Monday, November 13, 2023
"RV UPDATE" BY CLARE, 13 NOV
Clare
Article: "A government source reveals the outcomes of the meeting between the Central Bank and the American side" Quote: "It was agreed to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP Morgan), noting that the problems related to the rejected transfers were resolved..."
Article: "Intensive Iraqi-American meetings in the Emirates result in important decisions regarding external transfers of the dollar”
Quote: "The official Iraqi News Agency quoted a government source as saying that intensive meetings took place during the past few days in Abu Dhabi between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports,
indicating that the negotiations culminated in a number of decisions and mechanisms that contribute to facilitating procedures. Regarding external transfers related to imports through the foreign currency sales window."
Iraq Eases Restrictions on Foreign Transfers: A Deep Dive into the Implications, 14 nov
Iraq Eases Restrictions on Foreign Transfers: A Deep Dive into the Implications
The recent agreements between the Central Bank of Iraq (CBI) and U.S. representatives mark a major milestone in easing restrictions on foreign transfers from Iraqi banks. The outcome of intensive meetings held in Abu Dhabi, these agreements are designed to streamline USD balances of Iraqi banks at Jordanian financial institutions, simplify transfers via JP Morgan, provide robust justifications for rejected transfers, and establish a UAE Dirham pilot at Iraqi banks. Final stage negotiations are also in progress to bolster balances of select Iraqi banks in euros at the UBAF bank, facilitating trade with the European Union.
Implications for Iraq’s Foreign Currency Exchange
However, the landscape in Iraq remains labyrinthine. The nation stands at a juncture, with the Coordination Framework necessitating hard choices. Political factions entangled in speculation and dollar smuggling operations face a stern blow as Iraqi authorities plan to prohibit external transactions in US currency starting January. This initiative, aimed at minimizing the circulation of physical dollars to forestall their use in dubious activities, follows concerns raised by the U.S. Federal Reserve over inconsistent efforts to stymie the use of physical US dollars and halt illicit flows to Iran.
Political and Economic Ramifications
The ban on external transactions in US currency could incite political forces to devise novel ways to circumvent these restrictions, potentially impacting the leadership of the Central Bank. Economically, the reduction in the circulation of physical dollars and the consequent ban will likely influence the Iraqi market, affecting trade and exchange rates.
Broader Geopolitical Context
In the backdrop of these developments, the wider geopolitical context in the region is worth noting. The ongoing tensions and conflicts, such as the situation in Gaza and the escalating tensions between Israel and Hezbollah, contribute to a complex and volatile environment. The recent flare-up in southern Lebanon, with Israel and Hezbollah exchanging fire, underscores the broader regional challenges that intersect with Iraq’s economic and political landscape.
The Role of the Central Bank of Iraq
The Central Bank of Iraq plays a pivotal role in these developments, managing the nation’s financial and monetary policies. The CBI’s efforts to ease restrictions on foreign transfers and navigate the challenges of foreign currency exchange are crucial for Iraq’s economic stability and its ability to engage in international trade. Simultaneously, the CBI also grapples with the impact of the ban on external transactions in US currency and potential attempts to evade these restrictions.
At the core of these developments lies the delicate balance between economic policies, geopolitical realities, and internal political dynamics. The decisions and agreements made by the CBI and U.S. representatives carry far-reaching implications for Iraq’s financial landscape. As Iraq stands at a crossroads, the path chosen will not only determine its economic future but also cast a long shadow over regional dynamics and geopolitical relationships.
New negotiations between Baghdad and the region to pass the oil and gas law, 13 nov
New negotiations between Baghdad and the region to pass the oil and gas law, 13 nov
On Sunday, Nermin Maarouf, the representative of the Patriotic Union of Kurdistan, announced that a new round of discussions between Baghdad and Erbil had begun to resolve their differences and establish long-term strategic agreements.
During an interview with [publication name], Marouf emphasized the importance of resolving salary disputes between Baghdad and the center and passing the oil and gas law.
