Monday, February 5, 2024
After a decade, Iraqi provincial councils elect new leaders, 6 FEB
After a decade, Iraqi provincial councils elect new leaders
Shafaq News/ Iraq witnessed a series of elections in various provincial councils on Monday to appoint new leaders.
The results of the December 18, 2023, provincial elections, the first since 2013, were instrumental in determining the makeup of the councils.
Nineveh Province
The Nineveh Provincial Council unanimously elected Ahmed Al-Hasoud as the chairman of the Council and Muhammad Abdullah Al-Jubouri, also known as "Abu Fanar," as the deputy chairman.
Additionally, most of the Council voted to renew the term of Abdul Qadir al-Dakhil, who will serve as the governor of Nineveh for a second term.
Basra Province
The Basra provincial council, aligning with the "We Build" alliance led by Hadi al-Amiri, elected Khalaf al-Badran as chairman and Osama al-Saadi as deputy chairman. Additionally, the Council renewed the mandate of the current governor, Asaad al-Eidani.
Later, the Council also adjourned its session, awaiting an agreement on the positions of the two deputy governors.
Al-Anbar Province
In Al-Anbar province, the council selected Omar Mishaan Dabous al-Dulaimi as chairman, Akram Khamis al-Mahlawi as deputy chairman, and Mohammed Nouri al-Karbouli as governor.
Wasit Province
The provincial Council in Wasit elected Ali Hussein Soleimoun as chairman and Mohammed Jamil al-Miyali as governor.
Najaf Province
The Najaf provincial council unanimously elected Hussein al-Issawi of the State of Law Coalition as chairman and Ghaith Shabi of the "Al-Asas" alliance led by acting Speaker of Parliament Mohsen al-Mandalawi as deputy chairman. Youssef Knawi of the Hikma National Movement became the governor, with Ammar al-Jazairi of the Asaib Ahl al-Haq movement as deputy governor and Karrar Mahbouba of the "Absher Ya Iraq" alliance as the second deputy governor.
Maysan Province
The Maysan Provincial Council postponed its first session until the following Wednesday.
Muthanna Province
The Muthanna Council postponed its session until 10 p.m. due to a lack of agreement between the winning blocs.
Kirkuk Province
In Kirkuk, the Provincial Council faced difficulties convening its first session, leading to an indefinite postponement. Notably, the session reportedly was boycotted by Arabs and Turkmen.
Diyala Province
The Diyala Council opted to adjourn its session, citing a lack of quorum.
Notably, these elections signify a crucial aspect of Iraq's political landscape, with provincial councils playing a pivotal role in overseeing local government affairs and providing essential public services.
The results revealed the dominance of the pro-Iranian Coordination Framework alliance, comprised mainly of Iran-backed Shiite political parties, in securing the majority of seats across the councils. The elections witnessed a 41% voter turnout despite a boycott from the Sadrist movement.
https://shafaq.com/en/Iraq-News/After-a-decade-Iraqi-provincial-councils-elect-new-leaders
"RV UPDATE" BY SANDY INGRAM, 6 FEB
Sandy Ingram
These are some of the major factors holding up the Iraqi dinar revalue...There's a lot at stake...First...Iraq relies on its oil export for revenue...If oil prices were to decrease suddenly, it could cause a drain on Iraq's foreign exchange reserves as they try to stabilize their currency's value...Second...Iraq's political stability and security issues... Uncertainties make it challenging for investors to trust...making them hesitant to buy the dinar...
Thirdly...A sudden and significant increase in their currency's value could adversely affect their exports and trade balances. It could also lead to inflation... Balancing the exports and trade revenue is one of the key factors in deciding and implementing a currency revaluation.
Furthermore...Neighboring countries may retaliate by imposing tariffs or restrictions in response to Iraq's higher value in currency...A sudden revaluation potentially could destabilize other currencies...
Iraq could have a domino effect on the economies and currency values of countries like the U.S., China and Russia because these countries hold significant amounts of dinar in their reserves...The central bank of Iraq is under tremendous pressure to fit in when it comes to the revaluation of its currency.
Iraqi PM discuss the regional situation with Russia's ambassador, 6 FEB
Iraqi PM discuss the regional situation with Russia's ambassador
Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani and Russia's ambassador to Iraq, Elbrus Kutrashev, met in Baghdad on Monday to address current developments in the region.
According to Al-Sudani's media office, they discussed the recent regional development and its repercussions on the security and stability of Iraq and neighboring countries, as well as the economic challenges and energy supply.
