What Happened Between Al-Maliki And The US Ambassador?
Political | 07:01 - 03/09/2024 Mawazine News – Baghdad Head of the State of Law Coalition, Nouri al-Maliki, confirmed to the US Ambassador to Iraq, Alina Romanowski, on Tuesday, that Iraq seeks to maintain its security and political stability as the upcoming parliamentary elections approach.
Maliki's media office stated in a statement: "Head of the State of Law Coalition, Nouri al-Maliki, received the US Ambassador to Iraq, Alina Romanowski, in his office."
He added, "During the meeting, views were exchanged on the developments witnessed in the regional and international arenas, especially the efforts to stop the Zionist aggression on the Gaza Strip. A number of issues and files of common interest were also discussed."According to the statement, Maliki stressed "the importance of strengthening bilateral relations between the two countries, and activating the strategic framework agreement after the announcement of the international coalition's withdrawal from Iraq and the transition to comprehensive relations in various fields between Baghdad and Washington," indicating that
"Iraq seeks to maintain its security and political stability as the upcoming parliamentary elections approach, as the elections, which are expected to be held on time next year, will be important for all current parties."
Al-Maliki pointed out that "the region is witnessing a major crisis due to the continued Zionist aggression against the Palestinian people, which requires the international community to move to find solutions that end the Zionist aggression against the Palestinian people and the crimes committed against them."
The US ambassador renewed her country's support for the stability of Iraq, stressing "the continuation of dialogues between the two countries in order to enhance partnership projects in various important and vital sectors,"
noting that "the United States continues its efforts with international partners to end the war in Gaza, provide aid to the Palestinian people, and end the crisis that the region has been experiencing since the beginning of last October." https://www.mawazin.net/Details.aspx?jimare=254404 ‘
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
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
Member: Good morning Mark, Mods, and all in our wonderful community.
Member: This would be a great day for some great news!!!!
Member: Today would be a wonderful day for an RV
MZ: I don’t even have to give you guys good news this morning ….Just go watch Nader talking about the IQD in international markets and Al Alaq laying the foundation for good things coming.-RATE CHANGE
MZ: Also MilitiaMan did a really solid video on global partnerships and security and stability. Including dollars, income, commercial and private applications…. Solid information. Be sure to go watch and share both of them.
MZ: Things are going very well in Iraq. What does that mean timing wise? A number of my contacts over there are convinced we will see something in the next 2 days. Don’t ride the roller coaster…..just wait and see.
Member: Do not unlatch your seatbelt until the ride has come to a complete stop
Member: I hope there is a picture at the top of the roller coaster that captures all of our smiling faces
MZ: Reno and Zurich have been exceptionally quiet this week. To me –that is very interesting.
Member: I am making a guess that Mr. C will be paid by Friday
MZ: I would not be surprised if he were paid this week.
Member: I cannot wait to prove to family and friends that I am not crazy for believing in all of this.
Member: Thanks Mark and Mods……everyone have a wonderful day.
Member: Have a wonderful safe day! Don’t worry!! We are almost there!! Breathe!! Ground! Live in Gratitude!!
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Updates on the Iraqi Dinar’s potential RV and upcoming U.S. gas investment discussions reveal optimism for Iraq’s currency and economic growth.
Highlights
🔥 Anticipation is high for the Iraqi Dinar RV, with many hopeful for tomorrow’s developments.
💰 Iraq is exploring partnerships with regional countries to stabilize and enhance its currency.
🌍 The oil minister’s visit to the U.S. focuses on attracting gas investments.
🚀 U.S. companies are being invited to invest in Iraq’s gas sector, promising growth and innovation.
🌱 Emphasis on sustainable practices in gas production aligns with global energy trends.
🤝 Stronger ties with the U.S. could boost Iraq’s geopolitical relationships.
📈 Investments may lead to knowledge transfer and job creation in local economies.
Key Insights
🔮 The upcoming RV of the Iraqi Dinar could signify a pivotal moment for investors, driven by rising anticipation and optimism surrounding its value. This potential shift may benefit many who have invested in the currency.
💡 Iraq’s strategy to stabilize its currency through regional cooperation highlights a proactive approach to economic resilience, suggesting that collaboration could mitigate risks associated with currency fluctuations.
🏗️ The oil minister’s outreach to U.S. companies signifies a strategic move to harness foreign expertise, potentially leading to innovations in Iraq’s gas sector that could enhance productivity and efficiency.
🌿 The focus on sustainable practices in gas investments reflects a broader global trend towards cleaner energy, indicating that Iraq is aligning its energy policies with international environmental standards.