According to her, the main reason for delaying the approval of the oil and gas law is the need for more consensus between the political blocs. She emphasized the need for the two parties to reach long-term strategic agreements to approve the oil and gas law.
She continued, “Despite progress made, the oil and gas issue and several other matters remain contentious between the involved parties. Nevertheless, we are optimistic and hope to reach final agreements soon.”
According to Sharif Suleiman, the representative of the Kurdistan Democratic Party, the oil and gas law is currently being reviewed by the government committee. He confirmed to “Al-Ma’louma” that a law proposal was submitted by the Kurdistan Region to the committee for consideration.
"RV UPDATE" BY MILITIAMAN, 13 NOV
Militia Man
Salaries, oil and gas, what do they need? Salaries need an exchange rate. Oil and gas need an exchange rate. 2023, 24, 25 budget need an exchange rate. All the contracts for housing need an adjustment to the exchange rate to be able to finish those things...It's fairly cut and dry...what are they looking for? They're looking for the exchange rate...It hasn't all happened yet. Why? Because it's obvious now. We're waiting them four in on that pinpoint. What is it? There's only one item I think is left to do...
Article quote: "The CBI, the federal Reserve signed deals to ease Forex transfers from Iraq after intensive meetings in the UAE..." ...Key in on this one key word - Ease...They say the process is poised to kick off in the coming days. They're in process of working to doing trade in globally acceptable international currencies ... Phenomenal stuff.
Iraq's assistance for ascension is a key indicator especially when they're talking about post ascension. That is powerful because if they're talking about post ascension it gives you the heads up that the game's on - They're ready to finish it...
At the moment we're at 1310. If you drop 3 zeros you have a number...The dinar at 1000...drop the 3 zeros, what are you at? You're at 1 to 1. That's the project to delete the zeros off the exchange rate. Not the currency. The exchange rate.
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'...
A New Step May Fluctuate The Dollar Exchange Rates.. What Do Economists Think?, 13 NOV
A New Step May Fluctuate The Dollar Exchange Rates.. What Do Economists Think?
Posted 12 seconds ago News source /newsroom News source/ newsroom Today, Sunday, the economic expert, Abdul Rahman Al-Mashhadani, explained the impact of the approval to enhance the dollar balance of 10 banks on exchange rates in local Iraqi markets, while explaining the repercussions of the decision.
Al-Mashhadani said, in an interview with the Maalouma Agency, that “visiting the balance of ten banks in dollars will be one of the factors that will reduce the pressure on the dinar.”
Because a portion of the financial transfers that pass through the electronic platform are rejected for some reason or without,” indicating that
“the past few days have witnessed the rejection of 80% of external transfers.”
He added, “The pressure will be eased on the dinar as well; Because the transfer transactions, or the transferees, instead of being audited by the US Federal Bank, will be audited by JP Morgan,” pointing out that “the latter’s scrutiny is more severe than the Federal Reserve Bank.”
The economic expert explained, “These banks have relationships, as partners, with international banks such as Al-Qantar National, Capital Bank, and the Kuwait Finance Bank, in addition to the Kuwait National,” noting that
“it is true that these banks are Iraqi, but the entry of the founding partners of these international banks, organized “To them.” Al-Mashhadani stated,
“The transfer mechanism will pass without the Central Bank of Iraq, especially after transfers were delayed by 8-20 days.
However, using this method, it is possible to pass financial transfers within a day or two.”
Earlier today, a government source revealed an Iraqi-American agreement to enhance the balance of 10 banks in dollars in light of the recent meetings of the Central Bank with the American side, five of which were through Citibank, and the other five through JP Morgan.
