Iraq says in touch with US over paying for Iranian gas, 14 OCT
Work is continuing with the US side concerning unpaid bills, which have fallen to 9.2 billion” euros ($10 billion), Sudani told reporters at a press conference on Tuesday, recalling that Baghdad in the last few months paid Iran around $1.9 billion it owed
BAGHDAD: Iraq’s prime minister said on Tuesday Baghdad is in contact with the United States on settling outstanding debts of $10 billion the country owes Iran for gas imports.
Iranian gas is crucial for Iraq’s electricity generation, but US sanctions on Iranian oil and gas impose restrictions on how Baghdad can pay for its imports.
Iraq cannot directly hand over cash to Iran, but payments must be held in a bank account and be used by Tehran to fund imports of food and medicines.
On July 11, Prime Minister Mohammed Shia Al-Sudani announced that Iraq would start paying for Iranian gas with oil, as a way of circumventing the complicated mechanism.
“Work is continuing with the American side concerning unpaid bills, which have fallen to 9.2 billion” euros ($10 billion), Sudani told reporters at a press conference on Tuesday, recalling that Baghdad in the last few months paid Iran around $1.9 billion it owed.
He said a delegation from Iraq’s central bank and the Trade Bank of Iraq (TBI) went to Oman on Tuesday “to agree on a formula for transferring these funds to the Sultanate of Oman, in agreement with the US Treasury.”
On July 24, United States State Department Spokesman Matthew Miller said some funds could be transferred via Oman, which has often acted as an intermediary between the West and Iran.
“We thought it was important to get this money out of Iraq, because it is a source of leverage that Iran uses against its neighbor,” Miller told reporters.
Ravaged by decades of conflict and international sanctions, oil-rich Iraq relies on Iranian gas imports for a third of its energy needs. It is also beset by rampant corruption, and suffers from dilapidated infrastructure.
Miller told the July 24 briefing that Oman would still be subject to “the same restrictions as when the money was held in accounts in Iraq, meaning that the money can only be used for non-sanctionable activities such as humanitarian assistance.”
All the transactions also will need to be approved by the US Treasury Department in advance, he added.
Iraqi Central Bank to Restrict Internal Trade to Iraqi Dinar
(Bloomberg) -- Iraq’s central bank will restrict all internal commercial transactions to the Iraqi dinar starting next year, the bank said in a statement, citing governor Ali Al-Allaq.
The step appears aimed at curbing the dealing of the US dollar outside Iraq’s banking sector, as well as limiting smuggling it abroad. It’s also a move to back the local currency.
The central bank next year will end the job of transferring money for foreign trade and instead focus on “supervision and monitoring,” with the job of transfers shifted to licensed Iraqi banks.
Currently, the central bank is the process of opening transfer channels in various currencies, including the Emirati dirham, the Turkish lira, the Indian rupee and the euro, according to the statement.
On Sunday, the dollar was available on the unofficial market at about 1,550 dinars, 17% weaker than the official rate of 1,320.
Public Notice: United Nations Security Council Sanctions Update for Iraq
Published: Friday October 13th, 2023
Public Notice
United Nations Security Council Sanctions Update for Iraq
Pursuant to Section 3A of the International Obligations (Economic & Ancillary Measures) Amendment Act, 2019, supervised financial institutions (SFIs) and the general public are hereby informed that the United Nations Security Council (UN Security Council) has updated its Sanctions List as follows:
FIREFLY: Sudani came on the news and he's saying Iraq is ready to join the BRICS...
FRANK: ...That's highly possible that might be the basket they will eventually float in because even the Iranian currency is in that basket and it is logical to consider this because this is the next step in the monetary reform process.
Your currency does not need a new exchange rate, it needs to float internationally without any restrictions.
It has no restrictions. It is about to float internationally.
FIREFLY: The television said the dinar will be replacing the dollar and the auctions will come to an end, then the CBI can control the exchange rate totally and we will be no black market anymore...
The television says the Federal Reserve is still in control of the financial budgets but expects this to end in two weeks...
Shafaq News/ In a private letter delivered to the White House earlier this month, the prime minister of the Kurdistan Region of Iraq warned that Kurdistan—and Iraq’s post-2003 federal system—faces imminent collapse unless the United States intervenes. Masrour Barzani sent his extraordinary warning amid mounting political and economic challenges for the autonomous region and an increasingly belligerent government in Baghdad.
