Friday, October 27, 2023
"RV UPDATE" BY FRANK26, 27 OCT
Frank26
Article: "Al-Alaq: Stabilizing the exchange rate is a major process that requires changes to the commercial system and external transfer in Iraq" Wow! For the next person that says to you it's a scam, first punch them in the nose - no. no. no. :)...take them [this article]. That's fantastic. This is the monetary reform education and it's being given to the citizens in massive amounts...
Question: "Have the sanctions been removed from Iraq?" IMO 99.9% have been removed. The 99.9% that stopped the monetary reform have been removed.1,000 to 1 to start the float in removing the 3-zeros they would be at
a 40% inflation rate in their country...
there is just one rate...These are exciting time.
Minister Of Oil: We Succeeded In Achieving A Significant Increase In The Financial Revenues Of The State Treasury, 27 OCT
Minister Of Oil: We Succeeded In Achieving A Significant Increase In The Financial Revenues Of The State Treasury
Economy | 10/27/2023 Mawazine News - Baghdad, Deputy Prime Minister for Energy Affairs, Oil Minister Hayan Abdul Ghani, confirmed today, Friday, the ministry’s success in achieving a significant increase in the financial revenues of the state treasury.
Abdul Ghani said, in a speech on the occasion of the one-year anniversary of the formation of the government, that “the government has paid exceptional attention to the oil and energy sector, and its decisions have been characterized by boldness, courage, and future vision that achieve steps to develop and develop the oil industry, including the decision to activate contracts for the fifth licensing rounds and conclude contracts with the winning companies.”
Last February of this year, which is expected to add a quantity of (1,000) Mqmq of gas and more than (250) thousand barrels of crude oil, in addition to the Ministry announcing the fifth rounds of oil and gas licensing (the “Annex”) and the sixth, which aim to enhance Optimal investment opportunities for the national wealth of the 30 oil and gas sites and fields, which will hopefully add large quantities of oil and gas to the national oil reserve and production.” Abdul Ghani pointed out, “The importance of the government and the ministry’s decision to proceed with concluding a group of contracts
with Total Energy Company.” Global, which contributes to the advancement of the oil and energy industry and the strengthening of infrastructure and renewable energy, which included a seawater treatment contract for the purpose of providing suitable water for reservoir support for oil fields with a capacity of (5) million barrels per day, which contributes directly to sustaining and increasing the national production of crude oil.
And a contract for investing in associated gas from (4-5) oil fields, with a capacity of (600) megameters.
This contract represents a qualitative addition to the gas and environment sector, and enhances national production, and a contract for developing the Artawi field and increasing production to 220 thousand barrels, in addition to investing in associated gas, A contract to invest in solar energy to generate electricity with a capacity of one kilowatt (1000 megawatts), which is one of the pioneering projects in Iraq and the region.
Regarding associated gas investment, the Minister of Oil stressed that “the government program included the government’s strategy and steps to support the national economy and sustainable development, by supporting gas investment projects, stopping its burning and converting it into useful energy that enhances national production in the oil fields in the north, center and south, and we aim to reach Concluding more contracts in the governorates of Basra, Maysan, Dhi Qar, Anbar, Diyala and other cities to achieve full investment of the available quantities of national wealth.
Regarding the most prominent achievements in the refinery sector, the Deputy Prime Minister for Energy Affairs and Minister of Oil said, “Operating the Karbala refinery with a refining capacity of (140) thousand barrels is an important step to cover a large part of the local need, in addition to the quality and quality of petroleum products, which contribute to reducing Quantities of imported fuel.
The Minister of Oil also considered the efforts of the Southern Refineries Company in implementing a number of projects to increase production and refining capacity and improve the quality of fuel, as well as the reconstruction of the Baiji refinery through the national effort, as an important step to enhance the national production of petroleum derivatives.
He pointed out, “The efforts of the government and the ministry in strengthening infrastructure projects and increasing export capabilities from the southern port, and the interest in renewable energy projects and preserving the environment and climate, and the effective contribution to “OPEC Plus” to stabilize global markets, and the success of the government and the ministry in achieving financial revenues for the state treasury, and contributing "The Ministry of Oil has distinguished itself in promoting and stabilizing electrical energy throughout Iraq, in addition to community initiatives and great support for the health, humanitarian and cultural sectors and the families of the martyrs and the wounded."
