Al-Sudani identifies the parties insisting on a rise in the exchange rate in Iraqi markets
9-25-2023
Al-Sudani identifies the parties insisting on a rise in the exchange rate in Iraqi marketsInformation/private..
Today, Monday, a member of the House of Representatives, Muhammad Saadoun Al-Sudani, identified the parties insisting on a rise in the dollar exchange rate in Iraqi markets, highlighting the difference between the Al-Kadhimi and Sudanese governments
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Al-Sudani said, in an interview with the Al-Ma’louma Agency, that “there is a difference regarding the file of the exchange rate of the dollar against the dinar between the previous and the current government,” indicating that
“it was the Al-Kadhimi government that worked to raise the exchange rate, while Al-Sudani worked to reduce these prices.”
He added, “There are local internal agendas, as well as international forces, that insist on the dollar remaining at this high level,” pointing out that “the dollar is a major project whose goal is to force the government to follow a path desired by these international forces.
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The member of the House of Representatives explained, “The current government has fought a lot in several areas, especially the dollar, as well as the issue of importing gas from Iran, to try to prevent Iraq from giving money to the Iranian government, which the American Federal Bank stands behind.”
The series of rising dollar exchange rates in Iraqi markets is still continuing, amid conflicting opinions about the real reasons that led to the exhaustion of the local currency again, especially as it began to rise to levels that portend a great danger to the country’s economy.
Washington continues to create crises and create chaos through its malicious cards that it uses from time to time, as America continues to obstruct Iraq’s progress through many files, most notably the dollar.
Al-Sudani: Exchange Rate Fluctuations Are A Battle Between The State And A Group That Lives On The Dollar
Policy 09-26-2023 | 1,179 views Alsumaria News – Politics The Prime Minister, Muhammad Shiaa Al-Sudani, confirmed today, Tuesday, that exchange rate fluctuations are a battle between the state that wants to stabilize correct transactions, and a group that used to live on the dollar, while specifying his position on the presence of the international coalition.
Al-Sudani said, in an interview with The National newspaper, followed by Al-Sumaria News, that “political disputes in Iraq are within their natural context, and resorting to the Federal Court is a healthy sign for the political system,” indicating that “All political forces today are talking about providing services and developing the economy, after... “The talk was about sectarianism, ethnicity, and components.”
He added: “We presented a vision for partnerships with countries in the region along the path of development, and this is the first time that a project has been presented that calls for everyone’s partnership,” stressing: “When the security situation inIraqWith controlISISThe entire region was affected, and millions migrated, so stability must be maintainedIraqAl
Sudani stated, “More than 300 registered parties will run in the local elections, and this is a healthy indicator of stability,” pointing out that “the Social Protection Law addresses multidimensional poverty, and $4 billion has been allocated in 2023 to address poverty, and there are cash subsidies for school students.” And colleges and children of poor families to prevent the inheritance of poverty within the family.”
The Prime Minister stated that “the ration card is distributed in a specific quality to all citizens, and there is a card of a higher quality distributed among those included in the social protection network,” pointing out that “the treatments included in the three-year budget for the situation of poverty, Enough to end poverty rates inIraqradically within five years.”
Al-Sudani stressed: “We have no alternative but to support the private sector, and there is no session without it.” Ministerial Council for Economy of a decision in favor of this sector,” pointing out that “there is a war on corruption, and we have included the recovery of funds and wanted persons, within a systematic anti-corruption policy.”
He stated, “The reforms in tax, customs, and electronic payment all establish an environment that attracts the private sector and facilitates its work,” adding “The price of the dollar is related to the special reforms of the banking and financial sector, and the government has begun implementing the reforms, despite their social cost.”
Al-Sudani stated that “exchange rate fluctuations are a battle between the state that wants to stabilize correct transactions, and a group that used to live on the dollar,” explaining that “the outlets Illegitimate goods enter, and no taxes are paid, and this is money that goes to the parallel price.”
He pointed out, “Private banks take the dollar from the central bank and sell it in the parallel market, and these will be subject to sanctions,” adding, “IraqHe was the first to exercise his pioneering role in bringing points of view closer together, and he succeeded in doing so, and he continues to do so in the region.”
Al-Sudani continued, "The development road project is the best and shortest in its path, and the lowest in transportation costs among the projects proposed in the region, and achieves the purpose of trade between Asia and Europe."
He pointed out, "The presence of Syria, with its political system and people, is better than an unknown alternative that might plunge the region into a second war with ISIS, and any security confusion in Syria will unleash terrorist monsters and threaten security in Iraq and the region."
