Removing zeros and revaluing the Iraqi dinar
Ali Daadoush
The concepts and scientific names in economics differ according to the specialization and the branches derived from it. When talking about the exact specialization, economic variables must be named by their scientific names. One of these names is the term redenomination, or as it is called (removing zeros from the currency). Countries usually resort to it to address rampant inflation and the decline in the value of the local currency, as the old currency is replaced with a new currency at a fixed price by removing at least 3 zeros from the old currency.
The video for this blogpost is below here:
Currency revaluation becomes necessary when it comes to hyperinflation because it takes a very large number of old banknotes to facilitate trade, especially in local markets, and small banknotes become useless, as an individual needs millions of banknotes to buy simple or necessary household or food needs, an example of this is what happened in 2006 when Zimbabwe renamed its currency at a rate of (1000 old Zimbabwe dollars) for a new Zimbabwe dollar.
In addition, deleting zeros from a currency can also happen when a country joins a monetary union, as happened in the eurozone, and begins using a currency like the euro instead of its local currency. When the euro was introduced in 1999, member states first used the new currency for electronic payments and accounting, then switched from their local banknotes and coins to the euro in 2002.
There are several reasons behind renaming the currency (removing zeros), and they can be summarized as (controlling inflation, facilitating trade and the economy, political factors such as a change in government, for example, in addition to technical considerations such as updating financial systems, which are usually part of a larger project to update the country’s financial systems, such as converting to new digital systems for dealing with the currency).
From what has been mentioned, we find that (deleting zeros) is not carried out randomly, but rather is implemented after a comprehensive study of the economy and the challenges it faces, and it must be accompanied by other economic and financial measures to protect the economy from financial fluctuations. Therefore, renaming the currency is a complex decision that requires a comprehensive study of the economy and politics in the country, and it must be implemented while minimizing the potential negative effects on the economy and citizens.
Dollar prices expose the failure of the Central Bank.. and parliamentarians reveal the "collaboration" of relations with America to remain in office
While the dollar exchange rates continue to rise against the Iraqi dinar, specialists find that the only constant in these variables is the failure of the Central Bank's management to find serious solutions to end this crisis that has exhausted and exhausted the Iraqi citizen.
The rise in the dollar exchange rates has confused the local market and caused huge losses to the national economy, despite the many assurances announced by the Central Bank, but they were not useful or influential on the parallel market, but on the contrary, they increased the rate of increase.
"Official failure"
A member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, identified the reasons for the instability of the dollar exchange rates against the Iraqi dinar in local markets.
Al-Karaawi said, in an interview with "Al-Ahd News", that "the instability of the exchange rate is due to the failure of government agencies to take their real role in monitoring the movement of exchange rates."
Al-Karaawi explained that "until now, the Central Bank has not controlled the volume of remittances and the transfer mechanism, and thus the need for the dollar in local markets has increased."
The member of the Finance Committee went on to say that "there is a shortage in foreign remittances, as there is a high demand for the dollar available domestically in order to purchase goods and transfer outside the platform."
Al-Karaawi pointed out that "the other reason for the instability of the exchange rate is the lack of coordination with customs and taxes regarding the amounts transferred abroad and foreign remittances in exchange for the goods that arrive in Iraq."
He pointed out that "there is manipulation in the type of goods in imports and what provides the dollar outside the platform, and thus it is subject to speculation."
The member of the Finance Committee explained that "all these procedures require a unified electronic system that links all accounting operations between the Central Bank, customs, and border taxes, to control the movement of money and the movement of goods."
Relations.. Sanctions in exchange for the position!
The first deputy head of the parliamentary integrity committee, Alia Nassif, confirmed that the Central Bank is complicit in punishing Iraqi banks, noting that the governor of the Central Bank, Ali Al-Alaq, colluded with America to remain in his position.
Naseef told the "Half Circle" program, which is broadcast on Al-Ahd Channel, that "investments and transfers in the Central Bank are still dealing with the American company and even in punishing Iraqi banks," indicating that "the reports that reached the Integrity Committee revealed the existence of collusion by the Central Bank to punish Iraqi banks."
