Navigating Turbulent Tides: Iraq’s Financial, Legal, and Political Challenges, 30 OCT

 Navigating Turbulent Tides: Iraq’s Financial, Legal, and Political Challenges

In the intricate dance of geopolitics and economics, Iraq finds itself in the spotlight, grappling with a host of challenges, ranging from financial to legal disputes. Among the latest developments, the Iraqi parliament has announced an imminent financial aid package of 700 billion dinars for the Kurdistan Region – a lifeline that aims to support the salaried employees in a region grappling with economic strain.

Financial Relief Amid Economic Strain

The news of this financial aid package comes as a breath of fresh air for the Kurdistan Region, which has been wrestling with financial difficulties. With the region’s salaried employees bearing the brunt of these economic challenges, the aid package is expected to alleviate some of the strain, ensuring salaries are paid on time. Yet, this is but a drop in the ocean of challenges the region faces.

Legal Disputes on the Horizon

Adding to the region’s woes, the Federal Supreme Court is slated to convene on October 29th, with three complaints related to the Kurdistan Region on its docket. These complaints indicate ongoing disputes between the federal government and the Kurdistan Regional Government (KRG), signaling a deeper, systemic issue that extends beyond temporary financial relief. The outcomes of these cases could potentially have far-reaching implications, shaping the future relationship between the federal government and the KRG.

Exchange Rates and Corruption

As legal battles loom, the Iraqi dinar has managed to stabilize against the US dollar. This stability is a welcome sign for the economy, providing a semblance of certainty for businesses and investors. Yet, inconsistencies persist, with money exchangers selling the dollar for more than its official rate. Amid this, the Central Bank of Iraq has launched an electronic reservation service for dollars, marking a significant step towards modernization. But with the convenience of digital transactions comes the risk of fraud, prompting a warning from the Central Bank against unlicensed entities issuing electronic payment cards.

On a more positive note, the Supreme Judicial Council has managed to recover 775 million dinars from individuals accused of financial and administrative corruption. This signifies the government’s commitment to combating corruption and fostering transparency, crucial steps towards improving Iraq’s business environment.

Political Tensions and International Relations

On the political front, the Kurdistan Regional Government has expressed frustration over delays in receiving funds earmarked for employee salaries. This issue has escalated to the point where a government delegation from Erbil is set to visit Baghdad for discussions. The tension between the two governments underscores the complexity of the financial and political landscape in Iraq.

Meanwhile, in the realm of international relations, the anticipated visit of Prime Minister Mohammed Shia al-Sudani to Washington is a topic of discussion. The visit is shrouded in expectations and speculations, with the potential to shape Iraq’s relationship with the US. However, it also raises the specter of potential repercussions, should Iraq choose to sever ties with Washington.

In summary, Iraq’s journey is marked by an intricate interplay of financial, legal, and political challenges. However, amid the complexities, the country also reveals signs of resilience and progress. The question remains: Can the government sustain these efforts and navigate the turbulent tides of change?

https://bnn.network/bnn-newsroom/navigating-turbulent-tides-iraqs-financial-legal-and-political-challenges/

Al-Awadi: The Government May Have To Sell The Dollar Directly If The Crisis Continues, 30 OCT

 Al-Awadi: The Government May Have To Sell The Dollar Directly If The Crisis Continues

 10/29/2023  888 views   The Iraqi government spokesman, Bassem Al-Awadi, revealed today, Sunday, what the government of Muhammad Shiaa Al-Sudani achieved during the first year of its life,

pointing out that the latter placed a set of political norms in the government program, while stressing that the government may be forced to sell the dollar directly if the crisis continues.. Al-Awadifi said in a televised interview,

  “The result is optimistic in the first year of the government’s life and we seek to provide the best,” noting, “Al-Sudani established a set of political norms within his government program that were based on the basics of addressing poverty, unemployment, employment, and services,” explaining that “Al-Sudani established executive oversight.”

On the decisions and orders issued, a semi-annual report was also prepared to evaluate the government’s performance, and this is something that did not exist previously.” He added, "The government achieved more than 35% of the government program in its first year."

He stated that during the first year, the total amount of funds to be preserved from waste reached one billion dollars, and more than one hundred million were recovered, while the number of reports reached 30,000, 8,690 people were brought in for investigation, 3,015 arrest warrants were issued, in addition to the arrest of 1,300 people, and the recovery files amounted to Fugitives 70 files .

 Al-Awadi touched on the dollar crisis, stressing that this crisis is major and affected the rise in the prices of cars, real estate, and construction materials,

 but the government was able to maintain food prices, and this is most important.

 He explained that trade with China will be opened in yen value, and our trade with Iran and the UAE will be in tomans and dirhams.

