Bottleneck Risks: Iraq’s Reliance on a Limited Number of Correspondent Banks
Iraq's 2025 budget is expected to be the first of its kind, relying on a system of correspondent bank transfers amid the challenges of low oil prices and high domestic spending.
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The Iraqi economic and financial system is facing a major transformation with the cessation of the “window” and “platform” and the shift to direct bank transfers, which may reveal gaps in the readiness of financial institutions for this change.
In light of the failure to control government spending in line with the decline in oil revenues, this is expected to lead to a large financial deficit, with the possibility of delaying the payment of operating expenses such as employee salaries and retirement, which threatens the stability of the Iraqi economy during this critical transitional period.
Economic researcher, Ziad Al-Hashemi, explained that the 2025 budget will be the first Iraqi general budget to rely on the dinar of correspondent bank transfers in light of (low oil prices) and (high local spending). This is a major qualitative shift that will not be without challenges and risks.
Al-Hashemi said in a post on the “X” platform, “With the window and finally the platform stopping at the beginning of 2025 and the shift towards a direct bank transfer system, the Iraqi government, the Central Bank and the Iraqi economy as a whole will be facing a completely new experience that the Iraqi authorities do not seem to have prepared for adequately.”
He explained, "The Iraqi government continues its high spending without discipline and has not amended the 2025 budget schedules to control spending in a way that is consistent with the variables of the decline in oil prices and indicators of the decline in demand for oil globally during 2025."
He continued, "As for the Central Bank, it was not able to rehabilitate and develop Iraqi banks and prepare them for the platform's shutdown phase, and it will be forced to rely on only 4-5 banks that have the ability to pass direct transfers through their correspondent banks, which will create a large (financial bottleneck)."
He explained that, "In light of this, it is expected that Iraq will achieve low oil revenues (less than $6 billion per month) in 2025, which can only be passed through correspondent banks with limited numbers and capacity, to meet the bloated government operating finances that may exceed $8 billion per month."
He added, "This means that the Iraqi official and economic system will be exposed to a real state of (suffocation or financial difficulty) due to the large deficit between spending requirements and the volume of revenues received. In other words, the 2025 budget expenditures (such as salaries, retirement, etc.) will face serious stumbling and delay in payment with this new system."
He stressed that “the equation in Iraq will be very complicated during 2025 with the deterioration of oil prices and revenues, met by a large and uncontrolled increase in spending, without taking into account the slowdown in the global economy, and between this and that (the bottleneck of correspondent banks), which will generate a real deficit that may exceed 80 trillion in the best case.”
He pointed out that “these fundamental changes coming to the Iraqi monetary and financial system, and the challenges and risks they entail, have not yet motivated either the government or the Central Bank to move and adopt a special and urgent action plan related to dealing with the variables and data of this critical transitional period, which the Iraqi economy has never experienced before! When will the Central Bank pay attention and when will the government move?”
Economist: Lowering interest rates encourages investment but carries caveats
Nouri explained in his interview with {Euphrates News} that “reducing the interest rate encourages individuals and companies to borrow for productive projects, which leads to stimulating the economy,” adding: “Lower interest makes the cost of loans lower, and thus encourages consumption and investment.”
Nouri pointed out that "reducing the interest rate reduces the cost of production and perhaps the prices of imported goods, which leads to a reduction in selling prices," but he warned that "reducing the interest rate may push depositors to withdraw their deposits due to the decrease in returns, and resort to alternative investments such as gold."
Prime Minister: The government is moving forward with the growth of the oil and gas sectors
Prime Minister Mohammed Shia al-Sudani confirmed today, Sunday, that the government is proceeding with the growth of the oil and gas sectors.
The Prime Minister's media office stated in a statement received by the Iraqi News Agency (INA), that "the Prime Minister received the Minister of Oil, Hayan Abdul-Ghani Al-Sawad, in the presence of the Undersecretary of the Ministry of Oil for Distribution Affairs."
