Sunday, November 19, 2023
"RV UPDATE" BY JEFF & RAYREN98, 19 NOV
Jeff
The reason why there's no news coming out of Iraq is because Iraq is done with everything. They finished everything needed to revalue. They're ready to revalue but they can't and they're not going revalue immediately because they have to clean up corruption. Article: "Al-Halbousi faces 4 criminal charges after the end of his presidency" Boom!... Halabousi is going to be facing 4 criminal charges.
In order for the 2023 budget to be implemented Iraq needed to have publicly posted in the Gazette the budget operating instructions. They never did that. That step never happened... Iraq has not implemented its '23 budget that's why they have to resort to financing salaries and have done so since July...If they had an active budget they would not need to finance.
RayRen98Iraq’s Federal Court Rules on Election Law: A Turning Point in Iraq’s Politics, 20 NOV
Iraq’s Federal Court Rules on Election Law: A Turning Point in Iraq’s Politics
In a defining moment for Iraq’s political landscape, the Federal Court has rendered a decision on a lawsuit filed by the Patriotic Union of Kurdistan (PUK). The lawsuit, centered around the parliamentary election law, could recalibrate the balance of power within the Iraqi Parliament and shape the course of future elections. The PUK, a pivotal political entity in the Kurdistan region of Iraq, likely challenged aspects of the election law perceived as inequitable or detrimental to its interests. While the court’s decision’s specifics remain undisclosed, its ripple effects will undoubtedly captivate political factions and voters across Iraq.
Termination of Parliament Speaker’s Membership
The Federal Supreme Court’s decision, delivered on Tuesday, November 14, has led to the termination of the Parliament Speaker, Mohammed Al-Halbousi’s membership. This drastic action follows ‘forgery’ allegations tabled by MP, Laith Al-Dulaimi. The ruling is binding for all authorities and leaves no room for legal appeal, underscoring its finality and weight. As a result, the quest for a new Speaker of the House is on the horizon, although the official nomination process has yet to kick off.
Implications for Iraq’s Political Landscape
Given the significant role of the Speaker of the House, this move could trigger a seismic shift in Iraq’s political landscape. It directly relates to the ‘Iraq Court rules on election law’ topic, amplifying its relevance and potential ramifications. The court’s decision, clear in its intent and unambiguous in its enforcement, signals a new chapter in Iraq’s democratic process.
Eyeing the Vacant Seat
Amidst this political turbulence, Issa Al-Issawi, a leading figure in the al-Siyada Alliance, has hinted at the possibility of his appointment to the Iraqi Parliament to fill the seat left empty by the ousted Council Speaker, Mohammed al-Halbousi. Like before, any move in this direction will be closely watched, as it could further influence Iraq’s evolving political narrative.
Iraqi PM Chairs Meeting on Oil Projects; Emphasises on Bilateral Energy Ties, 20 NOV
Iraqi PM Chairs Meeting on Oil Projects; Emphasises on Bilateral Energy Ties, 20 NOV
In a significant move demonstrating the government’s unswerving commitment to Iraq’s economic development, Prime Minister Mohammed Shia’ Al-Sudani presided over a crucial meeting. The agenda was to scrutinize the progression of projects falling under the purview of the Ministry of Oil. The meeting underscored the vitality of the oil sector to Iraq’s economy and the government’s earnest dedication to evolving its energy infrastructure.
Discussion on the Progress of Oil Projects
The meeting was an extensive discussion about the status and advancement of various oil-related projects integral to the country’s economic growth. The objective was to ensure that these projects are progressing as per the planned timeline and to address any issues that could potentially delay their completion. The Prime Minister’s involvement in such a detailed review signals the high priority accorded to these projects by the Iraqi government.
Strengthening Bilateral Energy Ties
As part of the meeting, the oil minister of Iran and the electricity minister of Iraq highlighted the necessity for enhancing bilateral ties in the field of energy. This discussion underlines the strategic importance of collaborative energy partnerships for Iraq’s energy sector development. Such partnerships could provide a robust platform for the country to leapfrog its energy infrastructure, thereby fueling its economic growth.
