Tuesday, August 27, 2024
Saleh: PM's visit to Egypt, Tunisia will serve national, regional interests, 28 AUGUST
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, explained today, Tuesday, the importance of Prime Minister Muhammad Shia al-Sudani's visit to Egypt and Tunisia, stressing that this visit will develop strategic partnerships and will bring economic benefits to Iraq and those two countries, in addition to serving national and regional interests.
Saleh said, in a statement to the media, followed by "Al-Eqtisad News", that "the visit of Prime Minister Mohammed Shia Al-Sudani to Egypt and Tunisia is important, especially since they are the incubator of the Arab League in two different time periods, and they have long historical relations with Iraq."
He added that "the Prime Minister's visit to Egypt and Tunisia is of great importance from several aspects, most notably strengthening bilateral relations and enhancing cooperation in the fields of economy, cultural and educational exchange," noting that "this important visit will open the way for signing economic or technical agreements or memoranda of understanding that serve the common collective interest."
He stressed that "this visit will enhance the follow-up of ways of joint cooperation, especially the development of existing projects in construction and housing undertaken by companies from the two countries, especially Egypt, in addition to enhancing trade and investment with the two sister countries, which will benefit the national economy of Iraq and those two countries, in addition to enhancing positive rapprochement between the peoples and sons of the region. The visit will also provide an opportunity for consultation on international and regional issues of common interest."
Saleh stressed that "the Prime Minister's visit to Egypt and Tunisia will develop strategic partnerships and achieve common goals that serve national and regional interests." link
LAST RV UPDATE FROM MILITIAMAN, 28 AUGUST
Militia Man
Article "Iraq is the 9th largest buyer of gold in 2024"
If they clawed back enough money to help buy 100 tons of gold, man, there's been some heavy, heavy corruption. I'm assuming their recent income from non-oil revenues has had something to do with it as well.
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Militia Man
Article quote: "At this time there is no acute problem regarding cash liquidity "
There's no need to print new currency...They've yet to do anything different.
They spent about $50 million in printing currency and it wasn't triple zero notes. There's no reason for it. You can't spend $50 million while you're burning up money to print new ones, especially if they were perfectly good.
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The United States is going to say we're ready to go.
We're not playing games anymore...we're going to do it our way. Iraq either you're on board or you're not on board...No wonder those guys are barking...because the parallel markets are going to go away and fast.
They know what they need to do. Change the value of their currency and no one's going to want their [black market] USD. They're going to know the Iraqi dinar is going to be powerful just like Sudani said...
https://dinarevaluation.blogspot.com/2024/08/theres-no-need-to-print-new-currency-in.html
Parliamentary Finance Committee confirms that it will soon resume its investigation into changes made to the General Budget Law tables', 28 AUGUST
The Parliamentary Finance Committee confirmed that it will soon resume its investigation into changes to the general budget law tables that were officially approved by the Council of Representatives, and objected to by the Prime Minister's Office.
Committee member, MP Moeen Al-Kazemi, said in a statement to the National Iraqi News Agency ( NINA ), that "the parliamentary investigation committee assigned by the Finance Committee will resume its work soon, to determine the reasons for the change in the general budget tables officially signed by the Speaker of Parliament and sent to the Council of Ministers."
He added, "The government is working with its tables approved by the Council of Representatives, and there is no financial damage to the public treasury," indicating, "The wor k on the general budget ceiling of 226 trillion dinars has been suspended, and the government is proceeding with implementing its tables that were approved by the Council of Representatives."
He explained, "The Parliamentary Finance Committee is following up on the reasons for the difference between the government version of the general budget tables and the paper and electronic version of the Council of Representatives." link
LASTEST RV UPDATE FROM RAYREN98, 28 AUGUST
RayRen98
...MORE US BANK STAFFERS ARE REPORTING SIGNING "NDA'S" ARE CLAMMING UP... ANOTHER PROVINCE HAS BEEN REPORTED HAVING "LOWER DENOMS" BEING DISTRIBUTED IN SOME MANNER, AWAITING FURTHER COMPLETE DETAILS, IF ANY....
IF WHAT THEY'RE TELLING ME IS TRUE...SOME OF YOU ARE GONNA GO TO SLEEP WEALTHY $$$$$$...IT'S YOUR SEASON....TO BE BLESSED!!
RayRen98
[via Twitter/X] ...Verified lower denom locations...Province 8 Baghdad, Province 11 Najaf, AND possibly Province 1 Duhok up near Turkey.
