This is one of the reasons the IQD investment is stalled. Article: "Iraqi Prime Minister to pay official visit to Russia next week" ...it's all connected. The Iraqi Prime minister will pay an official visit to Russia on October 10th and 11th...
Article: "Iraq to end all dollar cash withdrawals by Jan. 1 2024 -C.bank official" Breaking news..
.Iraq will bank cash withdrawals and transactions in US dollars as of January 1 2024 in the latest push to curb the misuse of hard currency reserves in financial crimes and the evasion of US sanctions on Iraq....This move aims to stamp out the illicit use of some 50% of the 10 billion US dollars that Iraq imports in cash from New York Federal reserve each year...guys this is major.
Clare
Wall Street Journal Article: "Iraq Asked for $1 Billion in Cash. This Time, Washington Said No."
Quote: "Iraq is seeking a special shipment of $1 billion in cash from the Federal Reserve Bank of New York, but U.S. officials have withheld approval, saying the request runs counter to their efforts to rein in Baghdad’s use of dollars and halt illicit cash flows to Iran.
Since the U.S. invasion of Iraq two decades ago, the U.S. has supplied $10 billion or more a year to Baghdad on semimonthly cargo flights carrying massive pallets of cash, drawn from Iraqi oil sales proceeds deposited at the Fed.
In Iraqi hands, the bank notes have become a lucrative source of illicit dollars for powerful militias and corrupt politicians, as well as for Iran, U.S. officials say"
Iraq’s Bold Step to Combat Water Crisis: Plans to Fill 3,000 Fish Lakes, 8 OCT
Water scarcity has been a persistent issue in Iraq for years, threatening the livelihoods of millions and leading to a significant decline in fish production. The Iraqi government, recognizing the urgency of this issue, has unveiled a comprehensive plan to address the water crisis. The initiative revolves around filling 3,000 fish lakes across the country by harnessing water from the country’s major rivers, the Tigris and Euphrates, and other water sources. The ambitious project aims to bolster water resources, provide alternative water sources for agriculture and livestock, and support the fishing industry.
Addressing a Multifaceted Issue
The water scarcity crisis in Iraq is not just an environmental issue. It is a complex problem that intertwines with the political and economic fabric of the country. As Iraq’s development hinges significantly on its water resources, the government’s initiative to fill the fish lakes represents a significant step towards sustainable water management and reducing reliance on scarce groundwater.
“The water crisis in Iraq is a ticking time bomb,” says an expert familiar with the matter. “It’s not just about the environment; it’s about livelihoods, food security, and the very future of the country.”
Implications for Local Communities and the Fishing Industry
The initiative is expected to be a game-changer for local communities who have been battling with water scarcity. By improving access to water, the project aims to enhance agricultural productivity, bolster food security, and indirectly improve the quality of life for thousands of Iraqis.
Additionally, the project will potentially revive the country’s faltering fishing industry. By filling the fish lakes, the government aims to restore fish stocks, thereby supporting the livelihoods of fishermen who have been hit hard by water scarcity, pollution, overfishing, and climate change.
Regulating Use and Ensuring Sustainability
While the initiative promises significant benefits, the government is aware of the potential risks of overuse. To ensure the long-term sustainability of the project, authorities plan to monitor and regulate the use of water from these lakes. This approach demonstrates a commitment to sustainable water management, a crucial aspect often overlooked in such large-scale initiatives.
A Step Towards Greater Reforms
While filling the fish lakes is a significant step, experts stress that more comprehensive reforms are needed to fully address the water crisis. There is a pressing need for Iraq to negotiate with neighboring countries for fair water allocation, promote modern irrigation methods, and take concrete actions to combat climate change.
However, the government’s recent initiative to fill the fish lakes across the country provides a glimmer of hope. It symbolizes a shift towards recognizing and addressing the water crisis in Iraq, which is a commendable step towards a more sustainable future.
Historic Gas Deal: Iraq to Import 10 Billion Cubic Meters Annually from Turkmenistan, 8 OCT
In a significant development that underscores the deepening ties between Iraq and Turkmenistan, the two nations have entered into a preliminary agreement for Iraq to import 10 billion cubic meters of natural gas annually from Turkmenistan. The deal is expected to make a substantial contribution towards meeting Iraq’s growing energy needs, particularly for power generation.
Significant Step Towards Expanding Cooperation
The agreement was reached during a meeting between Iraqi and Turkmen gas sector officials in Turkmenistan. Both parties have agreed in principle to work out the modalities of importing specific quantities of gas to meet Iraq’s burgeoning energy demands. A memorandum of cooperation is projected to be finalized by the end of the year, detailing the proposed quantities and mechanisms for cooperation between the two countries.
This deal is viewed as a significant step towards expanding cooperation with gas-producing nations. Turkmenistan, a key player in the global gas industry, emerges as a crucial partner for Iraq in this context. The final agreement, expected to be signed before the end of 2023, will further cement this partnership.
Historical Context and Future Ramifications
The gas deal comes at a time when Iraq is grappling with severe power shortages. With an overburdened and aging infrastructure, Iraq’s power sector has struggled to keep up with the growing demand for electricity. The gas import deal with Turkmenistan signifies Iraq’s concerted efforts to diversify its energy sources and reduce its reliance on fossil fuels.
The future ramifications of this deal are manifold. Firstly, it will bolster Iraq’s energy security by ensuring a steady supply of natural gas to power its electricity plants. Secondly, it will foster deeper economic ties between Iraq and Turkmenistan, possibly paving the way for more bilateral trade and investment opportunities. Lastly, it could potentially influence geopolitical dynamics in the region, given the strategic significance of energy resources.