Commitment to Banking Reforms
In addition to the focus on the oil sector, the Prime Minister also led a meeting on Tuesday to monitor the progress of banking reforms. These reforms are expected to streamline the financial sector, thus further bolstering the nation’s economic growth. The Prime Minister’s proactive engagement in monitoring these reforms indicates the government’s comprehensive approach to economic development, with a keen eye on both energy and financial sectors.
"RV UPDATE" BY PIMPY, 19 NOV
Pimpy
Article: "Iraqi banks begin straightening their accounts in UAE dirhams next week" There you go next week they start a different currency swap. This one is now going to be with the UAE. They're currently working on India as well...This is...necessary for them to do business with one another...
These currency swaps can start happening but in order for us to see any real results it's going to take at least the rest of the year for this thing to get ironed out and implemented...The end of the first quarter of 2024...we'll start to see some results.
Without a doubt these last few months for Iraq have seemed very good. They're heading in the right direction. They're doing all the things necessary to be accepted back into the International community. Little by little they're gaining back privileges that they didn't have before. Before long they'll have their own sovereignty. We know they are currently working on the ascension into the World Trade Organization.
We know now their banks are able to do international foreign exchange transfers into the bank and other countries are doing currency swaps with them. The good news doesn't end there...
The thing that's disgusting about the Vietnam dong is it appears they are comfortable and content with leaving the rate low...
Iraq’s Political Balance Teeters: Shia Factions Express Concern over Potential Shift, 19 nov
Iraq’s Political Balance Teeters: Shia Factions Express Concern over Potential Shift
In a significant twist in the Iraqi political narrative, the Shia factions, currently in power are expressing growing unease over a potential shift in the country’s delicate sectarian balance. This disquiet has been triggered by the withdrawal of the Sadrist movement, a prominent Shia group led by Muqtada al-Sadr, from the government formation process, sparking apprehensions of amplified influence for Sunni political forces.
Unraveling the Sectarian Tapestry
The term ‘اختلال التوازن المكوناتي’ casts light on the imbalance in the representation of distinct sectarian components, a sensitive issue in Iraq’s intricate sectarian and ethnic mosaic. The Shia groups in power are cautious that the exit of the Sadrists might disrupt the established sectarian quota system, known as Muhasasa Ta’ifia, potentially offering Sunni factions a stronger foothold in Iraqi politics.
Repercussions of Political Shifts
The Iraqi Supreme Court’s decision to revoke the membership of Mohamed al Halbousi in the Council of Representatives holds grave implications for the fragile Iraqi political process, which rests on a precarious ethno-sectarian balance. This move has led to the resignation of three ministers and potential political shifts within the parliament, impacting the balance of power. Halbousi’s removal fuels concerns regarding the marginalization of the Sunni minority, raising the specter of violence and instability in the region.
Regional Ramifications
The timing of this development resonates as Iraq is caught in the crossfire of the Israel-Hamas war and is in the throes of an election campaign to reinstate provincial councils. Iran-backed militias have escalated their attacks on US bases in Iraq and Syria, causing minor injuries to US personnel. The US stance is one of calculated caution, striving to discourage militants while avoiding a broader conflict in the Middle East. The attacks have spiked post the Israel-Hamas conflict, intensifying concerns about potential violence escalation in the region.
The Iraqi Ministry of Transport’s announcement of reactivating eight previously dormant rail lines signifies efforts to improve transportation infrastructure in the country. Simultaneously, Iraq’s General Company for Air Navigation Aviation Communications’ participation in the AOWS system’s training workshop and inspection indicates a commitment to boosting aviation operations. However, the ongoing tensions in the region are underscored by the Iraqi Resistance’s drone attack on US occupation forces.
Central Bank of Iraq Fines Banks and Exchange Companies 128 Billion Dinar, 19 nov
Central Bank of Iraq Fines Banks and Exchange Companies 128 Billion Dinar, 19 nov
In an unprecedented regulatory move, the Central Bank of Iraq has imposed hefty fines totaling 128 billion Iraqi dinars on banks and exchange companies. The fines have been levied due to various infractions spotted by the financial watchdog. What the exact nature of these violations is, remains to be detailed. However, such actions usually stem from activities that stray from the country’s legal and regulatory frameworks managing financial operations.
