Iraq’s Current Economic Outlook And How it Can Affect Dinar Value

 

After years of economic neglect, poverty for the common man and turmoil in the region, Iraq has finally reached a state of constant economic growth under the democratic leadership in the aftermath of the US invasion in 2003 and the overthrowing of Saddam Hussein’s tyrannical regime.

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Iraq’s Economy is Rising

The main driving force behind Iraq’s economic growth is the wealth of natural resources reflected in a large number of oil and gas fields which are now open to international trade. Companies from around the world are investing into the development of these resources, which is reflected in the country’s ever-increasing oil exports. It seems that Iraq has completely recovered from the damage and downfall it suffered under the rule of Saddam Hussein.

An even greater exploration of Iraq’s oil reserves by international companies will lead to an even bigger tally of the country’s oil wealth, along with its already-known, vast reserves. In addition to all that wealth, Iraq seems to be blessed with geological formations that are perfectly accessible for drilling as opposed to most countries, which significantly brings down the costs of oil extraction.

The most obvious example of Iraq’s production advantages can be seen in the most recent Saudi Arabian oil production war which was designed to bankrupt the US shale-oil producers. And while oil producers in the US have been severely impacted by the overproduction “attack” from Saudi Arabia, Iraq still continues to produce and sell oil profitably.

What does this mean for the Iraqi Dinar?

The value of a nation’s economy, as well as its currency, is directly reflected in its natural resources, and Iraq’s oil reserves are big enough to drive its young democratic economy to prosperity. Given the fact that there is an insatiable need for gas and oil across the world, Iraq is can look forward to constant growth in its ever-growing role of the oil supplier to the world. Although Iraq is not there yet, it is becoming increasingly obvious that the country will take on the role of a regional and international energy super-power given its natural reserves in the near future. In fact, just recently the country’s Minister of Oil stated that Iraq will be able to produce 5 million barrels of oil a day in the second half of 2017.

With the economic boom led by Iraq’s oil industry, the national currency in the form of the Dinar will eventually rise to reflect the true value of the country’s oil wealth. The rise will most likely happen when the National Bank of Iraq lifts the artificially low value placed on the nation’s currency in 2003.

Historically, the new Iraqi Dinar reached an all-time low against USD of 1680 in January of 2004 and a record high of 1106 in December of 2015. Currently trading at 1180. USD/IQD chart from Yahoo Finance.

Additionally, current political events play a key role in predicting the future of any given currency, and the controversial “Muslim ban” instituted by Donald Trump could have had major consequences for the Iraqi economy, had it not been lifted on March 6th this year. This new order to exempt Iraq from the list of banned countries has proven to be very beneficial for the country’s currency with foreign currency investors being able to exchange Iraqi dinar at favorable rates, keeping the country a valuable asset in the foreign exchange market.

All in all, it seems that the Iraqi dinar is looking at a bright future.

In the end, it is important to note that Iraq presents a wealth of investment opportunities in many industries, with the economic rise being driven by oil and gas reserves. These opportunities will become even more apparent in the following years, as the newly-established government continues to offer new possibilities to international investors.

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U.S. military says difficult to avoid Mosul casualties, probes blast

 

A senior U.S. general said on Wednesday it will be difficult to maintain “extraordinarily high standards” to avoid civilian casualties in Mosul, even as the U.S. military begins a formal investigation into an explosion in the Iraqi city that is believed to have killed scores of civilians.

The U.S. military has acknowledged that the U.S.-led coalition probably had a role in the March 17 explosion, but said Islamic State could also be to blame.

Local officials and eyewitnesses say as many as 240 people may have been killed in the Al-Jadida district when a huge blast caused a building to collapse, burying families inside.

When asked in a congressional hearing about the standards used by the U.S. military to avoid civilian casualties, General Joseph Votel said it would be difficult to apply those standards in the narrow, crowded streets of the Old City in west Mosul.

“I do agree that as we move into these urban environments, it is going to become more and more difficult to apply extraordinarily high standards for the things that we’re doing, although we will try,” Votel said at a House Armed Services Committee hearing. Votel, the head of U.S. Central Command, said there had been no change in the rules of engagement.

U.S. officials have said that an increase in civilian casualties was to be expected as the war against the insurgents entered its deadliest phase.

Iraqi special forces and police battled Islamic State militants in close-quarters fighting to edge closer to the al-Nuri mosque in western Mosul on Wednesday, tightening their control around the landmark site in the battle to recapture Iraq’s second city.

The comments about standards by Votel are likely to cause concern, with human rights groups already slamming the U.S. military for an increase in the allegations of civilian casualties in recent weeks.