🌐 Strengthening relationships with U.S. firms can bolster Iraq’s geopolitical stance, illustrating how energy partnerships can play a crucial role in shaping international relations and economic strategies.
📊 Local economic benefits from U.S. investments could foster a skilled workforce, enhancing Iraq’s domestic capabilities and ensuring long-term sustainability for its energy sector.
⛽ The potential growth of Iraq’s gas reserves presents an opportunity to elevate its position in the global energy market, attracting further investments and expertise that can drive future developments.
Switzerland Reopens Embassy in Baghdad to Strengthen Economic Ties
In a significant diplomatic move, Switzerland has reopened its embassy in Baghdad, the capital of Iraq, after a 33-year hiatus. The embassy was originally closed in 1991 due to the outbreak of the Gulf War. The reopening, announced on September 3, 2024, signifies Switzerland's commitment to enhancing bilateral relations with Iraq and deepening cooperation in various sectors, including economic, security, and migration matters.
A Step Towards Economic Development
Switzerland's decision to reopen its embassy in Baghdad is driven by the improved security situation in Iraq. The country has emerged from long periods of internal conflicts, marking a new phase of economic development.
The reopening is also aligned with the Swiss Federal Council's MENA Strategy 2021–24, which seeks to foster closer ties with Middle Eastern and North African countries.
Bilateral Cooperation and Economic Prospects
Iraq's energy resources and diversified economy offer promising long-term export and investment opportunities for Swiss businesses. The Swiss government views the reopening of the embassy as a strategic move to enhance bilateral cooperation and advance Switzerland's economic interests in Iraq.
Migration Cooperation
Bilateral cooperation in migration is another priority for Switzerland. The Federal Department of Justice and Police (FDJP) has been supporting migration-related projects in Iraq since 2020 and has recently increased dialogue with the Iraqi authorities.
A Swiss migration officer has been seconded to the new embassy to facilitate migration cooperation on the ground.
Diplomatic Presence and International Relations
The Swiss embassy in Baghdad joins over 50 embassies from other countries, including 18 European countries and the European Union, indicating a robust diplomatic presence in the city. The reopening of the embassy was a key topic of discussion when Federal Councillor Ignazio Cassis visited Iraq in 2021, and the Swiss foreign affairs committees formally approved the reopening in late 2023.
The Role of Iraq in Regional Peace and Security
Iraq has played a significant role as a regional mediator, making efforts to promote peace and security in the region. This strategic position further underscores the importance of Switzerland's diplomatic engagement with Iraq.
Initial Embassy Operations
Initially, the embassy will have a small staff, including the ambassador, Daniel Hunn, and two officers to support migration-related projects and dialogue with the Iraqi authorities. The Swiss embassy in Amman, Jordan, will continue to manage consular services and process Swiss visa applications for Iraqi citizens.
Conclusion
The reopening of the Swiss embassy in Baghdad on September 3, 2024, marks a pivotal moment in the strengthening of economic relations and diplomatic ties between Switzerland and Iraq. It reflects Switzerland's commitment to deepening cooperation in economic, security, and migration matters, as well as the Federal Council's strategic vision for the region.
Switzerland today reopened its embassy in Iraq, after a 33-year hiatus.
This step, which comes within the framework of the strategy of the Federal Council for the Middle East and North Africa 2021-2024, aims to strengthen bilateral relations with Iraq and deepen cooperation in the fields of economy, security and migration.
The Swiss Federal Council confirmed in a statement followed by “Economy News” that “this step aims to strengthen bilateral relations with Iraq and deepen cooperation in the fields of economy, security and migration.”
He added that “the security situation in Iraq has witnessed a remarkable improvement in recent years, and has entered a new stage of economic development and strengthens its role as a regional mediator.
He said: “Iraq is making continuous efforts to promote peace and security in the region, and today includes more than 50 embassies from different countries in Baghdad, including Austria, France, Italy and Germany.
“The new embassy will focus on strengthening relations between Switzerland and Iraq, strengthening cooperation in the fields of economy, security and peace, and promoting Swiss interests.
Iraq's Move Towards a Comprehensive Economic Agreement with the UAE as of September 2024
Iraq has embarked on a significant step towards strengthening its economic ties with the United Arab Emirates (UAE) by initiating discussions for a comprehensive economic agreement. This move is part of Iraq's broader strategy to diversify its economy and reduce dependency on oil revenues. The negotiations between the two countries are aimed at fostering bilateral trade, investment, and economic cooperation.
