Media Advisor To The Prime Minister: The Battle For The Dollar Is Almost Over
Political Baghdad – IA The media advisor to Prime Minister Hashem Al-Rikabi confirmed today, Friday, that the battle for the dollar is nearing its end.
Al-Rikabi said in a blog post on his account on the “X” platform, followed by the Iraqi News Agency (INA): “The reform plans for the financial and banking system undertaken by the government and the Central Bank of Iraq aim to build strong foundations for the stability of the economy, pave the way for creating a suitable climate for investment, and end the eras of unfair trade.”
Legitimacy, dollar smuggling, and speculative operations in the market.” He added, "In short, the battle for the dollar is almost over." https://www.ina.iq/197977--.html
US forces attacked 4 times in Iraq, Syria within hours
Attacks purportedly being carried out by Iran-backed militias have continued to target US forces in neighbouring Iraq and Syria.
U.S. forces were attacked four times in Iraq and Syria on Thursday with rockets and armed drones, but there were no casualties or damage to infrastructure, a U.S. military official said.
Speaking on condition of anonymity, the official said U.S. and international forces were attacked at two sites in northeastern Syria with multiple rockets and a one-way attack drone.
In Iraq, multiple one-way drones were launched at the Ain Al-Asad airbase west of Baghdad and a drone was launched at a base housing U.S. forces near Erbil airport in northern Iraq.
A group calling itself the Islamic Resistance in Iraq, which analysts say is a catch-all for several Iran-aligned Iraqi armed groups, had claimed attacks on those locations earlier in the day.
The attacks come the day after the U.S. struck the Iran-aligned Kataeb Hezbollah (KH) armed group south of Baghdad in an attack that KH said had left eight members dead.
The attack was condemned by the Iraqi government as escalatory and a violation of sovereignty.
U.S. officials said the United States had struck Iran-aligned groups after an escalation in their attacks that have targeted U.S. and international forces dozens of times since October 17, 10 days after Israel's war on Gaza began.
As of Thursday, there had been 36 attacks in Iraq and 37 in Syria, the U.S. military official said.
Central Bank of Iraq: Washington responds to our needs of the dollar
24/11/2023, 13:06:47
Highlights: The Central Bank of Iraq seeks to stop the dependence of the dollar in internal transactions. Governor Ali Al-Alaq said that the Federal Reserve (US Central Bank) and the US Treasury Department respond to all requests related to providing and enhancing what Iraq needs from the dollar. He said that in the meetings, all matters are reviewed, with emphasis and focus on the issue of regulating external transfers in order to ensure the integrity of the financial system. The Central Bank has completed the procedures for opening accounts in dirhams, Chinese yuan and Indian rupees.
The Governor of the Central Bank of Iraq said that the US Central Bank and the Treasury Department respond to all requests related to providing and enhancing what Iraq needs from the dollar by following the proper rules and standards for the movement of funds.
The Central Bank of Iraq seeks to stop the dependence of the dollar in internal transactions (Al-Jazeera)
The Governor of the Central Bank of Iraq Ali Al-Alaq said that the Federal Reserve (US Central Bank) and the US Treasury Department respond to all requests related to providing and enhancing what Iraq needs from the dollar by following the proper rules and standards for the movement of funds.
Al-Alaq said – in an interview with the official Iraqi News Agency (INA) on Friday – that the Central Bank of Iraq is in constant communication with the US Treasury Department and with the US Federal Bank, noting that "this communication continues permanently, and there are quarterly meetings held to review all matters related to this relationship."
He added that in the meetings, all matters are reviewed, with emphasis and focus on the issue of regulating external transfers in order to ensure the integrity of the financial system, especially after the implementation of the new system of external transfer, which requires a lot of coordination.
He pointed to the creation of a new relationship between Iraqi banks and internationally accredited correspondent banks abroad, where the process is confined between them, and the role of the Central Bank of Iraq and the US Federal Reserve is the process of monitoring and supervision, pointing to the start of a while ago to find a relationship between correspondent banks and Iraqi banks.
Iraq has succeeded in opening more than 40 accounts for Iraqi banks with correspondent banks or abroad, al-Alaq said.
The relationship between the Central Bank of Iraq has diversified the currencies in which transfers are made abroad (Iraqi press)
Currency Diversification
To increase flexibility and facilitation in the external transfer process, Al-Alaq indicated that the Central Bank of Iraq has diversified the currencies in which transfers are made abroad, and there are transfers in addition to the dollar, in both the euro and the UAE dirham.
He stressed that the Central Bank has completed the procedures for opening accounts in dirhams, Chinese yuan and Indian rupees, pointing out that there are understandings with the Turkish side to make transfers through Turkish banks in euros or Turkish currency, noting that all this is done in coordination with the Federal Bank and the US Treasury.
The Governor of the Central Bank said that they aim to reduce pressure on the demand for cash dollars, as importers must carry out import operations through the fundamentalist external transfer, but some traders in Iraq do not take this path, but go to pressure the dollar cash in the market, so the imbalance in the price occurs, and to counter that, the government issued a decision that it is not permissible to deal with the dollar locally.
He pointed out that the general principle approved by the Council of Ministers that trading or payment inside Iraq is in dinars, but there are cases currently being studied that can be excluded.
