US strikes on IRGC, Iran-backed militias to ‘continue:’ Biden, 3 FEB

US strikes on IRGC, Iran-backed militias to ‘continue:’ Biden

ERBIL, Kurdistan Region - The United States will “continue” to carry out strikes against Islamic Revolutionary Guard Corps (IRGC) and Iran-backed militias in Iraq and Syria in retaliation to the killing of American soldiers and drone strikes on US bases in the region, President Joe Biden said on Saturday. 
“This afternoon, at my direction, U.S. military forces struck targets at facilities in Iraq and Syria that the IRGC and affiliated militias use to attack U.S. forces,” Biden said in a statement.
“Our response began today. It will continue at times and places of our choosing,” he added. 
A large-scale American retaliation campaign was launchedon Friday against IRGC-Quds Force and affiliated militia groups in Iraq and Syria, striking more than 85 targets with over 125 precision munitions, according to the US Central Command (CENTCOM). 1
The strikes were ordered in retaliation to the deaths of three US soldiers in a drone strike carried out by pro-Iran militias on a US military base in Jordan last Sunday. 

“Let all those who might seek to do us harm know this: If you harm an American, we will respond,” Biden stressed. 

Numerous facilities including “command and control operations centers, intelligence centers, rockets, and missiles, and unmanned vehicle storages” were struck, CENTCOM said. 
Iraq condemned the US strikes as “a violation of Iraqi sovereignty and an undermining of the efforts of the Iraqi government” at a time when the government and hardline Iraqi politicians are seeking to expel forces of the US-led coalition from the country.
“The cities of Qaim and the Iraqi border areas are subjected to American airstrikes,” said Major General Yehia Rasool, military spokesperson for Iraq’s prime minister, who called the strikes “a threat that will drag Iraq and the region into unforeseen circumstances.” 
US Secretary of Defense Lloyd Austin called the strikes “the start of our response,” saying that Biden “has directed additional actions to hold the IRGC and affiliated militias accountable for their attacks on U.S. and Coalition forces.” 

“These [attacks] will unfold at times and places of our choosing,” Austin stated. 

American troops and bases in Iraq and Syria have come under about 140 rocket and drone attacks since mid-October by Iranian-backed Iraqi militia groups condemning Washington’s support for Israel in its war against the Gaza Strip, according to the latest tally from the Pentagon.
The Islamic Resistance in Iraq, a network of shadow Iraqi militia groups affiliated with the IRGC, has claimed responsibility for most of the attacks on US interests in Iraq and Syria. 
The Syrian Observatory for Human Rights (SOHR), a Britain-based war monitor, said that 18 pro-Iran militiamen were killed in Syria’s eastern Deir ez-Zor province, near the Iraqi border, by suspected American strikes.

Around 2,500 American troops in Iraq and 900 in Syria are leading an international coalition through Operation Inherent Resolve that has assisted Kurdish, Iraqi, and local Syrian forces in the fight against the Islamic State (ISIS), which once held swathes of land in Iraq and Syria but was declared territorially defeated in 2019.

https://www.rudaw.net/english/middleeast/020220242

"RV UPDATE" BY MARKZ, 3 FEB

 MarkZ  

 [via PDK]  ...rumors...from every corner of the “blogisphere” …they are saying the CBI has released rates to the government of Iraq and Iraq has released those to all the central banks in the world including the US…and that everything is locked and loaded. That is the chatter.

“My Iraqi contacts have said that the CBI has sent the new rates to the government. So the rumor is the CBI has released the rates to the Iraqi government. Now- when will they pull the trigger? I have heard similar things from US bankers- that all rates are now set and fixed. So imo it’s “any moment.” A number of contacts are still remaining silent because they have signed an NDA.”

https://dinarevaluation.blogspot.com/2024/02/markz-bruce-notes-2-feb.html

 [via PDK]  My Iraqi contacts have said that the CBI has sent the new rates to the government. So the rumor is the CBI has released the rates to the Iraqi government...I have heard similar things from US bankers - that all rates are now set and fixed. So imo it’s “any moment”  A number of contacts are still remaining silent because they have signed an NDA.

“  The US Treasury requests Iraqi cooperation to limit funding for armed factions”  This is all part of what’s going on as Iraq cleans up. And yesterday - again in Iraq - they started openly talking about the exchange rate and the value of the dinar.