During the current period, the exchange rates of the dollar in the local markets are witnessing a significant increase, as the exchange rate of 100 dollars reached more than 164 thousand dinars, in light of large sales to the Central Bank of Iraq, on a daily basis. https://iraqakhbar.com/4105470
Iraqi Dinar Strengthens Against US Dollar: Nears Exchange Rate of 81, 13 NOV
Iraqi Dinar Strengthens Against US Dollar: Nears Exchange Rate of 81, 13 NOV
In a recent turn of events, the exchange rate of the Iraqi Dinar to the US Dollar is inching close to 81. This development marks a significant shift in the currency dynamics of one of the most oil-rich countries in the Middle East.
Currency Exchange: A Balancing Act
As the value of the Iraqi Dinar strengthens, the government is seen to be taking an active role in managing the exchange rate to stabilize the country’s economy. It’s a delicate act that requires a thorough grasp of global market trends and an understanding of the significant role currencies play in shaping a nation’s economic future.
Global Currency Market: A Constant Flux
The world of currency exchange is a complex ecosystem where rates fluctuate based on various global factors. The rising exchange rate of the Iraqi Dinar to the US Dollar is a testament to this flux. It’s not just about the Dinar and the Dollar. The Euro, too, is mentioned in the narrative, underscoring the interconnectedness of global currencies.
Interactive Platform: Engaging Stakeholders
The narrative also points towards the use of an interactive platform, urging individuals to comment, log in, and utilize various services. This feature is indicative of the growing trend towards digitization in financial services, fostering greater participation and transparency.
https://bnn.network/world/iraq/iraqi-dinar-strengthens-against-us-dollar-nears-exchange-rate-of-81/
"RV UPDATE" BY PIMPY, 13 NOV
Pimpy
The news continues to get better and better. Article: "JP Morgan strengthens 5 Iraqi Banks" Another article with really good news...It's exciting to hear this news. I'm not going to get overly hyped. I'm going to stay grounded but it is looking very very good.
We all agree that it appears Iraq is headed in the right direction. That's always a good sign.Understanding the USD/IQD Exchange Rate: Insights into Kurdistan Region’s Economy, 13 NOV
Understanding the USD/IQD Exchange Rate: Insights into Kurdistan Region’s Economy
The exchange rate of the Iraqi Dinar (IQD) against the US Dollar (USD) in the Kurdistan Region is currently 100 USD for 159,900 IQD. This rate is a critical barometer of the region’s economic health. It is worth noting that the actual exchange rate can fluctuate, with data from Exchange Rates UK indicating that one USD is worth 1309.0175 IQD at a specific date and time.
Fluctuating Exchange Rates Depict Economic Dynamics
This disparity underscores the volatility of the currency exchange rate, as it is subject to frequent changes. A look at the historical perspective further reveals that the current rate is higher than the previous day’s, further emphasizing the dynamic nature of the currency market.
Real-Time Conversions Amidst Dynamic Exchange Rates
In a world where the exchange rate is highly volatile, the availability of a currency converter tool for real-time conversions becomes increasingly significant. This is particularly crucial for individuals and businesses conducting international trade or financial transactions involving the USD and IQD.
Global Currency Volatility and its Implications
Exchange rate fluctuations are not isolated events but part of the broader volatility in global currencies. This is influenced by various economic trends and geopolitical developments worldwide. Consequently, the IQD’s exchange rate is not immune to these factors.
Understanding the Factors Influencing Exchange Rates
Reports on the U.S. dollar’s performance, its impact on gold prices, and fluctuations in Baghdad and Erbil’s markets contribute to a comprehensive understanding of the dynamics affecting the exchange rate. Furthermore, coverage extends to geopolitical events, such as the Gaza crisis and bilateral relations with the UK, which can impact currency markets.
In conclusion, the data on the USD/IQD exchange rate provides valuable insights into the economic landscape of the Kurdistan Region and beyond. It highlights the volatile nature of exchange rates, the necessity of real-time currency conversion tools, and the interconnectedness of global events with currency fluctuations.
