"PROCEDURES TO LIMIT THE RISE IN THE EXCHANGE RATE OF USD AGAINST IQD", 31 JULY

 Starting Procedures To Limit The Rise In The Exchange Rate Of The Dollar Against The Dinar

The Iraqi Trade Bank decided to expand the scope of the external financial transfer process for merchants.   The media expert of the bank, Aqil Al-Shuwaili, said in a statement: “Based on the directions of the Presidency of the Council of Ministers and the Central Bank of Iraq to limit the rise in the exchange rate of the dollar against the dinar in the local markets, and to support the import process in accordance with the legal frameworks and correct and sound contexts to ensure the safety of financial transfer operations, which are positively reflected.” On individual merchants and shop owners, the Trade Bank of Iraq (TBI) decided to take the initiative to expand the scope of the external financial transfer process.

He explained, "This will be done by allowing the aforementioned groups to import consumer goods at the exchange rate of the Central Bank of Iraq 1320 dinars per one dollar, provided that the value of the external transfer for each individual trader per month does not exceed ($100,000 only one hundred thousand dollars)," indicating, "It will be Work on this matter, starting with the bank’s branches in the capital, Baghdad, and the work will be expanded in other branches outside Baghdad soon, according to the instructions of the Iraqi Trade Bank.

Below are the requirements for opening an account for individual merchants and shop owners as follows:

1- Identification documents: Civil status identity, Iraqi nationality certificate or unified national card, housing card, Iraqi passport, or submitting an undertaking to provide us with the passport as soon as it is issued.

2- Submitting what shows the deposited sources of income (sale receipts or contracts for periods not exceeding the previous six months) or any other documents that show that.

3- Submit proof of work address (lease contract or real estate deed).

4- Fill in the Know Your Customer (KYC) form.

5- A valid Chamber of Commerce ID (if any).

6- Provide evidence of the merchant's activity.

7- Submitting an undertaking that the individual trader will not own a company registered now or in the future.    https://www.radionawa.com/all-detail.aspx?jimare=35227

The Decline In The Exchange Rate Of The Dollar In Iraq

Economy | 10:56 - 07/30/2023  Baghdad - Mawazine News  Today, Sunday, the exchange rates of the dollar recorded a decline in the local markets in Iraq.

The selling price of the dollar was 151,000 dinars per 100 dollars, while the buying price of the dollar was 150,000 dinars per 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=232333

Adviser To The Prime Minister: Measures To Stabilize The Dollar Exchange Rates

Economy | 02:13 - 07/30/2023  Baghdad - Mawazine News  Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced a movement to stabilize the dollar exchange rates, stressing the provision of soft financing operations for importers at the official exchange rate.

Saleh said, "The foreign trade of small traders constitutes the highest number in the import commercial market activity, and its rate may reach 60 percent of the local market's needs for imported goods."

He added, "With the aim of dismantling the monopolistic financing trade ring to finance foreign trade and the entirety of external transfer operations resulting as dangerous mediating forces that carry a lot of colored noise between the small trader and the financing of trade in foreign currency, whether in the position of international compliance or the disposal of foreign currency outside the stability controls,

 in addition to its danger in spreading A dangerous pricing pattern based on floating the prices of goods and services at the parallel market exchange rate, which leads to a dangerous transfer of inflation from the exchange market to the general level of prices and endless price disturbances.

Therefore, the Iraqi Trade Bank works with direct openness in providing soft financing operations for small importers and at the official exchange rate outside the loop. the monopolist".

He pointed out, "This matter will lead to providing a flexible commodity supply and help to establish stability in the parallel exchange market, in addition to removing the forces of commercial monopoly from the most dangerous mediation process between small traders and the exchange market, in a way that achieves stable competitiveness in which the parallel exchange rate matches the official exchange rate." gradually".   https://www.mawazin.net/Details.aspx?jimare=232351

"Seize the Sustainable Investing Opportunity With These ETFs" BY Todd Shriber, 31 JULY

Investors often conflate environmental, social and governance (ESG) with sustainable investing. That confusion stands to reason because these styles are often joined at the hip, particularly in mainstream financial media coverage.

