A lot of people were not too happy of the more recent JP Morgan Bank stories...I had my own bank story...They're true...I went into Chase Bank...They didn't know who the Vice President Daniel Zelikow was...People that say when they go into the retail side of things you don't get a reception like some of the other folks do that go into the private banking side...
They're presenting the relationship with JP Morgan Bank and Iraq. For all those that may still question whether or not JP Morgan is dealing with Iraq or not they should be alleviated from now...
They show us progress...We have never been at this stage with Iraq ever and since 2003. I don't know any person out there and I know many that have been in this for over 20 year that have never witnessed what we're witnessing today. You really should be profoundly happy...It's phenomenal.
Iran will check Erdogan's ambitious goals in Iraq, experts say
Shafaq News / Turkish President Recep Tayyip Erdogan has agreed with Iraqi officials to expand bilateral relations, an attempt that experts say will be challenged by neighbor Iran, which has established significant political clout in Iraq.
Iraqi Prime Minister Mohammed Shia al-Sudani said at a joint news conference with Erdogan on Monday that the 26 memorandums of understanding he signed that day provided a “road map for sustainable cooperation” between Iraq and Turkey.
Erdogan, on his first visit to Iraq in 13 years, hailed the memorandums.
"I believe that my visit and the agreements we signed will be a turning point in the relations between Iraq and Turkey,” he said.
The documents address key issues between the two countries, including security, water management and trade.
The two leaders also witnessed the signing of preliminary agreements among Iraq, Turkey, Qatar and the United Arab Emirates on a 1,200-kilometer highway and railway project known as the Development Road Project, which would connect the Persian Gulf countries to Turkey and Europe through Iraq.
However, some experts are skeptical about Turkey’s ability to expand its interests in Iraq. They think Iran, as a regional competitor with more influence in Iraq, will ultimately shape Ankara’s relations with Baghdad.
"Whether Iran will agree to a NATO member to become the main character in Iraq and Tehran’s competitor is questionable,” Sardar Aziz, a researcher at the Emirates Policy Center and a former senior adviser in the Kurdistan Regional Parliament, told VOA.
Aziz argued that the term of Iraq’s current Cabinet is approaching its end, adding more uncertainty for Turkey.
“Prime Minister al-Sudani has only one year left in office, and his chances of remaining in his position are very low,” he said. “Additionally, no money has been allocated in the Iraqi budget for these projects. These make it impossible for the agreements to become long term unless Iran agrees to them.”
While competition between Turkey and Iran over influence in Iraq is not new, Tehran has had the most influence since the 2003 U.S. invasion of Iraq. In 2014, the Popular Mobilization Forces, an organization of Iran’s Shiite proxy militias in Iraq, further solidified Iran’s hand in Iraq.
However, experts say Turkey is seeking to balance Iran’s dominance by supporting Iraq’s Sunni and Turkmen communities.
According to the Turkish presidency, Erdogan met with several representatives of Baghdad’s Turkmen community during his visit on Monday to Iraq. That meeting followed one with the Sunni community in the Iraqi capital.
Hassan Hanzal al-Nasir, an Iraqi writer and journalist in Baghdad, argued that Turkey’s influence over Iraqi Sunnis was unlikely to help Erdogan because of a stark division in the Sunni political base, particularly after the removal of Iraq’s parliamentary speaker.
Iraq’s Sunni parliament speaker, Mohamed al-Halbousi, was removed from his position in November 2023 by the overwhelmingly Shiite Iraqi Supreme Court over forgery allegations. Some Sunni political leaders condemned the decision as an attempt to further marginalize their community.
"Iraq’s Sunni political leaders are confused between Turkey, Saudi Arabia, Qatar, the Emirates and even Jordan. There is no consensus among the Iraqi Sunnis to fill the position of the parliament head,” al-Nasir told VOA.
Nazar Haidar, director of the Iraq Media Center based in Virginia, said Turkey is leveraging Iraq’s sectarian divisions as “a negotiating card.”
“Indeed, the Iraqi public has been shocked in the recent two days after seeing pictures of President Erdogan meeting with those he called the representatives of the Sunni community and the representatives of the Turkmen community. This is an extremely dangerous subject,” he told VOA.
“The Sunni and Turkmen communities see Ankara as a support force in the Iraqi political process, and Ankara sees the Sunni and Turkmen communities as the negotiating card with the Iraqi government,” Haidar added.
Experts predict Iran’s involvement will similarly complicate Iraq's and Turkey’s attempts to cooperate on security.
While speaking to reporters on his flight home, Erdogan said Iraqi officials had agreed to cooperate with his government against Turkey’s Kurdish PKK militants. He said he wished to see concrete results of Baghdad's labeling of the PKK as a "banned organization."
