Thursday, February 15, 2024
Iraq will produce double the electricity coming from Jordan and 2% of Iranian gas!, 16 FEB
Iraq will produce double the electricity coming from Jordan and 2% of Iranian gas!
Iraq is scheduled to start its first trash-to-electricity experiment next month. The project would use 3,000 tons of waste each day in Baghdad, the country’s capital, to generate energy equal to double the amount that will enter Iraq via Jordan and 2% of Iran’s gas supply.
Karim Azab, Assistant Director General of the Baghdad Municipality’s Department of Environment and Solid Waste, clarified that the project’s investing company will be chosen at the beginning of March of next year. This is because the Municipality has designated the Al-Nahrawan area on the Rusafa side as the location for the project’s implementation, provided that the landfill site is designed in accordance with international environmental specifications and standards. Al-Sabah, the official newspaper, claims.
He emphasized that by investing 3,000 tons of garbage every day, the project, whose implementation would take 24 months, will help save 80 to 90 megawatts.
He said that the Municipality of the Capital is working to invest about 6,000 tons of waste per day through the two aforementioned projects, and that the Municipality is planning a similar project on the Karkh side in the Abu Ghraib region. He said that this project will be announced as an investment opportunity after the lands on which it will be implemented have been expropriated.
The 6,000 tons represent about half of the rubbish that Baghdad discards on a daily basis. Regarding the electricity production from the Nahrawan project, which is expected to reach 80–90 megawatts, this is equal to twice the amount that will be supplied to Iraq from Jordan within the first phase of the electrical connection, which is 40 megawatts, for which contracts were signed two days ago. It is anticipated that this amount will rise to 150 and then 500 megawatts in the second phase.
Remarkably, 90 megawatts is also equal to 2% of Iraq’s entire electrical production from Iranian gas.
"ARE YOU LISTENING TO ME?" BY MNT GOAT, 16 FEB
MNT GOAT
...So, when this “temporary” new IQD rate does come out in Iraq, in the meantime it gives Iraq time to monitor for inflation and watch for corruption scandals. They plan to do this for a period of time. It could be 3 days, 3 weeks or even 3 months, etc.. We don’t know and they don’t know.
Personally, I believe it will be much sooner than later unless they have a major issue in the process.
Remember too in today’s news they tell us it is recommended to take a month to collect the three zero notes .
Coud this be their time period?
But they have not even started the process yet and so how can we possibly have an RV this week or this weekend or even for weeks to come?
Are you listening to me?
I am attempting to show you how foolish all these idiot intel gurus are. They have no proof of an imminent RV. Most just regurgitate what they hear and have no brains to research or how to research for themselves.
Iraq follows Russia as second largest oil supplier to India, 16 FEB
Iraq follows Russia as second largest oil supplier to India
According to data released by the Indian Ministry of Commerce and Industry, as of December 2023, Iraq was India’s second-largest oil supplier, after Russia.
The data shows that the cost of Russian crude oil sold to India dropped to $77.82 per barrel, while the cost of oil exports from Iraq was $79.34 per barrel.
India, the world’s third-largest oil consumer, is said to get its oil mostly from Russia and Iraq.
Since the invasion of Ukraine in early 2022, when several purchasers refrained from purchasing Russian oil, Indian oil refineries have been scurrying to purchase low-cost Russian oil.
Since the middle of 2023, oil exports from Russia have become comparatively more costly, trading at values that are quite comparable to those from Iraq.
Saudi Arabia is India’s third-largest oil supplier, and its oil imports are said to be the priciest of all. In December 2023, the average price at which Saudi Arabia exported crude oil was $87.19 per barrel.
"BOOTS ON THE GROUND REPORT" BY MNT GOAT, 16 FEB
MNT GOAT
The good news is that this final rate change must be getting close at hand as my CBI contact informed us last week, as you already may know, that someone on the committee team was tasked to supply the IT people with a good set of pictures of the lower denominations along with the coins and a written explanation of how the conversion would work from the three zero notes.
This all fits into what we are now hearing in our news of today only let’s not go off half-cocked and over speculate on the news,,,okay, like some idiots I know… ☹ . However, keep that champagne ready!
Remittances of currency abroad rise to $185 million in CBI’s auction, 16 FEB
Remittances of currency abroad rise to $185 million in CBI’s auction
At the Central Bank of Iraq’s (CBI) auction on Thursday, foreign currency remittances increased by 88% as compared to cash sales, totaling $185 million.
At an exchange rate of 1305 Iraqi dinar per US dollar, the CBI sold $208,407,735 on Thursday at its auction for the purchase and sale of US currency for foreign settlements for debit and credit cards as well as letters of credit.
