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The Iraqi currency auction and World Bank determinants, 18 OCT

 The Iraqi currency auction and World Bank determinants

The Iraqi currency auction and World Bank determinantsMuhammad Hassan Al-Saadi

Since the US invasion of Iraq, the World Bank and the US Treasury have been providing the necessary funds to its central bank, with funds received estimated at 10 billion dollars or more annually.

This money is from its oil sales, so it is placed in a fund in the Federal Bank, while Iraq seeks to obtain one billion dollars in cash from it, while the bank rejected this request, under the pretext that it conflicts with its efforts to stop the flow of dollars out of the country.

Iraq, for its part, announced its need for a billion dollars in cash to support its deteriorating dinar, while the US Treasury is still studying the request. In contrast, discussions are still raging in the internal corridors of the Federal Bank, in light of the absence of a clear and transparent financial system in Iraq, which can Relying on it to receive hard currency, as large amounts of dollars flow to private banks and money exchange shops, which are subject to unclear mechanisms, and there are many suspicions of corruption, money laundering and smuggling outside Iraq.

The US Federal Bank informed Iraq of its refusal to send a shipment of dollars, and considered it inconsistent with Washington’s goal, to reduce Iraq’s use of the US dollar, in favor of electronic transactions, which can be tracked more easily, as US officials confirm that smuggling operations out of Iraq are carried out by corruption mafias. It negatively affects the price of the dollar internally, and undermines the efforts of the Central Bank of Iraq to control its movement internally.

For its part, the Central Bank of Iraq is trying to make some adjustments to the mechanisms of financial work, so it initiated a rapid, phased plan, based on dealing in dinars in the internal Iraqi market, to get rid of the dollar until 2024, by controlling the efforts of informal companies and individuals subject to sanctions. , to buy billions of dollars, through currency auctions.

Government measures would restrict the movement of the dollar and revitalize the dinar to be the only one in circulation in the market, in addition to using modern mechanisms and technologies, and developing the financial system in a manner consistent with the development witnessed by the global system, and achieving monetary stability in the country.

Although there is a suspicion of a political aspect in the American measures, it does not negate the necessity and need of Iraq to develop and automate its financial sector, and prevent the smuggling of its oil imports outside its borders, as this is in its interest and its people, before any other party in the world..

burathanews.com

Does Washington have a hand in the dollar crisis, and what is the validity of Baghdad’s intention to print a new currency? Parliament Finance answers, 18 OCT

 Does Washington have a hand in the dollar crisis, and what is the validity of Baghdad’s intention to print a new currency? Parliament Finance answers, 18 OCT

Does Washington have a hand in the dollar crisis and what is the validity of Baghdads intention to print a new currency - Parliament Finance answersToday, Monday, the Parliamentary Finance Committee denied the government’s intention to print a new local currency, while revealing the influence exerted by the US Federal Bank on the continuation of the dollar crisis.

Committee member Moeen Al-Kazemi said in a statement to Al-Mutala’ Agency, “Talk about the federal government intending to print a new local transaction has no truth at all, and the Iraqi dinar has a cover and bonds of approximately 150 billion dollars.”

Al-Kadhimi added, “Addressing the discrepancy in the dollar exchange rate does not happen by printing a new currency, but rather through thoughtful steps that should be implemented by all concerned parties.”

He pointed out, “The Central Bank covers the needs of merchants at the official price of 132 thousand dinars for every 100 dollars, and the reason for the disparity is the black market.”

He stated, “The influences exercised by the US Federal Bank to maintain this crisis for political purposes in Iraq.”

almutalee.com

"ANALYZING NEWS OF IRAQ" BY CLARE & SANDY INGRAM, 18 OCT

 Clare

  Article:  "A new statement by the Iraqi Central Governor regarding the dollar exchange rate" 

 Quote:  "Today, Monday (October 16, 2023), the Governor of the Central Bank of Iraq,

 Ali Al-Alaq, identified several factors affecting the dollar exchange rate, the most important of which is the leakage of the dollar to neighboring countries."

Article:  "Sudanese Advisor: 70% of Iraq’s imports are made with BRICS countries"  Quote:  

"Iraq announced its desire to join the BRICS group, as there is an objective basis related to the connections of the Iraqi economy with the markets of the BRICS group itself,

 as it reflects the current account of the Iraqi balance of payments with the countries of that economic group,  which includes the strongest emerging markets in "The world"

Article: "Erbil: Withdrawing the dollar via ATM machines stopped by a decision of the Central Bank”  

Quote: "A number of Erbil residents were surprised, on Saturday, by the stopping of the ATMs, which were designated for withdrawing US dollars, in several areas, including the “Empire” complex, which witnesses a large presence of foreign expatriates... 

There are banks that still issue dollars via ATM machines, and they are subject to stopping at any time."

Sandy Ingram

   Article:  "35 million lost every day: Shutdown of Iraq-Turkey oil pipeline has hurt stat and oil companies"  

In total Iraq lost $7 billion USD.  Turkey has officially notified Iraq the oil pipeline is ready to be reopened...

