Tuesday, November 14, 2023
Al-Sudani and Zidane discuss judicial efforts to deter dollar speculators, 14 NOV
Al-Sudani and Zidane discuss judicial efforts to deter dollar speculators
Prime Minister Muhammad Shia al-Sudani and the head of the Iraqi Judicial Council, Faiq Zaidan, discussed on Sunday the judiciary’s efforts to hold manipulators and hard currency speculators accountable.
This came during a meeting between Al-Sudani and Zidane, according to a statement received by Shafaq News Agency, during which a number of files and judicial procedures taken were discussed. For the rule of law and to enhance security and stability in the country.
The two sides discussed the importance of strengthening the efforts made by the Iraqi judiciary in holding accountable those who manipulate the people’s livelihood and foreign currency speculators. With the aim of destabilizing the market, affecting the living conditions of citizens, and disrupting government plans to achieve economic and financial reform. LINK
Iraq Expands Access to US Dollars for Banks Following Agreement, 14 NOV
Iraq Expands Access to US Dollars for Banks Following Agreement, 14 NOV
ERBIL — Iraq and the United States have reached an agreement to expand the number of Iraqi banks receiving US dollars directly, a government source said on Sunday.
Following recent discussions between the central bank and the US, this number will increase to 10 banks. Citibank will handle payments for five banks, while JP Morgan will manage the remaining five, the source told state media Iraqi News Agency.
Meanwhile, the number of banks handling Chinese yuan through the Singapore Development Bank is set to rise to 13, the source noted.
Speaking to BasNews, Khalil Ghazi, a member of the Iraqi Parliament's Finance Committee, pointed out that the agreement is expected to impact the dollar's price and contribute to market stability.
Despite the central bank's official exchange rate of 132,000 dinars per 100 dollars, the market rate has reached 160,000 dinars, rising to 170,000 dinars by the end of the previous week. The central bank recently imposed restrictions on dollar withdrawals to align with the official rate.
Kurdistan Region President Urges Resumption of Oil Exports Amid Revenue Loss, 14 NOV
Kurdistan Region President Urges Resumption of Oil Exports Amid Revenue Loss
In a significant move toward economic stability, the President of the Kurdistan Region, Nechirvan Barzani, has underscored the urgency to reinstate the region’s oil exports. In a meeting with Iraqi Oil Minister Hayyan Abdul-Ghani, Barzani expressed concerns over the substantial revenue loss that Iraq has borne due to the halt in Kurdish oil exports. Both parties affirmed their commitment to addressing the issues and recommencing the exports, halted since March 23.
A Decision Born Out of Necessity
The export suspension followed a ruling by a Paris-based arbitration court, favoring Baghdad against Ankara. The court held that Turkey had violated a 1973 agreement by permitting Erbil to kick-start independent oil exports back in 2014. The decision, while legally sound, has put a strain on the Region’s economy, leading to calls for a resumption.
The Impact on Global Oil Markets
The discontinuation has not just affected Iraq’s economy but has also sent ripples across global oil markets. The Kurdish region is a significant player in the oil industry, and any disruption to its exports can lead to fluctuations in global oil prices. Hence, the swift resolution of this issue is crucial for stability in international markets.
Stepping Towards Resolution
The talks between Iraq and the Kurdistan Regional Government (KRG) are an encouraging sign, hinting at the possible resumption of oil production from the Kurdish region’s oilfields within three days. Iraqi Oil Minister Hayyan Abdul-Ghani’s statements regarding a potential agreement with the KRG and international oil companies to facilitate the resumption of oil production and exports, further bolstered hopes for a resolution.
"RV UPDATE" BY CLARE & SANDY INGRAM, 14 NOV
Clare
Article: "An Iraqi-American agreement to enhance Iraqi bank balances in dollars, yuan, and Indian rupees" Quote: “In light of the recent meetings of the Central Bank with the American side, the number of banks that can directly strengthen their balance in US dollars has become ten banks, five through Citi Bank, and five other banks other than the first. Through JP Morgan Bank."
Article: "A government source reveals the outcomes of the meeting between the Central Bank and the American side" Quote: "It was agreed to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP Morgan), noting that the problems related to the rejected transfers were resolved..."
Article: "Intensive Iraqi-American meetings in the Emirates result in important decisions regarding external transfers of the dollar”
Quote: "The official Iraqi News Agency quoted a government source as saying that intensive meetings took place during the past few days in Abu Dhabi between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, indicating that the negotiations culminated in a number of decisions and mechanisms that contribute to facilitating procedures. Regarding external transfers related to imports through the foreign currency sales window."
Sandy Ingram
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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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...