Spokesman for the Commander-in-Chief: The US strikes are a violation of Iraqi sovereignty and a threat whose consequences will be dire
Baghdad / Nina / The spokesman for the Commander-in-Chief of the Armed Forces, Major General Yahya Rasul Abdullah, said: "The US strikes are a violation of Iraqi sovereignty and a threat whose consequences will be dire for security and stability."
He said in a statement: "The cities of Al-Qaim and the Iraqi border areas are subjected to air strikes by the United States of America, as these strikes come at a time when Iraq is striving to ensure the stability of the region."
He added: "These strikes are a violation of Iraqi sovereignty and undermine the efforts of the Iraqi government, and a threat that drags Iraq and the region to the unfortunate consequences, and its consequences will be dire for security and stability in Iraq and the region."
Kuwait receives oil revenue in its currency. Wrong. Kuwait is a member of OPEC and receive its oil revenue in US dollars just like Iraq. It's all about how you spend your profits. This is why the IMF encourages Iraq to create more streams of income...
Kuwait, is a country that successfully revalued its currency in the early 90s. Following the Gulf War Kuwait's economy was in ruins, yet within a short span the Kuwaiti dinar was reinstated as one of the most valuable currencies in the world... Unlike Iraq, Kuwait had a relatively stable political environment and a resilient economy backed by vast oil reserves.
The international community had faith in Kuwait's ability to rebuild and stabilize which facilitated the revaluation process...A stable political environment, a strong economy, a positive balance of trade and the trust of the international markets are all critical ingredients for successful revaluation. It's not a magic wand...
Dollars and gold.. Iraq at the best stage in its financial history – Sudanese Advisor, 4 FEB
Baghdad – 964 Mazhar Saleh, the financial advisor to the Prime Minister, confirmed that Iraq is in the best condition in its financial history, through the reserves it possesses of gold and foreign currencies, indicating that the growth of the gross domestic product is continuous and stable.
Saleh said, to the official agency, followed by the 964 Network , that “Iraq’s oil revenues will remain the main source of growth in the country’s foreign currency reserves, and those reserves will rise with the rise in the cycle of oil assets, all of which lead to an increase in indicators of the efficiency of foreign currency reserves, whether commercial efficiency.” (Covering the mentioned reserves for the number of import months for Iraq, which currently exceeds 15 months compared to the global standard of three months), or in covering the money supply, or by the fact that these foreign reserves in terms of percentage have the ability to cover the external debt services payable.”
He added, “The country’s oil revenues still provide 98% of the assets of the investment portfolio for the country’s foreign currency reserves, whether in monetary gold or various foreign currencies. All indicators of the efficiency of foreign reserves mentioned above indicate that Iraq today is in the best condition in its financial history.” These reserves flourish and grow with the index of the growth rate in the current account surplus of the balance of payments to the country’s gross domestic product, which was estimated for the year 2023 at approximately (positive 9%), and is estimated for the year 2024, at the same similar rate, according to data published by international credit evaluation institutions for Iraq. “.
He pointed out that “there are standard investment mechanisms and guides approved globally by the monetary authority in managing the country’s foreign currency reserves, as their tools and methods are evaluated in consultation with multilateral international financial organizations, including the International Monetary Fund and the World Bank, on a periodic basis to ensure optimal management of reserves, both in Providing appropriate returns, sufficient liquidity and low risks at the same time.”
He continued: “It takes into account avoiding all forms of risks, whether the risks of currency exchange rate fluctuations, interest, or liquidity risks, as well as the legal risks in managing those reserves, which are the basis of the country’s foreign investment portfolio, and today they represent something similar to the Iraqi dinar exchange rate stabilization fund that it defends.” The country’s monetary policy represents assets corresponding to the national currency issued as (liabilities) and adequate coverage of the dinar to ensure its stability, in addition to the role of reserves in financing foreign trade for the private sector.”
At the conclusion of his speech, he stressed that “as the cycle of oil assets increases, the country’s foreign assets increase and inevitably rise in the country’s investment portfolio.”
When we say non-oil economy - Iraq's currency back in the day during Saddam Hussein was $3.22...I think everybody can agree with that...it's public information. That was on oil only. You didn't add in tourism...gold...reserves..natural gas...hydrogen... lithium...taxes and tariffs at the borders...Everybody that is invested in the Iraqi dinar...should know...these things to be evident and true...
We all know the progress is amazing ... Article quote: "Central Bank Governor says, we prevented banks and companies from obtaining the dollar and the work on the electronic platform will end during the current year." He didn't say at the end of the year. He said it's going to end during the currency year ...The electronic platform is where you get the dollar that goes to the parallel market which is smuggled out of the country... He's going to cease that. Could that come any time? That very well could come at any time because tomorrow is during the current year...I believe Alaq is on a mission.
You're not going to LOP your currency. You're just not going to do that to your currency...Elementary school math will not allow Iraq's budget at 1310 to do any of this [Investments, reforms, reconstruction projects etc.]
Earth News/ Former United Nations expert Majeed Al-Nashi proposed on Saturday several points to get rid of the dollar’s dominance over the Iraqi economy, stressing the necessity of not relying on oil as a primary source.
Al-Nashi said in a press statement received by Earth News, “The Parliamentary Finance Committee called on the government to take quick measures to get rid of the dominance of the dollar by diversifying our cash reserves from foreign currencies.” I also proposed obliging the Ministry of Oil to sell Iraqi oil in other foreign currencies.
He added, “All economic and energy experts in Iraq are aware of the economic and monetary reality of Iraq, especially since all the Iraqi money that Iraq obtains is the proceeds of Iraq’s sale of oil, which constitutes more than 90% of Iraq’s budget, and this money has been mortgaged to the US Federal Reserve Bank in New York since 2003.” According to the Security Council resolution during Bremer’s rule for Iraq, Resolution No. 1483 issued in 2003, which required the establishment of the Development Fund for Iraq (DFI), according to which all Iraqi funds are deposited in the US Federal Reserve Bank, and withdrawals are made from this fund according to conditions that Iraq agreed to at the time, in order to protect Iraqi funds from claims and consequences. Finance is arranged according to the previous system.”
He pointed out that “the recent initiatives that were launched, such as the Live on Dignity initiative and heading to international courts to settle cases related to Iraq’s right, in preparation for freedom from dependence on the United States to protect Iraqi oil funds from any seizure decisions that may affect them due to the actions of the previous regime and others, are considered a good thing.” In liberating Iraqi money from the dominance of the dollar.”
He stated, “In order to implement what was stated in the Finance Committee’s statement, the matter requires practical solutions, including accelerating the withdrawal of Iraqi funds from the American Bank and ending this dominance, and agreeing with companies and countries importing Iraqi oil on a new payment system determined by SOMO in accordance with the requirements of the Iraqi economy and in coordination with Central Bank of Iraq.
He continued, “Economic and banking discussions should also begin with China and other countries, including opening accounts for Iraqi funds resulting from the export of oil in different currencies, and conducting most import operations, especially from China, in Chinese yuan, as well as using currencies of other countries such as the Emirati dirham, the Saudi riyal, and the Indian rupee in transactions, whether By selling oil or importing goods.”
He pointed out the necessity of “organizing and modernizing the Iraqi banking system to keep pace with developments in the field of completing transactions, using modern technology, and enhancing the strength of the Iraqi dinar by activating and supporting the private sector, not relying on ((oil)) as the primary source of foreign currency, and encouraging the export of Iraqi products.”