RayRen98
[via Twitter/X]
Community Comment: Just informed that lower denoms are being released to the streets right now. ...It’s on the way.
RayRen98
THE WORLD COURT RECEIVES DISPUTES (AND SEEKS RESOLUTION) BETWEEN NATIONS. THE DETAILS ARE INSIGNIFICANT, THE RV IS SLATED TO MOVE FORWARD NOW.
I'M BEING TOLD THE WORLD COURT "CLEARED" A FORMAL COMPLAINT TODAY AND TOMORROW IS A DEFINITE POSSIBILITY.
DINAR REVALUATION UPDATE: The Significance of Exchange Rate Stability, 27 AUGUST
The Significance of Exchange Rate Stability
Al Alaq's Speech on New Currency Rate and Lower Denominations in Iraq (August 2024)
In a recent speech, Ali Al-Alaq, the Governor of the Central Bank of Iraq (CBI), provided assurance to the Iraqi public regarding the future of the country's currency. Addressing concerns over the dinar's value and the introduction of lower denominations, Al-Alaq urged citizens to remain patient, promising that a new rate and lower denominations would be implemented soon.
Al-Alaq emphasized the importance of maintaining the stability of the dinar's exchange rate against the US dollar. He highlighted that this stability is essential for the Iraqi trade system and financial transactions, requiring changes and restructuring within the country's trade and foreign exchange systems.
Commitment to International Standards
The CBI Governor also underscored the need to adhere to international practices and standards, particularly those outlined in the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2018. This commitment is crucial for protecting Iraq's financial system from risks and ensuring transparency and the safety of financial operations.
The Process of Monetary Stability
Al-Alaq explained that the process of achieving monetary and exchange rate stability is a significant undertaking that necessitates a series of changes and the restructuring of the Iraqi trade system and foreign transfer system. The CBI is actively engaged in this process, working on daily details to reach a proper path that opens new avenues for facilitating and expediting the necessary reforms.
The Road Ahead
While the specifics of the new rate and the introduction of lower denominations have not been disclosed, Al-Alaq's speech signals a clear commitment from the CBI to address the dinar's value and improve the financial landscape in Iraq. The CBI's efforts are expected to contribute to economic stability and strengthen the country's financial credibility on the international stage.
Closing Remarks
Ali Al-Alaq's speech reflects the CBI's proactive approach to managing the dinar's value and ensuring the stability of Iraq's financial system. The introduction of a new currency rate and lower denominations, once implemented, will mark a significant step in Iraq's ongoing financial reforms.
" AL -ALAQ GUARANTEED THE CITIZENS A NEW RATE OF THE IQD AND LOWER DENOMS" BY BIRDIEORBUST VIA GINGER TELEGRAM ROOM, 27 AUGUST
Important update from Birdieorbust, Liberty Lounger Extraordinaire 💥 4.22.24
💢 Birdie: Well now I can say a bit about what I could not before since Frank told it - but Al Alaq made another speech where he guaranteed the citizens they would be getting a new rate and lower denoms soon to just be patient...
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Al-Alaq takes files of sanctioned banks to New York and meets with US Treasury and Federal Reserve officials
The central bank governor left Baghdad last Saturday to meet with US Treasury and Federal Reserve officials.
The central bank governor was accompanied by an executive specializing in supervision and funds transfer issues
The central bank governor has in his possession a report compiled by an international auditing firm on the dollar-stripped banks.
The report includes an assessment of the risk, creditworthiness and ability of the sanctioned banks to comply with banking regulations.
During his visit, Al-Alaq is trying to negotiate with some American banks to open accounts in banks that have not been dollar-stripped.
DINAR REVALUATION UPDATE: IRAQ'S INTENTIONS TO LIBERALIZE THE IRAQI DINAR IN 2024, 27 AUGUST
Prime Minister Al-Sudani's Washington Visit: Aims for Dinar Liberalization and Economic Stabilization
In August 2024, Iraqi Prime Minister Muhammad Shia Al-Sudani embarked on a pivotal visit to Washington, D.C., with the intent to liberalize the Iraqi dinar and stabilize the country's economy. This move comes amidst broader efforts to diversify Iraq's economy and modernize its financial and banking sectors, which have been hindered by political dynamics in the country.
