Public Figure Calls for Biden’s Action on Gaza Crisis, 17 DEC
In a recent public call to action, a prominent figure has urged President Biden to address the escalating crisis in Gaza. The figure, whose identity remains undisclosed, took to Twitter to voice two specific requests directed at the Biden administration. The tweet, however, was obscured due to JavaScript being disabled in the browser.
Request to Withhold Funds
In the first part of their plea, the individual called on President Biden to withhold the proposed $10 billion aid to Netanyahu’s government. The figure labeled the Netanyahu administration as right-wing and criticized its ‘horrific military strategy.’
Support for a UN Humanitarian Ceasefire
The second part of the appeal entailed an urgent request for President Biden to support a United Nations humanitarian ceasefire. The ceasefire, it is hoped, would allow critically needed aid to reach the embattled people of Gaza, additionally facilitating the release of hostages.
U.S. Stance on Gaza Conflict
The web page also featured transcripts from the PBS NewsHour on December 13, 2023, addressing several international issues, including the conflict in Gaza. The U.S. expressed concern for civilian safety in Gaza, urging Israel to take proactive steps to protect civilians.
The U.S. is also said to have discussed its stance on conflicts and diplomatic efforts to resolve these issues, including interactions with nations like China, Iran, Iraq, and Bangladesh. These discussions also spanned detainee issues in Afghanistan and concerns about human rights and democratic processes in Bangladesh and Sri Lanka.
The Central Bank of Iraq’s total dollar sales declined within a week
Shafaq News/ The Central Bank of Iraq’s total sales of hard currency to the US dollar during the past week amounted to more than 800 million dollars.
Shafaq News Agency correspondent stated that the Central Bank sold during the past week and for the four days in which the auction was opened, 883 million and 860 thousand and 97 dollars, at a daily rate of 220 million and 965 million and 24 dollars, lower than what it recorded last week, which amounted to one billion and 48 million 170 thousand and 594 dollars.
The highest dollar sales were on Wednesday, when sales amounted to 222 million, 559 thousand and 204 dollars, while the lowest sales were on Thursday, when sales amounted to 219 million, 157 thousand and 334 dollars.
Our correspondent indicated that sales of foreign remittances during the past week amounted to 801 million 30 thousand and 97 dollars, an increase of 90% compared to cash sales that amounted to 82 million 830 thousand dollars.
Our correspondent explained that the sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,310 dinars per dollar.
Article: "The delegation of the Central Bank of Iraq ends its meetings with the delegation of the US Federal Reserve and the US Treasury in Dubai" Quote: "December 14, 2023 Representatives of the US Federal Reserve Bank and the US Treasury appreciated the efforts made by the Central Bank of Iraq"
Goldilocks
Iraq has completed all of their banking competencies required by the CBI in Iraq to meet International Banking Standards. And tomorrow, they are expected to finish their banking reforms with their managers per a recent article.
Jeff
You'll be able to go to 53rd Bank on the east coast [to exchange your dinar]. I've already consulted with them. You'll be able to exchange your foreign currency there and they won't charge you any fees to exchange your foreign currency..
Introduction: Shawan Zangana The Iraqi currency issued is the banknotes issued by the Central Bank for circulation (i.e. printed), with the exception of cash in the vaults of the Central Bank, and is usually found in the vaults of local banks, and in the possession of citizens.
The size of this monetary mass depends on the economic situation in Iraq, from Where the growth of the gross domestic product, the speed of monetary circulation, and the level of prices therein, however, the monetary data of the Central Bank of Iraq confirm that the increase in the volume of the monetary mass exported does not fall under the influence of the usual economic factors, which were mentioned above, but rather is controlled by the political mood and random trends. The monetary policy pursued by the Central Bank and the Ministry of Finance, despite the Central Bank’s claim that the quantities of Iraqi currency are printed according to the needs of the Iraqi economy and within strict standards.
If we took a look at the volume of cash issued in previous years until this year, and according to the data of the Central Bank of Iraq, we would find a steady, unnatural increase in the volume of printing of the Iraqi dinar, which is not at all commensurate with the need and growth of the Iraqi economy, especially in the last five years, which was recorded in the last three years. The last of which is the pinnacle of printing.
