“Development Road Project”: A Strategic Initiative to Link the Middle East and Europe, 1 OCT

 “Development Road Project”: A Strategic Initiative to Link the Middle East and Europe"

Prime Minister Muhammad Shi’a Al -Sudani recently met with the Turkish Minister of Transport to discuss the Development Road Project, a significant strategic initiative for the government. The project’s primary goal is to connect the Middle East to the European continent, acting as a vital, cost-effective transportation, and transit corridor.

Strengthening Regional Ties

The Prime Minister emphasized the project’s importance in bolstering relations between Iraq, Turkey, and the rest of the region. The Development Road Project is envisioned to serve as a key platform for fostering regional integration and economic growth. The scheme is seen as a strategic step in enhancing the region’s connectivity, promoting economic development, and facilitating trade and commerce.

During the meeting, the Prime Minister expressed his appreciation for Turkey’s eagerness to participate in the project. He underscored the necessity for continued technical dialogues between the two nations, ensuring the project’s success and sustainability. The Prime Minister’s endorsement of Turkey’s involvement signals a collaborative approach to regional development, underscoring the importance of joint efforts in achieving shared goals.

Turkey’s Commitment to the Project

The Turkish Minister of Transport reiterated his country’s intent to actively contribute to the project. The Minister’s affirmation supports the project’s collaborative spirit, highlighting Turkey’s commitment to regional development and cooperation.

Turkey’s commitment to the Development Road Project is significant given its strategic location at the crossroads of Europe, Asia, and the Middle East. Turkey’s participation in the project could potentially enhance the country’s role as a critical transit hub, bolstering its economic and geopolitical standing.

The Development Road Project: A Cost-Effective Transit Corridor

The Development Road Project is designed to be a cost-effective transit corridor, linking the Middle East to the European continent. The project’s strategic significance lies in its potential to streamline transport and logistics operations across the region, reducing costs and enhancing efficiency.

By providing a direct and efficient route for the transport of goods and passengers, the Development Road Project could potentially stimulate economic development across the region. It could also facilitate increased trade and commerce, fostering closer economic ties between the countries involved.

Conclusion

The Development Road Project is a testament to the importance of regional cooperation and integration in promoting economic growth and development. With the backing of key regional players such as Iraq and Turkey, the project holds great promise for enhancing connectivity, fostering economic development, and strengthening regional ties. Despite the challenges that lie ahead, the Development Road Project represents a significant step forward in the drive towards regional integration and shared prosperity.

https://bnn.network/world/turkey/development-road-project-a-strategic-initiative-to-link-the-middle-east-and-europe/

"RV UPDATE" BY MNT GOAT, 1 OCT

 Mnt Goat 

  About the WTO accession, the articles told us months ago they were in the final stages and so they are all ready to go.  

They only want a currency that can be international prior to making the final move. 

They don’t need the currency to revalue only reinstate to be in the WTO, but we know they will revalue when they do reinstate it and go international...

I repeat, they DO NOT have to RV (no mandate for the WTO says they do) only need to reinstate for the WTO, but they are choosing to significantly revalue when they do reinstate it. So we are good…

 Question:  Holiday in Iraq on October 3...their Independence Day. ...October 4 is Iraq finally a member of World Trade Organization...Can Iraq still continue with the program rate of 1132 until the end of the year? Or will CBI release the new small category notes before October 4?  

  Mnt Goat Answer:  ...As you know they will not give out any dates only a window when they plan to do it. I was told October for the re-education and them they should follow closely with the newer lower notes.

Question:  Will there be a cap limit on the dinar when exchanging? 

 Mnt Goat Answer:  Yes, the IMF will place the dinar initially on a managed float and I was told around a $9 cap but that was years ago and things have changed...I wouldn’t be surprised if we witness up to $12 before they cut it off. 

Dr Shabibi told us in 2011 that the dinar back then could sustain a rate of $16...They are now pumping 2/3 more oil and have agriculture exports now and also 132 tons of gold...They are filthy rich!  I am seeing a constant rate of about USD $3.80 - $4.25 range on the back screens at the bank right now...

Dollar’s Rise Against Iraqi Dinar: A Seismic Shift in Iraq’s Economy, 1 OCT

 Dollar’s Rise Against Iraqi Dinar: A Seismic Shift in Iraq’s Economy, 1 OCT

As Iraq grapples with political and economic turmoil, the U.S. dollar has seen a significant increase in its exchange rate against the Iraqi dinar. The surge has been witnessed in both Baghdad’s central forex markets as well as in the Kurdistan region, signaling a seismic shift in the country’s economy. This development has fueled concerns over the potential impact on ordinary Iraqis, already burdened by a fragile economy, and has brought into sharp focus the country’s financial dealings with neighboring Iran.