Next Steps and Anticipated Developments
While the initial agreement has been reached, several aspects need to be ironed out. These include legal, commercial, financial, and organizational dimensions of the future joint activities in the gas industry. Further negotiations will be held in Ashgabat during an international exhibition and conference in October.
Despite the challenges ahead, the deal has been greeted with optimism. An energy expert opined, “This agreement is a game-changer for Iraq. It not only addresses its immediate energy needs but also lays the foundation for a long-term, strategic partnership with Turkmenistan.”
Article "Director of Al-Sistani’s Office: The authority warned against corruption and called for combating it, but there is no life for whomever you call for." WOW!! When the Supreme Religious Authority, Ali al-Sistani, speaks of a fatwa to follow laws...
the people that fit the shoes and ware them better be careful to make things right and quickly..Failure...will likely have significant consequences...He issued a fatwa that money any employee or official obtains in violation of the law is forbidden.
Also, wasting public money and appropriating it, or illegal disposal of it, is forbidden. That is some heavy stuff. Think of all those that are guilty in the line up..
[NOTE: The Arabic word fatwa refers, in simple terms, to an edict or ruling by a recognized religious authority on a point of Islamic law.]
Article: "Specialist: The government is obligated to present its vision for next year’s budget in the middle of this month" The government still being unable to implement the budget for the years 2023, 20224 and 2025 are amid secrecy and strict instructions to officials and advisors not to talk about the issue of the current or upcoming budget.
Think about all of this. They are keeping what we are looking for tight to the chest. Rightfully so.. I love this!
Babysmom
MOST RECENT ANTICIPATED OPENING RATES AS PER RAY [Guru RayRen98] DONG .47 ...DINAR 3.81...
US Dollar Continues Upward Trend Against Iraqi Dinar Amid Economic Uncertainties, 8 OCT
The US dollar has continued its upward trend against the Iraqi dinar in both Baghdad and Erbil, heightening concerns about the economic future of Iraq. This follows the closure of the stock exchanges in Baghdad, with the dollar’s prices reaching 159,000 IQD for $100, up from the morning prices recorded at 158,350 IQD for $100. In local currency exchange shops in Baghdad, the selling price of the dollar has risen to 160,000 IQD for $100. Meanwhile, in Erbil, the selling price of the dollar stands at 158,750 IQD for $100.
Investing in the Iraqi Dinar: A Risky Venture
Investing in the Iraqi dinar is akin to investing in any other currency, where one purchases a certain amount of Iraqi dinar by paying the equivalent amount of US dollars. The hope is that the value of the dinar will increase over time. However, such investments are fraught with challenges and uncertainties. The value of the dinar is set by the Iraqi government and does not float freely, meaning that the exchange rate remains fixed by the central bank and is unlikely to experience rapid changes. Trading volume is also extremely low, and the dinar is not traded on the global forex market. Furthermore, there are many scams and frauds associated with investing in the dinar, adding to the risks.
The Tumultuous History of the Iraqi Dinar
The Iraqi dinar has a tumultuous history, its value has experienced significant falls following the 1991 Persian Gulf War and the overthrow of the Iraqi government in 2003. While there were hopes that the dinar could experience a similar rise in value as the Kuwaiti dinar after the Gulf War, there were also warnings of scammers selling dinar investments for inflated rates and fees. In late 2020, the Iraqi government announced a devaluation of more than 20% of the dinar to make up for a shortfall in liquidity. This led to public protests in a country already struggling due to the worldwide coronavirus pandemic.
Future of the Iraqi Economy and the Dinar
There are some reasons to be optimistic about the future of the Iraqi economy, including its large oil reserves. However, buying dinars may not be the best way to bet on the Iraqi economy. The dinar does not trade on global forex markets, and trading volume is extremely low. Buying dinars can only be done through high-fee money exchanges or certain banks in the Middle East. There are also many scams and frauds associated with investing in the dinar.
Overall, while there may be some potential for the Iraqi economy to recover and for the dinar to increase in value, there are many risks and uncertainties associated with investing in the currency. As such, it is important for potential investors to carefully consider these risks and rewards before investing in the Iraqi dinar.
A dollar transfer will no longer be withdrawn in cash. Financial expert explains chaos in Baghdad banks
A dollar transfer will no longer be withdrawn in cash. Financial expert explains chaos in Baghdad banks
Iraqi financial expert Mahmoud Dagher explained to 964, the chaos witnessed by banks in Baghdad, today, Sunday, after depositors were unable to receive their money in dollars, and said that the amounts deposited in cash can be withdrawn in cash, but this never applies to remittances.
Until Sunday morning, banks in Baghdad continued to stop the procedures for disbursing balances in dollars, and the network monitored 964 in the branch of the Trade Bank in the Babylon Mall, and learned from depositors with other banks.
Financial expert Mahmoud Dagher, Network 964:
The root of the problem is that the Bank of Baghdad “TBI” was giving dollars in cash to cash deposit holders and remittance holders alike.
The instructions now state that those who deposit in cash can be granted in the same way, while remittances are not offered in cash, they can be sent to people anywhere or in a way according to their decision.
That’s why banks are unable to adequately cope with dollar draws.
There is nothing to panic, especially since Iraq’s reserves are $115 billion.
There will be no crisis in 2024 and the rule will remain who deposits in dollars will be withdrawn in dollars.
The dollar will not be forbidden, but it would be better to deal with Iraqi dinars in making payments.
