Exchange companies are back operating and demand will decrease – an expert explains the decision to sell the dollar at the market price
On Thursday, Economist Manar Al-Obaidi stated that the recent decision by the central bank to allow banks and exchange companies to sell the dollar at market price, excluding their share of the currency window, will decrease demand in the parallel market.
Al-Obaidi, in a statement to the 964 network:
The decision will assist exchange companies in resuming their operations.
Only the dollar purchased from the Central Bank will be sold for 1,320 dinars, while the dollar purchased from travelers or other sources can be sold at the market price.
The decision will help save the dollar, as travelers often return with hard currency, and may decrease demand in the parallel market.
Exchange companies owning a share in the dollar window can differentiate between the dollar received from the Central Bank and the dollar coming from other parties by submitting relevant data that proves the sale of this share at the official price.
One can also implement formal measures to monitor the implementation of the decision. I’ll ensure there are no spelling, grammar, or punctuation errors.
Al Sudani chairs meeting on Basra-Shalamjah railway project implementation
Shafaq News / Iraqi Prime Minister Mohammed Shia Al Sudani chaired a special meeting today, Thursday, regarding the Basra-Shalamjah railway project designed for transporting passengers and pilgrims, the cornerstone for which was laid last September.
According to a statement from Al Sudani's media office, the meeting discussed the measures taken to implement the project and the administrative work related to it.
The significance of this project was emphasized due to its facilitation of travel procedures for pilgrims during the seasons of pilgrimage in Iraq. It is also deemed important for travelers between Iraq and the Islamic Republic of Iran, connecting further to the countries of Central Asia and integrating with other transportation routes.
The Prime Minister directed direct invitations to private companies for project execution and the settlement of the environmental study issue. Additionally, he stressed the importance of expediting the procedures related to completing the land acquisitions along the project route.
Al Sudani stressed the necessity to adhere to the project's timelines, urging against delays or setbacks in execution to ensure the completion of this vital project benefiting citizens and pilgrims from Iraq and other nations.
Iraqi Parliament Faces Disruption Over Gaza Crisis, Call to Expel U.S. Ambassador
Shafaq News/ The Imtidad Parliamentary Bloc's representative, Alaa Al-Rikabi, revealed on Thursday that the outgoing Speaker of the House of Representatives, Muhammad Al-Halboosi, disrupted an attempt to convene an extraordinary session to discuss the Gaza crisis and call for the expulsion of the American Ambassador, Alina L. Romanowski.
Speaking to Shafaq News Agency, Al-Rikabi disclosed that over 50 signatures were collected to hold an extraordinary session addressing the situation in Gaza. Still, the Presidency of Parliament obstructed the request.
"We submitted the request more than three weeks ago, based on Article 28 of the Council's internal regulations, and there was no constitutional right for the Presidency of the House of Representatives to reject the request," stated Al-Rikabi.
He emphasized that the outgoing Speaker postponed the request and refused to hold the session, which aimed to address the "genocide in Gaza, committed by Israel with the support of the United States."
Al-Rikabi outlined that the request included a call for the American ambassador to leave Iraqi territory and the closure of the U.S. diplomatic mission in Baghdad in protest against the events in Gaza.
Al-Rikabi added, "We will resubmit the request to the two representatives and await the result and the date of the special session regarding what is happening in Gaza and the closure of the U.S. embassy in Baghdad."
Last October, the leader of the Sadrist movement, Muqtada al-Sadr, called on the Iraqi government and parliament to vote on a decision to close the United States embassy in Iraq to show support for the Palestinians.
Responses among parliament members varied, with some welcoming the call and others expressing concerns about the impact of severing diplomatic ties.
Since the October 7 incident, Iraq has emerged as one of the earliest and most vocal supporters of the Palestinian cause, vehemently denouncing the Israeli attack and aggression on the Gaza Strip.