The Escalating Exchange Rate

The dollar’s exchange rate against the Iraqi dinar has experienced an upward trend in recent times. In Baghdad’s al-Kifah and al-Harithiya Central Exchanges, the dollar was traded at a rate of 155,700 IQD for 100 dollars, marking a 300 IQD increase from the previous rate. In parallel markets in Baghdad, the selling and buying rates of the dollar were pegged at 156,750 and 154,750 IQD for 100 dollars, respectively. Similarly, in the capital of the Kurdistan region, the dollar’s selling and buying rates were at 155,500 and 155,450 IQD for 100 dollars, respectively.

Underlying Factors

The rise in the dollar price began shortly after the new government assumed office in late October of last year. During the previous regime, the rate was stable at between 1,450 to 1,470 dinars to the dollar. The sudden surge has been attributed to the smuggling of U.S. dollars or illegal transfers from Iraq to Iran during the term of the new government, which is primarily composed of militias and political groups close to Iran. These allegations have been raised on several occasions by U.S. officials with Prime Minister Muhammad Shia al Sudani.

Iran, currently grappling with a severe economic crisis due to sanctions, has seen the U.S. dollar’s value against the Iranian rial reach an all-time high. Iraq’s regular imports of gas and electricity from Iran, exempt from U.S. sanctions, are paid in Iraqi dinars to accounts in Iraqi banks owned by Iranians. 

Given the present circumstances, Iran needs U.S. dollars to control rising prices and stabilize its economy, which has resulted in the illegal trafficking of U.S. dollars.  

However, the smuggling of currency is not confined to Iran, with Iraqi militias reportedly smuggling money to Syria and Turkey as well.

Policy Measures and Implications

To address this issue, the Iraqi central bank has prohibited four Iraqi banks from using U.S. dollars.

These include Al Ansari Islamic Bank for Investment and Finance, Al Qadhaf Islamic Bank for Finance and Investment, Asia Iraq Islamic Bank for Investment and Finance, and the Iraqi Middle East Investment Bank.

 The central bank is also auditing several other banks and financial organizations in an attempt to stop the illegal use of dollars in Iraq. While aimed at curbing illicit financial activities, these measures might inadvertently affect the functioning of the Iraqi banking sector and the broader economy.

The escalating exchange rate has triggered protests in Iraq, with citizens demanding a reduction in the dollar price. 

They argue that the rising dollar rate has led to an increase in the prices of commodities, including food products, thereby escalating the cost of living in Iraq. 

The Iraqi government has responded by raising the value of the Iraqi dinar against the U.S. dollar to limit the impact of the dollar’s appreciation on Iraqi citizens.

However, the effectiveness of this measure remains to be seen.

Looking Ahead

The rising dollar’s exchange rate against the Iraqi dinar presents a complex challenge for Iraq’s economy. It underscores the need for stringent financial regulations to curb illegal activities and maintain economic stability. 

At the same time, it highlights the importance of geopolitical considerations in the country’s economic affairs, particularly its financial dealings with Iran. 

As Iraq navigates this economic conundrum, the government’s policy measures and their implications will be closely watched by domestic and international stakeholders.

https://bnn.network/finance-nav/currencies/dollars-rise-against-iraqi-dinar-a-seismic-shift-in-iraqs-economy/

Iran and Iraq Highlight Importance of Implementing Security Agreement, 1 OCT

 Iran and Iraq Highlight Importance of Implementing Security Agreement, 1 OCT

The Secretary of Iran’s Supreme National Security Council, Ali Akbar Ahmadian, and the Iraqi National Security Advisor, Qasim al-Araji, recently held a meeting in Tehran emphasizing the importance of implementing the security agreement signed between Iran and Iraq. The agreement is seen as a critical roadmap to establish border security and eradicate elements causing insecurity in both countries and the broader West Asia region.

A Roadmap for Stability

In the meeting, Ahmadian described the recent security agreement between Iran and Iraq as the result of months of negotiations and joint efforts. He underscored the security pact as a roadmap for establishing stable security at the borders. Ahmadian stressed on Iran’s consistent support for governments based on the people’s determination, hinting at the democratic principles that guide Iran’s foreign policy. He urged the Iraqi government to ensure the security of the common borders with Iran as soon as possible within the framework of the agreement, thereby ending the presence of anti-revolution elements in the country.

Qasim al-Araji, on his part, affirmed the Iraqi government’s commitment to the security accord and expressed Iraq’s determination to interact with Iran in all fields. He emphasized Iraq’s commitment to the recent agreement with Iran, which is seen as an essential tool in managing the border security challenges faced by both nations.

