Imports and dependence on oil are obstacles to Iraq’s accession to the World Trade Organization
Membership in the World Trade Organization allows access to international trade policies. Despite the economic policies that Iraq has adopted over the past two decades in terms of international openness and the pursuit of establishing modern economic and legislative rules, attempts to obtain a seat in the World Trade Organization have not succeeded so far, noting that Iraq obtained observer status in the organization in 2004.
The video for this blogpost is below here:
The financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, said: The Iraqi economy lacks regulatory and supervisory regulations in the scope of trade relations and international requirements according to internationally approved standards. Supporters of joining the World Trade Organization believe that this path allows member states of the organization to have broader access to global markets, while membership in the World Trade Organization guarantees access to international trade policies.
Salih indicated that there is a lack of some important economic legislation, especially those related to the rights of workers in the private sector, the field of social security and trade union organization. He referred to the existence of two restrictions that weaken Iraq's role in the international organization: the first is that Iraq is an importing country and does not have the competitive ability to export, and the second is the almost total dependence on oil.
For his part, academic Dr. Amr Hesham explained that supporters of joining the World Trade Organization have a number of reasons that encourage joining, including that international trade agreements provide broader vital access to global markets in the areas of goods and services, and the agreements and their rules create a commercial climate that allows for a reasonable degree of commercial forecasting, thus achieving the goal of preparing marketing and export plans.
He explained that trade agreements include obligations and rights, and the exercise of the rights contained in the agreements is limited to member states in the region and no one else, and resorting to the Trade Dispute Settlement Body imposes seriousness in applying the rules to all parties with the existence of a special mechanism to take punitive measures in the event of non-implementation.
Hesham pointed out that membership in the World Trade Organization guarantees access to other trade policies, and the procedures they include that may affect access to markets, and the extent of their consistency with international agreements, and participation in future negotiations in a way that ensures the defense of commercial interests that concern those countries, and the formulation of new agreements approved by ministerial meetings.
The World Trade Organization (WTO): An intergovernmental organization that regulates and facilitates international trade among nations. Governments use the organization to establish, review, and enforce the rules governing international trade. The organization formally began operations on January 1, 1995, under the Marrakesh Agreement, replacing the GATT of 1948. The WTO is the world's largest international economic organization, with 164 member states representing over 98 percent of world trade and global gross domestic product.
Trade Bank of Iraq explains procedures for money transfers and combating money laundering
The Trade Bank of Iraq (TBA) announced, on Saturday, that the number of transfers has increased to 400 transfers, while clarifying the procedures for financial transfers and combating money laundering.
The bank's media advisor, Aqeel Al-Shuwaili, said in a televised interview, followed by "Al-Eqtisad News", "After the recent decisions taken by the bank's management according to the directives of the Prime Minister to open a deposit center, additional branches were opened and working hours were extended from 7 am to 3 pm," noting that "these decisions contributed significantly to reducing the current momentum."
He added that "the percentage of transfers increased from 250 to more than 400 various transfers per day within the Iraqi Trade Bank in all branches and is subject to increase," indicating that "we have branches still under construction that will be opened soon and there are employees with experience, and work will be done to increase their numbers."
For her part, the head of the remittances department at the Trade Bank of Iraq, Ruqayya Abdul Rahman, confirmed that "the bank's role is important and effective in determining remittances through the Central Bank platform based on the Prime Minister's directives," adding that "daily the bank receives requests to implement between 400 and 500 remittances, and remittances that do not meet the requirements of the documents are rejected, because the remittance goes through several steps until it reaches the final stage of implementation in the remittances department, or the invoice is missing or copies of the identities or documents belonging to the customer himself."
She added: "Companies are required to have an account at the Trade Bank (TBI) with the submission of invoices with new dates and the address and information of the person or company to which the transfer is made, which benefits from the final amount, and it must be between the remittance applicant and the final beneficiary in addition to other documents from the identity and papers of the company itself, certified and complete."
She pointed out that "the problem occurs when the merchant wants the transfer quickly and it goes through several procedures until it reaches the final stage, and its papers may be incomplete or the branch raises it and it stops at a certain point in the system, and this causes a delay in the transfer, so we emphasize to customers to complete the papers of invoices and information before executing the transfer, and sometimes the correspondent bank requests the information of the depositor of the amounts so that there is correspondence between us and him until he is convinced, and most of those who refuse have a lack of documents and the conditions are not met for the transfer."
