Saturday, September 23, 2023
"RV UPDATE" BY MARKZ, 23 SEPT
MarkZ
[via PDK] I heard he [Sudani] would be back in Iraq late this evening or early tomorrow. That is from my sources…Still waiting for confirmation. A lot of people in Iraq believe that is when we will see the rate change. It sounds plausible to me and I am very hopeful that is the case.
I saw some very impressive math in the early 2010’s. Maybe 2012 from an exceptional Iraqi source. They were pointing to a rate between $12.70 ish-$14.70 ish for the dinar based on the math for that day and time…a lot has changed since then...With values and inflation…so I could defiantly see that now. But I am preparing myself for lower…but hoping for higher. Since Vietnam and Iraq are trading partners...I feel if Iraq rate is high…then the Vietnam rate will also be high.
There is an article out that has people panicked today…”Parliament sets 3 months to restore the exchange rate of the dollar to the official rate” Do not panic about this. We saw similar articles come out of Kuwait just before they RV’d…an article came out saying they were not going to RV for at least 6 months…then bam…they did it that same day…. They are clouding it…and clouding it on purpose.
“Joint leader’s statement: Elevating United States and Vietnam relations to a comprehensive strategic partnership” So we really want to work with Vietnam. Be best buddies…It’s obvious the US is putting a lot of effort into Vietnam right now…this is a good thing. This means the US wants Vietnam to revalue and be successful.
Member Comment: ...Praying this is our last week of waiting. MarkZ: Things are looking good…that’s for certain.
In Iraq: “Parliamentarian: Baghdad and Erbil disputes prevent the adoption of the Oil and Gas law” We were also hearing this kind of thing from Kuwait before their last RV. I was always told to watch for this as a final trigger that needs to be hit right before we see RV. They are working on it. They may be releasing things like this so we don’t know if it’s already done or not.
...His [Sudani] first speech at the UN was more on the military situation, security etc…for the region. Latest reports are that he is now expected to talk again on Friday and address the UN…then hurry home...There is a lot of speculation that he will announce a rate…or that they are going international with their currency…when he gives that speech. Cross your fingers and say your prayers that this comes to fruition.
Parliamentary comment on Sudanese’s speech at the UN meeting: “It was not at the required level.”, 23 SEPT
Parliamentary comment on Sudanese’s speech at the UN meeting: “It was not at the required level.”, 23 SEPT
Hussein Al-Sabari, a member of the House of Representatives, stated that Prime Minister Muhammad Shiaa Al-Sudani’s speech during the annual United Nations meetings did not meet the expectations in terms of addressing the issues. Al-Sabari added that the Prime Minister used diplomacy and courteous language while discussing the escalating problems and issues that are being faced by Iraq.
In an interview, Al-Sabari mentioned that Al-Sudani did not provide the exact details that were supposed to be discussed during the United Nations meetings. He emphasized the importance of presenting the issues that the Iraqi people are facing before the international community.
During a conversation, he explained, “One of the reasons for not mentioning the other part of the unresolved issues is the increasing number of crises in various areas.” He also stated that “Prime Minister Muhammad Shiaa Al-Sudani’s speech did not sufficiently address all the outstanding issues.”
Al-Sabari confirms that Al-Sudani used diplomacy and courtesy to address issues and problems in Iraq during the past period, in his speech at the United Nations meetings.
The annual meetings of the United Nations, chaired by Al-Sudani, have come to a close after a series of meetings with participating country leaders. In his speech, he addressed several important topics, including the completion of development road construction and the fight against corruption. He also called for international support in these matters.
Economist For /NINA/: The Oil And Gas Law Will Contribute To Distributing The Financial Returns Of Iraqi Oil Wealth, 23 SEPT
Economist For /NINA/: The Oil And Gas Law Will Contribute To Distributing The Financial Returns Of Iraqi Oil Wealth
Saturday 23, September 2023 09:49 | Economical Number of readings: 477 Baghdad / NINA / Economic affairs expert, Raad Tawij, called for avoiding the legislation of the oil and gas law and not delving into it, attributing this to the fact that oil is an indivisible, strategic commodity.
