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Found 6 results

  1. The Iraqi dinar pays the price of the Iranian-American conflict The Iraqi dinar continues to collapse against the dollar, reaching its lowest level in 20 years, due to restrictions imposed by the United States on financial transfers to block the flow of money from Iran to its proxies in the region. Sunday 01/15/2023 The crisis of the rising dollar raises Iraqi fears BAGHDAD - The Iraqi dinar pays the price of an American-Iranian conflict in the Iraqi arena, while the local exchange rate crisis against the dollar appears to be the latest episode in this conflict due to US restrictions on Iraqi banks to besiege the outlets for the flow of funds from Iran to its agents in the region, which are measures described by Tehran and the parties and militias loyal to it and affiliated with it. The Popular Mobilization Brigade, as an American conspiracy. For about two months, the exchange rate of the Iraqi dinar has been witnessing a continuous decline against the dollar, which experts explain by Iraq starting to comply with international procedures related to financial transfers in hard currency, while parties in the country attribute it to the US-Iranian conflict, warning against starving the Iraqi people. The Iraqi currency lost about 10 percent of its value, and the price of the dinar in the market declined since mid-November to 1,600 dinars, before settling at about 1,570. The Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance reached 1450 dinars, while the selling price to banks was set at 1460 dinars per dollar, while the selling price to the citizen was set at 1470 dinars per dollar. This decline began to raise Iraqi fears of the deterioration of their purchasing power in a country that relies heavily on imported materials from neighboring countries, the United States and China to supply its markets with its needs, so the high dollar exchange rate constitutes a real dilemma for merchants and citizens alike. "The fundamental and fundamental reason for this decline is an external constraint," said Adviser to the Prime Minister for Financial Affairs, Mazhar Salih, to "Agence France Presse," but some Iraqi politicians accuse the United States of engineering a scheme to strike their country's currency. Hadi al-Amiri, head of the Al-Fateh Alliance representing the Popular Mobilization Forces, which includes pro-Iranian factions affiliated with the state, accused the Americans in a statement on Tuesday of exerting "pressure on Iraq to prevent its opening to Europe and the countries of the world," stressing that "the Americans use the dollar as a weapon to starve people." As for the economist Ahmed Tabakishli, he believes that "contrary to rumors and misinformation, there is no evidence of American pressure on Iraq." He added that the dinar's fluctuation is due to Iraq's compliance with some standards of the international transfer system (Swift), which Iraqi banks must apply since mid-November to access Iraq's dollar reserves in the United States. And he continued, "In order for Iraq to be able to access those reserves, which amount to $ 100 billion, it must currently comply with systems that require compliance with the provisions of global anti-money laundering and the provisions of combating the financing of terrorism and those related to sanctions, such as those applied to Iran and Russia." He said, "The matter is related to Iraq's entry into a global financial transfer system that requires a high degree of transparency, but this caused shock to many Iraqi banks because they are not accustomed to this system." Mazhar Salih explained that Iraqi banks should now record their "transfers in dollars on an electronic platform, and the US Federal Reserve will examine them, and if they have doubts, they will stop the transfer." And the Federal Reserve refused since the implementation of the restrictions, 80 percent of requests for remittances to Iraqi banks because of doubts about the final destination of those amounts that are being transferred. This refusal had repercussions on the supply of dollars in the Iraqi market, as demand accumulated, but the supply was not consistent with it, and thus the exchange rate declined with the decrease in bank transfers in dollars. Last Friday, the Iranian ambassador to Baghdad, Muhammad Kazem Al Sadiq, denied accusations that his country was behind the collapse of the Iraqi dinar, stressing that it "supports Iraq despite the efforts of some parties to distort the facts and mislead public opinion on the issue of the rise in the price of the US dollar in Iraq." He said on his Twitter account, "The Islamic Republic will remain the first supporter of Iraq's development, stability and progress, despite being subjected to false accusations aimed at diverting public opinion from the main cause of the dollar price crisis." And the Central Bank of Iraq announced in a statement last Tuesday the return of the exchange rate to what it was within two weeks, describing the dollar price turmoil as a "temporary situation." The Iraqi authorities have taken a package of measures, including facilitating the financing of private sector trade in dollars through Iraqi banks and opening outlets for selling foreign currency in government banks to the public for travel purposes. The Council of Ministers also decided to "commit all government agencies to sell all goods and services inside Iraq in dinars and at the central bank rate of 1470 dinars to one dollar." Mazhar Salih believes that "these measures are important because they show that the state is there to protect the market and the citizen and help to address the problem." Despite the dinar's decline, the inflation rate is still small, reaching 5.3 percent at an annual rate in October 2022. However, actual concerns relate to a decline in the purchasing power of Iraqis during the coming period, in light of expectations that the dollar will rise to the level of 2000 Iraqi dinars. The retired Saad Al-Taie, who helps his son run a small shop in the Karrada neighborhood in Baghdad, began to feel the impact of exchange