She continued: "When the transfers are raised to the branch, they enter the Anti-Money Laundering Department and are audited and raised to the second auditing company that takes its time and when it returns to us, it has approval, and is audited again to go to the branch to take the necessary action after that it is raised to the transfers department and the transfer is executed between 5 to 7 days," noting that "the Trade Bank of Iraq is solid and has a wide network of correspondents such that customers come to the bank through the Central Bank platform to benefit from the exchange rate approved by the Central Bank, and the senior management is working to establish new branches that attract good cadres and increase the percentage of work and transfers."
In this regard, Dina Ahmed Farhan, Head of the Money Laundering and Terrorist Financing Reporting Department, explained that “the most important thing in a transfer is the customer. When he writes a transfer for a certain amount from the requesting company, along with all the papers and the amount, these lists are submitted with the request to the Central Bank platform for approval, and the requirements of the auditing company and the requirements of the international company sending the transfer are attached to them, in addition to the identities and passports of the shareholders, institutions, negotiating manager and agent.”
She added: "The account opening form contains family information, name, residence, phone number, monthly expectations, amount of transactions in the account, and private business information to know what the customer is doing, to know if their names are present, to know if they are included in local and international ban lists and the bank's list."
She explained, "There are certain percentages to know if the project can be managed first, and the priorities are audited and reviewed to go to the platform and an approval comes that is converted into Excel and then goes to (K-2), a global auditing company in America to audit even the beneficiary to whom the company's information, papers, email, phone number and address are sent. Sometimes this company cancels many requests because they are unconvincing companies. They have special websites and standards that audit many companies, and approximately 20 companies have been banned from dealing with them in China. We have many companies and merchants whose papers are checked before entering the platform."
What are the positives of the Central Bank reducing interest rates? Al-Sudani’s advisor explains
The Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, said that the Central Bank's decision to reduce interest rates to 5.5% encourages lending.
Saleh said, "The Central Bank's reduction of interest rates to 5.5% represents an expansionary policy, because it is assumed that when this rate is reduced, all banks will do the same, whether on lending or on deposits."
He pointed out that "in terms of deposits, this decision does not encourage people to put their money in the bank, but it encourages lending," noting that "banks have a lot of surpluses, and they are encouraged to grant more credit."
"Most banks have not reached 75% of credits"
Regarding cash credits, the Prime Minister's advisor for economic affairs explained that they "should represent 75% of deposits," adding that "most banks have not reached this percentage, especially private banks, so banks can reach this percentage through this process, where they lend and move their interest, and it is an attempt."
Regarding the extent to which the interest rate in Iraqi banks is equal to that of banks in the region, Saleh said, “Banks are not obligated to adhere to this rate, and it is a reference to monetary policy.”
It is noteworthy that the Central Bank of Iraq decided on Thursday (October 24, 2024) to reduce the annual interest rate between it and the banks registered with it from 7.5% to 5.5%, and to reactivate the work of securities (Islamic certificate of deposit and money transfers) between it and the banks operating in Iraq, with an annual return of 4% for a period of 14 days, and an annual return of 5.5% for a period of 182 days.
Financial Liberation
The Prime Minister's Advisor for Economic Affairs noted that "banks have the right to lend and borrow at the interest rate they deem appropriate, in accordance with the decisions of their boards of directors, and this is called financial liberalization, which has been adopted since 2004."
The Central Bank of Iraq had set the maximum investment ceiling not to exceed 50% of the total private sector deposits at the bank, and that the bank’s investment ceiling in a single auction should not exceed (500) billion Iraqi dinars.
Focus on the banking sector
Yasser Al-Mutawali
notes these days a growing interest in the banking sector in general, both governmental and private. What does this trend mean? This comes amidst a noticeable shift in attention towards the banking sector, through the government allocating significant time in light of its great responsibilities, which means its awareness that all economic activities, including the implementation of strategic projects and means of encouraging investment, require a solid banking sector to implement its economic programs.
This moral support that this interest constitutes requires taking encouraging steps for banks to perform their role to the fullest extent, represented by laws and procedures that guarantee the banking sector, to push it towards implementing its required development programs.