She added that "the governor of the Central Bank, Ali Al-Alaq, colluded with America in order to remain in his position," stressing that "Ali Al-Alaq serves American interests in Iraq."
She explained that "a woman and a man in the Central Bank are involved in punishing Iraqi banks."
Before that, Nassif directed harsh criticism at the policies of the Central Bank, accusing it of surrendering itself to foreign banks that tampered with the country's economy.
Naseef said in a statement that "the bank should not have The Central Bank of Iraq should surrender itself to foreign banks that have looted the dollar and tampered with the country's economy (including the National Bank located in a neighboring Arab country), but it was supposed to rely on some Iraqi banks that are committed to the controls of the US Federal Reserve.
She pointed out that "the Central Bank of Iraq is the one that has the solutions before the US Federal Reserve, and it bears responsibility for Iraqi banks and their subjection to the controls and restrictions of the (Federal), but because of the corrupt people in it, it surrendered itself to foreign banks, to the point that the president of a neighboring country calls and intervenes himself on behalf of the National Bank; because it brings two billion dollars into his country monthly."
She continued that "the role played by some foreign banks has gone beyond the stage of theft and looting and has reached the stage of sabotage, destroying the national economy and bankrupting the state," adding: "Here we ask: What are we waiting for? Therefore, the judiciary and the Integrity Commission must intervene quickly and enter into all transactions of foreign private banks in which Iraq owns 49 percent of shares, i.e. contrary to the controls, and strike with an iron fist at the hands of the corrupt."
"Al-Alaq Failed"
For his part, MP Adnan Al-Jaberi explained that the governor of the Central Bank failed to control the rise in the dollar exchange rate.
He pointed out in a press statement that there is a state of discontent in political and popular circles over the decline of the dinar against the dollar, and the government must take measures against the governor.
Al-Jaberi added that "after Al-Alaq assumed the position of governor, he presented a plan to control the rise in the dollar exchange rate, but he failed and did not fulfill his promises to the Iraqi people."
He also revealed that there are deliberations within the House of Representatives to take measures against him as he is directly responsible for the currency market.
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Trends to enhance Iraqi-Saudi economic cooperation
The Iraqi Commercial Attaché at the Iraqi Embassy in the Kingdom of Saudi Arabia, Harith Ghassan Hassan, discussed with the Deputy Governor of the Saudi General Authority for Foreign Trade, Abdulaziz Al-Sakran, ways to enhance the reality of economic cooperation between the two countries in the presence of an Iraqi trade delegation and a number of Saudi companies, at a time when preparations are underway to open a new border crossing and enter the Iraqi labor market strongly, and Iraqi goods can now enter the Saudi markets without customs duties.
The Iraqi Commercial Attaché said: "The coming period will witness the facilitation of many procedures that enhance economic cooperation with the Kingdom," and pointed out that "the efforts of the embassy and the Commercial Attaché listen to the commercial family and economists in the two brotherly countries in order to study the matter and find the necessary solutions to the challenges."
He pointed out "the endeavor to support companies wishing to work inside Iraq, and work continues to introduce Iraqi goods to the Saudi market, as there is a demand for many goods and crops produced inside Iraq, and we hope to work to facilitate the entry of Saudi goods into Iraq, and we hope to raise trade exchange to acceptable levels."
In turn, Al-Sakran said: "The Saudi market has become completely free and it is possible to invest in the Saudi market without the need for a Saudi partner."
He pointed out "the work to develop the commercial reality and raise the levels of exchange between the two brotherly countries, and with the increase, work continues to open a new border crossing," noting that "the hope is based on facilitating the reality of investment in Iraq, as there are companies in the Kingdom that have tendencies to increase the investment space within the Iraqi labor market."
Regarding facilitating work tasks within the Saudi market, Al-Sakran said: “We have the Saudi Business Center that includes all government agencies that can grant official approvals that facilitate work tasks and raise levels of cooperation within the Kingdom,” and he confirmed “the imminent opening of a direct flight line.”