For cash sales and international transfers, the CBI offered US dollars at an exchange rate of 1310 Iraqi dinars.
The majority of the CBI’s US dollar sales, which were directed toward improving accounts overseas through letters of credit and transfers, came to $185,517,735, an 88 percent increase above cash sales of $22.89 million.
Six banks purchased US dollars with cash, while sixteen institutions complied with requests to increase foreign holdings.
The CBI’s auction featured 69 brokerage firms and currency exchange outlets.
"RV UPDATE" BY PIMPY, 15 FEB
Pimpy
Question "Just be blunt...Make it simple. If someone holds a million dinars what is the most one can get from this amount over the next several years?" I've been blunt about this...It depends on how long you hold it.
Let's say it starts to go up in increments like I think it's going to happen, you have to look at your 1 million dinar and think to yourself, 'Am I going to be happy with the current exchange rate.'
It really depends on when it gets to a rate that you like. As long as they can stay out of conflict, continue moving forward like they have with reform, getting back in the World Trade Organization, showing back up on Forex, these things are very important on give value to the Iraqi dinar.
The Baghdad dollar ends its week near 152.5.. The money changers felt “the tension has ended” with the Americans, 16 FEB
The Baghdad dollar ends its week near 152.5.. The money changers felt “the tension has ended” with the Americans
The US dollar’s exchange rates ended the week steady on Thursday night, hovering around 152.5 thousand dinars for every $100 note. This level of stability has persisted for almost two weeks, in part because market observers were bullish about “the disappearance of the specter of security tension” between Washington and Iraq.
This evening, the direct selling prices per note at the major exchange businesses and their offices in the Baghdad districts varied from 152,400 to 153,500 dinars, while the purchasing prices ranged from 152,200 to 151,500 dinars.
The following currency rates were available at exchange company offices in Baghdad areas:
Al-Kifah – Al-Shorja
Sale: 152,400
Buy: 152.200
Harithiya
Sale: 152,500
Buy: 152.100
Al-Adl District – Al-Rabie Street
Sale: 152,750
Buy: 152.250
Karrada
Sale: 153,500
Buy: 151,500
Sidiyah
Sale: 153,500
Buy: 151,500
Sadr City – Orfali
Sale: 153,500
Buy: 151,500
"RV UPDATE" BY MILITIAMAN, 15 FEB
Militia Man
Iraq is a border country with Kuwait. Iraq is considerably larger than Kuwait...They have massive amount of oil...liquid natural gas...gold...some of the biggest mineral deposits in the world that Kuwait does not have. You have to ask, why did they bring this up? - Article quote: "The Kuwaiti dinar ranked on the throne of currencies in the world for the year 2024 while the US dollar came in last place on the list of 10 strongest global currencies ...the dinar of the Gulf State is divided into 1,000 smaller units known as fils."
Iraq does not have fils. They're going to be talking about fils because why? Because...Al-Sudani has stated the dinar is stronger than the dollar. They're going to need to be able to make change...When they bring this up with Iraq's situation I think they're doing it in a manner that suggests the region can support Iraq having a strong currency stronger than the dollar..
UNAMI: Plasschaert's departure from Iraq has nothing to do with allegations of corruption in the United Nations mission, 15 FEB
UNAMI: Plasschaert's departure from Iraq has nothing to do with allegations of corruption in the United Nations mission
On Wednesday, the United Nations Mission in Iraq (UNAMI) issued a clarification regarding what it called “misleading information” regarding the departure of the Special Representative of the Secretary-General of the United Nations, Jeanine Hennis-Plasschaert, indicating that the departure is a practice followed by the usual rotation of senior officials and has nothing to do with reports about... Corruption in the mission.
The mission said in a statement received by Shafaq News Agency, “UNAMI would like to set the record straight regarding the misleading reports that were recently circulated in a number of traditional Iraqi media and social media regarding the departure of Ms. Jeanine Hennis-Plasschaert, Special Representative of the Secretary-General of the United Nations.” United Nations and Head of the United Nations Assistance Mission for Iraq (UNAMI) in May.
UNAMI stressed that “the departure of the Special Representative of the Secretary-General in May is consistent with established practices within the United Nations, including the usual rotation of senior United Nations officials.”
Regarding The Guardian’s report on corruption allegations, the United Nations Development Program (UNDP) issued a statement on 23 January 2024. “Furthermore, we would like to emphasize that UNAMI and UNDP have different administrative and financial structures.”
UNAMI called on the media to “prioritize accuracy and refrain from circulating misleading information. More broadly, the impact of false and misleading information cannot be overestimated.”