Al-Sudani reiterated his assertion: “ISIS today does not represent a threat to the Iraqi state, and there is no longer a need for the presence of the international coalition, which was formed to confront ISIS,” indicating that “the joint committee will meet during this month with the American side, and we emphasize the bilateral relationship with the United States for security cooperation.” We are open in all fields.” LINK
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Tuesday Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Happy Taco Tuesday…
Member: Mark said Sudani may make an announcement today? Fingers crossed!!
Member: Some people think they need rate out by 4th for WTO meeting.
MZ: Wish I had some great news for you today…but the news went dry last night …but nothing negative.
Member: Silence is golden?
MZ: They have done a great job cracking down on leaks. The ones I spoke with say they are not willing to lose everything they have been waiting for so I can have some news. I totally respect that.
Member: All of us would do the same……lips would be zipped…..good for them
Member: Mark, I think I remember your saying a while back that Iraq likes to plan a surprise, not predictable. I say “Surprise is Iraq!”
Member: I wonder- Is the US the problem with this "delay?"
Member: Frank said CBI bank in the USA is opening on October 1st.
Member: Yes… Frank specifically mentioned private Iraq bank opening in U.S. on 1st October.
Member: Oct 1st is also the first day of the US 2024 fiscal year.
Member: To me it would be logical to have a reset by Oct 1st…..to bad governments are not “logical”
Member: The US Fiscal year is Oct 1-Sept 30. Is Iraq's still Jan 1-Dec 31? Will that affect anything in RV land?
MZ: Many of my sources are looking at the end of the week….since Oct 1st is on a weekend….after that it all explodes…..but with all the NDA’s out there……Its good to question all the news .
Member: I hope they have to release a rate before Oct 4 when they become part of the international financial community!
MZ: We know Iraq needs a real currency for its full ascension to the World Trade Organization. And this is coming in the first week of Oct.
Member: I am looking at Saturday night on Sat. Sept 30th…..That's when all banks are closed around the world
Member: If Quantum Financial is real then why we don’t have more news on it ?
Member: I was on a call that said the QFS really did go live on Sept 22nd…..sure hoping it is true.
Member: does anyone know the date and what time of the day Kuwait rv'd?
Member: Some are saying Iraq will RV on the same day of the month.
MZ: I believe we have already passed that this year.
Member: The NY Times article said (Kuwait RV): Published: March 25, 1991
Member: what time of the day (go EST) do we hear about the RV?
Member: We were always told years ago the best time would be between 11Pm and 2 AM …but I think it could go at any time.
MZ: I think in our time zone we would hear about around 3 or 4 in the AM …In Iraq that would be between 10AM and noon in their country. This is just based on watching the Iraqi news for years.
MZ: MR. C has said the most probable time for him to be paid would be between 11PM and 2 AM
Member: I would think it would get done soon….with the rumors of the Governor of the CBI being removed because rate change hasn't happened??? Both Sudani and Alaq’s necks are on the line…imo
MZ: Yes they are……and on top of that is the ascension to the WTO on Oct 4th. Things are heating up. It’s do or die for Iraq to get this knocked out.
Member: Will the RV be announced to the public?
MZ: Yes but they not use the same terminology (like RV or Revaluation) that you and I use. They will most likely call it a “financial reset” or a “sound money act” or something like that. This will let us know they have gone asset backed and have new bills …you will see it all over the news. If you are paying attention…you will know what it is.
MZ: History tells us there will be a reset. History tells us that fiat will crash. It has happened many times in the past. What is new is it is being done on such a global scale.
Mark Z what is the info on how many days the Redemption Centers will be open ?
Member: 10 days to make appointments and 30 days to exchange
Member: For anyone following finances - Jim Willie says he believes in the RV AND medbeds
Member: My Credit Union now has Wealth Management for their front and the lobby for others in the back!!!!!!!!!!!!
Member: Mark Z hope your day so far is filled with positive vibes....I have faith this RV will go very soon I feel it in my heart...
MZ: No podcast tonight due to a local meet and greet……see you all tomorrow at 10AM est.
Member: Everyone have a fun night tonight.
StacieZ joins the stream at the end…please listen to the replay for her health information.
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NO PODCAST TONIGHT THANKS FOR JOINING. HAVE A BLESSED DAY!
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
Article: "The invitation to the organization to attend the introductory symposium on Iraq's entry into the World Trade Organization which is being held on 4th of October" The showcasing of them having had an international exchange rate has got to be coming because the WTO is not going to allow IMO ascension to the WTO without having a valuation of their country...
Al-Sudani came home from the United States of America. He showcased his presentation. He did it very very well, professionally, turns out people felt he was a statesman all around the world. When it comes down to it are you going to do a tripartite budget at 1310? The answer is probably 100% IMO no...
Walkingstick
The tender that put Kurdistan and Erbil, the last remaining banks that are outsid
e the reform process, inline... The tender for the currency and coins has been met per request, meaning the needed currency and coins, the count and the value, for the release of the new exchange rate has been fulfilled.