He pointed out that “the Kingdom has begun receiving Iraqi students in universities in various specializations without exception, and we now have 583 Iraqi students, and this number increases periodically with each new academic year.”
He pointed out that “a new mechanism has been adopted to facilitate the entry of Iraqis into the Kingdom to enter the labor market with its various details or perform religious rituals.”
As for the member of the Baghdad Economic Forum, Jassim Jaber Al-Aradi, he stressed “the importance of economic cooperation between the Iraqi and Saudi markets and that there be real integration that achieves great benefit and is used to achieve diversity in financial resources within Iraq.”
He pointed out “the importance of having banking cooperation between the two countries, as it is the axis of developing economic cooperation, and it is also possible to work on localizing Saudi industries within Iraq.”
He pointed out that "the meetings that were organized focused on overcoming obstacles to economic cooperation between the two brotherly countries. Trade exchange has begun to increase and the presence of the Saudi private sector in the Iraqi market has become present, in addition to the Saudi market receiving Iraqi goods."
Business development expert at the Saudi Export-Import Bank, Saad Al-Saif, described cooperation with Iraq as "important", pointing out "the readiness to cooperate with the Iraqi banking system, and work to open an account and achieve fluidity in the legal financial paths between the two brotherly countries."
He pointed out that "the trends in Iraq and Saudi Arabia are moving towards activating economic cooperation, and this requires the presence of a financial sector that supports any future cooperation, as it contributes to enhancing cooperation."
Economic expert in the Kingdom of Saudi Arabia, Fayez Talaa Al-Anzi, said: "The Saudi private sector is looking forward to entering the labor market and investing in more than one economic sector in a way that achieves benefit for the two brotherly countries."
He pointed out that "the Saudi market has begun to receive Iraqi goods, and the presence within the labor markets in the Kingdom can be expanded."
Al-Sudani and Saudi Crown Prince discuss bilateral relations
Prime Minister Mohammed Shia Al-Sudani discussed, in a phone call this evening, Tuesday, October 22, 2024, with Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, bilateral relations and ways to enhance and develop them in various fields.
A statement from the Prime Minister's Office, received by "Baghdad Today", stated that the two sides discussed "working to develop bilateral partnerships and coordinating positions in order to confront challenges, in the service of the interests of the two brotherly countries."
According to the statement, the call addressed "developments in the region, in light of the ongoing escalation, and efforts to end the war that has been going on for more than a year in Gaza and Lebanon."
Al-Sudani and bin Salman discussed "preparing to hold an Islamic summit regarding the events and their repercussions that threaten the security and stability of the region," according to the statement.
The Central Bank of Iraq approves changing the activity of the Commercial Bank of Iraq
The Central Bank of Iraq has agreed to change the activity of the Commercial Bank of Iraq to Islamic.
According to a document issued by the Central Bank, obtained by Al-Eqtisad News, “We would like to inform you that the activity of the Commercial Bank of Iraq has changed from a (traditional) commercial activity to an (Islamic) activity, in accordance with the bank’s official letter model.”
Below is the document:
Return on investment in securities
The government and its financial and banking institutions are moving towards spreading the culture of investing in securities, which benefits all parties, from the issuer of securities, the public trader, the provider of banking services (banks), and the stock exchange itself.
The objectives sought from expanding the culture of investing in securities do not end here, but there are benefits that we will explain in the context of this article and the analysis that we are undertaking. Let us come from the latest activities currently circulating in the country:
in this field until writing this article, which is related to launching the third issue of the Central Bank of national bonds (Injaz) within the interests of investing in securities.
Before this and that, there was an important conference held at the beginning of this October entitled (World Investor Day) that was dedicated to investing in securities in the Iraqi Stock Exchange.
Here, the interests of the government, represented by the Council of Ministers, and the financial and monetary institutions represented by the Ministry of Finance, the Central Bank, banks, the Securities and Exchange Authority and its stock exchange, meet in one goal, which is to enhance and support investment in securities and spread its culture due to its importance in supporting the national economy as a whole.