Dinar’s Rise, Oil Exports, and the Emergence of ALIF COIN, 13 nov
Dinar’s Rise, Oil Exports, and the Emergence of ALIF COIN, 13 nov
Amidst the whirl of financial news, the Iraqi Dinar has emerged as a beacon of positivity, closing the market with a notable rise in its value. This surge is indicative of potential economic implications, painting a picture of a bolstering economy.
Prime Minister Urges Resumption of Oil Exports
In an urgent meeting with the Iraqi Ministry of Oil delegation, the Prime Minister of the Kurdistan Regional Government underscored the significance of oil exports for the regional economy. The temporary cessation of these lucrative exports has reportedly inflicted several billion dollars in losses upon the public treasury, underscoring the need for a swift resumption.
Cryptocurrency: The Rise of ALIF COIN
While the world of finance fluctuates, ALIF COIN, a burgeoning cryptocurrency, has made its presence felt with a robust market cap and volume. The content provides a panoramic view of its performance, detailing its exchange rate vis-Ã -vis the Iraqi Dinar and offering historical data and fluctuations. This comprehensive overview of ALIF COIN’s performance signifies the growing influence of cryptocurrency in the financial landscape.
Iraqi Dinar and US Dollar: A Comparative Study
Pivoting to the broader financial landscape, the exchange rate between the Iraqi Dinar and the US Dollar serves as a barometer of economic health. The recent rise in the value of the US Dollar compared to the Iraqi Dinar may have far-reaching implications for trade and investment, suggesting a reshaping of the economic milieu.
In conclusion, this complex tapestry of financial and economic information, ranging from the strengthening of the Dinar, the crucial role of oil exports, the buoyant ALIF COIN, and the comparative study of the Iraqi Dinar and US Dollar, offers a comprehensive view of the financial environment. It is these intricate details that provide readers with a clear lens through which to view the global economic landscape.
https://bnn.network/world/iraq/dinars-rise-oil-exports-and-the-emergence-of-alif-coin/
"RV UPDATE" BY FRANK26, 13 NOV
Frank26
Question: "Will there be a short time frame that the Iraqi citizens are informed of the rate change and able to benefit before the rest of the world finds out or do you feel we will all know when they know?" We'll all know at the same time...
But a dinar is a dinar inside of Iraq. It will not be affected by the external exchange rate as it grows it stays at whatever exchange rate they release it at internally. Will citizens become rich? No, I wouldn't say they're going to be rich but they're going to have a lot more purchasing power...
[Iraq boots-on-the-ground report]
FIREFLY: On television they are showing Sudani again in Kurdistan...they are still having talks with the WTO...That caught us by surprise...
They are saying from the WTO that they are doing the final edits to conclude the post ascension of Iraq into the WTO... FRANK: You got shoulder to shoulder. There are no problems! ...The WTO is not in Baghdad anymore, they're in Kurdistan... Wow, this is getting serious! FIREFLY: They are telling us they will be included in it because of what they have done with the monetary reform...
Question: "What do you think the rate will be?" IMO a reinstatement of $3.22 to a cap of about $4.25.
When Sudani went over to the United States Treasury at the the UN...they told him to do a couple more things. He said fine I'll do it.
He went back he did it in less than 24 hours because it was simple. But the purpose for him going there was to deliver the new exchange rate that they are going to release.
Iraqi prime minister emphasizes security cooperation with Iran, 13 NOV
Iraqi prime minister emphasizes security cooperation with Iran
Shafaq News/ Iraqi Prime Minister Muhammad Shia al-Sudani met with Ahmad-Reza Radan, the Iranian Chief Commander of Law Enforcement, in Baghdad on Monday.
The discussions centered around various aspects of cooperation between Iraq and Iran, particularly in maintaining internal security, combating organized crime, coordinating border control, and fighting against drug trafficking—issues identified as common challenges for both nations.
Iran and Iraq share a long and complex relationship, marked by both cooperation and conflict.
Recent years have seen an increase in security cooperation, especially in the fight against terrorism and the Islamic State.
