Thursday, October 26, 2023
Warning That Iraqi Funds Remain With The US Federal Bank - Urgent, 26 OCT
Warning That Iraqi Funds Remain With The US Federal Bank - Urgent
Economy |Today Baghdad today - Baghdad Today, Thursday (October 26, 2023), economic expert Saleh Al-Sarfi warned of the consequences of Iraqi funds remaining with the US Federal Bank, noting that their presence may constitute a tool of pressure exerted by Washington on Baghdad.
The banker said in an interview with "Baghdad Today", "All Iraqi oil funds are deposited directly in a special account in the US Federal Bank, and Baghdad is submitting a request to obtain the funds to cover operational expenses and the rest of the other obligations," pointing out that "this procedure is not recent, but has been adopted." During the economic blockade in the nineties of the last century after the application of the oil-for-food principle.
He added, "Washington's excuses for keeping Iraq's funds under its control at the Federal Reserve are due to the state of political instability and the consideration that the country is going through complex and unstable circumstances, in addition to protecting the funds from a large number of cases filed against Baghdad as a result of previous wars."
He pointed out that "there are risks from Iraqi funds remaining in the US Federal Reserve, most notably the direct impact of any crisis that strikes the American economy, in addition to it being considered a pressure tool that Washington can exert towards Baghdad."
On October 6, Washington rejected Iraq's request to obtain one billion dollars in cash from the Federal Reserve Bank, under the pretext that it conflicts with their efforts to curb Baghdad's use of the dollar and stop illicit cash flows to Iran.
The American Wall Street Journal reported that since the American invasion of Iraq two decades ago, the United States has provided $10 billion or more annually to Baghdad via bi-monthly cargo flights, and the money is derived from the proceeds of Iraqi oil sales deposited with the Federal Reserve Bank.
American officials said, "Banknotes in the hands of Iraqis have become a lucrative source of illicit dollars that go back to militias and corrupt politicians, as well as to Iran."
By applying for an additional $1 billion shipment, Iraq says it needs the money to help prop up its faltering currency. A senior Iraqi official explained that "last week, the Central Bank of Iraq submitted an official request that the Treasury Ministry is still studying, after Washington rejected the initial request submitted by Iraq last month."
According to the newspaper, since last November, Washington has prevented 18 Iraqi banks from dealing in dollars, adopting stricter rules for electronic transfers in dollars from its banks.
Treasury officials told Iraqi central bank governors that sending a large additional shipment conflicts with Washington's goal of limiting Iraq's use of US banknotes, Iraqi officials said.
American officials spoke of conclusive evidence that some of the dollars that were arriving in Iraq were smuggled in cash over the years to Iran, as well as to Turkey, Lebanon, Syria and Jordan.
A Treasury Department spokeswoman said regarding the Iraqi request, “The United States continues to support Iraq with dollar banknotes and has not restricted its access to ordinary Iraqis and businesses,” indicating continued work with the Central Bank of Iraq. LINK
"RV UPDATE" BY MNT GOAT & PIMPY, 26 OCT
Mnt Goat
...We have been told in just a recent article that the CBI is attempting to accomplish in 1 year in 2023 what should normally take 6 years. I am talking about the full Dr Shabibi plan and the process of how to conduct the de-dollarization, then the project to delete the zeros and to get back on FOREX. We can see it playing out...
you'll start to see the Iraqi dinar slowly increase in value little by
little. It's hard to talk about where the dinar is going to be just
because the United States isn't going to let those resources go and Iraq
can't stop getting in trouble - at least that's what we're told...
The Major Problem Has Not Yet Been Resolved. The Oil And Gas Law Is Still Locked Up And Has Not Yet Reached Parliament, 26 OCT
The Major Problem Has Not Yet Been Resolved. The Oil And Gas Law Is Still Locked Up And Has Not Yet Reached Parliament
Time: 10/26/2023 Read: 130 times {Economic: Al-Furat News} Member of the Parliamentary Oil, Gas and Natural Resources Committee, Adnan Al-Jabri, confirmed today, Thursday, that the oil and gas law is still under the Cabinet’s agenda and has not yet reached the House of Representatives to vote on it.
Since the first session of the House of Representatives, in 2005, the draft oil and gas law has been stuck in drawers, as disagreements prevent its approval in its final form.
Al-Jabri told {Al-Furat News}: “The oil and gas law is still on the list of the Council of Ministers and has not yet reached Parliament, but there is follow-up from specialized committees formed by the Council of Ministers.”
