Iraq confirms its support and commitment to the OPEC agreement
The Ministry has released a statement to the Agency regarding press reports of increased oil exports to Iraq. According to the information, the rise in exports to certain producing countries, including Iraq, is a natural occurrence that does not affect the agreed-upon production levels of OPEC+.
The statement added that sometimes export levels increase due to a decrease in domestic consumption from one season to another. Natural conditions are one of the factors influencing the change in internal consumption rates.
The Ministry emphasized in its statement the commitment of OPEC member states and non-OPEC countries, including Iraq, to maintain the stability of global oil markets. This is to achieve the best interests of the producers, consumers, and investors while avoiding the temporary gains sought by some speculators.
Disclosure of negotiations to enhance the balances of some Iraqi banks in euros
Saturday, a government source announced that the Central Bank of Iraq agreed with the US to provide a dollar advance to five Iraqi banks.
According to a statement from a source, there were a series of meetings in Abu Dhabi between a delegation from the Central Bank of Iraq and the American officials responsible for foreign transfer operations. The purpose of these meetings was to facilitate external transfers related to imports through the foreign currency sales window. The negotiations resulted in several decisions and mechanisms that will make the procedures for these transfers smoother and more accessible.
“We have decided to increase the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks. The transfers will be made through JP Morgan. We have resolved the issues related to rejected transfers and agreed that any future rejections should be based on strong reasons,” he said.
During a recent announcement, he mentioned that there were several meetings with one of the Emirati banks, the Central Bank of Iraq, and the American side to discuss the implementation of a mechanism for enhancing balances in the Emirati dirham for Iraqi banks. He further stated that all technical details related to this mechanism have been resolved, and things are going well in this aspect. As a result, it is expected that the mechanism for enhancing balances in the UAE dirham will commence within the next few days.
The speaker emphasized that there are ongoing negotiations in their final stages to improve the financial standing of certain Iraqi banks in euros with UBAF Bank as part of a plan to finance trade with the European Union. The speaker also mentioned that the Singapore Development Bank is working to increase the number of banks whose balances in Chinese yuan are being enhanced.
“We have opened accounts for six Iraqi banks in our bank. In the near future, we will be adding seven more banks to finance Iraqi trade and imports from China. These imports are estimated to be worth about 12 billion dollars annually.”
According to a source, a number of Iraqi banks have opened bank accounts in Indian rupees through the Singapore Development Bank (New Delhi branch). Operations have been completed to enhance the balance of two of these banks as a first stage. This mechanism is expected to contribute to financing Iraq’s imports from India, particularly for medicines and foodstuffs which are valued at around $3 billion.
The economic reform is blossoming...because the monetary reform was a success...It is due to the security and stability that Sudani and Alaq have created for the reforms.
[Iraqi bank friend Aki update]When Saddam was removed, many retirees...expatriots...soldiers...citizens left Iraq...A great portion has come to the United States of America therefore these [CBI affiliated] private banks are needed for the reinstatement for the Central Bank of Iraq to re-collect the 3-zero notes that are missing...They turned the private exchange centers into private banks for...the change in the exchange rate of the Iraqi currency.
You have all these countries that want to pour into Iraq and they're going to bring in their currency...Go ahead bring in your currency but you're going to have to convert it into Iraqi dinar.
And that's what? Supply and demand on the market which will blow the Iraqi dinar value up...
Parliament Finance responds to the Central Bank’s decision to import foreign currency and plans to host the governor
Today, Saturday (November 11, 2023), the Finance Committee in the House of Representatives commented on the decision of the Central Bank of Iraq to import “foreign currency” from abroad, while indicating that it will work to host Governor Ali Al-Alaq.
Committee member Mustafa Al-Karaawi told “Baghdad Today” that “the committee will work to host the Governor of the Central Bank, Ali Al-Alaq, and the senior staff at the bank, to discuss the decision to import foreign currency from abroad, and to find out the reasons that prompted such a decision to be taken and how it might have an impact.” On the internal Iraqi economic situation.”
