Iraqi News Highlights and Points to Ponder Thursday Afternoon 1-25-24

New Notice To Buy The Dollar

Al-Rasheed Bank issued a new notice regarding purchasing the dollar.   The bank said in a statement received by (IQ NEWS) that “the platform will be opened for travelers wishing to buy the dollar today, Wednesday, at eight o’clock in the evening.”

He added, "Travelers must enter the link on the bank's official page to obtain a reservation that enables them to visit the branch to deliver Iraqi cash and receive the dollar from the bank branch inside Baghdad International Airport."   https://www.iqiraq.news/economy/57309--.html

Parliamentary Finance: The US Federal Reserve Besieges The Iraqi Citizen With Dollars

Information / Baghdad..   On Thursday, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, accused the United States of America of exercising blackmail and pressure towards Iraq by creating a dollar crisis.

Al-Kadhimi said in an interview with the Maalouma Agency, “The American measures taken by the Federal Bank were the main reason behind the continued rise of the dollar against the Iraqi dinar.”

He added, "Washington is still exercising its conditions on Iraq to put pressure on the parallel market," noting that "the US Federal Reserve sets strict conditions on merchants importing goods from neighboring countries."

He pointed out that "the Iraqi citizen is a victim of the arbitrary measures of the United States of America," noting that "the Iraqi economy relies heavily on foreign imports to cover the total demand for goods."

Former MP Raed Fahmy had previously confirmed to Al-Maalouma that the political reason was related to the US Federal Reserve’s strict measures for political purposes in order to put pressure on the Iraqi side. LINK 

The “Merchant” Card...A Practical Step To Limit The Rise Of The Dollar 

Economical  01/25/2024   Baghdad: Haider Falih Al-Rubaie  The government has intensified its moves aimed at eliminating the rise in exchange rates in the parallel market, which has greatly affected the movement of buying and selling goods and materials in local markets. Following a package of decisions that contributed to bridging the gap that occurred earlier between the official and parallel dollars, a government source revealed the day before yesterday, About issuing electronic cards to small merchants with a ceiling of $100,000 per month.

The new government step was met with economic welcome that emphasized the importance of this measure in eliminating the significant rise in parallel exchange rates and reducing the jumps in the green currency, in addition to its importance in covering the prices of imported goods at the official dollar rate, thus achieving great stability in the local markets.

A government source stated to the Iraqi News Agency (INA), that “based on the directives of the Prime Minister, Muhammad Shiaa Al-Sudani, and in light of the discussions that took place between the government, the central bank and electronic payment companies for more than two months, a mechanism for issuing electronic cards to small merchants was approved, with a ceiling. It amounts to $100,000 per month to implement payment operations for import purposes, ensuring a reduction in the demand for cash dollars by real merchants.”

The source added, “The new mechanism is subject to five important conditions, including payment companies submitting a request to the Central Bank to obtain approval to develop this product and launch the (merchant) card, as well as specifying the uses of the cards to be for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023, according to the statement. The ceiling of these cards should not exceed (100) thousand dollars per month, with the possibility of raising the ceiling in the future in light of the results of the actual implementation.”

The source added that among the requirements for issuing this card is that it “be used for the purposes of purchasing goods and services from known suppliers according to pre-defined white lists, and that the company must bear its duty in accordance with basic requirements, the most important of which are the main international ban lists of the United Nations, the Office of Foreign Assets Control and the European Union.” Pointing out that the final condition for issuing a merchant card is that “the funds of small merchants be deposited in the branches of various Iraqi banks in Iraqi dinars.”

Immediately after the issuance of these instructions, specialists expressed their opinions regarding this step, which the researcher specializing in economic affairs, Nabil Jabbar Al-Ali, during his interview with “Al-Sabah” saw as positive and could undermine the parallel dollar.

Al-Ali pointed out that “the step is very correct, and will contribute to the ability of small merchants to access transfer tools away from the platform and its requirements,” stressing that this government measure will truly contribute to “ending the phenomenon of smuggling cards with simple transfer capabilities, and the new mechanism will work to reduce the price and influence it.” clearly".

Contrary to the previous opinion, the economic expert, Manaf Al-Sayegh, confirmed that this matter represents nothing but “measures that are not based on sound foundations of what must be dealt with to address the parallel and government exchange rate.”

According to Al-Sayegh, during his talk to “Al-Sabah,” “the problem of solving the dollar is not achieved through measures, but rather by following monetary policies and in accordance with what is universally accepted, and not measures that represent reactions, as he said.”

Al-Sayegh also believes that these cards may not contribute significantly to addressing the rise in the parallel exchange rate, indicating that large merchants are still suffering from difficulties in obtaining cash financing from the dollar to finance their trade due to the complexities of the Central Bank’s sales platform, in addition to similar difficulties facing travelers.

Al-Sayegh pointed out that the reasons for the rise in the parallel exchange rate are the heavy reliance on importing goods and services and not manufacturing them at home, and the failure to activate industries that can meet consumer requirements.

