Thursday, July 11, 2024

Turkish Defense Minister vows security corridor; Iraq condemns incursion

 Shafaq News/ On Wednesday, Turkish Defense Minister Yasar Guler confirmed that his country is determined to establish a security corridor 30-40 kilometers deep along the borders with Iraq and Syria and cleanse the region of what he described as “terrorists.”

In a statement from the Turkish Ministry of Defense, Guler emphasized Turkiye's goal to “establish a fully independent defense industry through local and national production, enhancing the economy and contributing to Turkiye's independence.”

"The mentioned (war) technologies are different, starting with land, sea and air vehicles, drones, helicopters, weapons, smart munitions, missiles, air defense systems and electronic warfare," he added. 


As for Iraq, the Iraqi National Security Ministerial Council condemned on Wednesday the Turkish army’s incursion into the Duhok Governorate, and sent a high-level delegation to the Kurdistan Region to formulate a unified position on Iraqi sovereignty.


The spokesperson for the Commander-in-Chief of the Armed Forces, Brigadier General Yahya Rasool said in a statement, “Prime Minister Mohammed Shia Al-Sudani, the Commander-in-Chief of the Armed Forces chaired a Ministerial Council for National Security meeting, where the issue of interventions and violations by Turkish forces in the border areas was discussed,” noting that "the Turkish military incursion and the violation of Iraqi lands were rejected”. 

Moreover, the meeting emphasized “Turkiye's need to observe good neighborly principles, deal diplomatically with the Iraqi government, and coordinate on security issues,” calling on “all parties and national forces to support the government’s position,” reiterating “Iraq's constitutional and legal stance against attacks on its territory or the use of Iraqi soil as a base for attacks on neighboring countries.”


Earlier today, residents of the village of Koherzi closed the main road between Al-Amadiya district and the Deraluk sub-district in Duhok governorate, protesting against the Turkish artillery shelling that hit their village.

This escalation is linked to the Turkish military's expansion of its operations in the area over the past two weeks, citing the objective of combating PKK elements that have been active in the region for decades.


Areas in Al-Amadiyah and some areas of the Kurdistan Region are subjected to almost daily airstrikes, targeting PKK elements and leaders present there.


The Turkish Armed Forces have been conducting cross-border military operations against the PKK in Northern Iraq since the 1980s.

In July 2015, a two-and-a-half year-long ceasefire broke down, and the conflict between Ankara and militants of the PKK – recognized as a terrorist organization by Turkiye, the US, Russia, and the European Union – entered one of its deadliest chapters in nearly four decades.


Since that date, the conflict has progressed through several phases. Between roughly 2015 and 2017, the violence devastated communities in some urban centers of Turkiye's majority Kurdish southeast and – at times – struck into the heart of the country's largest metropolitan centers. From 2017 onward, the fighting moved into rural areas of Turkiye's southeast.


As the Turkish military pushed more militants out of Turkiye, by 2019, the conflict's concentration shifted to northern Iraq and northern Syria, where the Turkish army has established several military bases at strategic points in the Matin mountain range, citing the expulsion of Kurdistan Workers' Party militants as justification.

In a TV interview last February, the President of the Kurdistan Region, Nechirvan Barzani, was asked if Turkiye coordinates with Erbil when launching strikes against PKK in the region; Barzani explained, "The PKK is a severe headache for the Kurdistan Region and Iraq as well. They do not value the legitimacy of the Kurdistan Region's institutions and threaten Turkiye from our territories. While we completely reject the principle of turning the lands of the Kurdistan Region into a source of threat to our neighbors, whether this neighbor is Turkiye or Iran."

He rejected that PKK, as opponents of Tehran and Ankara, "make the Kurdistan Region a safe area to create problems for these countries. It is very unfortunate that the PKK plays a very negative role in this context and uses the mountainous areas of the Kurdistan Region and tries to create problems for Turkiye. This is absolutely unacceptable from our side."

On many occasions, Ankara urged the Iraqi government to label the PKK a "terrorist" organization. On the other hand, Baghdad frequently called for an end to the presence of Turkish military forces on its land, demanding that Turkiye stop its attacks and respect Iraq's sovereignty.

LATEST FROM PIMPY, 11 JULY

 Pimpy 

 Be careful of the hopium.  I said this and I'll say it again, the value of the Iraqi dinar will increase but there's a possibility it might not happen the way you're being told...

---

Pimpy 

 Community Comment:  "The CBI is going to wait until they're forced to increase their purchasing power.

 No.  The CBI is going to wait until it's necessary to increase the exchange rate.  Just because everybody out here that owns Iraqi dinar feels like it should be done and they want it done today doesn't mean it's going to happen.  They have to do what's right for the Iraqi people.

 Question:  "Can someone please explain why Pimpy is in this? 


