Saturday, November 18, 2023
Parliamentary Oil Committee: The Oil And Gas Law Has Not Reached Parliament And Is Still In The Government’s Drawers, 19 NOV
Parliamentary Oil Committee: The Oil And Gas Law Has Not Reached Parliament And Is Still In The Government’s Drawers, 19 NOV
Iraq Saturday, November 18, 2023 4:35 PM Exclusive / National News Center The Second Deputy Chairman of the Parliamentary Oil and Gas Committee, Adnan Al-Jabri, today, Saturday, called on the Prime Minister to open an investigation into the devaluation of the rights of lecturers in Basra.
Al-Jabri said in a statement to the National News Center: “Data for 35,721 retirees in the General Directorate of Basra Education was published as contracts for lecturers and administrative volunteers in the education departments in Basra Governorate, but we were surprised by the lecturers who have direct positions in their schools.”
Al-Jabri stressed on the Ministry of Education, “Do not underestimate the merit of volunteers who have been working for free for three years and filling vacancies in many schools affiliated with Basra Education.”
Regarding the oil and gas law, he explained that “it has not yet reached the House of Representatives and is still in the government’s custody, and the government has formed many committees to study the organization of the draft law.”
He added, “This law must be enacted during this session to resolve the problems between the center and the region, preserve the entitlements of the oil-producing governorates, and regulate production operations and management of oil and gas.” https://nnciraq.com/237375/
"RV UPDATE" BY CLARE & PIMPY, 18 NOV
Clare
Article: "Private banks and exchange companies express their preparations to reduce the exchange rate" Quote: "Private banks and exchange companies are showing great preparations, collectively and in coordination, to reduce the price of the dollar”
PimpyUS Envoy Mediates Crisis Over Iraq Speaker's Removal, 18 NOV
US Envoy Mediates Crisis Over Iraq Speaker's Removal
ERBIL — US Ambassador to Iraq Alina Romanowski is mediating between conflicting parties to address the ongoing issue involving Parliament Speaker Mohammed al-Halbusi, a leading Arab newspaper reported.
The diplomat held discussions with Iraqi Supreme Judicial Council Chairman Fayeq Zeidan over recent developments and the country's security situation, emphasizing the significance of an independent court adhering to legal procedures and the Iraqi constitution.
Romanowski acknowledged her meeting with Halbousi, referring to him as the "speaker of the House of Representatives" in a recent tweet. The diplomat is reportedly engaged in a series of political meetings to tackle the crisis triggered by the Federal Court's decision to remove Halbousi from parliament.
Anonymous sources within the Iraqi parliament revealed that Romanowski has proposed a resolution to the issue, considering the removal of Halbousi as an urgent decision not grounded in the constitution. The US ambassador aims to act as a mediator between Iraq's political factions to address the matter, deeming it potentially perilous for the country's stability.
Iraqi political analyst Mujahid Tai highlighted on social media that there are numerous parties challenging the Federal Court's decision on Halbousi. He expressed the view that maintaining the existing political balance in Iraq is more challenging than upholding the court's ruling.
On the other hand, Halbousi’s opponent, Bassem Khashan, criticized the US ambassador, asserting that she favors retaining Halbousi as the speaker of the Iraqi parliament. Khashan accused her of supporting someone accused of “fraudulent” activities.
Amid these political tensions, concerns have risen about the potential impact on Iraq and the region. The Kurdistan Democratic Party (KDP) recently commented on the matter and emphasized the need for a careful assessment of the situation, calling for responsible steps to align with the constitution, coalition agreements, and the federal government agenda. The party stressed the importance of returning to principles that promote partnership, consensus, and balance for the stability and unity of Iraq.
Iraq-Turkey Collaborative Efforts to Reorganize Trade, 18 nov
Iraq-Turkey Collaborative Efforts to Reorganize Trade, 18 nov
ERBIL — Discussions took place on Thursday between Iraqi and Turkish officials aiming to regulate and restructure economic exchanges between the two countries.
Iraqi PM Muhammed Shia’ al-Sudani directed the establishment of comprehensive trade regimes and standards, aiming to discourage reliance on parallel markets, Iraqi News Agency reported.
