Stability in Dollar-Dinar Exchange: A Beacon of Hope for Iraq, 28 OCT

Stability in Dollar-Dinar Exchange: A Beacon of Hope for Iraq

In the pulsating world of currency exchange, where numbers dance to the tune of political and economic realities, stability is a rare guest. Yet, oddly enough, it has found a home in the financial markets of Baghdad and Erbil. On Saturday, the exchange rate of the US dollar against the Iraqi dinar remained unflinching, a calm facade amidst the closure of the stock exchange and the ebb and flow of global economic tides.

Stability Amidst Chaos

The dollar prices held steady at 161,500 IQD for $100, mirroring the rates from earlier in the day. Selling prices at exchange shops in local markets in Baghdad were also immobile, with the selling rate at 162,500 IQD for $100, and the buying rate at 160,500 IQD for $100. Meanwhile, in Erbil, the dollar maintained its composure, with a selling rate of 161,300 IQD for $100 and a buying rate of 161,200 IQD for $100.

This stability in the exchange rate suggests a rare equilibrium in the demand and supply of the two currencies in the market. The closure of the stock exchange may have played its part, reducing overall trading volume and volatility. For businesses and individuals who rely on foreign currency transactions, this stability is a welcome respite, allowing for effective planning and budgeting.

Economic Indicators and Implications

But the story of the exchange rate is more than just a tale of numbers. It’s a mirror reflecting the overall economic situation in Iraq. Despite the ongoing challenges and uncertainties, the country’s economy has managed to sustain a degree of stability, a positive sign for investors and businesses that indicates the country’s ability to weather external shocks.

However, it’s crucial not to misinterpret this stability as a testimony of the Iraqi dinar’s strength. The stability may be more a reflection of the overall weakness of the global economy and the US dollar, rather than the strength of the Iraqi economy. Historically, the Iraqi dinar has been a volatile currency, its value subject to the whims of political and economic factors.

Broader Developments and Their Impact

Besides the stability in the exchange rate, other developments in Iraq have implications for the country’s economy and its global standing. One such development is the protests by Iraqi university students against Israeli aggression in Gaza. These protests underscore the strong anti-Israel sentiment in Iraq and the wider region, reflecting the deep-rooted solidarity with the Palestinian cause among the Iraqi population.

These protests also spotlight the intricate dynamics of the Middle East region, where conflicts and tensions between various actors have far-reaching implications. The Israeli-Palestinian conflict is not merely a regional issue, but also carries global ramifications. Protests in Iraq and other parts of the Middle East serve as a reminder of the region’s interconnectedness and the urgency for a comprehensive and sustainable solution to the Israeli-Palestinian conflict.

Another noteworthy development is Iraq’s decision to abstain from voting on a UN resolution to cease fire in Gaza. This decision reflects Iraq’s stance on the Israeli-Palestinian conflict and its support for the Palestinian cause. It also underscores the complexities of international diplomacy, where countries must balance their national interests with their moral and ethical obligations.

This decision may have implications for Iraq’s relations with other countries, particularly those that maintain a more pro-Israel stance. It may also impact Iraq’s standing in the international community and its ability to effectively advocate for its interests on the global stage.

Overall, the stability in the exchange rate of the US dollar against the Iraqi dinar in Baghdad and Erbil is a beacon of hope for the country’s economy. It hints at a certain level of stability and resilience in the face of external challenges. However, it’s important to recognize that this stability is fragile, and can be easily disrupted by political and economic factors. Iraq’s position on the Israeli-Palestinian conflict also carries wider implications for the country’s relationship with other nations and its status in the international community.

https://bnn.network/finance-nav/stability-in-dollar-dinar-exchange-a-beacon-of-hope-for-iraq/

Iraq abstains from voting on UN resolution to cease fire in Gaza, 28 OCT

Iraq abstains from voting on UN resolution to cease fire in Gaza

Shafaq News / The United Nations General Assembly adopted today, Friday, an Arab resolution calling for an immediate humanitarian ceasefire and cessation of hostilities in the Gaza Strip.

Surprisingly, Iraq appeared as abstaining from voting according to the electronic board below:

https://shafaq.com/en/Iraq-News/Iraq-abstains-from-voting-on-UN-resolution-to-cease-fire-in-Gaza

Weekend News with MarkZ. 10/28/2023

The Iraqi Dinar Weekend Speculation Is Iraq Ready for a Big Announcement.

"RV UPDATE" BY MARKZ, 28 OCT

 MarkZ 

  [via PDK] Today Iraq is talking about “Electronic Payment Support” We are seeing they are modernizing  their banking system to launch in the real world...We are still seeing their ascension into the World Trade Organizations but when are they going to announce it?  There is lots of internal documentation off their own websites showing this...But they cannot fully join without an international currency that is not sanctioned or restricted.  When will they unveil what has happened? The take away is “It’s confusing on purpose” …I just hope Iraqi contacts are right and it’s going over this weekend.

[via PDK]   ...the chatter out of Iraq is the lower denoms have been seen and they are expecting an announcement within days.  Now, every time somebody tries to put up a video showing them…they disappear. I think the longest one of those videos stayed up today is about an hour. I’m so sorry I did not record it. But the chatter has gone through the roof in Iraq. Iraq has told us they want full de-dollarization by January 1st. For that to happen they need to move quickly IMO.…like now. 