Al-Shammari: The Sudanese will announce next week a banking service that will lead to a decline in the dollar, 27 OCT
Al-Shammari: The Sudanese will announce next week a banking service that will lead to a decline in the dollar
10/27/2023
Advisor to the Prime Minister, Fadi Al-Shammari, revealed that Prime Minister Muhammad Shiaa Al-Sudani will announce next week a new banking service for small merchants that will lead to a decrease in the exchange rate and facilitate their work procedures.
Al-Shammari said in a televised statement, "Those who manipulate the dollar are speculators. The government provides the dollar through official platforms. The government is not subject to blackmail by speculators who seek profit at the expense of citizens. At the beginning of implementing the platform, there were problems related to time, and now the delay has reduced to only three days."
He stressed that "food supplies were not affected by the rise in the price of the dollar, and the Prime Minister reviews on a daily basis a list of food prices in the local market, and the government provides a food basket for 10 months for citizens, and 12 months for social care," pointing out that "living issues were definitely not affected by the exchange rate." The dollar and the government will not allow the exchange rate to affect food prices.”
He pointed out that "the services file is one of the most prominent challenges facing the government as it continues to implement its project. The government is working with an executable strategic plan, and the precise daily follow-up of the Prime Minister is reflected in the great progress in work. The daily follow-up of work has led to work progressing beyond the scheduled schedule, and there are 190 basic and strategic projects." In Baghdad alone, this is a precedent that has occurred for the first time, and we will see a major boom in the value and quality of projects that will be launched in Baghdad and the rest of the governorates.”
Al-Shammari noted that “this year the government faced serious challenges, including the budget, and some budget items were launched and others are in the process of being launched. In previous budgets, it usually takes 3 months at a minimum to release the budget allocations when the data is completed after its already late approval. We will get rid of the problem of delay and release the budget allocations after approval.” Three-year budget.
He explained that "the government's wisdom in dealing with various political activities and components is considered its most prominent characteristic, while dealing realistically with regard to resolving files and the coordination framework, which is distinguished by the unity of decision-making that was present in many of its scenes."
Al-Shammari revealed, “The Prime Minister is making contacts and making an exceptional effort in constructive communication with the leaders and heads of states of the region and the world, and Iraq seeks to mitigate as much as possible the escalation taking place in the region, and what is happening in the region affects Iraq, given that the Middle East is the heart of the world and Iraq is the heart of the Middle East.” . LINK
Iraqi dinars will be sole currency allowed for financial contracts: Council of Ministers, 27 OCT
Iraqi dinars will be sole currency allowed for financial contracts: Council of Ministers
ERBIL (Kurdistan 24) – The Iraqi Council of Ministers decided on Tuesday that contracts executed within Iraq shall be denominated in Iraqi dinars, except those entered into through external, bank-issued “documentary credits” based on the terms agreed between the parties.
A comprehensive list of past state contracts originally denominated in US dollars will be compiled by the Ministry of Planning. The compiled list will be forwarded to the Ministry of Finance and the Central Bank of Iraq.
A maximum monthly limit will also be established by the Ministry of Planning for the coverage of contracts in US dollars, with the Central Bank of Iraq ensuring coverage at an exchange rate of 1,320 dinars per US dollar. In order to facilitate monthly payments for these contracts, the funds will be deposited into the Ministry of Finance's account in accordance with the necessary release controls.
Iraqi borrowers from government banks who have taken loans in US dollars are now required to repay their loans in Iraqi dinars. These loans will be covered by the Central Bank of Iraq in US dollars, which will then compensate the lending banks. This process applies exclusively to loans issued prior to the issuance of the Council’s decision.
During the past year, a devaluation of the Iraqi dinar value took place after measures were taken by the United States in late 2022 to stamp out money laundering and the channeling of dollars to Iran and Syria. At the time, the Iraqi dinar’s street value plunged to an exchange rate of nearly 1,750 dinars per US dollar.
