Minister of Trade: Iraq is currently witnessing fundamental economic changes
Economy News – Baghdad
Trade Minister Atheer Al-Gheriri stressed on Tuesday keenness to increase the volume of trade exchange with Saudi Arabia, while noting that Iraq is currently witnessing fundamental economic changes.
The Ministry of Commerce said in a statement that “Minister of Trade Atheer Al-Ghurairi delivered a speech on the occasion of the opening of the activities of the Made in Saudi Arabia exhibition and the participation of Iraq as a guest of honor in it, which kicked off yesterday in Riyadh.”
Al-Ghuriri stressed “Iraq’s keenness to increase the volume of trade exchange, exchange experiences and increase opportunities for partnerships with the Kingdom of Saudi Arabia,” noting that “Iraq is currently witnessing fundamental economic changes and gives a greater role to the private sector in the process of development and economic development and creating a suitable environment for work, investment and economic development.”
He continued, “Since its inception, the Iraqi-Saudi Coordination Council has played a major role in strengthening bilateral relations, whose results have been tangible on the ground through the main committees emanating from it and the agreements reached that laid the foundations for sustainable joint action and the implementation of projects that would contribute significantly to work in the long term and in line with the strategic vision of the leadership of the two countries.”
Will the dollar disappear in Iraq?
For eight months, the Central Bank has been unable to stop the dollar’s rampage against the dinar in the parallel market. This is offset by the absence of the ability to meet the dollar demands that cover foreign trade in light of the expansion of Iraq’s import list and the restriction to exporting oil only.
The electronic platform recently introduced by the Central Bank was not able to restore stability to the parallel market and reduce the gap between the official price and the parallel price, as most transfers still take place outside that platform, especially with countries that are witnessing US sanctions such as Iran, Syria, and entities in Turkey.
With this landscape full of uncertainty, Iraq intends to completely ban transactions in US dollars starting from January 2024, under the pretext of reducing the misuse of hard currencies, financial crimes, and currency smuggling abroad.
From my point of view, the timing of this measure is not correct, in light of the absence of solutions to the problems suffered by the parallel markets for foreign currency, as this heralds the exacerbation of the cash or cash crisis in Iraq, and there is a possibility that matters will reach a severe shortage in the Iraqi monetary mass, which means resorting to… The central bank will print money, and the consequences will be dire, most notably the monetary inflation that a number of countries in the region are currently witnessing, such as Iran, Turkey, and Lebanon.
Here I call on the Central Bank to work diligently towards adopting a new currency to replace the dollar, such as the euro, for example, the Chinese yuan, or the Emirati dirham. This is not easy, but it is not impossible, while working to use gold as an agreed-upon unit for evaluating goods and services.
This trend would reduce the pressure on the dollar in the parallel market, and would also be a fatal blow to speculators in the parallel markets, in addition to preserving trade with countries that are currently witnessing economic sanctions by the US Treasury Department and the US Federal Bank.
Today, the Central Bank of Iraq has a historic opportunity to address and manage the dollar exchange rate and arrange the parallel market securities, in a practical and decisive manner, and work to determine priorities in the monetary market with the aim of improving the stability of the foreign currency. This is matched by a serious effort to push private banks towards providing the best services to customers and creating a spirit of competition between them. In order to attract the hoarded cash mass outside the Iraqi banking system. link
Abdul Mahdi demands the implementation of a resolution of parliament and the withdrawal of the Americans and NATO from Iraq: prepare for a “long battle“
Baghdad Today – Baghdad
On Wednesday (October 18, 2023), former Iraqi Prime Minister Adel Abdul Mahdi submitted two proposals to respond to the aggression against occupied Palestine.
Abdul Mahdi said in a statement received by “Baghdad Today” that “in the face of the great tragedy and a preliminary response to the aggression against Palestine, we see at this stage two urgent demands, the first of which is the immediate implementation of the House of Representatives resolution on 5/1/2020, which stipulates (the withdrawal of all US and NATO forces in all their names)
“The second requirement is readiness at all levels and fields to face the long battle that awaits us
Bombing targets a US military base in Erbil
Shafaq News / A security source said on Wednesday that a bombing targeted a military airport inhabited by US forces in Erbil province in the Kurdistan region.
The source told Shafaq News Agency that Hareer Military Airport in Erbil Governorate was bombed, this afternoon, by a day.
The source explained that the bombing targeted US forces stationed at the airport, noting that “the damage is still unclear so far.”
In the context, an armed group calling itself “the formation of the heirs – the operations room of the support of the Al-Aqsa Flood,” claimed responsibility for the bombing.
In a statement broadcast on the Internet, she said that as part of the operations attributing the Al-Aqsa Flood, we announce the targeting of “the US occupation base in northern Iraq – the Silk base – with a drone at 12 p.m. on Wednesday.”
On this morning, the Reuters news agency reported that the US military thwarted an attack on the Ain al-Assad base in Anbar, using drones.
This development comes after noisy night demonstrations in Iraqi cities condemning the Israeli bombing of a hospital in Gaza, and threats by some resistance factions to target American interests in the country.
Washington has raised its alert level in anticipation of attacks from “Iran-backed” groups amid a sharp rise in tension in the region over Israel’s war with Hamas.
The White House said on Monday that US President Joe Biden and Iraqi Prime Minister Mohammed Shia al-Sudani discussed efforts to prevent the conflict in Gaza from expanding.
I’m He added that the two leaders also discussed the importance of addressing the worsening humanitarian crisis in the sector.
Source: Dinar Recaps
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