Amnesty International has said the high civilian toll in Mosul suggested U.S.-led coalition forces had failed to take adequate precautions to prevent civilian deaths.

Votel said that Islamic State militants were aware of U.S. sensitivities to civilian casualties and were exploiting them by using human shields in Mosul.

What exactly happened on March 17 is still unclear.

Iraqi military command has said one line of investigation is whether Islamic State rigged explosives that ultimately caused the blast that destroyed buildings.

A U.S. probe into the incident has moved from an assessment to a more formal investigation, Votel said.

“It will be a more formalized approach to really look into the details of this as much as we can to establish what happened, establish what the facts are, identify accountability and then certainly identify the lessons learned out of that,” he told the hearing.

(Reporting by Idrees Ali; Editing by Grant McCool and Alistair Bell)

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Maliki’s return to the presidency

 

29-03-2017 09:15 PM

Readers

Eastern News –

Ibrahim Al-Zubaidi

It is not only Nuri al-Maliki who has found himself prime minister by accident, and not a single Iraqi prime minister has been chosen, from 2003 until today, by chance. He is believed to be a true leader, leader and imam.

Dr. Ayad Allawi came from the Governing Council, which Bremer himself said that his members (hypocrites, opportunists and greedy are not satisfied).

After a long and sterile debate between the parties of Iran and the Kurdistan Front, the Americans, the British and the United Nations about who could be a transitional prime minister for a few months, until the elections 2005, they found none other than Iyad Allawi a compromise, as it satisfies the leaders of the Kurds, for his long friendship with them, (Despite his Baathist background), in which Iran comforts his Shiites, and reassures the leaders of the National Coalition because they experienced and tried along the alliance with them, from the days of the conference in Vienna, which divided with his leadership, and the tenth of which is better, and even today.

And when the National Alliance (Shiite) won in those elections, Bal (majority), and hot leaders in the selection of a prime minister of them, they found only two, the Supreme Council candidate Adel Abdul Mahdi, and the candidate of the Dawa Party Ibrahim al-Jaafari, and then won the latter by accident, One is the voice of the Sadrist movement, which decided to support the candidate of the Dawa Party Nkaya the Supreme Council, for the differences between them, then.

When the American, Iranian, Iraqi, Shiite, and Kurdish will agreed to Jaafari’s failure, shaken his leadership and weakened him, President Bush asked his Iraqi ambassador at the time, Zalmay Khalilzad: Can you get rid of Jaafari? “Yes,” he replied.

The ambassador then made efforts to persuade Jaafari to step down. He agreed, but stipulated that his successor be from the Dawa Party as well.

Here Zalmay Khalilzad’s puzzlement began. He discovered that the most prominent candidate, Ali al-Adeeb, a leader of the Dawa Party, is inappropriate, because his father is Iranian, and many Iraqis accuse the Americans of conspiring with the Iranians.

He asked himself, “Is it reasonable to say that of the 30 million Iraqis who are candidates for prime minister, only one can not make a decision, and another Iranian? Is there no other? “

An individual link in the CIA officer was present, “I have a candidate for you, named Nuri al – Maliki.”

At the dinner table at the US Embassy Khalilzad he asked home to al – Maliki, do you want to become the Prime Minister of Iraq? Maliki jumped from his seat, surprised, shouting, I? are you serious?

And after two dark sessions destroyed did not leave Nuri al-Maliki to anyone in America and Iran, nor within the Dawa Party itself, and in the Shiite alliance set up by the prime minister, an option but to deport him, and the advent of an alternative non-politically consumed, not known for embezzlement and killing and sectarian extremism, Abadi. Here, too, the prime minister made a coincidence.

This is what history has proven, from the clatter of peace to you. But despite these scandals, senior powerbrokers, especially Shiite Islamist rulers, many of their sympathizers and admirers, continue to boast that they are governed by the will of the people, that they have come on the back of democracy and that their legitimacy is being extracted from the ballot boxes alone, .

But the smallest Iraqi citizen knows that they are “temporary colonial goods that have not expired yet, and it is not time to throw them out or neglect them,” Paul Bremer, his successor, the US ambassador to Iraq, said.

The purpose of this article is not to engage in debate about their sincerity or lying to wear the mantle of democracy. This is an issue that needs no debate. Most of them have armed sectarian militias that have committed murder, assassination and embezzlement, and have fought against their opponents and rivals in politics or money.