During the meeting, the Prime Minister referred to "the government's previous plans for the growth of the oil and gas sectors, and the development of their projects within the government program, through the licensing rounds in which contracts were signed to invest in many oil and gas fields, in addition to investing in associated gas projects, and petroleum derivatives production projects."
The statement added, "Regarding cooperation with the OPEC Plus group, the importance of partnership with oil-producing countries was emphasized; with the aim of maintaining the stability and balance of global oil markets, and Iraq's commitment to what was agreed upon within the framework of the group, including voluntary cuts and compensation for the increase in production, according to the updated schedule submitted by the Ministry of Oil to OPEC."
The regional government to its employees: Whoever does not have a biometric code will have his salary stopped by the federal finances
The Ministry of Finance and Economy in the Kurdistan Regional Government called on Sunday on employees and workers in the public sector to rush to register in the biometric system before the twentieth of next November, warning them that the Federal Ministry of Finance will stop the salary of anyone who does not have a biometric code.
The ministry said in a statement today that based on the agreements and understandings concluded between the Ministry of Finance and Economy in the Kurdistan Region and the Ministry of Finance in the federal government regarding the issue of resolving technical problems related to the payroll of Kurdistan Regional Government employees, the following must be done:
First: All employees, retirees, people with special needs, and heirs of martyrs who have not registered themselves in the biometric system must register before the date (11/20/2024).
Second: The decision to register in the biometric system includes all employees and salary recipients who are abroad for various reasons, or on unpaid leave, study, etc.
Third: Every employee or person receiving a salary in the Kurdistan Regional Government who does not have a biometric code until the date (11/20/2024) will have his salary stopped by the Ministry of Finance in the federal government, and he will bear responsibility for that.
The Age of Mafia Flourishing in Iraq" .. People's Crises Strengthen the Positions of Currency Smuggling Gangs - Urgent
Economic expert Nasser Al-Kanani confirmed today, Sunday (October 27, 2024), the existence of mafias exploiting crises in Iraq and the region in order to increase currency smuggling operations.
Al-Kanani told Baghdad Today, "As soon as the war in Lebanon and Gaza escalated and security tensions in the region as a whole, specialized mafias emerged that work to exploit such security conditions in order to increase the process of smuggling currency from Iraq. There are different methods for this smuggling, some of which are done through foreign imports, which take place outside the platform."
He added, "Iraq is working to strengthen its national currency, but there are those who are working to weaken this currency by making the dollar very high against the national currency, and some are working to limit large commercial transactions to the dollar exclusively, and the sale of real estate, cars, etc., and this also weakens the national currency, despite all the campaigns to prevent internal transactions in dollars."
The economic expert continued, "Iraq cannot exploit conflicts and wars to strengthen its national currency, especially since it is working hard, internally and externally, to stay away from these wars. Iraq realizes the great economic danger if it enters the circle of conflict and wars."
The war on Gaza and its consequences, which included many regions of the Middle East, dealt a blow to the global economy, especially the Israeli economy, where government spending exceeded $140 billion, and it also lost approximately $15 billion from the attack on Lebanon, according to economic experts.
Speaking about the consequences of the ongoing conflict in the region on Iraq, researcher and aviation specialist Faris Al-Jawari reveals that there are significant material losses for Iraq as a result of the recent Israeli bombing of Iran.
Al-Jawari told Baghdad Today yesterday, Saturday, that "there are losses and material damages to the Iraqi air transport sector in particular and the airport sector as a result of the recent Israeli aggression on Iran, and this impact is clear and tangible during the recent period, but the recent aggression is the most dangerous as it was the reason for a complete halt to Iraqi aviation."
He explained that "the stoppage means the interruption of financial revenues that come to the Iraqi government through the passage of aircraft over Iraqi airspace, and this is worth ($450) per aircraft, and according to the latest report of the Iraqi Airports Company, approximately (600) aircraft pass over Iraq monthly, and this means that Iraq loses (270) thousand dollars per day."
