Geopolitical Tensions Rise as Iraq Rejects Kurdistan’s Oil Development & Canada Faces Climate Challenges, 13 NOV

 Geopolitical Tensions Rise as Iraq Rejects Kurdistan’s Oil Development & Canada Faces Climate Challenges

The recent refusal by Iraq’s Ministry of Oil to implement a development mechanism for Kurdistan’s oil has deepened geopolitical tensions in the Middle East. Amid escalating market fluctuations, the price of the dinar has risen, with 100 dollars now equating to 163,500 dinars.

Geopolitical Tensions: Iraq and Turkey

The strained relations between Iraq and Turkey have become a focal point, with the Iraqi Ministry of Oil’s rejection of a suitable mechanism for the development of the Kurdistan region’s oil at the crux. Turkish Foreign Minister Hakan Fidan’s call for Iraq to label the Kurdistan Workers’ Party (PKK) as a terrorist organization further escalates the hostility between Turkey and Kurdish fighters in Iraq and Syria. The disputes over oil revenues and the PKK’s activities in Iraq have intensified tensions between the two nations.

Military Activities and Tensions: Iraq and Syria

An unattributed rocket attack on the Saqr base in Iraq heightens the existing hostilities, particularly those targeting American bases. This incident, coupled with the diversion of flights to Latakia Airport in Syria following Israeli airstrikes on Damascus and Aleppo airports, underscore the convoluted nature of the regional conflict.

Humanitarian and Political Developments: Jordan and Gaza

Jordan’s announcement of a second airdrop of urgent medical aid to Gaza highlights the ongoing humanitarian crisis in the region. The heavy fighting near Shifa Hospital in Gaza City and Israeli Prime Minister Benjamin Netanyahu’s rejection of international calls for a ceasefire compound the complex humanitarian and political challenges in the Gaza Strip.

Climate Change and Energy Policies: Canada

Addressing rising concerns over energy inflation, carbon capture subsidies for the oil sands, and challenges in the offshore wind industry, Canada explores the potential of its abundant forestry resources. The development of a new low-carbon building material, mass timber, could unlock the industry’s growth potential if barriers are overcome.

In the intricate web of international relations, geopolitical tensions, military activities, humanitarian crises, and climate change challenges, the complexities of the Middle East and Canada’s energy policies become apparent. The volatile nature of the region, coupled with the multifaceted challenges of transitioning to a low-carbon economy, underscores the need for nuanced approaches in addressing these issues.

https://bnn.network/world/iraq/geopolitical-tensions-rise-as-iraq-rejects-kurdistans-oil-development-canada-faces-climate-challenges/

Steps Iraq must take to get back on the FOREX BY PIMPY

Iraq Signs An Agreement With An International Bank To Finance A Power Plant Maintenance Project, 12 NOV

 Iraq Signs An Agreement With An International Bank To Finance A Power Plant Maintenance Project

Minister of Finance, Taif Sami, signed an agreement to finance the maintenance project loan for the Ministry of Electricity’s stations with JPM Bank, in partnership with (GE) General Electric International Inc., within the annual maintenance project (fifth phase, PUP5/B, at a total cost estimated at (257) million dollars. A Ministry statement

stated Finance: The signing of the agreement falls within the framework of the fourth axis of Article Two / State General Budget Law, and based on Cabinet Resolution No. (23588) of 2023, in which the Minister of Finance is empowered to sign the loan financing agreement for the project with JPM Bank and with the guarantee of the Export-Import Bank.

The Minister of Finance indicated during the signing ceremony, according to the statement, that “financing the project loan will contribute effectively to increasing the efficiency of electric power generation plants in Iraq, which will reflect in the interest of raising energy productivity and thus reducing the gap between supply and demand in energy and bridging The needs of citizens in all governorates.”  https://www.radionawa.com/all-detail.aspx?jimare=3624

Exclusive Insights Central Bank of Iraq and U.S. Officials Reach Milesto...