Iraq’s Balancing Act: Endorsing Gaza Peace While Protecting National Interests, 27 OCT
Iraq’s Balancing Act: Endorsing Gaza Peace While Protecting National Interests
In the tumultuous theater of global politics, Iraq has once again demonstrated its steadfast commitment to the Palestinian cause. At a pivotal United Nations General Assembly session, the Iraqi Foreign Ministry confirmed its sponsorship and support for a resolution calling for a halt to the conflict in Gaza. This development, however, is not a simple act of solidarity. It carries the weight of Iraq’s historical stance, national interests, and a resounding call for peace.
Reasserting Iraq’s Stance
At the helm of Iraq’s diplomatic narrative is Ahmed Al-Sahhaf, the spokesperson for the Iraqi Foreign Ministry. His affirmation of Iraq’s sponsorship of the resolution is a clear signal of Iraq’s unwavering position on the Palestinian issue. The country has long championed the right of Palestinians to establish their state with Jerusalem as its capital. Iraq’s decision to join the resolution not only strengthens the international call for peace but also reaffirms its longstanding advocacy for Palestinian self-determination.
A measured commitment
While Iraq’s support for the resolution is emphatic, it is not without reservations. Al-Sahhaf expressed concerns about certain terms in the resolution that contradict Iraq’s national legislation. Among these contentious points are the two-state solution and the concept of equality between Palestinian civilians and their adversaries. While the particulars of these reservations remain undisclosed, they signify Iraq’s strategic balancing act between international solidarity and national interests. This nuanced stance underscores Iraq’s policy of principled engagement and its commitment to ensuring that international decisions align with its own legal and geopolitical framework.
Implications and Impact
The international legitimacy of the resolution is bolstered by its endorsement by countries like Iraq. This backing puts pressure on both Israel and Hamas to cease hostilities. It also opens potential avenues for diplomatic negotiations, advancing the prospect of a peaceful resolution to this longstanding conflict. Iraq’s commitment to the resolution highlights the nation’s role in the broader geopolitical landscape, contributing to the collective international voice advocating for peace.
Evening News with MarkZ. 10/27/2023
"RV UPDATE" BY PIMPY, 27 OCT
Pimpy
Let's talk about the high possibly of a reevaluation taking place here real soon with the Iraqi dinar... Article: "The dollar is flying fast and registering 162 thousand dinars in the markets". 1,620 for every dollar is a huge gap between the fixed rate of 1,320...Iraq is going to have to do something very soon about this situation. They can't keep allowing this to get out of control. It's causing inflation...and it's affecting the economy... The last time we started to see this type of gap between the fixed rate and the black market rate, Iraq was forced to increase the value of dinar.
IMO if this keeps getting out of control I don't think they're going to have any choice but to do the same thing again...Keep in mind the Iraqi dinar before they devalued you got 1,190 dinars for every dollar, it dropped down to 1,450 for every dollar then they increased it to where you get 1,300 for every dollar. If they go to make a move again is it possible they finally bring us back to where we started from at 1,190 or every dollar. It almost looks unavoidable at this moment.
People have asked me, 'Do you expect any changes in 2024?' Yes, nothing in '23 though but 2024 absolutely. As a mater of fact I'm anticipating a couple of changes. Over then next couple years I'm expecting to see the Iraqi dinar start to take steps towards increasing its exchange rate little by little. At least it's going in the right direction...
I think over the next few years you'll start to see the Iraqi dinar slowly increase in value little bylittle. It's hard to talk about where the dinar is going to be just because the United States isn't going to let those resources go and Iraq
can't stop getting in trouble - at least that's what we're told...
IMF implores Zimbabwe to pace up forex reforms | The Herald , 27 OCT
IMF implores Zimbabwe to pace up forex reforms | The Herald (10/27/23)
The International Monetary Fund (IMF) says Zimbabwe should accelerate foreign exchange market reforms by allowing more flexibility in the official exchange rate through market-driven price discovery.
It also called for the removal of exchange rate restrictions for banks, authorised dealers, and businesses, and for further minimisation of export surrender requirements after a staff visit in Harare between October 18 and 25, 2023 to discuss recent economic developments and outlook in the country.