He added, "There are other material losses as a result of the planes not arriving at the airports, and their failure to arrive there means providing ground services to them, and this provision is in exchange for a sum of money, and this matter is estimated at around ($2,000), and this means that there are great economic damages and losses as a result of the Israeli aggression on Iran and the general security situation in the region."
The aviation specialist confirmed that "Iraqi aircraft are the ones that are directly affected, as most companies were refusing to land at Iraqi airports, and this means that the major losses are incurred by Iraqi Airways, and there is also a service impact at the airports on passengers through the suspension of flights, and this disrupts the work of many passengers and it has economic impacts as well, of course."
Israel launched a series of air strikes on Iran early Saturday morning. Four hours after the start of the operation, which Tel Aviv called "Days of Response," the Israeli army announced that it had completed the attack on military targets in Iran, that all of its aircraft that carried out the attack on Iran had returned safely to their bases, and that the operation had achieved all of its goals.
Prime Minister's Advisor: Iraq plays a major role in achieving regional stability
The Prime Minister's Advisor, Hussein Allawi, confirmed today, Sunday, that Iraq is practicing effective diplomacy to stop the Zionist aggression in Lebanon and Gaza, while pointing out that regional cooperation between Iraq and the countries of the region is witnessing great prosperity. The
Prime Minister's Advisor said, in an interview with the official agency: "The Iraqi government has achieved great accomplishments over the past two years, as work has been done to build a new vision for regional security based on development and dialogue."
He explained that "the current tensions due to the Zionist aggression on the Palestinian and Lebanese territories pose a major challenge to regional security," expressing his optimism about "the existence of opportunities for peace led by Iraq and the countries of the Arab, Gulf and Islamic region, with calls to hold regional conferences focusing on diplomacy and economic dialogue."
Allawi added that "Iraq is preparing to host the upcoming Arab Summit in Baghdad, and that it was working before the Gaza crisis to organize a regional conference that would continue the efforts of the second Baghdad Conference led by Prime Minister Mohammed Shia al-Sudani, with the aim of achieving development and stability after decades of conflicts."
He pointed out that "Iraq has launched initiatives in several areas, including the development road, developing the Faw port, and enhancing energy security, trade, electricity, and the Internet," stressing that "regional cooperation between Iraq and the countries of the region is at its peak."
He explained that "there is great progress in increasing the volume of trade exchange and localizing the national industry through sovereign initiatives led by Prime Minister Mohammed Shia al-Sudani, to enhance the partnership between the private sector and Arab, regional, and international companies."
He added that "Iraq is witnessing progress in the fields of banking, housing, industrial, and agricultural initiatives, which has attracted Arab, regional, and Islamic capital to the country, in order to work and advance the Iraqi economy," indicating that "Iraq is currently seeking to move the Great Development Road project, which is an Iraqi dream that has spanned more than 100 years, and is scheduled to be completed through important strategies that will positively reflect on the national economy, and will enhance non-oil revenues, which will contribute to reviving the industrial, agricultural, and commercial sectors, in addition to the information technology sector."
The Prime Minister's Advisor stated that "the Iraqi economy is moving towards integration with the international economy, as proven by the International Monetary Fund reports, which showed the progress of the national economy among developing economies. This comes in light of the termination of the missions of the international coalition, by a decision by Prime Minister Mohammed Shia al-Sudani, and the transfer of relations towards a normal bilateral pattern, and the return of relations to what they were before the Mosul events."
He continued, "This transformation represents a major turning point in supporting development in Iraq, and enhances regional and international cooperation, and thus, Iraq becomes a major player in the fields of international trade, transport and energy, including renewable energy," noting that "Iraq has enormous human wealth, as youth constitute 60% of society, which enhances the country's ability to invest in the future."
The Prime Minister's advisor expressed "the Iraqi government's concerns about the developments in the Gaza crisis, as the Prime Minister stressed in his speech the importance of this issue on the national, Arab, regional and international levels, and he referred to a strategic vision that highlights the danger of the war spreading to other countries, which could lead to the region entering into an open conflict."
