FOREIGN MINISTER: IRAQ SEEKS TO TAKE ITS NATURAL POSITION IN THE REGION AND THE WORLD
Mawazine News – Baghdad
Foreign Minister Fuad Hussein, on Tuesday, confirmed Iraq’s quest to take its natural position in the region and the world, while referring to Iraq’s firm position on the Palestinian issue.
In a statement received by Mawazine News, the ministry said that “Deputy Prime Minister and Foreign Minister Fuad Hussein gave a lecture at the International Diplomatic Academy in Vienna entitled (Middle East 2024.. Challenges and Opportunities),” in the presence of the President of the Academy, Emile Brix, a number of diplomatic and political figures, Iraqi students studying in Vienna, and a number of researchers in Middle East affairs. ”
He pointed out to “the development of the democratic process in Iraq and the recent elections of local councils, and Iraq’s endeavor to occupy its natural position in the region and the international community,” pointing out that “Iraq’s position is fixed on the Palestinian issue, which emphasizes the need to stop this war, which began to expand and threaten the entire region, which will not be in the interest of any regional or international party. The wars were never a solution, so this war must be controlled and stopped as soon as possible.”
In another axis, he pointed to “the economic situation and plans to build a diversified economy that does not depend on the rentier economy by creating different industries, returning the agricultural sector and producing gas to rely on Iraqi competencies and manpower in electricity production and investment in infrastructure.”
THE US TREASURY INCLUDES NO-FLY ON FLY BAGHDAD AIRLINES ON THE SANCTIONS LIST: COOPERATING WITH THE IRANIAN QUDS FORCE (TERRORISTS ORGANIZATION)
The US Treasury includes “Fly Baghdad Airlines” on the sanctions list: cooperating with the Iranian Quds Force
The US Treasury Department announced, on Monday, the designation of the Iraqi airline “Fly Baghdad” and its CEO to provide assistance to the Iranian Revolutionary Guard“Qods Force” and its proxy groups in Iraq, Syria, and Lebanon.
The Treasury stated in a statement translated by Shafaq News Agency, “For several years, Fly Baghdad Company has supported the operations of the Quds Force of the Iranian Revolutionary Guard and its agents by delivering equipment and personnel throughout the region.”
She added, “Fly Baghdad flights delivered arms shipments to Damascus International Airport in Syria, for transfer to members of the Iranian Revolutionary Guard, the Quds Force and Iranian-allied militias on the ground in Syria , including the Syrian Arab Republican Guard, the Lebanese Hezbollah, and the Hezbollah Brigades.” Hezbollah Brigades, affiliated with the Abu al-Fadl al-Abbas Brigades.
According to the US Treasury, Fly Baghdad delivered a group of weapons to these groups operating in Syria, including Iranian-made Fatah, Zulfiqar, and Fajr missiles, in addition to AK-47 and RPG-7 rifles, grenades, and other machine guns.
According to the Treasury statement, Kataib Hezbollah uses Baghdad Air to transport fighters, weapons, and money to Syria and Lebanon to support the Syrian regime, as Kataib Hezbollah leaders used Fly Baghdad flights on multiple occasions to transport bags of American currency and American-made weapons obtained by collecting them from… The battlefield from Iraq to Lebanon. Kataib Hezbollah also sent fighters from Iraq to Lebanon on flights operated by Fly Baghdad and Victory Wings designated by the United States to attend special operations training run by Hezbollah in October 2023, following The horrific terrorist attack launched by Hamas on Israeli civilians.
Fly Baghdad participated in transporting hundreds of Iraqi fighters, including fighters affiliated with the terrorist organization designated by the United States and the Iranian proxy militia (Asa’ib Ahl al-Haq AAH), in support of Iranian proxies’ attacks on Israel.
FlyBaghdad was designated for providing material assistance, sponsorship, or providing financial, material, or technological support, goods, or services to the Quds Force of the Iranian Revolutionary Guard.
The US Treasury Department said, “Bashir Abdul Kadhim Alwan Al-Shabani (Al-Shabani) is the CEO of Fly Baghdad. Al-Shibani was listed for owning or controlling, directly or indirectly, Fly Baghdad.”
The US Treasury’s Office of Foreign Assets Control identified two aircraft registered in Iraq owned by Fly Baghdad, tail numbers YI-BAF and YI-BAN, as prohibited property in which Fly Baghdad has an interest.
PARLIAMENTARY ECONOMY INDICATES THE RISKS OF THE “PARALLEL MARKET”: “IMPORTANT” SESSIONS WITH THE CENTRAL BANK NEXT WEEK
The Parliamentary Economics Committee pointed out the dangers of the “parallel market,” while revealing “important” sessions with Central Bank of Iraq officials next week in order to coordinate and support the market.
PARALLEL MARKET RISKS
Today, Tuesday (January 23, 2024), a member of the Parliamentary Economics Committee, MP Briar Rashid, monitored the danger of the “parallel market” in Iraq.
Rashid said in an interview with “Baghdad Today” that “many factors contributed to creating the parallel market for the exchange of the dollar in Iraq, which is currently far from the official price set by the Central Bank at about 20 thousand dinars for every 100 dollars (the official price is 132 thousand dinars for every 100 dollars). $)”.
