The U.S. and Iraq are in the process of starting talks aimed at ending the U.S.-led military coalition’s mission in Iraq and how to replace it with bilateral ties, four sources said, a move in an operation that was halted by the war in the Gaza Strip, according to Reuters news agency .
Two sources said the United States conveyed its readiness to start talks to the Iraqi government in a letter handed over by US Ambassador to Iraq Alina Romanoski to Iraqi Foreign Minister Fuad Hussein on Wednesday.
is major, let me explain why - This is going to change ports of call and the international shipping routes...The Suez Canal route is 6,400 miles, 14 days and cost $4.5 billion per day...The Development Road Project is...only 745 miles...That means the costs drop dramatically if you put the shipment on trucks or rail...Once you get into the Mediterranean Sea you can deliver your shipment to anywhere in Europe. That is the importance of this Development Road Project...'There are 4 major reasons Kuwait, Iraq’s next-door neighbor has the strongest currency in the world…Kuwait dinar is $3.36…
1. Major exporter of oil. Kuwait is estimated to hold 10% of the world’s oil reserves. The tiny country has a population of 4.3 million people vs Iraq who has approximately 43 million people and a lot more oil than Kuwait.
2. Kuwait has an excellent reinvestment of oil revenue. Kuwait uses its oil revenue to build infrastructure and develop microeconomic sectors to increase its GDP.
3. Kuwait is tax free. Being a tax-free country enables the GDP to be higher and it just makes everyone happier not to have to pay taxes. Since May of 2007 the Kuwaiti dinar (KWD) is pegged to an undisclosed basket of currencies…
4. This is good news for some of you and not good news for others…Kuwaiti currency is scarce. It is very difficult to get your hands on a Kuwaiti dinar unless you are inside of the country…Being scarce when it comes to currency is a good thing.
The Iraqi dinar is not on the Forex market, yet. The Iraqi dinar is an exotic currency, as is the Vietnam dong... Currencies are traded in pairs on the Forex Market.
The 3 main types... majors, minors and exotics...The more liquid an asset the easier and more efficient it is to turn it back into cash. Major currency pairs have the highest trading volume... Exotic currencies...are not traded that often. There is little technical analysis or data available to support trading decisions for exotic currencies...
People have been asking, 'Why is the Iraqi dinar one rate in Iraq and a different rate online...?' There are two major reasons for the different rates. 1. The Iraqi government imposes strict currency controls to limit the flow of dinars out of the country. This creates a dual exchange rate system: Official rate - fixed rate imposed by the Central Bank of Iraq...Market Rate - Freely fluctuating rate is used for private transactions and most imports... 2. The IQD is not widely traded internationally ...Limited demand for dinars outside Iraq weakens its value on
the international market. But...they are now saying speculation about a potential revaluation of the Iraqi dinar sometimes influences online prices... Speculation investors, that's us. We are causing fluctuations in the currency value...
In January 2024 foreign currencies will no longer be allowed inside Iraq and any violations will be criminalized. The Iraqi dinar will be used for all transitions.
Why are we seeing reports of a meeting with the IMF in Jordan and a meeting with the Department of the Treasury and the US Federal Reserve in Dubai? ...The meeting with the IMF had to do with the IMF staff team helping the Iraqi authorities reform the banking system...
This meeting more than any other tells us Iraq may be preparing to join the global financial network, aka Forex Market...Here's the bottom line. Iraq has never really been on the Forex market. These reports IMPLY Iraq is headed in the direction of international currency inclusion while using its own currency for transactions within th country beginning January 1, 2024.
A drone attack on a military base hosting US troops near Erbil in northern Iraq...caused casualties...Iran-backed militants claimed responsibility for the attacks...The attacks occurred on December 25th.
Inflation...political stability... balance of payment...national debt...recession - each of these seven categories helps determine the currency rate of any country...We want to wish each of you a happy holiday..
Article: "Iraq links Baghdad US embassy attackers to security services"
The attacks against US forces have continued. The Iraqi government said several people who are alleged to have attacked the US embassy in Iraq last week have links to the country security services...
Article: "Iraqi council elections: Almost 17 million voters head to polls on Monday"
Iraqis have begun voting for the first time in a decade to select new provincial council members who in turn will appoint governors...results are expected to be announced on Tuesday.
Iraq cuts oil production by 223,000 barrels per day voluntarily. Iraq is over 90% dependent on oil revenue and oil prices, therefore when OPEC speaks we listen and we listen very carefully, almost as carefully as when the CBI makes and announcement.
