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The biggest robbery in history .. How lost 500 billion dollars of Iraq’s money?


Equivalent to the sum spent by the Gulf States combined in one year, and building 600 skyscrapers the size and cost of the World Trade Tower WTCin New York City; more than $ 500 billion is the amount of money lost by Iraq from corruption, since the fall of the former regime on April 9, 200 until 2019 , According to statistics and experts in the economy and official data.

For many Iraqis, talk about the extent of government corruption and its "horrendous" figures seems futile.

They absolutely believe that they live in the most corrupt countries in the world. They see it in the media, the street and the institutions, and in the statements and speeches of the officials.

Iraqis were skeptical of these figures and counted them as insufficient to count the successive governments’ misfortunes and wealth to place Iraq in the ranks of the superpowers.

"The financial and administrative corruption in Iraq is not a matter of figures," said former MP and head of the Iraqi Umma Party, Mithal Al-Alusi.

"What Iraq lost is more than a few times what the Integrity Commission and the competent authorities are talking about." He said that "astronomical budgets went into the pockets of the parties by dividing them, It was, how they steal more. "

Al-Alusi asserts that "corruption has left only a door and its methods in all sectors, institutions and files, and left us a huge number of projects and billions of dollars as foreign debts, as well as the destruction of investment and infrastructure and destroy all the potential of the state."

In April 2003, the financial imports of Iraq since the US invasion and the fall of the former regime exceeded $ 1,000 billion, half of which went to the imaginary investment budget, the symbol of "the greatest corruption," according to the Parliamentary Integrity Commission. Iraq has lost,

as the Commission says, more than $ 350 billion through the smuggling of currency and the Central Bank auction, and contracts and projects phantom and slow since 2003 until the moment.

In an earlier statement to Prime Minister Adel Abdul Mahdi, he said that "corruption has lost the country 450 billion dollars with the presence of local wheat to government employees by 6%, that is 20 minutes of work a day," stressing that "Iraq’s budgets since 2003 to the year of 850 Billion dollar".

Abdul-Mahdi announced at the end of last month the formation of a higher council to "fight corruption", which will open all files and hold those responsible accountable, but that the Council "will not work" according to specialists, such as the Integrity Commission and the offices of the inspectors general, Counterterrorism Agency in the fight against corruption.


Iraq adopts a new currency by dealing with Iran and is close to completing a deal

Baghdad is close to completing a deal to import energy from Iran by moving away from the dollar and adopting other currencies in trade accounts between the two countries, Prime Minister Abdul Karim Hashim Mustafa’s adviser said on Thursday.

"A large delegation from the Central Bank of Iran has proposed the idea of ​​trading with Iran in European currency, Iraqi dinar or oil," Mustafa said in a recent interview in Moscow on the sidelines of the Valdae International Conference on the Middle East.

"The sanctions against Iran are American and we have the right to protect our national interests; we always tell the Americans: ‘We are friends, but we are not part of your policy in the region.’


Iraq strengthens its reserves of gold and revealed its quantity


{International: Euphrates News} World Gold Council data revealed that Iraq Iraq has strengthened its reserve of gold.

The World Gold Council’s latest report showed that central banks around the world bought around 651.5 tonnes of gold in 2018, noting that Russia and Turkey had raised their reserves at the expense of the dollar.

Countries such as Iraq, India, China and Kazakhstan were among the top gold buyers in 2018. According to data, Iraq increased its reserves last year by 6.45 tons, bringing its total gold holdings to 96.3 tons.

He pointed out that the reserves of Iraq reached the end of the third quarter of 2018 about 96.3 tons, which allowed him to progress on Arab economies rich in precious metal reserves.

The geopolitical and trade tensions coupled with Washington’s sanctions policy have shaken confidence in the US dollar in recent years, prompting a number of global central banks to increase their purchases of gold.


Iran reveals the volume of its exports to Iraq and promised from Baghda


{International: Euphrates News} The governor of the Central Bank of Iran, Abdel Nasser Hamati, revealed an Iraqi promise to his country.

"The Islamic Republic has close ties with the Republic of Iraq," Hamati said in a press statement during an economic meeting in the western province of Kurdistan, adding that "Iraqi officials have promised to provide facilities for Iranian exporters."

He stressed that "the need to turn the Iranian province of Kurdistan to an export platform to the Kurdistan region of Iraq, taking into account the advantages, saying that the production units must not face any liquidity problems."

Hamati pointed out that "our exports to Iraq now amounts to about 12 billion dollars, and may increase this figure to 20 billion dollars," adding, "Given the potential of the province of Kurdistan in different parts of them, officials should be planning in the province, to convert to an export platform to Iraq" .

The governor of the Central Bank of Iran, Nasser Hamati, visited Baghdad earlier this month and agreed with his Iraqi counterpart Ali al-Aalak to "determine a mechanism for financial payment between the two countries.

"With respect to Iraq’s debts to Iran’s gas and electricity exports to Iran, we signed after 4 hours of talks an important agreement with the Central Bank of Iraq to address the obstacles of money transfer and debt repayment," Hamati added.

He pointed out that "Based on the consensus, the monetary and banking relations between us and Iraq will be within the framework of the euro and dinar, where the Central Bank of Iran will calculate in Iraq on the basis of the dinar and the euro will be completed banking transactions through Iraqi banks."

"The people of Iraq have suffered from the blockade and are aware of the damage done to the people, and Iraq will not be part of the sanctions regime against Iran and any other people," Prime Minister Adel Abdul Mahdi said in a speech on the sixth of this month.


The Central Bank announces the reduction of the letter of guarantee and fees of supervision and follow-up

– The Central Bank of Iraq (CBE) on Sunday announced a reduction in the ratio of letters of guarantee and supervision fees to companies that mediate the sale and purchase of foreign currencies.

The bank said in a statement received by Alsumaria News that "based on the decision of the Board of Directors of the bank, it was decided to reduce the proportion of the letter of guarantee provided by the companies to mediate the sale and purchase of foreign currencies to become 10% of the capital company instead of 50% and the amount of 50 million Dinars instead of 100 million dinars. "

The bank added that "the fees of supervision and follow-up has also been reduced to 500 thousand dinars instead of one million dinars, and the final audit fees have been reduced to 250 thousand dinars instead of 500 thousand dinars."

The Central Bank of Iraq was establ ished as an independent bank under its law of March 6, 2004, as an independent body responsible for maintaining price stability and implementing monetary policy. It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies.


The opening of a new branch of the Industrial Bank in Baghdad


(Baghdad: Al Furat News) The Secretariat of the Council of Ministers announced on Sunday, the opening of a new branch of the Industrial Bank near the building of the Electoral Commission in Baghdad, to facilitate banking procedures.

The Secretariat said in a statement received by the agency {Euphrates News} a copy of it, "the Secretary-General of the Council of Ministers Mahdi Alalak, opened a branch of the Industrial Bank near the building of the Electoral Commission."

He stressed the importance of "the importance of banking expansion in providing services to citizens in light of the government’s trend towards the advancement of economic reality in the country and investment initiative of the Central Bank in facilitating banking and lending."

For his part, the Bank’s General Manager Bilal Sabah Hussein said, "The opening of the new branch comes to introduce electronic tools in the provision of its services in line with the development in the banking industry."

He explained that the new branch "will contribute to the process of settling salaries of state employees of the departments that fall within the scope of its work, through cards issued by the bank, which contributes to reducing the total cost of the process of paying salaries and keep cash within the banking system."

It is noteworthy that the Industrial Bank is one of the banks contributing to the process of settling the salaries of employees announced by the Central Bank of Iraq earlier