Baghdad And Washington Are Negotiating About Linking The Iraqi Market And Currency To The Dollar
Posted On2023-09-25 By Sotaliraq Baghdad and Washington are negotiating about linking the Iraqi market and currency to the dollar 20230924152721_original_45The Iraqi Foreign Minister, Dr. Fouad Hussein, confirmed that the provisions of the security agreement recently signed between Iraq and Iran have been fully implemented by the Iraqi side.
Hussein explained that the terms of the agreement were fully implemented by the Iraqi side, with regard to the return of militants present on the border between the two countries in the Kurdistan Region to refugee camps.
Regarding the political and security importance of this agreement, Hussein stressed that Iran’s cessation of bombing areas in the Kurdistan Region was a condition of the agreement, in exchange for removing militants from the border, which the federal government did in cooperation with the Kurdistan Regional Government, in an “important and successful” process for both sides. .
Regarding the possibility of signing a similar agreement with Turkey regarding the presence of Kurdistan Workers’ Party (PKK) militants, whom Ankara demands to be removed from the border, Hussein stated that Baghdad has always been in favor of dialogue, hoping for “intensive dialogue by the same means” with the Turkish side.
The Iraqi diplomat says that Ankara has not yet made room to discuss solutions to this problem in another way, far from the use of weapons and violence.
The Iraqi minister denied the existence of any agreement with Turkey to allow it to carry out repeated strikes on PKK militants in northern Iraq.
Regarding relations with the United States, Hussein said that the recent Iraqi-American discussions focused on bilateral relations and joint work in the fields of economy, energy, health and security, noting that the American-Iraqi relations are distinguished and have expanded to include various fields, after they were based on security and military cooperation, pointing out that Washington’s support for the Iraqi position in the international arena, and for economic reform and development in the country.
The Iraqi official revealed that among the important files raised at the level of dialogue with Washington is “the issue of linking the Iraqi market and currency to the dollar and the flows of American currency into the country,” noting that it is “a financial and banking issue related to the financial and economic situation of Iraq.”
Regarding whether security issues related to armed groups affiliated with Iran were among the files discussed, he said, “We did not discuss this issue, and all groups are subject to the Commander-in-Chief of the Armed Forces, that is, to the orders of the Iraqi Prime Minister.”
Regarding the relations between Saudi Arabia and Iran, the spokesman indicated that the two countries have declared and strong relations, after the exchange of ambassadors and visits by the two foreign ministers, indicating that Baghdad played a role in the restoration of their relations, but the discussions between them are now direct.
Regarding relations with Kuwait, the spokesman explained that the Iraqi Prime Minister held an “important meeting” with his Kuwaiti counterpart, during which he stressed “Iraq’s full commitment to all Security Council resolutions, bilateral agreements, and respect for Kuwait’s sovereignty.”LINK
Dollar Exchange Rates During Monday’s Transactions In Iraqi Markets
Economy 09-25-2023 | 6,121 views Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Monday, September 25, 2023.
Exchange rates decreased in banking shops in local markets in Baghdad, as the selling price reached 154,500 Iraqi dinars, while the purchasing price reached 154,000 dinars for every 100 dollars.
For more than 7 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) market
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The Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary. LINK
The Salary Crisis Raises Rates Of Domestic Violence In Kurdistan By 13 Percent
Posted On2023-09-25 By Sotaliraq The researcher in social and academic affairs at Sulaymaniyah University, Rikut Abdul Rahman, said yesterday, Sunday, that the economic crisis has greatly affected the situation in the region. The Federal Council of Ministers decided during its thirty-eighth regular session, headed by Muhammad Shiaa Al-Sudani, on Sunday (September 17, 2023),
Lending the Kurdistan Regional Government more than two trillion dinars, provided that it is repaid in three installments of (700) billion dinars before taking its entitlement from the budget for the year 2024. Abdul Rahman says, “The economic crisis affected the cohesion of Kurdish society, led to an increase in divorce cases and increased rates of domestic violence.”
He believes that “due to the delay in disbursing salaries and the economic crisis, divorce cases have increased by 13% over previous years, and the rates of domestic violence have increased according to the statistics of various organizations, in addition to the presence of a reluctance to marry among Kurdish youth, since the requirements of life are high, and there is no financial liquidity.” Because of the salary crisis.”
The delay in salaries in the Kurdistan region and the strike of health personnel there caused the death of two people yesterday, Saturday (September 23, 2023), including a child no more than two months old. According to a local source, “A person named (K, M, A), whose profession is a worker, lives in the Shahrazur district of the Sulaymaniyah Governorate. He was involved in a traffic accident on the Sulaymaniyah-Zaryan road, and after suffering serious injuries, he was transferred to (Martyr Raouf Bek) Hospital in the Shahrazur district.”