A Delegation Focused on Economic and Strategic Relations
Accompanied by key ministers and Iraqi businessmen, Al-Sudani's visit aimed to discuss bilateral security, trade, economic, energy, and cultural ties with the United States. The agenda included pressing issues such as the US military presence in Iraq and the impact of US Treasury sanctions on Iraqi financial networks. The Shia Coordination Framework, including Shia political and militia groups, pressured Al-Sudani to prioritize these topics due to their antagonism toward the US and its allies.
Economic and Security Concerns
During Al-Sudani's visit, the US and Iraq convened the Higher Coordinating Committee of the 2008 Strategic Framework Agreement. The symbolism of the visit, including the delegation's size and itinerary, underscored Baghdad's desire to shift focus to economic, educational, and people-to-people domains. Al-Sudani sought to manage domestic and Iranian pressure to reduce the US military presence in Iraq while not detracting from his broader political and economic agenda.
The Delicate Balance: Security and Economic Engagement
The visit took place against a backdrop of heightened regional tensions, including Iran's aerial assault on Israel, which further complicated the US-Iraq relationship. Despite this, Al-Sudani and President Biden aimed to focus on economic cooperation and strategic relations, reinforcing the commitment to a comprehensive partnership.
A Strategic Engagement with Challenges
Al-Sudani's visit was meticulously planned to strengthen US-Iraq relations post-Gaza war. However, Iran's direct attack on Israel, involving drones and missiles flying over Iraqi airspace, threatened to overshadow the meeting's objectives. The challenge for both leaders was to find a way to restrain Iranian-backed Iraqi militias while addressing regional security concerns.
Economic Collaboration and Security Cooperation
Iraq's Prime Minister emphasized the importance of expanding economic and diplomatic ties with the US. He sought to boost US investment in Iraq's economy and broaden the relationship beyond security concerns. Al-Sudani's visit to Washington was a strategic move to liberalize the dinar and stabilize Iraq's economy, reflecting the country's aspirations for economic diversification and financial sector modernization amidst regional turmoil.
NEWS RECAP : Prime Minister Sudani's Pivotal US Visit and Its Implications for Iraq's Future, 27 AUGUST
Iraqi Prime Minister Sudani's White House visit will discuss US forces in Iraq, sanctions, and bilateral relations. Amid pro-Iranian pressures, the visit seeks to balance diplomatic and economic interests with the US, highlighting the complex US-Iraq dynamics and regional geopolitical implications.
Iraqi Prime Minister Mohamed Shia Sudani will lead a prominent delegation to Washington, DC in mid-April, marking his first visit to the White House since assuming office in October 2022. The delegation includes key ministers of oil, finance, trade, and electricity, as well as the president of the central bank, accompanied by five Iraqi businessmen. Sudani’s seven-day trip to the United States will include a meeting with President Joe Biden on April 15 at the Oval Office. He plans to talk with American businesses, the Iraqi community, and think tanks in Washington before heading to Houston to engage with US energy companies.
Agenda of Sudani’s Visit
The delegation will focus on the US military presence in Iraq and the US Treasury sanctions and discuss bilateral security, trade, economic, energy, and cultural ties. These talks are anticipated to be primarily centered on military and sanctions issues.
The Shia Coordination Framework, which includes Shia political and militia groups with strong animosity toward the US and its allies, has pressured Prime Minister Sudani to prioritize these issues. They perceive the US military as a threat, and the Treasury’s sanctions have severely impacted the financial networks of these anti-American factions.
The US sanctions were triggered by the misappropriation of US dollars by Iraqi banks and individuals linked to the Coordination Framework. These entities have significantly aided Washington’s opponents, such as Iran, Syria, and Russia, by channeling vast sums of money from Iraq to the aforementioned countries, thereby circumventing sanctions.
If negotiations are successful, Baghdad and Washington are expected to establish a timetable for the withdrawal of US combat forces from Iraq or agree on a new framework for the US military’s mission in the country, addressing the demands of the pro-Iranian groups. However, such agreements may come at a cost, potentially involving easing sanctions on blacklisted banks in exchange for flexibility regarding a controlled US military presence. However, this will mean granting more financial power to these groups, which will translate into growing political and military influence, posing long-term threats to US strategic interests and its allies.
However, the failure of the Biden administration to address the persistent onslaught by the Coordination Framework on the post-2003 Iraqi political framework to re-centralize political and economic power in Baghdad could re-drag the US into the country.
Iraqi Divisions
The Kurdistan Region, once a prominent political, diplomatic, economic, and energy force, is now in a state of paralysis. It has faced multiple crises, stemming partly from Baghdad’s detrimental policies and the Iraqi Supreme Court’s rulings, sometimes compounded by the international community’s indifference, greatly affecting the welfare of ordinary Kurds.