Twig said in a statement to the National Iraqi News Agency ( NINA ): “It is best for Iraq to avoid the oil and gas law and not engage in it because it harms the whole of Iraq,” attributing this to: “Oil is an indivisible, strategic commodity, and the oil and gas law can lead to dispersion.” The value of oil wealth.
He pointed out that "several parties are involved in managing the oil wealth, which will contribute to the fragmentation of the financial returns of the oil wealth and a significant shortfall in oil revenues and revenues, which will be difficult to compensate for. The evidence of this is the inability to formulate a law that satisfies everyone, which has continued for many years."
The economic expert continued, "This law may be a reason for illegal monetary demands from Iraq to local and international parties, such as Turkish financial demands from Iraq, taking advantage of its illegal contracts with the Kurdistan region."
Turkey-Iraq Development Road is the key Europe-Middle East link, report says, 23 SEPT
Turkey-Iraq Development Road is the key Europe-Middle East link, report says, 23 SEPT
Shafaq News / During the recent G20 summit in New Delhi, without the participation of Russia and China, a key project was announced: the India-Middle East-Europe Economic Corridor (Imec), which aims to create an alternative to China’s Belt and Road Initiative (BRI). US President Joe Biden emphasised its “historic” significance.
The project is currently a political declaration of intent, with the support of both the EU and US. It will not materialise in the short term.
The Imec would connect Europe to India via the UAE, Saudi Arabia, Jordan and Israel, requiring a wide range of agreements. As an example, China is cooperating with around 140 countries for the BRI. But Turkish President Recep Tayyip Erdogan has opposed the Imec, saying the corridor “cannot be materialised without Turkey” and highlighting his country’s importance as a trade base.
Meanwhile, Turkey and Iraq have made progress in talks on another initiative: the Development Road project, a rail and highway link that would connect the Grand Faw Port in Basra to the southern Turkish border. Iraq’s prime minister has described this as the best option, and the least expensive one, for connecting the Middle East to Europe.
Erdogan has also stated that this project is a priority for Turkey, citing a plan to conclude negotiations within the next two months. The first phase of construction is expected to be completed by 2028.
Once built, the Grand Faw Port would be among the largest in the Middle East, with an area of 54 square kilometres and space to accommodate larger cargo ships. The breakwater at the port has been certified by Guinness World Records as the longest in the world, measuring approximately 14.5km.
The Development Road project can take advantage of the fact that there is already a railway line running south from Mosul, albeit a very old and troubled one in some parts. Renovation is already under way on some railway lines and stations in Iraq.
Governance obstacles
As Erdogan recently said, Qatar and the UAE support this project. The Gulf countries also have plans to lay a railway line among themselves. If the two initiatives are combined, transportation to Europe would become simpler.
The major challenges facing the Development Road project include political instability, complications with regard to state institutions, and security issues in Iraq. Although the security situation in Iraq has improved in recent years, the presence of militia groups continues to pose a threat, as evidenced by the recent clashes between Iran-backed fighters and Kurdish demonstrators in Kirkuk.
At the same time, the activities of the Kurdistan Workers’ Party (PKK) in northern Iraq continue to pose a threat. Turkey, which considers the PKK to be a terrorist organisation, has been carrying out air strikes against the group in Iraq.
Further complicating matters is the ongoing governance and power-sharing crisis in Iraq. The presence of groups that serve as proxies of foreign powers, with various connections to the Iraqi government, creates obstacles. In addition, there has still been no full reconciliation between Erbil and Baghdad, with unresolved issues over the budget and sharing of oil revenues.
Ankara’s close relations with Erbil, however, could help to ensure that these issues do not affect the Development Road project. At the same time, Erdogan is trying to situate the project in a regional framework, rather than portraying it as simply a bilateral initiative between Turkey and Iraq.