When we come to the objectives sought in supporting this broad program, we find that the most important goal behind issuing the national bond is to withdraw the liquidity accumulated by citizens and put it into the business and financial market, as these bonds are guaranteed to be repaid because they are sovereign and the best way to attract traders, thus achieving compound interest and are a means of stimulating economic activity and then achieving an important return for banks as a primary product in light of the current reality of banking work and providing broad business opportunities in addition to supporting the stock exchange’s trends in attracting local and foreign investments and enabling the government to provide the necessary and required liquidity to implement its broad program, in investment and operational spending such as salaries and others, and also benefiting citizens as well.
Perhaps it is useful to point out that investing in securities enhances the strength of the economy and achieves growth by moving capital and its rapid turnover and not losing its value if it is hoarded in homes or sitting in banks without activity or fruitful and constructive investment.
Accordingly, we see the importance of the concerned parties looking forward to a high-content marketing program by the economic media, banks and the stock exchange for the success of the culture of investing in securities in a manner consistent with government support, interest and assistance.
Report: Iraq has concluded an important agreement that consolidates its strategic role and international status
A Western website reported that Iraq has concluded an "important" agreement to enhance its position in regional trade, noting that it consolidates its strategic role as a transit center and supports the vision of expanding non-oil sectors.
The "RO" website stated in a report translated by "Mill" that "Iraq, after joining the International Road Transport Agreement, is now ready to strengthen its position in regional trade after signing an important customs agreement."
He added, "The Republic of Iraq has achieved a major milestone by signing the guarantee agreement between the General Authority of Customs and the National Association for International Land Transport," indicating that "this agreement paves the way for the implementation of the United Nations System for International Land Transport in Iraq."
He stressed that "the international road transport system significantly reduces border waiting times by enabling goods to be shipped from the country of origin to the country of destination in closed loading compartments controlled by customs through a multilateral and mutually recognized system."
He explained that "international road transport allows trucks to cross borders efficiently and safely without having to wait for hours and days on end, and provides a financial guarantee managed by the International Road Transport Union to pay customs duties and taxes."
He pointed out that "Iraq's accession to the International Land Transport Agreement consolidates its strategic role as a transit center and supports the country's economic vision to expand its non-oil sectors."
“The TIR system, globally recognised for its 75 years of high safety standards and efficiency, is rapidly expanding in the Middle East, from Oman and the UAE to Saudi Arabia and, most recently, Qatar, where TIR is already reducing border crossing times by up to 92% and costs by 50% while boosting trade in the region,” he explained.
Iraqi oil replaces Russian oil for the Czech Republic in 2025
Iraqi oil exports are set to flow to a European Union country that is seeking to join other members in banning Moscow’s crude as punishment for its invasion of Ukraine in February 2022.
Iraqi Foreign Minister Fuad Hussein said in a press conference with Czech Foreign Minister Jan Lipavsky that Iraqi oil will replace Russian oil starting next year, 2025.
According to the Washington-based energy platform, Iraqi oil will come to the European country via oil tankers and then the TAL pipeline that extends from Italy to Germany, and connects to the IKL pipeline that supplies the Czech Republic.
This comes despite the Czech Republic's continued reliance on Russian oil, which accounted for 49% of total imports in the first quarter of 2024, 60% in 2023, and 56% in 2022.
The Czech Republic is betting on the TAL pipeline to end Russian oil imports, which were the main source of imports in 2023.
Last year, Prague imported more than 4.3 million tons (30.5 million barrels) from Russia, 2 million tons (14.3 million barrels) from Azerbaijan, and 556,000 tons (3.9 million barrels) from Kazakhstan.
(1 ton of oil = 7.1 barrels).
Political movement: America dominates the armament file to ensure that Iraq remains weak
The head of the Wujoud Movement, Muhammad Abu Sa'ida, confirmed on Tuesday that America has been dominating arms contracts since 2004 and imposing a veto on Baghdad to ensure that Iraq remains weak in terms of security and military.