Parliament’s finances regarding the 2024 budget: still ambiguous
Information/Baghdad.. Member of Parliamentary Finance, Jamal Kujar, confirmed on Wednesday that things are still ambiguous regarding the 2024 budget, and what paragraphs will be changed, while he indicated that the issue of Kurdistan region salaries will be resolved in the budget. Cougar said, in an interview with the official newspaper, followed by Al-Maalouma, that “the government is supposed to send this year’s budget to Parliament with all its financial paragraphs because they are subject to change, as some of them include sums allocated to projects that have been fully implemented and completed or partially implemented, in addition to… Other paragraphs, the goal is to study them and make changes, if any.” He added: “We still do not know what the current year’s budget contains, even though the operating budget has increased significantly from last year’s budget.” He pointed out that “the 2024-2025 budget schedules are supposed to change when it is sent to Parliament, as well as the salary schedules, because there are those who will be retired and there are promotions and bonuses.” He continued: “We do not know the government’s expectations for the oil price on which the budget will be based, and the release of raises and allowances in the budget depends on the government’s assessment of resources and the economic situation.” Cougar pointed out that “the issue of the region’s salaries will be resolved in this budget, and it is among the paragraphs that do not contain numbers, but rather texts, and they will be changed.”
[via PDK] Question: What’s the impact of Iraq joining the Bank of international Settlements?
MarkZ: It’s their acceptance and elevation to the World Trade Organization and all the other organizations they were removed from when they were sanctioned many years ago. These sanctions are quickly all going away which means they will be able to reinstate or revalue their currency. It is just one more clear indicator of how close we are getting.
Question: Is tomorrow the big day ?
MarkZ: We will see soon.
There is an enormous piece of news...Somewhere in the last 48 hours appearing on the website of the Bank of International Settlements (BIS). “Central Bank and Monetary Authority Websites” ...In Iraq they have made it to the BIS website now as a “Central Bank” I believe this is an enormous sign that we are about to see a “boom“ in the World Trade Organization. To me this is a big one.
Corrupt Money Is Raiding Baghdad's Real Estate... Prices Are Astronomical, Higher Than London Areas, And Citizens' Suffering Is Increasing
Posted On 01-24-2024 By Sotaliraq Baghdad/ Haider Hisham Real estate prices in the Iraqi capital, Baghdad, have witnessed a noticeable rise in recent years. This rise has made it difficult for many Iraqis to obtain suitable housing, especially those with limited income.
A real estate investment company revealed shocking statistics about real estate prices in some areas of the capital, Baghdad. In the Yarmouk area, they ranged between $4,000 and $20,000 per meter. As for the Al-Harithiya area, real estate prices ranged between $3,500 and $14,000 per meter, while the Prices in the rest of the capital’s areas range from $3,000 to $20,000.
Member of the Parliamentary Services and Reconstruction Committee, Mahma Khalil, identified a number of reasons behind the rise in real estate prices in the capital, Baghdad, while explaining the relationship of “money laundering” to the real estate file.
Khalil said, in an interview with (Al-Mada), that “the rise in real estate prices in the capital, Baghdad, is due to several real reasons, which in one way or another cause the phenomenon to worsen,” indicating that “the first reason is the failure of the Iraqi governments to distribute lands within the borders of the capital’s municipality for many years.” “.
He points out, “The second reason revolves around the increase in the number of people in the capital, in addition to the absence of future government visions regarding the residential buildings sector, and the development of investment plans to accommodate the increase in population numbers.”
During his talk about the “theft of the century,” Prime Minister Muhammad Shiaa al-Sudani revealed that a large portion of the stolen tax money was used to “purchase important real estate in important areas in Baghdad.”
Regarding the relationship of “corrupt money” to the rising crisis, a member of the Services Committee explains, “There are huge amounts of money that have entered the real estate market, and have been invested in this field, by the corrupt, through (money laundering), which is one of the main reasons for the rise in real estate prices in Baghdad".
Khalil points out “the reverse population migration from the provinces to the capital, which led to an increase in the number of people,” noting that “all these factors came together and caused an increase in demand for Baghdad real estate, compared to the rest of the provinces.”
In a report published by The Century Foundation Research Center, it confirms that “more than a billion dollars of the stolen tax money, amounting to 2.5 billion, was invested in 55 properties in Baghdad, and another billion was distributed among properties, lands, and other assets.”
In turn, economic affairs expert, Ali Daadoush, explained ways to control “money laundering” operations in the real estate market, while he considered the imaginary rise in Baghdad real estate prices “a natural thing.”
Daadoush mentioned in an interview with Al Mada, “Most money laundering operations take place within the scope of the real estate market in the world because it is considered one of the easiest ways, and the same is true in Iraq.”
He notes, “The rise in real estate prices in Baghdad to very large amounts is a normal condition,” stressing that “money laundering is the main reason for the astronomical rise in Baghdad real estate.”
Regarding ways to control “corrupt money,” Daadoush explains that “controlling corrupt money that negatively affects the real estate market is possible through disclosing the financial assets of influential people before and after assuming government positions.”
The economic affairs researcher points out “activating the law (Where did you get this from), which will work to create a qualitative decline in the extent of financial and administrative corruption in the country.”
The head of the Federal Integrity Commission said at the end of last year that the implementation of the campaign (Where did you get this from?) on graft will not only apply to employees and officials, but will include the heads and founders of parties, governmental and non-governmental organizations, and civil society organizations.
It is noteworthy that Iraq is a country ranked 157 out of 180 in the Transparency International Organization’s corruption perceptions index, and that the issue of high real estate prices in Baghdad is linked to money laundering, according to representatives and economists. LINK