Aziz, of the Emirates Policy Center, told VOA, "It seems that Turkey did not achieve its goal of convincing Iraq to recognize the PKK as a terrorist organization.”
“In practice, Iraq's assistance to Turkey against the PKK is difficult, because the issue has geopolitical and regional dimensions,” he said, adding that Turkey’s possible military operations inside Iraq, particularly in the city of Sinjar, where the PKK and PMF simultaneously operate, could lead to direct involvement from Iran.
But Haidar predicted no Iranian objection to a future Turkish military operation against Kurdish militants in Iraq.
“Iran will agree on such an operation by Turkey because it will give [Iran] a good opportunity to further enhance its strategic interests inside the Iraqi territory. It will be a mutually beneficial scenario for Iran and Turkey,” Haidar said.
FIREFLY: They were doing audits with the banks here. We were just told there's one with $600 million scam that is going on with travelers and the American dollar. There is no end to corruption in our country but we know Sudani is doing his very best to protect us especially with a new exchange rate that will be coming
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WALKINGSTICK: ...Iranian politicians are till trying to do what they've been doing but they're doing it through other means but they're not succeeding like they used to.
FIREFLY: Big thing on the TV about JPMorgan and Iraq banks are talking financial reforms and banking reforms.
Shafaq News/ Following the recent signing of a quadripartite memorandum of understanding between Iraq, Qatar, the UAE, and Turkiye to establish the "Development Road" project, concerns and misunderstandings have arisen, particularly from Kuwaiti officials, regarding the project's impact on their national interests.
Quadripartite MoU Signing for Development Road
Last week, Iraqi Prime Minister Mohammed Shia Al-Sudani and Turkish President Recep Tayyip Erdogan led the signing ceremony of a quadripartite Memorandum of Understanding (MoU) in Baghdad, involving Iraq, Turkiye, Qatar, and the United Arab Emirates (UAE).
The MoU aims to bolster cooperation regarding the Development Road project, drawing the participation of high-ranking Turkish and Iraqi delegates.
Iraqi Minister of Transportation Razzaq Muhaibis and Turkish Minister of Transportation and Infrastructure Abdul Qadir Uraloglu signed the memorandum on behalf of their countries.
Minister of Transportation Jassem bin Saif bin Ahmed Al Sulaiti represented Qatar, while Minister of Energy and Infrastructure Suhail Mohammed Faraj Al Mazroui signed on behalf of the UAE.
The MoU outlines the commitment of the signatory countries to establish the necessary frameworks for the project's implementation.
However, some regional countries are concerned about the repercussions of such projects in their own economy.
Kuwaiti Concerns Over Development Road
More than a third of the Kuwaiti assembly's 50 members expressed their concerns regarding the signing of the "Development Road" project in Baghdad. They viewed this action, especially amid the stalled progress of the "Mubarak Port" project, as indicative of shortcomings in Kuwaiti government policies concerning development and port enhancement. Their demands included immediate actions such as resuming work at the port and establishing investigative committees to delve into the causes of the delay and evaluate its impact on Kuwait's interests following the recent signing of the project's memorandum of understanding.
Notably, the Kuwaiti Mubarak Port, situated across from the Iraqi Faw Port in the Basra region, is poised, through the "Development Road" initiative, to link Asian markets with European ones.
Certain Kuwaiti MPs have attributed Kuwait's exclusion from the project to the underdevelopment of Mubarak Port. They have voiced discontent over what they perceive as a lack of progress in completing the Silk City development project (Subiya and Bubiyan Island), which encompasses Mubarak Port, which has been operational since September 2007.
In response to the Kuwaiti concerns, Diaa Al-Nasiri, Advisor to the Iraqi Prime Minister, addressed the situation in an interview with Shafaq News Agency, clarifying that "there is no overlap between the "Development Road" project and Kuwait's interests, as the road starts from Iraq's Faw port and extends to the Fishkhabour border crossing, through Turkiye to the European Union. Therefore, no similar road passing through Kuwait would be affected by this project."
Al-Nasiri highlighted that the "Development Road" project aims to "open up broad horizons not only for Iraq but also for some countries in the region that want to contribute to it. Kuwait was among the first countries invited to be an integral part."
Significance Of The Development Road
Iraq's "Development Road" initiative, first proposed by Prime Minister Al-Sudani during his diplomatic visit to Ankara a year ago, has become an important strategic beacon.
The "Development Road" project is an integrated road and railway system from Iraq to Turkiye and its ports. Stretching 1,200 kilometers within Iraq, its primary objective is to facilitate the transportation of goods between Europe and the Gulf countries.
