Five countries, including Iraq, own over 1000 tons of gold, 5 MAY
Shafaq News/ On Saturday, the World Gold Council (WGC) announced that Iraq and four other Arab countries possess more than a thousand tons of global gold reserves.
In its latest data for May, the Council stated that "the top five countries: Saudi Arabia, Lebanon, Algeria, Libya, and Iraq, own 1,726 tons."
"Iraq has maintained its 30th global ranking out of 100 countries with the largest gold reserve, as it has not purchased gold since May 2023, with its gold holdings reaching 142.6 tons, representing 9.3% of the total reserves."
WGC also pointed out that "the United States holds the largest gold reserves in the world with 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, Italy with 2,451.8 thousand tons, and Suriname ranks last with 1.2 thousand tons."
I think there is an excellent shot we will be done by the 9th... Comment: I hear tomorrow will be. a BIG day. MarkZ: I know a lot of people are expecting it on Sun or Mon… I don’t know if it will be tomorrow or not, but there is a tremendous amount of chatter
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.I am not hearing anything negative…everything is positive...All my contacts in Iraq are saying the trigger is now with the CBI and they are going to pull it soon. They are informing people …they are educating people and telling Iraqi citizens to be prepared for a change in value...
...they have started paying their retirees and disabled, welfare etc…they finally have money moving where it is supposed to on all those fronts. And all the progress they have made getting CBI salaries to people.They are completing everything they need for world trade and ascension, and all the settlements they have made to get out of chapter 8 after the invasion of Kuwait. Phenomenal progress has been made... Progress over the last 16 months has been stunning.
Iraq's most stable period in 30 years: Closer ties with Ankara, waning relations with Washington, 5 MAY
Shafaq News / The Atlantic Council Institute provided an analysis on the first visit of Turkish President Recep Tayyip Erdogan to Iraq in over a decade, and his first visit as President, following years of strained relations.
This visit has paved the way for a new phase of strategic cooperation in vital areas such as energy, trade, and security, amidst a backdrop of dwindling confidence in Baghdad and Ankara regarding American influence in the region.
The report suggested that the "convergence of interests between Ankara and Baghdad could lead to Iraq experiencing its most stable period since Saddam Hussein's invasion of Kuwait. Erdogan's visit has laid the groundwork for enhancing regional stability and prosperity, with indirect ramifications for the Kurdistan Region."
Describing the past decade's Iraqi-Turkish relations as fraught, due to contentious issues like the legal battle over Kurdistan Region oil exports via pipelines to Turkiye, Turkish military operations against the Kurdistan Workers' Party (PKK) on Iraqi soil, and disputes over water flow from the Tigris and Euphrates rivers, the report noted that "amidst the Middle East's upheavals, there is a growing recognition among Turkish and Iraqi leaders of the need to protect their interests and support stability through regional cooperation."
The report indicated that the United States and Iran indirectly played a role in prompting the visit. "Despite Iraq's public calls for the withdrawal of U.S. forces, it still relies on Washington for counterterrorism aid and financial assistance. However, Baghdad seeks to reduce this dependence by bolstering security and developmental cooperation with Turkiye and the Gulf states."
Simultaneously, the report suggested that Iraqi Prime Minister Mohammed Shia Al-Sudani must "carefully manage Iranian influence while balancing or diminishing it, and developing relations with Turkiye represents another dimension of this strategy."
The report quoted an observer in Erbil stating that "the symbolic purpose of the Iraqi visit is to demonstrate Baghdad's fruitful relationships with its northern and southern neighbors, not just its dominant eastern neighbor."
It also cites a commentator likening Baghdad's relationship with Turkiye to the historical significance of the gates built by Abbasid Caliph Abu Jaafar al-Mansour, particularly the gate facing Khurasan, suggesting that "Baghdad's gate was not solely open to Iran and Khurasan."
The report suggested that waning confidence in American plans for the region provides Turkiye and Iraq, both U.S. allies, with additional incentives for cooperation. "However, skepticism exists among Iraqis and Turks regarding U.S. commitment to stability, sovereignty, and democracy in the region, while regional observers question whether the U.S. has militarily deterred Iran in Iraq or Syria, or if it is even capable of doing so."
Furthermore, the report called attention to the fact that the United States has backed a major development and transportation project, the Indian Corridor, surpassing both Turkiye and Iraq.
It asserted that countering the Indian Corridor project has spurred efforts to recalibrate bilateral relations between Baghdad and Ankara, with a focus on the "Development Road" project linking the large Faw Port in Basra governorate to global markets via Turkiye, with investment from Qatar and the UAE, thus integrating Iraq into regional and global economic networks.
Amidst approximately three agreements between Baghdad and Ankara, the report suggested that from Turkiye's perspective, "cooperation and legal clearance for its operations against the PKK constitute the most urgent area for tangible progress."
