STATUS OF THE RV , PART. 4
😊 In another article titled “ECONOMIST: NEW STEPS BY THE CENTRAL BANK REGARDING DOLLAR TRANSACTIONS” economic expert Safwan Qusay revealed on, Sunday, that there are new steps by the Central Bank to enhance transparency and global openness.
Qusay said that “the Central Bank of Iraq and the US Federal Reserve are moving towards authorizing Iraqi banks to contract with international auditing companies, instead of relying on the dollar selling platform alone, with the aim of auditing credits and transfers before they are implemented.”
And noting that “this step is a turning point that contributes to drawing a clear map for the work of Iraqi banks on the global stage. But we already knew this, didn’t we?
😊 Three very interesting articles in today in the news talk about the Iraqi non-oil revenues and the “unprecedented” climb in 2024 They are titled “GOVERNMENT ADVISOR: NON-OIL GDP GROWTH RATE IN 2024 IS UNPRECEDENTED”, “IS IRAQ FACING A CASH CRISIS?” and “AL-SUDANI CONFIRMS THAT THE GOVERNMENT HAS TAKEN PRACTICAL STEPS TO DIVERSIFY THE ECONOMY ”
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, “that the growth rates of the non-oil gross domestic product will rise in an unprecedented manner during the year 2024” and is expected to climb higher in 2025. Folks I just wanted to bring this news to remind you what the Finance Committee told us years ago. At that time they said that the non-oil revenues, if managed correctly, could rival the oil revenues.
WOW, WOW, WOW! But this is only the start. There is also the opening of the new port of FAW which has not yet taken off. So they are not yet there, but they are making great strides.
Let’s see what they can do in 2025 to drive this even to higher levels of revenues. Remember the ASCUNDA is in place, but not yet turned on until they have a FOREX rate. This will substantially drive-up revenues as well as the sales of many of the natural minerals being mined.
The part in one of the articles that really struck me was the talk to put in place practical steps, not theoretical ones, in the matter of diversifying the economy in the oil sector. It was pointed out that “Iraqi competencies have begun to manufacture and establish units in refineries, which gives value to the product and drives market stability. A country that produces more than 4 million barrels per day cannot continue to import oil and gas derivatives.”It wasadded:
“We have started several strategic projects that are being implemented for the first time in the country and in the history of the oil industry, and we have made great strides in solving the problems, especially in the issue of gas flaring, through the contracts and agreements concluded, and we have set a ceiling not exceeding 2028 to stop gas flaring and a zero percent rate in flaring associated with gas, and we are continuing to promote the patches and fields for free gas.” Incidentally if you recall years ago the minister of energy told us that they plan to capture this gas from the flaring and use it to power the grid. The excess will be sold. WOW, WOW WOW! But remember too they will need technical assistance in this work from outside engineers from the west.
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