Al-Kadhimi: US Federal Reserve's commitments to CBI are futile, 29 NOV

 Al-Kadhimi: US Federal Reserve's commitments to CBI are futile

Shafaq News / Mu’een Al-Kadhimi, a member of the Iraqi Parliamentary Finance Committee, accused the US Federal Reserve of evading inquiries from the Central Bank of Iraq (CBI) about foreign transfers and the dollar. He made these remarks following reports of an imminent meeting between the two sides.

Al-Kadhimi told Shafaq News Agency that the repeated meetings between CBI, the US Federal Reserve, and the US Treasury aim to facilitate the release of $10 billion monthly external transfers held by the US Federal Reserve. These funds remain withheld by the US Federal Reserve, and mutual agreement is necessary for their release to CBI.

He highlighted intentional delays in returning 50% of external transfers, sold via the foreign currency sale and purchase window, in previous stages. These concerns were a core focus in repeated meetings between CBI and the US Federal Reserve, questioning the reasons for the delays and refusals that obstruct the country's economic activity.

Moreover, Al-Kadhimi pointed out the predicament faced by Iraqi merchants, who officially submit documents to CBI for purchasing dollars at the official rate, pay billions of dinars to CBI, but later face refusals from the US Federal Reserve to fulfill their dollar purchase requests without understanding the reasons behind these refusals.

He criticized the US Federal Reserve officials for evading responses to inquiries from CBI about the reasons for rejecting external transfers, claiming that their repeated reassurances to address the issue in the near future have yielded no results.

It is noteworthy that Washington rejected Iraq's request for $1 billion in cash from the Federal Reserve, arguing that it contradicts efforts to restrain Baghdad's dollar use and halt unlawful cash flows to Iran, as reported by the Wall Street Journal. US officials stated that cash in Iraqi hands has become a lucrative source for illicit dollars flowing to corrupt militias, politicians, and Iran.

Additionally, CBI stated earlier in October that dollar shipments sent by the US Federal Reserve were following an agreed-upon schedule between the two monetary institutions.

https://shafaq.com/en/Iraq-News/Al-Kadhimi-US-Federal-Reserve-s-commitments-to-CBI-are-futile

🔥Iraqi Dinar🔥It will be 1 to 1🔥News Guru Intel Update IQD Value to USD🤑💵🤑🎉

"RV UPDATED" BY MARKZ, 29 NOV

 MarkZ  

 [via PDK] 

  ”Central Bank Governor: Washington responds to all that Iraq needs in terms of dollars and meeting with it next month 28th of Nov.”  This article was from yesterday.  Quote:  “There are no restrictions on Iraqi funds abroad”  This is what we call “International”  Awesome things are coming out of Iraq. 

 Question:   I am hearing that a Dinar rate announcement is likely in the next couple days...are you hearing the same with reason for confidence?  

 MarkZ:  I am hearing that.

  In Iraq they are saying that the dinar will soon be the master currency again…meaning the most valuable.Before the invasion of Kuwait = Iraq had the most valuable currency in the world.   Kuwait came in second… They are telling us very clearly we are still in the window…imo.

 From Iraq:  “The dinar will recover: Iraq nears imminent end of dollar crisis before end of 2023”

 We all know only one thing that will cure the dollar crisis …and that’s a new higher dinar value. They are telling us this is coming….

Iraq Sets New Minimum Wage Standard: A Step Towards Economic Reform, 29 NOV

 Iraq Sets New Minimum Wage Standard: A Step Towards Economic Reform

The Chairman of the Finance Committee, Attwan Al-Atwani, has declared an agreement with the committee responsible for the Diwani Order salary scale, committing to a minimum salary of 425,000 Iraqi Dinars. This decision is expected to significantly affect public sector employees and could potentially set a new standard for minimum wage requirements in the Iraqi job market.

Steps Towards Economic Reform

The announcement is seen as a significant stride towards economic reform, potentially impacting the livelihoods of a multitude of Iraqi citizens. The new measure aims to establish a base income threshold, which could ultimately lead to improved living conditions and financial stability for many.

Implications of the Agreement

While the agreement primarily affects public sector employees, the implications could be far-reaching. Not only could this set a new standard for minimum wage in Iraq, but it could also lead to increased pressure on private sector employers to raise their wage scales. Moreover, the decision might have a ripple effect, prompting other countries in the region to reassess their wage structures.

Public Reaction and Future Prospects

Despite the landmark agreement, reactions have been mixed. Some welcome the decision as a long-overdue step towards financial equality, while others fear it might lead to job cuts or increased living costs. Regardless, the decision marks a significant shift in policy and could serve as a stepping stone to more comprehensive economic reform in Iraq.

https://bnn.network/politics/iraq-sets-new-minimum-wage-standard-a-step-towards-economic-reform-2/

Iraq’s Central Bank Reveals Decreasing Inflation Amid Regional Economic Turmoil, 29 NOV

 Iraq’s Central Bank Reveals Decreasing Inflation Amid Regional Economic Turmoil, 29 NOV

The Central Bank of Iraq has recently shared insightful data on the inflation patterns not only within Iraq but also in neighboring nations and other Arab states. In a surprising turn of events, the inflation rate in Iraq has demonstrated a decrease compared to the previous year. This achievement of price stability stands in stark contrast to the economic situation in many of its neighboring countries and other Arab nations, where inflation has soared to double, even triple-digit numbers.

Steady Amid Turbulence

As of August 2023, Iraq’s inflation rate stands at an approximation of 3.7%. This figure is particularly impressive when compared to the inflation rates of its major trading partners, Iran and Turkey, which have recorded inflation rates of 46% and 57% respectively. The stark contrast in these numbers is a testament to the success of the Central Bank’s monetary policy tools in maintaining price stability and keeping inflation rates within acceptable bounds.

Challenges Across Borders

In neighboring Iran, a leaked document from the Islamic Revolutionary Guard Corps (IRGC) has raised alarm bells. The document warns of a dramatic increase in discontent due to the deteriorating economy, which has been severely impacted by U.S. sanctions and years of mismanagement. The document cites a staggering 300% rise in social discontent over the past year and reveals that protests have increased by nearly 50%. Even more concerning, the number of protesters involved has almost doubled. The real inflation rate for basic food items in November 2021 was registered to be between 86% and 268%.

Resilient Currency

Despite the inflation trends, the Iraqi Dinar has shown resilience. As of November 29, 2023, the exchange rate for the Iraqi Dinar to the Dollar stood at 0.0008. This value is higher compared to the previous day’s rate. An amount of 50 Iraqi Dinar was buying 0.04 Dollars at interbank exchange rates.

https://bnn.network/finance-nav/inflation/iraqs-central-bank-reveals-decreasing-inflation-amid-regional-economic-turmoil/

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"RV UPDATE" BY FRANK26, 29 NOV

Frank26 

  The meeting the CBI will be having with the United States Treasury is to finalize the new exchange rate that they talked to the UST with last month.  It's all about the accounting right now.  It is not about the political situation...laws being passed...troops...missiles from Iran.  

It's not about anything but the accounting mathematics of your new exchange rate and that's what they're doing with the US Treasury.  When they come back from the US Treasury I believe with all my heart you will then see the next phase which will be the HCL and a movement of the exchange rate to 1000 to 1...At a flip of a switch it will be 1 to 1...and Iraqi citizens will then have purchasing power...

 A lot of the sites that study the Iraqi dinar they are on the same page that we are on now.  We're at that point where it's a venturi effect.  

Everything is being squeezed into a narrow little opening and it's creating a lot of pressure, which is good.  It's positive pressure.