Coffee with MarkZ and Andy Schectman 09/20/2023

Iraqi Judiciary affirms commitment to bilateral agreements with Kuwait, 20 SEPT

Iraqi Judiciary affirms commitment to bilateral agreements with Kuwait

Shafaq News / The President of the Supreme Judicial Council, Judge Faiq Zaidan, affirmed on Tuesday the judiciary's respect for and implementation of agreements and treaties concluded between Iraq and Kuwait.

This came during his reception of the Kuwaiti Ambassador to Baghdad, Tareq Al-Faraj, to discuss cooperation between the two countries in the field of judiciary.

The President of the Council emphasized during the meeting, "Iraq's respect for the State of Kuwait in the past, present, and future, as well as Kuwait's independence throughout different historical stages. He also highlighted the depth of the relation between the two brotherly peoples and Iraq's appreciation for Kuwait's honorable positions in assisting Iraq in overcoming the dictatorial regime."

The President of the Council also emphasized "the importance of respecting and implementing the agreements and treaties concluded between Iraq and Kuwait per constitutional and legal contexts and respecting the implementation of relevant Security Council resolutions."

On September 4th, the Federal Supreme Court (the highest judicial authority in Iraq) ruled the unconstitutionality of the law ratifying the Maritime Navigation Agreement in Khawr Abd Allah with Kuwait.

The Kuwaiti Ministry of Foreign Affairs had handed a protest memorandum to the Iraqi Ambassador to Kuwait regarding the ruling of the Federal Supreme Court on the Navigation Regulation Agreement in Khawr Abd Allah.

https://www.shafaq.com/en/Iraq-News/Iraqi-Judiciary-affirms-commitment-to-bilateral-agreements-with-Kuwait

Parliamentary Finance describes the Central Bank’s measures as “timid”: It must open new outlets to sell “travelers’ dollars”, 20 SEPT

 Parliamentary Finance describes the Central Bank’s measures as “timid”: It must open new outlets to sell “travelers’ dollars”, 20 SEPT

Parliamentary Finance describes the Central Bank’s measures as timid - It must open new outlets to sell travelers’ dollarsShafaq News/ On Tuesday, the Parliamentary Finance Committee considered the Central Bank of Iraq’s measures regarding the dollar crisis “timid.”

Committee member Faisal Al-Naeli told Shafaq News Agency, “The Central Bank has taken many measures, especially in the recent period, but we believe that these measures are shy and need to be activated, applied, and opening new outlets to sell the dollar to travelers and merchants.”

He explained, “The Parliamentary Finance Committee is closely following the issue of the rise in the dollar exchange rate in the parallel market, and there is a tendency among members of the committee to host the Governor of the Central Bank and the general managers of the bank to find out the reasons for the decline in the value of the Iraqi dinar and the continuous rise in the dollar exchange rate. ”

The exchange rate of the dollar against the dinar witnessed a significant jump during the past few days, touching 160 thousand dinars for every 100 dollars.

shafaq.com

"RV UPDATE" BY MARKZ, 20 SEPT

 MarkZ 

  [via PDK]  Question:  When does Sudani return to Iraq?  MarkZ Answer:  Most of my DC and New York sources say he should be in private meetings all week and then head home late this week or over the weekend. But, we do not know for sure. 

 [via PDK]  As to what I expect on timing…From everything I am hearing - I think the window opens tomorrow. It certainly looks great right now. So somewhere between tomorrow and Oct. 8th…But I think it will be sooner rather than later.

[via PDK]  Walkingstick is right...[Reference Guru Walkingstick post 9-18-2023]…having conversations with people in Iraq, people in government sectors there…in finance and oil sectors…the contractors...saying it’s a deafening roar right now is an understatement.

 [via PDK]   He [Sudani] did address the UN and he has more meetings. A big week is already underway. He has meetings with the State Dept and with the Asst. Secretary of the Treasury today...To me they are setting the stage. Sudani is telling everyone that Iraq is in compliance and that they are done before they pull that trigger for the world stage on the currency change. That is my opinion and the opinions of many others I have been talking too high up in this process. They are stage setting and expect Sudani to let the cat out of the bag while at the UN…

I hope that is accurate.

  [via PDK]  Question:  ...Does the passage of the HCL mean we will have a new rate?  MarkZ answer: I was always told HCL before the rate change.

Iraqi Dinar Revaluation News 2023 - Iraqi Dinar News Today / Iqd Dinar /...