He stated, “There is a fear that such decisions will be exploited by some parties and personalities who want to exploit any decision to their advantage, and for this reason we will have a position of following up and monitoring this decision, and we will also have a position in making an appropriate decision after reviewing the full details of this decision within a few days.” "The next one."
The instructions of the Central Bank of Iraq, which it issued on Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.
The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.
On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.
Observers and specialists raised a number of questions about the Central Bank’s decision, about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and therefore the bank The Central Bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity link
Iraq is moving to support its assets with the Chinese yuan to finance imports amounting to $12 billion annually
Opening bank accounts in Indian rupees for Iraqi banks to finance trade worth $3 billion
A government source in Iraq said that officials from the Central Bank of Iraq held “intensive meetings” with American officials in Abu Dhabi in recent days to discuss external transfers to cover imports.
The source added that Iraq has strengthened its assets denominated in the yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about 12 billion dollars annually.
The source stated that the oil-exporting country also moved to strengthen its assets in UAE dirhams and is negotiating to increase its assets denominated in euros to finance trade with the European Union, according to what was reported by Iraqi news agency “Inaa.”
The source said that negotiations with the American side reached a set of decisions and mechanisms that contribute to facilitating procedures for foreign transfers related to imports through the foreign currency sales window.
He added, "It was agreed to enhance the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks and transfers via JP Morgan Bank," noting that "the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons."
He continued: “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks,” indicating that “things are going well in this regard, as all technical details related to the issue have been resolved, and it is expected to begin.” The mechanism for enhancing balances in UAE dirhams during the next few days.”
He stressed that “there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union,” noting “an increase in the number of banks whose balances are being enhanced.” In Chinese yuan through the Singapore Development Bank.”
The source also reported that bank accounts had begun to be opened in the Indian rupee for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to enhance the balance of two Iraqi banks had actually been completed as a first stage, and it is expected that this mechanism will contribute In financing Iraq's imports from India, especially medicines and foodstuffs, which are estimated at about 3 billion dollars link
Will the plan to bring thousands of Gaza families to Iraqi Kurdistan become a reality?
As the echoes of the Hamas-Israel conflict reverberate, an unexpected proposition emerges – the relocation of Gaza’s refugees to Kurdistan. In a clandestine meeting between Kurdistan Regional Government President Nechirvan Barzani and French President Emmanuel Macron, the intricate web of international diplomacy unraveled. Amid geopolitical complexities, the question looms: Will the controversial plan to bring thousands of Gaza families to Kurdistan become a reality?
The French Connection:
French media buzzes with speculations about Nechirvan Barzani’s visit to Paris. The focus, it seems, was not the Eiffel Tower but the war raging between Hamas and Palestine. Unraveling the diplomatic intrigue, reports suggest that France, in tandem with the Kurdistan Regional Government, delved into discussions about the unfolding Gaza crisis. As Macron and Barzani huddled behind closed doors, one wonders – why is France entwined in the fate of Gaza refugees?
Unveiling a Controversial Plan:
Whispers of Israel’s grand plan to relocate Gaza residents to Iraq have begun circulating. A senior source reveals to Kurdish 7Roj, that diplomatic wheels are in motion, aiming to bring thousands of displaced families to the haven of Kurdistan. Reports claim that over 5,000 Gaza refugees have already found solace in areas controlled by the KRG. Amidst the sensitive negotiations, the real question emerges: Can such a bold move materialize, and what consequences might it unleash upon the region?
Diplomatic Shadows and Unspoken Agendas:
Behind the diplomatic curtains, the Macron-Barzani talks assume a critical role in shaping global perceptions. While the details of their conversation remain veiled, the source speculates that these discussions will cast a ripple effect on Macron’s future engagements with world powers. As the world watches, the question persists – what diplomatic cards are being played, and how might this chessboard of international relations reshape the trajectory of the Gaza conflict?