He continued by saying: "Iraq is practicing effective diplomacy, investing its relations with permanent member states, including the United States, the United Kingdom, France, China and Russia, in efforts to stop the ceasefire and restore the historical rights of the Palestinians, while stressing the need to stop the aggressive actions of the Zionist entity in Lebanon."
He pointed out that "there are important diplomatic voices led by Iraq, the Kingdom of Saudi Arabia, Jordan, Egypt, the Gulf states, Iran, Turkey and other countries, to stop the conflict and prevent the deterioration of the humanitarian situation."
The advisor added that "the Iraqi government, headed by Mohammed Shia al-Sudani, is celebrating this month the second anniversary of its assumption of power, as it was able to achieve great achievements and maintain the stability of Iraq in light of external pressures." He
continued, "Thanks to the wisdom of the political leadership and the directives of the supreme authority, the government was able to confront this open crisis, with a focus on using diplomatic discourse that reflects Iraq's positive position in the international arena."
The Prime Minister's Advisor stressed that "Iraq shows a strong commitment to providing humanitarian support during the crises that the region is going through, including the situations in Palestine and Lebanon, as the discourse of Iraqi diplomacy has remained clear and evident, as Iraq seeks to extend a helping hand to the Sudanese brothers and all peoples suffering from crises."
He pointed out that "Iraqi foreign policy is in line with the directives of the supreme authority in Najaf, which are based on Iraq's history that extends for more than 7,000 years of civilization and human depth," stressing "the importance of consolidating these strategic values in foreign policy, as Iraq plays an important role on the diplomatic and humanitarian levels."
He added that "Iraq interacts positively with the countries of the region and expresses its position in international forums, such as the United Nations General Assembly, where it represents Arab and Islamic issues," adding that "the recent contacts between Prime Minister Mohammed Shia al-Sudani and Saudi Crown Prince Mohammed bin Salman, as well as with French President Emmanuel Macron, came within the framework of preparations for the Arab and Islamic summit, where they discussed efforts to pressure for a ceasefire."
He pointed out that "there is a welcome to the initiative of Prime Minister Mohammed Shia al-Sudani in the United Nations General Assembly, which called on Arab and Islamic diplomacy to stand against the barbaric Zionist aggression against the Palestinian and Lebanese peoples," stressing "the importance of stopping the war machine," emphasizing that "the effects of these wars lead to the destruction of social ties and human security, and target innocent, defenseless citizens in the Palestinian territories and Lebanon."
Fluctuating between the fifties.. Financial expert: The dollar’s decline in the Iraqi markets is temporary and will not decline to the forties
The dollar exchange rate continues to decline in the two main stock exchanges in Baghdad. Those concerned confirmed that the decline is due to the state of calm witnessed in the region.
In this regard, economic expert Mahmoud Dagher confirmed that the decline of the US dollar compared to the Iraqi dinar is a temporary situation affected by the security events witnessed in the region, which is witnessing a state of calm.
“The dollar’s rise in the past was a result of the political and security escalation in the region, from which Iraq is not isolated, although these events did not directly target Iraq,” Dagher told Iraq Observer.
The economic expert ruled out the dollar’s price falling to the 40s, stressing that “the dollar will remain in the 50s, reaching 152 or 153 thousand Iraqi dinars for every hundred US dollars.”
He added, "The dollar will not witness a further rise because the Iraqi economy will not be greatly affected by the events because it is not directly affected by them."
It is expected that the dollar will continue to decline in the coming days after witnessing unprecedented increases during the past period, especially before the Israeli aggression on Lebanon.
Today, Sunday, the dollar exchange rate against the Iraqi dinar witnessed a noticeable decline in the local markets in the governorates of Baghdad, Basra and Erbil.
On February 7, the Iraqi Council of Ministers announced its approval of amending the dollar exchange rate to 1,320 dinars per dollar.
Since the Central Bank began working with the electronic platform and the international financial transfer system “SWIFT”, the dollar exchange rate in Iraq has not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets.
