Iraq Economic News and Points to Ponder Thursday Evening 10-12-23


Iraq Economic News and Points to Ponder Thursday Evening 10-12-23

The Dollar Will Be Reduced In Iraq.. A New Government Project Related To Trade With 3 Countries Was Revealed

The State of Law coalition revealed a new government project related to trade exchange between Iraq and three countries, while clarifying America’s position on that, and its impact on the dollar.

The leader of the coalition, Jassim Muhammad, said in a press interview seen by “Taqaddam” that “there is a new government project to adopt currencies other than the dollar to deal with several countries, including China, Iran and Russia,” stressing that “this project, if implemented correctly, will work to reduce the demand for the dollar.” In Iraqi markets.”

He added, “The project to create a currency for exchange between Iraq and these countries will greatly affect the dollar and will lead to a decline in its prices,” stressing that “the current rise in dollar exchange rates in Iraq will not be able to be reduced by any party, whether the central bank or others, as long as the demand for it is high.” .

Regarding America’s position on the new project, Muhammad explained, “America has no relationship with this project, and it does not matter whether or not it agrees to the project to create a currency other than the dollar for Iraqi commercial transactions, provided that there is a will from Iraq and these countries.”

The leader of Al-Maliki’s coalition stated, “Iraq is required to believe in this issue and adopt this project during the coming period, and the need to overcome the stage of fear and anxiety about the results.”

Obelisk Hour: Iraq Does Not Have The Ability To Completely Liberate Itself From The Dollar

October 11, 2023   Baghdad/Al-Masala Al-Hadath: Al-Masala publishes the most prominent interactions of television dialogues:

Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, during a televised dialogue:

– The BRICS group manages a quarter of the world’s economy

– America uses the dollar to impose its political control

– Iraq does not have the ability to completely liberate itself from the dollar

– The Iraqi political position is not unified

– The Kurdistan region has not issued a position on the events in Palestine

– The scarcity of the dollar on the black market has produced a huge difference in the price Dollar

– The Palestinian people are facing a tragic siege and indiscriminate bombing

– Arab regimes must support the Palestinians without hesitation

– Operation Al-Aqsa Flood showed the fragility of the Israeli intelligence and military system

– Operation Al-Aqsa gave great hope for the possibility of Israel’s demise

Chairman of the Iraqi Business Council, Daoud Abd Zayer, during a televised dialogue:

– BRICS is a new type of dealing with financial systems, but it is a “reserve”

– Iraq must be close to BRICS

– BRICS countries still deal in dollars until now

– America will not have a reaction to Iraq joining BRICS

– America dominates the financial system

Spokesman for the Sayyid al-Shuhada Brigades, Sheikh Kazem al-Fartusi, during a televised interview:

– Iraq’s positions on the “Palestinian issue” are very good

– The government’s position on the Palestinian issue was good

– We do not rely on the Arab position on the Palestine issue as much as we rely on the axis of resistance

– The victories of the resistance are still continuing and constitute a terror to the Zionist entity

– We will target all American bases in Iraq as soon as Washington’s intervention in the Gaza battles

Member of the Syrian People’s Assembly, MP Walid Darwish, during a televised dialogue:

– “The Al-Aqsa Flood” is the beginning of the end of the usurping entity

– The Resistance Axis shares the victories of the “Al-Aqsa Flood” from Palestine to Syria, Iraq and Lebanon

– Syria focuses on supporting the resistance and the resistance’s victories in Palestine

– The Palestinian Resistance accomplished “The Great” with heroic operations

– The Resistance in Iran, Yemen and Lebanon Syria and Iraq will intervene as soon as Washington intervenes

Head of the Association of Muslim Scholars in Lebanon, Sheikh Hassan Abdullah, during a televised interview:

– Gaza will not fight the battle of “Al-Aqsa Flood” alone at all

– Lebanon’s position is focused on providing full support to Gaza

– The Zionist entity has become floundering in recent days

– We will not allow the Zionist enemy to kill any Lebanese citizen without a response from the resistance

– The resistance is fully prepared and will intervene as soon as the enemy rises With any land adventure inside Gaza

Economic Advisor: The Dollar Problem Is Internal And The Central Bank Failed To Lower The Exchange Rate

Time: 2023/10/12 Read: 663 times   {Economic: Al-Furat News} The former economic advisor to the Presidency of the House of Representatives, Muhammad Al-Fakhri, considered the dollar problem in Iraq “internal,” while he saw that the Central Bank “failed” to lower the exchange rate.