On Tuesday, January 23, in a shocking report, the British newspaper "The Guardian" revealed the truth about major suspicions of corruption by the United Nations in its development program in Iraq, stressing that the United Nations has fueled the culture of bribery that has permeated Iraqi society since the overthrow. With Saddam Hussein in 2003.
The British newspaper "The Guardian" said, "United Nations employees in Iraq are demanding bribes in exchange for helping businessmen win contracts for reconstruction projects in the country."
The Guardian newspaper found that UNDP employees “demanded bribes of up to 15 percent of the contract value,” according to three employees and four contractors.
In return, the employee helps the contractor navigate the complex UNDP bidding system to ensure it passes the audit process.
One of the contractors, without The Guardian revealing his identity, said that UNDP employees “contacted them demanding bribes.” link
"QFS CONVERSATION" BY GOLDILOCKS, 15 FEB
GOLDILOCKS
"The mission discussions covered policies to restore macroeconomic stability and improve growth prospects, focusing on finalizing the transfer of the RBZ’s quasi-fiscal operations to the Treasury and addressing other sources of fiscal pressures; liberalizing the foreign exchange market and establishing an effective framework for exchange rate and monetary policies; and progressing on reforms to improve economic governance."
IMF Staff Completes 2024 Article IV Mission to Zimbabwe. Article 4 with the IMF is a bilateral discussion on monetary policies that will allow them to move forward with direction. It will allow a country's consultation with them to fully inform all involved of a good path forward.
This is the second country in Africa to be given the green light to move forward with free floating exchange rates. This will allow Zimbabwe to put their money on a supply and demand platform allowing the markets to determine their new exchange rates.
© Goldilocks
https://www.imf.org/en/News/Articles/2024/02/13/pr2447-zimbabwe-imf-staff-completes-2024-article-iv-mission
Who wins and loses from the "withdrawal" of the international coalition forces from Iraq?, 15 FEB
Who wins and loses from the "withdrawal" of the international coalition forces from Iraq?
Baghdad today - follow-up
A report published by the British BBC network, today, Wednesday (February 14, 2024), reviewed the parties who gain and lose from ending the presence of the international coalition in Iraq.
The network quoted journalist and human rights activist Haider Al-Basir as believing that "American forces will not withdraw from Iraq in the near future and that the negotiations are to buy more time on the part of Washington."
Regarding the parties that lose from a possible American withdrawal, Al-Basir says that the Iraqi Kurdistan Regional Government and the Iraqi Sunnis will be the most prominent losers.
He says: "The Kurds and Sunnis refuse the evacuation of American forces, because they know full well that the Iraqi government is weak, and that Iran's influence may exceed Washington's influence in their country."
"Iran has Shiite factions loyal to it, Turkey is fighting the Turkish Kurdistan Workers' Party (PKK), which is active in northern Iraq, and the withdrawal will be in the interest of both countries."
Therefore, Sunnis and Kurds fear such a withdrawal because it will create a major vacuum, at a time when it is losing trust with Iran, whose recent improvement in relations with Saudi Arabia has not been reflected in its relations with Sunnis and Kurds in Iraq, according to Haider al-Basir.
Mohamed Abbas Nagy, a researcher at the Al-Ahram Center for Political Studies in Cairo, believes that the government, Iraqi factions and Iran are the main winners in the event of a withdrawal.
"The withdrawal means that Iran will automatically fill the resulting vacuum, so the first beneficiary will be the main regional adversary of the United States. Iran will portray it as a victory — as it did in Afghanistan — and will benefit greatly from it."
In addition, the Iraqi Shiite factions will benefit, and will "seek to strengthen their position and replicate the experience of the Lebanese Hezbollah in Iraq."
The government of Prime Minister Mohamed Shia al-Sudani will also benefit because the removal of coalition forces is part of its political program, and thus declare it a success for its political program, Naji said.
"The withdrawal will also give Russia, Turkey and Iran a great opportunity to put in place security and political arrangements in Iraq and Syria in the post-US withdrawal phase."
Source: BBC
"RV UPDATE" BY TEXAS SNAKE, 15 FEB
TEXAS SNAKE
Well folks banker is hopeful he will be getting the approximate time his staff will be positioned to begin scheduling our exchange appointments which will also provide the date of when we will or could become liquid.
We are close folks, GOD Bless for allowing me to continue to share what I learn.
"Was included in a call that contained some very valuable information regarding our anticipated benefits but was placed on a do not reveal type NDA, so please appreciate the position I find myself in sharing other than it is very very positive for us as well s the globe.