Parliamentarian: Baghdad and Erbil disputes prevent the adoption of the oil and gas law, 20 SEPT

 Parliamentarian: Baghdad and Erbil disputes prevent the adoption of the oil and gas law

9-19-2023

Parliamentarian - Baghdad and Erbil disputes prevent the adoption of the oil and gas lawInformation / Baghdad…

A member of the Parliamentary Oil, Gas and Natural Resources Committee, Ali Saadoun Al-Lami, confirmed on Tuesday that there are many unresolved controversial points between Baghdad and Erbil, as well as the oil-producing governorates, preventing the adoption of the oil and gas law.

Al-Lami said in a statement to Al-Maalouma, “The oil and gas law, and although there is a movement to approve it, the differences between the center and the region prevent this purpose from being achieved at the present time.”

He added, “Many controversial points are still unresolved between Baghdad and Erbil, which makes passing the oil and gas law impossible, and therefore there are no signs of approving the law.”

He stated, “There are 13 points of contention between the governments of Baghdad and Erbil, as well as the oil-producing governorates, and these represent the biggest obstacles to passing this law.”

Al-Lami pointed out that “these points cannot be resolved at all, which confirms the impossibility of passing the law in its current form.”

almaalomah.me

The Sudanese Is In New York And The Dollar Is On Fire In The Market.. Will The Visit To America Affect The Exchange Rate?, 20 SEPT

The Sudanese Is In New York And The Dollar Is On Fire In The Market.. Will The Visit To America Affect The Exchange Rate?

Posted On2023-09-19 By Sotaliraq   The Sudanese is in New York and the dollar is on fire in the market.. Will the visit to America affe Today, Tuesday (September 19, 2023), financial expert Saleh Al-Banari read the expected results and files of the visit of Prime Minister Muhammad Shiaa Al-Sudani and sent 4 American messages to the Iraqi Prime Minister during his visit to New York to attend the United Nations sessions.

The banker said in an interview, “The attendance of Prime Minister Muhammad Shiaa Al-Sudani at the United Nations sessions in New York is important on multiple levels, including economic ones, especially since there is a long list of meetings with heads of state and organizations, some of which are concerned with the economic, humanitarian, and human rights sectors.”

He added, “The turnout of American delegations with multiple addresses to the Sudanese meeting confirms the importance of the files at hand, especially with regard to the economic aspect as it is the most important in the relationship between Baghdad and Washington,” pointing out that “the latter will send, according to the readings, 4 important messages, which is the need for the Central Bank and banks to comply with the rules of dollar transfers.” In terms of knowing its movement, tracking it, and not dealing with countries subject to sanctions through the SWIFT system.”

He pointed out that “the American side will push for the need for Baghdad to make greater efforts to prevent smuggling and speculation related to the dollar and provide advice in this regard,” pointing out that “Washington will not interfere in reducing the exchange rate of the dollar in Iraq, but rather leave the options to the Sudanese government because it is committed to the issue of combating smuggling and controlling the pace of Remittances are what drives the stability of the parallel market and thus reduces the dollar exchange rate.”

He continued, “The dollar file in Iraq is complicated, especially with the presence of a large difference between the official price for selling it by the Central Bank and what is announced in the parallel market,” pointing out that “the Sudanese visit will not affect the exchange rates, but rather will remind the American side of the need to support Baghdad.” In measures to limit smuggling.”

The dollar exchange rates in Iraqi local markets are witnessing unstable jumps until they approached 160 thousand dinars for every 100 dollars, in conjunction with information about American intentions to impose sanctions on new banks that are not committed to the terms of transferring and financing trade using the dollar.

Al-Sudani left for New York to attend the United Nations sessions, where he will deliver a speech before the United Nations General Assembly reviewing Iraq's regional and international positions and internal policy.

 The meetings of the United Nations General Assembly, in its 78th session, will begin from Tuesday, 19 until September 23, as world leaders search for solutions to global challenges and participate in order to enhance peace and security, while this session bears the title of rebuilding confidence, restoring global solidarity, and the goals of sustainable development.

Government spokesman Bassem Al-Awadi says, “The Prime Minister will participate, like the rest of the world’s leaders, in the General Assembly meeting as it is the largest annual global forum for leaders (countries and governments) to meet, to discuss global and regional challenges and express Iraq’s opinion on them, as well as deliver a speech reviewing Iraq’s international and regional positions and politics.” Interior.

He continued, "The meetings of the United Nations General Assembly will also include listening to the opinions of world leaders and answering their inquiries regarding all Iraqi affairs, to strengthen bilateral ties, and to explain the Iraqi reality as it is, away from interpretations and analyses, and prior coordination of understandings, relations, and subsequent visits at the leadership level or Governmental institutions ".   LINK