The meeting involved representatives from the Iraqi Central Bank, PM advisors, a Turkish delegation led by the Turkish ambassador, Turkish banks operating in Iraq, and representatives from the Turkish private sector.
The discussions highlighting the importance for Turkish customs authorities to align with Iraqi customs, ensuring equal exchange between the two nations.
They also shed light on establishing interconnected financial and banking systems between the countries to facilitate capital transactions and commerce, reducing reliance on the parallel market.
The meeting further discussed exploring simplified access to credit card usage in Turkey for Iraqi residents and tourists.
These measures are expected to aim at reorganizing and regulating trade regimes and capital exchanges between the two neighboring countries using approved legal and banking methods.
" RV UPDATE" BY MARKZ, 18 NOV
MarkZ
[via PDK] The big news...is “Parliament convenes Special Session as alliance nominates three successor candidates to Al-Halibousi” The overwhelming agreement is that Halibousi has been a major roadblock especially on the 3 paragraphs of the HCL…the Kurds and Baghdad. So they removed Al Halibousi who was wildly considered to be a roadblock and kept us from getting across the finish line with the HCL law. From my sources I feel very confident that he was the roadblock. It is very encouraging that he was removed and is being replaced. They continue to tell me they want this done by Dec. 1st. Let’s pray and hope this is accurate.
We certainly expect it to go by Dec 1st. The latest chatter I am getting from Iraqi sources is the last 3 paragraphs of the HCL have been 100% completed. And the World Trade Organization Iraq ascension is expected within days. They are feeling very confident with their Dec 1st goal. A number of my sources are still saying before Thanksgiving. It looks really good.To What Extent Do The Government And The Central Bank Control Dollar Smuggling Operations? Parliamentarian Explains, 18 nov
Time: 11/18/2023 Read: 1,404 times {Economic: Al-Furat News} Member of the Parliamentary Finance Committee, Ali Jabbar Mu’nis, explained today, Saturday, that tightening control and maintaining the official price limits smuggling operations, and this matter falls on the responsibility of the government and the Central Bank.
For several months, the value of the Iraqi dinar has fluctuated sharply, losing on some days 15 percent of its value against the dollar, which sparked sporadic demonstrations by Iraqis worried about losing their purchasing power.
Muanis told {Al-Furat News} agency: “With regard to the rise in the exchange rates of the parallel dollar due to the lack of tight control over the parallel market, smuggling operations must be controlled according to mechanisms established by the government,” indicating that “tightening control and maintaining the official price limits smuggling operations.”
He added, "Remaining in this situation leads to maintaining the large difference between the parallel and official prices, and this matter falls on the responsibility of the Central Bank and the government," indicating that "the situation remaining in this situation is worrying and needs to be stopped."
During the past few days, many Iraqi banks have begun to stop giving depositors their money in dollars, even though they have accounts in Iraqi dinars and US dollars.
This came after statements made by officials at the Central Bank talking about preventing cash transactions in dollars and restricting them to the Iraqi dinar only in an attempt to control exchange rates.
The selling price of the dollar in Baghdad markets this morning reached 160,500 Iraqi dinars, while the buying price reached 158,500 dinars for every 100 dollars. LINK
Iraq Joins European Bank, Unlocking New Economic Opportunities, 18 nov
Iraq Joins European Bank, Unlocking New Economic Opportunities
On a historic day for Iraq, the country has been announced as the 74th member of the European Bank for Reconstruction and Development (EBRD). This monumental step has been taken with the aim of providing Iraqi companies with a global platform to access loans, enhance their product and service offerings, and strengthen their connectivity with international communities.
Unlocking New Economic Opportunities
The decision to include Iraq in the EBRD’s framework paves the way for Iraqi companies to leverage the financial tools and networks that the bank offers. This is expected to bring about significant economic implications for Iraq, providing its businesses with much-needed financial support. The move is also set to create opportunities for international collaboration and market expansion, potentially catalyzing economic growth and bolstering Iraq’s competitiveness on a global scale.
