Thurs. PM KTFA News Articles 5-6-21

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KTFA

Samson » May 6th, 2021

Foreign Ministry reveals the volume of Iraqi funds frozen in Italy

6th May, 2021

The Iraqi Ministry of Foreign Affairs revealed, on Thursday, the amount of Iraqi funds frozen in Italy.

“Work is underway to recover Iraqi funds frozen in Italy since the time of the former regime,” said the ministry’s spokesman, Ahmed Al-Sahhaf, in a statement received by Mawazine News.

Al-Sahhaf added, “The funds amount to about (600) million euros.”   LINK

Embezzled nearly one billion dinars … 30 years imprisonment for accounting at a government bank in architecture

6th May, 2021

On Thursday, the Federal Integrity Commission revealed the issuance of a 30-year prison sentence for accountancy at the Agricultural Cooperative Bank – Al-Amara branch. This was due to its conviction of embezzlement of up to one billion dinars.

The Investigation Department of the Authority stated, in its talk about the details of the case that the authority investigated and referred to the judiciary, according to a statement it had received / Mawazine News / a copy of, that Maysan Criminal Court / First Authority issued a decision to convict an accountant in the Agricultural Cooperative Bank – Al-Amara branch Due to its disbursement of loans without the knowledge and consent of the borrowers, and the acquisition of the amounts of those loans and disposing of them in contravention of the law and instructions, “indicating that” the amount of the sums that it embezzled amounted to (996,000,000) million dinars.”

She explained, “The verdict also included the issuance of an arrest warrant against the convict, obligating her to return the amount that had been embezzled, as well as seizing her movable and immovable property.”

It is noteworthy that the authority announced, during the past two months, the issuance of prison and imprisonment sentences totaling (21) years against the former director of the Agricultural Bank – Al-Amarah branch. Convicted of embezzlement.  LINK

Source: Dinar Recaps


Don961 » May 6th, 2021

Central bank sales are “rapidly leaving” the level of $ 200 million a day .. An “emergency” rise and the decline has begun and will continue .. Why?

2021-05-06 Yes Iraq: Baghdad

 In a sudden jump after the approval of the 2021 budget, the Central Bank’s sales rose to high levels that touched $ 200 million per day during the past weeks, after it did not exceed $ 50 million per day before the budget was approved.

Against the background of this accelerating demand, many described that the move to reduce the dinar against the dollar did not come to eat, and the currency auction sales increased and hard currency was depleted from the country, and while sales exceeded $ 200 million per day until late April, the currency auction witnessed a significant decline since May this month, as the $ 180 million has never touched since the beginning of this month.

On Thursday, hard currency sales in the central bank amounted to only $ 149.8 million.

Why decreased dollar sales in the central bank?

Economist Nabil Al-Marsoumi says, in a clarification monitored by “Yes Iraq,” that the Central Bank of Iraq’s dollar sales have increased significantly over the past two weeks, reaching $ 1.016 billion and $ 973.215 million, respectively.

And he indicated that this rise came after the approval of the 2021 budget, which categorically confirmed that the Iraqi dinar exchange rate would remain 1450 dinars against the dollar, which led to a strong demand from traders for the dollar not only to meet the needs of the local market, but also to compensate for the shortage in merchants ’stocks of various commodities. .

Al-Marsoumi considers that “this great demand was fleeting and not permanent. When the Iraqi market stabilized, the demand for the dollar declined, and with it the central bank’s sales decreased to 833.571 million dollars during the current week.”

Al-Marsoumi shows that “in the coming weeks we will witness some decline in the Central Bank’s sales of dollars, which is a natural result of the reduction in the exchange rate of the dinar, which led to a decrease in total consumption financed mostly by imports.”   LINK

Source: Dinar Recaps

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