The reason why there's no news coming out of Iraq is because Iraq is done with everything. They finished everything needed to revalue. They're ready to revalue but they can't and they're not going revalue immediately because they have to clean up corruption. Article: "Al-Halbousi faces 4 criminal charges after the end of his presidency" Boom!... Halabousi is going to be facing 4 criminal charges.
In order for the 2023 budget to be implemented Iraq needed to have publicly posted in the Gazette the budget operating instructions. They never did that. That step never happened... Iraq has not implemented its '23 budget that's why they have to resort to financing salaries and have done so since July...If they had an active budget they would not need to finance.
RayRen98
[via Babysmom] ...THIS MORNING "3 LTR GUYS SAY THEY ARE NOT SURE IF WE WILL SEE "IT" THIS MORNING OR LATER TODAY AFTER THE MARKET OPENS...BUT THEY ARE DEFINITELY THINKING "TODAY".. TIME WILL TELL"; "... "ALL IS READY, AND WE JUST GOT THE (GO) SIGNAL. ALL SYSTEMS READY...NO HOLD UPS IN SIGHT.TIME WILL TELL".
Iraq’s Federal Court Rules on Election Law: A Turning Point in Iraq’s Politics
In a defining moment for Iraq’s political landscape, the Federal Court has rendered a decision on a lawsuit filed by the Patriotic Union of Kurdistan (PUK). The lawsuit, centered around the parliamentary election law, could recalibrate the balance of power within the Iraqi Parliament and shape the course of future elections. The PUK, a pivotal political entity in the Kurdistan region of Iraq, likely challenged aspects of the election law perceived as inequitable or detrimental to its interests. While the court’s decision’s specifics remain undisclosed, its ripple effects will undoubtedly captivate political factions and voters across Iraq.
Termination of Parliament Speaker’s Membership
The Federal Supreme Court’s decision, delivered on Tuesday, November 14, has led to the termination of the Parliament Speaker, Mohammed Al-Halbousi’s membership. This drastic action follows ‘forgery’ allegations tabled by MP, Laith Al-Dulaimi. The ruling is binding for all authorities and leaves no room for legal appeal, underscoring its finality and weight. As a result, the quest for a new Speaker of the House is on the horizon, although the official nomination process has yet to kick off.
Implications for Iraq’s Political Landscape
Given the significant role of the Speaker of the House, this move could trigger a seismic shift in Iraq’s political landscape. It directly relates to the ‘Iraq Court rules on election law’ topic, amplifying its relevance and potential ramifications. The court’s decision, clear in its intent and unambiguous in its enforcement, signals a new chapter in Iraq’s democratic process.
Eyeing the Vacant Seat
Amidst this political turbulence, Issa Al-Issawi, a leading figure in the al-Siyada Alliance, has hinted at the possibility of his appointment to the Iraqi Parliament to fill the seat left empty by the ousted Council Speaker, Mohammed al-Halbousi. Like before, any move in this direction will be closely watched, as it could further influence Iraq’s evolving political narrative.
Iraqi PM Chairs Meeting on Oil Projects; Emphasises on Bilateral Energy Ties, 20 NOV
In a significant move demonstrating the government’s unswerving commitment to Iraq’s economic development, Prime Minister Mohammed Shia’ Al-Sudani presided over a crucial meeting. The agenda was to scrutinize the progression of projects falling under the purview of the Ministry of Oil. The meeting underscored the vitality of the oil sector to Iraq’s economy and the government’s earnest dedication to evolving its energy infrastructure.
Discussion on the Progress of Oil Projects
The meeting was an extensive discussion about the status and advancement of various oil-related projects integral to the country’s economic growth. The objective was to ensure that these projects are progressing as per the planned timeline and to address any issues that could potentially delay their completion. The Prime Minister’s involvement in such a detailed review signals the high priority accorded to these projects by the Iraqi government.
Strengthening Bilateral Energy Ties
As part of the meeting, the oil minister of Iran and the electricity minister of Iraq highlighted the necessity for enhancing bilateral ties in the field of energy. This discussion underlines the strategic importance of collaborative energy partnerships for Iraq’s energy sector development. Such partnerships could provide a robust platform for the country to leapfrog its energy infrastructure, thereby fueling its economic growth.
Commitment to Banking Reforms
In addition to the focus on the oil sector, the Prime Minister also led a meeting on Tuesday to monitor the progress of banking reforms. These reforms are expected to streamline the financial sector, thus further bolstering the nation’s economic growth. The Prime Minister’s proactive engagement in monitoring these reforms indicates the government’s comprehensive approach to economic development, with a keen eye on both energy and financial sectors.