A Leap Towards International Economic Integration
For Iraq, a country striving to rebuild its economy and infrastructure after years of conflict and instability, this inclusion signifies a major step forward in its journey towards international economic integration. By joining one of the world’s leading development banks, Iraq can breathe new life into its economic landscape, empowering its businesses to compete on the global stage.
The Role of the European Bank
The EBRD plays a crucial role in providing financial assistance and support to countries with emerging economies. As the latest member of the EBRD, Iraq stands to benefit from the bank’s extensive resources and expertise, potentially paving the way for a brighter and more prosperous economic future for the country.
https://bnn.network/world/iraq/iraq-joins-european-bank-unlocking-new-economic-opportunities/
"RV UPDATE": SPAIN BANK STORY BY FRANK26 , 18 NOV
Frank26
[Spain Bank Story]
As you know I live in Spain. Last Friday I went to the Bank of Spain branch in Barcelona. It's the Central Bank of Spain. There are only two branches in our country...I showed the man at the counter a 50K dinar bill. The man looked at me and told me they couldn't change that bill there...but he told me the two banks that will 100% be
involved in exchanging this currency is Banco Santander and BBVA. They are the two largest banks here in Spain.Kurdistan Petroleum Association Backs Talks to Restart Oil Production, 18 NOV
Kurdistan Petroleum Association Backs Talks to Restart Oil Production, 18 NOV
In a recent development, the Association of the Petroleum Industry of Kurdistan (APIKUR), an organization representing international oil companies operating in the region, has expressed support for the ongoing discussions between Iraqi and Kurdish officials. The discussions are aimed at restarting full oil production and exports from the Kurdistan Region. This comes after Turkey halted oil exports on March 25, following Iraq’s victory in an international arbitration court over unauthorized exports.
Restarting the Oil Production
On November 12-13, a meeting occurred between Iraq’s Ministry of Oil and Kurdistan Region officials. According to reports, the meeting concluded with a mutual understanding, although a final decision is pending further discussions in Baghdad. APIKUR, which was established in 2023 and accounts for about half of the Kurdistan Region’s oil production, was not part of this meeting. They have not received any official communication regarding the outcomes of the discussions.
Financial Implications and APIKUR’s Stance
APIKUR has been vocal about the financial impact of the halted exports. It estimates over $7 billion in lost revenue and over $1 million per day in penalties due to unmet obligations under the Iraq-Turkey Pipeline agreement. The association has emphasized the need for payment surety, direct remittance of prospective oil sales to member companies, and maintaining current commercial terms.
Future Prospects
International oil companies operating in the region will not resume oil production for pipeline exports until the overdue payments issue, estimated at nearly $1 billion, is resolved. Meanwhile, the Iraqi Oil Ministry has announced plans to reopen the 970-kilometer-long pipeline that transports Iraqi crude from Kirkuk to export facilities in Ceyhan on the Mediterranean coast. Closed in 2014 due to Daesh attacks, the strategic pipeline could potentially transfer crude oil from the Gulf to Europe, once rehabilitated.
Despite the challenges, APIKUR remains committed to resolving issues to resume full oil production and export, for the benefit of all stakeholders. The ongoing discussions between Iraqi and Kurdish officials signal a positive step towards this goal.
Integrity: Recovery of 15 billion dinars from the former managing director of one of the electronic payment companies, 18 NOV
Integrity: Recovery of 15 billion dinars from the former managing director of one of the electronic payment companies
Baghdad Today - Baghdad
Today, Saturday (November 18, 2023), the Federal Integrity Commission announced the recovery of 15 billion dinars from the former managing director of an electronic payment company.
The authority stated in a statement received by "Baghdad Today", that "its investigative procedures in the criminal case of the accused sponsor, the former manager authorized in the case of tax evasion by the company by providing incomplete information, and hiding information related to its accounts for the period from (2010-2017) should have been clarified," indicating "his joint with employees of the General Tax Authority to cause damage to public money, represented by the Ministry of Finance, amounting to fifteen billion and one hundred and fifty-four million dinars."
