"RV UPDATE" BY FRANK26, 20 SEPT

 Frank26 

  Question:  "HCL was given to the Iraqi citizens?"  No.  Nothing is given to the Iraqi citizens until you get the new exchange rate.  It's that simple.

 This relationship with Iran is what I have been looking for.  You should have been looking for it too.  I told you we need the floor of the CBI to be so clean that you can eat off of it. 

 You can cook on it because as far as I'm concerned and my strong opinion the RI is here and it is coming to be introduced to the citizens of Iraq...

 Sudani is going to the United Nations.  What's that?  The world!  Has the Prime Minister of Iraq ever been in front of the United Nations that you can remember ?

  ...He's going with great pride...joy, to tell the world something.  You think he's going to tell the world, 'Hey, we're staying with a program rate?  Hey, we want to remain a third world country?  Hey, we want Iran to continue to abuse us...?' He's going to tell the world what you and I know about the monetary and economic reform of Iraq... 

 Sudani and Alaq have run out of time...now they have no other choice but to press the green button and go International.  IMO that's exactly what they're doing.

Hey, Alaq, how clean is the CBI floor?  'It's dinner time.' ...I never thought I'd see the CBI floor so clean.  Iran, Iraq, U.S. Treasury meeting with the CBI?  Why would you let the wolf back in the chicken coop? ...Iran said we promise [to be good].  Whoa!  How clean is that floor at the CBI Alaq?  'Spotless'.

Iraqi PM's Visit to the US coincides with Dollar exchange rate crisis, 20 SEPT

 Iraqi PM's Visit to the US coincides with Dollar exchange rate crisis, 20 SEPT

Shafaq News/ Iraqi Prime Minister Muhammad Shia al-Sudani's visit to the United States to participate in the 78th UN General Assembly session is of significant timing. The visit coincides with a crisis in the country due to the rising exchange rate of the US dollar, with hopes that solutions may be found during his trip.

On the sidelines of the Assembly, PM Al-Sudani met the US Secretary of State Anthony Blinken, who extended an official invitation from President Joe Biden to visit the White House.

At this time, the dollar exchange rate in Iraqi local markets experiences volatile increases, nearly reaching 160,000 Iraqi dinars per 100 dollars.

According to experts, including the governor of the Central Bank of Iraq, internal and external factors influence this fluctuation.

A Iraqi House of Representatives member, Firas Al-Muslimaoui, told Shafaq News Agency that the internal factors include merchants avoiding taxes and acquiring dollars from the black market. There are also administrative obstacles, some requiring individuals to buy dollars to register a company. 

The Central Bank has taken measures to address these issues, allowing individuals to buy dollars if they supply essential, genuine, and official goods. He said.

Smuggling is another internal factor; security efforts have led to the arrest of significant smuggling gangs moving dollars out of Iraq.

Al-Muslimaoui added that the external factors are related to US Treasury policies and are "beyond the control" of the Central Bank, hoping that Al-Sudani's current visit would contribute to addressing the dollar exchange rate, among other issues.

Ahmed Fouad Shukri, a financial affairs researcher, believes the dollar will continue to rise due to the government's inadequate measures to curb its increase. 

Shukri explained to our Agency that despite the preventive or precautionary measures taken by the Iraqi government, such as banning dollar dealings within the local market, Iraq imports a significant portion of goods from neighboring countries subject to US sanctions, complicating trade exchange.

According to Shukri, other contributing factors include Iraq's high budget, leading to fears, negative expectations, and high inflation. Iraq's foreign debts also play a role in currency depreciation. 

The impact of American sanctions, which may escalate, poses another significant threat to the Iraqi economy as financial transfers become restricted to the American Federal Reserve.

https://shafaq.com/en/Iraq-News/Iraqi-PM-s-Visit-to-the-US-coincides-with-Dollar-exchange-rate-crisis

US dollar exchange rate declines in Iraq, 20 SEPT

 US dollar exchange rate declines in Iraq, 20 SEPT

Shafaq News/ On Wednesday, the US dollar exchange rates against the Iraqi dinar edged lower in the markets of Baghdad and Erbil.

Shafaq News Agency correspondent reported that dollar prices fell with the Al-Kifah and Al-Harithiya stock exchanges opening in Baghdad to record 155,600 dinars for every 100 dollars.

Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad also decreased, as the selling price reached 156,500 dinars. In comparison, the purchasing price reached 154,500 dinars for every 100 dollars.

In Erbil, the selling price reached 155,800 dinars, and the purchasing price reached 155,700 dinars for every 100 dollars.

https://shafaq.com/en/Economy/US-dollar-exchange-rate-declines-in-Iraq

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.