Financial Conundrum in Kurdistan: Iraq and KRG Pledge to Find Solutions, 18 OCT

 Financial Conundrum in Kurdistan: Iraq and KRG Pledge to Find Solutions, 18 OCT

In the grand halls of the Iraqi Parliament, a meeting of fiscal minds unfolded with representatives from Iraq and the Kurdistan Regional Government (KRG) coming together to navigate the labyrinthine financial challenges of the Kurdistan region. The discussion, led by the Finance Committee of the Iraqi Parliament, featured a dialogue between KRG’s Finance Minister Awat Sheikh Janab and Iraq’s Finance Minister Taif Sami. The discourse, a dance between political subtleties and economic realities, was aimed at unraveling the knotty issue of delayed salaries and budgetary constraints of the Kurdistan region.

Unpaid Salaries: A Growing Concern

The meeting was a reflection of the financial anxieties brewing in the heart of Kurdistan. The Finance Committee voiced its concern about the delay in salary payments to the region’s employees, a problem that had been a thorn in the side of the region’s economic stability. The issue, they stressed, needed immediate attention to prevent further financial distress for the employees and to ensure the financial health of the region.

Transparency in Public Funds

As the meeting progressed, the issue of the Kurdistan budget came under scrutiny. The committee emphasized the need for transparency and accountability in managing public funds. The necessity of a budget that is efficiently and effectively allocated to meet the needs of the region was underscored, hinting at the need for better fiscal management practices.

The Promise of Cooperation

Kurdistan Regional Government’s Minister of Economy and Finance, Awat Sheikh Janab, acknowledging the financial hurdles that Kurdistan had to jump, assured the committee of the government’s commitment to tackle these challenges. Taif Sami, in a similar vein, expressed his support for the Kurdistan region, emphasizing the need for cooperation between the central and regional governments to navigate the financial storm. The meeting concluded with both sides pledging to work together to find a solution to the pressing financial issues, with the Finance Committee promising support and assistance to the regional government.

The meeting, while a positive step towards resolving the financial issues of the Kurdistan region, is merely the opening move in a complex chessboard of political and economic negotiations. The commitments made in the meeting will have to be translated into concrete actions, and only then will they result in a lasting solution to the financial challenges confronting the Kurdistan Region.

https://bnn.network/finance-nav/financial-conundrum-in-kurdistan-iraq-and-krg-pledge-to-find-solutions/

Iraqi dinar loses ground as US dollar surges in Baghdad and Erbil markets, 18 OCT

 Iraqi dinar loses ground as US dollar surges in Baghdad and Erbil markets, 18 OCT

Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar saw a notable rise this Wednesday morning in Baghdad and Erbil, the capital of the Kurdistan Region.

Shafaq News Agency correspondent reported that at the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, the dollar was trading at 160,100 dinars for every 100 dollars. This marked a significant increase from the previous day's rate of 158,800 dinars. 

In local markets, the selling prices reached 161,000 Iraqi dinars, while the purchasing price stood at 159,000 dinars for every 100 dollars.

In Erbil, the selling price rose to 160,700 dinars, while the purchase price settled at 160,600 dinars for every 100 dollars.

https://shafaq.com/en/Economy/Iraqi-dinar-loses-ground-as-US-dollar-surges-in-Baghdad-and-Erbil-markets

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 18 OCT

 Frank26 (KTFA)

[Iraq boots-on-the-ground report]

FIREFLY: News saying within 2 months the dollar exchange rate will stabilize.

FRANK26: Remember they’re talking about November and December to get it done by January 1st.  That’s the time period I believe we’re going to see a change because that’s what they tell the Iraqi citizens…In order to stabilize the dollar exchange rate you’re going to increase the value of the Iraqi dinar.

This is the CBI Article Quote:
“The expectations of the Central Bank and specialist is that the exchange rate will return to a stable state but it requires time which we hope will not be long.”

Man I have read so many good things my mouth feels like sugar!  I feel like I have candy in my mouth, sugar cookies.  This is from the CBI.  This is them talking about the the exchange rate.  They tell you don’t believe the bull KaKa from those other guys…

I bought my dinars April 2004.  I paid $500 and something for a million dinars.   Good gosh I think it’s more than doubled now.  It’s almost tripled.  So I guess it was a good investment.  But that’s not what I’m in it for.  I’m in it for the long haul.  I don’t just want to get a first down I want to get a touchdown…

Iraqi Dinar Currency New Rate / Iraqi Dinar News Today / Iqd Dinar / Din...

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...