Key aspects of Iran-Iraq security cooperation include border security, joint patrols, and the exchange of intelligence information.
Both countries also share a common enemy, ISIS, leading to joint counterterrorism efforts, intelligence sharing, and military assistance.
Al-Sudani And Zidane Discuss The Judiciary’s Efforts To Hold Foreign Currency Speculators Accountable, 13 NOV
Al-Sudani And Zidane Discuss The Judiciary’s Efforts To Hold Foreign Currency Speculators Accountable
Political | Baghdad - Mawazine News Prime Minister Muhammad Shiaa Al-Sudani discussed with the Chairman of the Supreme Judicial Council, Faiq Zaidan, the efforts made by the Iraqi judiciary in holding accountable those who manipulate the people’s livelihood and foreign currency speculators.
The Prime Minister’s Media Office stated in a statement received by Mawazine News, that “Prime Minister Muhammad Shiaa Al-Sudani met this Sunday evening with the President of the Supreme Judicial Council, Faiq Zaidan, and during the meeting, a number of files and judicial procedures taken for the sake of sovereignty were discussed.” law and enhancing security and stability in the country.”
He added, "The two sides also discussed the importance of strengthening the efforts made by the Iraqi judiciary in holding accountable those who manipulate the people's livelihood and foreign currency speculators, with the aim of destabilizing the market, affecting the living conditions of citizens, and disrupting government plans to achieve economic and financial reform."
"RV UPDATE" BY BRUCE, 13 NOV
Bruce
[via WiserNow] If anybody thinks that there are no 800 numbers or actually it's probably an 800 number...They really don't know anything - if they don't know this... our contacts are at the redemption centers...
we know what's going on. We know, for example, that there was a very, very good dinar rate on the bank screens...and it'll migrate to the front screen of the banks... but realize this, our redemption center rates will be higher than the regular bank screens...Bank screens are tied to the Forex...redemption centers are not. They have their own rates and will have the very best and highest rates for us.
...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.A Representative Talks About Several Reasons Behind The Dollar Crisis And Identifies The “Most Dangerous” Of Them., 13 NOV
A Representative Talks About Several Reasons Behind The Dollar Crisis And Identifies The “Most Dangerous” Of Them.
Baghdad today – Baghdad Today, Sunday (November 12, 2023), the representative in the Iraqi Parliament, Muhammad Al-Baldawi, considered that there are several reasons behind the dollar crisis in Iraq, but the most prominent of them is the American prevention of financing the Central Bank of Iraq with all its dollar needs.
Al-Baldawi said in an interview with “Baghdad Today” that “the rise in the dollar exchange rate in the parallel market has multiple dimensions, but the most important reason for it is America’s deliberate failure to disburse Iraq’s dollar dues and deliberately delaying them. That is, we are facing direct intervention by Washington in a financial file accompanied by threats.” Imposing sanctions on the central bank.
He added, "All that is happening are means of pressure adopted by the White House towards Iraq in order to achieve several goals, the most prominent of which is making Baghdad a prisoner of its plans in the region."
He pointed out that "America must realize that what it does in Iraq and other countries will ultimately reflect on it, and trying to exploit the economic dimension to harm countries will not achieve anything, especially since world opinion has become dissatisfied with its positions, especially in the recent Gaza events, which provided a cover for the Zionist entity to exterminate an entire people." With American-made missiles.
In contrast to this opinion, the Central Bank administration reiterates from time to time that the dollar is available and there is no shortage of it, and that what is happening is the presence of suspicious trades and operations to obtain the dollar and smuggle it to other countries.
The Central Bank confirms that it is able to meet all “transparent and legitimate” requests for the dollar, whether for import or cash requests, provided that they are legitimate and reveal the ultimate beneficiary to whom this dollar will reach.