The Prime Minister emphasized the significance of global endeavors, specifically from permanent members of the Security Council, such as Russia, in ending the Gaza conflict, which affected the security and stability of the region.
Ambassador Kutrashev reaffirmed Russia's backing for Iraq's stability and security and showed a "keen desire" to enhance economic collaboration between the two countries.
In addition, they delved into strategies for strengthening collaboration in the energy sector through OPEC+ and the major Russian companies' contribution to various projects across different sectors as part of Iraq's strategic development roadmap.
https://shafaq.com/en/Iraq-News/Iraqi-PM-discuss-the-regional-situation-with-Russia-s-ambassador
"RV UPDATE" BY PIMPY, 6 FEB
Pimpy
I'm sure by now you've heard already the United States is striking more targets...What we don't want to see is things escalating. There was an emergency meeting called to figure out what it is Iraq wants to do or needs to do. What we hope is their decision is not to enter into a conflict with the United States.
Where do you exchange your currency? It's going to be at your local [bank] branch. There are no redemption centers. Some places won't charge you fees depending on how much. Some of them have a flat rate.Iraqi forces destroy ISIS hideouts in Diyala, 5 FEB
Iraqi forces destroy ISIS hideouts in Diyala
Shafaq News/ On Monday, the Joint Operations Command (JOC) announced that the Iraqi airforces attacked ISIS hideouts in the Hawi al-Azim area in the Diyala Governorate.
In a statement, JOC said, "The Iraqi aviation destroyed terrorists' strongholds in Hawi al-Azim in Diyala Governorate."
The statement added, "Five terrorists were hidden in one of these hideouts."
Despite its defeat in 2017, ISIS sleeper cells still operate in Iraq, mainly in Kirkuk, Diyala, and Saladin, known as "the Triangle of Death."
https://shafaq.com/en/Iraq-News/Iraqi-forces-destroy-ISIS-hideouts-in-Diyala
"RV UPDATE" BY FRANK26, 5 FEB
Frank26
IMO this week they're giving the government of Iraq everything needed to fund the budget. The Central Bank of Iraq has finished with all its meeting... with all of its meeting with all of the people that are part of the monetary reform. All of the contracts are also in position, waiting for this to happen as well.
How many times have we heard words electronic payment platform? .
..We keep hearing it constantly because that's the phase that the monetary reform is at right now. It is preparing the vehicle where the dinar will get into it and drive out of the country domestically into an international market that will increase the value of the Iraqi dinar based on supply and demand...
"RV UPDATE" BY RAYREN98, 5 FEB
RayRen98
GOOD NEWS: A TOP SOURCE SAYS THAT THE BOMBINGS WERE "ACCOUNTED FOR" IN THE PLANNED RELEASE OF THE RV. SO, IT APPEARS THAT EVERYTHING IS "ON SCHEDULE" AS WE WERE INFORMED.
3-LETTER GUYS ARE INFORMING THAT THE "ISSUE" STOPPING THE RV HAS BEEN RESOLVED...
[via Babysmom] ..."EFFECTIVE 1/1/24 (BUT STARTED ALREADY) DEALERS (USA) CAN ONLY SELL YOU $1,000 WORTH OF DINAR PER 24 HOUR DAY. THAT'S NOT EVEN 1 MILLION DINAR TODAY."
[via Babysmom] ..."BANKERS CAN SEE RATES..."NOW" EVEN THOUGH THEY HAVE TO WAIT ON FOREX TO OPEN FOR THIS WEEK...WOOOOO HOOOOOO"
US BANKS HAVE THE RATES, SAID THEY WERE WAITING FOR FOREX TO LOAD BEFORE THEY CAN START ...THEY "THOUGHT" IT WOULD BE AT OPENING ON SUNDAY EVENING, BUT NOT YET. FEDERAL RESERVE IS SENDING ALL STAFF IN TOMORROW NIGHT TO OBSERVE THE "TRANSACTION" ... .I DO "BELIEVE" THAT IT HAS BEGUN!! RATES DID CHANGE IN IRAQ LAST WEEK...MAYBE AGAIN OVER THE WEEKEND?
WAITING TO HEAR FROM SOME FOLKS WHO WERE EXCITED LAST NIGHT AND WERE LOOKING TO SEE SOMETHING (BEHIND THE SCENES) THROUGHOUT THE NIGHT...TIME WILL TELL
https://dinarevaluation.blogspot.com/2023/10/rv-update-by-babysmom-rayren98-17-oct.html
Fri. 15 Dec. TNT RayRen98:
The expected RV is now scheduled. Good news. This morning Iraq citizens were told in the next couple days. Sudani told ppl the rate is going to change in the next couple of days. I also go this from Tish she was watching in Iraqi tv. The RV was supposed to occur last night Thurs. 14 Dec.