rate fluctuations on his purchasing power, and said, "This fluctuation that occurs is a real problem for the merchant who sells in retail and for the consumer." He added, "The Iraqis have limited salaries and receive them in Iraqi dinars. As a retired person, I receive 494 thousand dinars. When the dollar was 1470, the value of my salary was 336 dollars. Today, at the exchange rate of 1570, my salary becomes 314 dollars." The decline in the value of the Iraqi dinar against the dollar and its treatment after that, and then its decline again, is nothing but a repetition of an old game that began under the government of Nuri al-Maliki between 2006 and 2014 and continues to this day through a group of private banks that are under the management of party and militia leaders and work for Iran and make speculations And transfers go to Iran directly through its banks in Iraq, and some money goes to Jordan and Turkey, before it leaks to other international banks, by taking advantage of the currency sale window that the Central Bank of Iraq opens, as well as the facilities it provides to companies and other private banks to obtain hundreds of millions of dollars. dollars per day. The private banks that arose after the US invasion of Iraq became one of the biggest phenomena in Iraq. Although there is no real economic justification for it, currency trading has become a sufficient justification for its activities. What is happening now is that the Central Bank sold dollars at a price of 1450 dinars for one dollar, so the price of the dinar decreased to about 1750 dinars, and it will return to buy fewer dollars at the new price. Thus, tens of millions of profits are made daily, in an endless cycle that was created specifically to transfer money to Iran as " The biggest speculator.
  2. Despite The Sanctions, Iran's Revenues From Oil Exports Jump 360% 01/15/2023 2414 Earth News / The Iranian government announced today, Sunday, that it recorded a significant increase in revenues from oil and its products exports during the first 8 months of the Iranian year, which ends in March , despite US sanctions. Economy Minister Ehsan Khandozi told state television that revenues from exporting oil and its derivatives during the first eight months of the current Iranian year increased by 361 percent compared to the same period last year. The Energy Information Administration of the US Department of Energy stated earlier that Iran's total revenues from oil exports during the first seven months of last year were estimated at $ 34 billion. According to the Iranian news agency “ IRNA ” , Iran’s oil production amounted to 2 . 566 million barrels per day in the third quarter of 2022 , so that Iran ranks fifth in oil production within the “ OPEC ” countries, after Saudi Arabia, Iraq, the Emirates and Kuwait. These high revenues came despite the US sanctions on Tehran, but they also come thanks to the significant rise in oil prices in the past year. Tehran's efforts, mediated by Europe, have failed over the past months to reach an agreement with Washington to lift sanctions and undermine the nuclear program. On the other hand, the National Oil Company in Iran announced, yesterday, Saturday, that it had set a record in extracting sour gas, with an average of about 990 million cubic meters per day. Mohsen Khojesteh Mehr, Executive Director of the National Iranian Oil Company, said, " The daily average of sour gas extraction from independent and joint fields and associated gas units amounted to 990 million cubic meters .
  3. US calls on Iraq to abide by its sanctions against Iran and prevent the transfer of dollars US calls on Iraq to abide by its sanctions against Iran and prevent the transfer of dollars - Iraq News (iraqakhbar-com.translate.goog) Baghdad - Iraq Today: US State Department spokesman Ned Price confirmed the continued implementation of US sanctions on Iran, noting that the United States looks forward to the commitment of its partners to these sanctions. This came during a press conference, regarding the concerns of the United States about the transfer of dollars from Iraq to Iran, and whether his country has taken action against the Central Bank of Iraq. In his response, Ned Price stressed that his country considers Iraq a "partner" and is in constant contact with partner governments and the private sector, to inform them of the scope of their sanctions and to "ensure that governments and companies around the world comply." with these sanctions." According to US media, the US Federal Reserve has reduced electronic transfers to Iraq by 80%, as a result of some Iraqi commercial banks sending dollars to Iran and other countries subject to US sanctions.
  4. The five countries and Iran are considering preparing for a ministerial meeting on the nuclear deal 4 hours ago 623 The Russian Foreign Ministry announced that the political directors of the five remaining countries in the nuclear agreement with Tehran, and their Iranian counterpart, discussed preparations for the ministerial meeting on the nuclear deal scheduled for December 21. A statement by the Russian Foreign Ministry said today, Wednesday, that during the meeting, "matters were analyzed on all directions regarding the implementation of the comprehensive agreements reached in 2015, taking into account the existing challenges, the most important of which is the actions of the United States aimed at obstructing the full implementation of the nuclear deal." The statement added that the discussions focused on issues of preparation for the ministerial meeting to be held on December 21st. The Russian Foreign Ministry indicated that “the representatives of the participating countries affirmed their commitment under the nuclear agreement and UN Security Council Resolution 2231, and called for continued efforts to search for effective solutions in order to return to the implementation of comprehensive agreements within the originally agreed framework, as soon as possible.” The consultations of the Political Directors took place via video technology. Deputy Foreign Minister Sergey Ryabkov represented the Russian side.