The Security Quandary for Kurdistan:
The potential resettlement of Gaza’s population in Kurdistan raises not just diplomatic eyebrows but also serious security concerns. Recent geopolitical shifts have placed Iraq under the sway of militias, making any large-scale resettlement a precarious endeavor. As the specter of a destabilized region looms large, the Kurdistan Region grapples with the dilemma of providing sanctuary without compromising its own security. In a region where alliances are as fragile as peace, the stakes are higher than ever.
In this crossroads of exodus, the fate of Gaza’s refugees hangs in the balance, entangled in the intricate web of international diplomacy, political chess, and the quest for regional stability.
Upheaval in Iraq: The Push for a Referendum and the Role of Inter-Regional Dialogues
The city of Sadr in Baghdad is on the verge of a significant political shift, with officials pressing for a referendum. This move has sparked a new wave of inter-regional dialogues and collaborations, highlighted by the recent visit of Mohammed Shia Suudani to Erbil. Suudani’s visit, focusing primarily on the pressing issues that Iraq faces, underscores the country’s critical juncture.
Unrest and Political Tensions in Iraq
These developments in Iraq come amidst a time of unrest and growing political tensions. The push for a referendum in the city of Sadr is indicative of these tensions. The move could signal a possible shift in the political power dynamics, with potentially far-reaching implications. It also highlights the complexities of the political landscape in Iraq, with various factions vying for control and influence.
Mohammed Shia Suudani’s Crucial Visit
Mohammed Shia Suudani’s visit to Erbil has been another significant development. The purpose of the visit was to discuss important and current issues related to Iraq. This visit showcases the importance of inter-regional dialogues and collaborations in today’s politically charged environment. It also emphasizes the significance of open communication channels and the role they play in fostering understanding and cooperation.
Implications for the Future
The implications of these developments could be substantial. The push for a referendum in Sadr city could alter the political landscape in Iraq, while the dialogue initiated by Suudani’s visit may foster better understanding and cooperation among different regions. Both events underline the importance of nuanced political maneuvering in maintaining stability and promoting progress in Iraq. As the situation unfolds, the eyes of the world will undoubtedly remain fixed on Iraq, eagerly awaiting the outcomes of these developments.
The second workshop the UNCTAD will put on through 11-14 November 2023. It is for Iraq's on going preparation for WTO accession... They are in it to the end now. They are in a place where they can have accession at anytime that the check boxes are checked...They are not waiting on any distant time frame. It is all a part of the process that they have to go through and the completion stage they are in...Just note, post assistance for Iraq and for after accession is a key indicator that they are in the completion phase..
Article quote: "It's not possible to import the dollar and secure in the local market without registering the dinar in the basket of Arab and international currencies."Bing! Wow, what did they just say? ...That's like going back to where they were in the past, that 'previous era'...
They just told you their natural resource wealth is just phenomenal. They're telling you their taxes and tariffs at the border have been activated...tourism...all of that. What do you really know about what you own. Pay attention to that
You can't vote on the hydrocarbon law for the citizens without revaluation. You have to have value...Just like the World Trade Organization. You have to have a value for ascension. That's my view....I think it's falling into place. It's really looking kind of cool...
Weak Oversight And Smuggling Of Oil From The North.. Did Iraq Violate The OPEC Plus Agreement?
Economy |Baghdad today – Baghdad Economist Nabil Al-Marsoumi said today, Saturday (November 11, 2023), that Iraq has confirmed its commitment to the “OPEC Plus” agreement and its production quota of 4.220 million barrels of oil per day.
Al-Marsoumi wrote in a blog post on his personal account on the Facebook platform, followed by “Baghdad Today,” that “Iraq’s oil exports, which rose to 3.533 million barrels per day last October, are the highest this year, resulting from a reduction in internal consumption, but a recent survey showed an increase in production.” Iraqi oil is 180,000 barrels per day above the levels specified by OPEC Plus, according to what S&P Global Commodity Institutes reported.