The Kurdistan Regional Government (KRG) is important to U.S. interests in several ways. Its Peshmerga forces are key partners in the fight against the Islamic State and other extremist groups and crucial to the West’s counterterrorism efforts in both Iraq and Syria. The region has historically constituted a buffer against tumult and turmoil in the rest of Iraq, providing a safe haven for nearly 1 million internally displaced people and refugees, while also containing the ascension of militant Iran-backed militia groups responsible for conducting numerous attacks on Western forces.
However, with Washington now preoccupied by its intensifying rivalry with China and the war in Ukraine, little attention is being paid to Kurdistan. Sensing America’s focus is elsewhere, the KRG’s rivals, including militia groups designated as terrorists by the United States, have started circling. Kurdistan’s collapse would spell upheaval and chaos with implications stretching well beyond Iraq.
The KRG has endured a string of troubles in recent years. Soon after Barzani took office in 2019, his cabinet was confronted with a pandemic, a military escalation between the United States and Iran and its affiliated militias, and an economic crisis after oil revenues took a huge hit when crude prices plummeted in 2020.
Kurdistan has also been undermined by the rivalry between the two largest political parties, Barzani’s Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK). Their division weakened the Kurds’ bargaining power in Baghdad during negotiations over forming an Iraqi government after the 2021 parliamentary elections. Iran and its allies, including the Popular Mobilization Force (PMF)—the 200,000-strong umbrella militia organization—exploited Kurdish discord by allying with the PUK to expand their influence over the Iraqi state.
Iran-backed groups have also consolidated their control over the Iraqi judiciary, paving the way for a February 2022 ruling that Kurdish oil exports through Turkey were illegal. This influenced an international arbitration decision a year later that came to the same conclusion. Since then, Kurdish oil exports have stopped, crippling the region’s economy and impacting global energy markets—a win for the PMF and its hopes of neutering Kurdistan’s economic independence.
Earlier this month, Iran-aligned groups massacred Kurdish protesters in the disputed oil-rich city of Kirkuk, which Kurdish forces had withdrawn from in 2017 after the PMF mobilized its militias with federal government backing. As part of an agreement between Iraqi Prime Minister Mohammed Shia al-Sudani and Barzani, the KDP was to return to a base in the city, but the PMF moved to torpedo this by blocking a highway connecting Kirkuk to Erbil and other Kurdish provinces in August. The disruption to the lives of people who rely on the highway daily prompted the protests. Following the massacre, the Federal Supreme Court in Baghdad, which is aligned with the PMF, suspended the order for the KDP’s return.
The divisions between the KDP and PUK have deeply undermined the KRG. Indeed, fraternal rivalry has been the Kurds’ Achilles’ heel for decades. Between 1994 and 1998, the two parties fought a civil war for control of the region, which was finally resolved through U.S. mediation. Their 1998 peace settlement paved the way for a strategic agreement that became the basis for Kurdistan’s golden era after the U.S.-led invasion of Iraq in 2003, which gifted the Kurds outsized influence over the Iraqi state, expanded their autonomy, and precipitated an unprecedented economic boom.
While today’s rivalry represents a clash of personalities within a new generation of Kurdish leaders, it also reflects the two parties’ respective trajectories since 2003. The KDP owes much of its power to its long-standing organizational discipline, which has delivered it electoral success and allowed it to control the prime minister’s office since 2012. The PUK, on the other hand, has been factionalized almost since its inception in the 1970s. In 2021, Bafel Talabani launched a coup to oust his cousin Lahur as co-chair of the party and head of its counterterrorism and intelligence forces.
These violent dynamics have degraded the PUK’s ability to present a serious alternative to the KDP. Instead, it has opted for spoiler tactics, working with Iran-aligned groups in Baghdad to undermine its rival politically and economically. The PUK leadership regularly courts Iran-aligned individuals and factions sanctioned by the U.S. Treasury Department, sometimes against the backdrop of missile and drone attacks on Kurdistan by these groups.
This raises serious questions for Washington and its relationship with the party, but also for the PUK itself. Looking to Iran and Baghdad may help the PUK reassert itself locally, but undermining Kurdistan as a whole to weaken the KDP is dangerously myopic since it relies on the good faith of the PMF, and it is potentially existential as it risks gambling the autonomy of Kurdistan in the long term.