"RV UPDATE" BY WALKINGSTICK, 12 NOV

  Walkingstick  

 [Iraqi bank friend Aki update] 

 How will Aki profit by having these banks?  By exchanging the Iraqi dinar for dollars.  This is a profit for the bank. For Aki...

The economic reform is blossoming...because the monetary reform was a success...It is due to the security and stability that Sudani and Alaq have created for the reforms. 

 [Iraqi bank friend Aki update]

When Saddam was removed, many retirees...expatriots...soldiers...citizens left Iraq...A great portion has come to the United States of America therefore these [CBI affiliated] private banks are needed for the reinstatement for the Central Bank of Iraq to re-collect the 3-zero notes that are missing...They turned the private exchange centers into private banks for...the change in the exchange rate of the Iraqi currency. 

The Federal Court Obliges The Council Of Ministers And The Minister Of Finance To Submit The Final Accounts

The Federal Court Obliges The Council Of Ministers And The Minister Of Finance To Submit The Final Accounts

Sunday 12, November 2023 | Political Number of readings: 221  Baghdad / NINA / The Federal Supreme Court (the highest judicial authority in the country) accepted a lawsuit submitted by the Secretary of the Communist Party in Iraq, in which he demanded that the Council of Ministers and the Ministry of Finance submit the final accounts for the implementation of the general budget.

Lawyer Zuhair Diaa El-Din, who was assigned, along with lawyer Salam Zuhair Diaa El-Din, by the Secretary of the Communist Party, Raed Fahmy, to carry out the duties of the lawsuit, in a statement today, “The Federal Court issued a decision obligating both the Council of Ministers and the Minister of Finance to submit the final accounts.”

The Federal Court issued its decision, in Case No. 190/Federal/2023, based on the implementation of the text of Article (62/First) of the Iraqi Constitution, which stipulates that “the Council of Ministers shall submit the general budget law and the final account to the House of Representatives for approval, in accordance with the provisions of Article (34). ) of the Financial Management Law No. (6) of 2019.

According to Diaa El-Din, this decision constitutes “a major achievement, given that the state’s final accounts reflect the processes of applying the general budget in accordance with the legal regulations, systems and financial instructions in force, to show the financial position of the state with its rights that must be collected, and the obligations that must be paid.”

This comes after the Council of Ministers and the Ministry of Finance hesitated to submit the final accounts that were last submitted for the year 2018, according to what was stated in the statement, which indicated that the accounts that are submitted are Years behind its timing,

the lawyer for the case expressed his hope, after the issuance of the decision, that the Council of Ministers and the Ministry of Finance would commit to completing and submitting the final accounts for the ending year with every budget that is referred to the House of Representatives for the purpose of approval, in implementation of the decision of the Federal Court, whose decisions are considered final and binding on all authorities based on the text Article (94) of the Constitution.

He also expressed his aspirations that the issuance of this decision would contribute in an effective way to preserving public money through monitoring disbursement operations, according to the statement.

On June 13, 2023, the House of Representatives voted on the country’s general financial budget for the years 2023, 2024, and 2025, after a difficult struggle that extended for months, and forced the holding of a series of parliamentary sessions.  https://ninanews.com/Website/News/Details?key=1089489

The Central Bank Achieves One Of The Basic Goals Of Monetary Policy In 2023, 12 NOV

 The Central Bank Achieves One Of The Basic Goals Of Monetary Policy In 2023

Samir Al-Nusairi  Economy News – Baghdad  The objectives of the monetary policy of the Central Bank are to achieve economic growth and stability, and one of its primary objectives is to reduce inflation rates and stabilize the prices of goods and services in very complex economic, security and political conditions in 2023 that the world is going through, especially the countries of the geographical region in which our country is affected negatively and positively.

Our economy has suffered from these conditions for decades, and the reason is the rentier economy and the dependence of 93%,

as an average, of the general budget on oil, which constitutes approximately 60% of the gross domestic product, while the active economic sectors, which are agriculture, constitute 4.7% and industry do not exceed 2%.  

These are indicators that led to the lack of Local production covers the consumption needs of citizens for food and other basic materials. Therefore, the reliance was almost entirely on imports for the private commercial sector and from various origins.