Objectives of the Economic Agreement
The proposed economic agreement between Iraq and the UAE is expected to cover a wide range of sectors including trade in goods and services, investment, intellectual property, government procurement, and economic cooperation. The goal is to eliminate trade barriers, increase market access for businesses from both countries, and facilitate economic growth.
Potential Benefits
For Iraq
Increased Trade: The agreement could lead to a substantial increase in bilateral trade, with a focus on sectors such as agriculture, food production, logistics, and advanced technologies.
Economic Diversification: Encouraging trade in goods and services other than oil will help Iraq diversify its economy and reduce its vulnerability to fluctuations in oil prices. Investment Opportunities: The deal could attract more UAE investors to Iraq, particularly in areas that are key to the UAE's economic drive towards sustainability and innovation.
For the UAE
Market Expansion: The agreement offers the UAE an opportunity to expand its market reach in Iraq, particularly in sectors where the UAE has competitive advantages such as logistics and advanced technologies. Strategic Partnership: Strengthening economic ties with Iraq could enhance the UAE's strategic position in the region, fostering closer cooperation on various fronts.
Challenges and Considerations
While the economic agreement presents numerous opportunities, there are also challenges that both countries will need to address. These include differences in economic structures, potential resistance from local businesses, and the need to ensure that the agreement benefits all sectors of society.
Conclusion
The comprehensive economic agreement between Iraq and the UAE, if successfully negotiated and implemented, has the potential to significantly enhance bilateral trade and investment. It could also contribute to Iraq's economic diversification and the UAE's expansion into new markets. Both countries will need to carefully consider the terms of the agreement to ensure that it supports their respective economic goals while addressing any potential challenges.
Prime Minister Mohammed Shia Al-Sudani stressed on Tuesday the importance of continuing bilateral efforts towards the signing of a comprehensive economic agreement between Iraq and the UAE.
His media office said, in a statement received by “Economy News”, that “the Sudanese received, today, the new Ambassador of the United Arab Emirates to Iraq, Abdullah Matar Al Mazrouei.”
The statement added that “the meeting witnessed a discussion of bilateral relations between the two countries that are moving forward at various levels, and ways to enhance distinguished cooperation in many fields, and in a way that achieves the common and mutual interests between the two brotherly countries.”
Al-Sudani pointed to “the efforts exerted by the UAE in strengthening its cooperation with Iraq, especially in the strategic development path project, which is a link for Iraq’s neighbors and the countries of the region, as well as its long-term economic importance.”
He stressed “the importance of continuing bilateral efforts towards the signing of a comprehensive economic agreement between the two countries.”
The latest updates on the Iraq Dinar’s revaluation, emphasizing significant economic developments and a giveaway opportunity.
Highlights
🚀 RV Announcement: Everything is reportedly ready for the RV to occur soon.
💰 Financial Growth: Iraq’s financial revenues have surpassed 54 trillion dinars in five months.
🔗 Strategic Partnerships: Collaboration with US financial institutions aims to improve economic oversight.
🔍 Dinar Insights: Experts anticipate an increase in the Iraqi dinar’s value through diverse currencies.
⛽ Gas Investments: Upcoming discussions in the US to attract investment in Iraq’s gas sector.
🌍 Global Integration: All bank tiers are reportedly integrated and prepared for distribution.
Key Insights
📈 Economic Readiness: The anticipation for the RV indicates a significant shift in Iraq’s economic landscape, suggesting readiness for international participation.
🌐 Currency Diversification: The Central Bank’s efforts to diversify currency usage may stabilize the dinar, reducing reliance on the dollar and enhancing its value.
🏦 Banking Integration: The integration of all bank tiers demonstrates a strategic push to facilitate smoother financial transactions within Iraq and globally.
⚡ Oil and Gas Potential: Iraq’s vast gas reserves position the country as a future energy exporter, potentially boosting its economy and the dinar’s value.
📊 Financial Transparency: Partnerships with major US financial institutions reflect a commitment to improving transparency and trust in Iraq’s financial system, fostering investor confidence.
💼 Investment Opportunities: The focus on attracting international investments, especially in gas, could lead to substantial economic growth and increased foreign interest in the dinar.
Recent Advancements in Iraq's Banking Systems and Economic Growth 2024
Iraq's economic landscape has seen significant advancements in recent times, particularly within the banking sector and broader economic growth. This article delves into the key developments, including the integration of advanced banking systems, the success of global expos, the focus on non-oil revenues, and the establishment of global partnerships, all contributing to Iraq's ongoing economic transformation.
A notable achievement has been the successful integration of over 500,000 workers into advanced banking systems. This move not only modernizes financial infrastructure but also enhances the efficiency of financial transactions and boosts public trust in the banking sector.
