A complete halt in the export of Iraqi oil to Jordan through the Trebil port, 25 OCT
A source in the Anbar local government reported on Wednesday that the export of petroleum derivatives through Trebil port to Jordan was halted.
According to a source’s statement, the export of petroleum derivatives from the Baiji refinery in Salah al-Din Governorate to Jordan through the Trebil port in the Rutba district, west of Anbar, has been completely halted. The reason behind this is that protesters stopped trucks carrying petroleum derivatives en route to Jordan.
According to the source, “The protesters took this action to prevent the transportation of Iraqi oil to the Israeli authorities.” The Trebil port officials have subsequently notified the relevant authorities to halt the export of oil derivatives to Jordan until further notice.
Today, protesters on the Iraqi-Jordanian border decided to prevent Iraqi oil from reaching Jordan via the Tarbil route in order to stop it from getting to Israel.
A deputy calls for stopping the dollar’s dominance in Iraq
Representative Hussein Habib identified the most important ways to end the dominance of the dollar in Iraqi markets.
Habib said in a press interview,
“There are several steps to end the dominance of the dollar in Iraqi markets, the most prominent of which is reviving the national industry in all its dimensions in order to fill the large void in the import balance, especially since the largest percentage of the markets’ needs depend on abroad even for the simplest matters, including crops.” agricultural”.
He added, “Restoring industry and agriculture according to a vision that includes three dimensions: sufficiency and developing production to achieve leaps in the balance of exports and imports will reduce dependence on the dollar at high rates, and thus ensure an end to its dominance.
However, the matter requires comprehensive dimensions, the most prominent of which is providing means of support for the advancement of industry and agriculture.” Reducing financial burdens from taxes and offering their exemption contributes to attracting capital and internal and external investments.”
He pointed out that “reviving the industry does not stop reducing the dominance of the dollar, but rather providing great job opportunities, especially since the economic conditions have created armies of the unemployed in most Iraqi governorates.”
...I know for a FACT that the rate of 1/6 of a penny is a “suppressed” rate and being “artificially manipulated”.
Just with all the assets Iraq now has without any banking reforms or any other economic development, the rate should be at least what it was prior to the 1991 invasion and the 10 year boycott plus even more..
Desert Advisor
Article: "Iraq allows transactions in Chinese yuan as it seeks to avoid US restrictions on use of the dollar"
that's a big deal. They're getting away from the US dollar...
Quote "The decision came after the return of an Iraqi delegation from a visit...to Washington" They got approval from Washington it seems...They banned people from dealing in US dollars also [in their local markets], another big move...they don't want to use he dollar anymore.
Walkingstick
They never had a budget before. Now to have three in a row?
A three-year budget does not work with a program rate...Based on what you're seeing this monetary reform is really developing well.
Central Bank of Iraq Ushers in New Era with Photographic Measure, 25 OCT
In the heart of Iraq, a silent revolution is taking place. It’s a revolution not of guns and violence but led by the central financial institution of the country. The Central Bank of Iraq (CBI) is making a resolute stand against fraud and lack of transparency in foreign exchange transactions, ushering in a new era marked by a unique measure: the requirement of a photograph with each dollar sale request.
Transparency Through Photography
The Central Bank’s decision is rooted in a strategic effort to combat fraud and bolster transparency in the country’s foreign exchange transactions. With the implementation of this measure, the bank reported a sale of approximately $33 million in cash. Yet, this is just the tip of the iceberg in an ocean of change that the Central Bank is navigating.
Beyond this initiative, the CBI has also seen an 82% surge in foreign exchange transactions at its auction, reaching a total of $180 million. The majority of these dollar sales were allocated towards strengthening foreign balances through remittances and credits, amounting to a staggering $180,988,961. This rise marks a significant shift compared to cash sales, which stood at a relatively meager $32,840,000.
Exchange Rate Challenges
However, the landscape is not without its challenges. Despite the surge in foreign remittances, the exchange rate of the US dollar against the Iraqi dinar in the parallel markets continues its upward trajectory. This unnerving rise is attributed to a controversial policy of keeping ports of entry open to countries under sanctions.
The ramifications of this policy decision are evident in the local markets of Baghdad, where the rising exchange rate has led to higher dollar prices. With the closure of the main stock exchanges in Baghdad, dollar prices recorded 162,000 Iraqi dinars against 100 dollars. The selling price in the exchange shops in the local markets saw an upward trend as well, reaching 163,000 dinars for 100 dollars.
Navigating the Gold Reserves
As Iraq grapples with these economic challenges, the Central Bank of Iraq holds a significant amount of gold stored in London. These reserves are intrinsically linked to the price of the dollar, serving as a reserve for central banks. When the dollar shows signs of decline, the demand for gold increases, causing a rise in its price. However, predicting the future price of gold is akin to navigating a labyrinth, given its association with the dollar’s price, which is in turn influenced by a myriad of unstable economic and political events worldwide.
In conclusion, Iraq is at a crossroads, facing economic challenges, including the rising exchange rate of the US dollar against the Iraqi dinar and the need for comprehensive economic reforms. The Central Bank’s measures to increase transparency and combat fraud in foreign exchange transactions are steps in the right direction, but the road to stability is long, and it requires more concerted efforts to improve the overall economic situation in Iraq.
Al-Sadr City Project: A New Dawn for Iraq Amidst Endemic Corruption, 25 oct
On a recent afternoon in the capital city of Baghdad, enveloped by the radiant dapples of the setting sun that reflected off the Tigris River, Iraqi Prime Minister Mohamed Shaaa Al-Sudani was at the helm of the fifth meeting of the Al-Sadr City project. As the leaders convened around an imposing conference table, the air was tinged with a sense of anticipation, a collective holding of breath as the curtains were about to rise on a new chapter for Iraq.
A Promise of Revitalization
The discussions centered around the Al-Sadr City project, a transformative urban development initiative that seeks to revamp the eponymous region in the heart of Baghdad. Al-Sadr City, historically an underprivileged district, has often been synonymous with dilapidated infrastructure and poverty. However, the project promises to metamorphose the area into a modern urban hub, offering improved living conditions and opportunities for its residents.
Prime Minister Al-Sudani confirmed the impending commencement of the project, marking a significant milestone in Iraq’s journey towards urban regeneration. The first phase, known as Al-Wahdat, is slated to begin shortly. Al-Wahdat, meaning ‘Unity’ in Arabic, aptly encapsulates the spirit of the project: a united effort towards the upliftment of Al-Sadr City.
The Challenge of Corruption
While the Al-Sadr City project embodies hope and progress, it also confronts the specter of corruption deeply entrenched in Iraq’s muhasasa political system. This system, characterized by a power-sharing agreement among various political and sectarian groups, has often been criticized for fostering nepotism and graft.
This situation poses a formidable test for Al-Sudani. His predecessors have tried and failed to dismantle this deep-rooted corruption, their efforts often succumbing to the labyrinthine bureaucracy. The success of the Al-Sadr City project hinges on the Prime Minister’s ability to navigate these murky waters, making it a litmus test for his administration.
A New Dawn for Al-Sadr City
If successful, the Al-Sadr City project could be a beacon of hope for Iraq. It stands to redefine the urban landscape, uplift the socio-economic status of thousands of residents, and perhaps, most importantly, send a strong message that the country is ready to shed the vestiges of its past and stride confidently towards a brighter future.
The journey may be fraught with challenges, but the determination of the Iraqi leadership and the resilience of the people hold the promise of a new dawn for Al-Sadr City, and indeed, for Iraq.
