Iraq Economic News and Points to Ponder Friday Evening 12-8-23

Tlm724 Administrator Bondlady’s Corner

The Coordination Framework Holds An Emergency Meeting Tonight Due To The Attacks On The American Embassy In Baghdad

Political |  08/12/2023  Baghdad - Mawazine News  A political source announced on Friday that the coordination framework will hold an emergency meeting tonight. 

The source said, "The framework will hold an emergency meeting tonight due to the attacks on the American embassy in Baghdad."   https://www.mawazin.net/Details.aspx?jimare=239095

The US Embassy In Baghdad Urges The Iraqi Government To Protect Diplomatic Personnel

| 11:11 - 08/12/2023   Baghdad - Mawazine News   On Friday, the US Embassy in Baghdad urged the Iraqi government to protect diplomatic staff and missions operating in the country.

The Office of the US Embassy Spokesperson said in a statement, “At approximately 4:15 a.m. today, Friday, December 8, the US Embassy was attacked by two missiles. Assessments are still ongoing, and there were no reports of casualties in the embassy complex.”

He added, "Until this moment, no party has claimed responsibility for this attack, while indications indicate that the attacks were carried out by groups loyal to Iran, which operate freely in Iraq."

He continued, "We renew our call to the Iraqi government, as we did before, to take all necessary measures to protect the personnel and facilities of diplomatic missions and partners in the international coalition, and we affirm once again that we reserve the right to self-defense and protect our employees anywhere in the world."   https://www.mawazin.net/Details.aspx?jimare=239085

A security source reveals details of the targeting of the American embassy in Baghdad

a wish | 11:10 - 08/12/2023   Baghdad - Mawazine News  Today, Friday, a security source revealed the details of the attack that targeted the American embassy in Baghdad.

The source said, "The United States Embassy in Baghdad was attacked at dawn today, Friday, with five projectiles that were dealt with by the embassy's air defense without losses."

He explained, "The projectiles were fired from the Jadriya area - the end of Abu Nawas Street - opposite the embassy headquarters on the Tigris River, using a camouflaged launching pad."

He pointed out that "the projectiles were mortar rounds modified like rockets, while five projectiles were found at the launch site that did not launch." https://www.mawazin.net/Details.aspx?jimare=239084

Al-Sudani Directs The Prosecution Of The Perpetrators Of The Bombing Of The American Embassy And Describes The Attack As A Terrorist Act

Time: 12/08/2023 12:46:13 Read: 1,651 times   {Security: Al-Furat News} The Commander-in-Chief of the Armed Forces, Prime Minister Muhammad Shiaa Al-Sudani, directed all security leaders, and in the sectors of responsibility, to pursue the perpetrators of the attack by launching projectiles towards the American embassy in Iraq, and bring them to justice.

In his directives, Al-Sudani stressed in a statement, a copy of which was received by {Al-Furat News}, that "targeting diplomatic missions is something that cannot be justified, and cannot be accepted, under any circumstances and regardless of the allegations and illusions that stand behind these shameful acts."

The Commander-in-Chief of the Armed Forces also affirmed that “the perpetrators of these attacks are committing an insult to Iraq, its stability and security, and that these unruly, lawless groups do not in any way represent the will of the Iraqi people, nor do they reflect the national Iraqi decision expressed by the Iraqi government on several official occasions.”

He stated that “tampering with Iraq’s stability, abusing internal security, attempting to undermine Iraq’s political reputation, and targeting safe places protected by the force of law, norms, and international agreements are acts of terrorism, and that our security forces and governmental and executive agencies, each according to its competence and duty, will continue to protect diplomatic missions and uphold treaties.” "The international community and a commitment to securing it.

Abusive elements will only find persecution and confrontation in defense of Iraq's sovereignty and stability, which was achieved through a long process of great sacrifices."

The American embassy and its surroundings in the Green Zone in the center of the capital, Baghdad, were subjected to a missile attack at dawn today.

The embassy called on the Iraqi government to protect diplomatic staff.   LINK

A Reading Of The Regulatory Procedures For Iraq’s Foreign Trade 

Ali Daadoush  The process of trade openness after 2003 cast a shadow on the economic reality, especially after the lifting of economic sanctions, which led to the return of the flow of oil exports to global markets. This led to an improvement in the financial conditions of successive Iraqi governments, which was reflected in an increase in individuals’ incomes (purchasing power) and in the absence of a base.

Productivity Iraq turned towards imports to meet the multiple needs of the public (governmental) and private sectors, and with the presence of rapid profit from imports, most of the influential people turned to these transactions, which created economic chaos and a structural imbalance that affected the productive sectors, thus dominating the oil sector and achieving the rentierism of the Iraqi economy with complete distinction until the present time.