Successive governments were unable to control internal trade and regulate foreign trade, and control over illicit trade and unofficial border crossings was weak, which led to the impact of The monetary and commercial market, and the prices of food and essential items for citizens rose at high rates during the years 2021 and 2022.

Therefore, this indicator was the most prominent challenge facing monetary policy and directly affected the stability of the exchange rate, which led the Central Bank to take many measures in cooperation with the government in 2023 to regulate foreign trade.

And controlling external transfers and regularity in the global financial and banking system by developing the electronic platform and working to prepare and launch a new strategy for banking reform and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for large and registered merchants and for every merchant, regardless of his classification, at the official rate via The platform exclusively helped reduce prices for most food and essential items within balanced rates commensurate with their prices in the global commercial market, in the country of origin, and in the markets of most regional countries.

This was achieved through analyzing the indicators of the annual inflation rate for the year 2023, which was published by the Central Bank, in comparison with the annual inflation rates.

For the year 2022 achieved in Iraq and in the regional countries, as it is clear from official data that the annual inflation rate reached 3.7% in 2023 and 4.4% in 2022, and that most other countries with unstable economies have reached very high rates of inflation, reaching % in Turkey. 80.2%, in Sudan 117.4%, in Iran 40.0%, in the Arab Maghreb countries with relative economic stability in Tunisia, Algeria and Morocco 9.3%, 9.0% and 5.0% respectively, and in Egypt it reached 37.4% and ranged In the Gulf countries with stable and oil-rich economies, the range is between (2.4%-4.8%).

This confirms beyond doubt that the Central Bank’s strategy and procedures during this year achieved one of the basic goals of monetary policy, which is reducing the rate of inflation and maintaining the general level of commodity prices. And services, and he is currently working to achieve other goals, which are stabilizing the exchange rate and maintaining a foreign reserve covering the local currency in circulation and imports, which exceeded 100 billion dollars.

So, the economic results and outcomes confirm that the policies and procedures undertaken by the Central Bank this year have achieved an important goal of achieving stability in the monetary system, which is an important step in achieving the other goals of monetary policy.

Views 171   11/12/2023 - https://economy-news.net/content.php?id=37458

Iraqi Dinar update for 11/12/23 It just keeps getting better and better ...BY PIMPY

"RV UPDATE" BY MILITIAMAN, 12 NOV

 Militia Man 

 Iraq's assistance for ascension is a key indicator especially when they're talking about post ascension.  That is powerful because if they're talking about post ascension it gives you the heads up that the game's on - They're ready to finish it...

 At the moment we're at 1310.  If you drop 3 zeros you have a number...The dinar at 1000...drop the 3 zeros, what are you at?  You're at 1 to 1.  That's the project to delete the zeros off the exchange rate.  Not the currency.  The exchange rate.

The second workshop the UNCTAD will put on through 11-14 November 2023.   It is for Iraq's on going preparation for WTO accession... They are in it to the end now. They are in a place where they can have accession at anytime that the check boxes are checked...

They are not waiting on any distant time frame. It is all a part of the process that they have to go through and the completion stage they are in...Just note, post assistance for Iraq and for after accession is a key indicator that they are in the completion phase.. 

Iraq Expands Educational Opportunities: Vocational Schools Now Open for Intermediate Students, 12 NOV

Iraq Expands Educational Opportunities: Vocational Schools Now Open for Intermediate Students

The Iraqi Ministry of Education’s recent announcement signifies a crucial step towards expanding educational opportunities in the country. In a progressive move, vocational preparatory schools are now open to third-grade intermediate students who have successfully completed their third-round examinations. This development aligns with the broader efforts to enhance the educational landscape in Iraq, catering to varying interests and career aspirations.

A Progressive Approach to Education

The decision to introduce vocational training at an earlier stage reflects a forward-thinking approach in the realm of education. It allows students to explore practical skills and specialized fields of study alongside their regular curriculum. This method widens the scope of learning while equipping students with valuable vocational skills crucial for their future careers.

