Saturday, December 9, 2023
"RV UPDATE" BY KAPERONI, 10 DEC
Kaperoni
A very important statement was made back in 2020 by the prime minister's economic advisor Mohamed Salah who used to be Deputy Governor of the CBI under Shabibi. He stated that Iraq's entire wealth including all minerals in the ground amounts to only $16 trillion dollars. Knowing that information one can then determine that there is no way a significant RV could ever occur with over 90 trillion dinar in circulation. It doesn't make sense...
They...have to have the dinar stabilized within the country and within the 2% rule mandated by the IMF in order to then accept IMF article VIII and begin to float the dinar which would raise its value based on supply and demand. All of these processes and or steps required time.
Global Political and Economic Landscape: A Roundup of Recent Developments, 10 DEC
Global Political and Economic Landscape: A Roundup of Recent Developments
As the world turns, political and economic landscapes continue to evolve, resulting in a series of significant international events and developments. From the Middle East’s escalating tensions to Europe’s technology regulation debates, each event carries a ripple effect on the global stage. Amidst these developments, world leaders manoeuvre their political chess pieces, all while the world watches.
Hostage Rescue Attempt and Political Maneuvers in Middle East
In the heart of the Middle East, a failed hostage rescue operation in Gaza has led to injuries to two Israeli soldiers. Concurrently, the Biden Administration has set a year-end deadline for Israel to conclude unspecified actions. Such developments occur as the U.S. vetoed a UN Security Council resolution for a cease-fire in Gaza. The region’s volatility has been further amplified with militias affiliated with Iran attacking U.S. military bases in Syria and Iraq. In response, Israel has launched strikes in Syria, and there have been reports of clashes involving Israeli soldiers and civilians against Palestinians near Hebron.
Technological Regulation and Political Trials in Europe
The European Union has reached a provisional agreement on rules to govern artificial intelligence, marking a significant shift in the regulation of technology. Meanwhile, in France, a court has decided to put Marine Le Pen, a prominent presidential candidate for the 2027 election, on trial. This incident suggests an emerging pattern of legal challenges against political figures.
Political Developments in the U.S. and Russia
Over in the U.S., recent polls reveal that Donald Trump is leading Joe Biden in the 2024 Presidential Race, stirring the political pot further. Across the Atlantic, President Vladimir Putin of Russia has announced his intention to seek re-election, a move that is likely to have a significant impact on global politics.
Economic and Sports News: Uranium, Interest Rates, and Golf
On the economic front, the U.S. has tripled its uranium purchases from Russia, a move reflecting the changing dynamics of global trade. Meanwhile, the Reserve Bank of India holds its key lending rate steady, and the U.S. unemployment rate stands at 3.7 percent for the last month. In the sports world, top golfer Jon Rahm has made the surprising move of leaving the PGA Tour for a deal with LIV Golf.
Investments, TV License Fees, and Security Concerns
Rounding off the global news reel, Chinese investments in Vietnam are on the rise, signifying shifts in global investment trends. In the UK, the television license fee, which funds the BBC, is set to increase by 6.6 percent. Lastly, the White House National Security spokesman emphasized the expectation of a full investigation by India into a plot, a move that displays the intricacies of diplomatic relations despite India being a strategic partner to the U.S.
Parliamentary Finance: We support measures to implement structural reforms to diversify economic activities, 9 DEC
{Politics: Al-Furates News} The Parliamentary Finance Committee announced, on Saturday, support for measures to implement structural reforms to diversify economic activities in line with the government program.
Committee member Muthanna Al-Samarrai said in a statement that {Euphrates News} received a copy of it: “Based on our legislative and supervisory mission in the Iraqi Council of Representatives, we affirm support for measures aimed at implementing structural reforms aimed at diversifying economic activities in line with the objectives of the government program that we voted on in the Council as an integral part of our vote on the government cabin headed by Mohammed Shia Al-Sudani.”
He also stressed “the priorities, programs and projects adopted in the general budget for the years 2023-2024-2025 and the government procedures followed up by the Finance Committee with the aim of implementing investment projects before approving the budget and completing the requirements of new and continuing projects.”