Al-Sayegh believes it is necessary to stop financing many imports, especially luxury ones, which cause Iraq to lose huge sums of money annually, revive industry and agriculture in the country, and strictly prevent the import of locally produced goods.   https://alsabaah.iq/91069-.html

After Criticizing The "Government's Complacency"... Parliament Is Preparing A Stance Towards The American Forces

Baghdad today – Baghdad  The Sadiqoun parliamentary bloc, affiliated with the Asaib Ahl al-Haq movement, confirmed today, Wednesday (January 24, 2024), that Parliament will not remain silent about the continued American bombing of the PMF headquarters, after the Presidency of Parliament considered the government’s laxity in implementing the decision to remove American forces as “a violation of legislation.” ".

The representative of the bloc, Rafiq Al-Salhi, told “Baghdad Al-Youm” that “the way to stop America from bombing Iraq and its official forces is to expel all its forces from all Iraqi lands, as this presence is the reason for the ongoing aggressive operations.”

Al-Salhi stressed, "The Iraqi government is obligated to implement Parliament's decision to remove American forces without any procrastination. We are in the House of Representatives with the start of the sessions next week. Parliament will have a position regarding the continuation of the American aggression against Iraq and its official forces. We cannot remain silent any longer regarding all these serious violations." .

Earlier today, Wednesday, the Presidency of the House of Representatives called on the government to implement the House of Representatives’ decision to remove foreign forces, while indicating that negligence in implementing the decision is considered a clear violation of legislation and popular will. LINK

Expert: Any new US sanctions affecting the economy will have a severe impact on Iraq

Economy | 01/25/2024  Mawazine News – Baghdad  Economic expert Nabil Al-Marsoumi warned, on Thursday, of resounding repercussions in the Iraqi economy in the event of US sanctions being imposed on Baghdad, noting that the country is linked to the American economy in a way that cannot be risked.

 Al-Marsoumi said in a televised interview followed by Mawazine News, “The Iraqi economy is fragile and rentier and depends only on oil, and it cannot be risked at all.”

 He added, "Iraq relies 93 percent on the sale of oil in its economy, which means that it is closely linked to the American economy, since the sale of oil is exclusively through the dollar."

 He pointed out that "oil revenues enter directly into American banks and are then spent in favor of Iraq, which increases the magnitude of fears," noting that "the imposition of any penalty from the American Treasury will be very severe on Baghdad."  https://www.mawazin.net/Details.aspx?jimare=241018

Al-Ugaili: The Government Does Not Have A Legal Basis To Send Money To The Region

Information/private..    Today, Thursday, political affairs researcher, Sabah Al-Ukaili, criticized the central government’s continued sending of funds to the Kurdistan region, while stressing that there is no legal or constitutional basis that allows sending trillions to the region in isolation from the general budget. 

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Al-Ugaili said in an interview with the Maalouma Agency, “There is no clear road map regarding the legality of sending money or completing negotiations on the outstanding files from Kurdistan,” noting that “sending money with these numbers is tantamount to a violation of the articles of the general federal budget that have been approved.”

He continued, "Prime Minister Muhammad Shiaa Al-Sudani is required to show the facts or the agreement through which the money was sent to the region," noting that "all the meetings that accompanied the period of negotiations between the region and the center did not reach any level of transparency that the political and popular forces demand."

Al-Ugaili continued, during his speech: “The problem is clear in the Kurdistan region’s lack of commitment to the budget items so far,” adding that “there is no legal or constitutional basis that allows sending trillions to the region in isolation from the general budget.”

The political analyst, Qasim Balshan, had confirmed in an interview with the “Al-Ma’louma” agency, “The lack of transparency from the government regarding sending funds to the Kurdistan Regional Government,” adding that all successive governments did not exercise their legal and constitutional powers with the region in many files. Ended 25/Y   LINK

Top 100 Inspirational Quotes  Compiled By Kevin Kruse 

 Inspirational quotes and motivational quotes have the power to get us through a bad week, and can even  give us the courage to pursue our life’s dreams.  In my book, 4 Keys to Happiness and Fulfillment at Work, By Kevin Kruse, I share surprising research into the true triggers of workplace motivation.

 So in the spirit of self motivation, here are 100 inspirational quotes.

16. The mind is everything. What you think you become.  – Buddha

17. The best time to plant a tree was 20 years ago. The second best time is now. – Chinese Proverb

18. An unexamined life is not worth living. – Socrates

19. Eighty percent of success is showing up. – Woody Allen

20. Your time is limited, so don’t waste it living someone else’s life. – Steve Jobs

21. Winning isn’t everything, but wanting to win is. – Vince Lombardi

22. I am not a product of my circumstances. I am a product of my decisions. – Stephen Covey

http://www.forbes.com/sites/kevinkruse/2013/05/28/inspirational-quotes/