Aligning Education with Economic Growth

In the context of Iraq’s evolving economic landscape, the emphasis on vocational education is particularly significant. As Iraq continues to develop and diversify its industries, the demand for skilled professionals across various vocational sectors is rising. By integrating vocational preparatory schools into the educational framework for younger students, the Ministry of Education is proactively catering to the needs of the evolving job market.

Inclusive Education and Socio-Economic Development

The initiative underscores the importance of recognizing and nurturing diverse talents among students. Not all learners thrive in traditional academic settings, and the inclusion of vocational education accommodates individual strengths and interests. This move highlights the interconnectedness of education and socio-economic development, laying the groundwork for a more skilled and adaptable workforce, which can have positive implications for the overall socio-economic progress of the nation.

https://bnn.network/world/iraq/iraq-expands-educational-opportunities-vocational-schools-now-open-for-intermediate-students/

Federal Reserve, Gaza Conflict, and Iraqi Dinar: A Global Interplay, 12 NOV

 Federal Reserve, Gaza Conflict, and Iraqi Dinar: A Global Interplay

The Federal Reserve Bank of America’s decision to distribute dollars to 10 Iraqi banks comes amidst a complex backdrop of bond yields, international conflicts, and currency dynamics. As the Iraqi Federal High Court prepares to make three landmark decisions, including the transfer of 700 billion dinars to the displaced people of the Kurdistan region, the multifaceted nature of these developments underscores the intricate interconnections of global finance, geopolitics, and currency management.

Federal Reserve and Bond Yields: Balancing Act

The Federal Reserve’s delicate dance with bond yields, particularly the 10-year Treasury note, has significant implications for borrowing costs and consequently, economic activity. The swift rise in long-term US Treasury yields has stirred investor concerns but also eased pressure on the Fed, allowing for a more measured approach to rate hikes. This nuanced interplay between the Federal Reserve’s monetary policy, market reactions, and broader economic landscape is a testament to the bank’s efforts to communicate its intentions clearly while adapting to market dynamics.

Impact of Gaza Conflict on Iraq: A Delicate Equilibrium

The Israel-Hamas conflict has cast long shadows on Iraq’s security and political situation. The involvement of Shiite armed groups, the presence of American forces, the ensuing rocket and drone attacks on U.S. bases, and potential retaliatory attacks all contribute to a fragile security situation in Iraq. In this geopolitical quagmire, Iraq’s efforts to maintain a neutral stance and advocate for diplomatic resolutions to regional conflicts are critical for its security and economic stability.

Exchange Rate Dynamics: The Iraqi Dinar

The exchange rate for the Iraqi Dinar against the United States Dollar offers a snapshot of the challenges posed by global currency volatility. The importance of exchange rate stability and reliable money transfer mechanisms for international transactions are highlighted, especially in the context of fluctuating global currencies. The decision to distribute dollars to Iraqi banks by the US Federal Reserve is a significant move in this regard, potentially stabilizing the dinar and facilitating smoother international transactions.

Overall, these developments underscore the need for astute policy measures, diplomatic acumen, and a nuanced understanding of global economic and political landscapes to navigate the complex and interrelated domains of finance, geopolitics, and currency management.

https://bnn.network/world/iraq/federal-reserve-gaza-conflict-and-iraqi-dinar-a-global-interplay/

Reinstatement = $3.22-$4.25💣IQD International!?🤔Iraq Dinar RV Updates | ...

"RV UPDATE" BY BRUCE, 12 NOV

Bruce 

  [via WiserNow]   ...first of all regarding Iraq, very early in the morning...Friday...the ATM machines which have been loaded with lower denomination dinar...meaning  being 5 / 10 / 20 /50 / 100’s - sort of like we would have 20s in our ATMs. 

I don't know how many different denominations they have...those are activated early this morning for the first time – that’s new...So the lower denomination dinar are in the ATMs and were utilized... 

 ...we heard that redemption centers had two conference calls... to go over the final details, last minute touches...Before we go...they did say that this came off the calls, that we should have our notifications delivered to us by email tomorrow late morning...

