Al-Atwani: Agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally, 28 SEPT

  Al-Atwani: Agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally

9/26/2024

 The head of the Parliamentary Finance Committee, Atwan Al Atwani, announced today, Thursday, an agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally.

A statement from his office, a copy of which was received by {Atlfrat News}, stated that "the parliamentary finance committee delegation, currently visiting Erbil, headed by Al-Atwani, held an expanded technical meeting with representatives of the Kurdistan Regional Government, in the regional council of ministers building, to discuss resolving the outstanding issues between Baghdad and Erbil."

Al-Atwani said, "The meeting reviewed the oil files, financial revenues, automation of border crossings, unification of customs tariffs, and localization of employees' salaries," announcing "the development of a roadmap to resolve the points of contention between the central government and the regional government regarding the oil export file."

He stressed that "the attendees reached an initial agreement with the regional government to conduct a comprehensive review of the oil contracts to adapt them to the Iraqi constitution, in preparation for solving the problem of the halt in the region's oil exports," explaining that "the agreement stipulates that the central government and the regional government enter as a unified party in negotiations with international oil companies operating in the region with the aim of amending their contracts from production partnership to profit-sharing, in addition to reviewing the economic and commercial terms."

Al-Atwani pointed out that "the parliamentary finance committee is working to establish a sound basis for negotiations on resolving the pending issues, in order to resolve the oil export file during this year and eliminate the differences with the region," stressing that "the committee will meet, upon its return to Baghdad, with the federal oil ministry, in order to discuss the controversial issues and push towards resolving them under the umbrella of the constitution."

He said, "The meeting reviewed, in numbers, the steps for implementing the file of localizing the salaries of the region's employees, where the necessity of adhering to the decisions of the Federal Court was emphasized."

The meeting also discussed, according to Al-Atwani, the file of border crossings, customs, and taxes, and ways to include their revenues in the country's general budget, and the extent of the regional government's commitment to sending these funds to the federal government.  LINK

"IT LOOKS LIKE. THE SANCTIONS WILL BE ALL OFF" BY FIREFLY, 28 SEPT

 Frank26  

 [Iraq boots-on-the-ground report]  

 FIREFLY: Successful meeting today with the United States Treasury with Sudani. 

 It looks like the sanctions will be all off.  

FRANK:  They're reporting to the Iraqi citizens what they're accomplishing at the United Nations with the US Treasury, but this stuff is old.  It's ancient history...

What you are seeing is nothing more but formalities.  

I am excited to see Sudani return back and talk to you Iraqi citizens.  

Iraq's Economic Rebirth: The Dinar Revaluation Explained! @DINARREVALUATION

Masoud Barzani to a parliamentary delegation: There is an opportunity to legislate the oil and gas law , 28 SEPT

 Masoud Barzani to a parliamentary delegation: There is an opportunity to legislate the oil and gas law

9/25/2024

The President of the Kurdistan Democratic Party, Masoud Barzani, stressed that "the opportunity exists to legislate the oil and gas law to regulate the distribution of wealth."

Barzani expressed during his reception of a delegation from the Parliamentary Finance Committee today, Wednesday, according to a press statement, his desire to resolve the differences between the central government and the region, expressing his support for the Finance Committee's movement in this regard.

The meeting discussed, according to the statement, "the overall common conditions and ways to resolve the outstanding issues between the central government and the Kurdistan Regional Government in a way that establishes a new phase of cooperation, coordination and understanding based on respect for the Iraqi constitution."

The head of the committee, Atwan Al-Atwani, reviewed the files that the Finance Committee delegation came to discuss with the Kurdistan Regional Government, most notably the implementation of the provisions of the Federal General Budget Law, the oil and national wealth file, the localization of employees' salaries, border crossings, taxes and customs, and other issues related to the financial aspect.

He stressed "the Finance Committee's constant endeavor to find understandings that lead to radical solutions to the outstanding issues between the federal government and the region," stressing that "deferring the differences does not solve them, but rather increases their complexity."

