Shafaq News / The Presidency of the Kurdistan Region announced today, Tuesday, that a delegation representing it met in the United States with a number of senior officials in Congress and exchanged views on US relations with Iraq and the Kurdistan Region and the latest developments in the region.
Wednesday, February 7, 2024
"IMPORTANT NEWS OF IRAQ: SUDANESE TO IRANIAN OFFICIAL: WE DO NOT TOLERATE AT THE EXPENSE OF IRAQ’S SOVEREIGNTY" BY MNT GOAT, 7 FEB
SUDANESE TO IRANIAN OFFICIAL: WE DO NOT TOLERATE AT THE EXPENSE OF IRAQ’S SOVEREIGNTY
Prime Minister Mohammed Shia al-Sudani said on Monday that there is no courtesy with any party at the expense of Iraq’s sovereignty, reiterating his rejection of any unilateral actions by any country, while stressing the Iraqi government’s keenness to establish relations on the principle of good neighborliness.
The media office of the Sudanese said in a statement received by the Shafaq News Agency that “the latter received today, the Secretary-General of the Supreme National Security Council of Iran Ali Akbar Ahmadian,” and stressed during the meeting “Iraq’s rejection of any unilateral actions carried out by any country, contrary to international principles based on mutual respect for sovereignty.”
“Iraq has made, and continues to make, great efforts to maintain stability and achieve calm, in the common interest of the various peoples of the region,” al-Sudani said.
For his part, the Secretary-General of Iran’s Supreme National Security Council stressed “his country’s commitment to Iraq’s security and stability, and its keenness to continue working in accordance with the joint security agreement between Iraq and Iran in a way that preserves the security of the two neighboring countries.”
Last month, Iran’s Islamic Revolutionary Guard Corps (IRGC) launched a violent missile attack targeting civilian areas in Erbil, killing and wounding 10 civilians.
Federal Prime Minister Mohammed Shia al-Sudani ordered at the time the formation of an investigative committee consisting of five figures, headed by National Security Adviser Qassim al-Araji, to investigate the incident.
Al-Sudani also described the bombing as a “clear act of aggression” and stressed his government’s determination to take “legal and diplomatic measures”.
The Revolutionary Guards claimed responsibility for the strikes on Erbil, saying in a statement that they were “in response to the crimes of the Zionist regime against the Islamic Republic”.
"IMPORTANT NEWS OF IRAQ: SUDANESE ADVISOR: IRAQ IS AT THE BEST STAGE IN ITS FINANCIAL HISTORY" BY MNT GOAT, 7 FEB
SUDANESE ADVISOR: IRAQ IS AT THE BEST STAGE IN ITS FINANCIAL HISTORY
Mazhar Saleh, the financial advisor to the Prime Minister, confirmed that “Iraq is in the best condition in its financial history, through the reserves it possesses of gold and foreign currencies,” indicating that “the growth of the gross domestic product is continuous and stable.” Saleh told the official agency, followed by Al-Mutala’, that: “Iraq’s oil revenues will remain the main source of growth in the country’s foreign currency reserves, and those reserves will rise with the rise in the cycle of oil assets, all of which lead to an increase in indicators of the efficiency of foreign currency reserves, whether Commercial efficiency (coverage of the mentioned reserves for the number of import months for Iraq, which currently exceeds 15 months compared to the global standard of three months), or in covering the money supply, or the fact that these foreign reserves in terms of percentage have the ability to cover the external debt services payable.”
He added: “The country’s oil revenues still provide 98% of the assets of the investment portfolio for the country’s foreign currency reserves, whether in monetary gold or various foreign currencies. All indicators of the efficiency of foreign reserves mentioned above indicate that Iraq today is in the best condition in its financial history.” These reserves flourish and grow with the index of the growth rate in the current account surplus of the balance of payments to the country’s gross domestic product, which was estimated for the year 2023 at approximately (positive 9%), and is estimated for the year 2024, at the same similar rate, according to published data from international credit evaluation institutions. “For Iraq.”
He pointed out that “there are standard investment mechanisms and guides approved globally by the monetary authority in managing the country’s foreign currency reserves, as their tools and methods are evaluated in consultation with multilateral international financial organizations, including the International Monetary Fund and the World Bank, on a periodic basis to ensure optimal management of reserves, both in Providing appropriate returns, sufficient liquidity and low risks at the same time.”
He continued: “It takes into account avoiding all forms of risks, whether the risks of currency exchange rate fluctuations, interest, or liquidity risks, as well as the legal risks in managing those reserves, which are the basis of the country’s foreign investment portfolio, and today they represent something similar to the Iraqi dinar exchange rate stabilization fund that it defends.”
The country’s monetary policy represents assets corresponding to the national currency issued as (liabilities) and adequate coverage of the dinar to ensure its stability, in addition to the role of reserves in financing foreign trade for the private sector.” At the conclusion of his speech, he stressed that “as the cycle of oil assets increases, the country’s foreign assets increase and inevitably rise in the country’s investment portfolio.”
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/
"ANALYSIS OF IRAQ NEWS: AN INTERNATIONAL EXPERT SUGGESTS SEVERAL POINTS TO GET RID OF THE DOMINANCE OF THE “DOLLAR” OVER THE IRAQI ECONOMY" BY MNT GOAT, 7 FEB
AN INTERNATIONAL EXPERT SUGGESTS SEVERAL POINTS TO GET RID OF THE DOMINANCE OF THE “DOLLAR” OVER THE IRAQI ECONOMY
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 of revenue.
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 to other 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 systemdetermined by SOMO in accordance with the requirements of the Iraqi economy and in coordination with Central Bank of Iraq.
(OOPS… 😊 there it is again “importing oil on a new payment system” meaning away from the petro-dollar,)
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.”
(So we see the heart of where the problem stems. How can Iraq pay for goods and service from imports with foreign currencies. Where is their reserves of these other currencies to use to pay for them? Where do they come from if 90% of the revenue generated is paid in US dollars. Do you see it now, the dilemma? So either they have to grow their economy to a huge point and generate all kinds of exports paid to Iraq in foreign currencies (this will take decades to do) or they can switch from the sole petro-dollars for oil to other foreign currencies for oil revenue. Do you think the US is going to let them do this?)
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/"IMPORTANT IRAQ NEWS: FINANCIAL EXPERT: THE DIFFERENCE BETWEEN THE OFFICIAL AND PARALLEL RATES OF THE DOLLAR IS NORMAL… AND HE REVEALS THE REASON" BY MNT GOAT, 7 FEB
FINANCIAL EXPERT: THE DIFFERENCE BETWEEN THE OFFICIAL AND PARALLEL RATES OF THE DOLLAR IS NORMAL… AND HE REVEALS THE REASON
The former director of the Financial Supervision Bureau and expert in economic and financial affairs, Salah Nouri, confirmed that the difference between the official and parallel prices of the dollar is normal.
Nouri told {Al-Furat News} agency, “Given the unstable international situation, including the possibility of a drop in oil selling prices, and the US Federal Reserve’s emphasis on monitoring foreign transfers and the threat of sanctions, all of this encourages an increase in the dollar exchange rate.”
He pointed out that “the difference between the official and parallel prices is normal at the present time and to some extent acceptable as a result of these reasons.”
Subscribe to:
Posts (Atom)
Draft amendment to first budget law is discussed at a meeting of the Financial Committee, 26 nov
Draft amendment to first budget law is discussed at a meeting of the Financial Committee The Parliamentary Financial Committee held a meetin...
-
Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...