The dollar will be reduced in Iraq. New government project unveiled for trade with 3 countries, 12 OCT

 The dollar will be reduced in Iraq. New government project unveiled for trade with 3 countries

Information/private.

Today, Wednesday, the State of Law Coalition revealed a new government project related to trade exchange between Iraq and three countries, while clarifying America's position on that, between its impact on the dollar.

The leader of the coalition, Jassim Mohammed, said in an interview with the agency / Information /, that "there is a new government project to adopt currencies other than the dollar to deal with several countries, including China, Iran and Russia," stressing that "this project, if applied correctly, will work to reduce the demand for dollars in the Iraqi markets."

He added, "The project to create a currency for exchange between Iraq and these countries will greatly affect the dollar and will lead to a decline in its prices," stressing that "the current rise in dollar exchange rates in Iraq will not be able to be reduced by any party, whether the central bank or others, as long as the demand for it is high." .

Regarding America's position on the new project, Muhammad explained, "America has no relationship with this project, and it does not matter whether or not it agrees to the project to create a currency other than the dollar for Iraqi commercial transactions, provided that there is a will from Iraq and these countries."

The leader of Al-Maliki's coalition stated, "Iraq is required to believe in this issue and adopt this project during the coming period, and the need to overcome the stage of fear and anxiety about the results."

Earlier in the day, Prime Minister Mohamed Shia al-Sudani said his country is ready to join the BRICS group, noting that he discussed with Russian President Vladimir Putin a wide range of economic issues, including the use of the Iraqi dinar and the Russian ruble in trade transactions between the two countries.

The Parliamentary Planning Committee has confirmed that the continuation of the crisis of the rise in the dollar exchange rate is contrived aimed at harming the Iraqi economy, while pointing to the existence of hidden hands used by the American side as a pressure card to embarrass the government through the dollar file

She explained that "even though political confusion occurred over this law, the law is one of the very important laws for the Iraqi people, and the public interest requires that it be passed within Parliament through consensus among the representatives." 

Parliament moves to hold the governor of the Central Bank and bank managers accountable for the dollar crisis, 12 OCT

 Parliament moves to hold the governor of the Central Bank and bank managers accountable for the dollar crisis

Baghdad - Iraq Today:

The Parliamentary Finance Committee confirmed that next week bank managers and the governor of the Central Bank will be hosted to discuss the dollar crisis.

Committee member Mustafa al-Karawi said in a press statement that "the parliamentary finance committee intends to host the governor of the Central Bank and bank managers to discuss the dollar file and the crisis caused by its rise."

Al-Karawi added that "the hosting will include a discussion of the reasons for non-compliance with the reform packages and the measures taken earlier to control the dollar exchange rate." He pointed out that "the features of the new plans to control the dollar file will be determined after hosting those concerned in this matter."

"ANALYZING ARTICLE VIII & ARTICLE 14" BY MILITIAMAN, 12 OCT

Militia Man

  Article VIII implicitly states no member may impose without the Fund's approval restrictions on the performance of payments and transfers related to international commercial transactions ...

 Article 14 implicitly indicates if the member is prepared to accept the obligations (which we haven't quite seen yet)...contained in sections 2, 3 and 4 of Article VIII it says thus the agreement encourages the free movement of capital between countries and the transfer of balances between other members...

to facilitate the performance of international payments and work to create a stable exchange rate system which provides the appropriate foreign investments..

.Article VIII...is the freedom of movement of capital.  If you don't have it and you're not released to get it, you're not going anywhere. 

The Central Bank of Iraq, the government of Iraq, the tripartite budget of Iraq - 2023, 24, 25 they haven't spend any money yet...Why ?  

Because they haven't adjusted their exchange rate yet.  Do they need to?  I think they really do...June 12th they passed the trig-part type budget.  It's in the Gazette.  There's no amendments to it.  

If anybody has them, I like to see them...[Gurus] Jeff...Pimpy...Frank26 you guys are welcome to do that.  Let's see if they made any amendments to their budget.  I don't think they have.

Article:  "The Iraqi Central Bank issues a warning to banks regarding dollar deposits." 