Barzani praised the efforts of the Finance Committee, in terms of legislating laws, monitoring performance, and taking the initiative to end the differences.    LINK

RV UPDATE BY JEFF, 28 SEPT

Jeff 

 Iraq can only change the rate at one or two points in the year, beginning or the middle of the year.  

That was stated by Shabibi.  If Iraq was going to revalue at any of those times you would see them increase their steps and actions preparing to revalue. 

 In this month of September those steps has occurred.  They have increased their actions getting critical steps...laws done.  They have tremendously ramped up.

Jeff  

 September is the month where you have seen and heard more from the Central Bank ever throughout this entire year...

 They have been more vocal and have completed more steps in the month of September than any other month...Critical things are happening.  They're preparing to go international.

 Jeff 

 They need to step away from oil.  That's a World Trade requirement.  They need additional forms of revenue streams to join the World Trade.  They can't have just oil as a revenue stream.  That's why they really have to roll out taxation and implement...

Jeff   

September has been the most active month and it's been the most informative with news, actions, everything.  

September has been their busiest month preparing for this rate change throughout this entire year.  That's not coincidental. They're preparing for the rate change.  And they're preparing to go international.

Jeff  

 Pretty much everything happening right now, along with Sudani being in the UN, everything has to do with Iraq going international...

Jeff 

 We had five of these articles talking about deleting the zeros...and then one today, so six total within 3 days.  Very amazing ...

Removing zeros is getting rid of the large 3-zero notes and replacing them with smaller size currency notes but at an increased value.  So when the rate changes the large notes have the same purchase power before the rate change as the smaller notes after the rate changes.  They would have to increase the value for the currency, strengthen it, to delete the zeros...

This news is looking really good.

https://dinarevaluation.blogspot.com/2024/09/rv-update-by-jeff-25-sept.html

Iraq Dinar Revaluation: Latest Updates & Investment Insights! @DINARREVA...

Al-Sudani issues banking directives, including suspending capital increases for banks subject to US sanctions, 28 SEPT

   Al-Sudani issues banking directives, including suspending capital increases for banks subject to US sanctions

9/26/2024

A Government source revealed, on Thursday, that Prime Minister Mohammed Shia al-Sudani issued directives related to financial and banking reforms, including not increasing the capital of banks subject to US sanctions.

The source told Shafaq News Agency, "Prime Minister Mohammed Shia al-Sudani, before leaving for New York, held a number of meetings with banks and the Central Bank of Iraq, where those meetings discussed in detail the Central Bank of Iraq's plan to rehabilitate private banks by contracting with an international consulting company."

He explained that "the Prime Minister directed a number of points, on the importance of the plan for developing private banks by Oliver Wyman Company being clear in terms of timing, distribution of responsibilities, and issuing progress reports in this regard."

The directives included "accelerating the implementation of the recommendations issued by the Ministerial Council for the Economy to support Iraqi banks, including delaying the increase in capital for banks banned from dealing in dollars by the US Treasury."

The source indicated that Al-Sudani also directed "the preparation of a study to activate the local cards project internally, as well as urging Iraqi ministries and institutions to increase dealings with licensed Iraqi banks in various banking services and open accounts with them."

Last Monday evening, Iraqi Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of officials from the Treasury Department, according to a statement received by Shafaq News Agency.

The meeting witnessed discussion of bilateral economic relations between the two countries in various vital sectors, review of the government's efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering.

Al-Sudani stressed that the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government’s approach and its commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq.

For his part, Adeyemo praised the progress witnessed by Iraq in the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6 % , which enhances the government's efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development. LINK

" I BELIEVE THIS PROJECT IS GOING TO MOVE FORWARD THIS FALL" BY MNT GOAT, 28 SEPT

  Mnt Goat 

 Article:  “IRAQ PLANS CURRENCY REDENOMINATION AMID ECONOMIC CHALLENGES“ 

...this is just not another article about the Project to Delete the Zeros but much, much more...I believe this project is going to move forward this fall, and I am told not until after the US election.

