Iraq can play a pivotal role in solving the crisis in Gaza, Khamenei says, 6 NOV

Iraq can play a pivotal role in solving the crisis in Gaza, Khamenei says

Shafaq News / Iran's Supreme Leader, Ayatollah Ali Khamenei, emphasized the need for heightened political pressure within the Islamic world against the United States and Israel. He stated this during his meeting with Iraqi Prime Minister Mohammed Shia Al-Sudani in the capital, Tehran.

Khamenei expressed his appreciation for Iraq's strong support for the people of Gaza, affirming the necessity of increasing political pressure in the Islamic world to halt the killing of Gaza's residents by the U.S. and Zionist forces. He highlighted Iraq's pivotal role, stating, "Iraq, as a significant nation in the region, can play a distinctive role in this regard, creating a new path in the Arab and Islamic worlds."

Addressing the dire situation in Gaza, Khamenei condemned the atrocities committed, pointing out direct American involvement in managing the war. He stated, "Regardless of the ongoing killings in Gaza, the Zionist entity has truly failed in this matter as it has been unable to restore its tarnished reputation and will not be able to do so in the future without American military and political assistance. The Americans are partners with the Zionists in the crimes against Gaza."

Khamenei stressed the comprehensive efforts needed to increase political pressure on the U.S. and the Zionist entity to cease the bombings in Gaza. He emphasized, "The Islamic Republic of Iran and Iraq can play a role and have an impact in this area through coordination between them."

Additionally, Khamenei discussed bilateral cooperation between Iran and Iraq in economic and security domains, stating, "Progress is being made, thanks to God, but it is crucial to ensure the continued implementation of agreements with the same initial zeal and without delay."

In conclusion, he expressed his sincere gratitude to Iraq, its people, government, and Prime Minister for their warm hospitality, services, and security arrangements during the forty-day period.

https://shafaq.com/en/Iraq-News/Iraq-can-play-a-pivotal-role-in-solving-the-crisis-in-Gaza-Khamenei-says

Fake democracy all over the world BY NADER FROM MID EAST

Restricting Cash Reserves, 6 NOV

 Restricting Cash Reserves

Economical  11/06/2023  Yasser Al-Metwally   In order to distinguish between the advantages (benefits) and disadvantages (risks) of the cash reserve, we must understand the simplified definition of it, which means (all the foreign currencies that countries own and keep in their central banks).

Among the benefits of these currencies (cash reserves in foreign currency) is using them to finance their foreign trade first, and then to pay their debts second, and also more importantly, maintaining the stability of their local currencies, and third, dealing with financial crises and monetary inflation.

As for its risks, it is determined by restricting it (restricting its use by the countries that own it (i.e., exporting it).

We offer this simplified definition to those who do not know the importance of monetary reserves and their impact on economies, especially those who confuse monetary policy with useless statements, and of course those who are not specialists in economics and its risks.

There is no doubt that the dollar is still the strongest currency in the world despite all attempts to find a competitive alternative to it. The United States of America accounts for nearly a quarter of the global gross domestic product, which makes it the largest and strongest economic power in the world.

What adds to this strength is that it has the largest financial institutions and banks in the world, and that most of the global trade financing between countries is denominated in dollars, especially oil wealth, and dollar transactions constitute approximately 70 percent compared to other currencies combined.

Perhaps the weapon of sanctions that America imposes on countries that oppose its policy is through restricting its monetary reserve and not allowing it to use it. The two closest examples of this are Russia because of its war with Ukraine and before that Iran because of the failure to resolve the nuclear file between them. Notice the size of the impact of restricting the use of its foreign exchange reserve. What an impact? In their economic problems, especially the collapse of the local currency of the two countries, albeit at different rates.

Here, most of the countries that were dissatisfied with the strict American policy of using the dollar as a weapon to undermine their economies turned to the BRICS group in the hope that it would be able to mitigate the effects of the dollar. Returning to Russia and Iran, the reason for their resistance to the dollar sanctions is that they possess solid economic bases that allow them to endure for longer periods of time because they possess solid production bases.

The question is: Is the Iraqi economy able to endure if America decides to restrict its monetary reserves?

The Iraqi economy depends on imports for everything and does not have a solid production base, whether industrial or agricultural. Other than that, our cash reserves are subject to old decisions in the hands of America. We do not want to delve into the merits of the decisions and their effects. Rather, we only draw the attention of some gentlemen from the legislative and executive sectors. Do not put more pressure on the Central Bank, let it act in the language of approved monetary policy. In countries of the world, which are based on previously agreed upon international standards.

The chaos of statements makes matters worse, confuses the market, and pushes for wrong decisions, thus paving the way for specialists to deal with the dollar problem to find the appropriate solution.

https://alsabaah.iq/86745-.html

The Dollar Continues To Storm Iraqi Markets, And Many Solutions Are In Vain, 6 NOV

The Dollar Continues To Storm Iraqi Markets, And Many Solutions Are In Vain

Economy  2023/11/05 Number of readings : 216  Baghdad - Iraq Today:   With the return of the rise in dollar prices, popular dissatisfaction and anger are renewed, especially by poor citizens, after the possibility of a stifling economic crisis, which will cause great harm to their miserable living conditions.