HEEX 2024: A Global Showcase
The HEEX 2024 expo, held in Iraq, attracted extensive global participation. This event highlighted Iraq's readiness to engage with international markets and provided a platform for showcasing the country's economic potential and investment opportunities.
Economic Growth Beyond Oil
Focus on Non-Oil Revenues
Iraq has made strides in enhancing non-oil revenues, demonstrating a strategic shift away from overreliance on oil. This diversification effort is crucial for long-term economic stability and growth.
Budget Allocation for Development
The allocation of a substantial budget for the period 2023-2025, totaling USD 150 billion, has enabled significant investment in infrastructure projects and public spending. This includes the reconstruction of critical facilities like Mosul airport, which was partially destroyed during the conflict with Daesh.
Global Partnerships and Auditing Transparency
Shipping Gas to Europe
Iraq's decision to ship gas to Europe indicates a strategic move to expand its economic footprint globally. This partnership is a testament to Iraq's growing influence in the international energy market.
Auditing Firms and Financial Integrity
The involvement of multiple auditing firms in Iraq's financial sector ensures a higher level of transparency and integrity. These measures are crucial for building trust among investors and the public.
In conclusion, Iraq's recent advancements in banking systems, the success of global expos, and a growing focus on non-oil revenues are indicative of a country on the rise. These developments, coupled with strategic global partnerships and efforts to enhance financial transparency, position Iraq as an emerging economic player in the global arena.
🚀 Technological Progress: The integration of a high-tech banking system signifies Iraq’s move towards modernization, allowing for efficient salary disbursement and financial management. This transition is pivotal for economic stability.
🌟 International Engagement: The HEEX 2024 expo highlights Iraq’s growing presence on the global stage, showcasing its potential to attract international investments and partnerships that can bolster the economy.
💰 Diversification Strategy: The Iraqi government’s focus on enhancing non-oil revenues indicates a strategic shift towards a more diversified economy, reducing dependence on oil and fostering sustainable growth.
🌐 Energy Exports: Iraq’s initiative to ship gas to Europe demonstrates its commitment to international trade and economic resilience, positioning itself as a vital player in global energy markets.
🧾 Audit Confidence: The involvement of reputable auditing firms increases transparency and builds trust in Iraq’s financial systems, essential for investor confidence and economic reform.
Exploring the Proposal to Replace SWIFT with International Banking Network Relations
In an evolving financial landscape, the proposal to cancel the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and replace it with relations within the international banking network has sparked significant debate. Established in 1973, SWIFT has long been the backbone of global financial messaging and transactions, facilitating cross-border payments and communications among financial institutions. However, recent geopolitical tensions and technological advancements have prompted discussions about alternatives.
Understanding SWIFT's Role and Challenges
SWIFT's Dominance
SWIFT has been instrumental in standardizing financial messaging, ensuring secure and efficient communication between banks worldwide. It has been the preferred system for high-value cross-border payments, with half of all such transactions utilizing the SWIFT network as of 2018.
Criticisms and Limitations
Despite its widespread use, SWIFT has faced criticisms for its high fees, slow transaction times, and lack of transparency. Moreover, its role as a central hub has raised concerns about systemic risk and vulnerability to cyber threats. Additionally, the exclusion of certain countries from the SWIFT network due to sanctions has highlighted its susceptibility to political influence.
The Shift to International Banking Network Relations
Emerging Alternatives
In response to SWIFT's limitations, countries like Russia and Iran have moved towards establishing direct interbank transfer mechanisms, bypassing the SWIFT system. These alternatives allow for trade in national currencies, reducing reliance on dominant global currencies like the dollar or euro.
Advantages of Alternative Systems
Alternative systems such as Russia's SPFS (System for Transfer of Financial Messages) offer a domestic payment system that facilitates financial messaging and transactions.
These systems aim to provide faster, more secure, and cost-effective transactions, potentially addressing the issues associated with SWIFT.
Challenges and Considerations
While alternative systems promise benefits, they also face challenges such as limited interoperability with existing financial networks and potential resistance from established financial institutions. Furthermore, the transition to a new system requires significant coordination and investment, presenting a barrier to widespread adoption.
The Future of International Banking Relations
The proposal to replace SWIFT with international banking network relations is indicative of a broader shift towards decentralized financial systems. As countries seek to assert more control over their financial transactions and mitigate geopolitical risks, the development of alternative payment systems is likely to continue.
Conclusion
The ongoing debate over the future of SWIFT reflects deeper concerns about the global financial system's structure and governance. While alternatives may offer potential improvements, the complexity of transitioning to new systems should not be underestimated. As the financial landscape evolves, the balance between innovation, security, and international cooperation will remain a critical consideration for policymakers and financial institutions alike.