 A fresh edict from the central bank...Spelling out that the citizens have the right to redeem their deposits in the banks and that the monies are guaranteed and it is their inherent right to do so through or by the year 2024. 

 None the less the unprecedented crowds ensued...What is unusual is...the way the Central Bank exposed those [banks] that didn't have the money on hand were apparently found to be speculating with depositors funds in dollars. That is not good and there will be consequences.

 The Central Bank is now going to take measures against banks that abstain from taking care of their obligations to the citizens.

Parliamentary Energy: Work is continuing towards passing the oil and gas law, 12 OCT

 Parliamentary Energy: Work is continuing towards passing the oil and gas law, 12 OCT

Suhaila Al-Sultani, a member of the Parliamentary Oil and Energy Committee, has confirmed that the government and political parties are working tirelessly to resolve the oil and gas law. They aim to overcome all existing obstacles and prioritize the public interest to move towards legislating the law within Parliament.

Al-Sultani stated that various political parties are currently collaborating to settle the oil and gas law matter and bring it to completion. They aim to present it to the House of Representatives for discussion, reading, and voting during one of the upcoming sessions.

During the meeting, representatives from the Al-Sadiqoun bloc agreed on the importance of passing this law. They believe that it will ensure a fair distribution of wealth to all Iraqis and protect this wealth from any external influences.

She clarified that despite the political confusion surrounding this law, it is still one of the most significant laws for the Iraqi people, and it is in the best interest of the public for it to be passed in Parliament through consensus among representatives.

Thank god the back to work at CBI and making decisions bu NADER FROM MID EAST

The Central Bank of Iraq suspends the “Western Union” service for international financial transfer, 12 OCT

 The Central Bank of Iraq suspends the “Western Union” service for international financial transfer, 12 OCT

The Central Bank of Iraq has suspended the Western Union service for international financial transfers until further notice.

The company has recently announced that it has suspended the Western Union service, effective from 10-12-2023. This decision was made in compliance with the directives issued by the Central Bank of Iraq. The suspension is temporary and has been put in place to enable the implementation of modern mechanisms and technologies to ensure that financial transactions comply with international best practices and the guidelines of the Central Bank of Iraq.

The company’s customers will be notified immediately upon relaunch of the service.

Last July, the US Treasury Department imposed sanctions on 14 Iraqi banks as part of a crackdown on Iran’s use of the US dollar for transactions.

Last September, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, made an announcement that the bank will no longer be conducting “foreign transfers” from next year. Additionally, the bank has also decided to restrict internal commercial transactions to dinars instead of the US dollar, except for those transactions that are meant for travelers.

It’s worth noting that the Central Bank has recently implemented a new foreign currency auction mechanism that complies with the requirements and conditions set by the Federal Bank. The new mechanism aims to monitor the dollar and prevent any attempts to smuggle it out of the country. This has created high expectations among people, and everyone is eagerly waiting for its impact

"RV UPDATE" BY MARKZ, 12 OCT

 MarkZ  

 [via PDK]  Question:  What is your gut saying right now Mark?   My gut is screaming – right now!!  I’m looking at all these diversions, and my gut is still screaming we are right on top of this thing…and that we are going at any moment…maybe even this week. 

This is a big one and has got to have the US scrambling right now.  “Al-Sudani confirms Iraq’s readiness to join the BRICS group”   Why is this important?  Iraq is signaling to the US they have a “PLAN B” that if they don’t let this go they can go without you. The US is holding billions of Iraqi dollars…and at some point they may just write those billions off  so they can have freedom. I believe the US is now on a time schedule…they only have so much time left before Iraq joins the BRICS nations and no longer needs the US.   To me this is a huge story.

We do have people from the UN in Iraq today. “UN Security council to discuss Iraq:  budget, security and human rights on the agenda”  They are telling us how well the discussions went. They say Iraq is making great progress. 

Comment:  I think the US is holding up the process.  MarkZ:  I think they were…I don’t think they are now. I think they desperately need it now...guess what the US desperately needs right now for stability?  They need Iraq to RV.