She added that "the company has paid the amount of damage caused to public money as a result of the lack of tax accounting, confirming the transfer of an amount of (15,154,745,000) billion dinars to the account of the General Tax Authority - Department of Senior Taxpayers," pointing to "the continuation of the General Tax Authority to request a complaint against the accused and take legal action against him for non-payment of interest on the amount."
According to the statement, the authority pointed to "an individual lawsuit against the convicted defendant, the former director general of the General Tax Authority, for sending a letter to (5) banks indicating that the aforementioned company is tax accounted until the year 2019, In order to move the company's accounts in those banks, despite the failure to meet the necessary mechanism followed in tax accounting."
"The convicted defendant carried out these acts jointly with three of her employees who were convicted and sentenced by the Central Anti-Corruption Criminal Court," she said.
Weekend News with MarkZ. 11/18/2023
"RV UPDATE" BY MNT GOAT, 18 NOV
Mnt Goat
Wednesday intel call to my contact at the CBI: I was told there was a TV media output broadcast that told the citizens the official rate of the dinar would be over $1 in the coming days. They used the PM Al-Sudani in a speech like format to explain most of it...This is part of the education process. So, it did begin...I was told that the process of the revaluation is now in motion and they expect to begin issuing the newer lower denominations to the banks in exchange for the larger 3 zero notes...
when they do distribute the lower denominations to the public for circulation, they will start at the airports first...they are only going to use dinars exclusively as of January 1st, 2024 in Iraq. This is also why they needed and allowed to let the banks now hold other foreign currencies besides dollars.
The agreement arrangements with Abu Dhabi have ended and the Iraqi banks will deliver dirhams - the Central Bank, 18 nov
The agreement arrangements with Abu Dhabi have ended and the Iraqi banks will deliver dirhams - the Central Bank
The official news agency, quoting a source in the Central Bank, said that Iraq has completed the final arrangements related to the agreement with Abu Dhabi Bank, as part of the government’s efforts to control the exchange rate.
The source:
The Central Bank of Iraq finalizes the final arrangements for the agreement with the UAE’s First Abu Dhabi Bank.
It is hoped that the actual implementation of the enhancement operations for Iraqi bank accounts in the UAE dirham will begin next week.
The first phase of reinforcements will include five Iraqi private banks.
The number of banks is expected to double after evaluating the first phase of implementation, which may last for a few weeks. link
The Central Bank finalizes the arrangements for the agreement to strengthen five Iraqi banks with the UAE dirham, 18 nov
The Central Bank finalizes the arrangements for the agreement to strengthen five Iraqi banks with the UAE dirham
Today, Saturday, the Central Bank of Iraq completed the arrangements for the agreement to strengthen five Iraqi banks with the UAE dirham.
A banking source told the Iraqi News Agency (INA): “The Central Bank of Iraq has completed the final arrangements for the agreement with the UAE’s First Abu Dhabi Bank, and it is hoped that the actual implementation of the enhancement operations for Iraqi banks’ accounts in the UAE dirham will begin during the next week.”
The source added, "The first phase of the reinforcements will include five Iraqi private banks, and it is expected that the number of banks will double after evaluating the first phase of implementation, which may last for a few weeks." link
After The Rapid Decline And Slow Rise...An Expert Denies The End Of The Dollar Crisis In Iraq Except Under Two Conditions, 18 NOV
After The Rapid Decline And Slow Rise...An Expert Denies The End Of The Dollar Crisis In Iraq Except Under Two Conditions, 18 NOV
Economy |Baghdad today – Baghdad Economic expert Nabil Al-Marsoumi confirmed today, Friday (November 17, 2023), that the dollar exchange rate crisis will continue because the government’s solutions are unrealistic .
Al-Marsoumi said in an interview with “Baghdad Today” that “the dollar crisis in Iraq will continue due to the continuation of the American economic sanctions imposed on Iran.”
He added, "After implementing the electronic platform system, it became difficult to transfer dollars to Iran, and since Iraq has trade with Iran amounting to about 10 billion dollars annually, and tourists and patients visit Iran and spend more than 3 billion dollars annually, there is difficulty in controlling the dollar crisis."