Commitment to Financial Integrity
The Central Bank’s recent measures clearly reflect its unwavering commitment to upholding the integrity of Iraq’s financial system. The imposed fines serve as a stern reminder to all financial institutions about the importance of strict adherence to established rules and regulations. It signifies the Central Bank’s proactive approach in ensuring that the financial entities operate within the set legal boundaries.
Implications for the Financial Sector
These penalties are expected to have far-reaching implications for the financial sector of Iraq. The fines are not just punitive measures, they also function as preventive actions designed to discourage potential future violations. The enforcement of these fines sends a clear message to all financial entities about the serious consequences of flouting established regulations.
Strengthening the Financial Foundation
By taking such stern measures, the Central Bank of Iraq is demonstrating its dedication towards strengthening the financial foundation of the country. Ensuring compliance with regulatory norms is vital for maintaining trust in the financial system, thereby promoting economic stability and growth. As the Central Bank continues its vigilant oversight, it is expected that such actions will serve to fortify the nation’s financial sector, making it more resilient and robust against any future challenges.
Iraq's Accession To The European Bank Revives Hopes For Reconstruction, 19 NOV
Iraq's Accession To The European Bank Revives Hopes For Reconstruction
The first 11/19/2023 Baghdad: Hoda Al-Azzawi Experts and specialists expressed their hope that Iraq’s accession to membership in the European Bank for Reconstruction and Development will revive the wheel of reconstruction and revive many of the large projects that the current government has begun to implement.
The US administration welcomed the Iraqi step, and stated in a comment on the matter that “Iraq’s joining the European Bank allows its companies to access loans that contribute to improving products and services and enhancing communication with the world.”
The director of the Regional Center for Studies, Ali Al-Sahib, said in an interview with Al-Sabah: “With persistent government efforts, Iraq has joined the European Bank, which contributes greatly to the reconstruction and revival of many large and giant projects that the Sudanese government has begun to implement.”
He pointed out that "Iraq can benefit from external financial and political support, because Iraq - unfortunately - lived an era of time away from the wheel of construction and development, and therefore today it needs a working paper presented by the Ministry of Planning in cooperation with the ministries and institutions concerned with the matter," demanding that the state have The Iraqi “Reconstruction Council” is “similar to that council during the royal era, which brought to light a huge number of projects that are still ongoing.”
He added, "We need to restore the destroyed infrastructure, which we may be able to restore in cooperation with the European Bank. We cannot fail to mention that the labor force must be local to employ the largest number of Iraqis, not to mention the engineering and architectural expertise in this aspect. We must also put in place steps." On the path to sustainable development and development.
The Ministry of Foreign Affairs announced earlier that Iraq had joined the European Bank for Reconstruction and Development, and the ministry’s spokesman, Ahmed Al-Sahhaf, said in a statement, “Iraq has joined the European Bank for Reconstruction and Development to become the 74th member of the bank.”
He added, "The transformation process has now been completed to become a contributing member, and as a shareholder, Iraq can apply to benefit from the financial and political support provided by the European Bank for Reconstruction and Development."
The President of the European Bank for Reconstruction and Development, Odile Renaud Basso, welcomed Iraq as a member of the bank, expressing her aspiration to begin work in Iraq and “apply our expertise to develop its economy.”
Meanwhile, the academic researcher, Dr. Qasim Balshan Al-Tamimi, indicated in an interview with “Al-Sabah” that “Iraq’s accession to membership in the European Bank is a step in the right direction to build and support the economy.”
He stated that "the European Bank has been helping to develop the economies of developing countries since its founding in 1991, and investment is an important tool to help build market economies.
From this standpoint comes the importance of Iraq joining it, given that Iraq represents a broad arena and a good environment for investment in various fields and sectors, and it can Iraq's accession to this bank will help promote the development renaissance in the country, and this will provide great job opportunities, in addition to making Iraq a destination for giant European companies, thus supporting the Iraqi economy and moving away from the grip of the mono-economy that depends on oil.”
