Thread: Archive Latest News - Think Tank - 16/08/07 - 03/11/07

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Prices increase in Arbil markets after Iranian borders' closure

Wholesale markets in Iraq's Kurdistan region's capital city of Arbil have seen a slight increase in the prices of Iranian goods in the aftermath of the Iranian government's decision to close all border crossings with the region on Monday, with local traders expecting a further hike over the coming days.

A spokesman for the Kurdistan Regional Government (KRG), Jamal Abdullah, said earlier today that Iran closed all its five outlets on the borders with the Kurdistan region in protest against U.S. forces' arrest of an Iranian citizen for his suspected involvement in Iran's Islamic Revolutionary Guard Corps- Quds Force, and for allegedly smuggling weapons into Iraq.

A trader from Sheikh Allah, the main wholesale market in the city, who requested his name not be mentioned, said that one ton of Iranian iodized salt is now sold for 100,000 Iraqi dinars ($80), compared to 77,000 dinars ($61.5) earlier today. "It is hardly available in markets because of the closure of the borders," he indicated.

The trader explained that Iran, along with Turkey, is the main provider of foodstuffs and other consumer products to the region. "But trade activities with Iran are the most active," he noted, linking this to the relatively low transportation costs of Iranian goods.

According to him, Iranian export goods are transported to the borders with Arbil at a cost of 25,000 Iraqi dinars/ton ($ 20.2), while a ton of Turkish goods is transported for $2,000.

Iranian goods to the Kurdistan region are like "blood to the veins," he said. "They are indispensable."

Another trader said that Iranian threats to close the borders have raised the prices on all Iranian goods. "Half a dozen of Iranian Ofra soda increased from 4,000 dinars to 4,250 dinars the day the borders were closed," the trader explained. "The price increase is slight, but it will eventually affect the consumer."

Qasim Jasim, a foodstuff wholesale trader, said that he expects a similar increase in the prices of Turkish goods, which he said will replace Iranian goods in the region's markets.

Blaming the U.S. military forces for the price hike, Jasim said, "Their actions have struck a blow against our economy."

"Dozens of carriers and drivers will lose their jobs because of the closure of the borders," he added.


http://www.iraqdirectory.com/DisplayNews.aspx?id=4616

Newly established Iraqi institution awards first loan in Al-Anbar

A newly established indigenous microfinance institution, the Al-Takadum Organization in Al-Anbar, has opened in Al-Qaim, Iraq.

"This is a very important achievement for Al-Qaim, because it will help develop the local community and increase trade," one of the local sheiks that attended the opening ceremony said.

On August 21, the day of the opening, the Imam of Al-Qaim issued a fatwa (religious decree) authorizing the functioning of the microfinance institution according to Islamic lending principles. On the basis of the fatwa, the mayor of Al-Qaim, who cut the ribbon at the opening ceremony, wrote an official letter to all the residents of the city describing the way in which the Al-Takadum microfinance institution will operate.

On August 24, the validation that the fatwa is halal (acceptable) was announced in all mosques of the city and the residents were encouraged to borrow from the microfinance institution. The leaders of Al-Qaim emphasized that they regard the establishment of Al-Takadum as a well-deserved reward.

The new institution awarded the first loan, worth US$2,000, on the day of the official opening to the owner of a mobile phone shop who is seeking to expand his business. The staff of Al-Takadum already received 30 loan applications, out of which 15 were approved.

The establishment of the new institution in Al-Anbar is the result of a joint effort by the U.S. Agency for International Development (USAID)-funded Izdihar project, the U.S. military and the provincial reconstruction team in Al-Asad.

Iraq Development Program - Newly established Iraqi institution awards first loan in Al-Anbar

IQD242 billion worth of projects to be executed in Basra

Engineer Waleed al-Haideri, assistant governor of Basra, has announced referring 212 governorate development projects to the execution phase and the speeding up of reconstruction work at a total cost of IQD242 billion.

