Integrity Reveals The Amount Of Iraqi Funds Recovered Until The End Of 2020
Today, Friday, The Integrity Commission Revealed The Total Funds Recovered From Inside And Outside Iraq Until The End Of Last Year.
The Director-General Of The Restitution Department At The Commission, Moataz Al-Absi, Said In A Press Statement That Al-Ahed News Followed, “The Total Amount Of Money Recovered From Inside And Outside Iraq, As Well As The Money Sentenced To Be Recovered And Seized Amounted To (1,417,900,842) Dollars, (33,582,725) Euros, And (2,329,521) One Pound Sterling, (951,428,263,286) Iraqi Dinars, (720,529) Jordanian Dinars, And (3,652) Swiss Francs, In Addition To The Seizure Of (14) Fourteen Real Estate, And (5) Stakes In Various Companies.
Al-Abbasi Added, “The Authority’s Recovery Department Was Able To Recover Approximately $17,700,000, While It Was Able To Seize Funds In Other Countries Estimated At $4,170,000, Which Is Expected To Be Recovered Soon,” Pointing Out That “The Department Is Seeking To Recover A Total Of $2,200,000,000.” It Represents The Funds That Were Issued Judicial Decisions To Recover From The Iraqi Courts. link
During 2022… Iraq is promised a financial balance caused by oil prices
On Saturday, the Institute of International Finance expected that Iraq needs a price of 64 dollars per barrel of oil during the next year to achieve financial balance .
The institute stated in a report that “all oil-producing countries will witness a decrease in the oil price to achieve parity or financial balance in the budgets of the oil-exporting countries and without a significant deficit,” noting that this is due to “the rise in oil and gas production in these countries in exchange for limited government spending cuts. ” .
According to the report, the oil price in Iraq – the second largest oil producer in OPEC – will be at $62 a barrel in 2022, down from $63 a barrel this year .
In the rest of the oil and gas producing countries, Qatar’s budget will witness a financial break-even point at $44 a barrel next year, down from $52 a barrel in 2021 .
Bahrain, which is described as the smallest oil producer in the Gulf – will also witness a financial parity, at $ 76 a barrel in 2022, compared to $ 82 a barrel in 2021 .
In contrast, the fiscal breakeven point in the budget of Saudi Arabia – the largest oil exporter in the world – will drop to $67 per barrel in 2022, compared to $75 per barrel in 2021 .
The Institute of Finance also expected that the UAE – the third largest oil producer in OPEC – would benefit from the drop in the financial breakeven in the oil price to $ 64 a barrel next year, compared to $ 69 a barrel this year .
The fiscal parity of Kuwait’s budget – an OPEC member state – will also drop to $61 a barrel in 2022, compared to $65 a barrel this year .
The financial balance of the Sultanate of Oman – the largest oil producer in the Middle East outside of OPEC – will also decline during the next year to $ 67 a barrel in 2022, compared to $ 74 a barrel in 2021
Replace damaged coins with new ones
Paper currencies are exposed to damage quickly, especially those of small denominations, due to their frequent circulation and use by children in direct transactions between different shops and markets, in light of the weak education by the Central Bank to replace damaged currencies in the bank, which created an outlet for the weak-minded of Taking a percentage of the money in exchange for replacing the damaged ones with new ones, sometimes up to 50% of its value.
Citizen Ammar Basem says that “the shops and markets spread throughout Iraq do not accept dealing with damaged cash denominations, and they try as much as possible to get rid of them by returning them to the citizen or refusing to take them from him, even though it is a valid and non-false currency.”
Bassem added to “Al-Sabah” that the children who destroy the most small denomination paper currency are children, sometimes they put it in their mouths or tear it up, intentionally or unintentionally, especially if it is damaged from the ground up.
Ali al-Bahadli (the owner of markets) says, unknowingly, large numbers of small cash denominations (1000), (500) and (250) dinars accumulate in me, because I left my young son to run the shop during my absence, so the people take advantage of walking their damaged coins on my son, Which compels me to incur an unnecessary loss.”
Al-Bahadli added to Al-Sabah, “A person comes to me from time to time, who collects damaged currencies from the shops and directly replaces them with new ones, in return for a commission that sometimes reaches half its value.”
And he indicated that “this loss should be borne by me because of the culture of inadmissibility of citizens in trading, even though they are currencies officially issued by the Central Bank and are not counterfeit.”
In this regard, the expert in economic affairs, Dr. Hussein Al-Khaqani, explained that “the Central Bank is the only authority that is able to issue and print currency notes according to the law.”
Al-Khaqani commented on the condition of the damaged banknotes and the reason for their non-acceptance or rejection by the public, saying: “The reason is due to the refusal of a number of banks to receive such currencies from merchants and shop owners. General refusal to deal with damaged currencies.
And Al-Khaqani stated that “the central bank should urge all banks to accept dealing in these currencies as they are official and not counterfeit, in addition to the fact that banks have the ability to sort out and isolate the damaged ones, and that their acceptance by banks means acceptance of trading in them among the public.”
He pointed out that “the ideal solution to this problem is to impose (credit card) or (Visa and MasterCard) cards on shops, markets, filling stations and all parties that deal with cash, as it was imposed on retirees and employees.” He stated that “the real application of banking automation realistically reduces the size of the cash block, and thus encourages the public to trade digital currencies when buying or selling, thus reducing their financial losses in small units.” link
Source: Dinar Recaps
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