150,000 Kurdish employees receive their salaries digitally via the “Hisabi” system
The Financial System Administration "Hisabi" in the Kurdistan Region announced, on Sunday, the expansion of the scope of its digital operations so that the number of beneficiaries of the system reached 150 thousand employees during the past week.
According to the official website of the "My Account" system, which Shafak News Agency has reviewed, the number is increasing monthly and 150,000 employees have received their salaries through the system, which reflects the continuous growth in the adoption of the system to facilitate the process of disbursing salaries through digital bank accounts.
The system is expected to include all eligible employees in the region by the end of next year, as they will be able to receive their salaries directly through their own bank accounts.
This expansion comes within the framework of the Kurdistan Region's efforts to enhance the digital infrastructure and facilitate financial transactions for citizens.
Rafidain Bank announces the implementation of the comprehensive banking system in 46 branches in Baghdad and the governorates
Rafidain Bank announced today, Sunday, the implementation of the comprehensive banking system in 46 branches in Baghdad and the governorates
MPs reject government contracts with foreign companies and demand correcting the course
MPs announced their rejection of government contracts with foreign companies, calling for correcting the path to achieve sustainable development and preserve public money.
Deputy Chairman of the Economy, Trade and Industry Committee, Yasser Al-Husseini, said in a joint press conference today, Sunday, "Through our follow-up of government contracts signed by ministries and agencies with private sector companies and foreign and Arab companies, we received many questions about the nationality of these companies, most of which are in contact with the Zionist enemy and the usurping entity."
He added, "These contracts waste the country's rights and mortgage the state's economic facilities and mortgage the country's airspace and sovereignty, including the Ministry of Transport's attempt to contract with a British company to manage airports and air traffic control, as well as mortgage the management of the Faw Port with the Abu Dhabi Port, which is managed by an Israeli company, so we reject these efforts in full."
Al-Hussaini warned of “the Ministry of Industry’s attempt to mortgage the country’s wealth and natural resources of sulfur, phosphate and silica, by contracting with foreign companies of different nationalities for low prices, including mortgage of sulfur at a value of 8 dollars per ton, which would cause a huge waste of billions of dollars annually in the ministry’s contracts with those companies, contrary to the government’s program and approach that approved the development of non-oil wealth.”
Al-Sudani stresses the importance of partnership with oil-producing countries
Prime Minister Mohammed Shia Al-Sudani stressed the importance of partnership with oil-producing countries, with the aim of maintaining the stability and balance of global oil markets.
The Prime Minister's media office said in a statement followed by Al-Masry, "Prime Minister Mohammed Shia Al-Sudani received today the Minister of Oil, Hayan Abdul-Ghani Al-Sawad, in the presence of the Undersecretary of the Ministry of Oil for Distribution Affairs.
During the meeting, Al-Sudani referred to the government's previous plans for the growth of the oil and gas sectors, and the development of their projects within the government program, through the licensing rounds in which contracts were signed to invest in many oil and gas fields, in addition to investing in associated gas projects, and petroleum derivatives production projects.
The statement added that with regard to cooperation with the OPEC Plus group, the importance of partnership with oil-producing countries was emphasized; with the aim of maintaining the stability and balance of global oil markets, indicating Iraq's commitment to what was agreed upon within the framework of the group, including voluntary cuts and compensation for the increase in production, according to the updated schedule submitted by the Ministry of Oil to OPEC.
MP: America is waging an economic war against Iraq
oday, Sunday, the representative of the Sadiqoun parliamentary bloc, Rafiq Hashem, accused America of practicing economic warfare against Iraq, stressing that the trend towards Russia and China is the only salvation from American hegemony.
Al-Salihi told Al-Maalouma Agency, “America is waging an economic war against Iraq in order to keep its forces in the country, indicating that America is preventing Iraq from obtaining its money from oil sales.”
He added, "America is plotting a new economic conspiracy against the Iraqi people by reducing financial transfers to Iraq, which has led to an increase in the exchange rate of the dollar against the Iraqi dinar."
He pointed out that "Iraq's openness to major countries such as Russia and China is the only solution to get rid of American economic hegemony."