Will open for a short time so some guessing can take place to see if anyone has a clue as to what is about to unfold"
Folks please remain positive as the world economy cannot continue without a new influx of funds.
https://dinarevaluation.blogspot.com/2024/02/rv-update-by-texas-snake-10-feb.html
Folks please remain positive as the world economy cannot continue without a new influx of funds
Banker has remained on the West Coast due to his wife's health condition but assures me he is in contact with Reno and will advise me as soon as he get his notifications which should occur just before the emails and 800 numbers are posted. Says all remains positive.
While I do not plan on opening the room tonight having spoken now twice to the banker today he is indicating he should hear something tomorrow and the absolute earliest notifications might be released would be Tuesday however he is more leaning to later in this coming week based upon past history. Either way I will post immediately upon hearing. GOD Bless.
Just visited with Okie re what the banker just related he was hearing to me from those above him that sometime late tomorrow or early Wednesday his appointment/exchange techs would be on call to schedule appointments.
He hopes this time it is for real as do all of us waiting.........
https://dinarevaluation.blogspot.com/2024/02/texas-snake-notes-2-feb.html
Well hopefully will get my computer repaired in a few days and can at least share what little is being brought forward.
Just visited with Okie re what the banker just related he was hearing to me from those above him that sometime late tomorrow or early Wednesday his appointment/exchange techs would be on call to schedule appointments.
He hopes this time it is for real as do all of us waiting.....
Parliament or government? Who is responsible for amending the 2024 budget law?, 15 FEB
Parliament or government? Who is responsible for amending the 2024 budget law?
Economy News - Baghdad
Today, Thursday, the Finance Committee clarified the powers of the federal government and the role of the House of Representatives in the current year's budget.
A member of the parliamentary finance committee, Mustafa al-Karawi, said in an interview with "Economy News" that "amending the federal budget law or not is related to the government and the extent of its need to make amendments to some sections and items according to the need and requirements."
He added that "the House of Representatives obligated the Council of Ministers, in accordance with Article 77 II of the Constitution, to send tables related to its forecasts of revenues and the actual volume of spending for 2024, while the rest of the budget items are supposed to be in force."
"If the government requests the amendment of some items, the House of Representatives will discuss them and work to reformulate them in a way that suits the government program and the requirements of the Council," the finance committee member said.
"CURRENCY EXCHANGE & WHAT TO EXPECT" BY ARIEL, 15 FEB
Ariel
JP Morgan Chase: Currency Exchange and What to Expect
No exchange fees.
No spread fees.
Two forms of ID.
Receipt for currency.
Not accepting Saddam notes.
On site authentication.
Meet with branch manager 1st.
Bring 2 bill payments.
Set up second appointment.
Iranian Rial is currently the only currency on the OFAC list.
Forex Rate vs Bank Screen Rate may differ.
Unlimited Exchange of Currency. No Caps on amount.
This is coming directly from JP Morgan Chase branch manager.
Do not deal with any teller. Go directly to the manager. Do not allow anyone to tell you otherwise unless they work in the bank. Gurus are not exchanging your currency. You are.
So stop taking their words as the final say on something that doesn’t involve their opinions as to how this process will go.
You need to touch grass and walk into the banks. Stop trying to take shortcuts and wait to see what your favorite guru has to say.
Talk directly with the bank from this point forward on everything regarding your currency.
Why? Because that is the bank that will need your reserves, deposit, and capital to function in the future. Not the other way around.
Al-Sudani leaves Baghdad for the Netherlands on an official visit, 15 FEB
Al-Sudani leaves Baghdad for the Netherlands on an official visit
Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani left the capital, Baghdad, heading to the Netherlands on an official visit.
A statement issued by the Prime Minister’s Media Office, received by Mawazine News, stated that “Prime Minister Muhammad Shiaa Al-Sudani left the capital, Baghdad, heading to the Netherlands.”
He pointed out that "the visit came after an official invitation from the Dutch side." link
"RV UPDATE" BY NADER FROM MID EAST, (ENGLISH AND SPANISH), 15 FEB
Interesting information.!!!
"BANK STORY " BY FROG VIA BEARDED PATRIOTUSA, 15 FEB
FROG
Today I decided that I was going to go to several banks just to verify what we have all been hearing. So I went to the first bank it was Wells Fargo.
The manager told me that she has been with the bank for 17yrs, I kid you not, she said 17yrs and she has heard about the Iraqi Dinar the whole time she has worked there and she thinks it's a scam. At that moment I decided that was not the bank for me so I thanked her and left.
