💵 Dollar Jumps in Baghdad Amid Lockdown & Ministry Clarifies Funds Controversy 🔍🇮🇶

4 weeks ago 2

💵 Dollar Jumps in Baghdad Amid Lockdown & Ministry Clarifies Funds Controversy 🔍🇮🇶

📈 Dollar Exchange Rate Rises in Baghdad
As Sunday evening markets closed, the USD climbed sharply against the Iraqi dinar:

141,900 IQD per $100 on Al-Kifah and Al-Harithiya exchanges, up from 141,200 IQD earlier in the day.
Exchange shops sold at 143,000 IQD and bought at 141,000 IQD per $100.
Market watchers link the spike to lockdown-related economic pressure and reduced liquidity.

🏦 Social Welfare Fund Controversy Sparks Clarification
Statements by Labor Minister Ahmed Al-Asadi about withdrawing

2.5 trillion dinars caused confusion — but the Ministry quickly clarified:

His comments referred to future financing plans using investment returns and temporary bank liquidity, notmissing funds.
The Ministry stressed that all beneficiary rights are fully protected, documented, and backed by official correspondence from Al-Rafidain Bank.

📑 Finance Ministry: No Withdrawals — Only a Temporary Freeze
The Ministry of Finance confirmed:

No funds were withdrawn.
The account was temporarily frozen, consistent with Social Protection Law No. 11 (2014).
Some recovered smart-card amounts are still unchanged in the account.
The Ministry of Labor had not properly reconciled balances with the bank.

🔍 Audit Findings & Oversight
The Federal Financial Control Bureau reported:

Accounts were fully audited.
Some uses occurred outside the account’s intended purpose, but not by the Ministry of Labor.
All transferred and recovered amounts remain in place, with a request for deeper revenue analysis.
All rights are preserved according to official records.

🏛️ Rafidain Bank’s Official Numbers

Social Protection Network Account: 2.495 trillion IQD
Social Protection Authority Fund: 390 billion IQD
The bank confirmed all balances are fully available, with no shortages, withdrawals, or investment requests.

🗣️ Public Reaction
Tweets and local analysts say the minister’s remarks triggered media confusion, noting:

It was likely a misunderstanding of “temporary liquidity”, not lost funds.
Others believe it highlights the need for stronger financial and investment reforms within the Social Welfare Fund.
Oversight agencies reaffirm ongoing transparency and protections for citizens’ money.