He pointed out,  "The government may have to sell the dollar directly if the crisis continues and through government exchanges," noting at the same time that "inflation in Iraq decreased by 4%."

Regarding Al-Sudani’s speech during the Cairo summit and the rumors about Washington’s anger, the government spokesman stressed that “Iraq is a sovereign country and has a decision, and in his speech he expressed the position of Iraq and its people, and we do not care who accepts or is upset.”

Ali stressed,  "We did not receive threats regarding Al-Sudani's speech," adding that  "protecting missions is the government's responsibility and it must carry it out properly."

https://www.nrttv.com/ar/detail3/16777

Evening News with MarkZ. 10/30/2023

Monday Evening News with MarkZ 

Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member:  Hello and good evening to everyone

Member: Hey Mark- RV there yet?

MZ: There is a ton of rumors from the rumor mill today. I’m hearing that many are looking at tonight. May be circletel.  I’m not saying it’s impossible but have not heard it from any of my solid contacts. So I’m not getting excited …yet. 

MZ: Nader pointed this news article out that they are still getting all their money into a new modern system in Iraq. 85% of their cash is held outside the banking system right now. 

MZ: “ US Central Bank eyeing Digital dollar to counter BRICS pay” A number of states have already outlawed the digital dollar. I’m not worried it will pass but they will keep pushing it. 

MZ: BRICS Pay is not a digital currency…It’s a system alternative to the SWIFT system and its available to everyone in all countries. Not just BRICS countries. 

MZ: “Country Garden has defaulted on its debt- What’s next?” This is another Real Estated company in China and they are scrambling to pay or they will be sold off piecemeal. This is the second Real Estate developer to default recently….More to follow. 

Member: I heard Reno was a no fly zone now.

MZ: I heard that too…but havn’t had time to check.

Member: Chase has large screen tvs advertising wealth management not FDIC insured 

Member:  FYi friday, friend in Denver went to CU/deposit/cashback. Ask for new money, Teller said, not yet! Seen it? Yes,in vault. When available? Ask mgr./ 13 Nov. hopefully????

Member:  Think we must RV before the new money comes out. so if they think Nov 13 at the CU and have the new money in Vault! I am so excited

Member: Wolverine says it’s happening as we speak.

MZ: A lot of people are saying it’s happening as we speak. And that is going right now and we will see the fruition at some point tomorrow.  We’ll see. I know we are close and can feel it …I

 Member: Frank 26 said the US government or treasury got the exchange rate

Member: WS said, the US Treasury has already started some exchange with the CBI

Member: I don’t think we will get our reset until the system crashes. 

MZ: There has always been a couple options on that one. The pros of letting it crash are it will be easier to adjust values on things. The negative is a lot of panicked people will suffer….There will be a lot of unrest. 

MZ: If they do it before the system crashes there will not be unrest but they think it will be tougher to reset prices.  

Member:  I have stopped asking how stupid this can get, I fear they are taking it as a challenge...

MZ: I will be traveling  tomorrow….. so no scheduled podcast. I may try to squeeze one in from my laptop if I can. 

Member: If anything goes down, just do a quick podcast tomorrow from the airport or where ever just to let us know!!

Member: Thanks Mark and have safe travels tomorrow. 

“THE INFO IN THIS PODCAST IS FOR GENERAL INFO & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY.

Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.

🔥Iraqi Dinar🔥Join the WTO🔥News Guru Intel Update IQD Value to USD🤑💵🤑🎉

In Baghdad and Erbil: A Tale of Two Markets and the Dance of Currencies, 30 OCT

In Baghdad and Erbil: A Tale of Two Markets and the Dance of Currencies, 30 OCT 

In the bustling markets of Baghdad, the exchange rate of the US dollar to the Iraqi dinar is on the rise. In the hushed, cooler climes of Erbil, the capital of the Kurdistan Region, it is subtly dropping. It’s a dance of numbers and currencies, a testament to the ebb and flow of Iraq’s economic pulse. It’s a story of two cities, two markets, and one currency caught in the middle.

A Tale of Two Markets

The US dollar, in the heat of Baghdad’s markets, rose at the opening of Al-Kifah and Al-Harithiya stock exchanges, hitting 161,550 dinars. But in Erbil, it fell slightly, with exchange shops selling at 161,250 dinars. The fluctuation, though minor, has caused a ripple in the markets, especially amidst the soaring demand for the Iraqi Dinar in Erbil.

(Read Also: Dagestan: A Microcosm of Rising Anti-Semitism Amid Israeli-Palestinian Conflict)

The Drivers of Currency Fluctuation

Behind these numbers lie various influencers. The demand for the Iraqi dinar in Erbil is a clear signal of the US dollar’s safe-haven status. This is driven by political instability, economic uncertainty, and concerns about the stability of the Iraqi dinar. The rise in Baghdad, on the other hand, could be attributed to the overall economic conditions in Iraq, which include political instability, security concerns, and a lack of diversification in the economy. These factors can depress the value of the Iraqi dinar, leading to an increased demand for US dollars.

