Iraqi News Highlights and Points to Ponder Friday AM 3-15-24


Iraqi News Highlights and Points to Ponder Friday AM 3-15-24

The Battle For The Dollar And Illegal Trade Is Exhausting The Iraqi Market.. What Do Iranian Goods Have To Do With It?

Economy |Today, Baghdad today – Baghdad Economist Nabil Al-Marsoumi confirmed today, Friday (March 15, 2024), that eliminating illegal trade is the best way to reduce the gap between the official and parallel rates of the dollar against the dinar.

Al-Marsoumi said in a post on Facebook, “Finally, the Central Bank of Iraq admitted that illegal trade is the reason for the gap between the official and parallel rates of the dollar against the dinar.”

He added, “The solution lies in eliminating this trade and then stopping the import of Iranian goods specifically,” stressing that “this is not possible practically or in maintaining this gap, which is what will most likely happen.”

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced on Thursday (March 14, 2024) an understanding with the US Treasury to reconsider the sanctions imposed on Iraqi banks.

Al-Alaq said in a press statement, after being hosted by the Parliamentary Finance Committee, on Thursday, and followed by “Baghdad Today”, that “the process of printing the local currency takes place according to the required financial cover.”

He pointed out that “the instability of the exchange rate is due to the presence of illegal trade carried out by small traders and some speculators.”

During the past months, the United States prevented dozens of Iraqi banks from conducting transactions in dollars as part of a comprehensive campaign against transferring the American currency to Iran and other countries subject to sanctions in the Middle East.

The US Treasury – in cooperation with the Central Bank of Iraq – imposed stricter controls on financial transfers in the country in general. As a result, the value of the Iraqi dinar declined against the dollar, and the prices of imported goods rose.   LINK

America Renews Its Permission For Iraq To Pay The Costs Of Iranian Gas Supplies

March 15, 2024  Baghdad/Al-Masala Al-Hadath: The US State Department revealed the reason for the exemptions granted to Iraq to import gas and energy from Iran despite the sanctions, noting that the exemptions aim to give Iraq an opportunity to reduce its imports and reduce its dependence on Iran.

US State Department spokesman Matthew Miller said, “The exemption, which expires at the end of this month, has been renewed for the 21st time. These exemptions were issued regularly to Iraq, and date back to 2018 under the previous administration.”

Miller pointed out that the money that Iran earns from selling electricity to Iraq is not allowed to enter Iran, adding that the money is kept in “restricted accounts and can only be used in transactions for the purchase of food, medicine, medical devices, and agricultural products,” as well as “other non-profit transactions.” subject to punishment.”

He explained, “Part of the broader US goal is to move Iraq away from relying on Iran to provide electricity because that is what these exemptions do.”

Miller pointed out that Iraq has made real progress on its path towards achieving energy sufficiency since 2020, noting that it has reduced its imports of Iranian energy by more than half over the past decade, and has doubled its electrical energy generation, and we will continue to work with them and support them in their attempt to become independent in the field of energy. .

Immigration Begins Distributing 4 Million Dinars To Each Family Recently Returning To Sinjar District

03-15-2024 | Al-Sumaria News – Local Affairs   The Ministry of Immigration and Displacement announced today, Friday, the direct distribution of 4 million dinars to each family recently returning to Sinjar district.

The Ministry stated in a statement received by Al-Sumaria News, “In implementation of the decisions of the Council of Ministers, and based on the directives of the Minister of Immigration and Displacement, Ivan Faiq Jabru, the Ministry’s cadres began distributing (instruments) of financial grants to families recently returning from displacement camps to their original residential areas in the Sinjar district of Nineveh Governorate.” At a rate of four million dinars per family.

She added, “This initiative comes to encourage displaced families to return voluntarily before the date of closing the displacement camps on the 30th of next July, according to the directives of Prime Minister Muhammad Shiaa Al-Sudani.”

The ministry added, “The rest of the families who will leave the camps and return to their areas will be included in financial grants, relief aid, and durable goods to support stability in the areas of return.” LINK

America Takes Action Regarding Iraq’s Transfer Of Electricity Supply Costs To Iran

Money  and business  Economy News – Baghdad  US State Department spokesman Matthew Miller said that the United States renewed a 120-day waiver allowing Iraq to pay money to Iran in exchange for supplies of electricity, according to Reuters.

Washington began issuing exemptions last year, stressing that the funds could only be used for non-sanctioned transactions such as purchasing humanitarian goods, including food and agricultural products.

Iraqi electrical stations rely heavily on Iranian gas, but due to US sanctions on Tehran, Baghdad cannot pay the dues to import gas from Iran directly. Rather, Tehran must use that money to buy food or health goods.

However, this mechanism is complex and often results in delays. Iran often cuts off supplies that cover a third of Iraq’s needs, to urge Baghdad to pay its dues.

Although Iraq is an oil country, it relies heavily on Iran in the field of energy, as it imports a third of its consumption needs of gas and electricity due to its dilapidated infrastructure, which makes it unable to achieve self-sufficiency to secure the needs of its population of 40 million people.

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American Will.” A Politician Explains The Reasons For The Electricity Supply Crisis In Iraq[/Size]

Posted On03-15-2024 By Sotaliraq

Political analyst, Haider Arab, today, Thursday, attributed the crisis in supplying electrical energy to the American will, which is trying to continue it in Iraq, adding that the stability of the country on the political, economic, and security aspects will end the role of many Arab countries.

Arab said in an interview, “The United States of America rejects the idea of ​​Iraq becoming one of the powerful countries in the region, in light of the wealth and position it possesses,” noting that “fueling soft problems such as electricity, the dollar, and disrupting the security situation is an open-ended American plan.”

He continued, “All the plans that America is pursuing are to protect the Zionist entity, especially after Iraq’s position in support of the Palestinian cause,” pointing out that “if the plans of the Ministry of Electricity are implemented on the ground, the electricity crisis will not last more than three years only.”

He added that “the lack of a real will from some internal parties to resolve the electricity supply crisis has contributed to the continued suffering of citizens for two decades until now,” adding that “the electrical power supply crisis is due to the international will that is trying to continue the electricity crisis in Iraq.”

A member of the State of Law coalition, Ibrahim Al-Sakini, had confirmed in an interview that “there is a clear shortage in equipment given the country’s need for 40,000 megawatts,” pointing out that “the citizen is not concerned with the method or obstacles facing the government in this file.” LINK

Provoking Points to Ponder on Decisions 

 No man who has not sat in the assemblies of men can know the light, odd and uncertain ways in which decisions are often arrived at.  – Sir Arthur Helps

No trumpets sound when the important decisions of our life are made. Destiny is made known silently. – Agnes de Mille

A man must be able to cut a knot, for everything cannot be untied.  – Henri Frederic Amiel

Once to every man and nation comes the moment to decide … And the choice goes by forever t’wixt that darkness and that light.  – James Russell Lowell

Necessity is not an established fact, but an interpretation.  – Friedrich Nietzsche