Iraq’s Economic Resurgence: A Beacon of Hope Amid Challenges, 30 OCT

Iraq’s Economic Resurgence: A Beacon of Hope Amid Challenges

On the wind-swept plains of Erbil and the bustling streets of Baghdad, a nation’s destiny is being etched in the ledgers of its financial institutions. As Iraq grapples with the echoes of conflicts and international sanctions, its economic heartbeat is growing stronger.

Recently, the Iraqi Financial Supervisory Board unveiled a financial forecast that may as well be a beacon of hope for the Iraqi populace. According to the board, the future revenue and expenditure of Erbil and Baghdad – the economic juggernauts of Iraq – total a staggering 156 billion dinars. This is not just a testament to the potential financial dynamism of the country, but also a promise of stability and prosperity in the years to come.

(Read Also: Echoes of Drones: US Strikes in Syria Fuel Middle Eastern Proxy War)

A Resilient Oil Market

In the labyrinthine world of global finance, oil is the kingmaker. It fuels economies, dictates foreign policies, and even decides the fate of nations. For Iraq, oil is the lifeblood that sustains its economy. As such, the Central Bank of Iraq’s recent sale of more than 24 million dollars in oil is a significant milestone. It signifies not just Iraq’s capacity to generate income from its vast oil reserves but also its steadfast engagement with the global oil market.

Yet, the significance of this sale extends beyond the realms of finance. It is a testament to Iraq’s resilience and its commitment to economic growth, despite the challenges it faces. It shows that Iraq is not just dependent on its oil reserves, but is also capable of leveraging them to its advantage.

The Rising Dinar

There is perhaps no better indicator of a country’s economic health than the strength of its currency. In the case of Iraq, the dinar is showing signs of robustness. After the Central Bank of Iraq’s dollar sales, it is anticipated that 100 dollars will soon be equivalent to 161 thousand and 500 dinars. This is a significant appreciation of the Iraqi dinar, signaling a strengthening economy.

The appreciating dinar is more than just a matter of national pride. It could spur foreign investment, bolster economic growth, and provide a much-needed boost to the national economy. For the citizens of Iraq, a strong dinar could mean better living standards, improved public services, and greater opportunities.

( Read Also: Israeli Strikes in Syria and Lebanon Raise Regional Tensions)

Charting a Course Towards Prosperity

The financial landscape of Iraq is changing. With a buoyant revenue forecast, resilient oil market engagement, and a strengthening currency, the country is on a trajectory towards financial stability and growth. These are not just dry statistics or impersonal financial jargon. They are harbingers of a brighter future, of schools being built, roads being paved, businesses flourishing, and lives improving.

As Iraq continues to navigate its path, the international community watches with baited breath. Will this ancient land, cradle of civilizations and a tapestry of cultures, finally claim its place in the sun? Only time will tell. But for now, the signs are promising.

https://bnn.network/finance-nav/iraqs-economic-resurgence-a-beacon-of-hope-amid-challenges/

New bals move in

Dozens of MPs call for shutting down the US Embassy in Baghdad, expelling the ambassador

 Dozens of MPs call for shutting down the US Embassy in Baghdad, expelling the ambassador

Shafaq News / On Monday, 32 Iraqi parliamentarians out of 329 submitted a request to the Parliament's presidency to close the US Embassy in Baghdad and expel Ambassador Alina Romanowski.

The request, titled 'Convening an Extraordinary Session Dedicated to the Palestinian Cause,' cited the ongoing atrocities and dire humanitarian conditions faced by the people in besieged Gaza due to the aggression and officially declared war by Israel. 'The menacing threat of displacing over a million Palestinian citizens in northern Gaza has led us, based on Article 28 of the Parliament's internal regulations, to request the convening of a closed extraordinary session solely to discuss the expulsion of the American ambassador, the closure of the embassy, and the suspension of diplomatic relations with all countries supporting the Zionist entity,' stated the request.

On October 27, the leader of the Sadr Movement, Muqtada al-Sadr, called on the federal government and parliament to vote on a resolution to close the US Embassy in Iraq in 'support' of the Palestinians. Al-Sadr stated on his former X-Twitter account, 'I urge the Iraqi government and the Iraqi Parliament, in all its factions and orientations, for the first time and for the sake of public interest, not personal ones, to vote on the closure of the US Embassy in Iraq in support of unlimited American support for terrorist Zionists against Gaza.'

