Strict Measures Regarding The Dollar In Kurdistan Following A Decision Related To The Iraqi Dinar, 18 OCT

 Strict Measures Regarding The Dollar In Kurdistan Following A Decision Related To The Iraqi Dinar

Baghdad today – Erbil   Today, Wednesday (October 18, 2023), Kurdistan Customs Director Samal Abdul Rahman revealed that strict measures have been taken for the purpose of preventing the smuggling of dollars and hard currency from the region.

Abdul Rahman told "Baghdad Today", "The decision to collect fees in Iraqi dinars at border crossings is an important decision aimed at preserving the hard currency and also strengthening the Iraqi dinar."

He added, "This measure is very important, and a good step aimed at strengthening the dinar, and the measures taken by the Customs Directorate at all ports and airports are deterrent measures for the purpose of preventing smuggling.

Yesterday, Monday (October 16, 2023), the Kurdistan Regional Government decided to collect taxes and fees at border crossings in Iraqi dinars, instead of the US dollar.

The Department of Media and Information stated in a statement, “Based on a decision issued by the Kurdistan Region Council of Ministers, customs duties and taxes at border crossings and customs points will be collected in Iraqi dinars instead of dollars,” indicating that “any party that does not adhere to this decision will be subject to punishment.”

She stressed that "all ministries and relevant authorities will be bound by this decision, and in the event of any violation occurring at one of the border crossings or customs points, the violator will be subject to punishment."

Experts point out that some of these cash sales allocated to travelers leak into the black market and are purchased by merchants to finance their trade with countries banned from the dollar, led by Iran, from which Iraq’s annual import volume amounts to approximately 10 billion dollars.

Others warned of the repercussions of some banks not handing over dollars to “travelers,” while stressing that the continuation of the matter would lead to an increase in demand for the dollar in the parallel market and thus an increase in the exchange rate.

Many private banks and exchange companies are accused of being involved in smuggling the dollar, leaking it to the black market, and seizing large amounts of currency auction sales. The accusations also targeted the National Bank of Iraq (Jordan) of seizing 70% of the Central Bank’s daily dollar sales.  LINK

Will The Dollar Disappear In Iraq?, 18 OCT

 Will The Dollar Disappear In Iraq?

Economical  10/18/2023   Sarah Salam   For eight months, the Central Bank has been unable to stop the rampage of the dollar against the dinar in the parallel market. This is offset by the absence of the ability to meet the dollar demands that cover foreign trade in light of the expansion of Iraq’s import list and its limitation to exporting oil only.

The electronic platform recently introduced by the Central Bank was not able to restore stability to the parallel market and reduce the gap between the official price and the parallel price, as most transfers still take place outside that platform, especially with countries that are witnessing US sanctions such as Iran, Syria, and entities in Turkey.

With this landscape full of uncertainty, Iraq intends to completely ban transactions in US dollars starting from January 2024, under the pretext of reducing the misuse of hard currencies, financial crimes, and currency smuggling abroad.

From my point of view, the timing of this measure is not correct, in light of the absence of solutions to the problems facing the parallel markets for foreign currency, as this portends an exacerbation of the cash or cash crisis in Iraq, and there is a possibility that matters will reach a severe shortage in the Iraqi monetary mass, which means resorting to... The central bank will print money, and the consequences will be dire, most notably the monetary inflation that a number of countries in the region are currently witnessing, such as Iran, Turkey, and Lebanon.

Here I call on the Central Bank to work diligently towards adopting a new currency to replace the dollar, such as the euro, for example, the Chinese yuan, or the Emirati dirham. This is not easy, but it is not impossible, while working to use gold as an agreed-upon unit for evaluating goods and services.

This trend would reduce the pressure on the dollar in the parallel market, and would also be a fatal blow to speculators in the parallel markets, in addition to preserving trade with countries that are currently witnessing economic sanctions by the US Treasury Department and the US Federal Bank.

Today, the Central Bank of Iraq has a historic opportunity to address and manage the dollar exchange rate and arrange the parallel market securities, in a practical and decisive manner, and work to determine priorities in the monetary market with the aim of improving the stability of the foreign currency. This is matched by a serious effort to push private banks towards providing the best services to customers and creating a spirit of competition between them. In order to attract the hoarded cash mass outside the Iraqi banking system. https://alsabaah.iq/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9/

Iraqi Dinar Revaluation News Last Hour’s / Iraqi Dinar News Today 2023 /...

