Baghdad reaffirms commitment to OPEC+ agreement, 10 NOV
Friday, November 10, 2023
SUDANESE ADVISOR: THE WHITE HOUSE WILL MAKE A DECISION REGARDING IRAQ’S FUNDS IN THE FEDERAL BANK, 10 NOV
SUDANESE ADVISOR: THE WHITE HOUSE WILL MAKE A DECISION REGARDING IRAQ’S FUNDS IN THE FEDERAL BANK
The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed on Tuesday that the White House will renew the Federal Bank’s authorization to deposit Iraq’s funds from oil exports next March, despite the fact that the Iraqi balances in the Federal Bank will be frozen.
He added, “These reserves vary, according to the international standard investment guides for reserves issued by the International Monetary Fund, between various currencies such as the euro, monetary gold, the pound sterling, the Chinese yuan, and the Japanese yen, in addition to the US dollar.”
The Sudanese financial advisor explained, “These currencies are in different proportions, and according to the weight of the foreign currency in Iraq’s foreign trade,” stressing, “There is no objection to intensifying diversification into other currencies in addition to the dollar, which essentially represents the currency of oil revenues.”
He continued his speech, saying: “Based on Security Council Resolution 1483 issued in May 2003, the principle of accumulating oil revenues in an account for oil receipts at a global bank was approved, and the Federal Reserve Bank in New York was chosen for this purpose.”
Saleh stated, “This account was used to collect Kuwait war compensation amounting to 5%, and it was taken from the revenue from the export of every single barrel of oil or any products, if any,” adding, “The oil receipts account and the reserve account in dollars are still subject to protection according to the White House presidential order.” Which is renewed annually every year in the month of May.
He stressed, “Most of the issue relates to the aforementioned UN Security Council resolution regarding the oil receipts account opened in dollars at the Federal Reserve Bank.”
During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on Iraqi banks and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the Iraqi markets.
(I told all my readers a long time ago that because they have taken so long to de-dollarize it will be hard to change the mindset and black market devices to sell the dollar and make money. So change is hard but the US govt is finally stepping in this year to make the necessary changes. We can clearly see that Iraq could not have RV’d so many times with all the stupid claims by these intel gurus. Still even now they persist it going to happen this week or next weekend. Idiots…all of them!)
The Baghdad Chamber of Commerce announces a proposal to get rid of the “parallel market”, 10 NOV
The Baghdad Chamber of Commerce announces a proposal to get rid of the “parallel market”
The Baghdad Chamber of Commerce announced a proposal to get rid of the “parallel market.”
Firas Al-Hamdani, head of the chamber, said: For the program {Free Speech} broadcast by the Al-Furat satellite channel this evening, it said: “If we turn to the work policy of the Central Bank of Iraq, the Chamber of Commerce is a sponsor of the Baghdad sector of companies and merchants; but we were surprised by the decision to import the US dollar in agreement with some accredited banks.”
He wondered, “Who will organize this process, how can American currency be imported from other countries, and the possibility of benefiting from and working on organizing such an important file?”
Al-Hamdani added, "Imported talk that may be misconceived leads to a fallacy, and we must have a true vision of this concept. The Iraqi dinar does not exist in the Arab or international currency market to buy the dollar, and Iraq does not have a number or name on the list of Arab and foreign currencies."
He pointed out that “it is not possible to import the dollar and secure it in the local market without registering the dinar in the basket of Arab and international currencies.”
Al-Hamdani suggested, "The Prime Minister should direct the Central Bank of Iraq to formulate an economic policy and open documentary credits to all merchants of all categories according to a policy drawn up by the Central Bank in agreement with the Federal Bank to get rid of the parallel price."
Al-Hamdani stressed, “Iraq enjoys a strong economy and the political tremors do not affect its economy, but the Central Bank witnessed a demonstration by affected people who deposited their sums without result, and confidence today is lost.”