Next I went to a 2nd bank, another Wells Fargo. They told me that they do Foreign Currency Exchanges but not the Iraqi Dinar and probably never will exchange the dinar.
At that moment I decided that was not the bank for me so I thanked him and left.
My 3rd stop was Chase Bank.
A man from one of the cubicles approached me and asked if he could help. I said I would like to speak with the manager. He said she is in a meeting but I could wait for 5-10 minutes and she will be available. He said while your waiting is there something I can help you with. I said it's about foreign currency so I would prefer to talk to the manager.
He said come with me I can get you going in the right direction. I said have you heard about the revaluation of the currency.
He said YES i have. I said do you believe it is going to happen so.
He said, yes I do. I asked if they exchange at the branch or send it out. He said we do everything at this branch.
I asked if they exchange Iraqi Dinar, he said not at the moment but we have some customers like you. I said OK what does that mean.
He said how much do you have and I said I am not comfortable sharing that information. He said not a problem is it over 100,000 because if it is I will schedule you an appointment with an advisor and someone else (I forget the title of the 2nd person).
If it's below 100,000 it would be with someone different.
I have an appointment with 2 people tomorrow (not to exchange) but meet with them.
He said get all your questions and information together for your meeting. I thanked him and left feeling much better that the information we are being told is really happening.
"ANALYSIS OF IRAQ NEWS: AN ECONOMIST SHOWS THE PROS AND CONS OF SWITCHING TO ELECTRONIC FINANCIAL PAYMENT" BY MNT GOAT, 15 FEB
AN ECONOMIST SHOWS THE PROS AND CONS OF SWITCHING TO ELECTRONIC FINANCIAL PAYMENT
From an 11-25-2023 article. Do you remember it?
Information/private..
Today, Saturday, the economic expert, Nasser Al-Kanani, explained the pros and cons of the expected shift to dealing with electronic payment methods via bank cards, while he stressed that taking this step will open another door to corruption at gas stations.
Al-Kanani said in an interview with the Maalouma Agency, “The shift to electronic payment at gas stations will contribute to increasing the sale of oil derivatives outside government and private stations due to the absence of a culture of electronic payment and the ignorance of most citizens of this new mechanism,” wondering about “how the government deals with taxis that need to enter the stations on a daily basis.”
He continued, “There are positives from the decision, which is considered a qualitative leap in the field of banking and keeping pace with the global development of electronic payment methods,” pointing out that “the step is positive if it is implemented correctly by the concerned authorities and citizens.”
He added, “Taking this step will open another door to corruption at fuel stations and will exacerbate smuggling operations,” noting that “it is necessary to exclude the taxi category because the number is very large compared to the procedures for depositing money and filling from stations and other operations.”
The Council of Ministers for the Economy had confirmed the activation of the electronic payment service, as the decision stipulated that the system enjoys a high level of protection and security, reduces time and effort, and contributes to stimulating the movement of the economy, facilitating the procedures for granting a license to collect bank cards, and exempting all electronic payment (POS) transactions from… Taxes, amid a positive step and not without negativity towards developing the banking sector and electronic payment methods to keep pace with the outside world, in addition to converting financial transactions from cash to electronic.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/An Egyptian Delegation Expresses Its Desire To Invest In Iraq.. What Did It Say To The Sudanese?, 15 FEB
An Egyptian Delegation Expresses Its Desire To Invest In Iraq.. What Did It Say To The Sudanese?
money and business Economy News – Baghdad Today, Wednesday, during its meeting with the Prime Minister, Muhammad Shiaa Al-Sudani, a delegation of Egyptian investors expressed its desire to work in Iraq through the available investment opportunities in the fields of infrastructure and the pharmaceutical industry.
Al-Sudani’s media office stated, in a statement received by Al-Eqtisad News, that the latter “received a delegation of Egyptian businessmen and investors, who specialize in infrastructure projects, the housing sector and the pharmaceutical industry. Al-Sudani welcomed the delegation,” stressing “Iraq’s keenness to sustain bilateral cooperation relations with... Egypt and its private sector.
Al-Sudani pointed to "expanding the horizons of cooperation in various fields, which came as a result of the continuation of mutual visits and the activation of joint committees. It also embodies Iraq's economic openness towards the Arab and global environment, and the opening of windows of cooperation with major Arab and foreign companies."
For their part, the members of the Egyptian delegation expressed their "desire to work in Iraq through the available investment opportunities, in the fields of infrastructure and the pharmaceutical industry, cooperation with the Iraqi private sector, and building economic partnerships that are in the interest of the two brotherly countries."Views 72 02/14/2024 https://economy-news.net/content.php?id=40450