The official stance of Iraq, marked by an unwavering anti-Israel position, has been complemented by widespread popular demonstrations, underscoring the country's solidarity with the Palestinians. Simultaneously, armed Iraqi factions have issued threats of entering the conflict unless Tel Aviv ceases its actions in Gaza.
In a noteworthy move, the "Islamic Resistance in Iraq" has declared numerous attacks on American bases in Iraq and Syria, framed as expressions of solidarity with the Palestinian people.
The dynamics of the conflict, fueled by Israel's actions and backed by the United States, leave the future of the war uncertain. The potential for opening additional fronts remains unpredictable, adding complexity to an already volatile situation in the region.
Iraq regains orbital rights for satellites in ITU decision
Shafaq News/ Iraq has successfully regained its orbital rights for satellites, according to an announcement made by Ali Al-Muayyad, the head of the Media and Communications Commission, during the World Radiocommunication Conference (WRC23) held in the United Arab Emirates.
Al-Muayyad revealed that the International Telecommunication Union has approved the adoption of new satellite orbits for member states, including Iraq, within the Broadcast Satellite Service (BSS). This decision marks a significant achievement for Iraq and is the outcome of more than a decade of continuous coordination with the International Telecommunication Union.
The approval involves replacing old and expired orbits with new ones, signifying an important milestone for Iraq's satellite communication capabilities.
In a series of strategic moves away from U.S. influence, Iraq has solidified its ties with Russia and China, marking a major shift in the geopolitical landscape with significant economic implications.
Perhaps creating the final impetus for a revaluation (RV) of the Iraqi Dinar (IQD).
As the U.S. focuses on the Israel-Hamas War, China and Russia have strategically expanded their presence in Iraq, aiming to capitalize on its potential as a major crude oil producer and a vital link in the logistical network connecting Eurasia to Europe.
Recently, in a key Cabinet meeting chaired by Prime Minister Mohammed Shia Al-Sudani, Iraq took a major step towards increasing its oil production and exports to China.
42nd Session of Iraqi Cabinet with Prime Minister Al-Sudani. Source: Iraqi Business News
The Cabinet agreed to boost crude oil exports to China by 50%, raising the daily production capacity of Iraq’s largest oil field, Rumaila, to 1.4 million barrels per day.
This is part of Iraq’s ambitious plan to reach 8 million barrels per day by 2028.
Simultaneously, Iraq pledged full support for the ‘Iraq-China Framework Agreement’ signed in December 2021, resembling the comprehensive ‘Iran-China 25-Year Comprehensive Cooperation Agreement.’ Central to these agreements is China’s priority access to Iraqi oil, gas, and petrochemical projects, coupled with a substantial discount on purchases.
China will also be permitted to establish factories across Iraq, supported by extensive infrastructure development, including crucial railway links aligned with China’s ‘Belt and Road Initiative.’
As these agreements unfold, the presence of Chinese security personnel, backed by Iranian counterparts from firms like Khatam al-Anbia, will be prominent at key project sites.
Furthermore, Russia’s long-term plans to exert influence in Iraq have advanced, with Prime Minister Al-Sudani meeting Russian President Vladimir Putin in Moscow.
Iraqi Prime Minister Al-Sudani Meeting with Russian President Putin on October 10th 2023. Source: Iraqi News
Discussions extended beyond the oil sector to include the future of oil exports from Kurdistan to Turkey, where Russia’s Rosneft plays a pivotal role. Iraq’s Deputy Prime Minister for Energy and Oil Minister also engaged with Gazprom Neft to discuss upcoming oil and gas projects.
These developments signal a major shift in Iraq’s alliances and geopolitical positioning.
As China and Russia deepen their involvement, the Iraqi Dinar could see a strengthening exchange rate, driven by increased oil production, strategic partnerships, and the infusion of foreign investments into the country’s infrastructure.
As this strategic shift continues to play out, we will likely witness a transformed economic landscape for Iraq, perhaps finally leading to a revaluation of Iraqi Dinar
.
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