October of this year witnessed many important meetings between the government and representatives of the banking sector, which discussed the requirements for activating banks. It is noteworthy that the focus was on the process of restructuring Rafidain Bank, which is the first bank in Iraq, on which the government relies to play a developmental role that matches the size of its savings, especially since it is the container for government savings, as well as public savings, which are no less important. The goal is certainly to invest this money and put it into the labor market, in a way that achieves rapid capital turnover, and contributes to creating wide job opportunities, through operating other productive sectors, workshops, factories, etc.
However, this interest was not limited to government banks, but rather extended to the same interest in private banks, through meetings and discussing their needs, whether by the government or the Central Bank of Iraq and trying to overcome challenges.
Among the results of this government movement represented by the interest in the government sector, and in parallel, it was recently announced that the final touches had been completed for the lending strategy, which comes to correct the course of random, non-targeted loans.
This new strategy is expected to activate various important economic sectors, represented by directing loans towards implementing projects with a strategic dimension, which contribute to stimulating the economy and help diversify sources of income as a final product for banks and correcting the structural distortion in the economy and its transition from a rentier economy to a diversified economy.
This is the summary of the objectives behind the increasing government interest in the banking sector, and hence the realization of the importance of the banking sector in achieving sustainable development.
In addition to the readiness to launch the activity of "Riyada" Bank to support small projects within the objectives of providing job opportunities for unemployed youth, as well as providing some market requirements for goods, commodities and products that reduce the import process that absorbs foreign currency.
There is no doubt that launching trading in the third issue of government bonds (Injaz) involves achieving the same reform and development goals, and falls within the government's interest in the banking sector, which will contribute to their sale and trading.
The government is helpless.. The dollar continues to destabilize the economy in Iraq
The dinar exchange rate crisis against the dollar has been ongoing in Iraq since late last year, and has been witnessing fluctuations despite measures taken by the country's central bank to stabilize the currency.
It is worth noting that the fluctuation of the dollar exchange rate negatively affects the economic reality of Iraq in the first place, but there are those who exploit this issue for personal interests, such as currency smuggling traders and price speculators.
Regarding this matter, the economic expert Qasim Balshan says that the discrepancy in the dollar exchange rates is a door to corruption, given that there are private banks and companies that deal with the Central Bank of Iraq, and not everyone has the right to buy the currency auction.
Balshan said in an interview with Al-Maalouma Agency, “The state did not take real, actual measures to protect the Iraqi dinar, and all that was circulated were media statements that have no benefit on the ground.”
He pointed out that "there are influential political figures and blocs behind the rise in the dollar exchange rate."
Over the past years, the United States of America has prevented Iraq from achieving economic stability to achieve its strategic interests through its foreign policy and imposing sanctions and restrictions on financial transactions.
In this context, State of Law MP Firas Al-Maslamawi says that the US Federal Reserve is besieging Iraqi liquidity through the dollar.
Al-Maslamawi said in an interview with Al-Maalouma Agency, “The means of delivering the dollar and its restriction by the Federal Bank cast a shadow over the creation of liquidity in the Ministry of Finance,” noting that “the external liquidity file requires a high-level government effort in order to solve this issue and increase the quantities of dollars flowing into Iraq.”
Due to global sanctions, Iraq is forced to rely on the dollar for global trade, making its economy vulnerable to exchange rate fluctuations and US policy measures.
Al-Maliki stresses need for legislative reform in meeting with Iraq’s new Parliament Speaker
On Sunday, Nouri al-Maliki, the head of the State of Law Coalition, met with Mahmoud al-Mashhadani, Iraq's recently elected Speaker of Parliament.
During the meeting, Al-Maliki stressed the importance of activating legislative mechanisms, emphasizing the “necessity of strengthened coordination and cooperation between political factions and the parliamentary leadership, advocating a united approach to advancing laws and regulations that align with the nation’s best interests and the welfare of Iraqi citizens.”
"Collective efforts are essential to pass legislation that serves the people's interests and safeguards Iraq's sovereignty," Al-Maliki stated.
Al-Mashhadani, who was elected Speaker last Thursday after a year-long political stalemate and multiple unsuccessful votes, reiterated Parliament’s commitment to fulfilling its duties.
"The Speaker determined to move forward with the necessary reforms," he said, calling on political factions to back the parliament’s agenda in addressing citizens' needs and driving crucial reforms.
The two leaders discussed the pressing challenges facing Iraq’s political process, exploring effective solutions to stabilize the nation and support the democratic system.