He added: “But due to the strike of doctors and nurses from working hours in the aforementioned hospital, he was transported by a regular car to Shar Hospital in Sulaymaniyah, but he died on the way.”
He pointed out that “also due to the strike of health personnel from work in Sayed Sadiq district, a two-month-old child died.”
On Wednesday (September 20, 2023), the Prime Minister of the Kurdistan Region, Masrour Barzani, directed the distribution of July salaries without delay upon the arrival of the first batch of Baghdad’s loan amounting to 700 billion dinars.
On Monday (September 18, 2023), a source in the Ministry of Finance of the Kurdistan Regional Government revealed the mechanism for distributing employee salaries in the region.
The source said, “The federal government will finance the salaries of employees in the Kurdistan region in three installments in the amount of two trillion and 100 billion dinars, and in the amount of 700 billion dinars for each month.”
He added, “The federal government will send the salaries for September after releasing the salaries of employees in other Iraqi provinces, but employees in the region have not received their salaries for July and August yet.”
The source indicated, “After receiving the amount of 700 billion dinars, the Ministry of Finance will distribute one salary, which is for the month of July, and next month it will distribute the salary for the month of August, and then the process will continue successively.” LINK
Despite The Abundance Of Cash Reserves, Why Does The Iraqi Government Not Pay Its Internal Debts?
The dinar is playing with the dollar at lost time, 26 SEPT
The prominent figure, Muhammad Hassan Al-Saadi, has returned to take charge of Iraq’s economic movement. However, Washington is also making its presence felt by asserting its leadership position in the game. It is evident that the people are well aware of the power dynamics at play and who is controlling the rounds of the match.
At times, we witness the Iraqi government expressing satisfaction with the performance of the US Federal Bank and their economic dealings with the World Bank. However, at other times, the government imposes new controls to regulate the movement of the dollar and announces punitive measures against private banks in Iraq that violate regulations in the local currency market.
Washington’s current stance is that Iraq is not complying with the Federal Bank’s regulations to restrict the illegal flow of dollars abroad, particularly to Iran, which is facing strict American sanctions. The US government believes that Baghdad has not taken necessary measures to curb currency smuggling, whether it originates from the Kurdistan region or other outlets linked to neighboring Iran.
Despite the Sudanese government’s efforts to prevent the smuggling of dollars abroad, control the internal market, and encourage the use of dinar in daily commercial transactions, Iraq continues to pursue traders and smugglers to curb the smuggling. However, these efforts have proven to be inadequate. In response to this, there has been an increase in the smuggling of currencies other than the dollar, such as the euro, Chinese yuan, and Emirati dirham. This is an attempt to reduce the demand for the dollar, diversify the traded currencies and provide support for Iraq’s foreign dealings.
Despite the Central Bank of Iraq taking numerous measures, it still lacks a mechanism to control the movement of the dollar in the market. Its reform steps have failed to control the exchange rate and have led to an exacerbation of the crisis and a decline in confidence between Iraq and the World Bank. As a result, the World Bank has taken strict measures towards international transaction requests coming from Iraq. Many of these requests were rejected under the pretext of not conforming to international economic dealing standards. Additionally, a number of banks have been included on the blacklist due to suspected unlicensed cash transactions.
The Central Bank of Iraq’s wrong monetary policy would have a negative impact on the financial reality of the country, highlighting the primitiveness of the financial system and its lack of modern means of financial dealing. Additionally, crime mafias have control over the internal Iraqi market and the movement of the dollar within it. The current government plans to control the dollar’s flow to achieve economic development and stabilize the dinar’s value by expanding its commercial uses and preventing smuggling, storage, or manipulation of its prices.
The positive aspect of the recent decision is to reduce the influence of the dollar on the Iraqi market. The aim is to limit its circulation and restore the prestige of the dinar, thereby giving it control over the internal market, at least. This presents an important opportunity to restore the dinar’s former prestige and restrict the dollar to foreign transactions only. The decision is also positive because it will put an end to traders’ control over the internal market and prevent the manipulation of the livelihoods of ordinary citizens.
Iraq is considering joining the BRICS bloc, with the aim of reducing its reliance on the US dollar. There is a growing acceptance among Iraqi citizens to use the Iraqi dinar in their financial transactions. The BRICS summit is expected to take place in Cape Town, South Africa, in August 2023, and 19 countries have already submitted official requests to join the alliance. This move could potentially damage the value of the dollar and its future prospects, as the BRICS currency is expected to be strong and competitive. Although the BRICS currency has not been issued yet, its emergence could signal the decline of the US dollar.