After all that happened and what became Nuri al – Maliki still dreams of returning to the presidency again. The news that he is allied with Ammar al-Hakim to form a majority government, after the new elections, expelled from their partners the Sadrists, Kurds, Sunnis, Christians and independents, and unique rule, as if time can return to 2003, or 2005 or 2010, and if the Electoral Commission will remain the same As if the Iraqi people will remain the same misguided people ignorant drugged with the slogans of the revolutions of Hussein of the grandchildren of more, as if they can silence the angry millions, and most of them Shiite national conscious, no advocacy or Baathist Wahhabism or Tkfirip, as if Tahrir Square, which fills every Friday Which is not rebelling Iraqis, but Htavon from Djibouti Importers and Somalia.

“The idea of a participatory government was necessary for some stage of a new Iraq,” Hakim and Maliki say. “But more than half have a majority and those who remain are opposed.”

There is no objection to the idea of a majority government if it was the result of a healthy election, and between genuine and honest parties that take their legitimacy from their masses by their programs alone, not with the weapons of their militias, and with the falsification of elections and certificates, and with religious slogans and fatwas. And tasted of their democracy woe and pity

It is very sad that al-Maliki and al-Hakim prove that they are a country governed by scientists, experts and innovators who are ignorant of God’s creation, and most of them are astray and ignorant, when they are not sure that the world has changed and change around them and they do not feel.

The nation that raped him in the absence of the same will not be after the liberation of Mosul, Al-Raqqa, and the end of the rule of Assad, and after the return of the Americans to Iraq and the region again under the pretext of fighting terrorism, and after the selection of Tarmb members of his administration of Kashifin, more than before, The militias that were elected, which guard the ballot boxes, which produce votes, are the ones that announce the results, which appoints deputies, ministers, directors, ambassadors, bank guards, ports and airports.

When Maliki thinks of returning to the rule of Iraq again, the majority or otherwise, he will be one of two, either Samson who guided the temple on himself and his enemies all, or an idiot who wants to revive the bones is a remorse.

The article expresses the opinion of the author and does not necessarily reflect the view of Eastern News

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Casualty numbers have increased 14 dead and 20 wounded. These numbers are not final.

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of the final statement of the Arab summit: Iraq ‘sunity and stability , a fundamental element

 

The final statement of the Arab summit: Iraq's unity and stability, a fundamental element
one hour ago

Twilight News final statement of the Arab summit held in Jordan on Wednesday / said that Iraq’s unity and stability, a cornerstone of Arab national security.

The statement stressed support for Iraq in its war against al-Daesh, as well as the statement called on Turkey to withdraw its forces immediately from Iraq without restriction, describing an attack on the existence of Iraqi sovereignty and a threat to Arab national security.

The Secretary-General of the Arab League, Ahmed Aboul Gheit, at the end of the annual Arab summit its session on the 28th of the Dead Sea shore west of the Jordanian capital Wednesday, delivered a closing statement.

Hosted by King Hussein in Suemh on the annual Arab summit, in the presence of 15 Arab leaders and other delegations, discussed hot files in Syria, for example, disputes Iraq, Libya and Yemen.

 

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774 dead … Pentagon officially announces the number of Iraqi casualties in the battle to liberate Mosul

774 dead ... Pentagon officially announces the number of Iraqi casualties in the battle to liberate Mosul

2 hours ago
Last updated
The time now is 08:18 PM

Baghdad / Al-Ghad Press:
The head of the US Central Command, who is in charge of operations in the Middle East, General Joseph Fotel, said that the number of losses of Iraqi government forces in the battle of Mosul has reached 774 dead so far.
“About 37 days after the start of the battles to restore the western side of Mosul, the Iraqi forces lost 284 dead,” he said in a speech at a special session of the US Congress on the conduct of operations against an organization in Damascus and Iraq. And about 1,600 wounded. “
The US general said that “the process of control of the eastern side of the Iraqi city claimed the lives of 490 Iraqi fighters, while wounding about 3000 others.”
“A very difficult battle is taking place in western Mosul, especially in the Old City area,” he said, adding that “the circumstances there are helping armed men, not the attacking party.”
It should be noted that these figures are the first almost officially reported on the number of Iraqi army casualties in the Mosul recovery campaign.
Since 17/10/2016, the Iraqi army has been carrying out an operation, Ninewa, supported by Kurdish Peshmerga forces, popular mobilization units, tribal clans and international coalition aircraft, with the aim of liberating Mosul from the control of the Daish organization.
This is the largest operation since the militants attacked an organization calling the terrorist north and west of Iraq and control over one third of the country in the summer of 2014.
After returning to the eastern side of the city of Mosul, on 19 February 2017, Iraqi forces began to storm the western side of the city, the main stronghold of the organization, amid reports of casualties among the local population.
The United Nations High Commissioner for Refugees (UNHCR) has revealed that nearly 400,000 Iraqis are still trapped in western Mosul.