He emphasized the need to 'protect its (the US Embassy) diplomats and not subject them to the aggression of reckless militias, which aim to undermine Iraq's security and safety,' in case the resolution is passed. Al-Sadr added, 'If the government and parliament do not respond, we will announce another stance later.'

The US Embassy in Baghdad announced last week the departure of non-essential staff in the embassy and the US Consulate in Erbil due to increased security threats.

https://shafaq.com/en/Iraq-News/Dozens-of-MPs-call-for-shutting-down-the-US-Embassy-in-Baghdad-expelling-the-ambassador

Coffee with MarkZ. 10/30/2023

How Is The Relationship Between The Rise In The Exchange Rate And The Unemployment Rate In Iraq?, 30 OCT

 In The Economic Balance.. How Is The Relationship Between The Rise In The Exchange Rate And The Unemployment Rate In Iraq?

Baghdad today – Baghdad    Economic expert Ahmed Al-Tamimi considered today, Sunday (October 29, 2023), that the rise in dollar exchange rates contributed to the difficulty of living for the unemployed, with the prices of goods and services rising due to the rise in exchange rates.

Al-Tamimi said, in an interview with “Baghdad Today,” that “the unemployment rate in Iraq is approximately 20%, but this percentage has declined recently after the recent appointments of those with advanced degrees, as well as the first and others, but the percentage is still high and constitutes a real concern among people.” the society".

He added, "The rise in the dollar exchange rate in recent months did not contribute in a real and significant way to the rate of increase in unemployment in Iraq, but this matter contributed to a decline in the standard of living of the poor and middle class, due to the significant rise in prices.

This rise also contributed to alleviating the suffering of the unemployed." Work, especially for the youth segment, which needs daily money to meet some of its needs.”

The percentage of the labor force in Iraq is 63% of the population, which means approximately 26 million people, while the unemployment rate among them, according to the last survey announced in 2022, is 16.5%, which means that the number of unemployed people in Iraq is more than 4 million people.

The budget included appointments amounting to more than 800,000 job grades, but in general they went to lecturers and contracts, that is, those not included according to the concept of “the unemployed,” in addition to providing 150,000 job grades to be distributed among the governorates, which means that these grades may be able to reduce the unemployment rate by 20%, i.e. Making the unemployed more than 3.2 million unemployed only.    LINK

JUDY NOTES, 30 OCT

 Global Currency Reset:

• Sat. 28 Oct. Alex Collier: “The Dinar went international on Fri. 27 Oct. The new international rate should be on the Forex Mon. 30 Oct. On Fri. 27 Oct. they began pulling 3,600 US troops out of Iraq so Iraq could declare Iraq a Sovereign Nation, likely around Mon. 30 Oct. Two days ago President Trump said the next 7-8 days would be ones to be remembered.”
• Sat. 28 Oct. MarkZ: “They have a lot of anticipation between now and the 1st of Nov.  Lots of chatter for a rate change by the 1st. They are still cracking down on leaks from the groups and historic bond circles, so it’s very difficult to get updates. I am not hearing anything negative and Bond folks still think by Nov.4th.”
• Sun. 29 Oct. Wolverine: “Great news coming from Colombia. They had a meeting and no one was to take their cell phones inside for security reasons. What came out was fantastic news. They are ready to go. Just hold on guys and have faith we are definitely close now. Already in South America some people have been told which bank they have to go to. We are close, so stand by everyone.”
• Thurs. 26 Oct. TNT: “Today we were told that new Dinar Rate announcement was imminent. Iraq placed lower denoms of Dinar at ports and airlines on Thurs. 26 Oct.”
• Wed. 25 Oct. Militia Man: “Recently we showed that the World Trade Organization is talking about full ascension in the Fourth Quarter and we are now in that Fourth Quarter.” 
• For the past two weeks the revalued Iraqi Dinar has been trading on the back screens of the Forex and putting itself in a position for the new International Exchange rate that was soon to be made public according to Iraqi Banks.
• In the next three to six months the Rodriguez Trust will begin to administer “universal basic income” for citizens of all GESARA-compliant countries. The amount per individual or family will depend on the status, needs, employment level and age of the person/family and will work to encourage people to work if they can.
• Sat. 28 Oct. Q Phones and GESARA: Quantum Phones and the Starlink Network, Powered by Stellar Blockchain – American Media Group (amg-news.com)