Al-Samarrai continued, “The committee hosted the general managers of government banks and discussed the role of these banks in the development process and economic sectors such as real estate, industrial, agricultural and the private sector, in addition to holding a series of meetings with the governor of the Central Bank to find ways and practical in providing hard currency for commercial purposes, which is moving at a scientific and professional pace.”
He pointed to “the continuous follow-up with the Ministry of Finance and customs and tax authorities in order to achieve their business and collect revenues efficiently, and focus on the importance of the unified treasury account in collecting revenues and determining the actual balance of spending and managing it in order to achieve the principle of transparency.”
Al-Samarai renewed “his support for the measures taken by the government to achieve growth in the economy and work to improve the Iraqi economy and its repercussions on the development sectors, and efforts to develop investment in the oil and gas sectors,” stressing that “the Finance Committee continues to exercise its regulatory and legislative functions in accordance with technical and professional frameworks and will spare no effort in continuing its support for government programs to reach the implementation of sustainable development projects and goals.”
"RV UPDATE" BY MNT GOAT, 9 DEC
Mnt Goat
Article Quote: “Encouraging and dealing with the local currency under the current economic conditions in the country is an important issue, especially with the government’s tendency to “strengthen” the Iraqi dinar against other hard currencies, especially the dollar, as well as seeking to present it first in order to be a “issue of a homeland” in a real way."
They are telling us once again they must complete the currency reform first as in integral part of rebuilding...the economy and the country...Their goal is to have the dinar come out higher than the dollar. This is not a fairy tale or rumor. This is FACT...
I truly can hardly believe all the good news coming from Iraq. Maybe it’s not the RV, as of yet, but I can assure you it is coming and there is no stopping it. It is like a loaded freight train coming fast down the tracks...
This gets more and more exciting with each call to Iraq [with CBI contact]. So, we know from past conversations that Iraq wants and needs to continue the process of the financial reform plan, of which the currency reform is a part of and a VERY high priority.
Central Bank of Iraq Refutes Claims of Currency Mismanagement, 9 DEC
Central Bank of Iraq Refutes Claims of Currency Mismanagement
In an official rebuttal to circulating allegations, the Central Bank of Iraq has categorically denied the disappearance and smuggling of large volumes of its local currency. The bank, in its statement, clarified that the production of the Iraqi currency aligns strictly with the needs of the national economy, adhering to stringent standards.
Discrediting Baseless Accusations
The Central Bank has expressed its readiness to legally challenge any entity that propounds these accusations without substantial evidence. This strong stance taken by the bank is a clear message to all parties involved, emphasizing the importance of substantiating any claims with proof before making them public.
Reconstruction Bonds and Monetary Security
The Central Bank, while addressing these concerns, also underscored its recent issuance of reconstruction bonds, which were completely sold out. This issuance was conducted to cater to the financial requirements of the Ministry of Finance. This move, along with the bank’s steadfast commitment to sound monetary policies and procedures, serves to reassure the public and stakeholders about the well-regulated and secure management of the Iraqi currency.
Political Diplomacy and Public Sentiment
Alongside these economic matters, Representative Waad Al-Qaddo emphasized the need for the American embassy in Baghdad to respect international covenants and conventions. His comments underline the growing sentiment among Iraqis that foreign entities should not act as the defenders of the Iraqi people. Al-Qaddo also hinted at the involvement of several parties with motives behind previous and current incidents targeting the embassy, indicating a complex political landscape.
https://bnn.network/finance-nav/central-bank-of-iraq-refutes-claims-of-currency-mismanagement/
Iraq and Kuwait Leaders Discuss Strengthening Bilateral Relations and Aiding Palestine, 9 DEC
Iraq and Kuwait Leaders Discuss Strengthening Bilateral Relations and Aiding Palestine
In a recent phone conversation between Mohammed Shia al-Sudani, the Prime Minister of Iraq, and the Amir of Kuwait, the leaders discussed the status and future of bilateral relations between their nations. The conversation, which primarily served as a health check for the Amir of Kuwait, quickly evolved into a platform for exploring ways to enhance partnership and cooperation across various domains.