However, observers believe that this is relatively inconsistent with the recent trend of the Central Bank to allow banks to import foreign currency from abroad, meaning that it suggests that the Central Bank is facing difficulty in obtaining dollars from the US Federal Bank. LINK
Coffee with MarkZ. 11/13/2023
An Economist "Limits" The Solution To The Exchange Rate Problem To One Condition: It Will Not Be Solved Without It,13 NOV
An Economist "Limits" The Solution To The Exchange Rate Problem To One Condition: It Will Not Be Solved Without It
Baghdad today – Baghdad Economist Nabil Al-Marsoumi confirmed in a blog post on Facebook, followed by “Baghdad Today”, today, Sunday (November 12, 2023), that the exchange rate crisis in Iraq cannot be solved without solving the problem of financing trade with Iran.
While exchange rates continue to rise by about (30 points) at least from the official rate decided by the Central Bank, which decided to raise the value of the official exchange rate of the dinar against the dollar by 10 percent in a measure aimed at reducing the decline in the value of the currency that accompanied the adoption of more regulations. Strictness regarding financial transfers outside the country.
The government then agreed to the Central Bank’s proposal to raise the value of the exchange rate from about 1,470 dinars to 1,300 dinars per dollar, which had a clear impact on the exchange market at that time by reducing prices that reached the level of 1,700 dinars in the parallel market.
Earlier, an Iranian official revealed that Baghdad was moving to propose dealing with Tehran in exchanges in the Iraqi dinar instead of the dollar or other foreign currencies.
The commercial advisor to the Iranian embassy in Iraq, Abdul Amir Rabihawi, said at the meeting of the Joint Iranian-Iraqi Chamber, which was held early last July, that this proposal would be in Iran’s interest, especially in view of “the sanctions on Tehran,” noting that this means implementing all exchanges between men. Business in dinars instead of dollars.
Economists believe that “making an exchange with the Iraqi dinar instead of the dollar supports the Iraqi national currency, and that this matter may also have a political message from Tehran to the United States, that dealing in the dollar can be easily abandoned, and it may involve risks that the Iraqi dinar will be exchanged by Iranians at weak prices lead to a collapse in the exchange rate of the Iraqi national currency against other currencies.
Also, “the idea of using local currencies in trade exchange between Iraq and Iran was an idea put forward by the Federal Reserve in its meetings with officials, and it is applicable despite its difficulty, and it is closely related to Iraqi payments related to the import of electricity and gas, as it was proposed that they be placed” in an account in the bank. The Central Bank of Iraq, to be used to finance purchases and imports related to the humanitarian aspect that Iran is allowed to import, but the trade balance between Iraq and Iran tends in favor of Tehran at about 10 billion dollars annually.
Despite the measures taken by the government to prevent currency speculation, experts and specialists confirmed that “the solutions did not address the structural defect in the economy, as the commercial sector was not reorganized, and the banking system did not fully comply with international standards and the Federal Reserve Bank (the US central bank) in transfer operations.” which is conducted daily.
Also, "the levels of transfers that take place daily are still high and not commensurate with the size of the Iraqi economy, which exceed 200 to 300 million dollars on some days."
On the other hand, “some merchants are complaining about the delay in executing their financial transfers, which has resulted in financial burdens, which the Central Bank’s procedures have not addressed. Therefore, many of them have returned to buying dollars from parallel markets, even if they are at prices more expensive than the banks.”
Iraqi banks must now manage these transfers through the “SWIFT” electronic platform, which is synonymous with more stringent monitoring of transactions, especially by the US Federal Reserve, which rejects any transfer deemed suspicious.
Iraqi banks must currently register “their dollar transfers on an electronic platform, which checks the requests... and the Federal Reserve examines them, and if it has doubts, it stops the transfer.”
With the beginning of the implementation of the electronic system, the Federal Reserve rejected 80 percent of requests for financial transfers to Iraqi banks against the backdrop of doubts related to the final destination of those amounts being transferred.