Al-Haideri added that the project referral committee in the governorate has already referred 212 projects to local companies and contractors in installments

Its projects have been distributed between the ministries of trusts and of electricity, explaining that the percentage of completion of some projects have reached about 90 percent.

The assistant governor of Basra also pointed out to referring 58 projects from among those slated for the revitalization of the marshes in the Mudaina and Qurna Counties to execution as well as in Hartha and Thaghr Districts, focusing on road, bridges and electricity projects.

Iraq Development Program - IQD242 billion worth of projects to be executed in Basra

National Pact launched by Islamic Party

The Sunni Islamic Party launched on Wednesday a political initiative, dubbed "the National Pact," that aims, according to the party, to stop deterioration in the country.

"The corner-stone in the solution is accordance among the Iraqis themselves, by bringing their views closer regarding shaping the future Iraq and in describing the co-existance of all sects and communities within the country," Tareq al-Hashemi, Iraqi vice-president and the Islamic Party chief, told a news conference.

Al-Hashemi said "the time has come for a frank dialogue on the essential issues."

The 25-principle-initiative has addressed basic issues that might lead to end the deterioration in Iraq according to the Islamic Party Secretary-General al-Hashemi.

The National Pact called for "equality of all Iraqis before the law, condemnation of killing based on identity, shunning extremism, and rejecting foreign interference in Iraqi affairs."

The initiative, which also called to achieve national reconciliation, recognized resistance as "a right of all occupied nations," indicating that "terror is not considered resistance."

The Islamic Party is one of three components that constituted the Sunni Accordance Front, which quit the Iraqi government two months ago after it accused the government of "closing the door to any true reforms."

Aswat Aliraq

Interview: J. Jay Park on the Iraq oil law

This is long - but a good read.

J. Jay Park's work on international legal petroleum regimes has taken him around the world. He helped craft Somalia's new hydrocarbons law and has led training sessions for officials in Iraq's Oil Ministry.

He also represented Western Oil Sands, a Canadian firm, in its deal with the Iraqi Kurdistan Regional Government.

Earlier this month in Dubai, Park held a daylong workshop on the ins and outs of Iraq's draft oil law, as part of the Iraq Petroleum 2007 summit, organized by The CWC Group. Also at the summit were representatives from oil firms around the world, as well as top Iraqi oil officials, including Oil Minister Hussain al-Shahristani.

UPI sat down with Park on the sidelines of the summit to discuss the mind frame for crafting an oil law; what decisions the Iraqi government now faces; what type of regime Iraq can choose from; and what types of contracts -- including the controversial production sharing agreement -- work for Iraq's oil.
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UPI: You have worked either with companies working within certain legal regimes or helped the governments set up legal regimes, so you have seen this from both sides. Looking at the Iraq situation, how do you see them being able to find compromise, to agree on Â… to pass an oil law, either this (draft) one or another one?

Park: When I'm looking at a resource law from a legal standpoint there are certain attributes that I want to see it addresses. The attributes from the point of view of the state are: is there going to be fair share of resource revenue going to the state? Is there going to be adequate addressing of environmental, health and safety issues? Are they going to ensure there are local benefits accruing to the economy through employment, through training, through technology? Are they going to ensure that opportunities for development in respect to the resource can be seized within the economy and not just exported? And is there a transparent process for the award of rights and the administration of the business?

From the point of view of the investor, what they want to know is: is this a regime in which if they make a discovery they will be able to complete that development so they can monetize the investment that they make? Number two, is the agreement a stable agreement so that once they make an investment they are going to be able to recover what they have invested, so the deal won't change on the them, which is a problem we see in a lot of places, what we call the problem of the obsolescing bargain? And then finally, are they going to be able to have adequate legal means for remedies if there is non-compliance with the agreement?

So if you have got all those features addressed in a petroleum law then I think the law itself is a good law because it addresses well the issues that arise between a state and investor. That's what I look at. That's a technical kind of analysis.