US support for Israel fuels Iran-supported factions
Shafaq News / ON THE DAY meant to honor Hezbollah’s own martyrs, the group’s secretary general, Hassan Nasrallah, dedicated a considerable portion of his speech to fighters elsewhere in the region. In a televised address on November 11, Nasrallah praised not just Hezbollah’s strikes on Israel launched from southern Lebanon, but also “supporting fronts” in Iraq and Syria, where armed groups have carried out more than 60 attacks on American troops in the past month.
“These actions reflect great courage because it is the Americans they are fighting, the Americans whose fleets, aircraft carriers, and bases fill the region,” Nasrallah said of his Iraqi allies. “If you Americans want these operations on the supporting fronts to stop, if you don’t want regional war, you must stop the aggression and war on Gaza.”
Nasrallah’s words indicate growing unity among the so-called axis of resistance, a network of Iran-backed actors in the Mideast that includes Hamas, Hezbollah, the Syrian government, the Houthis in Yemen, and armed groups in Iraq and Syria. Though this unity and the violence it threatens to unleash has not yet translated into major military action, it marks the most significant backlash to the U.S. presence in the region in recent years.
The resistance narrative has found appeal beyond members of the axis, many of whom the U.S. considers terror organizations. Even in more moderate circles, America’s unfettered support for Israel, in the wake of the Hamas attack on October 7, has fueled anti-American sentiment in a region where many people see Israel’s relentless bombing of Gaza as an extension of decades of unjust U.S. policy in the Middle East.
Gut-wrenching images of bombing victims in Gaza have brought back memories of bloody conflicts the U.S. has waged or supported in places like Iraq and Yemen, with Western reluctance to condemn Israel for massive Palestinian casualties reminding Arabs and Muslims how little their lives seem to factor into Western policymaking.
The lackluster response of Arab nations has allowed militant groups to capitalize on popular outrage and bolster their resistance credentials by positioning themselves as the only ones willing to stand up to Israel and its backers.
In Iraq, Israel’s war on Palestine has regalvanized armed factions that formed in the wake of the 2003 U.S. invasion, an anti-occupation cause they see as directly linked to the Palestinian struggle for freedom. In just the last 24 hours, there have been several engagements between Iraqi militants and U.S. forces.
In his Baghdad office, Kataib Hezbollah military spokesperson Jaafar al-Husseini arrived for our meeting at the end of October in an upbeat mood that seemed at odds with the bloodshed that engulfed the region since October 7. “To the contrary, this is the easiest of times,” he explained. “This is a straightforward battle. Palestine is the fundamental issue.”
Kataib Hezbollah is the most secretive and most powerful of the Iraqi resistance groups. Although they’ve been partly incorporated into the government security apparatus as part of what Iraqi officials describe as a gradual demobilization — critics call it state capture at the hands of Iranian proxies — they relapse into violence during times of perceived Western meddling. The Pentagon’s recent decision to deploy aircraft carriers and personnel to the Middle East was taken as evidence of direct U.S. involvement in the Israel–Palestine conflict.
“America is a partner in this battle and in killing Palestinians, and therefore, they must pay the price,” al-Husseini said. “What is happening now in terms of targeting American bases is a natural response of the resistance fighters.”
Iraq’s “resistance” factions have momentarily put aside rivalries to jointly claim responsibility, via a newly established Telegram channel, for dozens of rocket and drone attacks on American troops stationed in Iraq and Syria to fight the Islamic State group, which the Pentagon says have resulted in several light injuries.
These ripple effects were part of Hamas’s calculus to help shatter what the Palestinian group regarded as an untenable status quo in the occupied territories. The prospect of a political solution had faded in recent years amid increased violence and expulsions by Israelis, especially in the West Bank, under the watch of the most right-wing government in Israel’s history.
Dubai to host investment conference for Iraq in December
Shafaq News / The Iraqi-British Business Council is preparing to host its conference in Dubai on December 7th - 8th, aiming to bolster partnerships and drive economic transformation in Iraq, as reported by the Emirati newspaper "Al Khaleej."
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, is scheduled to deliver a speech titled "Building a Sustainable Future" on the conference's second day.
Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs, expressed joining efforts with Iraqi friends and the Iraqi-British Business Council to discuss collective endeavors aiding the country in its reconstruction process. The conference aims to gather companies engaged in business and trade, fostering investment opportunities for entrepreneurs and ultimately supporting Iraq's industry and its people.
Al Saleh further stated support for the council's mission in facilitating technology transfer, infrastructure, and expertise to enhance Iraq's growth and development. The substantial growth in trade between the UAE and Iraq, surpassing 60% in 2022, emphasizes the increasing economic ties between the two countries, according to the conference management.
The event underscores the UAE's position as the primary commercial hub for Iraq and highlights the nation's growing role in facilitating international cooperation. The Emirates are regarded as a meeting ground for stakeholders ranging from the UK, European Union, and the United States to India, Turkey, Iraq, and the Gulf.
Moreover, the UAE offers immense investment opportunities for companies operating in Iraq, without the need for administrative and bureaucratic hurdles present within Iraq. Christoph Michels, the conference's Managing Director, highlighted the UAE's ideal location, connecting international firms to Iraq as a regional hub.
Michels emphasized the conference's importance, expecting significant attendance by decision-makers. He anticipates participants to engage with key figures, considering the event's timing and its focus on pivotal issues like economic sustainability, education, finance, and climate change.
Fikas Handa, the UAE representative at the regional level in the council, noted the conference's anticipated importance in long-term development and foresight for Iraq.