Strengthening Bilateral Ties
The call between the two leaders demonstrated their commitment to developing and strengthening partnership and cooperation in various fields. This dialogue represents a series of efforts to foster unity and solidarity in the Arab world, with Iraq and Kuwait playing pivotal roles. Amid the geopolitical tensions in the region, such efforts to foster diplomatic ties are crucial. The move is expected to have a significant impact on the political and economic landscape of the region.
Collective Stance against Aggression
The leaders also affirmed their continued efforts to cease aggression against the Palestinian people and expedite the provision of necessary humanitarian aid to the Gaza Strip. This shared concern and commitment to humanitarian assistance act as a testament to their collective ethos towards regional peace and stability. It is a reflection of their combined efforts in standing against violence and advocating for the rights of the Palestinian people.
Regional Cooperation Amid Global Challenges
In the face of global challenges, such as climate change and energy transitions, the conversation between the Prime Minister of Iraq and the Amir of Kuwait exemplifies regional cooperation. This cooperation, as demonstrated by the leaders, could serve as a significant driving force in tackling the pressing issues faced by the Arab world and beyond. As the world grapples with the implications of climate change and the need for sustainable solutions, the strategic partnership between Iraq and Kuwait could provide a crucial impetus to the region’s efforts in these domains.
"RV UPDATE" BY MILITIAMAN, 9 DEC
Militia Man
Article - "The Finance Minister to the employees of the budget department, No vacation until the end of the year. "
In other words, stay working. We got work to do and it's probably likely going to be significantly more. Why?
Because if they change the value of the exchange rate their budget is going have to be addressed in a big way...It's telling you the budget's going to be sorted by the end of the year. We're getting close...the year is coming quick.
Article "...A campaign to support the Iraqi dinar and make it the gateway to bustling the country." They're talking about the Iraqi dinar...They're not talking about the Euro ...[or] all the other currencies ...They're saying we're going to do trade in the dinar and it's going to be the gateway...
Bilateral trade...Multilateral trade, Multilateral banking - all of these things show Iraq is going international...I believe I'm going to be 100% right. The evidence is clear as day.
US Department Of Justice: We Will Help Iraq Recover Its Smuggled Money, 9 DEC
US Department Of Justice: We Will Help Iraq Recover Its Smuggled Money
December 9, 2023 Baghdad/Al-Masala Event: The head of the Federal Integrity Commission, Haider Hanoun, handed over to the American side a file containing requests for legal assistance and a list of defendants and convicts residing within American territory who are wanted by the Iraqi side.
A statement from the commission received by Al-Masalla stated that this came during a meeting with the head of the commission with integrity experts at the US Department of Justice, where the two sides discussed forming committees between the two parties to study the files through joint experts from the commission and the American side on joint issues, and then referring the case to the judiciary if the committee is convinced. Convicting the accused in the case.
Hanoun expressed his optimism for concluding a memorandum of understanding with the US Department of Justice in order to exchange information and experiences for the purpose of strengthening and documenting, technical cooperation to prevent and combat corruption, enhance expertise, and hold training courses at the headquarters of the Iraqi Anti-Corruption Academy for members of the Iraqi regulatory agencies and employees of counterpart agencies in the countries surrounding Iraq. .
Integrity experts at the US Department of Justice indicated their awareness of the danger of corruption to state institutions in Iraq and its causing problems in the security and economic fields and the level of service provision to the people, expressing their readiness to work with the State Department to complete the draft memorandum with the Iraqi side to provide support and exchange experiences, stressing that their country will cooperate with Iraq to recover its smuggled money.
Will Iraq Be Harmed By The Decision To Reduce Oil Production?, 9 DEC
Will Iraq Be Harmed By The Decision To Reduce Oil Production?