Abu Saeeda told Al-Maalouma, “America seeks to ensure that Iraq remains weak in terms of security and armament, such that Washington places a veto on Baghdad in arms contracts and prevents the country from obtaining advanced weapons capable of protecting Iraq from any internal or external dangers."
He added, "The American side wants to keep the Iraqi force at the current level, without possessing any air or ground defense means, and this is intended to keep the security system weak with the aim of destabilizing it in the event that the 2014 scenario returns again."
He explained that "the arms contracts supervised by America since 2004 until today have revealed the low level of weapons supplied to Iraq, in addition to the great corruption that accompanied these contracts, one of the reasons for which was the sudden security collapse in 2014."
Minister of Communications: We will start negotiating with international companies to operate the fifth generation of mobile phones
Minister of Communications Hiyam Al-Yasiri explained the contents of the Cabinet’s decision to negotiate with international companies on fifth-generation technology. While confirming that the ministry will proceed with this, she explained that it will include the national license that the ministry is working on, revealing positives related to internet speed, electronic payment services, and cybersecurity.
Al-Yasiri said in an official statement, followed by "Al-Eqtisad News", that "today the Council of Ministers took an important decision regarding the national mobile phone license, as the Council of Ministers had previously issued a decision to grant the license for the mobile phone opportunity with fifth-generation technology to the Ministry of Communications to establish a government company and launch a government license with modern technology, and today, after efforts that lasted several months, the Council of Ministers issued a decision to form a direct negotiation team with global operators and authorize the team to negotiate directly in person with a number of global operators with experience, competence and specialization in the field of the national license with fifth-generation technology, as well as those who have extensive experience and those who have the desire to work in Iraq and those who have experiences in Middle Eastern countries."
She added, "The decision authorized the Ministry of Communications to negotiate with these international companies to choose the best of them, as well as to provide financial support to prepare the preliminary procedures for launching the project, which will be completed, God willing, in the coming months. Iraq, thank God, and with the strenuous efforts of the National Services Government, succeeded in convincing international operators to work in Iraq, as it is an attractive environment for investment and supports foreign investors, and provides investors with all the possibilities for success, developing Iraqi infrastructure, and providing the best services to citizens. We succeeded in convincing a number of international operators who are among the first class in terms of experience and specialization, and the global name. On the other hand, during that period, we were also in direct contact with the Communications and Media Commission to prepare the technical requirements necessary to launch the license, and the Commission is still carrying out some procedures in terms of calculating the license price, determining frequencies, etc., and in a continuous and strenuous effort in this field. On the other hand, we worked with the Retirement Fund and the Guarantee Fund to secure the necessary funding for the project, ensuring that a wide segment of the Iraqi people benefit from the revenues of this project."
She added, "This project is distinguished by the fact that for the first time in the history of Iraq, there will be a government mobile license with modern technology, which is the fifth generation technology, which differs from the current fourth generation technology and previous generations in terms of providing very high internet speeds, as well as other advanced services that support digital transformation, cybersecurity, artificial intelligence, and others. In addition, this license is distinguished from all licenses currently operating in Iraq in that its revenues return entirely to the state in reality, and it will be directed towards maximizing the state's financial resources in order not to keep oil as the only primary source of income for the Iraqi state. Today, most countries in the world have begun to move towards launching government licenses in order to maximize their revenues and increase the state's resources through the communications sector. Iraq was also one of the pioneering countries in this, and in reality, there is great support from the Prime Minister and daily follow-up."
The Council of Ministers decided today, Tuesday, that in order to proceed with the procedures for implementing the national mobile phone license project, the Council decided to form a team headed by the Minister of Communications to negotiate with global operators from reputable international companies, with experience and competence in the field of building, operating and managing mobile phone networks with fifth generation technology (5G), who have expressed interest and desire to work in Iraq, and to choose the best in terms of the global brand and the breadth of work experience in the Middle Eastern countries, and other selection quality criteria.
Government Communication announces that middle and preparatory school students will be included in the possession of electronic payment cards
The Government Communication Team announced on Tuesday that students are required to have electronic payment cards, while confirming the agreement to form committees to use POS devices in pharmacies.