Edited by: Muhammad Al-Ansari https://alsabaah.iq/87497-.html
"RV UPDATE" BY MILITIAMAN, 19 NOV
Militia Man
Quote: "the meeting comes under highly complex economic conditions...discussing a number of aspects related to the role of monetary policy in facing risks resulted from the repercussions of possible macroeconomic shocks..."
In other words, something is going to happen and they're telling the largest entities in the world that they're facing risks resulting from repercussions of possible macroeconomic shocks.
In other words if something happens in a small country, something else could happen in a big country...If the bank of International Settlements is telling this to other central banks who does business with other central banks, those that need to know this information just got told something's up.
The Bank of International Settlements is the central banks of all central banks. They move markets. Commercial traders fear central banks because of the amount of money they have to be able to throw at markets.
The Bank of International Settlements talked with language I've never heard before in my 30 years of trading. When central banks have to be very very careful on how they say things because what they say will move markets. People can lose and make money.
Article "The Arab Monetary Fund of the International Settlements organized a meeting...on Wednesday and Tuesday November 15th 16th of 2023"
This article did not come out until the 16th. The 15th they never mentioned it...Why not tell you in advance they're having a meeting...?
5 years of waiting and America welcomes... What does it mean for Iraq to join the European Bank?, 19 NOV
5 years of waiting and America welcomes... What does it mean for Iraq to join the European Bank?
The European Bank for Reconstruction and Development officially included Iraq in its membership, becoming the 74th member of the multilateral lender, and the US administration welcomed this step.
Official Media
The Iraqi Ministry of Foreign Affairs announced, on Thursday, November 16, 2023, that Iraq has officially joined the European Bank for Reconstruction and Development
Ministry spokesman Ahmed Al-Sahhaf said in a statement, “Iraq has joined the European Bank for Reconstruction and Development (EBRD), as it has completed the accession procedures and is now the 74th member of the bank,” noting that “Iraq had previously submitted an application to join the bank in April 2018.” The Board of Governors approved his membership in October 2020.”
He continued, "The process of becoming a contributing member has now been completed, and as a shareholder, Iraq can apply to benefit from the financial and political support provided by the European Bank for Reconstruction and Development."
The President of the European Bank for Reconstruction and Development, Odile Renaud-Basso, said, according to the statement: “I am pleased to welcome Iraq as a member of the Bank. We are fully committed to dealing with the country, and when the time comes, we look forward to starting work in Iraq, and applying our expertise to develop its economy.”
The statement concluded, “This achievement was the culmination of effortsEmbassy of the Republic of IraqIn London and its continued efforts with the bank’s management in London, and the possibility of the bank’s contribution to infrastructure projects inIraqIncluding a project Development pathThe American administration welcomed the Iraqi step, and stated in a
comment on the matter that “accessionIraqThe European Bank allows its companies to access loans that contribute to improving products and services and enhancing communication with the world.”
He will joinIraqTo the bank’s region in the southern and eastern Mediterranean, which includes Egypt, Jordan, Lebanon, Morocco, Tunisia, the West Bank and the Gaza Strip, given the strong economic ties between it and those countries.
The Iraqi government applied to join the bank for the first time in 2018, and its status as a shareholder enables it to apply to become a recipient economy, which would provide financing and political support from the bank.
And it was foundedEuropean BankFor Reconstruction and Development (EPRD) in 1991 to assist the former communist countries in the EastEuropeOn the transition to a market economy. The Group of Seven major countries owns a majority stake in the bank.
The Foundation launched its operations in the southern and eastern Mediterranean region in 2011, and has so far invested nearly 19 billion euros in 363 projects to support the private sector and sustainable development.
The importance of joining
helpsEuropean BankIt has been working on developing the economies of developing countries since its establishment in 1991, and investment is an important tool to help build market economies, and from this standpoint comes the importance of joiningIraqTo him, considering thatIraqIt represents a wide arena and a good environment for investment in various fields and sectors, and joining can helpIraqTo this bank in promoting the development renaissance in the country and this will provide great job opportunities, in addition to making...IraqA destination for giant European companies, thus supporting the Iraqi economy and moving away from the grip of the mono-economy that depends on oil, according to experts.