Sudani was telling ppl this morning in a town hall type of meeting that the rate is going to change in the next couple of days. The last day the rate changed was the 20th of December. If Iraq says today is last day, 4:30 EST is the next day Iraq time ~ a few minutes past midnight. They wanted to do it at 1:00 am eastern. This is how they want it to go down. In Iraq everyone is off Monday and Tuesday so they can go vote and the budget will be released on Tuesday. All the money.
Fri. 8 Dec. TNT: It was supposed to go Thurs. night 7 Dec. Everyone was waiting on the IMF to release it. After a meeting earlier today Fri. 8 Dec, contacts said it will happen by Mon. 11 Dec. Sun. 10 Dec. is Iraq’s Victory Day, so Tony thinks it might happen then.
People that have already contacted their banks are being called in to go over the procedures for the exchange, interest rates they would pay them, debit and credit cards that will be available to them, etc. Banks are acknowledging that it is happening and that they want people to choose them.
https://dinarevaluation.blogspot.com/2023/12/judy-notes-9-dec.html
“THEY TOLD EDDIE ON THE 29TH OF JANUARY, A CAMPAIGN WAS BBEING LAUNCHED TO EDUCATE THE IRAQI CITIZENS ON THEIR MONETARY REFORM… THIS IS ANOTHER EXAMPLE OF IT” BY FRANK26, 5 FEB
“THEY TOLD EDDIE ON THE 29TH OF JANUARY, A CAMPAIGN WAS BBEING LAUNCHED TO EDUCATE THE IRAQI CITIZENS ON THEIR MONETARY REFORM… THIS IS ANOTHER EXAMPLE OF IT”……………..F26
Empowering the Iraqi economy: growth through strategic investments and banking excellence
1/30/2024 Baghdad
Cihan University – Dohuk held the “Third Annual Economic Forum”, in the presence of Zirvan Abdul Mohsen Asaad, President of the University, and a number of experts, economists, bank managers and academic figures.
The forum was held in the Research Center hall, under the slogan “Empowering the Iraqi Economy: Growth through Strategic Investments and Banking Excellence.”
The first session began at eleven o’clock in the afternoon and lasted for two hours, and was moderated by Ahmed Al-Saffar, an academic and former member of the Iraqi parliament.
The first speaker was Abdul Hussein Al-Anbaki, head of the economic advisory office of the Iraqi Prime Minister, who began his speech about the challenges facing development in Iraq.
Al-Anbaki stressed “the necessity of addressing structural imbalances in the economy, pointing out the failure to achieve the goals associated with Article (25), which aims to reform the economy by diversifying sources and supporting the private sector.”
Al-Anbaki referred to the history of the Reconstruction Council and the impact of changes in its allocations on its effectiveness, proposing the establishment of an independent Popular Development Fund to finance government and private projects with soft loans.
He concluded with recommendations for administrative reform before economic reform, reconsidering the management of oil revenues, adjusting the exchange rate of the Iraqi dinar, and canceling the auction. currency, and the legislation of the public-private partnership law.”
The second speaker was Haval Siddiq Ismail, representative of the Minister of Investment in the Kurdistan Region, and Director General of the Investment Authority in Dohuk, who “presented a comprehensive analysis of the investment situation in the region. He provided details about investment projects and successful sectors in attracting investment, with a focus on challenges, opportunities, and policies.”
The government encourages investors. Dr. Haval also highlighted the regulatory and bureaucratic obstacles, and provided a realistic assessment of the difficulties and potential opportunities. Finally, he provided details about the potential opportunities and government policies followed by the Kurdistan Regional Government to facilitate a prosperous investment environment.
The second session started at one o’clock in the afternoon and lasted for two hours, and was moderated by Nawar Al-Saadi, Professor of International Economics and Director of the Research Center at Cihan University.
The second session began with a speech by Muhammad Al-Najjar, Advisor to the Iraqi Prime Minister for Investment, and Executive Director of the Iraq Fund for Development.
In his speech, Al-Najjar shed light on the “Iraq Fund for Development, which was newly established as an independent body reporting to the Prime Minister. Al-Najjar spoke about the Fund’s role in promoting change and diversifying the Iraqi economy. The Fund aims to attract local and international investors to participate in the implementation of various projects.”
One prominent example discussed by Al-Najjar is “the ongoing project to build 1,950 schools across Iraq. These projects will be delivered to private sector investors and the Iraqi investor exclusively, with guarantees such as the return of capital after five years. This approach does not encourage local investment.” “Not only does it ensure the effective participation of the private sector in the reconstruction process in Iraq.”
