Masrour Barzani discusses regional developments with Trump's national security nominee
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed, in a phone call today, Saturday, with Congressman Michael Waltz, who was recently chosen by US President-elect Donald Trump as an advisor to the National Security Council, a number of important issues.
A statement by the regional government received by Shafaq News Agency stated that during the phone call, the two sides discussed the latest developments in Iraq, the Kurdistan Region and the region in general, and stressed the importance of strengthening bilateral relations and joint work to maintain security and stability in the region.
The Prime Minister congratulated the Congressman on his selection as an advisor to the National Security Council, praising his extensive experience in security files and issues related to the region.
The two sides also exchanged views on the results of the recent elections in the Kurdistan Region and the United States, and stressed the importance of democratic change and enhancing joint international cooperation and coordination in this context.
Part of the talks was devoted to discussing the pivotal role of the Kurdistan Region as a reliable partner in the region, as well as its commitment to shared values and goals that promote peace and security. Both sides agreed on the need to intensify joint efforts to overcome challenges and obstacles, in order to ensure the continuation of stability in the region. link
Banks down to the branch level, received a memo saying they were going to be exchanging new currencies, as early as 5:00 today Sat. 21 2024, or this weekend.
In Iraq, multiple contractors were paid at a rate of $3.91.
Citizens were told that a 10,000 dinar note would now be worth 10 dinars. All T4B must be finished exchanging byDecember 31, with no exchanges on Christmas Day.
The Parliamentary Legal Committee reveals to (Al-Mada) the date for resuming Parliament sessions.. This is the most important thing that willbe passed
The Parliamentary Legal Committee set, on Saturday, the date for resuming the sessions of the House of Representatives, while revealing the most prominent laws that will be passed during the current session.
Committee member Raed Al-Maliki said in an interview with (Al-Mada), "Parliament sessions will resume on January 9, 2025, which is the first chapter of the fourth year of the current session of the Council."
He added, "Parliament will proceed with the legislation of a number of laws, most notably amending the Drug Law, the Intelligence Service Law, the laws regulating the right to demonstrate, the Iraqi Media Network, amending the amnesty and personal status laws, and other laws."
These developments come at a time when the Iraqi parliament is witnessing repeated disputes over controversial laws, such as personal status, general amnesty, land recovery, oil and gas, which has led to the postponement of sessions or the disruption of the passage of laws on more than one occasion.
Parliament is currently seeking to avoid political tensions and ensure the passage of laws in a manner that serves the stability of legislative work.
The Speaker of the House of Representatives, Mahmoud Al-Mashhadani, confirmed after his election to the position that the controversial laws will be put to a unanimous vote, away from political bickering that may hinder the progress of legislative work. link
The dollar market is on “one leg”.. A new mechanism and the exchange rate is threatened!
12/22/2024
The Central Bank of Iraq is preparing to stop dealing with the electronic platform for dollar transfers abroad, at a time when experts have warned against raising the exchange rate to a higher level in light of the news circulating about this.
The electronic platform was launched in early 2023, and it represents a system for auditing dollar transfers before they are executed, instead of the audit that the US Federal Reserve used to conduct after execution.
Banks, companies and merchants in Iraq faced some challenges before adapting to the new method, but they finally underwent a series of trainings that the employees of these banks received before fully adapting to the platform’s work.
Exchange rate hike
In light of these moves, news has been raised about a move towards a new adjustment to the exchange rate,which has raised economists’ concerns about the potential impact of this move on the economic process in general.
Experts stressed that sudden changes in monetary policy could create additional confusion in the markets and undermine confidence in the financial system.
Economic expert Mustafa Akram Hantoush said, “Changing the exchange rate in the current situation is useless, because the problem is not in purchasing power, but in the demand for the dollar outside the platform due to small traders, trade with Iran, and some materials that are imported outside the platform due to high customs duties or their ban, in addition to the citizens’ desire to save the dollar.”
Hantoush added to Al Jarida that “it is better to find solutions to the increasing demand for the dollar outside the platform instead of resorting to changing the exchange rate, because that will complicate the monetary situation even more than it is now.”
clear policy
According to an official at the Central Bank of Iraq, dealing with the dollar file was based on various opinions built on a series of studies and field research.
The official, who preferred to remain anonymous, explained to Al Jarida that “the bank adopted two main approaches to address the crisis. The first is to expand the use of international currencies such as the Chinese yuan, the Indian rupee, the UAE dirham, and finally the Saudi riyal, with the aim of reducing dependence on the dollar. The second approach focuses on developing the operational capabilities of local banks to become more qualified to participate in transfer operations.”
For his part, banking researcher Mahmoud Dagher explained that “the fluctuation of the Iraqi dinar exchange rate came as a result of two decisions to reduce the value of the dinar in 2020 and then raise it in 2023, which represents a clear intervention in the fixed exchange rate system, which created ongoing economic confusion.”
Dagher told Al Jarida that “any new change in the exchange rate reflects the absence of benefit from previous mistakes, as wrong interventions in monetary policy lead to adverse results that increase the instability of the financial market.”
As for the economic expert, Adi Al-Alawi, he confirmed that “the biggest mistake that the government can make is to manipulate the dollar exchange rate through sudden decisions, because that has a direct impact on the national economy and shakes investors’ confidence in the financial system.”
Al-Alawi added to Al-Jarida that “the government’s continued taking of ill-considered decisions regarding the exchange rate will lead to the erosion of international and local confidence in the Iraqi economy, which will weaken the ability to attract the investments necessary to improve the economic reality.” LINK