Kurdish woes and Iranian encroachment into Kurdistan have far-reaching implications for U.S. interests. The KRG is a vital ally in the campaign to secure the enduring defeat of the Islamic State. Intra-Kurdish divisions, Iran’s attempts to subjugate the Iraqi state, and Kurdistan’s economic turmoil all undermine the U.S. campaign against the Islamic State and empower Iranian-backed militant groups designated by Washington as terrorists. The U.S. base in Erbil province is one of Washington’s most important military bases and listening posts in the Middle East, serving as a special operations hub and a staging site for operations in both Iraq and Syria.
The very presence of this base requires a political order that is conducive to maintaining the U.S.-KRG partnership, something Iran is hoping to weaken and, eventually, demolish by instrumentalizing the PUK. Iran has proved willing to play the long game to supplant the United States in Kurdistan, as it has done in Baghdad over the past two decades.
Washington must, therefore, step in to pressure the PUK into ending its collusion with Tehran. The PUK and its leadership risk breaching U.S. sanctions that are designed to inhibit the capabilities of the designated Iran-aligned groups and officials the PUK partners with.
These sanctions could underscore an effort by Washington to establish red lines for the PUK, both to contain Iran’s encroachment and to protect the credibility of its sanctions infrastructure. Washington must also discourage the PUK from threatening to return Kurdistan to the dual administrative structure of the 1990s, which would effectively dissolve the autonomy of Kurdistan and its hard-won rights under the 2005 Iraqi constitution. This system saw the two ruling parties govern their stronghold provinces as two separate administrations and empowered Iraq’s neighbors, while undermining U.S. strategic interests in Iraq and the region.
Regional actors such as Turkey can also be brought into play. Ankara has escalated its drone attacks on the fighters and affiliates of the Turkish-Kurdish rebel group, the Kurdistan Workers’ Party (PKK), who have found refuge in Sulaymaniyah, the PUK’s stronghold province. That has destabilized the province and added to the party’s woes, despite the PUK’s efforts to discourage further strikes.
The PUK cannot force the PKK to withdraw, since this would trigger a violent conflict, but it can ill afford further Turkish attacks. However, it could strike a bargain with Ankara premised on a commitment to end its collusion with the PMF, which has PKK affiliates within its ranks. This would ensure that the PUK no longer directly or indirectly enables the PKK. It diminishes Iran’s influence, alleviates Turkish apprehensions, and reduces the geopolitical tensions that result from Turkish incursions.
Moreover, Washington has failed to resist or condemn Baghdad’s punitive measures against the KRG’s economy, which have been engineered by Iran-aligned groups through the subjugation of the judiciary in Baghdad. The suspension of Kurdistan’s oil exports has also stopped 500,000 barrels per day of Kurdish oil from reaching global markets: some 10 percent of Iraq’s total exports, or 0.5 percent of global production. This has reverberations well beyond the region; Europe has relied increasingly on Kurdish oil since Russia’s invasion of Ukraine.
The U.S. has so far been a bystander to both the intra-Kurdish escalation and Iran’s encroachment. Washington may believe that these problems are internal Kurdish matters, but this is a mistake. The ascension of the PMF and, therefore, its ability to exploit Kurdish discord can be directly tied to the legacy of U.S. engagement in Iraq over the past two decades, including Washington’s acquiescence to the group’s takeover of Kirkuk in 2017.
The KRG has proved resilient, but this has its limits. A full collapse of the region’s economy would ultimately force it to capitulate to Iran. In practice, this means giving Iran a greater say over the contours of the KRG’s institutions, its armed forces, borders, and, most importantly, the future of the U.S. base in Erbil.
Preventing this would require the United States to mediate intra-Kurdish tensions to unify Kurdish ranks in Baghdad to protect the KRG’s autonomy and restore its budgetary entitlements and its right to electorally contest disputed territories such as Kirkuk without being subjected to the coercive tactics of the PMF—while maintaining a healthy democratic rivalry at home.
If Washington is serious about safeguarding its interests, it could start by convincing the PUK that its best hope of reversing its decline is by addressing its internal crisis, and not by turning to Iran—a self-defeating exercise. The PUK will struggle to match the KDP’s political supremacy: At best, it can hope to slow its rival’s ascension. At worst, its collusion with Iran gambles the fates of both the party and Sulaymaniyah.