With an investment budget of approximately 17 billion US dollars, the project divides funding by 6.5 billion for the highway and 10.5 billion for the electric railway.
Implementation occurs in three phases, concluding the first by 2028, the second by 2033, and the final phase by 2050.
Projections indicate that the project will create roughly 100,000 job opportunities at its outset, escalating to one million upon completion.
Observers suggest that projects like this become increasingly attractive to trade movements between East and West if Baghdad and Ankara effectively promote and solidify its success. However, they warned that such projects could hinder other countries' economies.
Against the backdrop of escalating tensions and what some term a "proxy war," the project assumes heightened relevance, particularly in light of disruptions to maritime navigation along critical routes like the Bab el-Mandeb and the Red Sea—vital lifelines facilitating around 15% of global trade.
With anticipation building around Erdogan's imminent visit to Iraq in the coming days, the "Development Road" project is poised to take center stage. This initiative, envisioned as a transformative transportation corridor; garners increased attention as both Iraq and Turkiye seek to bolster regional connectivity and foster economic growth.
In this intricate geopolitical landscape, Erdogan's longstanding vision of positioning Turkiye as a pivotal nexus for energy and trade finds resonance with Al-Sudani's ambition to leverage Iraq's strategic geographical position, rekindling its historic role as a bridge between East and West.
Moreover, recent disruptions in maritime trade, notably the downturn in activity at Israel's port of Eilat—a linchpin for Red Sea access—highlight the fragility of regional commerce amid heightened tensions.
Israeli estimates indicate that "the port has incurred an 85% decline in its operations. Plans are currently underway to lay off half of the port's workforce, a consequence of the onset of hostilities initiated by the Houthis in November."
Notably, this route was frequented by over 21,000 ships annually before the outbreak of the Israel-Gaza war and the Yemeni involvement, within the framework of what is termed the "Axis of Resistance," in defense of Palestinians.
Global insurance companies assert that shipping costs in the area have skyrocketed to unprecedented levels. This surge is attributed to several factors, including increased insurance premiums due to heightened risks, such as insurance covering vessel structures, cargo, protection, and compensation.
According to international estimates, maritime insurance costs have escalated five to tenfold compared to pre-war levels.
For shipping companies, the losses could be significant. In addition to rising insurance premiums, costs have escalated since ships no longer traverse the Bab el-Mandeb and the Red Sea, necessitating longer voyages around the African continent via the Cape of Good Hope.
This elongation of journeys, sometimes by 10 to 20 days, entails additional expenses for fuel, labor, and other resources.
Consequently, observers suggest that projects like the "Development Road" would become increasingly attractive to trade movements between East and West if Baghdad and Ankara effectively promoted and solidified its success.
Concerning the implementation timeline for the Development Road, Al-Nasiri clarified that "The Faw Port is the initial phase, but it is still under construction and requires another year and a half before investment activities can commence. Once the preliminary preparations are finalized and the Faw Port connects to Basra via rail, it will signify the beginning of this project."
He further mentioned, "There are approximately 170 kilometers of railway within Turkish territory that require linking. We've been informed that Turkish contributors and companies have started to work on this stretch of the railway."
The reinstatement is coming, it won’t be years anymore and I firmly believe from what we already know and what we are now witnessing, the writing is on the wall, but just not yet.Do you hold large sums of Iraqi dinar? Are they the larger three zero notes issued after 2003? If so, you just might be a millionaire sooner than later. In the month of April, Iraqi reforms has made monumental leaps and bounds even since 2023. Folks, it’s about to EXPLODE! It is now openly evident...It would be foolish to turn back now. Full speed ahead, choo-choo.
The news just keeps getting better and better. ...my CBI contact again confirmed to me that this meeting of Iraq with the Whitehouse had to take place and could be seen as a healing meeting between the two countries.
One issue was of course the status of leaving or the pullout of US forces. This issue is clear, as the US forces do not plan to leave Iraq again and destabilize the middle east, especially in these turbulent times...don’t worry it is not going to happen any time soon as long-term plans are being negotiated to give Iraq what it wants and give the US what it wants...
I was told by my CBI contact that the currency swap out will happen as they will not hide this event and must inform the citizens (education process...). Yes, they also have to explain the exchange swap-out process and how it will work along with descriptions of the newer lower denominations.
The CBI will then post those pictures of the lower denominations my contact told me were taken weeks ago. So, just wait and watch it all play out...You should be excited...with FACTUAL knowledge...
Article: "IRAQ’S FINANCIAL REVENUES EXCEED 11 TRILLION DINARS (about 11 Billion US Dollars) WITHIN A MONTH" Yes, even in a “rentier” oil economy the Iraqi dinar can still maintain a realistic rate of at least $3 or more...