 Comment: I hear more and more groups are under NDA’s.  MarkZ:  We are hearing of more and more… My banking contacts still feel If we have to sign one - it will be about the amount we get...we are definitely close.

https://dinarevaluation.blogspot.com/2024/02/rv-update-by-markz-2-feb.html

🔥 Iraqi Dinar 🔥 Finally Comes Out 🔥 News Guru Intel Update IQD Rate Valu...

International community should play role in protecting Kurdistan Region security, says PM Barzani, 3 FEB

 International community should play role in protecting Kurdistan Region security, says PM Barzani

ERBIL (Kurdistan24) – The international community should play an important role in protecting the security of the Kurdistan Region and its constitutional rights, Prime Minister Masrour Barzani told the Norwegian ambassador.

The remarks by Prime Minister Barzani came as he received Espen Lindbæck, the Norwegian Ambassador to Iraq and Jordan, in Erbil on Wednesday.

Barzani and Lindbæck discussed the bilateral ties and the latest developments in Iraq and the region.

The premier expressed his appreciation for Norwegian solidarity and support, stressing the international community should play an important role in protecting the Kurdistan Region’s security and guaranteeing its constitutional rights.

Norway-Kurdistan Region relations have been characterized by strong economic cooperation and political support. With Norway's significant investments in the Kurdistan Region's oil and gas sector, both regions have benefited from mutually beneficial trade partnerships. 

Furthermore, Norway has been a vocal advocate for the Kurdistan Region's political aspirations, providing diplomatic support and fostering dialogue between the region and the international community.

The Norwegian oil company DNO on Dec. 19, 2023, said it had increased production from its licensed Tawke field in the Kurdistan Region, with its current December average approaching 90,000 barrels of oil per day (bopd).

https://www.kurdistan24.net/en/story/33915-International-community-should-play-role-in-protecting-Kurdistan-Region-security,-says-PM-Barzani

"RV UPDATE" MNT GOAT, 3 FEB

  Mnt Goat 

  Article:   "THE FINANCE COMMITTEE RESPONDS TO THE US SANCTIONS: LET US SELL OIL IN

CURRENCIES OTHER THAN THE DOLLAR"  Quote:  "Imposing sanctions on Iraqi banks would undermine and obstruct the steps taken by the Central Bank to adjust the stability of the dollar exchange rate and reduce the selling gap between the official and parallel rates."  ...the TRUTH finally comes out. This is what is causing the inability of the CBI to take the necessary steps to adjust the stability of the dollar exchange rate?  ...if they the CBI did this diversification it would adjust the parallel market rate very quickly and then…..

Hang on there is also some good news….

The Central Bank of Iraq decided just recently to restore the mechanism for financing Iraq’s foreign trade, starting next March. This is all part of slowly phasing out the electronic platform as they said they would do as 2024 rolls on. The Central Bank said in a letter addressed to the banks, which Al-Iqtisad News reviewed, that for the purpose of organizing financing operations for requests to enhance external balances, it was decided to implement the new requirements and mechanisms starting from March 1, 2024.

He added that banks wishing to enhance their balance with correspondent banks in all currencies should appoint an external auditor for the purposes of reviewing transfers in advance of the process of sending transfers. Banks wishing to enhance the balance must provide us with information about the names of the companies they wish to contract with within a maximum period of February 29, 2024. So, basically what the CBI wants is to know where the money is going and for the banks to certify it, by auditing.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

https://dinarevaluation.blogspot.com/2024/02/status-of-rv-by-mnt-goat-1-feb.html

Jon Dowling Huge News Update

Iraq's shift from dollar-denominated oil sales raises economic and political concerns, 3 FEB

 Iraq's shift from dollar-denominated oil sales raises economic and political concerns

Shafaq News/ Iraq, a major player in the global oil market, is contemplating a bold move: abandoning its 20-year practice of selling oil exclusively in dollars. 

Fueled by concerns over US sanctions and a desire for diversification, this decision has ignited a heated debate, raising hopes and fears for the nation's economic and political future.

Iraq's oil revenues are currently deposited in the American bank accounts of JP Morgan and Citibank, with payments received in dollars through the US Treasury Department.