However, these are two distinct styles. Where the confusion often arises is by virtue of the fact that sustainable investing encompasses ESG pillars – namely the “E” and the “S” in an effort to analyze how a company’s investment behavior affects the environment and society at large and whether or not those actions have tangible effects on investors.

“Most companies in the world are incrementally improving the environmental sustainability of their operations – for instance, by emitting fewer greenhouse gases or consuming less energy,” according to VanEck research. "Other companies are taking the transition a step further by fundamentally changing their behavior to improve the sustainability of their operations."

Owing to the broad expanse of sustainable investing and still lingering fluidity in defining applicable methodology, investors may want to considering put their sustainable-focused investing values to work via exchange traded funds. Here are a few to consider.

SPDR MSCI USA Gender Diversity ETF (SHE)

The SPDR MSCI USA Gender Diversity ETF (SHE) is one of the pioneers in gender lens investing ETF space, making it relevant in broader discussions on sustainable investing. SHE, which is more than seven years old and follows the MSCI USA Gender Diversity Select Index, focuses on companies with above-average percentages of women on boards of directors, C-suite positions and throughout upper management.

For investors new sustainable investing, they might need to be convincing that gender lens investing is credible and potent. Data confirm it is.

“Companies with women in executive management repeatedly outperform companies that have no women in senior roles. This is the same case for companies with women on their boards,” according to the Gender Impact Investing Network (GIIN). “With 50% of the world’s population being women, this group is underrepresented in the workforce. This represents an underutilized pool of talent, and limits diversity within an organization.”

VanEck Green Bond ETF (GRNB)

The VanEck Green Bond ETF (GRNB) is the original ETF dedicated to green bonds –a former of debt issued to fund environmentally friendly projects. In other words, GRNB is a fixed income idea for sustainability inclined to investors looking to focus on the “E” in ESG.

GRNB, which follows the S&P Green Bond U.S. Dollar Select Index, is unique among bond ETFs not only because green bonds are young in the fixed income space, but also because the fund features a mix of corporate and sovereign debt. It also sports a tantalizing 30-day SEC yield of 5.30% without subjecting investors to significant credit risk. Additionally, the green bond market is taking off in terms of size.

“Global issuance of new green bonds, the largest category of sustainable debt by amount, reached $163.9 billion in the first quarter, breaking a previous record of $143.1 billion set in the last three months of 2021, according to data compiled by Bloomberg,”  reported David Caleb Mutua for Bloomberg. "Sales of the bonds are up 32% year-on-year, the data shows."

Calvert International Responsible Index ETF (CVIE)

The Calvert International Responsible Index ETF (CVIE) is one of the newer additions to the ESG/sustainable ETF fray, having debuted in January. It could be a good one, too, owing to Calvert’s experience with ESG investing and the point that international equities are finally showing signs of life.

CVIE follows the Calvert International Responsible Index and focuses on companies whose management teams are showing “effective management of key environmental, social and governance (ESG) risks and opportunities.” 

Moreover, CVIE is relevant at a time when many ex-US firms have increasingly global revenue streams, which could lead to better long-term performance.

“Globalizing revenue sources have likely contributed to equity markets moving in lockstep. Developed markets, which are the most globalized, are more correlated with each other than emerging markets are with developed markets,” notes Morningstar Indexes strategist Dan Lefkovitz. “To bring this concept to life, think about biopharma companies. Whether they’re based in the U.S., France, Switzerland, or Japan, they are exposed to many of the same forces.”

https://www.nasdaq.com/articles/seize-the-sustainable-investing-opportunity-with-these-etfs

"Golden Opportunity: Iraq to Benefit from Regional Calm?", 31 JULY

 Following the recent thaw in relations between Iran and Saudi Arabia, Iraq is strengthening its ties with GCC states. European countries should support this development, which could help Iraq address its domestic challenges

For decades, Iraq has been caught in the crossfire of tensions between neighbouring Iran and Saudi Arabia. But following the recent thaw in relations between Tehran and Riyadh – which Baghdad helped to facilitate – it now stands to be a key beneficiary of regional calm. After a decade of intense polarisation, key regional players are now more focused on economic prosperity than gaining the geopolitical upper hand, which could bring direct and much needed benefits to Iraq. Against this backdrop, Iraq’s prime minister, Mohammed al-Sudani is strengthening ties with members of the Gulf Cooperation Council (GCC). European countries should actively support these developments, after years of trying to stabilise Iraq following the 2003 invasion.