Secondly, the U.S. could focus its mediation on Kurdistan’s gas reserves, potentially addressing global shortages in the long term while propping up the KRG’s economy. The KDP has the political and constitutional legitimacy to move the sector forward and attract investors—but gas reserves are located primarily in PUK-controlled areas.
The U.S. could encourage dialogue over developing these gas fields and securing Kurdistan’s position in what the International Energy Agency has described as a “golden age” of natural gas. It is precisely here—at home, and not in Baghdad or Tehran—where the PUK, with U.S. support, can push for its economic stake through a comprehensive arrangement with the KDP that includes a revenue-sharing agreement.
Such a transactional engagement could be a stepping stone toward a wider settlement. The PUK blames the KDP for hoarding revenues and the fact that Sulaymaniyah has lagged behind other provinces, but that argument is weakened when Sulaymaniyah’s degradation is a reflection of the degradation of the PUK.
The correlation is not coincidental. By continuing with its current path, the PUK risks detaching Sulaymaniyah’s 700,000 inhabitants from the economic transformation being led by Barzani, which will only add to the frustration of its supporters. That reform agenda could rescue Kurdistan from dependence on oil by diversifying the economy, improving efficiency, and promoting good governance.
The alternative for the United States—standing by and watching the collapse of the KRG—would be a disaster for Iraq’s Kurds and for U.S. interests in the region. The KRG’s fate will play an important role in determining the contours of the wider Middle East.
Boston Fed President Signals Potential Interest Rate Hike Amid Inflation Concerns
In a recent statement, the Federal Reserve Bank of Boston President, Susan Collins, suggested that further increases in interest rates might be necessary depending on incoming data. This follows the release of the meeting minutes from the Fed’s September gathering, where officials discussed the possibility of raising rates again, despite cooling inflation pressures. The potential for higher rates comes as the central bank continues to grapple with the economic effects of the ongoing pandemic and the challenges of maintaining economic stability.
Collins emphasized the need for the central bank to maintain rates at restrictive levels until there is evidence of sustained inflation. Additionally, she highlighted the importance of patience in decision-making and risk management, given the potential economic impacts of a tighter policy. “Further tightening could be warranted depending on future information,” Collins noted, indicating the need for a cautious and data-driven approach to monetary policy.
Economic Resilience in the Face of Fed Action
Despite the potential for tightening policy, Collins noted that the U.S. economy has shown remarkable resilience. She expressed optimism that price stability can be achieved with a “soft landing,” suggesting that a modest increase in the unemployment rate could be a part of this process. Her comments reflect the delicate balance central banks must navigate between stimulating economic growth and preventing runaway inflation.
The Historical Context of Interest Rate Decisions
The Federal Reserve’s decisions on interest rates have long been a critical tool for managing the U.S. economy. By adjusting the cost of borrowing, the Fed can either stimulate economic activity or cool it down to prevent overheating. Over the years, the central bank has had to navigate numerous economic crises, from the inflationary pressures of the 1970s to the financial crisis of 2008. Today, the challenges posed by the COVID-19 pandemic represent a new form of economic turbulence requiring careful management.
Future Implications for Stakeholders
The potential for higher interest rates has significant implications for various stakeholders. For borrowers, it could mean higher costs for loans, including mortgages and credit card debt. On the other hand, savers and investors might see higher returns. Businesses, particularly those reliant on borrowing, could face increased costs, impacting their profitability and potentially leading to job losses. As such, the Fed’s decisions on interest rates will be closely watched by households, businesses, and financial markets alike.
Al-Sadr warns Biden against Middle East encroachment, calls for aid to Gaza, 13 OCT
Shafaq News / During today’s Friday prayer sermon delivered by cleric Muhannad al-Musawi on behalf of Muqtada al-Sadr, the leader of the Sadrist Movement, al-Sadr issued a warning to US President Joe Biden regarding the continued "encroachment" into the Middle East to support Israel. He called on Iraqis to gather aid and send it to the besieged Gaza Strip through Syria or Egypt.
The sermon took place in Baghdad's Tahrir Square amidst a gathering of supporters of the Movement who are aligned with the Palestinian cause.
