Monday, September 16, 2024
Economist: Lower oil prices will not affect dollar exchange rate and salaries in Iraq - Urgent, 16 SEPT
Economist: Lower oil prices will not affect dollar exchange rate and salaries in Iraq - Urgent
Economic expert Mustafa Akram Hantoush explained today, Saturday (September 14, 2024), that the decline in oil prices will not affect the exchange rate of the dollar and salaries in Iraq.
Hantoush said in an interview with Baghdad Today, "The dollar exchange rates in Iraq will not be affected by the decline in oil prices, as this issue depends on supply and demand in the local market, and has no relation to the oil file and oil revenues."
He explained that "in terms of operating expenses, including salaries, they will not be affected by the crisis, even if oil prices reach $50, as the state is able to pay salaries and governing expenses."
Hantoush added that "the impact of fluctuations in oil prices will greatly affect investment programs, and that oil prices may threaten the state's investment side, as happened in the past years, including 2015, 2016, and 2017, when projects suffered from significant delays in those years."
These financial concerns reflect the challenges facing the global oil market, as oil prices have fallen significantly in recent weeks due to weak global demand, especially from China, which is the world's largest oil importer.
Every now and then, fears are circulated in Iraq about the government’s inability to pay employees’ salaries due to financial liquidity, especially since the country’s oil imports, which constitute more than 90% of the Iraqi economy, are in Iraq’s account at the US Federal Reserve. link
Sunday, September 15, 2024
LATEST FROM WOLVERINE, 16 SEPT
Wolverine
[via Judy Byington] Like I was told, September is the golden month. …I’m absolutely excited...We were told that this has started...It is my opinion that notifications should be coming out today Sun. 15 Sept, or tomorrow Mon. 16 Sept. at the latest...Have a beautiful day.
“Guys, I’ve just been told that the RV has started as Iraq is officially live on the big screen. By tomorrow Mon. 16 Sept. we should have Tiers starting to receive payment, which is liquid money. Waiting to hear more later on.
Later Sat. 14 Sept. 2024 Wolverine
DINAR REVALUATION REPORT: Baghdad's New Chapter in U.S.-Iraq Relations, 16 SEPT
Baghdad's New Chapter in U.S.-Iraq Relations
Iraqi Prime Minister Mohamed Shia Sudani, since assuming office in October 2022, has embarked on a pivotal journey to reshape Iraq's political landscape and strengthen diplomatic ties. As of September 15, 2024, Iraq stands at a critical juncture, navigating complex domestic and international challenges while pursuing an ambitious agenda for economic and political reform.
Sudani's visit to the United States in April 2024 marked a significant milestone in Iraq's foreign policy, aimed at revitalizing and broadening the bilateral relationship beyond military cooperation. The Iraqi delegation, comprising key ministers and business leaders, engaged in discussions on trade, economics, energy, and culture, reflecting Baghdad's desire to foster a comprehensive partnership with Washington.
Security and Sanctions
The agenda for Sudani's visit prominently featured discussions on the U.S. military presence in Iraq and U.S. Treasury sanctions. These topics were of paramount concern to the Shia Coordination Framework, a coalition of Shia political and militia groups that has historically opposed U.S. interests in the region. The sanctions were imposed due to the misappropriation of U.S. dollars by Iraqi banks and individuals associated with the Coordination Framework, which had facilitated the circumvention of sanctions against Iran, Syria, and Russia.
Economic and Political Agenda
Sudani's administration has prioritized an agenda centered on economic development, investment, and governance reform. His visit to the U.S. was aimed at attracting American business interest and investment in Iraq's economy. Additionally, the Iraqi leader sought to engage with the Iraqi diaspora in the U.S., encouraging their participation in Iraq's growth and further strengthening the bilateral relationship.
Domestic Challenges and Achievements
Political Environment
Sudani has navigated the complex and often fractious Iraqi political landscape with a pragmatic approach, attempting to balance the demands of various factions while pursuing his policy agenda. Despite the challenges, he has managed to maintain relative stability and support from key stakeholders.