He added: "When the law reaches Parliament, it will be given a first reading and then it will be discussed and studied by the committee to be presented for a second reading."
He pointed out that "it is not possible to talk about transferring the project because it has not yet reached the House of Representatives and the Cabinet committees are discussing it in the presence of the governorates responsible for writing up the draft law and voting on it in the Council of Ministers and then sending it to Parliament."
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the state’s treasury resources.
The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject.
Prime Minister Muhammad Shiaa Al-Sudani said, in early last August, that “the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and to benefit from this natural wealth, in "All fields and sectors, in addition to the contribution of the legislation to solving many outstanding problems."
He explained that "there are governorates whose wealth has not been invested to date, which is considered negative for development endeavors in all their paths," according to a report by the "INA" agency.
The dispute over the issue of oil has been a major source of tension between Baghdad and Erbil for years. Last year, the matter reached the judiciary, as Erbil believed that the central government was seeking to seize control of the region’s wealth, according to an Agence France-Presse report.
In February 2022, the Federal Court in Baghdad ordered the region to deliver the oil produced on its lands to Baghdad, and to cancel contracts the region had signed with foreign companies.
The matter reached the point where the judiciary in Baghdad invalidated contracts with many foreign companies, especially American and Canadian companies.
A temporary agreement signed between Baghdad and Erbil in early April stipulates that Kurdistan oil sales will be made through the Iraqi Oil Marketing Company “SOMO,” while revenues generated from the region’s fields will be deposited in a bank account with the Central Bank of Iraq or one of the banks approved by the Central Bank of Iraq. From: Raghad Dahham LINK
Coffee with MarkZ. 10/26/2023
Debunked: Images of US Base Attacks in Syria Are from Israeli Airstrikes on Gaza, 26 OCT
In an era where social media is the go-to source for news, the truth too often becomes a casualty of misinformation. Recently, images circulating online, allegedly depicting attacks on US military bases in Syria, have been debunked. Fact-checkers revealed that these pictures were not of recent events in Syria, but rather, they were old photos of Israeli airstrikes on the Gaza Strip, dating back to 2018 and 2020.
Misinformation Amid Tensions
The spread of these false images occurred amidst escalating tensions between the US and Iran-backed militias. With reports of attacks on US bases in Iraq and Syria proliferating, the stakes of misinformation are high, potentially fueling further conflict and misunderstanding. The situation underscores the vital importance of critical analysis and verification of information before accepting it as truth.
Israeli Airstrikes: A Humanitarian Crisis in Gaza
The images in question depict the aftermath of Israeli airstrikes on the Gaza Strip, a conflict zone that has seen devastating consequences for its civilian population. These airstrikes have resulted in thousands of Palestinian casualties and widespread destruction, leading to a dire humanitarian crisis. Relief operations have become increasingly challenging, and the need for immediate attention and international intervention is paramount.
(Read Also: Biden Expresses Doubt Over Gaza Death Count, Says ‘No Confidence’ in Palestinian Numbers)
International Responses and Implications
The Israeli-Palestinian conflict has drawn global attention, with leaders around the world calling for solutions. French President Emmanuel Macron proposed the creation of an international coalition against Hamas, but the idea has yet to gain significant traction. US President Joe Biden, on the other hand, has advocated for a two-state solution, condemning attacks on Palestinians by Israeli settlers in the West Bank.
(Read Also: Republican Mike Johnson Secures Position as Speaker of the House)
Moreover, the attacks on US bases in Syria have raised concerns about regional stability. There are fears that the conflict could escalate into a broader regional war, drawing in other countries and further destabilizing the Middle East. The roles of external players such as Russia and China, and their potential influence on the balance of power, add another layer of complexity to the situation.
US Role and Support for Israel
The attacks on US bases in Syria have also put a spotlight on the US’s role in the region. As a long-standing ally and significant provider of military aid to Israel, the US has faced criticism and scrutiny. The recent attacks by Iran-backed militias highlight the risks and challenges the US faces in the region, emphasizing the need for diplomatic resolution and regional stability.
In conclusion, this incident serves as a stark reminder of the perils of misinformation in our digital age. It also underscores the devastating human costs of the Israeli-Palestinian conflict and the complex geopolitical dynamics at play. As we navigate these challenging times, the need for accurate information, diplomatic solutions, and a focus on humanitarian concerns remains ever-present.
Renewing the Iraqi-Japanese partnership with $11 billion in loans for vital projects and development policy, 22 DEC
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...