The Deputy Head of the Government Communication Team, Adnan Al-Arabi, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Government Communication Team held a meeting today with the Central Bank and service providers for electronic payment cards."
He added, "The meeting resulted in several files, including the inclusion of students with electronic payment cards according to the new law of the Central Bank, aged 13 to 17 years for intermediate and preparatory stages, for government and private schools, as well as the discussion of university students to provide services that are appropriate for students and encourage them to use electronic payment."
He pointed out that "it was agreed to form committees and follow up with the Central Bank to provide pharmacies according to the directives of Prime Minister Mohammed Shia Al-Sudani, Minister of Health Saleh Al-Hasnawi and the Pharmacists Syndicate to equip pharmacies with (POS) devices to deal with citizens with electronic payment cards."
from Iraq's news
Three Obstacles to Iraq's Accession to BRICS
Professor of International Economics, Nawar Al-Saadi, revealed today, Tuesday (October 22, 2024), the reasons for Iraq not joining the BRICS group.
Al-Saadi told Baghdad Today, “Iraq has not joined the BRICS group yet for several reasons related to the current economic and political situation, in addition to the fact that Iraq does not meet the conditions for joining, the most prominent of which is that it be among the major economies in the region. However, Iraq’s economy is primarily rentier and depends solely on oil exports as a primary source of income, which makes its economy less diversified compared to the group’s founding countries such as China and India.”
He added: "The second important question is that Iraq should have absolute financial sovereignty over its economy, and not as it is now, where it is subject to the rules and conditions of the US Federal Reserve in granting financial shares ."
“Iraq’s trade relations with some BRICS members, such as Brazil and South Africa, are not strong enough to support it in this direction. In addition, Iraqi foreign policy is still balanced between competing global powers, including the United States, which is cautiously looking at BRICS expansion and its geopolitical influence,” he said, noting that “in the future, these dynamics may change, especially if economic diversification is enhanced, internal political stability is achieved, and absolute financial sovereignty is achieved.”
He noted that "if Iraq joins, it may benefit from expanding opportunities for economic cooperation with countries such as China and Russia, including investments in infrastructure and non-oil sectors, which may help reduce dependence on oil and diversify sources of income ."
The professor of international economics concluded his statement by pointing out that “there are some potential harms to Iraq joining BRICS and entering a bloc that challenges Western hegemony, especially the United States, which may lead to diplomatic or economic tensions with the West, which negatively affects Iraq’s current trade and political relations with Western countries. Also, dealing with some of the founding countries of BRICS, such as Russia, which faces international sanctions, may put Iraq in sensitive positions on the international scene.”
BRICS is a group of nine countries: Saudi Arabia, Russia, China, South Africa, India, Brazil, the UAE, Iran and Egypt.
The number of members of the bloc, which focuses on economics before politics, has increased and seeks to break Western "hegemony" over the international system, but many factors make this a long and thorny path, according to experts.
Russia, the group's founding state and embroiled in a brutal war with Ukraine, is hosting more than 20 leaders at the annual summit, setting an ambitious agenda, most notably "dedollarization" and alternative financial mechanisms.
Company: Government interest in electronic payment creates secure transactions
The Global Smart Card Company “Ki” confirmed that the government’s insistence on developing electronic payment reflects the extent of the government’s interest in this trend that serves the financial sector and develops and improves performance.
A responsible source in the company said that Prime Minister Mohammed Shia Al-Sudani's interest in expanding the scope of electronic payment stems from a serious orientation to develop the financial sector and make money paths take place with high transparency, far from unacceptable forms of dealing.
He added that Iraq is a country with a large currency market and needs safe money transactions, and this is achieved through adopting electronic payment and its advanced products.
He pointed out that the citizen's interaction with electronic payment products represents a step towards developing the volume of secure financial transactions through electronic payment paths.
High-level Iraqi delegation in Beirut
Acting Speaker of the Iraqi Parliament, Mohsen Al-Mandalawi, arrived in the Lebanese capital Beirut on Tuesday, heading a high-level parliamentary delegation.