Proposal to cancel SWIFT and replace it with relations with the international banking network
US Treasury praises Iraq's progress in monitoring transfers and selling dollars
The US Treasury Department praised the remarkable progress made by the Central Bank of Iraq in strengthening control procedures over foreign transfers and cash sales of the dollar, while considering that these steps contribute to strengthening financial and economic stability in the country .
Auditing companies
A statement by the bank received by (Al-Zaman) yesterday said that (a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank, in addition to meetings with a group of companies, including international auditing companies, who praised the major transformations achieved by the Central Bank, represented by the remarkable progress in the procedures for monitoring foreign transfers and cash sales of the dollar currency).
Adding that (this led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, financing terrorism and financial crimes)
And pointed out that (a meeting will be held betweenbank officials and its international partners by the end of this year
regarding the major transformation in ending the work of the electronicplatform for foreign transfers and replacing it with direct bankingrelations between Iraqi banks and the network of internationalcorrespondent banks, according to the plan developed by this bank, andimplemented internationally, which will allow the Central Bank and the Federal Reserve Bank to exercise their supervisory roles Away from the executive procedures
This transformation will have important repercussions on the stability, fluidity and transparency of the country’s foreign trade financing operations,” he continued, adding that “this step will contribute to achieving the required stability in exchange rates, which in turn will lead to enhancing the efficiency of the financial system in Iraq.”
The statement stressed that “the meetings also addressed the mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements for opening their accounts with international correspondent banks, with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies .”
A source had previously revealed an unannounced visit by the Central Bank to the United States of America to discuss developments in the Iraqi banking sector .
Banking sector
The source said in a statement yesterday that (a delegation from the Central Bank, led by Al-Alaq, and a number of general managers, visited the United States of America, since the 26th of last month, to discuss developments in the banking sector and the restrictions on the use of the dollar imposed on a large number of private banks)
And he continued that (the Central Bank delegation discussed canceling the platform at the beginning of next year, and relying on correspondent banks, which will increase the imposition of restrictions on Iraqi private banks, and completely eliminate competition in favor of Jordanian banks that have American correspondent banks), noting that (the Central Bank is close to signing a contract with Oliver Wyman, the consulting company for the Iraqi Development Road, to conduct a study on reforming the Iraqi banking sector, and in order for it to be approved by the bank as a roadmap for reforming the private banking sector ).
The dollar exchange rate rose slightly in the Baghdad and Erbil stock exchanges. Money exchange office owners said yesterday that “dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 149,200 dinars for every hundred dollars.” They added that “selling prices in exchange offices in the local markets in Baghdad stabilized at a selling price of 150,000 dinars, while the purchase price reached 148,000 dinars for every hundred dollars. As for Erbil, the stock exchange does not trade on official holidays, but the dollar recorded a slight increase there .” link
A CONVERSATION WITH A BANK VICE PRESIDENT REVEALS INSIGHTS ABOUT THE IRAQI DINAR AND THE POTENTIAL RV
Summary
A conversation with a bank vice president reveals insights about foreign currencies, including the Iraqi dinar and the potential for currency revaluation.
Highlights
🤔 Discussed foreign currencies with a bank VP.
💵 Mentioned specific currencies: Iraqi dinar, Bolivar, Vietnamese dong.
🚫 Many consider these currencies a scam.
🏗️ Jamie Dimon is investing in Iraq, indicating potential.
🔔 VP hinted at readiness to act on currency notifications.
😊 Felt validated in discussing currencies with an expert.
📈 Signals of potential growth in foreign currency investments.
Key Insights
🌍 Foreign Currency Interest: The conversation highlights a growing interest in foreign currencies, particularly among investors seeking alternative assets.
💳 Currency Skepticism: The skepticism surrounding currencies like the Iraqi dinar reflects broader concerns about investment risks and scams in the marketplace.
🏦 Banking Involvement: The mention of a bank vice president signifies institutional interest and potential legitimacy in foreign currency investments.
🌐 Economic Development: Jamie Dimon’s involvement in Iraq suggests that major financial players see potential in the region’s economic growth.
🔍 Notification Readiness: The VP’s comment about waiting for a notification implies that significant changes in currency values may be imminent, raising investor interest.
✔️ Validation in Expertise: Finding someone knowledgeable in foreign currencies can provide reassurance to investors feeling uncertain about the market.
📊 Potential Growth Indicators: The conversation underscores the potential for growth in foreign currencies, encouraging investors to consider diversification strategies.