He stressed, "the need for the Central Bank and the security authorities to monitor and hold accountable those who trade in the unofficial exchange market, and the government must provide all service means to facilitate the transfer of amounts."
Al-Hamdani added, "The state holds accountable and imprisons traders for a few hundred dollars and leaves the adults. The government must take care to provide services to the Iraqi merchant, who is a strategic partner of the state."
He concluded by saying, "The Central Bank law gives it the authority to provide paper and metal currencies, and the Iraqi merchant needs the dollar in light of the large disparity in prices. It is illogical for him to wait several months to obtain the currency."
Wafaa Al-Fatlawi LINK
"STATUS OF THE RV" BY DINAR IRAQ & DONG VIETNAM, 10 NOV
STATUS OF THE RV
The CBI and the Finance Committee are really tightening their restrictions on the dollar.
They need to get this de-dollarization process ended.
Why not just make the dinar much more valuable than the dollar “officially” by raising the rate?
So, we can see the CBI wants to follow up on this outcome.
But who is stopping it?
But we know they first have to create the demand for the IQD outside of Iraq.
That is the hurdle the CBI is now working on.
They must now get agreements in place to accept the dinar in trade transactions with other Arabic countries and other developed nations trading partners.
Iraqi economic expert Khaled Haider told us on Tuesday, that the exchange rate of the US dollar against the Iraqi dinar on the black market would stabilize in parallel with the government pricing, starting next year.
This is not the first time we have heard this news.
Can they do it?
I will tell you one thing I know for sure is that they must stabilize the parallel rate with the “official” rate by 2% and we all should know this by now.
This is direction from the IMF.
So will the rate in January be the rate we want as the “official” rate or still the 1320 or another program rate?
V All I can say to answer these questions is what I know and am being told by my CBI contact right now.
I am told that the committee my contact is working with will begin the re-education about the process to delete the zeros, in mid-November but only if the Israel completes it’s job in the Gaza strip.
Contrary to Arab sentiment with the Palestine cause, the CBI seems to stay neutral in this matter and knows it will not get a signoff form the US if this is not settled with Hamas and it is not irradicated.
Personally, I do not think Israel is going to be pulling out of Gaza by mid-November.
On Tuesday (November 7, 2023), a very informative article was published by development and investment expert Amer Al-Jawahiri.
He identifies three negatives to the Central Bank’s electronic platform for selling the dollar.
We must stand firm in our prayers.
Just look back to last January and see all the changes in Iraq.
Also look back to this period and see all the exposure in the US of the corruption.
But in either case its still not all done.
It is November 2023 already and the election cycle is just around the corner.
So, if God is going to bring on his storm and change the direction of this nation in a way only God can do and people will recognize that it is God and not the elections, then it must be done very shortly.
Economist: Targeting US bases contributed to the rise of the dollar, 10 NOV
Economist: Targeting US bases contributed to the rise of the dollar
Baghdad - Iraq Today:
Financial and banking expert Mahmoud Dagher mortgaged the return of the stability of dollar exchange rates to stop the smuggling of foreign currency, while revealing the relationship of the reasons for the high rate of foreign remittances from the currency auction targeting US bases inside Iraq.
Dagher said in a press interview, "The rise in the process of foreign remittances to the Central Bank's sales of the currency auction is justified, considering that since the start of the war on Gaza and the targeting of some armed factions military bases inside Iraq, Washington pushed the tightening and rejection of many foreign remittances issued by the Central Bank, for reasons that may be considered as a pressure card on Iraq to reduce these attacks, but some messages exchanged between Baghdad and Washington have eased the severity of the American emphasis on remittances. Foreign Affairs, and this is what prompted its rise because many of it was stacked over the past days."
Dagher added that "there is no return to the stability of the exchange rates of the dollar against the Iraqi dinar in its natural form, except through controlling the borders and reducing the smuggling of foreign currency outside the country's borders."
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