Oil minister says talks in Kurdistan will discuss production costs as pipeline deal with Turkey is sealed, 12 NOV

Oil minister says talks in Kurdistan will discuss production costs as pipeline deal with Turkey is sealed

Shafaq News/ Iraq has agreed with Turkey to resume oil shipments via Ceyhan port, and talks are underway to address production cost issues, Federal Oil Minister Hayyan Abdul-Ghani told reporters in Erbil in a joint press conference with Kamal Mohammad Saleh, the Kurdistan region's minister of natural resources, on Sunday.

Accompanied by a high-level government delegation, Abdul-Ghani arrived in the region this morning for a three-day visit for talks with Kurdish officials on the years-long dispute over who should control the region's oil.

"The visit aims to converge views on oil production and exportation from the Kurdistan region," he said. "in our meetings with the Ministry of Natural Resources, we will discuss all the necessary measures to facilitate them."

"We are committed to resuming oil shipments from the region and will spare no effort to address the production costs with the international companies operating there," he continued. 

The minister assured that Iraq and Turkey have reached an agreement to put the oil pipeline that delivers Iraqi oil to the Ceyhan port back into service.

Turkey halted flows through Iraq's northern oil export route after an arbitration ruling in March by the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad damages for unauthorized exports between 2014 and 2018. 

Turkey says the pipeline is prepared for shipments to begin, but the Iraqi side insists it has not received official notification from Turkey on whether the pipeline is ready.

For his part, the region's minister of natural resources said that the meetings in Erbil will also discuss transportation costs. 

"The federal budget has set the production costs at six dollars a barrel. However, this rate is incompatible with the contracts we signed with oil operators in the region. We hope we will be able to address this issue during this visit," he said. 

Late in October, Iraq's Prime Minister Mohammed Shia al-Sudani said that foreign oil companies operating in the Kurdish region informed his government that if an agreement is reached on oil production costs and contracts, they will resume oil production within a month.

"Foreign companies operating in the Kurdistan region believe that the production costs determined by the Iraqi side are low and not commensurate with the production costs from the region’s fields," he said.

Turkey's closure of the Iraq-Turkey pipeline in March has collectively cost Iraq, Kurdistan's Regional Government (KRG), and oil producers a total of $7 billion in lost export revenues, the Association of the Petroleum Industry of Kurdistan (APIKUR) has previously said. 

On Thursday, APIKUR announced they will not produce oil for pipeline exports until the issue of overdue payments estimated at nearly $1 billion is resolved.

The accumulated KRG debt to DNO, one of the operating companies, stood in excess of $300 million for oil sales between 2023 and 2024, according to the company itself. 

Other APIKUR members are Genel Energy, Gulf Keystone Petroleum, Shamaran Petroleum, HKN Energy Ltd, and Hunt Oil. Collectively, they produce about 50% of the oil in Kurdistan.

https://shafaq.com/en/Kurdistan/Oil-minister-says-talks-in-Kurdistan-will-discuss-production-costs-as-pipeline-deal-with-Turkey-is-sealed

Iraq signs agreement with ExxonMobil for exit from West Qurna 1 field, PetroChina to take over, 12 NOV

Iraq signs agreement with ExxonMobil for exit from West Qurna 1 field, PetroChina to take over

Shafaq News/ The Iraqi Ministry of Oil confirmed on Saturday the finalization of a settlement agreement with ExxonMobil, paving the way for the American energy giant's departure from the West Qurna 1 oil field. Simultaneously, the ministry announced that Chinese company PetroChina would assume the field's leading operator role.

Hassan Muhammad, deputy Basra Oil Co. manager in charge of oilfields and licensing rounds affairs, revealed that the settlement agreement underwent scrutiny by the Ministry of Oil and the Basra Oil Company. It was determined that PetroChina would become the primary operator of the West Qurna 1 field. As a result, the Chinese company will now hold the largest share in the field after ExxonMobil's departure.

