Sunday, October 29, 2023
Iraq announces self-sufficiency in various food and industrial production sectors, 29 OCT
Iraq announces self-sufficiency in various food and industrial production sectors
ERBIL (Kurdistan 24) – The Iraqi Ministry of Industry and Minerals said it has reached total autonomy from its reliance on exports for various types of products, ranging from dairy products to cement.
On Oct. 28, Zuha Juburi, spokesperson for the Iraqi Ministry of Industry and Minerals, told the Iraqi News Agency that the country no longer relies on imports of various products, including dairy, juices, soft drinks, sugar, mineral water, cement, industrial salt, table salt, canned aluminum containers, and some veterinary vaccines.
Juburi reiterated that the production of these items is only enough to meet the needs of the domestic market so far, and has not exported any existing surplus.
The ministry also stressed the need to comply with quality assurance principles and international standards in the production of these products to improve the quality of their products and compete with imported products.
The Iraqi government has been known to institute protectionist measures and ban certain imports to support its domestic companies. The country banned the import of eggs, frozen fish, oranges, tomatoes and cucumbers, with many of the food products coming from neighboring Turkey.
Iraq is a net food import country that heavily relies on other countries to feed its population. The country exclusively exports its wheat, a problematic situation that has been exacerbated by the Russo-Ukrainian War, involving two countries that provide more than a quarter of the global wheat supply, according to a Dec. 2022 United Nations report.
Complicating Iraq’s economic uncertainty is its overreliance on petroleum, which reportedly makes up 97% of the country’s exports. The country ultimately lacks any reliable export sector for its manufacturing industry.
Iraq's Al-Sadr Calls for Shutdown of US Mission, 29 OCT
Iraq's Al-Sadr Calls for Shutdown of US Mission
ERBIL — Iraqi prominent Shia cleric Muqtada al-Sadr on Friday urged the Iraqi government and parliament to shut down the US embassy in Baghdad in response to the US backing of Israel amid the escalating conflict in the Gaza Strip.
In a statement he shared on X, the Shia cleric called on Iraq's government and parliament to unite and approve demands calling for the shutdown of the US mission in the country in protest to Washington’s support for Israel in the ongoing war with Hamas forces in the Gaza Strip.
However, he urged the Iraqi government and military forces to protect foreign missions in the country amid recurrent attacks targeting US bases in Anbar and the Kurdistan Region in recent days.
Baghdad has expressed support for Palestine amid the ongoing conflict with Israel, and also called for a continued flow of humanitarian aid and also containment of the conflict.
In response to these security threats, the US government on Sunday decided to evacuate non-essential personnel from its embassy in Baghdad. Washington has since updated its travel advisory too, strongly encouraging its citizens to avoid traveling to Iraq.
Saturday, October 28, 2023
"RV UPDATE" BY PIMPY, 29 OCT
Pimpy
There's talk about Al-Sudani doing something that will help with the dinar exchange rate...
Article: "Sudani will announce next week a banking service that leads to the decline of the dollar" I've been racking my brain out trying to think what it is Al-Sudani is going to do.
The only thing I can think of Al-Sudani has got to do something about the exchange rate. What other options does Iraq have? They rose the exchange rate last time from 1450 dinars for every dollar because the parallel exchange rate was getting out of control.
It stabilized for a little while but now...the parallel markets are way out of control. You now can get 1630 for every dollar compared to 1300 on the official market...
if any of the citizens have US dollars they can get more dinars on the black market than they can through the bank at the official rate. Where is the incentive for the citizen to avoid the black market? The US dollar is much stronger in Iraq than the Iraqi dinar. The only thing you could do is try to find a way to strengthen the dinar as much as possible so it can compete with the US dollar.
Let's talk about the high possibly of a reevaluation taking place here real soon with the Iraqi dinar...
Article: "The dollar is flying fast and registering 162 thousand dinars in the markets".
1,620 for every dollar is a huge gap between the fixed rate of 1,320...Iraq is going to have to do something very soon about this situation.
They can't keep allowing this to get out of control. It's causing inflation...and it's affecting the economy... The last time we started to see this type of gap between the fixed rate and the black market rate, Iraq was forced to increase the value of dinar.
IMO if this keeps getting out of control I don't think they're going to have any choice but to do the same thing again...
Keep in mind the Iraqi dinar before they devalued you got 1,190 dinars for every dollar, it dropped down to 1,450 for every dollar then they increased it to where you get 1,300 for every dollar. If they go to make a move again is it possible they finally bring us back to where we started from at 1,190 or every dollar. It almost looks unavoidable at this moment.
"THE EXCHANGE RATE REFORM GUIDANCE WITH THE IMF" BY GOLDILOCKS, 28 OCT
Goldilocks' Comments and Global Economic News for the evening of October 28th
Good evening ,
We are witnessing several countries having gone through exchange rate reform guidance with the IMF as of late.
Here, we have Zimbabwe upgrading their currency exchange mechanisms. These changes will put them on par with other countries in trade on the new digital asset-based trading system.
Currently, the IMF is asking the banks of Zimbabwe to remove their currency rate restrictions, so they can accelerate their foreign currency reform market.
© Goldilocks
https://www.herald.co.zw/imf-implores-zim-to-pace-up-forex-reforms/
The European Union confirms its desire to contribute to the development road project, 28 OCT
The European Union confirms its desire to contribute to the development road project
Prime Minister, Mr. Muhammad Shiaa Al-Sudani, receives the European Union Ambassador to Iraq
Prime Minister, Mr. Muhammad Shiaa Al-Sudani, received, today, Saturday, the European Union Ambassador to Iraq, Mr. Thomas Seiler. During the meeting, bilateral relations between Iraq and the European Union were reviewed, and ways to strengthen them in a way that achieves mutual interest, as well as the recent developments in the region, especially the continued attacks on the Palestinian people in besieged Gaza.
Mr. Al-Sudani reiterated Iraq's clear and principled position calling for the international community and European Union countries to take responsible steps that lead to stopping the aggression, bombing, and targeting of civilians, opening safe corridors to deliver aid to Gaza, and relieving the Palestinian people from the tragic conditions they are experiencing.
His Excellency also stated Iraq's desire to advance distinguished relations with the European Union and expand serious partnership in various development and economic sectors. For his part, the European Ambassador indicated that relations between Iraq and Europe witnessed clear growth during the first year of Mr. Sudanese government. He also stressed the desire of the various European parties to contribute to the development road project.
Ambassador Siler stated that the European Union missions continue to work and cooperate with Iraq, at the highest levels, stressing the European Union’s position on developments in the Palestinian issue, working to achieve an immediate ceasefire, applying international law and opening humanitarian corridors for the passage of relief convoys.
Prime Minister’s Media Office October 28, 2023 link
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