Although the IMF mission acknowledges the authorities’ recent efforts to stabilise the foreign exchange market and reduce inflation by tightening Zimbabwe dollar liquidity conditions, the parallel forex market premium remains high at over 30 percent.
The Zimbabwe dollar closed at 5,6934 against the United States dollar at the last auction yesterday.
“Key economic policy reforms identified in previous Article IV consultations remain paramount to fully restore macroeconomic stability,” said the IMF mission.
To mitigate liquidity pressures and re-anchor inflation expectations, it said it is imperative to comprehensively address the Reserve Bank of Zimbabwe’s quasi-fiscal operations (QFOs). These measures should be complemented with an enhanced liquidity management framework, including the use of appropriate interest-bearing instruments by the RBZ to mop up excess liquidity, the IMF mission says.
The consolidated fiscal stance, including QFOs, should be aligned with short-term stabilization objectives.
“Structural reforms aimed at improving the business climate and reducing governance vulnerabilities are key for promoting sustained and inclusive growth and would bode well for supporting Zimbabwe’s development objectives embodied in the country’s National Development Strategy 1 (2021-2025),” it added.
Sustainable development will also require resolving the debt overhang. The IMF said it would continue to provide policy advice and extensive technical assistance in revenue mobilization, expenditure control, financial supervision, debt management, economic governance, and macroeconomic statistics. However, the IMF is precluded from providing financial support to Zimbabwe due to unsustainable debt—based on the IMF’s Debt Sustainability Analysis and external arrears.
An IMF financial arrangement will require a clear path to a comprehensive restructuring of Zimbabwe’s external debt, including clearing arrears, and a reform plan that aligns with durably restoring macroeconomic stability, enhancing inclusive growth, lowering poverty, and strengthening economic governance.
International re-engagement remains critical for debt resolution and access to financial support.
The authorities’ re-engagement efforts through the Structured Dialogue Platform are vital for attaining debt sustainability and gaining access to external financing, it says.
It notes that Zimbabwe’s economy has continued its post-COVID recovery, but enhancing its longer-term growth potential would require strong reform efforts. Real gross domestic product is projected to grow by around 4,8 percent in 2023, supported by strong activity in the mining sector and—reflecting the beneficial impact of structural reforms—in agriculture and energy sectors.
Growth is expected to slow to 3,5 percent in 2024 due to weaker global demand for minerals and a weather-related slowdown in agriculture.
“The outcome of this staff visit will serve as a key input in the preparations for a Staff Monitored Program (SMP) and the next Article IV consultation,” says IMF.
The IMF mission held meetings with Minister of Finance, Economic Development and Investment Promotion Professor Mthuli Ncube, his Permanent Secretary Mr. George Guvamatanga, Reserve Bank of Zimbabwe Governor Dr John Mangudya, the Deputy Chief Secretary to the President and Cabinet Mr Willard Manungo, other senior Government officials.
https://www.herald.co.zw/imf-implores-zim-to-pace-up-forex-reforms/
Iraqi armed factions claim responsibility for targeting American Base in Erbil, 27 OCT
Iraqi armed factions claim responsibility for targeting American Base in Erbil
Shafaq News/ On Thursday, armed factions in Iraq asserted responsibility for a bombing targeting the American "Harir" base in Erbil, the capital of the Kurdistan Region. This attack is part of a series of operations these factions have been conducting in recent days.
A group called the "Islamic Resistance in Iraq" stated, "The Mujahideen of the Islamic Resistance in Iraq targeted the American occupation base adjacent to Erbil Airport, with two drones, which directly hit their targets."
The "Islamic Resistance in Iraq" expressed support for the Palestinian "Hamas" movement's Operation "Al-Aqsa Flood."
Following the bombing of Al-Baptist Hospital in the Gaza Strip, where more than 500 people were killed and hundreds wounded, the "Resistance" initiated bombing operations on US military bases in Iraq and Syria.