ExxonMobil, which previously owned a 22.7% stake in the West Qurna 1 oil field with a capacity of 550,000 barrels per day, has now concluded a "sale agreement" to transfer its share to the state-run Basra Oil Company. 

The sale agreement encompasses financial matters, and a commitment has been made to address the tax issue associated with ExxonMobil's share in additional negotiations.

Regarding the unresolved tax matter, the Iraqi official stated that two options are under consideration: reaching a settlement agreement on the tax or resorting to arbitration.

Notably, the preceding year, the state-owned oil and gas firm Pertamina acquired 10% of ExxonMobil's share in the West Qurna 1 oil field, increasing its stake to 20%. Concurrently, the Basra Oil Company purchased 22.7% of the field's share.

According to officials from the Basra Oil Company, with ExxonMobil's exit from West Qurna 1, the company will no longer have a presence in the Iraqi energy sector.

https://shafaq.com/en/Economy/Iraq-signs-agreement-with-ExxonMobil-for-exit-from-West-Qurna-1-field-PetroChina-to-take-over

Dinar RV Breaking News🔥CBI & US Enhance Iraq Banks Balances in Global Cu...

"RV UPDATE" BY CLARE, 12 NOV

 Clare

  Article:  "Intensive Iraqi-American meetings in the Emirates result in important decisions regarding external transfers of the dollar”  

Quote: "The official Iraqi News Agency quoted a government source as saying that intensive meetings took place during the past few days in Abu Dhabi between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, indicating that the negotiations culminated in a number of decisions and mechanisms that contribute to facilitating procedures. Regarding external transfers related to imports through the foreign currency sales window."

Article: " Central Bank: Inflation rates in Iraq are low and their percentage is acceptable compared to countries in the region"

Article:  "Economist: It is not possible to mint an Iraqi coin currently, and inflation is a thousand times high ”

Article:  "Misdemeanor Integrity Court: Iraq has come a long way to get off the money laundering blacklist"

Iraq signs $257m loan deal with JPM, GE to upgrade power plants, 12 nov

Iraq signs $257m loan deal with JPM, GE to upgrade power plants

Shafaq News/ Iraq's Finance Minister, Dr. Taif Sami, signed a $257 million loan agreement with JP Morgan Chase and General Electric (GE) on Sunday to upgrade the country's power plants.

The loan will be used to fund the fifth phase of the annual maintenance program (PUP5/B), which will cover 11 power plants across Iraq. 

The program, according to Iraqi officials, is expected to improve the efficiency of the plants and increase electricity production.

The electricity infrastructure in Iraq has suffered from inadequate maintenance since the 1980s.

Power outages are part of daily life in Iraq, but older generations can vividly recall a bygone era before the 1980s, when Iraq boasted one of the most developed energy sectors in the region. 

The loan is guaranteed by the U.S. Export-Import Bank (EXIM).

The agreement is the latest in a series of loan deals that Iraq has signed with international lenders, including Siemens and TotalEnergies, over the past few months in a bid to raise funds to finance infrastructure projects and other economic development initiatives.

Following the eight-year-long war with Iran, the decline in oil revenue reduced the Iraqi government's spending on public services. The 1990 Gulf War, coupled with the sanctions that followed, devastated state infrastructure, particularly the electric grid and water networks. By the end of the 1990s, most Iraqis did not have consistent access to electricity or water

"This loan will help to close the gap between supply and demand for electricity in Iraq," Sami said at the signing ceremony. "It will also help to improve the quality of life for Iraqis." 

Despite Iraq's natural wealth, decades of conflict and corruption have limited the country's infrastructure, prompting over-reliance on Iran for energy provisions. While previous Iraqi governments have struggled to attract foreign investments, Iraq's complex political system has proven resistant to crises, and the nation's current state of relative peace has catalyzed a shift.