 Does he or does he not believe in the RV

 I'm Pimpy and I can answer that question.  Do I believe the Iraqi dinar can revalue?  Yes.  I'm in this because I think the Iraqi dinar will revalue.  As a matter of fact it's revealed a few times...

July 18th is going to be good.  They get to go there, meet with the World Trade Organization.  

There's going to be information and reforms and requests made by the WTO that they are going to hand off to Iraq.  Iraq is going to go over there and drop off additional materials that was requested from the last meeting and ask questions to make sure their accession into the World Trade Organization continues to go as smoothly as possible.  As far as the exchange rate is concerned, no it's not going to be brought up there because that's not the job of the WTO.

Iraqi dinar ✅ Vietnam's Economic Boom: Is a Major Currency Revaluation I...

Iraqi economist warns of gap between official and parallel USD exchange rates

 Shafaq News/ Economic expert Nabil Al-Marsoumi warned, on Wednesday, of the growing disparity between the parallel market exchange rate of the US dollar and the official rate set by the Central Bank of Iraq (CBI), and its potential impact on the Iraqi market.

Al-Marsoumi stated, "If traveler dollars actually reach travelers, the parallel dollar will soar, widening the gap between it and the official dollar." He explained that "a significant portion of the cash dollars will be hoarded by travelers, reducing the available supply of cash dollars typically used to fund private sector imports of Iranian goods and cover the needs of travelers to countries under US sanctions."


Al-Marsoumi added that "if the cash dollar exceeds 1,600 IQD per dollar, this will significantly undermine the competitiveness of Iranian goods in the Iraqi market."

Notably, the exchange rate of the US dollar against the Iraqi dinar has risen following CBI's decision to allocate dollars to travelers exclusively at airports and issue instructions to currency exchange companies accordingly.

"LATEST FROM FRANK26: Q & A WITH FRANK26, 11 JULY

 Frank26  

 I think Sudani is in control of the monetary reform.  I think he has security and stability and I think the international world knows it. 

 I think all the three letter agencies are in cahoots...with the CBI...GOI to go ahead and launch the new exchange rate...I think the exchange rate is either going to float at a fixed rate or it's going to float at a low rate then take some time to grow and be capped.  

If it's fixed at an RI rate then you know it's not going to float very much because the distance between $3.22 to...where they want to cap it it's not that far and the demand will allow the gap to be reached very quickly

 If it comes out at $3.22 you think I'm gonna wait around for a float?  No.

 Question: "During the float how much time will pass between each float as the amount increases?"  

We're looking at anywhere from 3 to 6 months.  But if they are generous we may be looking from 6 months to a year.  I pray that's the case because if they don't give us at least 3 months, if they give us one month, we're not going to be able to take advantage of the float.

Iraqi Dinar Float Explained: Why $1.32 is Just the Beginning!"iraqi dina...

Iranian exports surge 30% in Iraq amid currency challenges

Shafaq News: On Wednesday, the Secretary-General of the Joint Iraqi-Iranian Chamber of Commerce, Jahanbakhsh Sanjabi, confirmed that Iranian exports to Iraq rose by 30% in the first nine months of this year (Iranian year starts on March 21), highlighting Tehran's significant role in the Iraqi market.


According to a report from an Iranian website, sanctions impose significant costs on Iranian businessmen.

Sanjabi stated that Iran loses 180 dinars per dollar because the CBI does not deliver the official currency to Iran and the money changers provide it at market rates.


“Iran's exports to Iraq in 2023 exceeded $10 billion, and the trade balance with Iraq was 95% positive in favor of Iran,” he pointed out, noting that “this highlights a significant yet potentially less competitive market that requires sustainable solutions to address potential challenges and conflicts.


Regarding the resources stored by Iran in Iraq, he said, "I'm not discussing specific numbers, but there are significant resources stored. It pertains to Iran's dinar reserves. There's no restriction on its use within Iran or other countries, but complexities arise when converting dinar to other currencies."


He noted that Iranian money remains in Iraq largely because the dinar isn't widely accepted by businessmen. He questioned, "Where can we exchange dinar? Which country accepts dinar in exchange for goods?" affirming that “this difficulty contributes to the challenge of returning Iranian currencies.”

In this context, he explained, "To transfer money from an Iraqi bank or ATM to a beneficiary outside the five banned countries, the Central Bank of Iraq will provide currency at a rate of 1,320 dinars per dollar. However, transfers to any of the sanctioned countries require obtaining currency from the stock exchange at a rate of 1,500 dinars per dollar."

Moreover, "The exchange rate difference costs us 180 dinars per dollar. This cost can be borne by either the Iranian exporter or the Iraqi importer, depending on the contract type. If we opt to purchase a currency other than the dinar, we incur a loss of 180 dinars per dollar," he stated. 

Sanjabi emphasized, "This is our top challenge in the Iraqi market today. Despite this, Iran's exports to Iraq have grown by 30% in the past nine months, showing our stability in this market. This means we can maintain our presence here despite additional costs."