Experts and specialists also expressed their hope that the accession would be revitalizedIraqFor membershipEuropean BankFor reconstruction and development, the wheel of reconstruction is turning and the revival of many of the large projects that the current government has begun to implement.
The financial advisor to the Prime Minister, Mazhar, outlinedMohammed SalehThe importance of joiningIraqtoEuropean BankFor reconstruction and development, while stressing that accession was the result of sober and constructive consultations carried out by economic diplomacy.
Saleh said: “JoinIraqtoEuropean BankFor Reconstruction and Development, he has been preparing since he agreedBoard of GovernorsHe joined the 74th member in 2020,” pointing out that “the accession was the result of sober and constructive consultations carried out by economic diplomacy over the years to reach the stage of full accession to membership in this multilateral European financial institution,” according to the official agency. He added, “This will enable Our country is able to implement our priorities in sustainable economic development, which he undertakesEuropean BankReconstruction tasks there and improving important aspects of Iraq’s infrastructure.”
He explained that “the European Bank for Reconstruction and Development (EBRD) is a multilateral development bank that uses investment as a tool to help build market economies. It was founded in 1991 and initially He devoted its work to the Eastern European transitional countries that transitioned from centralized economies to markets.” The aforementioned bank financed 5,035 projects from 1991 until 2020, with a total value of business volume amounting to 120 billion euros.”
He pointed out that "the European Bank works specifically for reconstruction and development in 38 countries in the southern and eastern Mediterranean, Central and Eastern Europe, and Central Asia." It also finances large and small projects in a variety of sectors, including public works and agribusiness." Natural resources, infrastructure such as road projects, water and sanitation, and the digital and technological sector."
He continued: “Thus, the European Bank for Reconstruction and Development serves the interests of all its shareholders - whose total number today exceeds more than 74 countries from 5 continents, in addition to the European Union countries themselves.” He stressed that “Iraq’s membership in the European Bank for Reconstruction and Development will represent a true European investment partnership in launching important strategic projects in our country, such as the large Iraq development project (Development Road), which is a project that will link the interests of Iraq and the global south with Europe on the one hand, and the interests of Europe and Iraq with the global south.” The world on the other hand. link
Changes in commercial transactions... Iraq replaces the dollar with other currencies to stabilize the dinar, 19 NOV
Changes in commercial transactions... Iraq replaces the dollar with other currencies to stabilize the dinar, 19 NOV
Member of the Parliamentary Finance Committee, Nermin Maarouf, confirmed today, Saturday, that the Central Bank has made notable efforts recently to reduce pressure on the US dollar against the Iraqi dinar, and to control instability in the value of the dollar.
Marouf told Al-Mutala’ Agency, “The measures that have been adopted include dealing with some merchants abroad in other currencies, such as the Indian rupee, the Chinese yuan, and the Emirati dirham, based on the volume of trade exchanges that Iraq conducts with those countries, especially with China and India, and aims to This step reduces the pressure on buying dollars in commercial transactions.”
Marouf indicated that "these measures have not yet fully entered into force, as traders informed her that India has agreed to deal in the Indian rupee, but she is awaiting the resolution of the official mechanism between the government of Iraq and India before implementing them fully."
She stressed the need to accelerate procedures related to this matter to achieve stability of the Iraqi dinar against the US dollar.
She added, "A bilateral agreement must be reached between countries and Iraq to deal in the currency of the country with which trade is conducted, given that the dollar is considered the prevailing currency in most commercial transactions currently."
Marouf concluded her statement by "calling to speed up procedures and reach an official agreement to implement these steps, in order to enhance the stability of the Iraqi dinar and achieve greater financial independence for the country." link
"RV UPDATE" BY FRANK26, 19 NOV
Frank26
[Call the bank experiment results] Of about 300 people...half of them told me Mr. Frank, they said it's a scam. And the other half told me, Mr Frank, they told me everything and more...The experiment worked. I didn't give you a phone number for a bank...I gave you an 800 number for Chase Financial call center...Of nearly 300 phone calls we were able to find a pattern...
the names of these operators. We found the operators that were negative...Yet there were these other operators that were...educated or maybe students of the Iraqi dinar said, oh, yes you need to talk to our Wealth Management Department let me transfer you over there right away...The experiment was a success! [See yesterday's Spain Bank Story Below 11-18-2023]
Community comment "We don't have to pay taxes on dinar exchange." Stop that nonsense...how dumb is that. Where in history of the United States of America have you seen our government say you don't have to pay any tax on any of that? They'll chase you until Hades to get the taxes they think you owe them. Don't deceive yourself.