Expert comments on the Central Bank of Iraq’s decision to reduce interest: Incomprehensible
Today, Sunday, economic expert Ziad Al-Hashemi commented on the Central Bank of Iraq’s measures to reduce interest rates.
Al-Hashemi said in a tweet on his account on the X platform, which was followed by “Iraq Observer”, that “the Central Bank of Iraq is following in the footsteps of the Federal Reserve and Western central banks, and reducing interest rates from 7.5% to 5.5% despite its failure to achieve its monetary goals.”
He added: “The major central banks around the world have reduced interest rates after inflation rates fell from 10% to less than 2%, confirming the success of the high interest rates followed by the major central banks during the past two years in curbing inflation.”
“As for (Iraq), the previous interest rates of 7.5% did not succeed in (withdrawing the hoarded cash) out of the banking system, which exceeds 80% of the issued dinar, and did not help in alleviating (the high inflation) that the citizen feels with the continued high prices of goods (which the Ministry of Planning is trying to cover up by issuing illogical statements indicating low inflation rates),” he continued.
Al-Hashemi pointed out that “despite not achieving the desired goals of the high interest, and the absence of an urgent and necessary economic need to reduce interest, and the absence of fears of the Iraqi economy falling into recession, and the absence of a need to encourage spending (which is already high), the Central Bank of Iraq suddenly decided, without clear reasons, to reduce interest rates.”
He explained that “such incomprehensible decisions remind and confirm that there is clear randomness in the decision-making process of the Central Bank’s management, as its decisions are based in many cases on the method of trial and error, reactions, or imitating and mimicking the decisions of others without study, and this is a clear and specific weakness in the way this institution works.”
He added: “The decision to reduce interest rates by the Central Bank of Iraq is merely a ‘formal measure’ with no reason. It was created to create a ‘fake impression’ among the public that the Central Bank’s measures were successful, just as the Federal Reserve and the Bank of England were successful in reducing inflation. This is far from the truth.”
military articles
Iranian Foreign Minister: US Participated in Israeli Strike
Iranian Foreign Minister Abbas Araghchi accused the United States on Sunday of participating in the Israeli strike on his country, noting that American participation is clear through providing an air corridor for Israeli fighters.
Araghchi said, "The Americans provided a space corridor to the Zionist Air Force and the defensive equipment they sent to them in advance is considered a kind of participation in the recent operations, and in our opinion, the United States' participation in creating tension for this regime in the region."
"I wrote a letter to the UN Secretary-General (Antonio Guterres) last night, raising this aggression on Iranian territory and requesting an urgent meeting of the UN Security Council, although there is no hope of that with the attendance," Araghchi was quoted as saying by the Iranian news agency IRNA in a television interview.
“It seems that the truth has been completely proven that without America, Israel does not necessarily have any power in the region, not only the operations it carried out against Iran, but all the operations it carried out in Gaza, Lebanon, and other places,” Araghchi said. “We believe that in all these cases, the United States is a partner and this was done with the political support of the United States, which did not allow even the smallest statement against the Zionist regime in any of these cases.”
In conclusion, Araghchi noted: “In last night’s operation, as stated in the General Staff’s statement, the participation of the Americans is completely clear to us. At least they provided a space corridor for the Zionist Air Force, and the defensive equipment they sent in advance is considered participation in this operation. In our opinion, the participation of the United States in the crimes of the Zionist regime and in creating tension in the region is completely clear, and the countries share responsibility in this area.”
On the other hand, the Iranian mission to the United Nations confirmed that the recent Israeli attack and missile launch on Iran was carried out from a distance of 70 miles (112 kilometers) from the border, and through airspace controlled by US forces in the region.
The Iranian mission wrote on its account on the X platform: “1. The Zionist regime’s aircraft attacked several Iranian military sites and radars from Iraqi airspace, about 70 miles from the Iranian border.”
She added: "2. Iraqi airspace is under the occupation, command and control of the US military."
She continued: "The bottom line: The United States' complicity in this crime is certain."
