Foreign Minister Fuad Hussein discussed regional and international developments with his Spanish counterpart, Jose Manuel Albares, today, Friday.
The Ministry of Foreign Affairs stated in a statement received by the Iraqi News Agency (INA), that "Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, met with the Spanish Minister of Foreign Affairs, Jose Manuel Albares, at the headquarters of the Spanish Ministry of Foreign Affairs, the European Union and Cooperation in the capital, Madrid," noting that "the meeting began with an official reception by the Spanish Minister of Foreign Affairs, followed by a bilateral meeting that addressed a number of issues of common interest."
MOFA added that "the two sides reviewed the bilateral relations between Iraq and Spain, where they were evaluated in their economic and political aspects as being in a noticeable positive development," noting that "the meeting discussed the current situation in the Middle East and the international situation, including the military escalation in the Gaza Strip and Lebanon, the developments of the Russian-Ukrainian war and the need to find a way to end this conflict.
The minister praised, according to the statement, "the participation of Spanish companies in infrastructure projects in Iraq, and the importance of strengthening cooperation between the public and private sectors in the two countries," calling for "activating political consultations by holding a meeting at the level of undersecretaries of the two ministries of foreign affairs, to resume the work of the joint committees, which was welcomed by the Spanish minister, who pledged to implement this proposal soon."
The minister touched on "the importance of organizing training courses in cooperation with friendly countries, with a focus on the Spanish Diplomatic Academy to train cadres of the Iraqi Ministry of Foreign Affairs in the fields of European-Latin American relations, and the two sides agreed to work to activate this proposal," appreciating "the positive position taken by the Spanish government towards the events in the Middle East, expressing Iraq's thanks for this support "Humanitarian", expressing his "hope that the new US administration will contribute to finding solutions to the crises that are sweeping the region and the world".
The ministry concluded saying that "the meeting stressed the importance of strengthening cooperation between the two countries in various political, economic and diplomatic fields, in a way that enhances regional and international stability and peace".
Iraqi News Tidbit: Down To The Wire
AL-Al aq: There is no sudden transition, but rather a gradual transition that began in 2024, where the banks' relationship was transferred directly to correspondent banks without passing through other links,
and the process has been completed with continued success," he continued, stressing that "more than 95% of this goal has been achieved, and this process will be completed successfully within the next two weeks,"
noting that "there is international anticipation to celebrate this occasion.
You all need to understand the financial implications of this inflation rate. This is not conjecture or some wild off beat theory. Iraq literally can not afford to come out below 10.
Because the Central Bank of Iraq (CBI) has implemented measures to stabilize the currency, including securing approval from the U.S. Federal Reserve to supply dollar cash in 2024.
However, of course those efforts have not fully mitigated inflationary trends.
Imagine having 1-5 million in IQD and you wake up with an extra 13 million to 65 million.
FRANK26: "NOTICE PARLIAMENT IS PASSING LAWS LEFT & RIGHT"....F26
Parliamentary Committee: Parliament will vote on the Industrial Investment Law in its next session
11/26/2024
Deputy Chairman of the Parliamentary Investment Committee, Hussein Al-Saabari, confirmed on Tuesday that the Industrial Investment Law will be voted on in the next session of Parliament, pointing out the importance of the law with regard to customs and tax exemptions as well as banks’ support for the industrial sector.
Al-Saabari told Shafak News Agency, "The House of Representatives will vote in the next session on the Industrial Investment Law, which is considered one of the important laws in the field of investment, and the law is considered the beginning of the industrial movement in Iraq."
He pointed out that "this law is considered an important shift in industrial investment, as it contains many articles, including customs and tax exemptions, as well as bank support for the industrial sector and other articles that serve industrialists."
Al-Saabari explained that "there is an article in the law that includes the ownership of land by industrial investors outside the municipality's borders and the basic design."
FIREFLY:Big news on television...Iraq is starting a policy to monitor the difference in the dollar rate official versus the black market to the dinar. They are relating to the exchange rate...They are calling everyone to pay attention to a new policy. I'm a little excited.
FRANK: This is very big news...This is the monetary reform education getting louder. It's at the point where they are screaming at you now...They're looking at the black market rate against the real official exchange rate (REER)...
The thieves in your country that profit from stealing the value of your currency are now being controlled by Sudani through his banks monetary reform policies. No more stealing from you Iraqi citizens... purchasing power
.
FIREFLY:Economist on television is explaining about how a revaluation works. They're giving us examples of other countries and after that how the currency is linked or pegged to a basket of other currencies.