Don't be that way. That's part of proper stewardship. You're going to pay taxes and pay them... [NOTE: Consult your tax professionals at the appropriate time to determinate proper tax for your unique circumstances]
Does The Fluctuation Of Oil Prices Affect Iraq's Budget? A Government Advisor Responds, 19 nov
Does The Fluctuation Of Oil Prices Affect Iraq's Budget? A Government Advisor Responds
Time: 11/19/2023 Read: 442 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, said that the general financial trend for the year 2023 is “towards the upside” despite the fluctuation in oil prices.
Saleh told {Al-Furat News} agency, "The fluctuation of oil prices between rise and fall and its impact on the budget deficit. We find that this depends on the annual average revenues from a barrel of oil from the same source."
He stated, “The result of this impact on the total revenues of the annual general budget is that price fluctuations will certainly occur that fluctuate between rise and fall, but the general trend in 2023 is towards the rise.”
Three OPEC+ sources told Reuters that the group is scheduled to consider whether to make an additional cut in oil supplies when it meets later this month, after prices fell about 20% since late September.
The price of Brent crude fell to about $80.6 per barrel from the highest level in 2023 recorded in September, near $98. Concerns about demand and a potential surplus next year have put pressure on prices, despite support from OPEC+ cuts and conflict in the Middle East.
Saudi Arabia, Russia and other OPEC+ members have already pledged to reduce overall oil production by 5.16 million barrels per day, or about 5% of daily global demand, in a series of steps that began in late 2022. The cut includes 3.66 million barrels per day from OPEC+. In addition to a voluntary reduction from Saudi Arabia and Russia.
On June 12, the House of Representatives approved the largest draft budget law in the country’s history for the current year, with a total amounting to 198 trillion and 910 billion dinars ($153 billion), while the total state revenues under the draft law amounted to 134 trillion and 552.9 billion.
The fiscal deficit amounts within the budget law were estimated at more than 64.36 trillion dinars, at record levels amounting to more than two-thirds of the last deficit witnessed by Iraq’s budget recorded in 2021. Iraq relied heavily,
in its recently approved budget, on oil revenues, which within the law amounted to approximately 117.2 trillion dinars. While the total non-oil revenues amounted to about 17.3 trillion, which means that the Iraqi budget has become hostage to international oil prices, as the price of a barrel of oil was estimated at 70 dollars, and the amount of daily exports is 3.5 million barrels per day, of which 400 thousand barrels per day are from the Kurdistan region of Iraq and are suspended. Since last March due to a dispute with Turkey. Raghad Dahham LINK
Al-Sudani Stresses The Importance Of Investing In High Oil Prices To Increase Financial Allocations, 19 nov
Al-Sudani Stresses The Importance Of Investing In High Oil Prices To Increase Financial Allocations, 19 nov
Time: 11/19/2023 Read: 572 times {Politics: Al-Furat News} Prime Minister Muhammad Shiaa Al-Sudani chaired, this Sunday morning, the regular meeting to follow up on the Ministry of Oil and oil projects, and the progress of implementation of the Ministry’s plans prepared to develop the oil sector in Iraq, in the presence of the Minister of Oil, the Ministry’s senior staff, and the Prime Minister’s advisors. For oil and energy affairs.
A statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, stated, “The meeting witnessed a review of projects in the extraction and distribution sectors, the export axis, gas and refinery projects, completion rates, and the most prominent problems facing the progress of implementation, in addition to discussing the investment opportunities announced by the ministry in 2023.” .
The Prime Minister stressed the need to advance this vital sector, in all its aspects. Because it is linked to the state’s plans and desired development, pointing to the importance of investing in the relative rise in global oil prices, in increasing financial allocations through optimal investment of oil and gas.