Iraq Dinar - Instead of the Dollar in Customs & Duties - International I...BY MILITIAMAN

Al-Nusairi calls for supporting and implementing the Central Bank’s measures in financial and banking reform, 17 OCT

  Al-Nusairi calls for supporting and implementing the Central Bank’s measures in financial and banking reform

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, called for the ministries, concerned authorities and banks to support and implement the Central Bank’s procedures to achieve financial and banking reform based on the axes of its new strategy, which relies primarily on regulating foreign trade, maintaining the general level of prices, and reducing the inflation rate, which is one of the basic goals of the policy. Cash. Al-Nusairi indicated in an interview with Al-Eqtisad News that the percentage of external transfers on the electronic platform exceeded 95 percent of merchants’ daily transfers, and efforts are continuing to conclude agreements with countries to adopt their local currencies such as the Indian rupee, the Turkish lira, the Emirati dirham, and the euro for direct dealing instead of the US dollar. . He stated that it is in line with the campaign to support the Iraqi dinar in internal and external transactions, the Prime Minister’s announcement of Iraq’s desire to enter the BRICS group, as approximately 70% of the total trade exchange takes place with China, India, and Brazil, in addition to the fact that 50% of Iraq’s oil exports are through the BRICS countries. This is an important step if the group accepts the joining of Iraq. Al-Nusairi confirmed that the Central Bank’s departure from the platform method in 2024 will contribute to the fact that external transfers will be made directly between the Iraqi merchant and the exporter through the correspondent banks that will be approved and international companies that undertake pre-audit operations. Al-Nusairi concluded his speech by saying that the challenges faced by the Central Bank and the government against the financial and banking reform strategy, and that what is spread by speculators, the corrupt, and their media and analysts, will not last long, as the battle will inevitably be decided by completing comprehensive financial and banking reform processes and stabilizing the exchange rate within the targeted limits. LINK

His advisor: Al-Sudani’s visit to Russia settled its debts to Iraq...and this is what he will raise in Washington, 17 OCT

 His advisor: Al-Sudani’s visit to Russia settled its debts to Iraq...and this is what he will raise in Washington, 17 OCT

The advisor to the Prime Minister, Subhan Al-Mullah Jiyad, announced that the visit of Muhammad Shia Al-Sudani to Russia settled its debts to Iraq - while revealing what the Prime Minister will present in Washington

Jiyad said: For the program {Free Speech} broadcast by Al-Furat satellite channel on Monday evening, it said: “The Sudanese visit to Russia resolved the issue of its debts to Iraq, which seeks to resolve the strategic agreement with America because it does not need combat forces, but rather technology, weapons and equipment.”

He added, "Al-Sudani did not address the issue of Russian armament of Iraq during his visit to Moscow, which provided rapid armament during the period of confronting the terrorist ISIS, and now he wants to invest in the oil and gas industries."

Jiyad continued, "Iraq yearns to see the second face of America, which is industrial, civilized, cultural, and economic, since its military face has become heavy and boring for the Iraqis. Al-Sudani will present this talk during his visit to Washington in accordance with the strategic agreement, in addition to opening the door to investment for American companies in Iraq."

He explained, "American loans and military aid to Iraq amount to two billion dollars. Iraq has its own sovereign decision and will not be with one axis against another axis. In light of this policy, Al-Sudani responded to the Russian president's call to meet the country's interest."

Jiyad added, "From the first moment, the Sudanese government sent great optimism to the citizens, and the ministerial platform was also optimistic, and with the approval of all political forces, this through the personality of the president, the ministerial platform, and consensus on it sent optimism and it will be strengthened in the coming days."

He stated, "The government is working on different paths despite the difficulties and the service effort team was established to avoid red tape and budget problems. There is tremendous work being achieved in terms of services, reaching areas not reached by successive governments, and packages to relieve traffic congestion. On the political level, there is great calm."

Jiyad added, "We have reaped the results of the electrical connection with Jordan and with the Gulf, which will open very soon, and the construction of large electrical stations. There is a significant reduction in corruption in institutions and departments. We have also reaped distinction in international and regional relations. The supervisory role will be further strengthened after the provincial council elections, and there are legal mechanisms to follow up on the work of the councils." ".

Regarding gas investment projects, Jiyad said, “Gas projects in Iraq will be invested beyond the life of the government, and we have the sixth licensing round in the western regions that will be announced soon. It carries promising numbers in the amount of free gas, and its level is expected to be large and high. We have sent out invitations to companies of all nationalities to invest in gas.” ".

He pointed out, "Work on implementing the development road project began in the second year of the government's life, and all external parties are enthusiastic about the project, and the internal challenge remains dependent on political forces."

In the banking sector, Jiyad explained, “There is currently something different from previous governments, which is that the current government does not take a step randomly without planning and follow-up. Today, Iraq is moving towards the localization of industries, and to advance industries, the private sector must be revived. In the 2023 budget, one trillion dinars were allocated to the Development Fund to support the sector. 
” Private projects and the guarantees themselves are the guarantees given in exchange for loans. Producer and consumer protection laws exist and are important and may need to be trimmed.

Jiyad ruled out obstruction of government projects, saying, “So far, there is no obstruction of an agreed-upon government project, whether economic, commercial, or international relations, that would serve Iraq’s return to its pivotal role, and this is considered good. However, disagreements may emerge in the last year with the elections approaching, and the Sudanese who is furthest from private interests is staying away from... Governorate elections.

He noted that "the French company Total had practice and previous experience in Iraq and presented its offer, which was the most appropriate in terms of time and cost. It was quick to respond to the invitation and began implementation after signing the contract. France has good political positions towards Iraq."

Regarding the salaries of Kurdistan Region employees, Jiyad said, “The region’s parties are patriotic and close to their constituencies, and salaries were distributed to their employees. There is a claim to remove salaries from political agreements through their association with the Federal Ministry of Finance.” 

Jiyad concluded by saying, "The project funds for the governorates were released this week, and the delay in releasing the funds is due to the approval of the projects. Legislating the oil and gas law is one of the government's commitments to the political document, and the positive atmosphere now is very favorable for opening this file."  

Wafaa Al-Fatlawi   LINK