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The killing of 40 of the “Islamic state” in battles with Iraqi forces and raids of the coalition west of Mosul and 9 soldiers, including two officers during the storming of Iraqi forces a new neighborhood on the western side of the city .. And dead and wounded in Baghdad during violence

 

MARCH 29, 2017

1_433662920

NINEWA, Iraq (AP) – At least eight snipers from the Islamic State of Afghanistan were killed on Wednesday by raids by an international coalition on the western Iraqi city of Mosul, an Iraqi officer said. “The US F-16 fighter planes launched three air strikes on an 8-storey building at the entrance to the Yarmouk neighborhood, which is surrounded by the organization’s fighters who are involved in the operations of sniping,” said Colonel Pilot Barhan Abdul Latif in the Iraqi Air Force. “He said that” the raids resulted in the destruction of the entire architecture and killed all of them, between 8 and 14 fighters. “Abdel Latif continued,” The fighting unit of the organization in that architecture was impeding the progress of troops by 60% and forced in More than once to retreat towards their goals. “
He pointed out that “this process will accelerate the liberation of Yarmouk fully in the next few hours.” In a related context, witnesses said in telephone calls to Anatolia, that 16 civilians were wounded, including women and children, the fall of rockets and mortar shells fired by Iraqi forces on the areas of “Ras Al-Jadah” and “watch” and “Bab al-Egg” on the western side of Mosul, In another case, witnesses reported that more than 20 days ago, no prayers were held at the Grand Mosque of Nuri, west of Mosul, where the leader of the Islamic State, Abu Bakr al-Baghdadi, declared what he called succession.
“Since 19 February, Iraqi forces have been conducting a military operation to regain control of the western side of Mosul after it announced, on January 24, Last second, the eastern side of the city was restored from the “Islamic state” after battles lasted about 3 months. The Iraqi forces were able to liberate important areas in the western side of Mosul, most notably the city airport and Ghazlani camp, in addition to neighborhoods and villages. The western side of Mosul is smaller than its eastern side, with 40 per cent of the city, but its population is higher, with its narrow alleys and narrow streets, forcing Iraqi forces to fight a street war with a da’ash, possibly endangering civilian lives.

A security source said Wednesday that two officers and seven Iraqi soldiers were killed during the storming of a new neighborhood on the western side of the northern city of Mosul, while 32 militants were killed by the Islamic state.

Brigadier General Saad Ghanim Al-Sayer of the Anti-Terrorist Organization of the Ministry of Defense told Anatolia that “the armed forces continue the clashes against armed militants in the Yarmouk district and managed to penetrate more than 2 km after fierce battles lasted more than 13 hours.”

He added that “the casualties among the forces amounted to the deaths of nine soldiers, including two officers, one of them the rank of captain and another lieutenant and the injury of seven other soldiers as well as the destruction of two Hummer vehicles.”

He pointed out that “the losses of the organization, which has been counted so far in this battle was the killing of 32 gunmen and thwart three suicide attacks, two of them with motorcycles and another with a car bomb.”

He added that the elite forces in the anti-terrorism agency began this afternoon, storming the Al-Tanak, the most important strongholds of the organization in the southern axis, and that violent clashes are now taking place on the battlefield.

He added that the initial information indicates that the troops were able to kill the so-called “Babi Yahya al-Zahrani,” an official of the so-called first command line of the organization in the battle of Al-Tanak district, and the destruction of a suicide-driven car-wheel trying to target the attacking forces.

For his part, the Federal Police Chief Lieutenant General Raed Shaker Jawdat said in an interview with Anatolia that “the federal police units continue to advance from the western wing of the old city and penetrated 300 meters inside the dairy bar area.”

He added, “Our forces in the rapid response, 100 meters from the stadium in the area of Bab Sinjar west of Mosul could be controlled in the coming hours.”

Meanwhile, an Iraqi police officer said on Wednesday that two people were killed and nine others were injured following violence in Baghdad.

“Unidentified gunmen attacked a security checkpoint in the Yusufiya area south of Baghdad today, killing one person and injuring four others,” said Captain Nizhan al-Khadr of Anatolia. “A civilian was killed and three others were injured when a roadside bomb went off near a popular market in al-Shaab area,” he said.

In another incident, the Greens said that civilians were wounded by a roadside bomb planted on the main road of the region of Hor Rajab (south).

 

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