  5. Iran sends its final response on the nuclear deal to the United States 2022.09.02 - 09:43 Baghdad - people Iranian Foreign Ministry spokesman Nasser Kanaani announced that Tehran sent its views on America's response to the text of the draft agreement on the possible lifting of sanctions. The spokesman for the Ministry of Foreign Affairs added, in a statement followed by "NAS" (September 2, 2022), that "after receiving the American response, the team of experts of the Islamic Republic of Iran carefully studied it, and Iran's responses were formulated, after evaluation at various levels, and they were delivered tonight to the coordinator." ". Kanaani said: "The text sent is a constructive approach aimed at ending negotiations."
  6. US already in Iran deal talks, officials met in New York - report "We'll know pretty soon if the efforts [in returning to the deal] have been successful," the source told Le Figaro. By JERUSALEM POST STAFF, TOVAH LAZAROFF, REUTERS JANUARY 22, 2021 11:39 Iran's President Hassan Rouhani attends a meeting with United Nations Secretary General Antonio Guterres on the sidelines of the 74th session of the United Nations General Assembly at UN headquarters in New York City, New York, US, September 25, 2019. (photo credit: REUTERS/YANA PASKOVA) Talks of the US returning to the 2015 Iran deal have reportedly been underway in New York for about three weeks, between figures from Biden's administration and Iranian actors, according to a source close to the matter speaking to French newspaper Le Figaro, as reported by Maariv, the sister publication of The Jerusalem Post. Important European players — including France, Britain, and Germany — apparently were not aware of the talks. "We'll know pretty soon if the efforts [in returning to the deal] have been successful," the source told Le Figaro. The Trump administration left the deal in 2018, but Biden has been clear about his desire to return to the agreement known as the Joint Comprehensive Plan of action. It was signed by Iran and the six world powers; the US, Russian, China, France, Germany and Great Britain. Should the US re-enter the deal, the source explained, few sanctions placed on Iran might be removed, including the ban on selling oil. Similar media reports have surfaced about possible talks between representatives of the Biden administration and Israeli officials, prior to the Wednesday inauguration of US President Joe Biden. Israel has rejected those reports. Such pre-election communication would be illegal under US law. But both incoming US Secretary of State Anthony Blinken and White House Press Secretary Jen Psaki have been clear about Biden's desire to engage with Israeli and representatives of other countries prior to making any decisions. The United States seeks to lengthen and strengthen the nuclear constraints on Iran through diplomacy and the issue will be part of President Joe Biden's early talks with foreign counterparts and allies, Psaki said on Wednesday. Biden has said that if Tehran resumed strict compliance with the 2015 nuclear agreement — under which Iran restrained its nuclear program in return for relief from economic sanctions — Washington would too. "The president has made clear that he believes that through follow-on diplomacy, the United States seeks to lengthen and strengthen nuclear constraints on Iran and address other issues of concern. Iran must resume compliance with significant nuclear constraints under the deal in order for that to proceed," Psaki said in a briefing. "We would expect that some of his earlier conversations with foreign counterparts and foreign leaders will be with partners and allies and you would certainly anticipate that this would be part of the discussions," Psaki added. On Tuesday, Blinken said Washington did not face a quick decision on whether to rejoin the nuclear deal and the Democratic president would need to see what Iran actually did to resume complying with the pact. Iran in return has gradually breached key limits on its nuclear activity set in the deal, building up its stockpile of low enriched uranium, enriching uranium to higher levels of purity and installing centrifuges in ways barred by the deal. Iran called for action and "not just words" shortly after Joe Biden was sworn in as president of the United States on Wednesday, Iranian Foreign Ministry spokesman Saeed Khatibzadeh tweeted. The DIPLOMATIC VANDALISM of Trump, Pompeo & co stemmed partly from a broken institutional process. But that same process-when "functional"-produced disasters like wars in Iraq, Afghanistan & Vietnam. The world knows that only the US can fix itself - in practice; not just words. pic.twitter.com/95CVkBgCVw — Saeed Khatibzadeh (@SKhatibzadeh) January 20, 2021 "The world knows that only the US can fix itself - in practice; not just words," Khatibzadeh said in a Twitter post.
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