The Development Road would not just connect the Middle East to Europe via Turkey; it would also connect Turkey to the Gulf states. Ankara’s vision in this regard aligns with the policy of multilateralism that the Gulf countries have recently developed. It comes as Turkey has been working to rebuild relations with the UAE and Saudi Arabia after a period of tensions.
At this point, while the Imec is still just a theoretical concept, the Development Road project is actively materialising. This gives it a good chance for success.
(Middle East Eye)
"RV UPDATE BY BRUCE, 23 SEPT
Bruce
[via WiserNow] ...we talked about whether or not the rate of the Iraqi dinar would be in the printed gazette Wednesday...
And we checked it and yes, it was. It was according to our sources, put in the printed version of the Gazette, which means that the RV actually happened yesterday [Wednesday] - in Iraq and throughout the Middle East -
who were able to see... and read the printed version of the Gazette in Arabic - and so they got started, essentially yesterday in that region of the world...Now, what about us.
...what we have heard ...we will get started on or by Saturday...What we also know is on Saturday, the plan is to put the rate of the Iraqi dinar out on the digital version of the gazette....
my understanding is that's the version that people would be able to see internationally...So we're looking for a pretty big weekend.
[via WiserNow] ...the oil and gas law which is the HCL, the hydrocarbon law...got...passed...
they're going to start paying that out to the people of Iraq, this is something they get proceeds from their portion meted out to each citizen... I believe it's this month...could be October... I can't remember exactly when but that has been agreed upon...
Plans for historic GCC-Iran-Iraq dinner in New York collapse, 23 SEPT
Plans for historic GCC-Iran-Iraq dinner in New York collapse, 23 SEPT
Shafaq News/ Plans for a historic meeting in New York gathering the foreign ministers of Gulf Arab states, Iran and Iraq have collapsed at the last minute, Amwaj.media reported on Saturday.
United Nations Secretary-General Antonio Guterres was set to chair the session on Sept. 23. But an escalating dispute between Iraq and Kuwait has put a stop to the endeavor, informed sources told the UK-based website. As the meeting is “unlikely” at this point, a senior political source in New York said, “worst-case scenarios are being prepared.”
Regional diplomacy
While the recent Iran-US prisoner swap has grabbed headlines, a meeting of chief diplomats from Gulf Cooperation Council (GCC) member states, Iran and Iraq scheduled for this week had been expected to be a crowning achievement for regional engagement.
The Sept. 23 session was initially envisioned as a lunch, informed sources told Amwaj.media, but was later confirmed as a dinner. Formal invitations were sent out to all eight participants earlier this month. A regional diplomatic source said the session was to be convened under UN Security Council Resolution 598, which calls for the establishment of Regional Dialogue Fora, with Secretary-General Guterres as chair.
The plans for the GCC-Iran-Iraq dinner in New York had been marred by three sets of issues, Amwaj.media has learned.
Initially, the initiative was hit by apparent divisions on whether to proceed with it at this time. Diplomatic sources in the region underscored that Iran and Saudi Arabia—regional rivals which in March agreed to normalize ties after seven years of estrangement—backed the meeting. But some GCC member states were seemingly expressing doubts about the purpose and timing of the session, a diplomatic source in the region previously told Amwaj.media.
Part of the contention revolved around the different perceptions of what the meeting was about. In late August, Iranian Deputy Foreign Minister Ali Baqeri-Kani said it would facilitate the “soft exit” of the US from the region, while highlighting that it would take place despite US “interference” geared to shape the agenda in line with American “interests.” But political insiders have portrayed a wholly different picture of regional dynamics.
One senior source previously told Amwaj.media that Saudi Arabia and other GCC states are in fact asking Washington for more security assurances while welcoming the recent US deployment of more troops. Of note, as part of its talks with the Joe Biden administration on normalization with Israel, the Kingdom reportedly wants “NATO-level” security guarantees. Moreover, amid rising tension with Iran over the Islamic Revolutionary Guard Corps’ (IRGC) ship seizures, the Pentagon last month added 3,000 sailors and marines to the region.