For its part, the Israeli Army Radio said that a squadron of American aircraft was ready to carry out rescue missions in the event of any emergency for Israeli pilots during the strike on Iran.
In first statement after response, Khamenei calls for a "new" strike against Israel that shows "Iran's power"
Iranian Supreme Leader Ali Khamenei called on his country's officials on Sunday to choose the best ways to respond to the recent Israeli attack and show Iran's strength, while stressing the need not to exaggerate or downplay the size of the attack.
Iran's official news agency, IRNA, quoted Khamenei as saying that Iranian officials must determine the best ways to show Iran's strength after the Israeli strikes, early Saturday morning.
In his first comment on the strikes, Khamenei said the Israeli attack "should neither be exaggerated nor underestimated."
The Israeli army announced yesterday, Saturday, that dozens of Israeli aircraft carried out three waves of strikes, before dawn, against missile factories and other sites near Tehran, and in western Iran.
Iran downplayed the impact of the Israeli air strike on Iranian military sites, saying it caused only limited damage.
The rounds of fire between the two sides have raised fears of a full-scale regional war pitting Israel and the United States against Iran and its armed proxies in the region.
Khamenei pointed out that Iran's power should be shown to Israel, adding that the way to do so should be "determined by officials and that what is in the interest of the people and the country should happen."
Khamenei's recent comments are an indication that Iran is carefully considering its response to the attack, according to the Associated Press.
The statements of the first Iranian official come after the Iranian army previously stated that a ceasefire in the Gaza Strip or Lebanon comes first before any retaliatory attack on Israel, although other Iranian officials also confirmed that they reserved the right to respond.
"Iran considers it its right and duty to defend itself against foreign aggression, based on the inherent right of self-defense stipulated in Article 51 of the UN Charter," the Iranian Foreign Ministry said in a statement.
Tehran announced that the Israeli attack that targeted military sites on its territory resulted in the death of four soldiers, stressing that it has the "right and duty to defend itself," noting that the Israeli attack "caused limited damage."
Iranian Foreign Minister Abbas Araghchi also stressed that his country's determination to defend itself has "no limits," adding, "We will defend our land and our homeland."
Israel had vowed to respond to the Iranian ballistic missile attack that targeted it on October 1. This was the second Iranian attack on Israel, after an attack on April 13.
In a phone call with his Israeli counterpart, Yoav Galant, US Defense Secretary Lloyd Austin warned that “Iran must not make the mistake of
responding,” saying that there is now “an opportunity to use diplomacy to ease tensions in the region.”
To exchange prisoners for prisoners.. Cairo proposes a two-day ceasefire in Gaza
Egyptian President Abdel Fattah al-Sisi confirmed on Sunday that Cairo proposed a two-day ceasefire in Gaza to exchange 4 Israeli hostages with some Palestinian prisoners.
Sisi added in a joint press conference with his Algerian counterpart Abdelmadjid Tebboune during his visit to Egypt, that "Egypt has made efforts in the past few days to launch an initiative aimed at moving the situation and stopping the fire for two days during which 4 hostages will be exchanged for prisoners."
Al-Sisi continued, "Then, within 10 days, negotiations will be held to complete the procedures in the sector, leading to a complete ceasefire."
The Egyptian President reiterated Egypt's rejection of "an attempt to forcibly displace Palestinians from Gaza outside the Strip, because it is not in the interest of the Palestinian cause, and we are playing a role in stopping the ceasefire in light of the great destruction that the Strip is being subjected to."
Israeli Prime Minister Benjamin Netanyahu has confirmed his welcome of Egypt's readiness to push towards reaching an agreement to release the hostages in the Gaza Strip.
Last Thursday, Hamas expressed its "readiness" to cease fire in the Gaza Strip, according to what a movement official told Agence France-Presse.
The official stressed that "Hamas has expressed its readiness for a ceasefire, but what is required is Israel's commitment to a ceasefire, withdrawal from the Strip, the return of the displaced, and a serious deal to exchange prisoners and bring in aid."