--

CBI INTEL CONTACT 

Now we hear first hand what my CBI contact told us was taking place to clean up and enforce the banking laws.

THE CENTRAL BANK OF IRAQ DECIDES TO CLOSE THE BABYLON BANK 

The Central Bank of Iraq decided to close the Babylon Bank.

According to a document issued by the Central Bank of Iraq, addressed to the Babylon Bank, and received by “Al-Eqtisad News”, it decided to “refer the bank to forced liquidation based on the provisions of Article No. 69 of Banking Law No. 94 of 2004.

He added: “Appointing Ahmed Abdul Mahdi Nehme as liquidator of your bank.”

(This is the US Treasury inside Iraq as the strong arm to enforce Iraqi banking laws, something that was difficult for the CBI to do without repercussions from political members who used the banks to steal. So, now we hear first hand what my CBI contact told us was taking place to clean up and enforce the banking laws.)

https://dinarevaluation.blogspot.com/2024/09/cbi-intel-contact-by-mnt-goat-27-sept.html

CBI ANNOUNCED THE IQD RV!!!! @DINARREVALUATION

The government announces the suspension of gasoline imports and the closure of the currency auction at the end of the year, 28 SEPT

 The government announces the suspension of gasoline imports and the closure of the currency auction at the end of the year

9/26/2024

Prime Minister Mohammed Shia Al-Sudani participated in New York, after midnight on Wednesday, in a dialogue session held by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council.

 During the session, Al-Sudani pointed to the new reality of Iraq, which is witnessing an economic and developmental renaissance in all its sectors. It has also taken great steps in the field of energy investment and associated gas, which had been wasted for years and cost the country losses estimated at billions of dollars, due to the import of gas and petroleum derivatives.

Al-Sudani stressed that the government has embarked on a series of rapid projects, including the important agreement with Total, which will contribute to increasing oil production and investment in associated gas by about (600) million standard cubic feet, in addition to offering the fifth and sixth rounds’ annexes, and entering into contracts to produce oil and invest in gas

Indicating that after 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as rehabilitating the Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and its production capacity is 150 thousand barrels per day.

The following are the highlights of the Prime Minister's speech during the dialogue session:
 
When I assumed my duties as Prime Minister, the investment in associated gas was less than 40 percent, and now the percentage has risen to about 70 percent.
 
We have ended the import of petroleum derivatives, and we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra.
 
We are ready to enter into a partnership with American companies in the oil industry sector.
 
Our vision is to convert 40% of exported oil into transformation industries, which will give us more benefits than selling crude oil.
 
Our policy is based on diversifying the contracting parties that invest in our oil and gas fields without specific conditions.
 
The licensing round procedures are clear and transparent, and there is no favoritism or preference for one company over another.
 
Development cannot be achieved without a solid banking sector that operates according to approved international standards, and 95% of financial transfers in Iraqi trade are conducted through reliable banks.

The currency selling window will be closed at the end of this year, and the money laundering office at the Central Bank is operating effectively. The government contracted with Ernst & Young to reform the government banking sector, and we strengthened citizens’ confidence in banks and expanded financial inclusion.

  Iraq is going through an unprecedented period of stability and recovery since 2003, which is an opportunity to support the transition from a period of wars and conflicts to a period of development and stability.
 
A stable Iraq in a sensitive region is beneficial to the world, which is what we have witnessed since October 7, as Iraq has largely maintained balance and calm, and we have kept Iraq away from the arena of conflict.

Our security forces have reached an advanced stage of capability and efficiency, and we have begun an armament program to enhance their capabilities, and ISIS today does not pose a threat to our security.

We need American small and medium-sized companies to partner with Iraqi companies.

We work to create job opportunities for young people by activating the private sector or supporting their private projects, through several programs, including the (Riyada) initiative.

The size of the projects granted for investment will provide a large number of jobs, and it is necessary for companies operating in Iraq to open training centers to develop the capabilities of young people.