While the internal GCC obstacle to the dinner was overcome, the recent flaring up of a dispute between Iraq and Kuwait over maritime boundaries seems to have collapsed the plans for the Sept. 23 dinner.
Iraq’s federal supreme court on Sept. 4 ruled that the Iraqi parliament’s 2013 ratification of a 2012 agreement on the shared Khor Abdullah waterway was “unconstitutional.” The ruling promptly sparked escalating contention between the two neighbors. At a Sept. 21 meeting in New York, Kuwait’s prime minister told his Iraqi counterpart that Baghdad must adopt “concrete, decisive, and urgent measures” to “address historical fallacies against Kuwait” in the court ruling. Kuwait has also been quick to seek support from its GCC and western allies. The sheikhdom’s foreign minister on Sept. 20 met with his Gulf Arab and US counterparts in New York, with the session resulting in a joint statement urging Iraq to “finalize the demarcation” of the maritime border with Kuwait.
Since the Iraqi court ruling followed an appeal lodged by a political affiliate of an Iran-backed armed group, some observers have linked the timing of events to Tehran’s ongoing dispute with Kuwait and Saudi Arabia over an offshore gas field.
Last year, Kuwait and Saudi Arabia signed a breakthrough deal to develop their portion of the Arash/Dorra field, which is located in the neutral zone between the two Gulf Arab states. Iran reacted to the announcement of the Kuwaiti-Saudi agreement by questioning its legality. Tehran also noted that parts of the field extend into waters between Kuwait and Iran “whose boundaries have not been defined.” Tensions further escalated in July after Saudi sources asserted that the Kingdom and Kuwait would act as “a single negotiating party” in dealings with the Islamic Republic. The contention over Arash/Dorra highlights how GCC-Iran contentions remain despite the widening détente over the past year.
Beyond the Iraq-Kuwait dispute, the plans for the Sept. 23 dinner are also said to have been marred by scheduling issues, with at least one foreign minister unable to attend the gathering due to prior plans.
A meeting of regional foreign ministers in New York would have been a diplomatic victory for Iran, which has long sought the establishment of Regional Dialogue Fora under UN Security Council Resolution 598.
The Ebrahim Raisi administration has over the past years hailed what is characterized as a US failure to isolate the Islamic Republic, pointing to Iran’s accession to the Shanghai Cooperation Organization (SCO), rapprochement with Saudi Arabia, and recent invitation to join the BRICS group of countries.
However, while a regional ministerial meeting in New York would have been a major step forward, the fundamental question is what may follow such a session. The Iranian rapprochement with Saudi Arabia may be advancing, but it is doing so far behind schedule. Meanwhile, Saudi sources have previously said that no “exemptions” from US sanctions will be sought, indicating that the economic dividends associated with the rapprochement are unlikely without an Iran-US détente. As such, much of the Arab-Iranian engagement remains beholden to external factors.
With the plans for the Sept. 23 dinner having fallen through, Iran and Arab states that are willing to meet in a multilateral setting are faced with several options. They could delay a ministerial meeting until a more appropriate time, or proceed down the line in a different format—possibly at a lower level, with fewer participants and potentially outside the UN umbrella.
One key question in the latter scenario would pertain to the hosting, especially if the dialogue is to be held within the region. The trend in recent years clearly indicates a strong preference to “localize” regional dialogue, with the Baghdad Conference on track to become a regular occurrence, while other more established international gatherings such as the Manama Dialogue and the Doha Forum have also made a name for themselves. In this context, Oman and Qatar are the obvious options for possible hosts.
Speaking on condition of anonymity, one political source in the region previously hinted to Amwaj.media that a meeting of a smaller group may in fact be preferable given the higher chances of consent among the participants. Another senior source posited that the first meeting of Arab and Iranian top diplomats—whether among all eight foreign ministers or in a more limited format—should involve “the preparation of a statement that includes generalities that are not controversial.” But there will nonetheless need to be an understanding to eventually tackle issues that are prioritized by all sides. If the Iraq-Kuwait and Iran-Kuwait-Saudi disputes are any indication, maritime boundaries may be in need of renewed attention."