Arab Gulf states have shown hostility towards Iraq for years, considering Iraq’s Shia politicians, including its premiers, as Iranian proxies. Much to the frustration of Iraqi politicians, many countries – GCC members included – have long viewed their foreign policy towards Iraq as an extension of their Iran file. When Sudani first assumed power in October 2022, GCC capitals considered him as strongly allied to former Iraqi prime minister Nouri al-Maliki and, by extension, Iran.

In reality, the level of Iranian control over Iraqi political structures is complex, varying by institution, issue, and geographic location. However, Iraqis have learnt the hard way that this presumed association with Iran affects GCC states’ foreign policy towards Baghdad. Iraqi politicians have long understood that the country’s relations with the Arab world would only improve if its neighbours de-escalated tensions with Iran. This is why Baghdad seized the opportunity to turn these links into an asset, brokering back-channel talks between Iran and Saudi Arabia over the past years, which culminated in the diplomatic breakthrough that was  announced in China earlier this year.

Iraq’s post-2003 prime ministers have often attempted to foster stronger tieswith the GCC states – seeking to draw on the region’s economic wealth to help stabilise the country. Some analysts have also championed the idea that the GCC states should strengthen ties with Baghdad precisely to offset Iranian influence. But Iraq only achieved a breakthrough on this under Prime Minister Haider al-Abadi, re-establishing diplomatic relations with Saudi Arabia in 2015. In 2022, Iraq also finished paying reparations to Kuwait for its 1990 invasion.

Given his perceived ties to Iran, it may come as a surprise that Sudani is pushing for closer ties to the Gulf. But he is the prime minister of a large coalition of powerful parties which all have good relations with Iran. Diversifying his portfolio and bringing in the Gulf not only empowers him within his coalition, but also strengthens his wider position by securing economic benefits for the country. Iraq clearly also benefits from not being used as a battleground for proxy warfare between regional states. Accordingly, Sudani attended the Arab League Summit in Saudi Arabia in 2023, a task normally assumed by Iraq’s president. Sudani also pledged to host the Arab League in Baghdad in 2025, sending a clear signal of commitment to the broader Arab world.

Iraq’s political system, which has been in place for two decades now, has shown its resilience to major crises such as terrorism, secessionist movements, and large-scale protests. The GCC states seem to have finally acknowledged that despite its many challenges, this system is not going anywhere anytime soon. Following Iran’s and Saudi Arabia’s rapprochement, Riyadh is no longer as resistant to increasing the pace of its engagement with the Shia-dominant government in Iraq.

The generational transition of power in Saudi Arabia has replaced leaders with entrenched sectarian beliefs with younger ones with new political ideas and priorities. As Saudi Arabia’s population grows, leaders are concerned with the economic wellbeing of their citizens in a transforming, and less oil reliant, world. Saudi Crown Prince Mohammad bin Salman wants to focus on  domestic reform, which regional instability in countries such as Iraq and Yemen could complicate, particularly given the perception that the United States will no longer guarantee the kingdom’s security, as the latter continues to work with Russia.

Leaders are concerned with the economic wellbeing of their citizens in a transforming, and less oil reliant, world

One crucial reason for Baghdad’s persistent outreach to Saudi Arabia is Iraq’s need for Arab investment, including to help wean it off dependence on Iran and Turkey. Trade between Turkey and Iraq now stands at an unprecedented $20 billion. Meanwhile, despite US sanctions, Iraq is Iran’s second biggesttrading partner, importing $8.9 billion from Iran in 2022. Iraq would benefit from diversifying its trade partners, especially in the energy sector.