He continued, "Iraq's production rose last October to 4,400 million barrels per day, and this increase is largely related to weak control over oil production in Kurdistan, which consumes part of it internally and smuggles the other part through tanks to Turkey and Iran."
Yesterday, Friday (November 10, 2023), the Iraqi Ministry of Oil said that Iraq is committed to the OPEC+ agreement regarding determining production levels, two weeks before an important meeting of the oil producing group.
Iraqi Oil Minister Hayyan Abdul-Ghani said, according to a ministry statement received by Baghdad Today, that oil exports from the southern fields increased by 350,000 barrels per day, without mentioning a time frame.
The export of about 450,000 barrels per day of oil from northern Iraq has been halted since late March due to a conflict with Turkey.
The ministry's statement indicated that the increase in exports is a "natural matter" and did not affect the total production ceiling agreed upon within the framework of OPEC+.
The statement added, "These increases in export levels sometimes occur due to a decrease in domestic consumption from one quarter to another."
The statement also indicated that the OPEC+ group “will not hesitate to make decisions that ensure stability and balance in global markets.”
The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, is scheduled to hold a meeting in Vienna on November 26 to determine production policy.
Last September, Iraqi Oil Minister Hayan Abdul Ghani said that Iraq's average oil production reached 4.23 million barrels per day, while the average oil export reached 3.35 million barrels per day.
Abdul Ghani confirmed that the government directed to focus oil investments in the western and central regions, while indicating that great strides had been made in enhancing investment areas through licensing rounds. According to press statements by the Minister. LINK
[via PDK] The earliest we expected things was Friday evening… The most probable time is Saturday. But there is nothing yet. Iraq is embracing alternative currencies like the Indian Rupee and the Chinese Yuan. Euro ect…Many interesting things happening in Iraq that points to an ”International Currency”. This means a new rate.
[via PDK] Iraq is now selling gold to banks and that is good news…. They are doing everything they need to do and are making solid progress toward this Rv…
but, stay grounded. We know we are close…we are hopeful…but, manage your expectations...But everything seems to be pointing to an announcement in the next day or so.
I continue to hear that they are positioned and we should get an announcement over the weekend and exchanges should start on Tuesday…
That is what I am hearing. The chatter is great. But I find it difficult to believe that anyone knows the exact date…for security reasons... My gut is saying we are close. And Iraq has put themselves in a position that it is time to go.
An Economic Institution Attributes The Problem Of Increasing Demand For The Dollar In Iraq To The Large Consumption Of Imported Goods
FRIDAY, 11-10-2023, KARAR AL-ASSADI The "Iraq Future" Foundation for Economic Studies and Consultations, today, Friday, attributed the problem of increasing demand for the dollar in the markets to the large consumption of imported goods, as its volume during the current year, which is about to end, reached 55 billion US dollars.
The head of the Foundation, Manar Al-Obaidi, said in a report published today, “The basis of the problem of demand for the dollar is the consumption of imported goods and the rise in their bill annually until our imports for the year 2023 reached as follows: UAE $19 billion, China $13 billion, Turkey $10 billion, Iran $9 billion.” India: $4 billion.
He added, "What we need is a clear strategy that works, firstly, to limit the annual growth of imports, and then work to reduce it by adopting an agricultural, industrial, and extractive policy that reduces our need for raw materials," stressing "the necessity of building a strategy for industrial transformation and supporting manufacturing industries." ".
Al-Obaidi continued to say, "Any other solution will make us always follow a policy of reaction to disasters that occur as a result of the absence of a clear strategy and anticipation of the future."
Parliament Finance Responds To The Central Bank’s Decision To Import Foreign Currency And Plans To Host The Governor
Politics/Economy |Baghdad today - Baghdad Today, Saturday (November 11, 2023), the Finance Committee in the House of Representatives commented on the decision of the Central Bank of Iraq to import “foreign currency” from abroad, while indicating that it will work to host Governor Ali Al-Alaq.