When you then say, politically, how are they going to get this passed, that to me is really an issue for Iraqis. One of the things that I always look to is this issue of the sharing of the resource. In Iraq, they address this issue in part in the constitution. It needed more definition in the petroleum law and a revenue-sharing law, and that is part and parcel of the process.

Now the biggest issue you have with respect to sharing of the resource revenue is who gets to receive the revenue. And I'm advised that there has been a deal, that they have agreed to share the revenue resulting from the resource economy on a demographically equal basis. That's the biggest issue. If they have solved the biggest issue, all the other issues about who controls activity, they are less important. So if they have solved the big issue, then already then in my view the other issues are surely able to be solved and therefore I'm optimistic the (oil) law is going to be passed. Because once you have solved the revenue issue and how you are going to share it, then it's in everyone's interest to make the revenue pie bigger. And when you have got everybody aligned in that sense, then I think you are going to see success.


Q: In the oil minister's presentation, when asked about what happens if the law is dragged out for so long, and he said 'well we have the legal right to move forward on our own because we need to develop whether there is a new law or not,' can you explain that, what he bases that on?

A: Iraq has an oil law. It was passed in the 1980s. It is a short law, seven or eight pages, 17 articles. It grants the power to the government to manage the industry and award rights in respect to petroleum activities. It doesn't contain a great deal of detail on how that is to be done and you can follow from that then there is a great deal of discretion in the government as to how it may run the industry under the terms of that law.

What I believe the ministry is saying by that is 'there is not a vacuum with respect to petroleum law in Iraq. We'd like to see the new law passed because it's a better law than the old law,' and I'm inclined to agree. From a technical petroleum law viewpoint, the new law is a better law than the old law. What I think the minister is saying, in effect, 'we want this law passed and if it isn't passed then we'll have to just work with the old law.'


Q: You started your presentation explaining your frame of mind when you go into drafting an oil law. We have the Iraq scenario where we know there's a lot of oil and gas and we assume there's a lot more oil and gas and the industry is already established for a long time. Compared to, for example, Somalia or another country where we think there might be oil and gas but we don't know so that's why we are creating this regime so we can figure it out, we can have the legal tools to do the exploration and development. So what are your thoughts when you are creating, what is the difference when you are creating the law, your mind frame when you sit down to write it.

A: The difference between developing a law for a regime that does not know if it has any oil and gas versus developing a law for a regime that knows it has a substantial existing base is what do you do with a substantial existing resource base?

What many countries have done is they have established a state oil company and give it the management and ownership of the existing resource base. The enhancement and the development of that resource base is then within the control of that state oil company. But new exploration operations would then be open for assessment as to how the state should deal with that. Many states take different approaches to that.

Mexico says only the state oil company can do any exploration. Consequently, there's not a great deal of exploration and Mexico's production is declining because their state oil company lacks the capital to explore it extensively.

Other countries, I come from Canada, says 'no, we are not going to have a state oil company but we are going to award these rights to private investors.'

Iraq has chosen a middle ground. Iraq has said a state oil company will hold the existing producing base. It will also hold the discovered but undeveloped areas that are close to existing production and it may invite other companies to assist it in developing those resources but fundamentally they will be owned by the state oil company.

Then with respect to exploration areas and other discovered areas that need a lot of work to develop them, the scope is broader for how that can be done in terms of many different types of petroleum contracts that could be used, with many different structures, although it's clearly suggested that a joint venture with Iraqi participants is to be encouraged.


Q: What would you say are the risks in entering Iraq's oil sector?

A: The principle risk that oil companies are designed to address is geological risk Â…


Q: Is there oil or not, will you put the money in and come up with nothing Â…

A: Â… Exactly. That generally the record on exploration is that out of every 10 exploratory wells only one or two are going to be successful. But the geology and opportunities around the world vary widely and so clearly Iraq is one of those places where the geology offers wonderful opportunities because we have already seen how much exploration there's been and there's a great deal more yet to be explored. Clearly the geological risk in Iraq is less than it is in Ireland.