Addressing President Biden, al-Sadr stated, "Your encroachment into the Middle East will result in unexpected reactions, not from the submissive but from the Palestinian fighters and their supporters, as well as all Arab and Islamic nations ready to make great sacrifices. We await a sign from the faithful and righteous warriors, not from the corrupt and appeasers."
Al-Sadr also called upon peaceful protesters in Iraq to prepare a "Caravan of the flood" filled with food and water, stating, "Hopefully, we can deliver it to our people in Gaza after coordinating with Syria or Egypt. If we cannot, it will be a shame on the history of Islam and the Arab world."
[via Babysmom] ..."WE WERE TOLD ON WEDNESDAY TO LOOK TOWARDS MONDAY...THAT TIMETABLE HAS BEEN SHORTENED...CONSIDERABLY"
Clare
Article "The Prime Minister confirms Iraq's readiness to join the BRICS group"
Quote “Iraq is ready to join the BRICS group if it receives an invitation from the founding countries, noting that Iraq understands the role played by the group and is aware of the conditions and specifications for joining it"
Article: "For the second day...the dollar continues to decline against the Iraqi dinar”
Welcome, everybody to the big call tonight is Thursday, October 12. And you're listening to the big call. Thanks for tuning in wherever you're located all around the globe. We hope we're getting out to a couple 100 countries or so. And hopefully you're listening to us, either in English or in a language of your choosing. Meeting your own native language, our software is designed to instantaneously translate what I'm saying in about three seconds, you'll get the translation in your own language. So hopefully that's working well tonight and we're getting out and welcome to the call itself. Let's pray the call in
Let's take it from here and jump into the Intel.
Jeanne prompted me on something I was going to bring up and that was, she mentioned, you know, she hopes that the Brunson case goes in our favor. It goes well, and I believe it will. I'm hearing that it will. And today's and tonight's Intel is not going to take that long.
We've got a couple of things to talk about. But most of it you know, already from Tuesday night's call, but I'll recap a little bit for us. It will tell us where we stand right now in preparation.
I told you Tuesday we're looking for some things with political change.
That's still in the offering. I talked to you about some Speaker of the House which I predicted with the Jim Jordan. I believe my I don't want to call it prediction what I said that I had heard about that is still going to be true. There may be saw where Steve Scalise was leading and had more votes and all this. Well he dropped out of that race for speaker.
So that pulls him out even though it looked like he was going to be the speaker Steve Scalise is a great guy, and we're praying for his cancer to be completely and totally healed.
But it seems like Jim Jordan is going to get it and get the Speaker of the House and that should get announced. I don't think it's been announced yet but it should possibly tomorrow.
Now. We're looking for possibly four or five things to happen that are in our favor between now and midnight, Friday night - that's tomorrow, between now and midnight Friday night.
(Some Political info skipped over here per Dinar Recaps guide lines)
Now, those are four of the things what's the fifth thing, I guess, are looking at?
That's right, not only for us but the bondholders to receive their emails with them receiving access to funds. And for us to receive our emails to get the toll free number to call - to set our appointment to begin our exchange and redemption of Zim – that is everything that we're looking to happen. It could happen almost at the same time. It could occur on the Emergency Alert System, the Emergency Broadcast System, the emergency wireless system, okay, which is which is a new one for us. Those things and it could become a first fruits of disclosure.
I think we're going to hear quite a few things about what we've been looking for - we want to get the truth about what really happened in Ukraine, and I believe that has been prepping and getting that ready to share with everybody.
There was a situation where the Iron Dome was hacked In Israel, or I understand for only about 30 minutes and bombs flew in from Hamas. and yes, there were fatalities. and remember, I'm not gonna say what it is because I approve it. but it looked like it was it was not good. Not good at all.
Now, my understanding is that before, GESARA kicks in, which we expect very shortly. We need to be at peace.
There might be some minor border disputes, something like that, but war. I think country against country – nation against nation - It's not supposed to be happening.
The all countries of the world signed off on GESARA and agreed to that, essentially to a truce of no more war. Let's see how that manifests. Right now. It doesn't like that could happen this week. We've got to see how this comes together and in my opinion with a political change that would follow..
We'll see what happens. I am looking forward to hearing something – initially , or anytime after 4pm today or 4pm, tomorrow, Friday, from our sources, that time from now, to make it possible because as you guys know, Targets can change and we get new Intel that sometimes invalidates the old Intel or it changes it - morphs it – changes and brings it into a different perspective .
