Fri. AM TNT News Articles from Iraq 7-12-24 (2024)

TNT

Berihi said in a statement to the Maalouma Agency, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market is not related to the measures taken by the bank, but rather due to the American restrictions imposed on the Central Bank and related to the electronic platform.”

He added, “Another reason related to the rise in the exchange rate of the dollar is the connection to the electronic platform that controls the floating of the currency in the market where it is less than the demand. Therefore, the price of the dollar will be raised and the platform is controlled by the US Federal Reserve, which will cause a difference from the official price.”

During the past few days, the exchange rates of the dollar against the dinar recorded a noticeable increase in the stock market and banking shops in the capital, Baghdad, and the provinces.

During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on private banks, and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the local markets. link

According to a statement by the Ministry of Foreign Affairs, Fuad Hussein stressed “the importance of strengthening US-Iraqi relations in various fields,” noting “the common desire to expand political and economic cooperation between the two countries.”

The Minister addressed the issue of frozen Iranian funds in Iraq, stressing the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.

In the context of enhancing economic cooperation and bilateral relations, special emphasis was placed on enhancing economic cooperation between the United States and Iraq. Minister Hussein pointed out the importance of supporting the financial and banking sector in Iraq, with an emphasis on the challenges related to the use of the dollar in financial transactions.

He stressed the “need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth.” link

The Deputy Chairman of the Financial Supervision Bureau, Qaisar Al-Saadi, said in a statement reported by the official news agency, and seen by “Al-Eqtisad News”, that “the Federal Financial Supervision Bureau seeks to achieve its objectives specified by its founding law, including developing the accounting and auditing professions in Iraq.”

He explained that “one of the most prominent steps taken by the Bureau is issuing reports evaluating the internal control systems in ministries, entities not affiliated with a ministry, and governorates,” indicating that “the aim of this is to raise the level of performance of these formations, enhance efforts to combat financial and administrative corruption, improve institutional performance, and work on the principle of preventive control to reduce this phenomenon.”

He pointed out that “the Bureau issued the Internal Control Guide, which was circulated to all government agencies for mandatory adoption starting from 7/1/2024,” noting that “this guide aims to help these agencies accomplish their work in a way that ensures tight control and oversight over financial transactions and the preservation of public money.”

He added, “The Court has completed preparing a draft of the updated unified accounting system in accordance with international standards. This draft has been circulated to government agencies, unions and universities for the purpose of expressing their opinions and making appropriate amendments in preparation for its actual implementation in the near future.”

He added: “The Bureau also contributed to holding the first session of the Audit and Accounting Standards Board in the Republic of Iraq for the year 2024 after an interruption of more than four years, during which the audit and accounting issues were discussed and appropriate decisions were taken regarding them, which contributes to developing the work of the profession in Iraq.”

He pointed out that “these steps come within the framework of the Bureau’s commitment to developing and improving the accounting and auditing professions in Iraq in line with international standards and contributing to enhancing integrity and transparency in government institutions.”

He added, “The Bureau relies in its work on the international standards issued by the International Organization of Supreme Audit Institutions (INTOSAI). The Bureau is also a prominent member of the organization and has many contributions, including participation as a member of (5) working groups, attendance at seminars between INTOSAI and the United Nations, and cooperation with the INTOSAI Development Initiative in its various programs, in addition to the Bureau assuming the chairmanship of the Strategic Planning Committee in the organization.”

Al-Saadi explained that “the Court cooperates with international and local organizations and similar oversight bodies such as the Dutch Court of Audit in the field of performance evaluation and peer review, the Court of Auditors in Morocco in the field of judicial oversight, and the Polish Oversight Body in the field of risk-based auditing, as well as the German Cooperation Agency (GIZ), the Korea International Cooperation Agency (Koica), the Japan International Cooperation Agency (Jika), and the Indian Technical and Economic Cooperation Program (ITEC).”

He pointed out to the “multiple activities with oversight bodies in Arab and Islamic countries such as the General Auditing Bureau in the Kingdom of Saudi Arabia, the Audit Bureau in the State of Qatar, the Turkish Court of Accounts, the Supreme Audit Court in the Islamic Republic of Iran, the Accounting Council in the Algerian Republic, and many others,” noting that “these standards and evidence contribute, along with international cooperation, to enhancing the effectiveness and efficiency of the Bureau in carrying out its oversight work in a way that ensures transparency and integrity in government institutions.”

He stressed the “commitment of the Federal Audit Bureau to enhance transparency and integrity in all state institutions by working in accordance with international standards and effective cooperation with regulatory bodies and international organizations,” stressing “continuing efforts to develop the accounting and auditing professions and providing technical and accounting support to ensure optimal performance and preservation of public funds, in addition to giving great importance to supporting the role of youth in building the future by enhancing their capabilities to be real partners in combating corruption and evaluating government performance in order to achieve the desired goals link

Source: Dinar Recaps