Q: In your presentation you had the four annexes up there. (The annexes are a draft list of the categories of Iraq's oil fields and exploration blocks, which the Iraq Oil Ministry has created.) You said this is the contract that you would use for each. Can you explain what specific contract per annex and why not the other ones?

A: Annex 1 is just producing fields. It's likely the existing producing fields involve minimal to no risk in terms of, you know, it's producing and what's needed is services to enhance production and enhance facilities to allow production to occur. In those regimes around the world that use a service contract, that's the type of contract that it's used for.

Other fields that need development work, drilling of further wells, construction of more significant facilities because they are not currently producing, often a development type contract is designed differently and has different work commitments and even you might need a different skill set as well, so that's why I deduced from the language of the draft law that a development contract is something that is suited to that kind of an arrangement.

And finally when it comes to areas that don't have a discovery, that's where there is a more significant degree of risk and a risk exploration contract is best suited to that. It's designed to encourage exploration activity and if exploration is successful, to allow development.


Q: What's the difference between the risk contract and the exploration and development contract?

A: In my opinion you are just mixing up different terms. An exploration and development contract and a risk exploration contract, to me, would mean the same thing.


Q: So the terms that they are (Iraqi government) putting up there, why do they have these two mixed terms?

A: One, I believe, is intended to be a broad term to describe a wide range of contracts called exploration and development contracts and then the other term, the risk exploration contract, is a specific contract they have in mind. It's one of the details of the law that needs to be further elaborated, either in the regulations or in the model contract.


Q: And if they decided to go the route of the production sharing agreement or some modified version that would fit within the law, where within these annexes would that fall? Would that be Annex 4?

A: A production sharing type contract could be a form of risk exploration contract that would be suited to Annex 4. The word development and production contract doesn't to me define a specific type of agreement, it defines what the activities will occur under the agreement. Consequently, that's another area that needs better definition in the regulations and in the model contracts that will follow.


Q: But when you just take a production sharing agreement or production sharing contract, and if those were to be one of the model contracts that are available for the Iraq government to sign with an oil company, where do you see this being applicable, in the four annexes, and where would it not make sense to do a production sharing agreement, from the government's standpoint? In Annex 1, would you sign a PSA in Annex 1?

A: The problem is we are using a set of terms that are designed to apply to a different concept, which is exploration activities and all the types of activities we tend to see for exploration type petroleum activities, and seeking to apply it to an existing, producing resource base.


Q: So you are saying a PSA is for when exploration is involved.

A: It would be rare to see a production sharing agreement used and granted at a time of, for a field with existing production.


Q: What about for a discovered but not producing field?

A: A discovered but undeveloped field could conceivably be the subject of a production sharing contract if the state decides that that's the appropriate tool to use.


Q: But there's far less risk because you know that there's oil there.

A: The usual kinds of activities under a production sharing contract would need to be suitably revised to suit the development, instead of an exploration and development situation.

http://www.earthtimes.org/articles/show/114550.html

Al-Maliki: Reconciliation stronger than terrorism

The vision of national reconciliation in Iraq is plagued by a tenacious insurgency and sectarian warfare, Prime Minister Nuri al-Maliki told the United Nations Wednesday.

Extolling the advent of freedoms in Iraq after the fall of Saddam Hussein, al-Maliki condemned what he sees as the scourge of world terror.

"We have cautioned all the countries in the region that the continued flow and overflow of weapons, money, suicide bombers, and the spreading of fatwas inciting hatred and murder will only result in disastrous consequences for the region and the world."

The embattled leader of a war-torn nation, al-Maliki called national reconciliation a "realistic vision" that in principle and in practice addresses the problems left behind by the Hussein regime.

"It lays the foundation for political, social, economic progress and the security that we strive for," he told the 62nd session of the U.N. General Assembly.