The Coordination Framework has consistently pursued power re-centralization at the expense of Washington’s partners under the watchful eye of Prime Minister Sudani’s government. Baghdad’s highest court rulings against the Kurdistan Regional Government’s (KRG) oil exports have already resulted in over $11 billion in financial losses for Erbil and international oil companies, plunging Kurdistan into unprecedented economic turmoil. Additionally, the Iraqi court dissolved the Kurdish parliament and the provincial councils, revoked parliamentary seats held by minorities in Kurdistan since 1992, invalidated the Kurdistan Region’s high election commission’s authority to oversee parliamentary elections, and most recently, interfered in the administrative and budgetary affairs of the Kurdish region by instructing the Iraqi finance ministry to cover KRG employee salaries, again another measure to undermine the KRG’s legitimacy in the eye of the Kurds.
The Sunni community has also become another victim of the Iraqi judiciary. Last November, the Federal Supreme Court oustedSpeaker Mohammed al-Halbousi, a Sunni, from Parliament on fraud allegations. Despite Halbousi deeming the ruling unconstitutional, he resigned. Many attribute the action to pro-Iranian factions in the Iraqi government who perceived Halbousi as a threat. Sunni attempts to replace Halbousi have been hindered by internal divisions worsened by Shia interference. The Coordination Framework's systematic approach shows no intent to cede legislative control to Sunnis. With Shias now dominating all branches of government, Sunnis and Kurds are increasingly marginalized.
Meanwhile, in Iraq, the judiciary seems to show significant leniency towards Shia individuals linked with the Coordination Framework.
Meanwhile, in Iraq, the judiciary seems to show significant leniency towards Shia individuals linked with the Coordination Framework. Specifically, the Court of Cassation in Baghdad, seemingly under political influence, acquitted and reinstated Ahmed Hamdawi al-Kinani, a former police officer within the Iraqi Interior Ministry. Al-Kinani had previously been convicted and sentenced to death in 2023 for the murder of the prominent academic and security expert Hisham al-Hishami in 2020, known for his outspoken criticism of Shia militia groups.
While Sudani has aimed to portray himself as a leader capable of making decisions independently for the good of Iraq, he finds his political and popular support not as strong as needed to confidently navigate the challenges posed by influential leaders within the Coordination Framework. Thus, he is more vulnerable to political pressures.
The dynamics of intra-Shia competition, alongside the need for a somewhat independent and internationally appealing technocratic figure who can uphold Iraq's relations with the West and promote its interests, often pave the way for lesser-known Shia politicians to step into this role. Sudani, following in the footsteps of his predecessors, was chosen as a consensus candidate and supported by the Coordination Framework to reflect their interests. This support is rooted in the less favorable perception of the coalition's true power players, who are seen as less appealing, particularly by Western standards.
Some positive qualities make Prime Minister Sudani a standout leader in post-2003 Iraq. Unlike his predecessors, he has spent his entire life in Iraq. His journey to power began as the mayor of Amara, providing him with an organic and close understanding of Iraq’s political and social landscape. His government’s agenda has prioritized service delivery to ordinary citizens and has shown commitment to addressing critical issues, including finance and oil, with the KRG.
On the foreign policy front, Sudani has maintained balanced relations with neighboring countries, including the Arab Gulf states, with increased diplomatic and trade relations. Probably most notable has been his firm stance on Iran, condemning Tehran’s missile attack on Erbil. Thus, it’s no surprise that a recent Gallup poll rates him as the most favorable prime minister in a decade.
Long-term Prospects and Challenges
Sudani’s positive traits have ignited a wave of euphoria in Washington and among his advisors, reinforcing the optimism surrounding his political trajectory. Privately, confidence in his prospects is steadily rising. They seek to transform the upcoming White House trip into a state-of-the-art publicity campaign, portraying Sudani as a respected Iraqi statesman on the global stage. The goal is to make this trip a pivotal moment, laying the groundwork for his campaign in the 2025 legislative elections.
While Washington might view this as a strategic move to reduce the influence of pro-Tehran actors in Iraq, freeing Sudani from pressure, the blueprint is not merely ill-advised; it poses a direct threat to US strategic interests. While this approach may offer an illusion of relief and success in the short term, it ultimately sets the stage for instability.
By investing heavily in a single figure, Sudani, the US inadvertently alienates its allies and emboldens its adversaries.