We have confirmed to the companies operating in the electricity sector the establishment of stations maintenance centers in order to speed up completion and reduce costs.

The government has a clear direction to support the agricultural sector, and farmers and growers are in a transitional phase to use modern irrigation technologies, which we supported by 30%.

We provided loans to workers in the food industries sector of various types, part of which is covered by sovereign guarantees.

The Central Bank has independence and exercises its powers with complete professionalism, and we intend to establish a new bank that adopts the latest technologies.

We invite all companies working in the field of electronic payment to work in Iraq and we will provide them with all facilities.

We have developed a plan to develop the infrastructure, with allocations amounting to $83 billion.  LINK

RV UPDATE BY CLARE, 28 SEPT

  Clare 

 Article:  "Al-Sudani concludes his visit to New York by meeting Guterres, who praised the discussions to end UNAMI’s work in Iraq"

 Clare 

  Article:   "Iraq Plans Currency Redenomination Amid Economic Challenges"  Quote:  "Many countries remove zeros from their currencies to revalue the national currency and facilitate financial transactions. This process involves eliminating a certain number of zeros from the nominal value of the currency, making it less inflationary and more stable."

Clare

   Article:  "Al-Sudani heads to New York to participate in UN General Assembly meetings"   Quote:  "Prime Minister Mohammed Shia Al-Sudani will head to New York...Saturday, to participate in the meetings of the 79th session of the United Nations General Assembly."

Article: ”Al-Sudani leaves for New York early next week to participate in the UN General Assembly meetings"

 Article: "The judiciary and the State Council confirm that the Governor of the Central Bank of Iraq is subject to the legal retirement age (documents)"  Quote:  "The two councils confirmed in documents...that the legal age for retirement is 60 years, and upon reaching it, the duties of the official assigned to it end."

https://dinarevaluation.blogspot.com/2024/09/latest-from-clare-22-sept.html

DINARLAND UPDATE: " THE GREAT DINAR RESET" WOW IT IS HERE!!! @DINARREVAL...

"DIGITAL BANKS ARE THE FUTURE OF IRAQ." BY FRANK26, 28 SEPT

 KTFA

FRANK26: "DIGITAL BANKS ARE THE FUTURE OF IRAQ."............F26

Central Bank Governor Announces Success of Digital Transformation Plan in Iraq

9/25/2024

 

The Governor of the Central Bank, Ali Al-Alaq, announced today, Wednesday, the success of the digital transformation and electronic
payment plan in Iraq, while stressing that digital banks will allow citizens to manage their operations through the phone.

Al-Alaq told the official agency, which was followed by "Al-Eqtisad News": "Through the data that was discussed in the electronic payment conference, it clearly indicates the success of the digital transformation and electronic payment plan, and the percentage rose from 20 percent a few years ago to 48.5 percent, which is double the percentage," indicating that "this percentage came during the last two years." 

He added that "there is a major transformation supported by a national strategy and a serious and direct government direction by the Prime Minister and giving the issue the momentum it deserves by providing the necessary infrastructure,"  explaining that "Iraq now has advanced infrastructure to accommodate electronic payment tools and financial services of all kinds so that we can soon move to the transformation to digital banks in which the mobile phone will be the one leading the various operations. This facilitates services for citizens, reduces the chances of fraud, reduces the chances of corruption, and provides important data at the national level on the nature of transactions, their content, and oversight of them and the compliance achieved through the large system." 

He continued: “Many requests have been submitted to the Central Bank to establish digital banks, and this is evidence that the trend is receiving the attention of investors. There are more than 60 requests that the Central Bank is currently examining carefully to be able to meet the requirements and conditions that achieve success, because we must ensure that the first step in digital banks is a successful step,” stressing “the conditions, controls and rules that digital banks operate under, but they represent a major shift in banking services, and through them, citizens will be able to manage their operations through mobile phones.”

He pointed out that "a large percentage of Iraqis own mobile phones, and this is an advantage that we must invest in to carry out this task."

LINK