An informed source reported that the visit aims to confirm Iraq's support for Lebanon in this difficult phase and to provide whatever humanitarian assistance possible.
The source indicated that the visit will witness discussions on the latest developments in the region, within the framework of strengthening bilateral relations and joint cooperation between the two countries.
Missile attack targets US base in Syria's Conoco gas field
Syrian sources reported, on Tuesday (October 22, 2024), that the US military base in the Conoco gas field in the Deir Ezzor countryside, eastern Syria, was subjected to a missile attack.
The sources said in press statements followed by "Baghdad Today", "A missile attack targeted the American base in the Conoco gas field in the countryside of Deir Ezzor, eastern Syria."
"The missiles mainly targeted the radar base inside the US base," she added.
Yemen's Ansar Allah targets Israel with hypersonic ballistic missile
The movement said in a statement, "The missile force in the Yemeni armed forces carried out a qualitative military operation targeting a military base belonging to the Israeli occupation east of the occupied Jaffa region, using a hypersonic ballistic missile, Palestine 2."
She added, "The missile succeeded in reaching its target, bypassing the American and Israeli interception systems."
She explained that "the operation comes within the fifth stage of the escalation stages in the battle of the promised conquest and the holy jihad in support of the Al-Aqsa Flood."
Chinese military begins 'live-fire' drills at closest point to Taiwan
The Chinese army began live ammunition maneuvers on Tuesday morning near Taiwan, whose authorities announced that they are closely monitoring this "threat" to regional stability.
The Maritime Security Administration in Pingtan, Fujian Province, eastern China, announced on Monday that "live ammunition will be fired" starting at 9 a.m. in a sea area of about 150 square kilometers.
Pingtan is the closest point on the Chinese mainland to Taiwan, about 126 kilometers away.
The administration did not clarify which forces would fire, the nature of the ammunition that would be fired during these exercises, or their purpose.
In response to the drills, Taiwan's Defense Ministry said it was closely monitoring China's "military activities and intentions."
Taipei said the drills could be part of "Beijing's tactics to escalate its intimidation" across the Taiwan Strait.
Taiwanese Prime Minister Chu Jung-tai warned that the Chinese maneuvers constitute a "threat that undermines regional peace and stability." Taiwan monitors
China considers Taiwan one of its provinces that has not yet been able to reunify with the rest of its territory since the end of the Chinese Civil War in 1949.
Beijing says it prefers peaceful reunification, but signalled at the end of military exercises last week that it would "never give up" the option of "using force" to bring the island back under its control if necessary.
Hebrew media: The plan to strike Iran is ready, and the homes of officials are among them
The Israeli Channel 14 reported that the Israeli plan to respond to the Iranian missile attack is ready, while indicating that it includes attacking the homes of Iranian officials, in response to the "assassination attempt" of Prime Minister Benjamin Netanyahu, with a drone launched by Hezbollah at his home, in northern Israel, days ago.
The channel reported that the Israeli army and the foreign intelligence agency presented Prime Minister Benjamin Netanyahu and his Defense Minister Yoav Galant with a plan to respond to the missile attack launched by Iran earlier this month.
She said the plan, the details of which are known only to a few officials, includes a wide range of options for attacking it, including oil installations, military and government targets, in addition to the homes of Iranian officials, as "optional" targets in response to the bombing of Netanyahu's home in Caesarea, near Haifa.
The report indicated that the Air Force pilots who will participate in the attack on Iran will know the details and targets shortly before the operation is carried out.
The Israeli channel indicated that the attack may include the participation of fighter jets and refueling planes, in addition to the possibility of using long-range missiles.
Israel vowed a "deadly and powerful response" to Iran, while US President Joe Biden announced that he does not support attacking nuclear or oil targets.
urgentNews about the recovery of the body of the martyr Sayyed Hashem Safi al-Din and 6 of his companions
The Zionist entity's army announced the assassination of Mr. Safieddine in a raid on the southern suburbs of Beirut three weeks ago.
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