Monetary data:
Data on the issuance and printing of the Iraqi dinar, by year, showed the following:
January 2004: 6 trillion and 189 billion dinars
As of 2/2013 AD: 36 trillion and 845 billion dinars
K2/2014 AD: 40 trillion and 786 billion dinars
K2/2019 AD: 44 trillion and 374 billion dinars
K2/2020 AD: 51 trillion and 964 billion dinars
K2/2021 AD: 68 trillion and 948 billion dinars
K2/2022 AD: 78 trillion and 206 billion dinars
K2/2023 AD: 93 trillion and 511 billion dinars
November 2023 AD: 102 trillion and 601 billion dinars
The Iraqi dinar in Iraqi banks in October 2023: 9 trillion 37 billion dinars
Source: Central Bank of Iraq website/statistical website/monetary sector, www.cbi.iq
Notes:
1- About 40 trillion dinars were issued during a period of 10 years, from 2/2004 AD, until 2/2014 AD, which is the period after the occupation, when a new Iraqi currency was printed, and this printing came to meet the market’s need, in accordance with the economic controls and mechanisms followed. about this.
2- The size of the issuance amounted to about 44 trillion dinars in February 2019, that is, a difference of 4 trillion Iraqi dinars over the period between February 2014 and February 2019, which took 5 years, with a growth rate of about 10%, and this issuance volume is the size of Printing minus the amount of destruction, and this limited increase in edition is consistent with the economic reality that Iraq has experienced due to the ISIS crisis.
3- From the beginning of 2019 AD until the beginning of 2020 AD, which is the period between Iraq’s emergence from the ISIS crisis and its entry into the Corona pandemic (Covid-19), which is the period of economic recession in Iraq, the volume of dinar issuance increased from about 44 trillion, to about 52 trillion dinars, with a difference About 7.5 trillion dinars, and the reason for resorting to this size of issuance may be the growing hoarding tendencies among citizens, due to the Corona virus, and the high rates of smuggling abroad, which led to a reduction in the monetary supply in the markets, and the increasing government demand for the dinar for the purpose of public spending.
4- The year 2020 AD is considered the year of the pandemic and economic recession, as the government imposed the economic closure, and the price of Iraqi oil fell below 20 dollars, so the government was forced at the end of it (December) to take the decision to deflate the dinar from 1,190 dinars to the dollar, to 1,460 dinars, and it appears This measure was not sufficient to cover the general budget deficit, so the government printed large quantities of dinars, until the volume of issuance reached 69 trillion dinars at the beginning of 2021 AD, and this means printing about 17 trillion dinars during the year 2020 AD.
5- The three years, from 2021 AD until the end of 2023 AD, were characterized by excessive issuance and printing of the local currency, as the volume of issuance increased from about 69 trillion dinars in January 2021 AD, to about 102 trillion dinars in November 2023 AD, an increase of about 33.5 trillion AD. These are the years that followed the decision to deflate the Iraqi dinar, and coincided with the imposition of the electronic platform on the Central Bank of Iraq, by the Financial Crimes Office of the US Department of the Treasury, which restricted the transfer of dollars that were smuggled to neighboring countries, led by Iran, through bank transfers. The Central Bank of Foreign Affairs, which led to smuggling operations being directed to local markets, causing a major and chronic imbalance in the dollar exchange rate in Iraq, from which Iraq is still suffering.
6- The printing of the dinar, in this huge quantity, in the last three years, in light of the aforementioned circumstances, came to meet the market need, and to compensate for the shortage in the local currency, which was under pressure, due to the decision to deflate on the one hand, and smuggling operations on the other hand, so it added a reason. Another is due to the high rates of inflation in Iraq, and this printing did not come due to the rapid circulation and circulation of the currency, to meet the needs of development and production, and this is an economic dilemma in itself.
7- The size of the monetary mass exported in October 2/2023 is about 102 trillion dinars, and the volume of what banks have of it is about 9 trillion in October 1/2023.. This means that there are about 93 trillion dinars in the possession of citizens, and in the markets, and it has appeared Reports and news, recently, indicate the loss of trillions of Iraqi dinars from Iraqi markets, and their smuggling to neighboring countries, but the Central Bank of Iraq denied that news, and claimed that the printing of the Iraqi currency comes according to the needs of the Iraqi economy and within strict standards, which is inconsistent with The reality of the situation… there is an actual shortage in the Iraqi monetary mass in the local markets, and the Central Bank also has, as evidenced by its delay in sending the Kurdistan region’s dues due to the shortage in the availability of its local monetary mass, and the printing of cash does not come in accordance with the needs of the Iraqi economy, as the Central Bank claims, as The economy did not witness growth in the gross domestic product in parallel with the high levels of currency printing, and the local markets did not witness tangible economic activity in conjunction with this steady increase in the printing of the dinar. Rather, the opposite is the case with the markets, as they suffer from a lack of cash and a lack of its circulation. Accordingly, the central bank does not He prints the dinar for local economic needs, but rather to compensate for the deficit resulting from smuggling operations, which he is, essentially, the main reason for their implementation and sustainability, without taking real deterrent measures to eradicate them.