Information/private.. Today, Saturday, the economic expert, Diaa Al-Mohsen, explained the reason for the decision to reduce voluntary production by OPEC Plus, while specifying the price of a barrel that OPEC prefers. He referred to Iraq’s position.
Al-Mohsen said, in an interview with the Maalouma Agency, that “the decision to voluntarily reduce oil production exported from Iraq came in response to the decisions of OPEC Plus,” indicating that “the decision is good for the country, because when OPEC decides to reduce oil production, this will lead to a decrease in supply.” in global markets.”
He explains, "This issue is very natural. The supply must be less than the demand, and this is consistent with the policy of OPEC Plus," indicating that the latter "does not want oil prices to fall below $90."
The economic expert continues, “This situation can only happen by reducing supply in global markets,” adding, “Whenever OPEC decides to reduce oil production, the price of a barrel of oil will rise in global markets.”
Earlier, 7 oil-producing countries within the “OPEC Plus” alliance took decisions to voluntarily reduce their production, by up to 1.571 million barrels per day, from the beginning of next May until the end of the year 2023. The decision announced by each country included it separately, in addition to... Saudi Arabia, Russia, the Emirates and Kuwait, as well as Iraq.
In turn, Iraq announced, thr ough the Minister of Oil, a voluntary reduction in production by 211 thousand barrels per day from next month until the end of 2023. LINK
"IRAQI BANK FRIEND UPDATE" BY WALKINGSTICK, 9 DEC
Walkingstick
[Iraqi bank friend update]
IRAQI BANK FRIEND: The meetings we have had with the CBI we are learning the next steps. Also we talked about in the meeting we are seeing many people in Iraq now coming into the banks and asking questions and we have given the banks permission, they are now allowed to explain all about the monetary reform process and where it's at right now to the citizens as they ask...One of their biggest questions is, 'Is it true we are getting a new currency?
Yes. Are we going to receive more purchasing power with this new currency? Yes. Are we going to see a change in our exchange rate? Yes. Is this why we are removing the dollar? Yes.'
They keep asking questions over and over again. Also the question people are asking a lot about, 'When? And how much?' But at the meeting we agreed that the banks are not to be given that information just yet, not even the upper echelon. The banks are saying, "In the very near future."
These questions are due to the fact that it is no longer a secret...The monetary reform has been successful thus far.
Iraq and France are discussing enhancing economic cooperation and developing trade exchange, 9 DEC
Iraq and France are discussing enhancing economic cooperation and developing trade exchange
Mawazine News - Baghdad
The Federation of Iraqi Chambers of Commerce discussed with its French counterpart the strengthening of economic cooperation between the two countries.
The Federation of Iraqi Chambers of Commerce stated in a statement received by Mawazine News, “The President of the Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, held a meeting with the Federation of French Chambers of Commerce (CCIF) and the representative of the French Business Center, in the presence of the Iraqi Ambassador to Paris, Wadih Batti, and the Vice President of the Council of State.” Abdul Latif Nayef, and a number of officials from both sides.”
The statement added, "The meeting discussed ways to enhance the prospects for economic cooperation and develop trade relations to serve the interests of both countries."
The Iraqi Ambassador, Wadih Batti, spoke about "expanding the horizons of cooperation and partnership between the two sides, and called for holding a specialized symposium at the embassy headquarters between Iraqi and French businessmen, sponsored by the embassy, on the occasion of the first anniversary of the signing of the strategic partnership agreement between Iraq and France."
In turn, the head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, called for “framing this cooperation with a memorandum of understanding, and providing support to open an office for the French Business Center in Baghdad.”
The French side expressed "their interest in the ideas presented, and expressed their readiness to work and expand the horizons of cooperation."
The two parties decided, according to the statement, “to form a joint committee to follow up on the implementation of the results of the meeting and prepare the proposed memorandum of understanding.”