Al-Fakhri said: For the program {Free Speech} broadcast by Al-Furat satellite channel this Thursday evening, he said: “It is difficult to compare Berlin and Baghdad with the presence of public transportation, reliance on the metro, and citizens’ awareness of dispensing with cars and turning to public transportation.”

He added, “There is also a difference in working hours, which helps absorb momentum in public streets,” warning that “all successive governments have not taken upon themselves the importance of citizens’ awareness of preserving the environment.”

Al-Fakhri continued, “Iraq’s problem is internal, but we must be careful about our interests in dealing with others, and the Central Bank, despite its measures, has not succeeded in reducing the price of the dollar, and the Iraqi banking system needs to be completely restructured.”

He added, “I do not agree with the Central Bank to withdraw deposits in dinars while they are deposited in dollars, especially since we need to encourage the savings system. It is also not the duty of the Central Bank to enter into an auction to sell the currency, but rather its duty to supervise and maintain the monetary policy in the country.”

Al-Fakhri stressed “the importance of keeping pace with the world through the use of global financial technologies, as the use of credit cards helps to adopt official exchange and dispense with banking offices.”

He concluded by saying, “There is no real will to change the banking system in Iraq, and everyone bears the responsibility of spreading awareness.”    Wafaa Al-Fatlawi   LINK

Wall Street Journal: America Refused To Give Iraq A Billion Dollars Of Its Oil Money

October 5 20:05  Information/translation..    A report by the American Wall Street Journal revealed, on Thursday, that Iraq asked the United States for one billion dollars in cash from its funds, but the United States refused this under the pretext of money laundering. 

The report, translated by the “Al-Ma’louma” agency, stated, “Iraq is seeking to obtain a special shipment worth one billion dollars in cash from the Federal Reserve Bank in New York, but American officials declined to approve, saying that the request conflicts with their efforts to curb Baghdad’s use of the dollar and stop illicit cash flows.” While Baghdad said that it needs funds derived from its oil sales to support its cash reserves.

The report added, “Since the American invasion of Iraq two decades ago, the United States has been providing $10 billion or more annually to Baghdad on bi-monthly cargo flights carrying huge pallets of cash, derived from proceeds from Iraqi oil sales deposited with the Federal Reserve Bank,” it says. American officials said that banknotes in the hands of Iraqis have become a lucrative source for illicit dollars and corrupt politicians.

The report continued, “Iraq said it needs funds to help support its faltering currency, while a senior Iraqi official said that after the United States rejected Iraq’s initial appeal last month, the Central Bank of Iraq submitted an official request last week, and the US Treasury Department is still… “You study it.”

The report continued, “According to Iraqi officials, Treasury officials informed Iraqi bank governors that sending a large additional shipment conflicts with Washington’s goal of reducing Iraq’s use of American banknotes in favor of electronic transactions that can be more easily tracked. Meanwhile, American officials said that there is strong evidence that “Some of the dollars that used to go to Iraq are smuggled in cash.”

The report noted that “the initial American refusal angered some Iraqi officials, who said they requested an additional billion dollars from their own funds because the country’s cash reserves declined after Washington’s attempts to restrict the flow of dollars led to widespread panic and hoarding of dollars on stock exchanges.”

For his part, a member of the Finance Committee in the Iraqi Parliament, Mueen Al-Kazemi, said, “The American side is making excuses for not giving Iraq its legal and legitimate funds.” LINK

An “Urgent” Warning Of A Danger Threatening The Political System And Iraq’s Relationship With Iran

10/12/2023   2493   Earth News/ Economist Nabil Al-Marsoumi warned on Thursday of the continuing widening gap between the official and parallel dollar prices.

Al-Marsoumi stated in a clarification followed by Earth News that “the continuing growing gap between the official and parallel rates of the dinar against the dollar poses a danger to the political system and the Iraqi government if it is not neutralized or reduced.”

He added, “This will ultimately lead to drying up the sources of the monetary dollar and then stopping commercial dealings between Iraq and Iran, which will lead to harming the supreme economic interests of Iran, which considers Iraq to be at the heart of the Iranian economic strategy, which provides it with an important source for obtaining the American dollar and an important tributary for more employment.” One million Iranian workers work to produce and export goods to Iraq.”

He continued, “All of this may ultimately lead to serious developments in political and economic relations between Iraq and Iran.”