He said national reconciliation is the responsibility of all Iraqis, not just the "responsibility of the government alone" and it "cements the principles of the new political system."

"National reconciliation is indeed stronger than the weapons of terrorism," he said.

"It has succeeded in encompassing more than 14,000 people that were members of the armed groups that splintered from al Qaeda," he said of those who are leaving the insurgency.

He also said the spirit of national reconciliation has kept the country from "slipping into the pit of sectarian war. A war that was planned by the enemies of freedom and democracy after blowing up the tomb of the two imams."

Al-Maliki was referring to the February 2006 bombing of the Askariya Mosque, a Shiite shrine in Samarra. The event sparked sectarian fighting.
Some observers argue Iraq is engulfed in a sectarian civil war, but al-Maliki said that is not true.

"The acts of sectarian violence in Iraq are not among society's components but rather among extremists and fanatics from this group or that. We have been successful in containing this problem for a large degree."

He said the number of sectarian killings has decreased and security and stability have been restored to "hot spots."

"This has helped the return of thousands of displaced families to their homes," al-Maliki said.

Amnesty International, citing U.N. figures, has said there are 4.2 million displaced Iraqis -- 2.2 million internally displaced in Iraq and more than 2 million refugees.

Amnesty's recent report, "Millions in flight: The Iraqi refugee crisis," said many countries are not doing enough to help Iraqi refugees and that Syria and Jordan are shouldering too much of the burden in meeting refugees' needs.

Al-Maliki said he was "honored to address" the world as the "first prime minister of a constitutionally permanent government representing Iraq," making clear references to Hussein's regime.

He said the Iraqi people had been isolated "in the shadow of dictatorship for 35 years, with no freedom of thought, elections or press."

But today, he said, free elections, an emerging democracy and media freedom flourish in the "new Iraq," -- all new realities that insurgents want to defeat.

"The new Iraq, ladies and gentlemen, is what is targeted today," he said.
"We are steadfastly determined to exterminate and defeat terrorism in Iraq so that it does not spread around the countries of the world and repeat the tragedy," he said. "We are determined to be victorious in this battle, which will be, indeed, a victory for humanity."

He also thanked the world body and member nations for their support and sacrifices. The Iraqi government will ease the suffering of the Iraqi people, he said.

"It is our hope that the international community will support Iraq and help it achieve these noble goals," he said.

Al-Maliki: Reconciliation stronger than terrorism - CNN.com

Bush 'threatened retaliation' against countries that refused to back Iraq war

US President George W. Bush threatened nations with retaliation if they did not vote for a UN resolution backing the Iraq war, according to a transcript published Wednesday of a conversation he had with then-Spanish Prime Minister Jose Maria Aznar. In the transcript of a meeting on February 22, 2003 - a month before the US-led invasion of Iraq - published in the El Pais daily, Bush tells Aznar that nations like Mexico, Angola, Chile and Cameroon must know that the security of the US is at stake.

During the meeting on his ranch in Texas, Bush says that Angola stood to lose financial aid while Chile could see a free-trade agreement held up in the US Senate if they did not back the resolution, the left-wing paper said.

The confidential transcript was prepared by Spain's ambassador to the US at the time, Javier Ruperez, the paper said.

Prior to the US-led invasion of Iraq on March 20, 2003, Washington unsuccessfully lobbied the 15 members of the UN Security Council for a second resolution paving the way for military action against Iraq if Saddam Hussein failed to comply with demands to disarm.

But during the meeting with Aznar, Bush made it clear the US would invade Iraq by the end of March 2003 whether or not there was a UN resolution to authorize it, El Pais reported.

"We have to get rid of Saddam. There are two weeks left. In two weeks we will be ready militarily. We will be in Baghdad at the end of March," Bush said in the transcript translated into Spanish by the newspaper.
Victory would come "without destruction," he added.

The meeting between Aznar and Bush came just days after a massive protest in Madrid by over a million people against the invasion, which Aznar's conservative government backed.

