When we say non-oil economy - Iraq's currency back in the day during Saddam Hussein was $3.22...I think everybody can agree with that...it's public information. That was on oil only. You didn't add in tourism...gold...reserves..natural gas...hydrogen... lithium...taxes and tariffs at the borders...Everybody that is invested in the Iraqi dinar...should know...these things to be evident and true...
We all know the progress is amazing ... Article quote: "Central Bank Governor says, we prevented banks and companies from obtaining the dollar and the work on the electronic platform will end during the current year." He didn't say at the end of the year. He said it's going to end during the currency year ...The electronic platform is where you get the dollar that goes to the parallel market which is smuggled out of the country... He's going to cease that. Could that come any time? That very well could come at any time because tomorrow is during the current year...I believe Alaq is on a mission.
You're not going to LOP your currency. You're just not going to do that to your currency...Elementary school math will not allow Iraq's budget at 1310 to do any of this [Investments, reforms, reconstruction projects etc.]
Earth News/ Former United Nations expert Majeed Al-Nashi proposed on Saturday several points to get rid of the dollar’s dominance over the Iraqi economy, stressing the necessity of not relying on oil as a primary source.
Al-Nashi said in a press statement received by Earth News, “The Parliamentary Finance Committee called on the government to take quick measures to get rid of the dominance of the dollar by diversifying our cash reserves from foreign currencies.” I also proposed obliging the Ministry of Oil to sell Iraqi oil in other foreign currencies.
He added, “All economic and energy experts in Iraq are aware of the economic and monetary reality of Iraq, especially since all the Iraqi money that Iraq obtains is the proceeds of Iraq’s sale of oil, which constitutes more than 90% of Iraq’s budget, and this money has been mortgaged to the US Federal Reserve Bank in New York since 2003.” According to the Security Council resolution during Bremer’s rule for Iraq, Resolution No. 1483 issued in 2003, which required the establishment of the Development Fund for Iraq (DFI), according to which all Iraqi funds are deposited in the US Federal Reserve Bank, and withdrawals are made from this fund according to conditions that Iraq agreed to at the time, in order to protect Iraqi funds from claims and consequences. Finance is arranged according to the previous system.”
He pointed out that “the recent initiatives that were launched, such as the Live on Dignity initiative and heading to international courts to settle cases related to Iraq’s right, in preparation for freedom from dependence on the United States to protect Iraqi oil funds from any seizure decisions that may affect them due to the actions of the previous regime and others, are considered a good thing.” In liberating Iraqi money from the dominance of the dollar.”
He stated, “In order to implement what was stated in the Finance Committee’s statement, the matter requires practical solutions, including accelerating the withdrawal of Iraqi funds from the American Bank and ending this dominance, and agreeing with companies and countries importing Iraqi oil on a new payment system determined by SOMO in accordance with the requirements of the Iraqi economy and in coordination with Central Bank of Iraq.
He continued, “Economic and banking discussions should also begin with China and other countries, including opening accounts for Iraqi funds resulting from the export of oil in different currencies, and conducting most import operations, especially from China, in Chinese yuan, as well as using currencies of other countries such as the Emirati dirham, the Saudi riyal, and the Indian rupee in transactions, whether By selling oil or importing goods.”
He pointed out the necessity of “organizing and modernizing the Iraqi banking system to keep pace with developments in the field of completing transactions, using modern technology, and enhancing the strength of the Iraqi dinar by activating and supporting the private sector, not relying on ((oil)) as the primary source of foreign currency, and encouraging the export of Iraqi products.”
Kuwait, is a country that successfully revalued its currency in the early 90s. Following the Gulf War Kuwait's economy was in ruins, yet within a short span the Kuwaiti dinar was reinstated as one of the most valuable currencies in the world...Unlike Iraq, Kuwait had a relatively stable political environment and a resilient economy backed by vast oil reserves.
The international community had faith in Kuwait's ability to rebuild and stabilize which facilitated the revaluation process...A stable political environment, a strong economy, a positive balance of trade and the trust of the international markets are all critical ingredients for successful revaluation. It's not a magic wand...
Reuters Article: "Iraq's Kataib Hezbollah says it suspends attacks on US forces" "Iran-aligned Iraqi armed group Kataib Hezbollah announced on Tuesday the suspension of all its military operations against U.S. troops in the region, in a decision aimed at preventing 'embarrassment' of the Iraqi government, the group said ."
The financial World buzzing... Iraq is now making headlines with its own investment fund the AFC Iraq fund managed by Asia Frontier Capital limited has emerged as the top performing long only unleveraged actively managed generalist Equity Fund in the world in 2023 boasting a net performance of over 110%.
This remarkable feat can be attributed to the funds investment strategy that focuses on long-term drivers of the transformation of the Iraqi economy...Iraq's investments in streams of income outside of the oil industry goes a long way in helping the country to gain economic stability and to increase the value of their currency.
Jordan denies that its aircraft participated in the American attacks: We respect Iraq’s sovereignty
Shafaq News/ An official military source in the General Command of the Jordanian Armed Forces reported, on Saturday, that the Royal Jordanian Air Force did not participate in the air strikes carried out by the American Air Force inside Iraqi territory.
The source stated, according to what was reported by the official Jordanian Petra Agency, that “there is no truth to the press reports that were circulated this morning about the participation of Jordanian aircraft in the operations carried out by American aircraft inside Iraq.”
The source stressed that “the Jordanian Armed Forces – the Arab Army respects the sovereignty of brotherly Iraq,” stressing “the depth of the fraternal relations that unite Jordan with all Arab countries.”
At dawn today, the US Army’s Central Command reported that its forces launched 85 air strikes in Iraq and Syria, targeting sites of the Quds Force of the Iranian Islamic Revolutionary Guard Corps and its affiliated militia groups.
Some information reported earlier today, Saturday, that F-16 aircraft belonging to the Royal Jordanian Air Force participated in the air strikes led by the United States last night.
The sources indicated that the Jordanian planes joined after targets were identified, according to what was reported by the Wall Street Journal. They pointed out that Jordan’s role came to show solidarity with the United States in the wake of the drone strike on Tower 22, a military site in Jordan near From the Syrian border.
US President Joe Biden had directed the military forces to strike targets in Iraq and Syria that were used by the Iranian Revolutionary Guard and its militias to attack American forces, he said, stressing that although the United States was not seeking escalation in the Middle East, it would inevitably respond to those who Hurts Americans.
The spokesman for the Commander-in-Chief of the Armed Forces, Major General Yahya Rasoul, on Saturday morning, considered the American strikes that targeted areas in the west of the country a “violation of Iraqi sovereignty.”
While White House National Security Council spokesman John Kirby confirmed today, Saturday, that the United States had already informed the Iraqi government before launching the air attacks.
A LOP is the removal and deletion of the zeros...There's no difference between them. It's removing the zeros off the currency. I've challenged all these people million times, show me proof. Show us an article where it says the deletion, removal or lopping of the zeros is coming off the exchange and not the actual currency...
Even with Kuwait 90% of their budget is on the sale of oil. Where Iraq gets hurt and Kuwait doesn’t, if the oil prices dropped. That’s what happened at the end of 2019 and 2020. Their [Iraq’s] …economy was going to crash. They had to devalue the currency and it saved them. With Kuwait, that’s not going to happen. Their Wealth Fund is something they can fall back on…Iraq cannot do that…Iraq is going to get there no doubt about it…We want it to go up in increments and keep the same currency we have…