Committee member Mustafa Al-Karaawi told “Baghdad Today” that “the committee will work to host the Governor of the Central Bank, Ali Al-Alaq, and the senior staff at the bank, to discuss the decision to import foreign currency from abroad, and to find out the reasons that prompted such a decision to be taken and how it might have an impact.” On the internal Iraqi economic situation.”
He stated, “There is a fear that such decisions will be exploited by some parties and personalities who want to exploit any decision to their advantage, and for this reason we will have a position of following up and monitoring this decision, and we will also have a position in making an appropriate decision after reviewing the full details of this decision within a few days.” "The next one."
The instructions of the Central Bank of Iraq, which it issued on Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.
The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.
On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.
Observers and specialists raised a number of questions about the Central Bank’s decision, about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and therefore the bank The Central Bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity. LINK
Importing of foreign exchange, that was a huge step for Iraq but don't count chickens before they hatch. Hopefully they don't do anything to mess it up... There's somebody in there challenging this...On the face of things with everything that's going on with Iraq...
trying to open up to the international community...trying to bring prosperity to the people...trying to get rid of the United States as a babysitter, them wanting their own sovereignty back, I just don't understand how anybody would ever think about challenging this.
The only people I could think of would be the corrupt people. As long as there's a black market well then they get to make a lot of money off of it. IMO it's most likely somebody with the political party, I don't want to name no names, Maliki, but I'm guessing it's got to be somebody from the Coordinating Framework that is opposing this.
Because if you do allow them to import foreign exchanges and the currencies are coming into the bank it makes it really hard for there to be a black market especially if the Iraqi dinar starts going up in value...No need to panic...Positive Juju...come on everybody, positive Juju. Everything is going to go according to plan...
Former Director of Iraq’s Ministry of Electricity Indicted for Squandering Public Funds
Former Director General of the Ministry of Electricity in Iraq is being held accountable for squandering public funds as declared by the Integrity Commission. The details of the case remain undisclosed, marking a significant stride in Iraq’s fight against corruption.
Former Director General Indicted
The Integrity Commission in Iraq, the authority responsible for maintaining transparency and accountability, has brought the former Director General of the Ministry of Electricity to justice for alleged misappropriation of public funds. The accused has not been named, and the specifics of the case are yet to be revealed.
Undisclosed Details
While the commission has been circumspect in providing details about the case, it’s clear that the indictment is a key part of Iraq’s ongoing crackdown on corruption. This case represents a significant step forward in the country’s efforts to hold public officials accountable for their actions, with the Ministry of Electricity being a major focus of anti-corruption efforts.
Corruption in Iraq: An Ongoing Battle
Corruption has long been a significant problem in Iraq, undermining the country’s development and contributing to widespread political and social instability. The indictment of a high-ranking official from the Ministry of Electricity underscores the magnitude of the problem and the government’s commitment to tackling it head-on. As Iraq continues on its path towards reform, the outcome of this case will undoubtedly set a significant precedent for future anti-corruption efforts.
Arab League and OIC Summit Calls for Arms Embargo against Israel
The Arab League and Organisation of Islamic Cooperation (OIC) joint summit has issued a comprehensive resolution, urging for an arms embargo against Israel and calling for an immediate cessation of military operations in Gaza amid the escalating conflict. The summit also stressed the need for the International Criminal Court to expedite its investigation into alleged war crimes committed by Israel against the Palestinians.
Joint Stance of Arab and Muslim Leaders
Leaders at the summit advocated for the creation of two specialized legal monitoring units to document Israeli crimes in Gaza and prepare for legal proceedings in international courts. There were also calls for all countries to halt exporting weapons and ammunition to Israel. The summit, hosted by Saudi Crown Prince Mohammed bin Salman, saw the Crown Prince condemning what he called a “barbaric war” against Palestinians and attributing the responsibility for the conflict to Israel.