Governmental move to establish an administrative capital in Baghdad
The Parliamentary Investment and Development Committee confirmed today, Friday, that there is a government move to announce the establishment of the administrative capital in Baghdad, noting that Prime Minister Mohammed Shia al-Sudani will soon announce this capital, which includes all ministries and departments.
The head of the committee, MP Hassan Qasim Al-Khafaji, said, "There is a government trend in the coming short period to announce the administrative capital," noting that "the administrative capital will be south of Baghdad towards Alwat Al-Rashid within a large area."
He pointed out that "this capital will include all ministries and departments according to financial allocations," stressing that "Prime Minister Mohammed Shia al-Sudani will announce this capital and lay the foundation stone for it, and it will be implemented and completed in the coming years."
Vietnam seeks closer ties with Gulf states beyond energy sector
Vietnam is expanding its ties with the Gulf Cooperation Council beyond the energy sector, with several agreements signed during a visit to the region by a senior Hanoi government official this week. Vietnam’s Prime Minister Pham Minh Chinh ends his tour of the Gulf on Friday with a visit to Qatar after starting in the UAE and later attending the Future Investment Initiative in Saudi Arabia.
Vietnam’s efforts seem to be in line with Gulf desires to strengthen their presence in Asia, particularly in the energy sector to exploit growing demand there, as evidenced by the signing of a memorandum of cooperation with oil giant Aramco. In addition, the UAE plans to establish a hub for storing oil and petrochemicals in Vietnam to meet market needs in the region.
The Presidency of the Republic and Parliament confirm working to legislate laws that affect citizens
President of the Republic, Abdul Latif Jamal Rashid, stressed today, Saturday, the necessity of strengthening communication and coordination mechanisms between the Presidency of the Republic and the Presidency of the House of Representatives.
The Presidency of the Republic stated in a statement that "President Abdul Latif Jamal Rashid met today, Saturday, at the headquarters of the Council of Representatives in Baghdad, with the Speaker of the Council of Representatives, Mahmoud Al-Mashhadani."
He added, "At the beginning of the meeting, Rashid Al-Mashhadani was congratulated on his election as Speaker of the House of Representatives, wishing him success in carrying out his duties."
According to the statement, the President of the Republic stressed “the necessity of strengthening communication and coordination mechanisms between the Presidency of the Republic and the Presidency of the House of Representatives and working to present laws and legislation that serve the interests of citizens, especially in the security, political and economic aspects.”
For his part, Mahmoud Al-Mashhadani expressed his “thanks and appreciation for the congratulations and wishes of the President of the Republic,” stressing “the endeavor of the Presidency of the Council of Representatives to move forward in completing its tasks in a way that achieves the supreme interests of Iraq and its people.”
Banking Association: Reducing inflation helped stabilize commodity prices
The Private Banks Association confirmed, on Saturday, that the government's success in reducing the inflation rate to 3.8% helped stabilize commodity prices.
The Executive Director of the Private Banks Association, Ali Tariq, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Private Banks Association and the Central Bank of Iraq held a symposium entitled (The Statistics Cycle in Formulating Monetary Policy)," indicating that "the use of statistical data and information is a methodology adopted by the Central Bank of Iraq, especially in the recent period in making decisions, whether at the level of monetary policy or decisions that affect the economy in general."
He added that "the aim of the symposium is to clarify economic, financial and banking data to the public by specialists; to view the data published on the website of the Central Bank of Iraq; to clarify progress and shortcomings related to the financial sector or monetary policy."
Tarek stressed that “one of the important indicators is related to the banking sector, the size of deposits, or the size of the monetary mass and the distribution of deposits between the government and private banking sectors, in addition to the impact of credit and loans on the gross domestic product,” explaining that “on the other hand, as economic indicators, the most important of which were inflation rates, which decreased significantly in the recent period to reach 3.8 percent,” noting that “this is considered an excellent rate that maintains the stability of commodity prices, and thus the price increase is less for the citizen.”
Suspended laws await Al-Mashhadani’s “hammer”... Parliament Speakerfaces “complex” files and short time
The head of the Iraqi Center for Strategic Studies, Ghazi Faisal, believed that the suspended laws and draft laws that are still in the drawers of the House of Representatives will constitute a burden on the remainder of the current session under the leadership of the new Speaker of the House of Representatives, Mahmoud Al-Mashhadani.