Currently, Iraq buys gas from Iran to produce its electricity. Due to US sanctions, Iraq currently pays Iran into an account at the state-owned Trade Bank of Iraq. Iran, however, cannot access this money in US dollars due to US regulations. This has led to disputes between Iran and Iraq, with Tehran regularly cutting off gas exports to Iraq, leading to long hours of electricity shortages in hot summer months. In July, Iraq signed a $27 billion deal with France’s TotalEnergies that will increase domestic oil production and capture gas which is otherwise wastefully burnt, thereby decreasing Iraq’s reliance on Iranian gas. TotalEnergies will benefit from the potential of the Iraqi market, as will QatarEnergy, which has a 25 per cent stake in the deal.

GCC countries are also investing their own money into Iraq. For example, Saudi Arabia and the United Arab Emirates recently allocated $6 billion to be invested in the country. Such investments, whether in retail, hospitality, or energy, are likely to grow as the GCC countries’ relationships with Iraqi politicians develop. For the Iraqi government, this could help address urgent – and often destabilising – economic needs such as providing sufficient jobs and state services to its young population.

This new opening also offers opportunities for Europeans, who should welcome it as an important way to help stabilise the country. European countries should now encourage and support the GCC and Iraq to widen their engagement to other key areas including security and climate cooperation. Rather than seeing this as a means to reduce Tehran’s influence, Europeans should welcome opportunities to draw Iran into cooperative regional frameworks that help cement wider regional de-escalation and address urgent common challenges such as those posed by climate change.

Iraq will need to continue to carefully balance relations with its neighbours, even as Iran and Saudi Arabia warm up to one another. This will not always be an easy task. Both sides will continue to press Baghdad in ways that risk disrupting its balancing act. The presence of paramilitary groups allied with Iran, which often take a more hardline approach than Tehran, as well as the risk of wider regional escalation linked to US and Israeli tensions with Iran, also pose threats to the sustainability of this path. But ultimately, a more regionally connected Iraq will be better positioned to meet its own internal challenges and mitigate the impact of these external pressures. Europeans should do what they can to strengthen this opportunity.

https://ecfr.eu/article/a-golden-opportunity-how-iraq-can-benefit-from-regional-calm/

" MEETING TO ADDRESS THE MANIPULATION OF THE VALUE OF THE IQD", 31 JULY

  Judges and security leaders meet to address the "manipulation" of the value of the dinar and to prosecute those involved

 On Monday, Iraqi judges and security leaders held a meeting at the headquarters of the Supreme Judicial Council to put in place mechanisms to deal with "manipulating" the value of the Iraqi dinar and prosecute those involved.

A statement of the Supreme Judicial Council received by Shafaq News agency stated, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court, which is specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and an undersecretary. Minister of the Interior for Intelligence Affairs.

During the meeting, they discussed the best ways and mechanisms to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in a way that ensures limiting it and prosecuting those involved in it in accordance with the laws in force, according to the statement.

Today, Monday, the Supreme Judicial Council announced the arrest of suspects carrying out suspicious banking activities.

He pointed out that "the defendants admitted that they had taken companies to do business as a cover to smuggle currency out of Iraq, and these companies were raided in separate areas of Baghdad, and sums of money estimated at fifteen million dollars were seized and deposited with the central bank after the Anti-Money Laundering Office submitted its reports that included the existence of Suspicions of money laundering by monopolizing the dollar currency in this way.   link

----

Iraq and Kuwait seek to solve contested border issue

• Iraqi officials have previously expressed a readiness to recognize Kuwait’s land border, the maritime border remains a point of contention
• Baghdad insists that the delineation should provide it unhindered access to Gulf waters

Baghdad: Iraq and Kuwait will work toward reaching a definitive agreement on demarcating their borders, including a contested maritime area of the Gulf, their foreign ministers said on Sunday.

The de facto land and maritime borders between the neighboring states were established by the United Nations in 1993, three years after Iraq under Saddam Hussein invaded Kuwait.