Challenges to Consensus
Despite the unified calls for action, the summit faced challenges in reaching a consensus. An earlier draft resolution failed to gain a majority vote, with Tunisia and Iraq abstaining from the vote for the final resolution due to reservations on several points, including the two-state solution phrase and the phrase “killing civilians”. Nevertheless, the final resolution represents a unified stance from Arab and Muslim leaders.
Call for Accountability
The summit’s resolution called for a just and lasting peace based on the two-state solution and requested the international community to hold Israel responsible for its actions and protect the Palestinian people’s rights. It emphasized the need for the Prosecutor General of the International Criminal Court to launch an immediate investigation into the war crimes and crimes against humanity committed by Israel against the Palestinian people in all occupied Palestinian territories. The resolution also condemned Israel’s destruction of hospitals in the Gaza Strip, the blockade imposed on the region, and the displacement of Palestinians from their homes
FIREFLY: The television is talking about some economist...we trust him, saying Iraq needs to bring the dinar to a register inside of a basket with internationals...Then they say to us the reason for this is so the black market can be dealt with.
FRANK: This monetary reform education is at its best!
FIREFLY: The talks are about bringing value to the dinar. They also say they're going to give us metal currency. Coins...
FRANK: This is the part where I tell you, I told you so! Lol..They prepare you inside of Iraq for your new exchange rate by telling you about the coins. Those are even smaller than the new small category notes...
To see it right now is perfect timing...In these last final second of all this information is being given to you about your monetary reform... Congratulations. Every day is one breath closer to you new exchange rate before 2024.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Mod: THANK YOU TO OUR VETERANS FOR YOUR BAVERY, SERVICE AND SACRIFIC!... GOD BLESS YOU ALL!
Member: Happy Veterans Day and God bless those whom served and our serving.
Member: I heard it rumored that the Chinese like numerology. 11/11 sure sounds like a good number to me!! Just let it go.
Mod: We start by honoring our veterans, Armistice reading, followed by the news and then some relaxed weekend time with the Matt and Lucas.
MZ: We are still watching to see what happens with the bond folks this weekend. There is a lot of focus on them this weekend and whether we are going to get a announcement and they get free movement of money .
MZ: The earliest we expected things was Friday evening…..The most probable time is Saturday. But there is nothing yet.
MZ: Mr. C has not been paid yet but, there is a lot of hope for this weekend. We really don’t expect any fireworks until later today. Don’t worry- I will share if I hear anything. If I do not come back with another video you will know things are still in the rumor mill and not ready to go yet.
MZ: MilitiaMan dropped a great video last night. Around the 15-16 minute mark has the article we talked about last night. Talking about the need to ascent to the World Trade organization with a accepted, international currency. And how this will sure the woes of other nations, the Fed, The Western banking world ect……..and how the dinar needs ot be included in the basket with other currencies…like Kuwait and Jordan ect……some of the most valuable currencies in the world. We know its coming….It is being discussed.
Member: Frank26 said last nite that WTO apparently was in Kurdistan with Barzani & Sunsmi. Said the currency was restriction free “ and to prepare to register inside a basket of international currencies.
MZ: Iraq is embracing alternative currencies like the Indian Rupee and the Chinese Yuan. Euro ect…….Many interesting things happening in Iraq that points to an ”International Currency” This means a new rate.
MZ: “The seventh Ambassadors conference confirms the increase in Iraq’s effectiveness regionally and internationally” Leaders from different regions got together to talk about their progress. This was a especially fruitful conference in Iraq.
Member: CBI, Federal Reserve sign deals to ease forex transfers from Iraq after intensive meetings in UAE..
MZ: In Vietnam: “ Lego’s 1Bn factory in southern Vietnam is 26 percent complete” Why is this important? It’s important because international business is looking at Vietnam as secure and stable…..They are employing up to 4 thousand. IMO this is a great one.
Member: RBC (Royal Bank of Canada) is buying HSBC in Canada for 13.5 billion
Member: Today is an 11:11 portal day! A day to manifest what you truly want. What you believe u can achieve. Best time is of course 11:11. 11am-11pm works also. Let’s manifest this RV in!!!