He stated that "only two solutions can restore stability to the dollar exchange rate and end the crisis, which is convincing the United States to allow the transfer of dollars to Iran, or searching for another source to import goods from countries that do not have embargoes or sanctions."
The dollar exchange rates declined rapidly 3 days ago from 166 thousand dinars to 155 thousand dinars per 100 dollars, before returning to a relatively high rate, reaching 159 thousand dinars currently.
The decline came due to market sentiment, after statements and reports about a package of measures and agreements between the Central Bank of Iraq and American, European, Turkish and Emirati banks, for the purpose of strengthening the balances of some Iraqi banks in advance in the currencies of the dollar, the Indian rupee, the Chinese yuan, the euro and other currencies, to expand the possibility of financing Iraqi trade and diversifying it instead of... Limited to the dollar. LINK
A Deputy Reveals Three Risks Threatening The Iraqi Economy, 18 NOV
A Deputy Reveals Three Risks Threatening The Iraqi Economy, 18 NOV
Information / Baghdad Representative Ali Al-Lami warned, on Saturday, of Iraq's continued dependence on the sale of oil to finance its expenses, indicating that the continued penetration of corruption will lead to a major economic collapse in the country.
Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..
Al-Lami said in an interview with “Al-Ma’louma” that “Iraq’s economy has been facing serious complications for years that must be paid attention to,” calling for “the adoption of a road map that leads to reducing the risks of any international crises, especially with regard to oil prices, which represent more than 90% of treasury revenues.” ".
He added, "There are three risks that threaten the national economy: the corruption that has permeated state institutions and its large dependence on the sale of oil despite price fluctuations from time to time, in addition to the presence of 25 unofficial outlets in the Kurdistan region, which represent the largest smuggling front in the country."
He pointed out that "the danger of the unofficial outlets in the region is that they represent black loopholes because they are illegal and cause the livelihoods of six sectors, including agriculture and industry, to be directly robbed by flooding the markets with materials, which means huge losses for national production, which requires an urgent reconsideration that contributes to ending the issue of the outlets." "And push Baghdad to control it and force it to work in accordance with official instructions and conditions."
Iraq relies almost entirely on the sale of oil to secure public treasury revenues for spending and paying salaries. LINK
"RV UPDATE" BY BRUCE & SANDY INGRAM, 18 NOV
Bruce
[via WiserNow] [the ISO 200 2022 allows for all currencies to be exchanged - And to be trading, to take place using multiple currencies as payments for trade international trade.] ...the ISO 200 2022...is to be fully implemented...and fully activated ...by midnight, Sunday night...We could probably expect the Iraqi dinars international rates to be out in that time window...and we're hearing supposed to be printed in the Gazette...
Saturday is their normal print day...HCL law is also supposed to be mentioned they brought up printed in the Gazette to...So that should be in there as well...I think it's really important to understand – this thing is good to go – and ready to go and should go...So let’s just see what happens...
Sandy Ingram"STATUS OF VIETNAM" BY DINAR IRAQ AND DONG VIETNAM, 18 NOV
STATUS OF VIETNAM
The fear of losing money is still high, so even though the interest rate is low, they still accept it" - Mr. Thinh commented.
Al-Barti: The political document included passing the oil and gas law, and the movement is going in this direction, 18 NOV
Al-Barti: The political document included passing the oil and gas law, and the movement is going in this direction
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 18 NOV
Frank26 (KTFA)
[Iraq boots-on-the-ground report]
FIREFLY: Television is talking to us all day about the government taking measures to address the exchange rate and the parallel market but they can’t change the rate. They say only the CBI.What’s going on? Why don’t the CBI help?
FRANK: Calm down, calm down…As far as parliament saying whatever they are saying…who cares. Their voice is an echo in the abyss of darkness.
Question:
“Has anything changed in regards to Iraq satellite banks exchanging dinars for US citizens?”
No. They will follow American banking laws. They won’t do anything different than any American bank is doing in American territory.
You want to know the exchange rate of the BRICS because maybe, maybe the Iraqi dinar will be 1 to 1 with a basket of BRICS. Maybe…one clue. It’s an RI not and RV.
Evening News with MarkZ. 11/17/2023
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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...