(Amwaj Media)
https://shafaq.com/en/Iraq-News/Plans-for-historic-GCC-Iran-Iraq-dinner-in-New-York-collapse
The Price Of The Dollar Fell Against The Dinar In The Markets Of Baghdad And Erbil , 23 sept
The Price Of The Dollar Fell Against The Dinar In The Markets Of Baghdad And Erbil
2023-09-23 03:03 Shafaq News/ Dollar prices decreased today, Saturday, in Baghdad markets and in Erbil, the capital of the Kurdistan Region.
Shafaq News correspondent said that dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 155,200 dinars against 100 dollars, while prices last Thursday were 156,000 dinars against 100 dollars.
Our correspondent indicated that the selling prices in the exchange shops in the local markets in Baghdad decreased, as the selling price reached 156,250 Iraqi dinars, while the purchasing price reached 154,250 dinars for every 100 dollars.
As for Erbil, the stock market does not trade on official holidays, but the dollar recorded in banking shops is the selling price of 155,100 dinars against the dollar, and the purchase price of 155,000 dinars against 100 dollars. LINK
Weekend News with MarkZ 09/23/2023
Its inability was exposed.. The Central Bank’s procedures confuse the Iraqi monetary sector, 23 SEPT
Its inability was exposed.. The Central Bank’s procedures confuse the Iraqi monetary sector
On Friday, economic expert Ziad Al-Hashimi highlighted the challenges faced by the Iraqi monetary and banking sector. He pointed out that the Central Bank’s pressure measures, which apply to all banking companies without differentiation between compliant and defaulting ones, create confusion in a monetary work environment that is not managed or monitored accurately and clearly by the central bank.
Al-Hashemi, speaking to “Jarida”, highlighted one of the key challenges faced by the Iraqi monetary and banking sector. He pointed out that the Central Bank and local banks have been unable to create an effective and appealing banking environment with competitive costs that can earn the trust of citizens. The sector needs to provide flexible and smooth banking services that encourage citizens to deal with banks instead of resorting to exchange companies for cash services.
He went on to say that the Central Bank has not yet been able to establish clear and specific standards for evaluating the work and performance of exchange companies, which makes it difficult to distinguish between compliant and negligent companies.
According to the economic expert, the Central Bank’s pressure measures were applied to all banking companies, causing harm and restrictions even on those who adhere to central controls and maintain a high level of compliance.
Al-Hashimi stated that a lack of accurate and clear management and monitoring by the Central Bank creates confusion and uncertainty in monetary business environment.
"RV UPDATE" BY JSSMI765 , CLARE & WALKINGSTICK, 23 SEPT
jssmi765
As I was looking through all my old Dinar related documents, I came across one from 2012 which listed all the things that needed to take place for the RV to happen. Interestingly, it is only within the last few of weeks/days that everything that was listed has finally been completed...
I also found an old document from 2011 which was a Q & A with someone at Treasury who was one of the original planners of the RV. It was the reason I became a true believer back in the day...This is real people...It's time.
Clare
Article: "House Foreign Affairs Committee will hold a hearing next week on repealing the law that made the 2003 Iraq invasion possible" Quote:
"The hearing, scheduled for 10 am next Thursday, is expected to address both the repeal of the 2002 authorization of the use of military force (AUMF) against Iraq and the replacement of the 2001 AUMF, according to one person familiar with the planning."
Walkingstick
[Iraqi Banking friend Aki update] The ATMs are ready to go with the 'new currency'. The CBI was talking with the private banks on when to bring them online. No date was given at the meeting. But they will be notified when to bring these new ATMs online...
Pimpy
Potential good news for Iraq that could affect the Iraqi dinar...to me it is a good sign and it is good news...