With bonds being handled out of Reno and out of Miami in the United States, those two cities only - We do have 38000 bond holders that are being processed from a couple of days ago, started another 10 or 12 days for them to finish the bond holder process, getting the bond holders the liquidity that comes with the sale of the bonds. And that is inflex and moving. Now we don't have to wait for the bond holders to finish - 10-12 days - I understand that is the case –
So we believe our start is imminent we believe that most of the bond holders have been processed already - will get their emails – hopefully by midnight and we,ve been told to keep specifically to keep an eye on and watch for the emails for us – between now and then - keep an eye on them --
They've already cleaned up quite a bit of bond holders , that weren’t worthy of receiving for some reason. I don’t know what the reasons were – they were not worthy of receiving the funds they had received or were about to and they have them pulled back - and it's a substantial amount that has become the property of our new United States Treasury which by that just like that alone is ultra loaded.
Don't ever worry about where’s the money coming from for all of this. It's there in spades.
I am very pleased about that. It's not that this is fun. If Bond holders were not perceived absolutely convinced that the bond sellers were legitimate, that the price of the bonds was correct - and that it is going to rightful owners that have good intentions in mind.
So I'm excited about that for them. I'm excited about us getting started because there's a lot that we intend to do. As you guys know, with a project Sue has helped the big call universe with 25 or 30,000 different projects, some of which will be similar to follow the same track, others will be completely different. So that'll all get sorted out.
And I think we have some ideas on how to make all that work collaboratively throughout the country and internationally. And so we're excited about beginning all this now, before we get too far long. You guys know that this is going to change a lot of things like Sue mentioned this night In her segment.
There are a lot of things that will be new living systems. There'll be new technologies, and there'll be some things that we're going to have to adapt to. some things will be coming that we might not know anything about. But that technology that innovation - those designs, the design, thinking everything that we're going to do is going to be beneficial for us and we believe for humanity at large.
We're looking very seriously for what should be occurring according to our best sources between now and midnight tomorrow night, Friday night. Let's see what happens. Let's see what manifests and that's what we're expecting. That's what we're looking forward to.
So beyond that, you know, I told you guys that we're going to keep the redemption center appointment times try to get them to 30 minutes and 40 minutes, which is what we had up until last week and we were told 30 minutes they're going to try it's going to be in and out. In and out over and done.
Because there's no time for speeches and talks. You'll have I'm gonna say five, eight minutes for your presentation. Take five minutes think five minutes to present quickly an outline form of your presentation. And that's the way to do it. And you will be asked to leave a copy of what you plan to do with your projects. Leave a copy with the redemption center staff. So they can go through that. They can compare it they can put it to the computer, and so on and so forth.
So there's a lot that we're looking forward to that needs to happen if we're going to receive everything that we anticipate by the end of tomorrow night midnight. So let's just stay a prayer for that. Let's pray it out and see what occurs .
The Minister of Oil discusses with "Gazprom" the development of the oil and energy industry in Iraq
10/13/2023
Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani met in Russia with Alexander Dyukov, Chairman of the Board of Directors of Gazprom Neft, and a number of company officials, in the presence of the Russian Ambassador to Iraq, Elbrus Kotrachev.
The Iraqi Oil Ministry said in a statement on Friday that the prospects for bilateral cooperation were discussed during the meeting
Ways to develop joint projects in a way that contributes to the development of the oil and energy industry in Iraq and serves common interests.
This meeting comes on the sidelines of the official visit by the Deputy Prime Minister for Energy Affairs and Minister of Oil to the Republic of Russia, according to the statement. LINK
---
Deputy expects the dollar to decline within a few days
The representative of the State of Law coalition, Arif Al-Hamami, expected today, Friday, that the exchange rate of the US dollar against the Iraqi dinar will decrease during the next few days.
Yesterday, Thursday, the dollar prices were recorded at the Al-Kifah and Al-Harithiya stock exchanges, 160,400 dinars for 100 dollars, according to Shafaq News Agency correspondent, while the selling price in the exchange shops in the local markets in Baghdad reached 161,500 Iraqi dinars, while the purchase amounted to 159,500 dinars for every 100 dollars.
As for Erbil, the selling price of the dollar in banking shops was 160,400 dinars, compared to 100 dollars, and the purchase price was 160,300 dinars, compared to 100 dollars.