The fund’s strategy focuses on “different stages of investors, starting from local investors to foreign investors. It emphasizes the involvement of local stakeholders to enhance local ownership in development projects, with an emphasis on handing over projects to the private sector to guarantee a return on capital after a certain period.”
Regarding the second speaker, Ahmed Al-Tabqajli, Chief Strategist at the Iraq Fund at the Asian Development Fund,
Al-Tabjali talked about “strategies for attracting investments to the Iraqi Stock Exchange. The market was characterized by strong performance, as the AFC Fund rose by 110.4% in 2023, making it one of the best funds in the world.” (ONLY BECAUSE OF THE MONETARY REFORM & BANKING RESTRUCTURE OF IRAQ -F26)
Al-Tabjali explained this performance “by the development of new procedures by the Central Bank of Iraq, which led to accelerating reliance on banking services and promoting growth in the non-oil economy. The market was also affected by the relative stability of the country, which created a more stable economic environment and attracted the interest of international investors.”
Al-Tabqajli also pointed to the market’s role in supporting the development of an efficient economy by providing capital to companies, and believes that the development of the Iraqi Stock Exchange contributes to enhancing the gross domestic product and economic stability in the region.
Then, many interactive questions, discussions, and inputs were posed by the attendees, and in conclusion, the forum came out with a set of proposals and recommendations that will be submitted to the relevant authorities. LINK
In the document.. Cancellation of the license of an Iranian bank branch in Iraq, 5 FEB
In the document.. Cancellation of the license of an Iranian bank branch in Iraq
The Central Bank of Iraq decided to cancel the license of an Iranian bank branch in Iraq.
According to a letter to the bank to the Iranian bank, {Euphrates News} received a copy of it that “based on the decision of the Board of Directors of this bank No. (185) of 2023, due to the losses incurred by the bank’s branch in Iraq, the limited activities it exercises, the inability to implement or expand the practice of banking activities, and therefore, there is no useless in continuing to work inside Iraq, in addition to its coverage of international sanctions, it was decided to cancel the license of the branch in Iraq.”
https://alforatnews.iq/news/بالوثيقة-إلغاء%C2%A0رخصة-فرع-مصرف-ايراني-بالعراق
"ANALYSIS OF IRAQ NEWS: “BECAUSE OF A NEW EXCHANGE RATE!!!” BY FRANK26, 5 FEB
“BECAUSE OF A NEW EXCHANGE RATE!!!”………..F26
Planning: The current year will witness an improvement in average per capita income
1/30/2024
Baghdad: The mainstay of the emirate
The Ministry of Planning confirmed that the average per capita income last year amounted to 7-8 million dinars, and that there is a discrepancy in income rates for many segments of society, noting that oil prices contributed to the rise in the average per capita income, which is calculated after dividing the gross product.
On the population, while it is expected that the average per capita income for the current year 2024 will witness a noticeable improvement, especially after the government’s great direction in supporting the social protection program, the ration card, and providing services to citizens.
In a way that confirms an improvement in the national economy, the Ministry of Planning stated that the actions of the government and the Central Bank of Iraq contributed to the decline and stability of inflation indicators and a decline in their rates during the last two years, as the inflation rate was (6 percent) in the year 2021, and decreased in the year 2022 to ( 5 percent) and then in the year 2023 the inflation rate was 4.4, meaning less than 4 and a half percent.”
The official spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said that the average per capita income is extracted and calculated by dividing the volume of revenues or resources that the country obtains by the number of population. Thus, we are talking about a rate or average annual per capita income ranging between 7 to 8 million dinars per capita during the past year 2023, pointing out that this improvement in the level of per capita income came as a result of improved oil sales and increased prices, and thus the country achieved good financial revenues. Al-Hindawi pointed out that The per capita income, which amounts to 7 to 8 million dinars, does not include the entire population, as the individual does not receive the same income or equally. Rather, there is certainly a discrepancy between one group and another and between one segment and another, according to many factors, and that there are segments whose average annual income may be 3 million or five million dinars.
There are segments whose annual income is 10 million dinars, or perhaps their annual income is 20 million dinars annually, indicating that the discrepancy in these numbers comes as a result of the nature of the work and the academic achievement certificate of the individual, who may also work in more than one job, as a result of which his annual income increases or decreases according to these factors, indicating Until the improvement in income rates also depends on the level of services that the individual receives, including water, electricity, sanitation, transportation methods, and other requirements. LINK