"RV UPDATE" BY MILITIAMAN, 27 OCT
Militia Man
If you've been paying attention closely, it isn't just the oil and gas law anymore. It's the oil, gas and natural resources law. They're going to add more to it so the citizens are going to benefit from this...that's all the politicians too. Everybody in the country is going to benefit from it...
I'm convinced that when the time's right...they're going to use the dinar globally. That means, you, I, Europe, everybody that has it is going to be able to use it.1st phase of Iraq-Jordan electrical connection completed, bringing power to Western al-Anbar, 27 OCT
1st phase of Iraq-Jordan electrical connection completed, bringing power to Western al-Anbar
Shafaq News / The Ministry of Electricity's media office announced on Thursday the completion of the first phase of the electrical connection with Jordan. It noted that the electricity supply to the western al-Anbar region, specifically the Rutba area, will begin from this phase next month. The second and third phases, which will include electrical connections with Egypt, are set to be completed later.
The media office of the Minister of Electricity stated that "The Ministry of Electricity has completed the first phase of the electrical connection between Iraq and Jordan, providing the Rutba area in western al-Anbar with 50 megawatts of electrical capacity. Next month, Rutba will start receiving electricity."
"The second phase of the electrical connection project will provide western areas with an additional 350 megawatts of electricity."
"The third phase of the project includes the completion of the electrical connection between Iraq, Jordan, and Egypt."
The office specified that "Power purchase contracts through the electrical connection have been determined according to global prices."
Al-Sadr calls on the government and parliament to close the American embassy in Iraq, 27 OCT
Al-Sadr calls on the government and parliament to close the American embassy in Iraq
Al-Sadr stated that if the government and Parliament do not respond, another position will be announced later.
The Shiite leader urged supporters to avoid individual action and weapon use, emphasizing obedience.
The US Embassy in Baghdad announced the departure of non-essential employees at the embassy and US Consulate in Erbil due to increasing security threats.
"RV UPDATE" BY RAYREN98 CLARE & MNT GOAT, 27 OCT
RayRen98
[via Babysmom] "...FOREX TRADERS ARE BEING TOLD TO LOOK FOR RATE CHANGES ON FRIDAY OR SATURDAY...TIME WILL TELL"
Coffee with MarkZ and Mr. Cottrell. 10/27/2023
Iraqi MP initiates campaign to close US embassy, 27 OCT
Iraqi MP initiates campaign to close US embassy
Shafaq News / On Friday, Iraqi Member of Parliament, Barhan Al-Ma'mouri, announced that he would launch a campaign to gather signatures to vote on a parliamentary resolution to close the US embassy in Baghdad in response to a call from the leader of the Sadrist Movement, Muqtada al-Sadr.
In a statement today, Al-Ma'mouri mentioned, "Based on al-Sadr's request, we will begin a campaign to gather signatures from fellow MPs to close the US embassy."
He added that they would "call on the parliament's presidency to hold an extraordinary session to present a binding draft law for the purpose of closing the US embassy and voting on it within the parliament."
Earlier in the day, Muqtada al-Sadr called on the federal government and parliament to vote on a resolution to close the US embassy in Iraq in solidarity with the Palestinians.
Al-Sadr emphasized the need to "protect the diplomats and not expose them to the impudent militias that aim to undermine Iraq's security and safety" if the resolution is passed.
Furthermore, al-Sadr stated, "If the government and parliament do not respond, we will have another stance to announce later."
He also called on his followers to "obey and refrain from individual actions, and to avoid the use of arms altogether."
https://shafaq.com/en/Iraq-News/Iraqi-MP-initiates-campaign-to-close-US-embassy
"RV UPDATE" BY MNT GOAT, 9 MAY
Mnt Goat Can you see just how close Iraq is to fulling Al-Sudani’s promise of making the dinar a proud national currency once again. A...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...
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TEXAS SNAKE Texas Snake, [03/16/2024, 10:17:58 a. m.]: Texas Snake, please forgive me I know this is long, but I’ve been waiting for two ye...
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RayRen98 BANK STAFF RECEIVED "GET READY" MEMOS THIS MORNING, THEY'VE BEEN EXCITED ALL DAY! Nader From The Mid East Y...