Member: Happy Veterans Day. A Big Thanks to All the Veterans that Sacrificed their lives for our Freedom. God Bless you all.
Member: Chocolate raises your vibration BIGTIME
Member: Everyone have a great weekend!!!
“THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IS IN MARKZ’S OPINION ONLY
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Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.
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Official source: Importing the dollar is legal according to effective instructions, 11 NOV
2023-11-10 11:08
Official source - Importing the dollar is legal according to effective instructionsShafaq News/ On Thursday, an official source refuted the allegations that there was no legal basis for the process of importing foreign currency by Iraqi banks.
The source told Shafaq News Agency: The decision of the State Shura Council (No. 2/2011) dated 1/10/2011, which says (there is no legal basis for importing currency) is correct. However, the Central Bank of Iraq issued its instructions in July 2011 and published them in the Iraqi Gazette, pointing out that every instruction published in the Iraqi Gazette is considered… A valid legal document.
Wednesday; The Central Bank of Iraq decided to allow Iraqi banks to import foreign currency according to 5 conditions.
It was stated in a letter sent by the Central Bank of Iraq to the licensed banks and obtained by Shafaq News Agency, “Based on the requests received to the bank, and in order to provide the required flexibility for banks operating in Iraq, it was decided to allow you to import foreign currency from outside Iraq while adhering to the following: –
1- The amounts shall be used for the purposes of meeting the requests of your customers from duly registered companies, organizations and bodies, and individuals working for foreign companies or institutions who receive remittances from outside Iraq.
2- Submit a request to the Central Bank of Iraq (Banking Control Department) that includes the quantity required to be entered along with the details of the shipment.
3- Payments must be entered exclusively through air ports.
4- Your commitment to register the serial numbers of these shipments and provide the Banking Control Department with them and the data of their recipients later.
5- Providing the Central Bank with the name of the foreign shipping company along with a copy of the license granted to it in its country.
The Central Bank of Iraq confirmed its continued provision of foreign currency to meet customer requirements and in accordance with instructions and controls in this regard.
A parliamentarian answers… Will restarting factories reduce demand for the dollar?, 11 NOV
11-10-2023
A parliamentarian answers... Will restarting factories reduce demand for the dollarInformation / Baghdad
Today, Friday, a member of the House of Representatives, Salem Al-Anbuki, explained the impact of restarting factories on the dollar in the Iraqi markets, while pointing to the factors of pressure on the parallel market.
Al-Anbaki said in an interview with Al-Ma’louma, “The most important factors putting pressure on the parallel market and pushing dollar prices to rise is the lack of national products that enable them to contain market demands for many goods, which leads to the import of approximately 95% of needs, which requires the availability of hard currency.” To the dollar.
He added, “Reconsidering the national economic strategy, pushing factories and laboratories to produce, and closing the large gap in the import balance will reduce the demand for the dollar by no less than 70%, which means a greater decline and gives greater flexibility in the markets.”
He pointed out that “the rise in the dollar causes severe harm to more than 13 million people who are below the poverty line because of its impact on raising prices, especially basic food items.”
The currency market in Iraq is witnessing a rise in the dollar exchange rate in recent weeks, especially as it approaches breaking the barrier of 170 thousand dinars per 100%.
[via WiserNow] ...first of all regarding Iraq, very early in the morning...Friday...the ATM machines which have been loaded with lower denomination dinar...meaning being 5 / 10 / 20 /50 / 100’s - sort of like we would have 20s in our ATMs.
I don't know how many different denominations they have...those are activated early this morning for the first time – that’s new...So the lower denomination dinar are in the ATMs and were utilized...
[via WiserNow] ...we heard that redemption centers had two conference calls... to go over the final details, last minute touches...Before we go...
they did say that this came off the calls, that we should have our notifications delivered to us by email tomorrow late morning...