Source: Baghdad Al-Youm + Agencies LINK
Iraq Plans To “Neglect The US Dollar” And Parliament Proposes “Diversifying Foreign Currency Baskets, 13 NOV
Iraq Plans To “Neglect The US Dollar” And Parliament Proposes “Diversifying Foreign Currency Baskets”
Baghdad today - Baghdad The House of Representatives Finance Committee said today, Monday (November 13, 2023), that there is a necessary and important need to diversify the basket of foreign currencies in Iraq and not rely on the US dollar in commercial transactions.
Committee member Moin Al-Kazemi told “Baghdad Today” that “the basket of foreign currencies in Iraq must be diversified and not relied on the dollar in commercial transactions, whether external or even internal, as this reduces American dominance over the Iraqi economy.”
He added, "The Iraqi economic ground is ready and prepared to strengthen banks in various foreign currencies and not be limited to the US dollar, and there is a real trend by the monetary authority in this matter, and the coming days will witness various commercial transactions through the UAE dirham as well as the Chinese yuan and other currencies, and this will reduce demand." On the dollar, and it will have an impact on reducing the dollar exchange rate in the parallel market.”
Last Saturday (November 11, 2023), 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, according to what was reported by the “official agency,” 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 added 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 aspect, 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 in Chinese yuan are being enhanced through the Singapore Development Bank."
The source also reported that bank accounts had begun to be opened in Indian rupees 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 taken place as a first stage, and it is expected that this mechanism will contribute to financing Iraq’s imports from India, especially medicines and materials. Food, which is estimated at about $3 billion. LINK
Anti-Corruption Commission: Arrest Of Major Figures Involved In Manipulating Exchange Rates, 13 NOV
Anti-Corruption Commission: Arrest Of Major Figures Involved In Manipulating Exchange Rates
November 13, 2023 Baghdad/Al-Masala Al-Hadath: The head of the supporting team of the Supreme Anti-Corruption Commission, Abu Ali Al-Basri, revealed on Monday that large corruption files had been opened, and that no one would protect those manipulating the dollar exchange rates.
Al-Basri said in a statement followed by Al-Masala, “The Anti-Corruption Committee has large operations in the governorates of Baghdad, Basra, Salah al-Din, and Anbar, as well as other operations in various places.”
He pointed out, “The committee’s work continues against those accused in corruption cases, and it was recently able to arrest 22 people involved in corruption operations,” noting, “The Anti-Corruption Committee is now carrying out major operations, some of which have affected people who had red lines on them.”
Al-Basri pointed out, “The Anti-Corruption Committee will not compliment anyone and has no red lines for anyone,” noting that “some files related to corruption need detailed study, and the committee has opened many files related to previous contracts concluded in state institutions.”
He continued, “The Supreme Anti-Corruption Committee also opened the file of financial inflation and it affected large people,” stressing, “There is coordination with Interpol regarding those wanted in corruption cases, and this includes even dual nationals.”
Al-Basri added, “The competent authorities have moved to a new stage in the file of combating corruption, preserving public money, returning stolen funds, and preventing any new transgression.”
He stated, “The government is serious about combating corruption and has modern treatment methods, including automating state institutions.”
Al-Basri explained, “The Supreme Committee has complete information about speculators at the exchange rate, and it will reach them, and no one will protect them,” pointing out, “Merchants who manipulate the exchange rate will be deprived of obtaining the dollar through the electronic platform at the Central Bank, and there is joint work and effort.” It is carried out by various state agencies, starting with the support team, various agencies, the judiciary, and the Integrity Commission.”
He stated, “There is a major campaign to monitor the market and illicit sales, and the supporting agency was able to arrest major figures who were involved,” noting, “The process of obtaining the dollar and foreign trade has exceeded 90% through the electronic platform and that things are moving in the right direction.”
He stressed that “the state provides great support for many goods and also provides many facilities to merchants,” explaining that “the inflation index has decreased in Iraq compared to many countries, including neighboring countries.” https://almasalah.com/archives/72967
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