The Foreign Minister to his Spanish counterpart: Iraq now represents a safe environment for investment in the economic and agricultural fields, 9 DEC
The Foreign Minister to his Spanish counterpart: Iraq now represents a safe environment for investment in the economic and agricultural fields
Foreign Minister Fuad Hussein confirmed today, Saturday, that Iraq is a safe environment for investment and is open to Spanish companies
A statement from the Ministry of Foreign Affairs received by {Al-Furat News} stated that “Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received a phone call from the Spanish Minister of Foreign Affairs, European Union and Cooperation, Jose Manuel Albarez,” noting that “during the call, bilateral relations between the two friendly countries and ways to Developing it in all fields, especially in the economic, agricultural and development fields.”
Hussein stressed, according to the statement, that "Iraq today represents a safe environment for investment, and it is open to benefiting from the expertise possessed by Spanish companies, with all the laws provided by the government in Iraq that contribute to the success of investment projects."
The statement explained that “the call touched on the deteriorating situation in Gaza, and the occupation forces’ intention to continue attacks on the Palestinian people in Gaza.”
The Minister of Foreign Affairs stressed "the necessity of urgent intervention by all active European countries to stop the repercussions of the events resulting from the tragic war targeting civilians in Gaza, stressing the importance of working quickly to deliver humanitarian aid to the besieged civilians."
For his part, the Spanish Foreign Minister praised "the role Iraq plays in the Middle East region," noting that "his country's government seeks to restore stability to the Middle East region, and for Iraq to enjoy security and stability." link
"IRAQ KURDISTAN BOOTS ON THE GROUND REPORT" : " THEY ARE REMOVING THE ZEROS" , 8 DEC
Frank26
[Iraq Kurdistan boots-on-the-ground report]
SUPERGIRL: Dyaa got news 2 days ago from Iraqi news. They are removing the zeros but they didn't say when.
FRANK: Bingo...!
SUPERGIRL: He said it was BBC. News also said something about it...He did hear they are removing the zeros and they will change it to a one, 5, 10, 20 50...
FRANK: Wow! Jackpot!
FIREFLY: It's a campaign they told us today. They keep repeating it over and over. [See commercial video below from earlier today] It's a campaign they are doing they say to build up the dinar, to make it the gateway of the country. That's what they're telling us. They're adding strength to our currency. FRANK: I know what they are trying to tell you... Is there strength in a program rate? Of course not. They're preparing you...Playing On Iraqi TV Right Now.
Oil heads for seven-week decline for first time in half a decade, 9 DEC
Oil heads for seven-week decline for first time in half a decade
Shafaq News/ Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts.
Brent crude futures were up $1.46, or 2%, at $75.51 a barrel at 1431 GMT, while U.S. West Texas Intermediate crude futures were up $1.33, or 1.9%, to $70.67 a barrel. Brent had earlier risen by $2.
Both benchmarks slid to their lowest since late June in the previous session, a sign that many traders believe the market is oversupplied. Brent and WTI are also in contango, a market structure in which front-month prices trade at a discount to prices further out .
OPEC+'s "weakening position in providing support coupled with record high US production and sluggish Chinese crude oil import figures can only mean one thing: there is an abundance of oil available, which is neatly reflected in the contangoed structure of the two pivotal crude oil benchmarks," said Tamas Varga of oil broker PVM in a note.
Friday's gains, meanwhile, are a "correction and nothing else," Varga said.
Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy, only days after a fractious meeting of the producers' club.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to a combined 2.2 million barrels per day (bpd) in output cuts for the first quarter of next year.
"Despite OPEC+ members' pledges, we see total production from OPEC+ countries dropping by only 350,000 bpd from December 2023 into January 2024," said Viktor Katona, lead crude analyst at Kpler.
Some members of OPEC+ may not adhere to their commitments due to muddied quota baselines and dependence on hydrocarbon revenues, Katona said.
Brent and WTI crude futures are on track to fall 4.4% and 4.7% for the week, respectively, their biggest losses in five weeks.
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Fuelling the market's downturn, Chinese customs data showed its crude oil imports in November fell 9% from a year earlier as high inventory levels, weak economic indicators and slowing orders from independent refiners weakened demand.
In the United States, output remained near record highs of more than 13 million bpd, U.S. Energy Information Administration data showed on Wednesday.