COORDINATION WITH THE CENTRAL
Rashid pointed out that “the continuing gap between the parallel and the official is putting strong pressure on the markets and increasing the rate of price rise,” stressing that “his committee will hold a series of sessions with the Central Bank starting next week in order to coordinate towards supporting the markets and responding to the requirements of companies and traders in order to reduce prices as much as possible.” Possibility.
He explained that “supporting banks and openness in the labor market and production is a priority during the next stage,” stressing that “increasing national production will reduce the demand for hard currency and lead to reducing the parallel market, and this is what we are seeking to achieve at the present time.”
DEEP STATE” CONTROL
On (January 4, 2024), financial expert Saleh Al-Bankari identified the danger of the deep state in the parallel market for the dollar, while pointing to 3 “pressuring” factors on price fluctuations .
The banker told “Baghdad Today”, “The fluctuation of the dollar exchange rates in the parallel market recently is due to three direct pressing factors:
1.and is centered on the Central Bank’s measures to limit smuggling and launch its electronic platform,
2.as well as the US Federal Reserve sanctions file and its handling of economic conditions .
3.He added, “The third factor lies in government dealings through adopting the electronic payment file,” indicating that “the political scene in its internal and external data and the events surrounding the region constitute the most dangerous factors for the parallel market in the country, noting that there is no complete control over the border crossings.” With all its addresses to reduce smuggling.
Regarding the dollar in the parallel market, the expert said, “The parallel market is subject, in one way or another, to the control of the deep state, referring to very influential parties who are behind the series of speculations that took place in the past months in order to reap more profits .
Specialists: Islamic Sukuk Are An Alternative To Financial Instruments
Economical 01/23/2024 Baghdad: Hussein Thaghab Interest is growing in adopting Islamic sukuks as part of Iraq's strategic policy, as they are an important alternative to other financial instruments that depend on interest, and which can finance the deficit suffered by the federal general budget.
During the first annual conference, the Center for Banking Studies at the Central Bank of Iraq considered Islamic bonds part of Iraq's strategic policy.
He stressed the acceleration of the legislation of the “Islamic Sukuk Law in Iraq.”
The participants also stressed the need to pay attention to developing appropriate legislation in order to make it successful in Iraq, and to make a media and promotional effort to spread the culture of investment in Islamic Sukuks among banks and financial institutions before the law is enacted.
Islamic banking specialist Professor Dr. Sadiq Rashid Al-Shammari pointed out that the advantages of sukuks are several, the most important of which is financing large projects that no single entity has the capacity to finance.
They are an investment channel for absorbing financial surpluses that their owners wish to invest and recover easily.
They also contribute to managing liquidity in cases of deficit and surplus.
If the bank has surplus liquidity, invest.
What he has in buying sukuks, and if he needs liquidity, he sells them with ease in the secondary market or the stock exchange, in addition to the fair distribution of wealth, because it links investment to reality and the real economy and enables all investors to benefit from the project’s profits in a fair way, as wealth is distributed on a large scale without Be a country among the rich, diversify your portfolio investments and spread your risks.
Investment sukuks mean that they are a document issued in the name of their owner or holder in denominations of equal value to prove the right of their owner to the financial rights and obligations they represent, and that
they represent a common share in the ownership of assets designated for investment, whether objects, benefits, services, or a mixture thereof, and moral rights, debts, and money, and they do not represent debt. Issued to the bearer.
He added that the sukuk, especially the sukuk of leased assets, are characterized by being an off-budget financing instrument, as the leased assets are owned by the sukuk holders during the term of the sukuk, and the obligation of the sukuk holder is limited to paying the rent to the sukuk holders, which is a revenue expense.
On the contrary, in the case of borrowing to finance the purchase of some assets, this leads to... To increase the value of liabilities because they are capital expenditures, this type of sukuk also has zakat and tax advantages.
He pointed out that Islamic sukuks can attract customers by providing high-quality services and providing the necessary financing for them to activate their commercial, investment, industrial and agricultural operations.
They also provide sufficient liquidity available to dealing investors, which is the desired goal of creating trust and achieving security, that is, achieving actual cooperation between those with financial surpluses.
And project owners who use these surpluses and not transfer the risk to one party or the other by creating advanced products capable of competing with the products offered by traditional banks, provided that they do not conflict with the rule of Sharia.
The Director General of the Center for Banking Studies at the Central Bank of Iraq, Dr. Bassem Abdul Hadi Hassan, highlighted the importance of submitting the draft Islamic Sukuk Law to the House of Representatives,
so he is keen to discuss the role of Islamic finance and the Sukuk market in particular as a vital financial tool that contributes significantly to development. Economic.
He added that the Central Bank of Iraq has a major role in this process by proposing the Islamic Sukuk Law and providing technical and practical assistance to the relevant authorities in the Islamic banking sector, and therefore it has become useful to learn about international experiences in this field, especially Arab ones. https://alsabaah.iq/90893-.html
We keep getting positive news. Over the last 2 days in Iraq I’ve seen about 4 articles pushing to remove the US. And about them executing their white papers or economic reforms and restoring their exchange rate. To me “restoring” is to put it back the way it was. Right? And restoring it back to its former glory when it was one of the most valuable currencies in the world. So to me that would mean at least $3+...If you do the math $3.22 in 1991 and adding in inflation would be a rate of around $7.25 today. Wouldn’t that be something. WOW
Comment: ...we are expected to get notifications Friday morning. MarkZ: That is definitely the rumors running around. Let’s see if it pans out or not.
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.