JUDY NOTES, 18 OCT

Global Currency Reset  (RUMORS)

By Mon. 16 Oct. the Dinar had (allegedly) revalued in Iraq, was fluctuating in value on the back screens of the Forex, though was mainly at $1.47 to the USD in-country. The in-country rate could climb higher, with the international rate being much higher and the Contract rate much higher than that.

Mon. 16 Oct. TNT: Any minute, any time of the day between now and Thurs. 19 Oct. is the new window. The electronic cards were turned off in Iraq on Fri. 13 Oct, and the ATM machines that gave US dollars were shut off on Sat. 14 Oct.

Tues. 17 Oct. Bruce: Redemption Centers would  (allegedly) receive emails between 10-11 am EST on Wed. 18 to tell them about notifications. There was a possibility Tier4b could get notified on Wed. 18 Oct. and start appointments on Thurs. 19 Oct.

Tues. 17 Oct. MarkZ: A certain regional bank president told me that they expect to be able to exchange within this week. The rest of my banking contacts say they are “on notice” and feel it could happen at any time….any hour…or any minute. Evergrande was the largest property owner in the World and they were liquidating all assets. This was what we have been waiting for. Others will follow. Bank runs started yesterday Mon. 16 Oct.

Tues. 17 Oct. Wolverine: My banker contact said he was expecting something by Wed. afternoon 18 Oct. or Thurs. morning 19 Oct. The launch algorithms were  (allegedly) ready to go on Mon. 16 Oct. Dubai 1 has all been  (allegedly) released and Dubai 2 is n (allegedly) early finished. Banks (allegedly)  completed the remaining layers of payments overnight Sun. 15 Oct.

The Iraqi Dinar has  (allegedly) revalued and for the past week has been trading on the back screens of the Forex, putting itself in a position for the new exchange rate that was soon to be made public.

Iraqi Banks have been  (allegedly) telling Iraqi citizens that the Iraqi Dinar Rate has been changing up in value on the back screens of the Forex and the new rate was about to be announced by the Central Bank of Iraq Board of Directors.

The Central Bank of Iraq has suspended Western Union service for international money transfer: https://search4dinar.wordpress.com/2023/10/12/central-bank-of-iraq-suspends-western-union-service-for-international-money-transfer/

On Sun. 15 Oct. the IMF and World Bank held their  (allegedly) last meeting.

Tues. 17 Oct. Iraq increasing interest rates to activate their banking system. https://iraqidinarchat.net/al-kadhimi-the-decision-to-increase-the-interest-rate-will-activate-the-banking-system-inside-iraq/

Iraq to award 30 new oil and gas projects in latest licensing rounds, 18 OCT

 Iraq to award 30 new oil and gas projects in latest licensing rounds, 18 OCT

Iraq, Opec's second-largest producer, will award 30 new oil and gas projects in its "fifth +" and sixth licensing rounds.

The fifth + comprises 16 new projects, some of which were not awarded in the fifth licensing round, an Iraqi oil ministry official said during a press conference at Adipec on Tuesday.

The sixth licensing round will include 14 projects, he said, adding that the deadline for international oil companies to send a formal letter of intent was January 2024.

Encouraged by an improved security situation, Iraq in 2009 began to attract international oil companies to help develop its resources.

Since then, the nation has awarded  dozens of oil deals to develop major fields that hold more than half of its 145.02 billion barrels of proven reserves. Contracts to tap natural gas resources have also been awarded.

Major oil companies operating in the Arab country include Exxon Mobil, Royal Dutch Shell, BP, China’s CNPC and Russia’s Lukoil.

In July, Iraq signed a $27 billion agreement with France’s TotalEnergies to develop oil and gas resources to improve the country’s electricity supply in the biggest single foreign investment in the nation.

Iraq's northern oil export route through Turkey will begin operations this week, Turkey's Energy Minister Alpaslan Bayraktar said on Monday during a panel session at Adipec.

In late March, Turkey halted the flow of oil produced in the region after an arbitration court ruled in favour of Baghdad, saying Ankara had breached a 1973 agreement when it allowed Iraqi-Kurdish authorities to pump without Baghdad's consent.

Iraq's development of its oil and gas reserves comes amid a situation of chronic underinvestment in the broader sector, which has added to crude market volatility.

