STATUS OF THE RV
The dollar and the electricity issue ignited Parliament’s last session.
Parliament complained about delaying the implementation of the budget.
A member of the State of Law Coalition, MP Muhammad Al-Ziyadi, expressed, on Sunday, his discontent with the government’s failure with several files, most notably the failure to implement the budget and the failure to address the rise in dollar prices and the electricity crisis, stressing that Parliament is determined to get out of the agenda of tomorrow’s session and go to solve the crises.
But today we find out that the Ministry of Finance told us that instructions for implementing the budget were sent to the ministries days ago, with government secrecy and unwillingness to announce the matter.
So now we know that is not waiting for a rate change to spend the budget.
It is now in progress.
So, what is the HOT topic of this period?
I talked to my CBI contact in Iraq this past weekend.
Again, I asked why was I told to expect the reinstatement a couple weeks ago.
What happened?
I was told that the US Treasury held it back due to the corruption schemes to money launder the dollars in those 14 banks we heard about.
Also another issue that was highlighted was the issue of the black market parallel rate.
I was told this rate must get down to very close to the “official” CBI rate.
When it does the CBI will change the official rate one more time.
This will lead to the project to delete the zeros.
We can see that sanctioning these 14 banks from selling the dollar will certainly help but it will take a week I am told to catch up and see a difference.
But I was assured it will make a difference.
I then asked about these other dollar sales outside the currency auction windows allowed by the CBI?
Remember these are the ones Ali Alaq talked about his interview and questioning in parliament we read last week in the article.
These transactions are NOT recorded and traced and could be suspect too that are feeding the black market.
I was told these are legitimate and the CBI is manually tracking them.
Let’s talk about the Oil and Gas Law…
Today, Thursday (July 27, 2023), the Parliamentary Oil and Gas Committee revealed that the legislation of the oil and gas law in the Iraqi parliament is imminent, while confirming that it has priority in legislation after the approval of the budget law.
Yes, it seems whenever they get close to a reinstatement, out pops the oil and gas law again, time after time.
It was in FACT in an article followed up with a on conversation with my CBI contact that “all constitutional requirements mut be met prior to any release of the dinar” back to FOREX.
Folks I can say that we are so very close to the reinstatement.
But as I mentioned above there is still corruption with the dinar and dollars that must end or at least to get under some resemblance of better control by the CBI.
The US Treasury is still not happy that the total daily amount of dollars was above normal for imports of Iraq once again this week.
But the good news is the sanctioning of these responsible banks could and should fix the issue.
Remember what Ali Alaq told us in an article just last week?
He said and I quote from the article: “that on Sunday (July 16, 2023), the Central Bank of Iraq announced the “success” of the campaign to support the Iraqi dinar against the dollar, although the US currency is recording an increase in the local (parallel) markets, reaching 1492 dinars.”
We must ask is it really all about the dollar and parallel rate or is there something else or even many items that the governor of the CBI is waiting on?
I hope everyone is praying for the sovereignty of Iraq and that it can finally break free of the corruption and put safeguards in place that work.
Remember also there is the political saga of massive corruption going on in the U.S. politics too and so we must wait for this to all shake out too. …………………………………………………………………………………………………………PARLIAMENTARY COMMITTEE CONFIRMS THE IMMINENT ADOPTION OF THE OIL AND GAS LAW: IT HAS PRIORITY IN LEGISLATION
Sounds like they are in a rush to complete it.
Could it be it is needed to complete the constitutional requirements prior to any Reinstatement?
Today, Thursday (July 27, 2023), the Parliamentary Oil and Gas Committee revealed that the legislation of the oil and gas law in the Iraqi parliament is imminent, while confirming that it has priority in legislation after the approval of the budget law.
Committee member Jay Taymur told “Baghdad Today” that “there is a political agreement on the legislation of the oil and gas law, and this law has priority in legislation after the approval of the budget law, and this matter is agreed upon within the State Administration Coalition.”
Timur pointed out that “the coming days will witness the completion of the dialogues between Baghdad and Erbil in order to resolve all the paragraphs and provisions of the Oil and Gas Law, to send it to Parliament for a vote on it.”
He continued, “This law is very important to regulate the financial and oil relationship between the center and the region.”
This is a huge source of their revenues.
Don’t you think they would want to settle this and pass a law prior to the reinstatement?
And last Sunday (July 23, 2023), the Parliamentary Oil and Natural Resources Committee confirmed that it was awaiting a meeting with the President of the Kurdistan Region, Nechirvan Barzani, to resolve the final version of the oil and gas law, noting at the same time the insistence of the head of the federal government, Muhammad Shia’ al-Sudani, to approve it as soon as possible.
The oil and gas law is one of the most important differences between the federal government and the Kurdistan region, and the parties did not reach a settlement on it throughout the past four parliamentary sessions.