By investing heavily in a single figure, Sudani, the US inadvertently alienates its allies and emboldens its adversaries. The once-celebrated strategy, championed for former Prime Minister Haider al-Abadi in 2018, portrayed him as a hero—a beacon of hope for Iraq and a staunch ally of the West. However, despite these grandiose projections, the harsh reality emerged when Abadi’s electoral defeat shattered these illusions, leaving Washington disappointed. Even worse, it had unintended consequences by empowering anti-American forces, fueling their determination to gain control of Iraqi institutions. Subsequent elections have only reinforced anti-American sentiment, consolidating power among traditional, Western-hostile factions in Baghdad.
For Iraq to achieve stability, it necessitates the support of a foreign patron. Washington is in a favorable position to fulfill this role with a pragmatic strategy requiring a minimal footprint. This entails prioritizing investment in actors aligned with US values and objectives. Such an approach involves strengthening alliances with Kurds, Sunnis, and certain Shia moderates who prioritize Iraq’s interests. Doing so can help restore a much-needed balance of power in Baghdad, safeguarding against the emergence of a tyrannical centralized authority.
While no political system is flawless, the post-2003 consensus governance model and a balanced political climate in Baghdad deserve credit for preventing Iraq from becoming a disruptive force in the region and a source of menace for its people. However, the recent trend toward centralization in Iraq carries significant risks and has far-reaching implications. It could exacerbate Iraq’s authoritarian tendencies, posing substantial threats to its citizens and regional stability. Moreover, this development may divert crucial Western strategic resources from areas like Ukraine and East Asia, potentially benefiting US rivals. Washington should take these developments seriously.
DINAR REVALUATION UPDATE: WHAT ABOUT THE NEW INVESTMENT LAW OF SAUDI ARABIA WICH IS SET TO REPLACE THE CURRENT FOREIGN INVESTMENT LAW IN IRAQ, 27 AUGUST
Impact of the Saudi Investment Protection Law on Iraq in August 2024
Amidst the evolving dynamics in the Middle East, the Saudi Investment Protection Law is poised to make significant waves, particularly in Iraq. . This legislation, scheduled to be legislated during the next stage, aims to enhance the investment landscape by providing a protective shield for Saudi investments in Iraq. . However, the Iraqi Parliament has expressed a lack of knowledge about the details of this law, raising questions about its implications and the potential impact on Iraq's economic and political landscape. .
Economic Rapprochement and Investment Trends
Recent years have seen a burgeoning rapprochement between Gulf Arab states and Iraq. . This trend is marked by a significant increase in Saudi investment in Iraq, indicative of a wider strategy that includes economic engagement and political overtures. However, tensions may arise if these investments are perceived as interference in Iraqi affairs by Iran and its allies, posing a delicate balance for Riyadh. .
Legislative Framework for Investment Protection
The backdrop against which the Saudi Investment Protection Law emerges is one of increased investment protection treaties between countries. . These treaties, such as the bilateral investment treaty (BIT) between Iraq and the UAE, aim to mitigate risks for foreign investors by offering protection and enhancing the investment climate. . The ratification of such treaties signals a commitment to establishing investor-friendly environments, which the Saudi Investment Protection Law similarly seeks to achieve.
Major Changes and Future Implications
The new investment law of Saudi Arabia, which is set to replace the current Foreign Investment Law, is poised to bring about significant changes. . These changes are designed to develop and enhance the competitiveness of the investment environment in the Kingdom, aligning with Vision 2030 and the National Investment Strategy. . With a focus on creating job opportunities and providing an attractive investment climate for both Saudi and non-Saudi investors, the law is expected to have far-reaching impacts not only within the Kingdom but also in neighboring countries such as Iraq. .
Regional Geopolitics and the Role of China
The recent rapprochement between Iran and Saudi Arabia, facilitated by China, has underscored the shifting geopolitical landscape in the Middle East. . This development raises questions about the potential for China to assume a larger role in the region, traditionally dominated by the U.S. . Moreover, the impact of this rapprochement on managing or resolving conflicts in the Middle East, including those in Syria and Yemen, remains a subject of speculation and analysis. .
In conclusion, the Saudi Investment Protection Law, set against the backdrop of changing regional dynamics, holds significant potential to reshape the economic ties between Saudi Arabia and Iraq. Its impact on Iraq will be multifaceted, encompassing economic, political, and geopolitical dimensions. As the law progresses through the legislative process, its eventual effects on Iraq will be closely monitored by regional and global stakeholders.
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...