Context of the Agreement

The 2023 Security Treaty between Iran and Iraq was signed on 19th March 2023 in Baghdad by representatives of Iran and Iraq. The agreement commits both nations to safeguarding the principles of good neighborliness and protecting the common border. One of the main purposes of the deal was to end the illegal presence of anti-Iranian armed groups and elements affiliated with the Zionist regime in the Iraqi areas adjacent to Iran’s northwestern border regions.

This agreement is seen as a strategic move to tighten the frontier with Iraq’s Kurdish region, where Tehran says armed Kurdish dissidents pose a threat to its security. The frontier has come under renewed focus following missile and drone attacks against Iranian Kurdish groups based in northern Iraq, launched by Iran’s Revolutionary Guards. These groups were accused of fomenting protests sparked by the death of an Iranian Kurdish woman while she was being held in police custody.

Potential for Enhanced Cooperation

During the meeting, Ahmadian pointed out the potential for improved cooperation in various fields, particularly economics. He noted that there exist ample opportunities for closer cooperation between the two neighbors, particularly in economic relations. The implementation of the security agreement opens up new avenues for strengthening economic ties and promoting shared prosperity.

Al-Araji reaffirmed Iraq’s determination to carry out the security deal with Iran and expressed Baghdad’s willingness to take every opportunity to strengthen relations with Tehran. He indicated that the Iraqi government and the national security body are determined to build on the security agreement to deepen cooperation in various sectors with Iran.

Future Implications

The security agreement between Iran and Iraq represents a significant step towards ensuring stability and security in the region. By committing to curb the activities of armed groups operating across the border regions, the two countries aim to create a safer environment conducive to economic growth and development. The accord also reflects the shared commitment of both nations to foster deeper relations based on mutual respect and shared interests.

The full and accurate implementation of the security agreement will be key to realizing these goals. As the two nations move forward, the continued commitment to the principles outlined in the security agreement will be critical in shaping the future trajectory of Iran-Iraq relations and the broader geopolitical dynamics of the region.

https://bnn.network/international-relations/iran-and-iraq-highlight-importance-of-implementing-security-agreement/

Iraqi Dinar Rv Upfate News 2023 / Iraqi Dinar News Today / Dinar Currenc...

"RV UPDATE" BY FRANK26, 1 OCT

 Frank26 

 I don't care if they come out at 1132.  I don't care if they come out at $0.10.  I don't care if they come out at $0.50.  You think it's going to stay there for long when the world is wanting to pour in? 

 Whatever the rate is they come out at, in a blink of an eye - bam, you better know when to hold'm and when to fold'm.

Another bank being busted.  Banks being closed, busted, licenses being removed, people being thrown in jail, positions being removed, yeah, there's no doubt about it, that the security and stability that is needed for the new exchange rate is here. 

 The security and stability...is what has allowed the CBI floor to be so clean and spotless you can definitely eat off it...

What about the HCL ?  It's ready.  Why isn't it out?  It's waiting for the new exchange rate.

What do you think the rate will be when it comes out?

  I don't care!  What I care about is for them to announce in 72 hours their sanction free and their currency is restriction free...international.  

If it's international hello Forex...What will it turn into, that's what you need to be paying attention to and at what speed...It ain't going to be no 6 months to a year before it reaches the potential of the Middle Eastern exchange rates of 3 to 1.  No.  Shoot, you're going to sleep, the next morning, boom!

Including oil and gas.. A parliamentarian reveals the main reason behind not approving important laws, 1 OCT

 Including oil and gas.. A parliamentarian reveals the main reason behind not approving important laws

Including oil and gas.. A parliamentarian reveals the main reason behind not approving important lawsInformation / Baghdad..

The representative of the State of Law coalition, Muhammad Al-Ziyadi, confirmed today, Saturday, that the lack of consensus prevented the adoption of important laws of economic and political benefit in Iraq, including oil and gas.

Al-Ziyadi said in a statement to Al-Maalouma, “The House of Representatives, since the beginning of its current session, has not completed any important law except the draft budget, and this is what has put us in the face of many criticisms,” pointing out that “the government has not sent any law to Parliament since its appointment except the budget.” .

He added, “The lack of consensus between the political forces is behind the failure to pass important laws that have a direct relationship to the lives of citizens.”

Al-Ziyadi called on the state administration forces to “hold new sessions in order to agree on a number of laws, including oil and gas, and to instruct the government and parliament to put them to a vote.”

A member of the Legal Committee, Mudar Al-Karawi, confirmed in a previous statement to Al-Maalouma that more than 20 laws will be proposed in the House of Representatives, the most important of which is the oil and gas law, but resolving it requires political consensus by all forces.

almaalomah.me