (LC) for the project.

“Iraqis are now negotiating with international banks so they can open an LC,” Hamid Reza Araqi said in a press conference in Tehran on Wednesday.

Iran has laid 100 kilometers of pipelines for the project through which 5 million cubic meters (mcm) of natural gas will be exported to Iraq daily in the first stage.

The two countries signed a deal on the exports of natural gas from the giant South Pars Gas Field to Iraq back in 2013.

Based on the agreement, 25 mcm of gas will be delivered to Sadr, Baghdad and al-Mansouryah power plants through a 270-kilometer pipeline.

The project is estimated to earn Iran $3.7 billion a year in revenues.

(Source: Tasnim, under Creative Commons licence)

The International Finance Corporation (IFC), a member of the World Bank Group, has invested a total of $410 million (including $125 million in mobilization) in Iraq to support the development of the nation’s private sector, with a special emphasis on improving access to vital infrastructure and supporting the manufacturing sector.

In fiscal year 2016, IFC finalized a $375 million financing package for a leading private Iraqi power company to help provide electricity to millions of people across the country, particularly in the Kurdistan Region of Iraq, where a migrant crisis has strained power infrastructure.

Ziad Badr, IFC Principal Country Officer in Iraq, said:

Iraq is a priority country for IFC in the region. The current security situation and sharp drop in oil prices highlights the need to foster a diversified economy and boost economic growth.

“With over 90 percent of government revenues generated from the oil sector, IFC’s support to the private sector is crucial for the growth of the non-oil economy and creation of jobs.

Since FY11, IFC has invested $1.1 billion in long-term financing in Iraq (including $378 million mobilized from other investors and $8.3 million from MIGA). IFC’s portfolio currently stands at $441 million.

IFC investment and advisory projects focus on boosting trade, increasing South-South investments, improving infrastructure, and bolstering access to finance for micro, small and medium enterprises.

(Source: IFC)

By John Lee.

The Central Bank of Iraq (CBI) has reported that 31 banks and 14 remittance companies took part in its currency auction on Thursday.

A total of $152,418,592 sold at a price of 1182 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

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Rational: Using the universal banking system through the application of the IBAN to transfer money

20.10.2016 at 10:12

Rasheed Bank, announced Thursday, for the use of the overall banking system through the application of the IBAN system to transfer money in and out of Iraq.

The bank manager Rashad Khudair in a statement received / balances News / copy of it, "the bank held a training course on the use of IBAN bank issuing identity of customers the bank’s program."

He Khudair, that "the importance of the program in the unification of the bank accounts of all banks operating in Iraq figures in preparation for the use of the banking system overall, which leads to improving the level of financial and banking services."

He noted the bank manager, that "he was a timeline for lecturing on the branches and staff of the current account and savings managers to explain the importance of the international bank account number," pointing out that "the bank will pay under this system to transfer funds in and out of Iraq for all customers bank through that account. ".


The three economic errors

20/10/2016 0:00

Dr.. As Abdul Hadi
why the economic situation is still weak? And why has not changed as it should be in acountry with such wealth? These questions are among the most frequently asked questions that are often put on us by our students and our friends, everyone was dreaming of a new economic reality radically different from what it is like before the fall of the dictatorial regime,

blockade had been lifted and the oil returned flowing and prices reached the acceptable limits, and import open and salaries increased What ‘s the problem?

problem began with the taking of three economic decisions "wrong" (in the civil administrator time) are still suffering from the negative and IMHO its repercussions will stay well until processed and these mistakes are the first to raise the tariff for imports, which was intended to provide goods for Iraqis cheaply and compensation for years of deprivation (economic sanctions)

as well as re – economic relations with the outside world, but that has led to the killing of the domestic industry ‘s nascent one hand because of commercial dumping, as well as a waste of cash our reserves because of the poor quality of most of the imported goods on the one hand the

second error is raise the Iraqi dinar exchange in order to improve the income level of the price,
but interest was limited to the category of traders and speculators after the successful "business cartels" are in control of the financial cycle with the help of some bank branches, and error the third was the lifting of the pay scale suddenly and significantly from what it was before 2003.

and this led to an increase in consumer domestic demand encased externally and then the general level of prices rising and thus lower the income level of the

Christian coconut head of the IMF Mission for Iraq says we have made good progress towards the completion of the first review of the agreement to prepare the credit, which provides financial support for the next three years, this is good but temporary cure and we will stay and to stretch an invisible suffering from problematic unilateral returns and inflation , government spending ,

and this dilemma requires a review of past mistakes and processed with an economic vision for the future based on the diversity of the fiscal revenue
of the country.