8- The reasons for the lack of local monetary supply in Iraqi markets are many. Smuggling to neighboring countries, especially Iran, comes at the top of those reasons, and in conjunction with the smuggling of the dollar, in order to complete the smuggling cycle, without the need to exchange them for goods and benefits from outside the country. Inflation and deflation of the local currency also push the citizen to search for a safe haven for his dinar savings, in order to protect them and reap profits, so he buys the dollar, or gold and hoards it, or invests in stock exchanges, cryptocurrencies, and others, which was not the economic habit of Iraqis previously. Because of the stability of the local currency’s exchange rate at the time, perhaps the most dangerous thing in this area is that the citizen enters the spiral of “expectation inflation.” Whenever the citizen feels that his local currency will lose its purchasing power over time, he will experience future expectations of the dinar’s contraction, so he resorts to hedging. And constantly getting rid of its local monetary mass, this will cause a chronic contraction of the dinar and a chronic and continuous rise in inflation, and the prices of goods and utilities. This is the most severe dilemma in the world’s economies: that inflation is chronic and structural, as it will push the economy into chronic inflationary stagnation, which is difficult to address in the long term. Perspective.
Conclusion
The printing of the local currency (the Iraqi dinar) began since the restructuring of the Central Bank after the occupation, and it was carried out according to the needs of the Iraqi economy in its early days. However, printing has increased rapidly and steadily in the last five years, not to meet the needs of the economy, but rather to provide a mass of cash prepared for smuggling, and in plain sight. The government’s reputation and financial management.
The dinar was subjected to deflation due to the smuggling of the dinar and the dollar. This burdened the Iraqi economy and exposed it to chronic inflation. It created in the citizen an estranged expectation of his local currency, and he began seeking to get rid of it by investing it in safe havens, thus changing his character that he had previously become accustomed to when he hoarded the dinar. He saves it, for its strength and stability.
The continuation of smuggling operations brings with it an excessive increase in the printing of the dinar, which will suffer from a noticeable and chronic contraction, in conjunction with high rates of prices and inflation, in light of a stagnant economy, in which cash is not invested for the sake of development and production, but rather for cash exchanges aimed at profit through organized, semi-organized smuggling operations. Officially… This situation will create a state of coexistence for the citizen with his local currency, in which he loses confidence. This path has a clear direction, as it is heading towards an inflationary stagnation.
I recommend stopping the printing of local currency, planning to withdraw excess currency from local markets, and taking a bold, clear and immediate step to prevent the smuggling of dollars and dinars to neighboring countries, especially to Iran, and to stop taking cartoonish measures that are used to cover up major corruption operations, under the guise of addressing problems. Monetary and financial matters in Iraq, and being satisfied with this amount of laughing at the chins of the Iraqis, and paying attention to the interests of the people.
Article: "Iraq agrees with the UAE to launch financial transfer and trade financing operations between the two countries"
Quote: "The Central Bank stated in a statement...that Central Bank Governor Ali Mohsen Al-Alaq met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al Rostamani, indicating that during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between them. Iraq and the United Arab Emirates in the UAE dirham currency through First Abu Dhabi Bank "
Article: "Samsung: Iraq represents the most prominent market in the Middle East"
Article: "The World Gold Council announced, on Thursday, that Iraq and 4 Arab countries possess more than one million tons of global gold reserves ." Quote: "Iraq maintained its ranking of 30th globally out of the 100 countries listed in the table with the largest gold reserves, as it has not purchased gold since May, bringing its gold possessions to 132.7 tons, which represents 7.7% of the rest of its other reserves."
Article: "Zain Cash relaunches the “Western Union” service"
Quote: "In light of the rapid development in the world of financial transfers and a renewal of the company’s commitment to providing safe and reliable services to its customers, Zain Cash has relaunched the Western Union service after updating and developing it, "
Article: " Government source: Starting to implement the banking arrangements agreement with Türkiye”
Quote: "The Central Bank has reinforced tens of millions of euros as an initial payment to cover retailers’ imports from Turkey."