Economic and Developmental Agenda
The prime minister's first year in office has seen mixed results in implementing economic reforms and developmental projects. While progress has been hindered by political and budgetary constraints, Sudani's government has made efforts to address corruption and promote transparency.
Visualizing Iraq's Economic Progress
To better understand the economic landscape under Sudani's leadership, let's examine a timeline of key economic reforms and developments.
Al-Sudani: Iraq today is on the right path, 16 SEPT
Prime Minister Mohammed Shia Al-Sudani, during a dialogue seminar by the Anki Foundation for Studies and Research on the path to development, in the presence of Mr. Al-Hakim:
Iraq depends on oil as the only source to cover its expenses, which have begun to increase.
The development path needs more study and clarification.
We must think properly to activate sectors that support oil.
- There must be projects that suit Iraq to be a focus of development.
We have started establishing and implementing the development road project, which will transform Iraq into an open country.
We have unnatural materials that have not been exploited in industries and the strategic location of Iraq.
We are in the planning, design and other studies phase and we have approached the World Bank to begin implementing the development road from Basra to Mosul.
Capital finds opportunity in Iraq amid security and political stability
- Many capitals want to invest in Iraq
Iraq today is on the right track
Iraq is witnessing recovery and stability and everyone needs his return
Iraq will enter the gas market after investing in several fields
Iraq is the best corridor in the communications and optical cable file
Providing job opportunities is one of the reasons that prompted us to proceed with the development road project.
We concluded the Faw Investment Refinery contract and it was activated.
With these projects, we will recreate the experience of the sixties and seventies to work in the private sector to provide job opportunities.
- The railway designs for the development road project have been fully completed.
- The third meeting of the Ministerial Council on the development path will be held next November.
We have started preparing a study on forming a body to manage the development road project.
- We have made real reforms in the tax and banking system.
There is no spot on Iraqi territory outside the control of our security forces, and we have directed the preparation of a comprehensive plan to secure the path of development.
The development road project needs 5 years to be completed. link
SANDY INGRAM CC NOTES HIGHLIGHTS, 16 SEPT
Summary
US sanctions on 14 Iraqi banks reveal a financial plot involving Iran and the UAE, exploiting banking loopholes to fund terrorism.
Highlights
- 💰 US Treasury sanctioned 14 Iraqi banks in 2024.
- 🏦 Iraqi banking system, established post-2003 invasion, has flaws.
- 🇮🇷 Billions funneled to Iran despite international sanctions.
- 🕵️♂️ Investigations uncovered a $3.5 billion money trail.
- 🚨 Funds linked to Iran’s Islamic Revolutionary Guard Corps.
- ✋ US aims to disrupt financial flows supporting terrorism.
- 🔍 Enhanced scrutiny and cooperation necessary for enforcement.
Key Insights
- 🔗 Financial Loopholes: The Iraqi banking system, initially designed for stability, became a conduit for terror financing due to inadequate oversight. This highlights the need for stronger regulatory frameworks.
- 🌍 International Cooperation: The situation underscores the importance of global collaboration to address the complexities of financial systems that allow sanctions evasion.
- 💼 Shell Entities: The use of shell companies in the UAE demonstrates how easily illicit activities can be masked within legitimate frameworks, necessitating better monitoring practices.
- 🚫 Terror Financing: The connection between Iraqi banks and Iran’s IRGC shows the dire consequences of unregulated financial practices, directly impacting U.S. national security.
- 🔍 Increased Scrutiny: The U.S. Treasury’s measures signal a more aggressive approach to identifying and severing ties with banks involved in terrorist financing, setting a precedent for future actions.
- 📜 Press Release Strategy: The U.S. Treasury’s communication strategy emphasizes their commitment to protecting Iraq while addressing security threats, shaping public perception.
- ⚖️ Regulatory Measures: The proposed rules to sever banks from the U.S. financial system illustrate the ongoing battle against money laundering and the need for stringent compliance.
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