  I hope my Iraqi sources are right and it’s this weekend…They did expect everything to be wrapped up by Nov 1st. That is exactly what they were being told…and that is what they told me. …Remember no one knows the exact timing…we are all guessing at it based on the information we receive.

Iraq has a lot of banking news…they are getting money in the banking system…building exchange centers…My sources in Iraq are still expecting it by the first…so sometime over the next 5-6 days. I hope they are accurate...My gut says we are about a week out. 

Al Sudani expresses Iraq's desire to advance its "distinguished" relations with the EU, 28 OCT

Al Sudani expresses Iraq's desire to advance its "distinguished" relations with the EU

Shafaq News / On Saturday, Prime Minister Mohammed Shia Al Sudani expressed his country's desire to further enhance bilateral relations with the European Union and expand partnership in various sectors. A statement from Al Sudani’s office mentioned that he received the European Union Ambassador to Iraq, Thomas Seiler.

During the meeting, they discussed the bilateral relations between Iraq and the European Union, as well as ways to strengthen them in a manner that serves mutual interests. They also discussed recent developments in the region, particularly the ongoing attacks on the Palestinian people in besieged Gaza.

The statement highlighted that Al Sudani reiterated Iraq's clear and principled stance, calling on the international community and EU member states to take responsible steps to halt aggression, bombings, and the targeting of civilians, and to establish safe corridors for delivering aid to Gaza, relieving the Palestinian people from the dire conditions they are enduring.

Furthermore, the Prime Minister expressed Iraq's desire to further develop its distinguished relations with the European Union and expand sincere partnerships across various developmental and economic sectors.

The European Ambassador pointed out that the relationship between Iraq and Europe has shown significant growth during the first year of Al Sudani's government. He also affirmed the willingness of various European parties to contribute to the Development Road project.

The statement quoted Ambassador Seiler as saying that European Union missions continue to work and collaborate with Iraq at the highest levels. He emphasized the EU's position on developments in the Palestinian issue, advocating for an immediate ceasefire, the application of international law, and the opening of humanitarian corridors for relief convoys.

https://shafaq.com/en/Iraq-News/Al-Sudani-expresses-Iraq-s-desire-to-advance-its-distinguished-relations-with-the-EU

Iraq’s Foreign Relations: A Tapestry of Geopolitical Interactions, 28 OCT

 Iraq’s Foreign Relations: A Tapestry of Geopolitical Interactions, 28 OCT

From the historical grandeur of the hanging gardens of Babylon to the poignant echoes of war-ravaged streets, Iraq has borne witness to the ebb and flow of civilizations, the rise and fall of empires, and the shifting sands of its own geopolitical stance. Its foreign relations, like a palimpsest, bear the traces of its turbulent history and the strategic decisions it has made, shaping its interactions with different nations across the globe.

Unfolding the Past: The Pre-2003 Era

In the time of Saddam Hussein’s regime, Iraq’s international relationships were a complex tapestry interwoven with alliances and animosities. It maintained a cordial rapport with nations like the Soviet Union, France, and Germany, even as it was embroiled in a war of attrition with Iran. But the invasion of Kuwait in 1990 was a turning point, leading to a seismic shift in Iraq’s relationships with the Arab world and the West, and culminating in its international isolation.

Rebuilding Ties: The Post-2003 Era

With the fall of Saddam Hussein’s government in 2003, Iraq was like a phoenix rising from the ashes, seeking to establish and re-establish relations with different nations. The US and Britain have been instrumental in this journey, offering both governmental and non-governmental aid for reconstruction. However, Iraq’s relationships in this era are not limited to the West. It has been instrumental in maintaining robust ties with Asian countries like India and Indonesia, and African nations like Egypt and Sudan, each relationship bearing unique historical and cultural imprints.

Much like its diverse topography, Iraq’s relationships across continents are varied and nuanced. With Egypt, it has seen both bitter criticisms and warmer ties, the latter fostered during the war with Iran in the 1980s. Likewise, Sudan, despite its initial criticism of the US invasion of Iraq, has improved its relations with the new Iraqi government, often maintaining strategic silence on Iraq’s internal matters.

In the Americas, Iraq’s relationship with Cuba, which thrived during Saddam Hussein’s presidency, has been strained due to the long-standing sanctions against Iraq. Yet, Iraq’s relationship with the United States, despite its complexities, has been pivotal in its reconstruction efforts.

Maintaining Balance: Iraq’s Diplomatic Relations Today

Today, Iraq’s foreign relations can be likened to a skillful balancing act. It shares historical and cultural ties with Iran, and despite the tumultuous past, the two countries have managed to maintain their diplomatic relations. Iraq’s relationships with nations like India and Indonesia are also sturdy, based on mutual respect and shared interests.

The essence of Iraq’s foreign relations lies not just in its historical events like the Iran-Iraq war and the invasion of Kuwait, but also in its ability to navigate these events and foster relationships. While some ties have been strained, others have blossomed in recent years. Amidst this dynamic interplay of geopolitics, Iraq’s relationships with the United States, Britain, and neighboring countries remain crucial for its reconstruction and stability.

https://bnn.network/world/iraq/iraqs-foreign-relations-a-tapestry-of-geopolitical-interactions/