Since the failure of the previous round of talks, Israel has expanded its attacks on the Iranian-backed Hezbollah in Lebanon, and killed Hamas leader Yahya Sinwar.
Hamas is believed to be holding about 100 hostages in the Gaza Strip, about half of whom are still alive, according to Israeli estimates.
'Violent explosion' rocks US base in Syria
The Syrian Observatory for Human Rights reported on Sunday that a violent explosion was heard in the vicinity of Al-Omar oil field, the largest base of the "International Coalition" in Syria, east of Deir Ezzor, coinciding with intensive flights of American aircraft in the region's airspace.
Yesterday evening, US forces bombed areas controlled by regime forces and pro-Iranian factions from their base in the “Conoco” gas field in the Deir Ezzor countryside, targeting sites in the towns of Khasham and Marat in the Deir Ezzor countryside with heavy artillery, amidst a state of deployment by the militias, without any information about human losses.
The bombing comes amid mutual targeting between the "International Coalition" forces on the one hand, and the factions loyal to Iran on the other hand in the areas west of the Euphrates.
Americans will pay the price for using Iraqi airspace.. Al-Kataeb vows to respond to Iran’s bombing
"It will not pass under any circumstances"
Statement of the Hezbollah Brigades:
In the name of God, the most gracious, the most merciful
O you who have believed, fight those adjacent to you of the disbelievers and let them find in you harshness. And know that Allah is with the righteous.)
The evaluation of the Zionist attack on the Islamic Republic must be subject to several criteria, some of which may be technical, and this is what the specialists will judge after the dust settles and what happened is known. There are several dangerous factors that must be considered:
1- Using Iraqi airspace to launch strikes on Iranian facilities, and repeating them in waves that lasted for hours, is a dangerous precedent that Iran has not been exposed to before, in addition to the existence of data indicating the use of Jordanian territory and the Hijaz desert as a corridor for their aircraft, and this would not have happened without the existence of an agreement and premeditation with the Americans who dominate the Iraqi skies.
2- The aggression against the Islamic Republic by a rogue entity that is an intruder in the region constitutes a serious recklessness and transgression that must not be allowed under any circumstances, otherwise the matter will become possible, and this rabid enemy will repeat it.
Therefore, the American must pay the price for his recklessness in using Iraqi airspace; and this will happen, God willing, in his time and place, and the Zionists are not exempt from this. After they dared to attack Iran, they will inevitably dare to attack Iraq if they do not pay a heavy price for their aggression.
Islamic Resistance
Hezbollah Brigades
Iran: We received advance signals about Israel's attack
Iranian Foreign Minister Abbas Araqchi said on Sunday evening (October 27, 2024) that his country had received signals about the possibility of an attack by Israel since the evening (Friday) preceding the attack, which made us certain of the matter.
Araghchi explained in his interview with Iranian television, “We received indications of an Israeli attack, although we were monitoring the atmosphere and the situation and had diplomatic contact,” adding, “The right to respond is reserved.”
Araghchi said, “We were regularly exchanging signals and news with our friends in the military sector, and Iran’s efforts in all their dimensions are carried out in full coordination with the field and diplomacy and are forcing the enemies to reconsider their policies.”
Araghchi considered the strikes launched by Israel at dawn on Saturday, which left five dead, including four soldiers in Tehran, “the strikes were not as they announced, and our military forces put up good resistance, and a number of soldiers were martyred (killed) on this road.”
The Iranian Foreign Minister stressed, “We reserve the right to respond to the Zionist entity’s actions, and this will be done at the appropriate time,” according to his expression, noting that “the foreign ministers who contacted us after the attack consulted and exchanged views on current issues in the region.”
Araghchi pointed out that “the situation in the region is still critical and the continuation of these consultations is completely normal, and the Europeans have cooperated with the Zionist entity and are complicit in its crimes,” noting that “the United States has provided financial, military, political and legal assistance to the Israeli regime.”
Regarding the possibility of exchange with the United States, Araghchi said, “We do not need intermediary countries to exchange messages with America, and the Swiss embassy in Tehran does that.”
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