The report noteed positive portrayals of the visit in Iraqi and Turkish media, with Turkish reports emphasizing Foreign Minister Hakan Fidan's diplomatic finesse and strategic resolve, focusing on potential mutual economic gains and highlighting the expected benefits of the "Development Road" project, such as its potential to erode the PKK's control over vast areas in northern Iraq. Iraqi media stress the long-standing problems that need resolution and the wide-ranging possibilities for development and improved relations.
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Kurdish coverage of the visit applauds officials and experts for Turkish engagement in Iraq, underscoring Ankara's need to maintain robust relations with Erbil and Baghdad to prevent the exclusion of the Kurdistan Region from the benefits of close ties.
The report asserted that "this clear new chapter in bilateral relations has boundaries and entails risks. One limitation is the Iraqi government's limited ability to access the PKK, given its restricted military and intelligence resources in remote border areas where the PKK is active."
"There are possibilities that Baghdad may offer potential support for countering the PKK to persuade Ankara to reduce its support for the Kurdistan Regional Government, but such a possibility poses a strategic risk that Ankara must be cautious about, as the close relationship between Ankara and Erbil has brought significant economic and security benefits to both."
The report also cited continued Iranian influence in Baghdad and doubts about Turkish influence there, something its allies and clients will certainly seek to minimize.
"The Development Road adds a new economic dynamic to the bilateral equation, making the promise of enhanced neighborhood relations more substantial than previous expressions of intent."
It further asserted that within the increasingly turbulent regional framework, coupled with the new Gulf-backed economic project, the current axis may indeed be significant strategically, potentially leading to Iraq's most stable period between neighbors since Saddam Hussein's 1990 invasion of Kuwait.
Article: "Specialist: Floating the dinar is economic suicide"As Saleh was stating but only stronger wording.
Article: "Al-Ardawi: The Sudanese government seeks to liberalize the Iraqi dinar and stabilize the economy" Quote: "The visit comes in a very heated situation and everyone is awaiting its outcomes, and the Sudanese carries...ideas and projects that move towards consolidating the relationship with the American side and transferring it from the process of guardianship to friendship...In a way that allows Iraq to assume its pivotal role in the region." As I have been stating...Iraq needs the US Guardianship to end!! (UN 1483)
Article quote: "Two Iraqi and American sources said that Prime Minister Muhammad Shiaa Al-Sudani will spend a week in the United States, including discussions with President Joe Biden, and a tour of 3 states." Will one State be Florida????Mar-a-Lago???
IMO UN resolution 1483 will have to be lifted to allow Iraq to be totally sovereign as it established the US and UK as "occupying forces"...This is in essence "Guardianship" or "Receivership"...Absent the lifting, the US has to give Iraq permission to do most anything Internationally including "currency reinstatement"...I am hopeful that internal control of the money structure is exclusively in the hands of the CBI so they can at least move to the RD/RV stage of their monetary reform...
If not, the upcoming US visit of Sudani may very well be pivotal... Saleh...recently stated he was unsure of the status of 1483 according to news articles...
This is clearly what the article said... They are weighing changing the rate from 1,320 dinars per dollar to 1.32 dinars per dollar. This is clearly 76 cents to 1 IQD...Currently the rate is 1,320 IQD to 1 USD. Looking it at the other way, this is 0.0007575 USD to 1 IQD. If they drop 1 zero from the exchange rate: 132.0 IQD to 1 USD or 0.007575 USD to 1 IQD. If they drop 2 zeros: 13.2 IQD to 1 USD or 0.07575 USD to 1 IQD. If they drop 3 zeros: 1.32 IQD to 1 USD or .7575 USD to 1 IQD. Therefore, 1.32 IQD to 1 USD is 76 cents to each IQD
...What we want to see posted on the CBI website as to how many IQD are required to purchase 1 USD is 1.00 or less. If they post 3.22 IQD to 1 USD, this would mean 31 cents per 1 IQD.
We want them to post .31 IQD to 1 USD which is then 3.22 USD to 1 IQD. Realize, they post how many IQD it takes to purchase 1 of another currency.
Community Comment: "...The rate doesn't matter but "freedom of movement of capital" is important. That is Article 8 compliance." They cannot be Article 8 compliant if the country is functioning under a MCP. A MCP [Multiple Currency Practices] includes a parallel rate of greater than 2% of the official rate by IMF definition. Saleh said last year that the parallel rate is "REQUIRED" to be 2% or less of the official rate...This 2% or less needs to be maintained for a period of 90 days. The parallel rate is still around 14% difference.
Question: "I thought they met all the requirements [to join the WTO]?" All the articles say they have legislation that needs to be passed and the next meeting is in the "middle of the year.
Question: "When is Iraq supposed to be in the WTO?" Not before they pass needed legislation, eliminate the MCP [Multiple Currency Practices] and are recognized as having accepted IMF Article 8 obligations. Accession Committee next meeting with Iraq is planned for the "middle of the year".