He pointed out that oil constitutes the main source of income, and the government is working to develop the oil sector and other sectors related to the chemical, petrochemical, and fertilizer industries, according to what was stated in its government program, as well as developing the electricity sector and working on the integrated energy projects plan program, pointing to the government’s policy of continuing to provide Support at the level of solutions, policies and decisions.
During the meeting, Al-Sudani was briefed on the results of the discussions held between the Ministry of Oil in the Federal Government and the Ministry of Natural Resources in the Kurdistan Regional Government of Iraq, in order to complete the procedures for re-exporting crude oil through the Turkish port of Ceyhan. LINK
"RV UPDATE" BY MARKZ, 19 NOV
MarkZ
[via PDK] In Iraq: “Iraq joins EBRD, becoming the 74th shareholder announces foreign ministry” This is the European bank for Reconstructions and Development. This is a major worldwide organization and bank. They are not doing this for some third world country. Iraq applied to be a member in 2018. But, they waited until now to bring them on board.Does this tell you anything? I believe it tells us we are about to see a currency change. If they are joining an international organization they are going to need an international currency.
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…PM Al Sudani heads meeting on Iraq's oil sector development, 19 nov
PM Al Sudani heads meeting on Iraq's oil sector development, 19 nov
Shafaq News / Prime Minister Mohammed Shia Al Sudani chaired the periodic meeting on Sunday to oversee the Oil Ministry and its projects, focusing on implementing plans aimed at developing Iraq's oil sector.
Attended by the Oil Minister, senior officials from the ministry, and advisors to the Prime Minister for oil and energy affairs, the meeting reviewed extraction and distribution projects, export initiatives, gas projects, refineries, progress rates, and obstacles hindering implementation. Additionally, it discussed investment opportunities announced by the ministry for 2023.
The Prime Minister stressed the vital importance of enhancing this pivotal sector, given its linkage to national plans and desired development. He highlighted the significance of utilizing the increased global oil prices to boost financial allocations through optimal oil and gas investments.
Al Sudani emphasized that oil constitutes the primary income source, and the government is focused on developing the oil sector along with other industries such as chemicals, petrochemicals, and fertilizers, per its governmental program. Moreover, efforts extend to improving the electricity sector, implementing an integrated energy projects plan, and ensuring continued support through solutions, policies, and decisions.
During the meeting, Al Sudani was briefed on the discussions between the federal Oil Ministry and the Natural Resources Ministry in the Kurdistan Regional Government (KRG) regarding resuming crude oil re-exports via the Turkish port of Ceyhan.
It is noteworthy that oil flow from Kurdistan and Kirkuk to the Ceyhan port in Turkey ceased on March 25 due to an International Arbitration Court ruling concerning oil exports between Turkey and Iraq.
https://shafaq.com/en/Iraq-News/PM-Al-Sudani-heads-meeting-on-Iraq-s-oil-sector-development
Iraqi banks set to boost their accounts in Emirati dirhams next week, 19 NOV
Iraqi banks set to boost their accounts in Emirati dirhams next week
Shafaq News / The Central Bank of Iraq (CBI) concluded the final arrangements regarding the agreement with First Abu Dhabi Bank, a UAE-based bank, as per a banking source today, Saturday.
The source mentioned the expected commencement of the actual implementation of enhancing Iraqi banks' accounts in Emirati Dirhams during the upcoming week. The initial phase of enhancements, the source clarified, would encompass five private Iraqi banks.
According to the source, it Ä°s anticipated that the number of banks will double after assessing the initial phase of implementation, which might extend for a few weeks.
Official Iraqi sources revealed intensive meetings conducted by CBI with the American side in the UAE on Saturday, November 11th, resulting in crucial decisions regarding foreign transfers and bolstering banks' balances in dollars.
https://shafaq.com/en/Economy/Iraqi-banks-set-to-boost-their-accounts-in-Emirati-dirhams-next-week
US delegation conveys “greetings” message from Biden and Blinken to Sudanese, 9 may
US delegation conveys “greetings” message from Biden and Blinken to Sudanese Shafaq News / A US diplomatic delegation on Wednesday conveyed ...
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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...