Since the discovery of oil for the first time by Colonel Dark in Pennsylvania in 1859, the oil commodity has been priced in the US dollar, and this has created a strong relationship between them, especially after World War II.

Accordingly, any sanctions imposed by the United States on oil-producing countries apply to commercial transactions in the dollar currency under the pretext of preserving their national security. This happened with Iran when economic sanctions were imposed on it. Consequently, any dealings in the dollar currency between Iran and the rest of the world were prohibited, with the exception of goods and humanitarian services, in accordance with the acceptance of the United States as well.

In light of what was stated, Iraq has commercial dealings with Iran due to relatively close ties, customs and traditions, in addition to the cheap prices of imported goods and the low costs of transportation and shipping as well.

However, after the beginning of the year 2023 and the new instructions to regulate Iraq’s foreign trade according to the new transfer mechanism through (the Central Bank platform), Iraqi merchants were prevented from official transactions in dollars with the sanctioned countries, and dealing outside the framework of the platform remained prevalent, which led to increased pressure on the cash dollar.

Which the Central Bank sells through the foreign currency selling window, leading to a rise in the dollar exchange rate in the parallel market and reaching record levels compared to the official price approved by the Central Bank of Iraq.

The Central Bank has tried to remedy the situation by not aggravating it, and it has succeeded relatively recently through several measures, the most recent of which is providing the opportunity to import the dollar exclusively through airports and (diversifying the basket of commercial currencies) in terms of the agreement of Iraqi banks with Turkish banks to deal in the Turkish lira as well as dealing in the euro and the Emirati dirham.

Likewise, we hope that the Central Bank of Iraq will open commercial dealings with Iran, and this will go in two directions: - The first: (dinar versus riyal) and this depends on what products we export to Iran and import in the dinar currency?

There is talk about relying on exports of petroleum products to Iran, but in light of the sanctions imposed on Iran by the United States, American sanctions will be imposed on Iraq (albeit in an indirect way, and the past few months are the best evidence), and therefore it is necessary to deal with this measure with complete caution.

Second: (exchanging goods for goods in light of the price weight of each type of goods) meaning organizing trade in currencies other than the dollar to relieve pressure on the dollar exchange rate in the parallel market.

We propose electronic dealing by importing goods and products from Iran, and in return, the Iraqi private sector buys what the private sector needs. Iranian goods and services are shipped to them through a joint chamber of commerce and industry between the two sides.

Views 37   Added 12/08/2023 - https://economy-news.net/content.php?id=38304

Oil Prices Rose Against The Backdrop Of Calls For Further Production Cuts

 Friday 08, December 2023 10:00 | Economical Number of readings: 481  Baghdad / NINA / Oil prices recovered today, Friday, after Saudi Arabia and Russia called on more OPEC+ members to join the production cuts.

By 0359 GMT, Brent crude futures rose $1.29, or 1.7 percent, to $75.34 per barrel, while US crude prices rose $1.29, or 1.7 percent, to $75.34 per barrel by 0359 GMT.

West Texas Intermediate crude futures rose $1.11, or 1.6%, to $70.45 per barrel.

Both benchmarks fell to their lowest levels since late June in the previous session, a sign that many traders believe the market is oversupplied. .

Yesterday, Thursday, the Kingdom of Saudi Arabia and Russia, the world's largest oil exporters, called on all OPEC+ members to join an agreement on production cuts for the benefit of the global economy, just days after a difficult meeting of the producers' club./ End

https://ninanews.com/Website/News/Details?key=1094281

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Provoking Points To Ponder on Dreaming and Believing:

Expect your every need to be met, Expect the answer to every problem, Expect abundance on every level, Expect to grow spiritually - Ellen Caddy - The Dawn of Change 

Expect the best: Convert problems into opportunities; Be dissatisfied with the status quo: Focus on where you want to go, instead of where you're coming from; and most importantly, Decide to be happy, knowing it's an attitude, a habit gained from daily practice, and not a result or payoff - Dennis Waitley - The Winners Edge

When you are inspired by some great purpose - some extraordinary project - all your thoughts break their bonds - your mind transcends limitations - your consciousness expands in every direction -- and you find yourself in a new, great and wonderful world -- Dormant forces, faculties and talents become alive, and you discover yourself to be a greater person by far than you ever dreamed yourself to be - Patanjali

Trials are but lessons that you failed to learn presented once again - so where you made a faulty choice before you can now make a better one - and thus escape all pain that what you chose before has brought to you - A Course in Miracles