(Read Also: US Vice-President Kamala Harris Rules Out Military Intervention in Israel-Gaza Conflict)

While these local factors drive fluctuations, global economic factors also play a part. The performance of the US economy, global trade dynamics, and geopolitical events can all impact the value of the Iraqi dinar. Therefore, the dance of currencies is choreographed by both local and global forces.

The Role of Central Banks

However, the exchange rate is not solely a product of market forces. Central banks, including the Central Bank of Iraq, have the power to intervene in foreign exchange markets to stabilize exchange rates and manage the value of the national currency. In Iraq, the Central Bank has implemented various measures to stabilize the exchange rates and maintain the value of the Iraqi dinar. These measures include interventions in the foreign exchange market, the implementation of monetary policies, and the management of foreign currency reserves.

The fluctuation in the exchange rates of the US dollar against the Iraqi dinar underscores the challenges of managing an economy in a volatile global economic environment. It also highlights the importance of implementing sound economic policies, diversifying the economy, and addressing underlying structural issues for long-term stability and growth.

In a world where currencies are not just mediums of exchange but barometers of national economic health, the tale of the US dollar and the Iraqi dinar in Baghdad and Erbil is a story that reflects the complexities of Iraq’s economic landscape.

The Dollar’s Dance: Geopolitics and the Global Commodities Market, 30 OCT

The Dollar’s Dance: Geopolitics and the Global Commodities Market

In the bustling exchange shops of Baghdad and Erbil, the US dollar surged on Monday, following the closure of Al-Kifah and Al-Harthiya stock exchanges. The dollar prices reached 161,900 Iraqi dinars for every $100, compared to the morning rates of 161,550 dinars against $100. But behind these figures, lies a deeper economic narrative – a reflection of the complex interplay between geopolitics and global commodities market.

The Dollar’s Dance in Baghdad and Erbil

Exchange shops in the local markets of Baghdad reported a rise in selling prices, reaching 163,000 Iraqi dinars for $100, while the purchasing price stood at 161,000 dinars for the same amount. In Erbil, the selling price reached 161,500 dinars for every $100, and the purchasing price at 161,400 dinars.

These fluctuations in dollar prices are not mere daily market variations. They are the echoes of a global commodities market responding to the reverberations of conflict. And this time, the conflict in question is the ongoing Israel-Gaza tension.

Ripples in the Oil Market

The World Bank warns that the conflict, initiated by an attack from Hamas on Israel, may lead to a significant surge in commodity prices, particularly oil and gas. Energy prices have already seen a 9% increase since the start of the conflict, with potential for further shocks. This situation echoes historical events such as the Arab oil embargo, Iranian revolution, and the Iraqi invasion of Kuwait, which caused substantial disruptions in oil supplies.

If the conflict escalates significantly, it could disrupt oil supplies extensively leading to an initial surge in oil prices and impacting other markets. The World Bank’s commodity price index has already experienced a 5% rise in Q3 due to supply-side issues in the oil markets. The World Bank forecasts average oil prices at $90 a barrel this quarter but has also provided three different scenarios based on varying levels of disruption: small-disruption scenario, medium disruption, and regional conflict.

Global Impact and the Future

The global reliance on oil has lessened with a geographically diverse supply, which could potentially mitigate some of the effects of escalation. In addition to oil and gas, natural gas and gold prices are also expected to rise due to the conflict, with futures for these commodities anticipated to cross $2,000 an ounce.

Overall, the World Bank’s warning highlights the potential for significant disruptions in commodity markets and the broader economy if the conflict escalates further. Investors and policymakers across the world should closely monitor the situation. And as the dollars dance in Baghdad and Erbil, it serves as a reminder of how closely our global economies are intertwined, shaped by geopolitics and the tides of conflict.

https://bnn.network/finance-nav/the-dollars-dance-geopolitics-and-the-global-commodities-market/

"RV UPDATE" BY WOLVERINE & CLARE, 30 OCT

 Wolverine 

 “Already in South America some people have been told which bank they have to go. We are close, so stand by everyone.”

Clare 

 Article:  "Iraq is working to join the World Trade Organization (WTO). " 

 Quote:  "In the meeting, Al-Hashemi reviewed Iraq’s current efforts and its plan for the next stage in completing the technical files...

and preparing them in accordance with the organization’s conditions and fruitful cooperation with international organizations supporting Iraq’s accession to the organization and its quest to obtain full membership in the organization.”

 Article "In response to Al-Sadr's call, a parliamentarian announces the start of collecting signatures to close the American embassy in Baghdad"