Al-Hamami said in an interview with Shafaq News Agency, “The State of Law bloc seeks in all ways and urges the government to take the necessary measures to reduce the exchange rate of the dollar, because of its direct impact on the people, especially the poor and middle classes.”
Al-Hamami confirmed that “there are ongoing communications with the government, the Central Bank, the Prime Minister’s Office, and the Parliamentary Finance Committee in this regard.”
He added, "Government measures are continuing to reduce the dollar, including preventing smuggling outlets and opening outlets to sell the dollar at airports, but there are external circumstances that put pressure on the government, and the global situation also has an impact on the status of the dollar in Iraq."
He explained, "Previously, the dollar rose more than the current price and then fell again, so we hope that the dollar exchange rate will decrease during the next few days." link
AN ECONOMIC EXPERT IDENTIFIES 5 REASONS FOR THE CONTINUOUS RISE OF THE DOLLAR AND THE FALL OF THE DINAR IN IRAQ, 13 OCT
Today, Tuesday (October 10, 2023), economic expert Nabil Al-Marsoumi made observations about the decline in the value of the Iraqi dinar compared to the US dollar in the “black” parallel markets, specifying (5) reasons for the occurring fluctuation.
Al-Marsoumi said in a post on Facebook, followed by “Baghdad Today”, and commenting on the measures to control exchange rates, that “The Central Bank of Iraq wants to ban cash and support electronic payment, as private banks use the cash they buy from the Central Bank to finance trade with Iran.” And Syria.”
Regarding granting the dollar to travelers, he explained that “it does not reach them, so the demand for the cash dollar increases,” indicating that “the current exchange rate crisis is not only monetary and technical, but is essentially a political and economic crisis, and those who believe and promote that the general level of prices are not affected by the rise in the parallel dollar are delusional.”
Earlier today, Tuesday (October 10, 2023) , economic affairs expert Nasser Al-Kanani warned that the dollar exchange rate would exceed the barrier of 200 thousand dinars.
Al-Kinani said in an interview with “Baghdad Today” that “if the dollar exchange rate continues to rise without real measures, the price will exceed 200 thousand at the end of this year.”
He added, “This is because the government and the central bank continue to take ill-considered decisions.”
Yesterday, Monday, the Parliamentary Finance Committee revealed its move to investigate the Jordan National Bank’s acquisition of 70% of the currency selling window in Iraq.
Committee member Moeen Al-Kazemi told Baghdad Al-Youm, “The Parliamentary Finance Committee will move to investigate the issue of the Jordan National Bank’s acquisition of 70% of the currency selling window, and we will work to host officials at the Central Bank in order to follow up on this file.”
Al-Kadhimi stated, “The government and the Central Bank are still working to launch reform packages in order to control the rise in dollar prices and end the difference in the dollar exchange rate in the parallel market, and the coming days may witness the launch of new reform packages.”
Al Sudani was in Russia...one of the things he said is they're going to be doing business between the Iraqi dinar and the Russian ruble in commercial dealings...
Article VIII implicitly states no member may impose without the Fund's approval restrictions on the performance of payments and transfers related to international commercial transactions ...
Article 14 implicitly indicates if the member is prepared to accept the obligations (which we haven't quite seen yet)...contained in sections 2, 3 and 4 of Article VIII it says thus the agreement encourages the free movement of capital between countries and the transfer of balances between other members...to facilitate the performance of international payments and work to create a stable exchange rate system which provides the appropriate foreign investments...
Article VIII...is the freedom of movement of capital. If you don't have it and you're not released to get it, you're not going anywhere.
A FORMER OFFICIAL COMMENTS ON THE DECLINE IN THE VALUE OF THE IRAQI DINAR, 13 oct
Former MP and member of the Parliamentary Finance Committee, Muhammad Al-Shabki, made a special statement to Earth News Agency, where he discussed developments in the economic situation in Iraq and the impact of the fluctuation in the value of the Iraqi dinar against the US dollar.
Al-Shabki stressed that “this fluctuation comes in the context of the Central Bank taking a series of measures to unify the exchange rate in the coming period, stressing that the goal of these measures is to limit the negative effects of the parallel market and manipulation of the exchange rate and its impact on the general economic market in Iraq.”