Stronger-than-expected U.S. job growth and a drop in the unemployment rate signalled resilience in the labor market, U.S. Labor Department data showed on Friday. That has dampened hopes that the Federal Reserve would cut interest rates by early next year, and could weigh on markets.
In Nigeria, the Dangote oil refinery is set to receive its first cargo of 1 million barrels of crude oil later on Friday, the start of operations that, when fully running at 650,000 barrels a day, would turn the OPEC member into a net exporter of fuels after having been almost totally reliant on imports.
https://shafaq.com/en/Economy/Oil-heads-for-seven-week-decline-for-first-time-in-half-a-decade
Iraq Marks International Anti-Corruption Day with Significant Strides, 9 DEC
Iraq Marks International Anti-Corruption Day with Significant Strides
On the occasion of the International Anti-Corruption Day, Iraq’s Federal Commission of Integrity commemorated the significant steps the nation has taken in its fight against corruption. The day, marking the 20th anniversary of the United Nations Convention against Corruption (UNCAC), underscores the global commitment to combat corruption in all its forms.
Unprecedented Strides in Anti-Corruption Efforts
The statement from the Commission reflects Iraq’s unprecedented strides in improving transparency and accountability within its institutions. These strides include aligning public and private finance with the Sustainable Development Goals (SDGs), and developing new indices to better assess the impact of anti-corruption efforts, including in public procurement. This commitment is central to the country’s development initiatives, with the aim of directing every dollar towards impactful development.
Global Struggle Against Corruption
Despite these advances, corruption remains a global challenge with one in five people worldwide reported having to pay a bribe to access a public service. According to data from the United Nations Development Programme (UNDP), 124 countries have stagnant corruption levels. The UNDP, along with other UN partners, is driving new efforts to measure corruption, contributing to a new Statistical Framework to Measure Corruption led by the United Nations Office on Drugs and Crime (UNODC).
Reinforcing the Vision of Integrity
Executive Director of UNODC, Ghada Waly, reiterated the vision of a world where integrity prevails. Through the UNCAC, the international community has made significant strides against corruption by establishing robust legal frameworks, reforming institutions, and strengthening international cooperation. These efforts prevent resources from being diverted from public services and crisis response, disrupt illicit financial flows, and uphold the rule of law, promoting public trust and peace.
The steps taken by Iraq represent a beacon of progress in the ongoing global battle against corruption. As the world continues to struggle with this pervasive issue, the nation’s commitment to transparency and accountability provide a roadmap for others to follow.
Iraq’s Prime Minister Pledges Steadfast Fight Against Corruption, 9 DEC
Iraq’s Prime Minister Pledges Steadfast Fight Against Corruption
In a robust affirmation of the Iraqi government’s commitment to integrity and transparency, Prime Minister Mohammed Shia’ Al-Sudani marked the International Day for the Combating of Corruption with a pledge to fight corruption relentlessly. The Prime Minister outlined this as an essential priority for the rule of law and societal progress, a testament to the vision of a fair and equitable Iraq.
Unwavering Support for Regulatory Bodies
Al-Sudani emphasized his government’s unwavering support for the regulatory bodies tasked with maintaining checks and balances in the system. Recognizing the magnitude of the task that lies ahead, he highlighted the necessity for robust institutions capable of recovering the nation’s assets and pursuing those individuals responsible for corruption.
Global Cooperation in Denying Safe Havens
The Prime Minister stressed the importance of an international commitment to deny safe havens to corrupt individuals. This, he argued, is a vital step in ensuring accountability and upholding justice, not just within Iraq’s borders, but on a global scale.
Condemnation of Recent Attacks
In related news, Al-Sudani condemned the recent rocket salvos fired at the U.S. embassy in the Iraqi capital, Baghdad. Indications point towards pro-Iranian militias being behind the attack, and the Prime Minister has ordered a thorough search for the perpetrators, highlighting the broader commitment to law and order.
https://bnn.network/politics/iraqs-prime-minister-pledges-steadfast-fight-against-corruption/