Faisal said in an interview with Al-Mada, “Some laws will be postponed to the next session due to the selective approach followed by parties or blocs in the House of Representatives in legislating laws.”
He stressed that "there are about 50 laws referred to in the constitutional articles, and they are extremely important laws related to the implementation of the constitution. When they are not enacted, the constitutional articles related to them remain frozen and inactive."
Dozens of laws are still pending in the halls of the House of Representatives, awaiting approval for months, and some of them have been frozen for years due to disagreements between political blocs over them or proposals to amend them.
For his part, political analyst Omar Al-Nasser said in an interview with Al-Mada, “Mashhadani will face multiple challenges, most notably unifying the Sunni ranks and unifying his discourse, in addition to dealing with the file of ministerial amendments that Al- Sudani intends to propose, which is a complex path that requires consensus between the forces and parties.”
Al-Nasser explained to Al-Mada that “Al-Mashhadani will face a number of challenges, most notably the suspended laws, the relationship between Baghdad and Erbil, and regional tensions. If he is able to deal with these files in a positive way , he may contribute to restoring confidence between the citizen and the political class.”
MP warns of new rise in dollar price in coming days
A member of the Parliamentary Oil and Gas Committee warned of a new rise in the dollar exchange rate as a result of continued currency smuggling .
Committee member Ali Saadoun Al-Lami said in a televised interview followed by "Mil", "The decision to reduce oil included all OPEC member states," indicating that OPEC's decision requires government intervention to convince the organization to raise the ceiling of Iraqi exports ."
Al-Lami added, "Iraq is in urgent need of diversifying sources to support the financial budget ."
He continued, "Oil smuggling from the north continues and there are refineries that collect more than they are entitled to," noting that "oil smuggling from the north affects Iraq's reputation with international oil organizations ."
He pointed out that "currency smuggling has not ended completely and there is a new rise in the dollar during the coming period ."
How did reducing inflation help stabilize commodity prices in Iraq?
The Private Banks Association confirmed, today, Saturday, that the government's success in reducing the inflation rate to 3.8% helped stabilize commodity prices.
The Executive Director of the Private Banks Association, Ali Tariq, told the Iraqi News Agency (INA): "The Private Banks Association and the Central Bank of Iraq held a symposium entitled (The Statistics Cycle in Formulating Monetary Policy)," indicating that "the use of statistical data and information is a methodology adopted by the Central Bank of Iraq, especially in the recent period in making decisions, whether at the level of monetary policy or decisions that affect the economy in general."
He added that "the aim of the symposium is to clarify economic, financial and banking data to the public by specialists; to view the data published on the website of the Central Bank of Iraq; to clarify progress and shortcomings related to the financial sector or monetary policy."
Tariq stressed that "one of the important indicators relates to the banking sector or the size of deposits or the size of the monetary mass and the distribution of deposits between the government and private banking sectors in addition to the impact of credit and loans on the gross domestic product," explaining that "on the other hand, as economic indicators, the most important of which were inflation rates, which decreased significantly in the recent period to reach 3.8 percent," noting that "this is considered an excellent rate that maintains the stability of commodity prices, and thus the price increase is less for the citizen."
The Associated Press quoted US military officials as saying that Israel is being subjected to daily attacks by drones from Iraq.
An American defense official and a regional security official, quoted by the agency without mentioning their names, considered the launch of these drones “a problem since the Al-Aqsa Flood attack launched by the Islamic Resistance Movement (Hamas) on Israel on October 7, 2023, and not as revenge by Iran for the Israeli strikes last week.”
However, they added, “the number of drone attacks has increased in recent weeks.” The regional security officer said, “There was an average of about five launches a day from inside Iraq targeting Israel by groups allied with Iran, and within the past week, eight drones were launched in 24 hours.”
“US and partner forces intercepted the attack drones,” the officials said. The regional security official added that the continued launches “increased the chance that Israel would respond directly to these attacks.”
The "Islamic Resistance in Iraq" announced in a statement that it had attacked, for the third time since dawn yesterday, Friday, "a vital target in the south of occupied Palestine using drones."
She considered this "a continuation of our approach to resisting the occupation, supporting our people in Palestine and Lebanon, and responding to the massacres committed by the usurping entity against civilians, including children, women, and the elderly."
At the beginning of last October, the Israeli occupation army admitted that two of its soldiers were killed and 25 others were injured, two of whom were in critical condition, as a result of an attack by an Iraqi drone launched towards the occupied Syrian Golan.