Judy Notes from audio by Alex Collier on the Rubix Q site of Telegram put up Sat. evening:

• The Dinar went international on Fri. 27 Oct. International Rate: $11.90, In-country Rate $4.80 (Contract Rate $16.50?).
• The new international rate should be on the Forex Mon. 30 Oct.
• On Fri. 27 Oct. they began pulling 3,600 US troops out of Iraq so Iraq could declare themselves a Sovereign Nation, likely around Mon. 30 Oct.
• The Quantum Financial System would be fully running by mid Dec.

https://dinarchronicles.com/2023/10/30/restored-republic-via-a-gcr-update-as-of-october-30-2023/

Kurdistan’s Fiscal Deadlock: Unpaid Salaries and a Strained Relationship with Baghdad, 30 OCT

Kurdistan’s Fiscal Deadlock: Unpaid Salaries and a Strained Relationship with Baghdad

An air of frustration hangs heavy over the Kurdistan Regional Government (KRG), as the fiscal tug-of-war with Baghdad takes its toll on the region’s public sector workers. Struggling with delayed payments for months, these workers bear the brunt of a protracted fiscal deadlock that has now stretched into a full-blown crisis.

The Unpaid Wages Conundrum

At the heart of this crisis lies a delay in funds sent from the Iraqi government to pay civil sector salaries. A deal struck in mid-September promised a semblance of relief, but the wait for remuneration continues for many. This impasse has sparked strikes in provinces like Sulaimani and Halabja, where teachers have refused to work until their unpaid wages are settled. In response, the KRG has dispatched a delegation to Baghdad, hoping to secure a “final and radical” decision on the matter.

However, the issue is far from new. The KRG has grappled with paying civil servant salaries on time for nearly a decade. A series of financial crises, compounded by the suspension of Kurdish oil exports through the Iraq-Turkey pipeline, has left the regional government cash-strapped and its workers, disillusioned.

An Audited Report and a Plea for Funds

Recently, the Ministry of Finance and Economy in the KRG sent an audited financial report for the months of July, August, and September to Baghdad. The report, a comprehensive account of the region’s revenues and expenditures, is part of a plea for the federal government to send the necessary funds to cover employee salaries.

The Iraqi federal government has offered reassurances, promising to send 700 billion dinars as part of the second agreed-upon installment to finance salaries for the last three months of 2023. Benkin Rekani, the Minister of Construction, Housing, and Public Municipalities, confirmed this, noting the positive atmosphere within Parliament and the federal government. Yet, the funds remain elusive, and the KRG’s patience appears to be wearing thin.

A Strained Relationship and a Call to Action

For the KRG, the delay in funds is not just a financial issue, but a violation of its constitutional rights and financial entitlements. Having fulfilled its duties and responsibilities, the regional government expects the federal government to reciprocate. The delegation sent to Baghdad is more than a diplomatic mission; it is a demand for a lasting solution to the recurring budgetary issues.

If the situation continues to deteriorate, the KRG has vowed not to remain silent. The constitutional rights of the people of the Kurdistan Region are at stake, and the KRG stands ready to protect them. These financial challenges underscore the strained relationship between the Kurdistan Region and Baghdad, highlighting the region’s heavy reliance on oil revenues and the significant impact of disrupted exports.

As civil servants continue to weather the storm of unpaid salaries, the KRG’s battle for fiscal autonomy rages on. The region’s financial destiny remains in the balance, tethered to the whims of a federal government hundreds of miles away. Amid the uncertainty, the people of the Kurdistan Region wait, hoping that the next paycheck will not be another casualty of this fiscal deadlock.

https://bnn.network/breaking-news/kurdistans-fiscal-deadlock-unpaid-salaries-and-a-strained-relationship-with-baghdad/