Aznar tells Bush in the transcript that he needed Washington's help to get Spanish public opinion behind the invasion. He adds that he is worried by Bush's optimism.

"I am optimistic because I believe I am right. I am at peace with myself," the US president responded.

Bush 'threatened retaliation' against countries that refused to back Iraq war | Iraq Updates

Iraq's Sunni VP meets top Shiite cleric

Iraq's Sunni vice president held a rare meeting Thursday with the country's top Shiite cleric to seek support for a 25-point blueprint for political reform, the latest effort by both Islamic sects to promote unity amid unrelenting violence.

A wave of bombings and shootings has swept Iraq, killing more than 50 people Wednesday and raising fears that al-Qaida had launched a promised new offensive. The U.S. military acknowledged that violence was on the upswing and blamed it on the terror movement.

Another parked car bomb struck a predominantly Shiite area in eastern Baghdad on Thursday, killing one civilian and wounding two others, a policeman said. The officer, speaking on condition of anonymity because he wasn't authorized to release the information, said the car was left in an alley, apparently to avoid security barriers surrounding a nearby market area.

Several uniformed workers, meanwhile, swept hunks of metal and other debris from a car bombing in western Baghdad on Wednesday into mounds of rubble as onlookers watched.

The blast in Baiyaa killed at least seven people and wounded 30, according to local police and the operations room of the Interior Ministry. They disputed reports that 32 people were killed.

In a Web posting Sept. 15, the Islamic State of Iraq, an al-Qaida front group, announced a new offensive for the ongoing Islamic holy month of Ramadan in memory of Abu Musab al-Zarqawi, the founder of al-Qaida in Iraq who was killed last year in a U.S. airstrike.

The statement said the Islamic State would hunt down tribal sheiks and officials who cooperate with the Americans. Nine days later, a suicide bomber struck a Shiite-Sunni reconciliation meeting in Baqouba, killing 24 people, including the city police chief.

Vice President Tariq al-Hashemi said Grand Ayatollah Ali al-Sistani praised his initiative during their two-hour meeting in the holy city of Najaf, 100 miles south of Baghdad. The reclusive Shiite spiritual leader previously has met with Sunni clerics, but it was his first meeting with a senior government official from the disaffected minority Islamic sect, aides said.

"He generally blesses the initiative," al-Hashemi said, saying he found al-Sistani politically "neutral" and eager to promote national unity.

Al-Sistani has played a key role in shaping the political future of Iraq following the 2003 overthrow of Saddam Hussein's regime and wields considerable influence over Shiite politicians and their followers.

Al-Hashemi's blueprint appears to be, at least in part, an attempt to enhance his reputation as a national statesman and project an image of moderation for his Iraqi Islamic Party and the three-party alliance — the Iraq Accordance Front.

He has in recent weeks been reaching out to the once-dominant Sunni Arab community in what appears to be an attempt to broaden his base of support.

He said he had submitted it to the Shiite Prime Minister Nouri al-Maliki and the Shiite bloc the United Iraqi Alliance.

"The time has come to sit around the table and have a candid dialogue about key and sensitive matters," al-Hashemi said at a news conference Wednesday at which he unveiled the blueprint in Baghdad.

His proposals are the latest in a series of highly publicized documents designed to end Iraq's sectarian violence and the Sunni-led insurgency. These include an agreement between senior Sunni and Shiite clerics reached in Mecca, Saudi Arabia, last year and a national reconciliation plan announced by al-Maliki on taking office in May 2006.

Neither declaration made a difference on the ground and there's no reason to believe that al-Hashemi's proposals would have greater success in inspiring the country's rival groups to set aside their differences to embark on serious reform.

But al-Hashemi and his Islamic party have been intensely courted by Shiite and Kurdish leaders, whose communities account for 80 percent of Iraq's population. The Shiites and Kurds need meaningful Sunni representation to meet U.S. demands for wider political inclusion.