The economic expert, Bassem Antoine, said in a press interview, “Economic reforms, in light of the rise in the price of the dollar against the Iraqi dinar, need a long time to complete what the current government seeks, by untying the dollar knot and ending the major crisis.”

He added, "Iraq needs to develop the economy in a way that is different from before, especially with regard to the agricultural, commercial, and tourism sectors," noting that "activating these sectors will contribute greatly to reducing poverty and unemployment rates, and increase the strength of the country's economy, which will strengthen the value of the Iraqi dinar." .  LINK

"RV UPDATE" BY MNT GOAT, 6 NOV

  Mnt Goat 

 Article:  "PARLIAMENTARY FINANCE: WE RENEW OUR SUPPORT FOR THE CENTRAL BANK’S MEASURES TO CONTROL THE EXCHANGE RATE"  Article quote:  "Al-Atwani denied “the news circulating that there is a tendency to dismiss the governor of the Central Bank."  Nice to see that it was just more rumors...He is an intelligent, patriotic and most important wants the RV as much as we do.

 ...We can see many events in-line with January 2024 .  I want to bring you up to date on my latest conversation with my CBI contact... It was told to me that the re-education campaign is still going forward but not yet rolled out as of yet. There is talk in the CBI it may be postponed due to the Gaza strip conflict, but no action or direction has been given to signify this as of yet...

...in the news is yet more de-dollarization efforts as they convert the remaining of the border crossing stations all to “all dinars” only for custom fees. The Parliamentary Finance Committee renewed on Tuesday, its support for the Central Bank’s measures to control the exchange rate and address any obstacles...we learned that the new government of Al-Sudani made promises in his administrations curriculum to bring back the dinar stronger than the dollar. Is this why he has openly in public stated the dinar is already stronger than the dollar? Well then…where is it?  As investors we wait for it.

Iraqi Dinar Impending International Float | Al-Sudani's Announcement | I...

A Representative Answers “Baghdad Today”: Why Did Government Measures Fail Against The Green Currency?, 6 NOV

 A Representative Answers “Baghdad Today”: Why Did Government Measures Fail Against The Green Currency?

Economy |Baghdad today – Baghdad  Independent MP Hadi Al-Salami confirmed today, Sunday (November 5, 2023), the failure of government measures to confront the “dollar mafias,” while renewing the demand to change the governor of the Central Bank, Ali Al-Alaq.

Al-Salami told “Baghdad Today” that “the dollar mafias that control the parallel market are still manipulating exchange rates despite all government measures, and this confirms the failure of those measures, as they are patchwork measures and do not contain any real reform measure.”

He added, "We are still demanding and working according to the constitutional powers granted to us in order to change the Governor of the Central Bank, Ali Al-Alaq, as he failed in the task of controlling the dollar exchange rate. Indeed, the dollar is constantly rising and the bank has lost control of that."

Today, Sunday (November 5, 2023), the dollar exchange rates witnessed a significant jump, exceeding 163 per hundred dollars in local markets in the capital, Baghdad.

The "Baghdad Today" correspondent said, "The selling price of the dollar in exchange offices in Baghdad today reached 164,250 dinars for every 100 dollars."

He added, "The purchase price reached 162,250 dinars for every 100 dollars."

On (November 2, 2023), a member of the Parliamentary Finance Committee, Jamal Kujar, revealed that a group of mafias and influential people controlled the dollar exchange rate through a “WhatsApp group.”

Cougar indicated in a televised interview followed by “Baghdad Today” that “there is a (group) on WhatsApp run by a group of influential people or mafias who control the exchange rate of the dollar in the parallel market,” calling on the security services from the intelligence and national security to intervene and follow up on the matter.”

A member of the Parliamentary Finance Committee confirmed that “personalities working in the stock exchanges referred to this (group) and demanded that the matter be conveyed to the relevant authorities to take urgent measures.”

On (last October 8), the expert in banking affairs, Ahmed Al-Tamimi, criticized the Iraqi Banks Association for not taking any position on what some private banks are working on to acquire the dollar illegally .

Al-Tamimi told "Baghdad Today", "Some private banks are working to illegally seize the dollar. They take the share of the traveling citizen and do not give it to him. Also, some banks refuse to hand over to the citizens the remittances that reach them in dollars, and all of this violates the law."

The expert in banking affairs stated that “the Iraqi Banks Association bears a large part of the illegal behavior that is happening in some private banks, especially since it has not yet taken any role from those banks. Rather, it remains silent and tries to evade its role in following up on the work of those banks.” ".

Meanwhile, economic expert Sarhank Hussein earlier accused the Association of Private Banks of being behind the rise in dollar exchange rates in the parallel (black) markets .

Hussein told "Baghdad Today", "The process of buying the dollar with cards by merchants and giving it to private banks is behind the rise in the dollar exchange rate again."   LINK