The Iraqi Parliamentary Finance Committee has recently suggested a shift away from the "dominance of the dollar" to diversify the commission basket and counteract US sanctions on Iraqi banks. 

The commission basket reflects Iraq's diversification of the currencies it accepts for oil sales beyond its current reliance on the US dollar.

The committee rejected what it deems "arbitrary decisions impacting citizens' livelihoods" and called on the government and the Central Bank of Iraq to swiftly diversify foreign currency reserves.

However, this proposed move is met with caution due to potential economic and political repercussions.

Economic expert Abdul Rahman Al-Sheikhli stressed to Shafaq News Agency the 2004 protocol signed between Iraq and the US binds Baghdad to sell its oil solely in dollars, noting that canceling this protocol would provide Iraq the flexibility to sell oil in different currencies, especially following recent agreements with the Federal Reserve to diversify the commission basket.

Bassem Al-Gharibawi, a Parliamentary Oil and Gas Committee member, acknowledged Iraq's right to sell its oil in any currency but recognized the need to liberate itself from existing restrictions, which may necessitate US approval.

In this regard, economic researcher Omar Al-Halbousi expressed concern over the potential economic consequences, describing the Finance Committee's proposal as a potential "suicide" for Iraq's economy.

In an interview with Shafaq News, Al-Halbousi warned of risks associated with deviating from the "petrodollar agreement," including potential "US embargoes, loss of immunity for Iraqi funds, and exclusion from global financial systems."

The petrodollar system, established through agreements with oil-producing nations, ensures that oil transactions are conducted in US dollars, reinforcing the currency's dominance in international trade.

The economic researcher viewed the situation as a "declaration of war on the global financial system led by the United States." 

He deemed this form of economic challenge more dangerous than direct military targeting, emphasizing that the United States' strength lies in its influence over the global financial system, particularly through the petrodollar agreement. 

On the other hand, Nabil Al-Marsoumi, another economic expert, cautioned against the proposed shift, highlighting the global significance of oil pricing in dollars. He warned of potential "violent American reactions, as abandoning the dollar is considered an American red line."

Al-Marsoumi explained that oil pricing in dollars "extends beyond standard crude oils such as Brent and West Texas Intermediate," this practice is "not solely tied to these crude oils but is a result of the extensive global oil trade." This trade involves exchanging a substantial volume of paper barrels, surpassing actual physical transactions. Significant speculative activity occurs on major stock exchanges, particularly the New York Stock Exchange and the London Stock Exchange.

The economic expert pointed out that the New York Stock Exchange handles approximately three billion contracts annually, with an average value of 1,000 trillion dollars, contributing to the dollar's dominance in oil pricing.

In addition, Al-Marsoumi said that the threat to the dollar's global position, which currently represents 60% of global monetary reserves, potentially undermines the economic importance of the United States at the worldwide level.

Before 2003, Iraq sold oil in various currencies, including the Iraqi dinar and the euro. However, sanctions and political instability disrupted these arrangements.

Following the 2003 US invasion, Washington and its allies established a provisional government that adopted the US dollar as the official currency for oil sales. This decision aimed to stabilize the war-torn economy and align with existing financial infrastructure. 

Ultimately, as Iraq contemplates its oil sales currency, the nation balances on the precipice of a decision that will not only shape its economic future but could reverberate across the global financial stage. 

The journey towards autonomy carries risks but is also laden with the promise of newfound economic freedom and resilience. 

Iraq gains various advantages by considering a shift away from the petrodollar system. Firstly, such a move could reduce vulnerability to potential US sanctions, as reliance on the dollar exposes Iraq to geopolitical risks that may hinder access to the global financial system. 

Secondly, economic diversification becomes possible by breaking away from exclusive dollar-denominated oil sales, allowing Iraq to explore new trade opportunities and benefit from fluctuations in different currencies.

Lastly, transitioning from the petrodollar system could give Iraq greater control over its oil revenue, offering increased autonomy and flexibility in managing its financial resources for strategic economic development.

However, these potential benefits have significant risks and uncertainties warrant careful consideration, therefore, the next steps will be crucial, and the world watches as diplomatic negotiations unfold, determining the feasibility and associated risks of this potential economic paradigm shift.

https://shafaq.com/en/Report/Iraq-s-shift-from-dollar-denominated-oil-sales-raises-economic-and-political-concerns