Oil and gas upstream capital expenditure rose by 39 per cent to $499 billion last year, the highest level since 2014, the International Energy Forum said.

However, annual upstream spending needs to increase to $640 billion by 2030 to ensure adequate supplies, the IEF has said.

The oil and gas industry will require $14 trillion, or $600 billion a year, in investment from now until 2045 to ensure energy security, according to Opec.

https://www.thenationalnews.com/business/energy/2023/10/03/iraq-to-award-30-new-oil-and-gas-projects-in-latest-licensing-rounds/

Israel-Gaza war: Saudi Arabia and Iraq discuss need to end conflict, 18 OCT

Israel-Gaza war: Saudi Arabia and Iraq discuss need to end conflict

Iraqi Prime Minister Mohammed Shia Al Sudani met Saudi Foreign Minister Prince Faisalbin Farhan on Monday in Baghdad and discussed a wide range of issues, including the escalation of violence between Gaza and Israel.

Saudi ambassador to Iraq Abdulaziz Al Shammari, and Abdulrahman bin Arkan Al Dawood, director general of the office of the minister of foreign affairs, also attended.

The ministers discussed ways to bolster and develop bilateral relations between their countries.

Prince Faisal conveyed greetings on behalf of King Salman and Crown Prince Mohammed bin Salman to Iraq and its people. Mr Al Sudani reciprocated with similar greetings for the leadership of the kingdom.

The ministers also spoke about regional and international developments and discussed issues to help support regional security and stability.

Mr Al Sudani’s office said both sides discussed the “developments in the occupied Arab territories in Palestine and the consequences of these events on the Palestinian people”.

The bloody escalation entered its fourth day on Tuesday, with the death toll exceeding 1,600 and thousands more injured.

On Saturday, Hamas militants in Gaza launched Operation Al Aqsa Flood, the biggest attack on Israel in years. The surprise assault involved gunmen crossing the border from Gaza with a heavy barrage of rockets from the Palestinian enclave.

"Both sides discussed ways to unify stances and to end this strife as soon as possible," Farhad Alaaldin, foreign affairs adviser to Mr Al Sudani, told The National.

They also underlined the "firm stance towards the Palestinian cause" and the "legitimate right to have the Palestinian state", Mr Alaaldin said.

It is still unclear what role Baghdad can play in the Israel-Hamas conflict. However, Mr Alaaldin said "Iraq is playing a vital role in this regard", without elaborating.

On Monday, Iran-backed Shiite militias in Iraq warned the US they would target its assets in the region if it intervened directly.

Mr Al Sudani also “reaffirmed commitment to not allowing its territory to be used for attacks against any other nation”.

On Saturday, Saudi Arabia called for “an immediate halt to the escalation between the two sides, the protection of civilians, and restraint”.

Its statement said: “The Kingdom recalls its repeated warnings of the dangers of the explosion of the situation as a result of the continuation of the occupation, the deprivation of the Palestinian people of their legitimate rights.”

The Iraqi government's statement on Sunday said: “Iraq reiterates its steadfast stance, in support of the Palestinian cause. We stand with the Palestinian people in their efforts to realise their aspirations and attain their full legitimate rights. Sustainable peace cannot be achieved in the presence of injustice and the denial of these rights.”

The Iraqi government also warned of the crisis' potential to destabilise the entire region.

Prince Faisal was received at the airport by his Iraqi counterpart Fuad Hussein and deputy ministers on Monday.

In recent years, both countries have signed agreements related to politics and commerce, leading to the opening of a major border crossing at Arar.

In May, the Saudi Public Investment Fund, the kingdom's main sovereign wealth fund, announced a new unit to invest in industries across Iraq, with capital of $3 billion and its headquarters in Saudi Arabia.

Earlier this year, Safia Al Suhail, an Iraqi politician and former ambassador in Rome and Amman, made history as she became Iraq's first ever female ambassador to Saudi Arabia.

Both sides also discussed the maritime disputes between Iraq and Kuwait.

"The government is committed to UN resolutions and agreements and encourages resuming the work of the joint committees with Kuwait in order to find legal ways to solve the issue," Mr Alaaldin said.

https://www.thenationalnews.com/gulf-news/2023/10/10/saudi-arabia-and-iraq-discuss-ways-to-boost-relations-at-baghdad-meeting/

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