The blueprint, which al-Hashemi called the Iraqi National Compact, stressed basic democratic principles such as respect for human rights, equality before the law, the sanctity of places of worship, prohibition of the use of force to attain political goals, filling government jobs according to merit and keeping the army and police above sectarian or political affiliations.

It also proposed a blanket pardon for Iraqis who took up arms against the government and the U.S.-led coalition forces in exchange for laying down their arms and joining the political process. And it included a nod to Iraq's Kurds, stating that "pending" issues could be "resolved through compromise," a reference to the disputed Kurdish claim to the oil-rich northern city of Kirkuk.

Al-Hashemi said adoption of the blueprint could come from a vote in a nationwide referendum or by the agreement of political leaders.

Al-Maliki — whose Shiite-dominated government faces mounting criticism for its inability to pass power-sharing legislation and stem support for the insurgency — also said national reconciliation was the key to ending the daily violence in Iraq during his speech to the U.N. General Assembly on Wednesday, but he offered few political solutions of his own.

"We look at national reconciliation as a life boat, a perpetual peace project and a safe harbor for the political process and the democratic experience," al-Maliki said. But he said healing is "not the responsibility of the government alone."

Iraq's Sunni VP meets top Shiite cleric | Iraq Updates

Saudi FM warns against dividing Iraq, Iran's interference

Saudi Foreign Minister Prince Saud al-Faisal warned against the partition of Iraq and the regional interference, mainly Iran, in its internal affairs, urging the Shiite clerics in Iraq to work toward achieving "national accord" in the country.

Speaking to reporters and media men on the sidelines of the 62nd session of the United National General Assembly (UNGA) on Wednesday night and quoted by Saudi news agency "any attempt to divide Iraqi represents a serious threat as it will ignite conflicts in the region."

"Any foreign interference in Iraq does not help in establishing peace in the country, but on the contrary it increases dangerous," the prince said.

"Iranians themselves acknowledged that they are interfering in Iraq's domestic affairs and we heard Iranian President Mahmoud Ahmadi Nejad says that his country is ready to fill any vacancy that will appear after the U.S. withdrawal from Iraq. Such statements are very dangerous," he noted.

Prince Saud stressed the importance of achieving "national accord".

He urged Shiite clerics in Iraq to leave no stone unturned in realizing the national accord because, he continued, they have a greater impact on the Iraqi government than the impact of the U.S.

He warned that the continued violent acts in Iraq will negatively affect Iraq's neighboring countries.

On the possible U.S. withdrawal from the country, he said that "talks in the U.S. assert that they are a semi consensus that forces could not leave the country at this time within this deteriorating security condition.
He confirmed Saudi Arabia’s keenness to ensure Iraq's unity, security, safety, and stability.

Meanwhile, Prince Saud said Saudi Arabia is planning to send an ambassador to Iraq after determining the location of the embassy and ensuring its security and the security of their diplomats.

Saudi FM warns against dividing Iraq, Iran's interference | Iraq Updates

Lower demand for dollar, exchange rate stable in daily auction

Demand for the dollar was lower in the Iraqi Central Bank’s auction on Wednesday, reaching $57.365 million compared with $66.260 million on Tuesday.

In its daily statement the bank said it had covered all bids, including $4.525 million in cash and $52.840 in foreign transfers, at an exchange rate of 1,234 dinars per dollar, unchanged for the seventh session in a row.

The 14 banks that participated in Wednesday's session offered to sell $5 million, which the bank bought at an exchange rate of 1,232 dinars per dollar.

In statements to the independent news agency Voices of Iraq (VOI), Ali al-Yasseri, a trader, attributed the lower demand for the dollar in Wednesday's session to the stable exchange rate for the seventh session running. The exchange rate in the local market is lower than that offered in today's auction, encouraging traders to sell dollars more than to buy in cash.

The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Lower demand for dollar, exchange rate stable in daily auction | Iraq Updates