Al-Shabki added: “It appears that there are efforts being made to attack these measures by some parties, exchange companies, and banks, with the aim of increasing pressure on the Central Bank and its governor, by trying to postpone the implementation of these measures.” It is expected that there will be an increase in these pressures in the future, including increased pressure on the government to prevent unification of the exchange rate and control the parallel market price.”
He concluded by saying: “We hope that the Central Bank will remain steadfast and independent, stand against pressure and rumors, and continue to implement international standards and prudent measures that will improve and stabilize Iraq’s economy and exchange rate.”
In one of the articles from this period of today’s news, Advisor to the Prime Minister for Investment Affairs, Muhammad Al-Najjar, on Wednesday explained that what is happening in this transformation and this process of currency reform is that we are trying to return everything to the global system, which all Iraqi governments were late in this action, and some of them completely ignored the requests directed, (yes, they shunned Dr Shababi in 2011-2013 for his efforts) and these requests are correct in reality.
Al-Najjar also pointed out that what we were supposed to do in six years, we are trying to accomplish in one year, and this greatly affected the exchange rate of the dollar, adding that the second thing that happened was the presence of major corruption within a group of banks and banking companies, which led to smuggle dollars.
(This shows us the current urgency of getting the process completed and confirms that this is the year they want to complete the currency reform.)
Then in another of the articles from today, Al-Shabki added and I quote from the article: “It appears that there are efforts being made to attack these measures by some parties, exchange companies, and banks, with the aim of increasing pressure on the Central Bank and its governor, by trying to postpone the implementation of these measures.”
It is expected that there will be an increase in these pressures in the future, including increased pressure on the government to prevent unification of the exchange rate and control the parallel market price.
He then concluded by saying: “We hope that the Central Bank will remain steadfast and independent, stand against pressure and rumors, and continue to implement international standards and prudent measures that will improve and stabilize Iraq’s economy and exchange rate.”
(So, you can see there are elements that do not want the currency reform to be completed since the goose with the golden eggs will end.
I assure you it will end and end soon!
This corruption will not continue.)
In today’s news we also find out that the Parliamentary Finance Committee member Moeen Al-Kazemi told Baghdad Al-Youm will move to investigate the issue of the Jordan National Bank’s acquisition of 70% of the currency selling window, and we will work to host officials at the Central Bank in order to follow up on this file and what is going on here.
Al-Kadhimi stated and I quote from the article: “The government and the Central Bank are still working to launch reform packages in order to control the rise in dollar prices and end the difference in the dollar exchange rate in the parallel market, and the coming days may witness the launch of new reform packages.”
Then on Wednesday, the State of Law Coalition revealed a new government project related to trade exchange between Iraq and three countries to adopt currencies other than the dollar to deal with several countries, including China, Iran and Russia, stressing that this project should work to reduce the demand for dollars in the Iraqi markets.
So, this was their big announcement this week for reform package to control the rise in the dollar prices.
We will absolutely not see the reinstatement prior to early January and January 2024 at the earliest.
-Can we maybe see the in-country RV soon, as part of the process of conversion to the newer lower denominations? :
This is possible and it may occur around December according to my source in the CBI.
-Will the bombing in Israel affect the currency reform process? :
It will affect the process as caution to any fallout in Iraq must be taken.
It may destabilize the region and Iraq included.
Remember Iraq needs a level of STABILITY and SECURITY to complete the reforms.
The terrorist organization itself has mentioned Iraq in particular and wants to destabilize the region of the middle east once again.
These are wicked evil people who want to destroy any hope in the people of the region and the west.
They have close ties to Iran and more than likely used weapons purchased from the 6 billion dollars just released to Iran.
Hamas and Palestine ties to weapon stashes left in Afghanistan too are now under investigation.
The truth will come out and the prophets tell us there are ties too to what is going on in the Ukraine to this Israeli bombing on Saturday.
Remember that our prophets are telling us that this period beginning with the new Hebrew year starting in mid-September would be turbulent, in fact the most turbulent yet up until December and early January.
These prophetic words also give me hope that the reinstatement of the Iraqi dinar is part of this turn around.
I know this reinstatement process has to continue to the end and is going to move quickly now and has to move now that of the Israeli bombings.
The Israeli bombings will be retaliated by Israel and it will be swift.
Already they have rounded up the perpetrators in country.
They are planning a massive evasion of Gaza and the prime minister has told the people the army will end this terrorism once and for all this time.