Article: "The US House of Representatives will hold a session next week to cancel the authorization for the invasion of Iraq" This here is a biggie...There's pros and cons to this...the cool thing is - if this authorization is reversed this would give Iraq their full sovereignty. That means they're on their own. There's no more training wheels. There's not more kit gloves...this could have both a positive and negative impact on the currency...
Al-Sudani meets with the American Chamber of Commerce and reveals a set of visions and plans, 23 SEPT
Al-Sudani meets with the American Chamber of Commerce and reveals a set of visions and plans
Our government invests revenues correctly to activate important economic sectors other than oil, as it is not possible to continue to rely on oil to strengthen the budget and cover obligations, as was the case throughout the previous stage. The wrong path in wasting burned gas will stop within 2-3 years, after the completion of the gas projects that began with Total and the Emirati and Chinese companies in the fifth round. We announced 11 fields and exploration blocks in the governorates; Anbar, Nineveh, and Najaf, which include natural gas that will be invested for the first time in Iraq’s history.
Economic reform is a priority, and it cannot be implemented without the presence of an effective and capable private sector that is a partner with the government. We focused on providing a favorable business environment for foreign companies in general, and American companies in particular, by virtue of the capabilities they possess, and also within the path of the vision for the partnership between Iraq and the United States. The relationship between Iraq and the United States cannot remain limited to the security aspect. The business environment in Iraq requires a great effort to reduce bureaucracy, and we have the decision and will to stop corruption through legal measures, and companies cannot be made vulnerable to blackmail or red tape. Every project and file related to a company will be personally sponsored and followed up by us, and we will work to overcome all obstacles you face. We are working to reform the tax system and the customs system, and we are currently preparing a draft economic reform law that addresses loopholes in several laws. We have a draft system to regulate e-commerce, and the government is committed to protecting intellectual property, and we approved a draft law that was sent to the House of Representatives for a vote. We are working diligently on the draft electronic payment law, and we have made great strides in financial and banking reform, through our relationship with the Federal Reserve and the US Treasury. Today we have clear and transparent trade subject to global compliance standards in money transfers. The Ministry of Commerce, through the Commercial Attaché in Washington and with the US Trade Representative Office, is working to hold the meetings of the third session of the Trade and Investment Framework Agreement, in the first quarter of 2024.
The function of this agreement is to identify the challenges facing trade and investment relations between Iraq and the United States. We call on all American companies to present the challenges they face in their presence and work in Iraq. We supported the private sector in the budget law, through the Iraq Fund for Development, whose capital reaches $750 million during 2023, and in 2024 we will add an additional amount. We are currently conducting understandings with Arab and international investment funds, specifically with the Saudi Investment Bank, where we have a partnership in this aspect. The government will provide sovereign guarantees in the budget law to establish industrial and agricultural projects in Iraq. We have understandings with the German Hermes Foundation and the Italian Sochet Foundation, and they are prepared to provide production lines to important laboratories and factories in the industrial sector in exchange for 15% from Iraqi businessmen and 85% provided by the government as a sovereign guarantee. A delegation of Iraqi businessmen toured Germany and Italy and identified factories, and is currently in the process of reaching understandings to implement these projects that were chosen according to market requirements. We want to achieve a real shift in health services, and we have a health insurance law, and we have a new philosophy that represents a transitional stage for implementing this law, through joint operation with companies specialized in providing health services.
We offered 6 hospitals and we hope that there will be American companies specialized in providing medical and therapeutic services in operating these hospitals. The size of the pharmaceutical market in Iraq is approximately $3 billion annually, with national production representing only 10%, and the rest is imported. The Council of Ministers issued a package of decisions to support pharmaceutical producers, and today there are more than 245 requests to establish production lines for the pharmaceutical industry. We are strongly moving towards using modern irrigation techniques to confront water scarcity. We concluded contracts with Emirati, Chinese, and Iraqi companies to establish solar power stations, and we concluded a contract with Total to generate 1,000 megawatts of solar energy.