US Central Command announced, today, Sunday, the arrival of B-52 bombers to the Middle East.
The command said, via the "X" platform: "B-52 Stratofortress strategic bombers from the 5th Bomb Wing at Minot Air Force Base have arrived in the US Central Command area of responsibility."
Hezbollah strikes Israeli military bases and Haifa region, forcing Israelis into shelters
On Saturday, Hezbollah launched a series of aerial and missile attacks on multiple Israeli targets triggering air raid sirens across northern Israel.
In a statement, the Lebanese group said it initiated an air assault using “a squadron of attack drones on the Palmachim Airbase, a key military site south of Tel Aviv that hosts a research center and radar systems for Israel’s Arrow missile defense system.” Hezbollah reported that the drones struck their targets with precision.
In northern Israel, Hezbollah targeted the Zofolon (Zvulun) military industrial base near Haifa with a rocket barrage, marking the second assault on the facility in recent days. Another salvo of rockets hit the Kiryot area, also near Haifa.
The attacks caused widespread alarm across the region. Israeli media reported air raid sirens sounding in 20 Israeli towns including Safed, Acre, Nahariya, and Meron in western Galilee as authorities urged residents to flee to shelters amid the barrage.
Haifa’s local council head warned that Hezbollah is fulfilling its earlier threat that “what applies to Kiryat Shmona applies to Haifa,” referencing the northern Israeli town frequently hit in the conflict.
Earlier, Hezbollah issued a warning for 25 settlements to be evacuated, designating them as “direct targets.”
Since this morning, Israeli towns have been shaken by a series of Hezbollah attacks, including rocket strikes and drones.
In one of the day’s most severe incidents, a rocket fired from Lebanon struck a building in the central Israeli town of Tira, resulting in 19 injuries.
America deploys additional destroyers to the Middle East, and Israel continues its massacres in the besieged Strip
“In line with our commitments to protect American citizens and forces in the Middle East, defend Israel, and de-escalate tensions through deterrence and diplomacy, the Secretary of Defense has ordered the deployment of additional ballistic missile defense destroyers, a fighter squadron, and multiple U.S. Air Force B-52 long-range bombers to the region,” the Pentagon said in a statement.
The statement added, "These forces will begin arriving in the coming months as the USS Abraham Lincoln carrier strike group prepares to depart."
He also added that "these deployments are based on the recent decision to deploy the Terminal High Altitude Area Defense ( THAAD ) missile defense system in Israel as well as the ongoing posture of the Ministry of Defense's Marine Expeditionary Unit in the Eastern Mediterranean."
In Gaza, a number of Palestinians were killed and others were injured on Saturday morning in an Israeli bombardment of the town of Jabalia in the northern Gaza Strip and the Nuseirat camp in the center.
Palestinian sources said that the Israeli air force bombed Al-Rafei School, which houses displaced people in the town of Jabalia, north of the Gaza Strip, leading to the martyrdom of a number of Palestinians.
Three Palestinians, including two children, were also killed in a bombing that targeted a house in the Nuseirat camp in the central Gaza Strip.
Five Palestinians were injured after renewed Israeli artillery shelling of the northern Nuseirat camp in the central Gaza Strip, and in shelling that targeted a house in the town of Jabalia in the northern Gaza Strip.
Israeli forces have continued to bomb the Gaza Strip since October 7, 2023, resulting in the deaths of more than 43,000 Palestinians and the injury of nearly 102,000 others, the majority of whom are children and women, according to the Ministry of Health in the Gaza Strip.
Iran closes airspace on US election day
Iran announced that it will close its airspace starting from Monday dawn, at 02:30 am, until November 6, at 18:30, coinciding with the US Election Day.
Iranian media reported that the Iranian army issued a notice to close the airspace during the mentioned period, as the US presidential elections approach, without specifying a reason for this measure.
Local media reported that Iran will close its airspace, according to an official memo from the Civil Aviation Authority, and will remain closed until November 6 at 18:30 local time.
The sources did not indicate the reason for closing Iranian airspace, but the decision coinciding with the US election date indicates a precautionary measure, amid talk of Iranian preparations for a possible response to the recent Israeli military strike.
Military movements were monitored inside Iran indicating preparations to respond to Israel, according to what was reported by the Israeli Public Radio.
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