While Iraqi officials have previously expressed a readiness to recognize Kuwait’s land border, the maritime border remains a point of contention.

Baghdad insists that the delineation should provide it unhindered access to Gulf waters, a lifeline for its economy and oil exports.

Because of the long-standing dispute, Kuwaiti coast guards regularly detain Iraqi fishermen and seize their vessels for entering Kuwaiti territorial waters “illegally.”

After meeting his Kuwaiti counterpart Salem Al-Sabah in Baghdad on Sunday, Iraqi Foreign Minister Fuad Hussein said that during their talks “the emphasis was placed on resolving the border issues.”

He told reporters the border talks would “continue through various technical committees.”

Baghdad will host a meeting of a legal committee relating to the talks on August 14.

Sabah said there was “complete consensus” between Kuwait and Iraq to “resolve outstanding problems between the two countries, particularly the demarcation of maritime boundaries.”

Iraq’s government under Prime Minister Mohamed Shia Al-Sudani is seeking closer ties with Arab Gulf monarchies, aiming to strengthen regional economic cooperation and counter the flow of narcotics.

In 2021, Baghdad made the final payment of war reparations totalling more than $52 billion to its neighbor.

Saddam’s forces entered oil-rich Kuwait in August 1990 and annexed it before being driven out seven months later by an international coalition led by the United States.

https://www.arabnews.com/node/2346756/middle-east

Currency Economy Business & Market Reforms - Iraq Dinar BY MILITIAMAN

DINARLAND UPDATE, 31 JULY

 Mountain Goat

The VERY good news…is that the honest Iraqis are waking up and it will very soon become public knowledge that they MUST liberate the dinar and this is the real and only solution. When I talk to my CBI contact I am still told that the Project to Delete the Zeros is “not off the table” and is going to be executed shortly…

MilitiaMan (KTFA)

Sudani did say the Dinar will be stronger than the dollar. There is a lot of talk about the dinar –on the streets and everywhere. It’s all about the exchange rate. This is definitely a big topic…even on the streets.1132 is not going to help them…To me…they are keeping this correction hush, hush…we saw the Arabic side of the budget was published and read by people at 1.3.  A Forbes article said 1.3 and they have been keeping it tight.

I do not think this 1310 or 1.3 means $1.30 cents. 

                         

I think it’s a reciprocal of 1 to 1 and that would be about .77 cents …like dropping the 3 zeros…Then once they apply the REER (Real Effective Exchange Rate) the game is going to change. Their purchasing power is going to change. Their projects in the budget are going to be funded.

Sandy Ingram

Professionals in the currency industry use statements like “Things can change suddenly in the Forex world.”  You must be prepared to protect your profits or you can lose 30% of your wealth the day you realize your currency gains…The wealthy have an unwritten iron-tight rule which they do not teach in public schools – You never spend your initial profits.  You use these profits to generate more profits.  You keep your day job until you can replace your monthly income WITHOUT touching your initial profits…This info is for the new wealthy or exotic currency investors…

Enorrste

…Opening a dinar denominated checking or banking account at Chase for instance as a possibility.  If it’s denominated in dinar and the dinar goes up, then you’re already home free, convert dollars right to your bank.  You get rid of that whole problem of taking 10 million dinar down to downtown Los Angeles and going up 15 stories into some building and hoping you don’t get rousted before you get there.

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 31 JULY

 Frank26 (KTFA)

[Iraq boots-on-the-ground report]

FIREFLY:  Some currency expert is on the news, on the financial section and he’s saying the future of the dinar could reach 3 to 1 with the American dollar by the year 2025 .

FRANK: I believe he’s from the CBI…that can only happen in a float.  That’s the hot theme I’m trying to teach you.  The international float is the education of monetary reform being drilled into the citizens right now.  That’s the phase of monetary reform education right now.  The external international float of their national currency that’s soon to come…To see a float over a year and half is logical and stable.

Is the governor of the CBI the one that makes the decision on when to release the new exchange rate?  Turns out it is the Board of Directors.