Wow...It's being told to us constantly now every day. The planning of the revaluation they say is done and now apparently this currency is going to be linked or pegged to a basket of other currencies.
FRANK: If they tell you it's going to be pegged to a basket of other currencies,...it means we have a new exchange rate because that's the only reason the other currencies in the basket will play along with it...They also want to fluctuate (bounce up and down) with the value of your currency that is about to go insane!
Al-Alaq on the platform closure: There is no sudden transition, but rather a gradual one that will be completed within two weeks (HOLY COW !!! -F26)
11/25/2024
The Governor of the Central Bank, Ali Al-Alaq, announced today, Monday, that the monetary situation in Iraq is at its best, and while he indicated that external transfers for trade purposes are proceeding smoothly after the implementation of the new system, he confirmed the existence of agreements with 4 companies to launch a new mechanism for travel or treatment transfers, and he also confirmed that the transition from the electronic platform stage is not sudden as is being circulated, but rather gradualand the process began in 2024 and 5% remains and will be completed within the next two weeks. Al-Alaq said, on the sidelines of his participation in the opening of the fifth edition of the Arab Sustainable Development Week Forum in Cairo, as reported by the official agency and followed by the 964 network , that “there are trends within the government aimed at diversifying and strengthening the national economy, as the banking sector does not flourish unless there is a diverse production base,” indicating that “Iraq suffers from a heavy dependence on economic activity linked to the oil sector, which contributes primarily to the transfer of oil resources to the trade sector, and this constitutes a major imbalance in the structure of the economy.”
He continued, "In other words, oil revenues are transferred to building the economies of other countries through the large volume of imports, and this requires the necessity of activating the banking sector to provide the necessary financing to establish real projects in the basic economic sectors, especially in the industrial and agricultural sectors, in addition to other sectors."
Al-Alaq added: “I believe that this trend will contribute to reducing dependence on oil resources, in addition to providing job opportunities and real economic growth.”
monetary stability
He stressed that "the monetary situation in Iraq is currently very excellent," noting that "the high volume of foreign reserves enables the Central Bank to support and defend the exchange rate and achieve monetary stability, despite the difficult circumstances surrounding the countries of the region."
He explained that "the Central Bank is working to find ways and means to meet all the needs of the country, citizens and the business sector for foreign currency."
He added: “Whenever the conditions and factors necessary for transfer operations or demand for foreign currency are available, the Central Bank is ready to deal with this demand without any fears or concerns, which contributes to maintaining stability.”
The Central Bank excelled in providing foreign currency.
Al-Alaq stressed that “the Central Bank is currently distinguished from the rest of the countries in the region by its ability to respond to the country’s needs for foreign currency, whether for the public or private sectors or even the civil sector, to meet various types of requests for foreign currency.”
New system for foreign transfers
He pointed out that "there is a historic shift taking place in the context of foreign transfers and meeting demands for the US dollar, as there were many observations that necessitated changing the procedures and policies related to dealing with foreign currency and providing it."
He added, “The Central Bank has implemented a new system for foreign transfers to ensure their fluidity and transparency. Despite the challenges and difficulties that faced the implementation of these procedures at the beginning, we have overcome these obstacles, and today the process of foreign transfers for commercial purposes is proceeding smoothly, which explains the general control over prices and inflation, as the Central Bank continues to provide dollars for trade at the official price.”
He continued, “New channels have also been opened for transfers using other currencies, such as Turkey, India and China, in addition to European countries. This will make the process of foreign transfers more flexible and streamlined, while ensuring transparency and oversight that enhances trust and credibility in the operations we carry out.”
Foreign transfers of citizens
Regarding providing remittances to citizens for various purposes, such as travel, treatment, or any legitimate remittances abroad, Al-Alaq confirmed: “Next year, we will launch a new method to expand and enhance these operations, just as we did for commercial remittances.”
He pointed out that "there are also current agreements with the relevant companies such as (Visa, Mastercard, MoneyGram, Western Union) to establish a new framework for implementing these operations, which will constitute another shift in controlling these operations."
Al-Alaq added, “Next year or the beginning of next year 2025 will witness the completion of the current procedures, and we seek to provide reassurance, especially with some people’s questions about the fate of transfers after the completion of the electronic platform at the end of this year 2024.”
“There is no sudden transition, but rather a gradual transition that began in 2024, where the banks’ relationship was transferred directly to correspondent banks without going through other links, and the process was completed successfully,” he continued, stressing that “more than 95% of this goal has been achieved, and this process will be completed successfully within the next two weeks,” noting that “there is international anticipation to celebrate this occasion.”