Recently, the sector has focused on new gas-capture and power-generation efforts—including projects in the just-signed $27 billion deal with France’s TotalEnergies, which the Biden administration welcomed.

https://shafaq.com/en/Economy/Iraq-signs-257m-loan-deal-with-JPM-GE-to-upgrade-power-plants

Experts expects a breakthrough as Baghdad-Erbil oil talks progress, 12 nov

Experts expects a breakthrough as Baghdad-Erbil oil talks progress

Shafaq News/ Experts are optimistic about the prospects for an agreement between Baghdad and Erbil on the oil file for the Kurdistan Region.

Speaking to Shafaq News Agency, Kurdish oil expert Gorfed Sherwani said that the visit of the Federal Minister of Oil to Erbil on Sunday reflects the seriousness of the Iraqi government.

"The visit shows that the two sides are ready to discuss the tactical, administrative, and financial aspects of resuming oil exports from the region," Sherwani said.

He added that the main disagreement between the two sides is over the vision for the oil law. The Kurdish government wants to maintain its autonomy, while the federal government wants more control.

"The Constitution guarantees a clear role for the federal government, the regions, and the oil-producing provinces," Sherwani said. "We hope that this will be taken into account in the distribution of responsibilities for managing the oil file."

Sherwani also said that the estimates for the cost of oil production in the region vary. The federal government estimates that it costs $12 per barrel to produce oil and $7 per barrel to transport it. The Kurdistan Regional Government estimates that it costs $24 per barrel to produce oil and $8 per barrel to transport it.

"These figures are realistic and are in line with what is paid to foreign companies that sign a contract with the Federal Ministry of Oil," Sherwani said.

https://shafaq.com/en/Economy/Experts-expects-a-breakthrough-as-Baghdad-Erbil-oil-talks-progress

Iraqi Dinar🔥Final Value Of Iraqi Dinar Between $3.22/4.25 Today🔥IQD hold...

"RV UPDATE" BY MARKZ, 12 NOV

 MarkZ  

  [via PDK]    “The seventh Ambassadors conference confirms the increase in Iraq’s effectiveness regionally and internationally”   Leaders from different regions got together to talk about their progress. This was a especially fruitful conference in Iraq.

  The earliest we expected things was Friday evening… The most probable time is Saturday. But there is nothing yet.  Iraq is embracing alternative currencies like the Indian Rupee and the Chinese Yuan. Euro ect…Many interesting things happening in Iraq that points to an ”International Currency”.  This means a new rate. 

 Iraq is now selling gold to banks and that is good news….  They are doing everything they need to do and are making solid progress toward this Rv…

but, stay grounded. We know we are close…we are hopeful…but, manage your expectations...But everything seems to be pointing to an announcement in the next day or so.

A government source reveals the outcomes of the meeting between the Central Bank and the American side, 12 NOV

  A government source reveals the outcomes of the meeting between the Central Bank and the American side

11/11/2023  Economy News

 A government source revealed, on Saturday, that the Central Bank of Iraq agreed with the American side to enhance the advance balance of five Iraqi banks in dollars.

The source said, to an official agency followed by Al-Iqtisad News, that “Intensive meetings took place in Abu Dhabi in the past few days between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, and the negotiations culminated in a number of decisions and mechanisms that It contributes to facilitating procedures for foreign transfers related to imports through the foreign currency sales window.”

He added, "It was agreed to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP Morgan)," noting that "the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons."

He continued: “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks (UAE Dirham pilot),” indicating that “things are going well in this aspect, as all the technical details related to it have been resolved.” In this regard, it is expected that the mechanism for enhancing balances in the UAE dirham will begin within the next few days.”

He stressed that "there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union," noting "an increase in the number of banks whose balances in Chinese yuan are being enhanced through the Singapore Development Bank."

He added, "Accounts have been opened for 6 Iraqi banks in this bank, and during the coming period 7 more banks will be added to finance Iraqi trade and imports from China, as these imports are estimated at about 12 billion dollars annually."

The source concluded, saying: “Bank accounts have also begun to be opened in the Indian rupee for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to strengthen the balance of two Iraqi banks have actually taken place as a first stage, and it is expected that this mechanism will contribute to financing Iraq’s imports from India.” Especially medicines and foodstuffs, which are estimated at about $3 billion.”   LINK