Article: "Iraqi banks begin straightening their accounts in UAE dirhams next week" There you go next week they start a different currency swap. This one is now going to be with the UAE. They're currently working on India as well...This is...necessary for them to do business with one another...
These currency swaps can start happening but in order for us to see any real results it's going to take at least the rest of the year for this thing to get ironed out and implemented...The end of the first quarter of 2024...we'll start to see some results.
Without a doubt these last few months for Iraq have seemed very good. They're heading in the right direction. They're doing all the things necessary to be accepted back into the International community. Little by little they're gaining back privileges that they didn't have before. Before long they'll have their own sovereignty. We know they are currently working on the ascension into the World Trade Organization.
We know now their banks are able to do international foreign exchange transfers into the bank and other countries are doing currency swaps with them. The good news doesn't end there...
The thing that's disgusting about the Vietnam dong is it appears they are comfortable and content with leaving the rate low...
Iraq’s Political Balance Teeters: Shia Factions Express Concern over Potential Shift
In a significant twist in the Iraqi political narrative, the Shia factions, currently in power are expressing growing unease over a potential shift in the country’s delicate sectarian balance. This disquiet has been triggered by the withdrawal of the Sadrist movement, a prominent Shia group led by Muqtada al-Sadr, from the government formation process, sparking apprehensions of amplified influence for Sunni political forces.
Unraveling the Sectarian Tapestry
The term ‘اختلال التوازن المكوناتي’ casts light on the imbalance in the representation of distinct sectarian components, a sensitive issue in Iraq’s intricate sectarian and ethnic mosaic. The Shia groups in power are cautious that the exit of the Sadrists might disrupt the established sectarian quota system, known as Muhasasa Ta’ifia, potentially offering Sunni factions a stronger foothold in Iraqi politics.
Repercussions of Political Shifts
The Iraqi Supreme Court’s decision to revoke the membership of Mohamed al Halbousi in the Council of Representatives holds grave implications for the fragile Iraqi political process, which rests on a precarious ethno-sectarian balance. This move has led to the resignation of three ministers and potential political shifts within the parliament, impacting the balance of power. Halbousi’s removal fuels concerns regarding the marginalization of the Sunni minority, raising the specter of violence and instability in the region.
Regional Ramifications
The timing of this development resonates as Iraq is caught in the crossfire of the Israel-Hamas war and is in the throes of an election campaign to reinstate provincial councils. Iran-backed militias have escalated their attacks on US bases in Iraq and Syria, causing minor injuries to US personnel. The US stance is one of calculated caution, striving to discourage militants while avoiding a broader conflict in the Middle East. The attacks have spiked post the Israel-Hamas conflict, intensifying concerns about potential violence escalation in the region.
The Iraqi Ministry of Transport’s announcement of reactivating eight previously dormant rail lines signifies efforts to improve transportation infrastructure in the country. Simultaneously, Iraq’s General Company for Air Navigation Aviation Communications’ participation in the AOWS system’s training workshop and inspection indicates a commitment to boosting aviation operations. However, the ongoing tensions in the region are underscored by the Iraqi Resistance’s drone attack on US occupation forces.
Central Bank of Iraq Fines Banks and Exchange Companies 128 Billion Dinar, 19 nov
In an unprecedented regulatory move, the Central Bank of Iraq has imposed hefty fines totaling 128 billion Iraqi dinars on banks and exchange companies. The fines have been levied due to various infractions spotted by the financial watchdog. What the exact nature of these violations is, remains to be detailed. However, such actions usually stem from activities that stray from the country’s legal and regulatory frameworks managing financial operations.
Commitment to Financial Integrity
The Central Bank’s recent measures clearly reflect its unwavering commitment to upholding the integrity of Iraq’s financial system. The imposed fines serve as a stern reminder to all financial institutions about the importance of strict adherence to established rules and regulations. It signifies the Central Bank’s proactive approach in ensuring that the financial entities operate within the set legal boundaries.
Implications for the Financial Sector
These penalties are expected to have far-reaching implications for the financial sector of Iraq. The fines are not just punitive measures, they also function as preventive actions designed to discourage potential future violations. The enforcement of these fines sends a clear message to all financial entities about the serious consequences of flouting established regulations.
Strengthening the Financial Foundation
By taking such stern measures, the Central Bank of Iraq is demonstrating its dedication towards strengthening the financial foundation of the country. Ensuring compliance with regulatory norms is vital for maintaining trust in the financial system, thereby promoting economic stability and growth. As the Central Bank continues its vigilant oversight, it is expected that such actions will serve to fortify the nation’s financial sector, making it more resilient and robust against any future challenges.