Deputy: The atmosphere is suitable for approving the oil and gas law
2023-08-27
Deputy - The atmosphere is suitable for approving the oil and gas lawMember of Parliament, Firas Al-Maslamawi, announced today, Sunday, the formation of a joint committee with the region regarding the approval of the oil and gas law, while he expected the date for the approval of the law.
Al-Maslamawi said, to the official agency, that “a committee was formed by the Minister of Oil, the Minister of Natural Resources in the region, the general manager of SOMO and the advanced cadre in the Ministry of Oil, as well as the oil-producing governorates such as Basra, Dhi Qar, Maysan and Kirkuk,” noting that “the task of the committee is to draft a draft oil law.” and gas, and presented it to the government and the House of Representatives.
He pointed out that “there is a real will of the House of Representatives in order to legislate the law,” noting that “the current year’s budget included the addition of two articles to the law, which is the regulation of the region’s oil export in terms of export and the deposit of imports in a bank accredited by the Central Bank.”
He explained, “Iraq’s oil is one and indivisible, and there is a movement towards achieving justice in the distribution of wealth for the people, whether in the Kurdistan region or the center and south.”
He added, “The atmosphere is suitable for approving the law, and it is hoped that the draft will be completed and reached parliament in the current legislative term,” expecting “the approval of the law in the next legislative term, after about 4 months.”
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Welcome to another week of hoping, praying and wishing…
Member: I wonder what does it mean for us that the new county's to join Brics are excepted jan.1 2024?
Member: Hope the RV doesn’t take that long.
Member: Looking for a September to remember?
Member: Today is the anniiversary of the Martin Luther King Speech. I have a Dream on Aug/28th 1963
MZ: the chatter this morning is things are very much “ back on track” ….
Member: None of us knew things were “off track” so how were things off track and why are they now on track???
Member: Can you TELL us some of that chatter please. We need some encouragement bad.
MZ: Monday s are usually super slow, so to get news over the weekend from a number of group leaders that things are back on track with great expectations is good. We do have a number of folks on the bond side expecting final contracts tomorrow .
Member: What do final contracts mean???
MZ: Final contracts means they will be getting the final accounting, final documentation and final pricing and a “PERCENTAGE” of the transaction along with those.
Member: so they get a little pocket money…..hopefully they get the rest when we get to go.
MZ: I was hoping that would happen today but Europe and Asia didn’t get any out yet. But a lot of expectations for tomorrow from a number of bond sources.
MZ: From my DHS contact- CMKX is ready. But nothing specific on timing.
MZ: it was the group leaders that really lit me up over the weekend with all their preparations for this coming week and all the bond folks with expectations for their final contracts and to also receive a small percentage of their money this week.
MZ: So cross your fingers …I am hearing things are now off of “stuck”
MZ: for evening podcasts- the only day that will be normal is Wednesday. The rest of the week is very fluid. I have a lot of work to be accomplished this week. So no set schedule this week.
Member: I heard rumor that 10 days will start this week….it would be a good cover for the RV.
Member: There is this Big EBS test that's scheduled for Oct. 4th. Is it prepare us for something bigger?
Member: We’re Going to get the EBS Wednesday as Hurricane IDALIA blows through Florida
MZ: I am told it wont really be 10 days of darkness….just media silence to get out the truth.
Member: They need to start that now……so many people still fast asleep.
Member: Disclose TV Network-wide failure of UK air traffic control systems, airspace is reportedly completely shut.
Member: Trying to stay positive but it’s hard when nothing is really happening in the public eye..We sure need to see some truth happen….and something real.
Member: I pray this is our week . It's getting harder and harder to keep the faith.
Member: For those of you who have been riding this RV roller coaster for many years, God bless you. As of this week, I have been riding it for 1 year.
Member: I have been waiting for over 17 years……this has really gotten exhausting
Member: I think part of our responsibilities of being foreign current holders, is to rebuild America after all this devastation that is being caused by the evil ones.
Member: Hurricane season is on us. Everyone stay safe
Member: Prayers for those in need and happy birthday to those celebrating today!
Member: Praying that the mythical “ boy who cried wolf” finally meets that damn wolf.
Member: Everyone have a great day.
THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IS MARKZ ’S OPINION ONLY.
Parliamentary Committee: The Industrial Investment Law Will See The Light Soon
Information / Baghdad.. On Sunday, the deputy head of the Parliamentary Investment Committee, Susan Mansour, confirmed her committee's intention to pass the industrial investment law during the next stage, noting that "there are 100,000 industrial licenses in Baghdad."
Mansour said in an interview with Al-Maalouma Agency, "One problem in the law is the ownership of lands located within the basic design in Baghdad." She added that "the industrial investment law will soon see the light," noting that
"her committee is one of the strongest supporters of investment of all kinds, provided that the state lands are not exploited."
Mansour pointed out, "The reason for the investment committee's refusal to legislate the law is that the lands are state assets, and we have demanded that they be owned outside the basic design of Baghdad."
The Parliamentary Industry, Economy and Trade Committee had confirmed, earlier, the importance of enacting the industrial investment law during the upcoming sessions. End / 25 h
Economical 2023/08/27 Muhammad Sharif Abu Maysam The decision to merge banks, "including government ones", that are unable to raise the value of their capital to no less than 400 billion dinars within a maximum period of 12/31/2024 was not surprising, as it was mentioned in the economic reform paper or the so-called white paper that approved In October 2020, in Seventh - the second axis - first - qualifying the financial sectors, a text stating "addressing the level of capital of all government banks, and organizing the process of increasing their capital if necessary."
As stated in it with regard to the financial and administrative restructuring of government banks in preparation for the merger, since some of these banks suffer from financial imbalances resulting from high rates of suspensions and uncollectible debts, in addition to being late in the axis of introducing technologies and automating banking operations.
Since then, all possibilities have become available regarding the future of government banks, and we are in the process of preparing for a new banking reality that is in line with the scene of the market economy, in addition to what was said about replacing the private banking sector with the government banking sector in the task of managing the development process under the conditions of economic reform.
This matter was not hidden from some observers and some workers in the banking sector, according to what was stated in the same paper regarding the privatization or liquidation of loss-making public companies, which makes government banks, as public companies, candidates for privatization if they are losing.
This means that the banking sector will witness a new transition, paving the way for the transition of government banks to the market under the economic reform program that the country was committed to, according to the conditions of indebtedness and integration with the economy led by the institutions of globalization.
However, what is important in this matter is to give an opportunity to government banks whose departments achieve success and growth before the merger, through the independence of their boards of directors and their exit from the routine routine performance and liberation from bureaucratic restrictions under the pretext of complying with instructions and orders, especially those instructions and orders that are not productive, and
thus maximizing the role of successful departments To be a building block for the foundation of partnership between the public and the private, and we are in the process of strengthening the state’s support in the scene of market liberalism, in which globalization capitalists are trying to replace their authority with the authority of the state, and it is also important to adopt a mechanism that does not overlook the small details in the stages of integration.
A legal system that regulates the transition process and prevents the “comrador” class from taking over the state banking sector, as in the experiences of developing countries that witnessed such a transformation. https://alsabaah.iq/83172-.html
Article Quote: “Iranian Deputy foreign minister…announced his county no longer has any frozen funds in Iraq and South Korea after the understanding between Tehran and Washington… Funds in Iraq has already begun to be solved…“
If Iran has the full authority to manage its funds there’s no sanctions…That’s phenomenal…Iran is a major trading partner with Iraq and they will need to do trade with local currencies. From this deal…the process of money moving should have not problem…They should be on a competitive exchange rate system with local currencies…Iraq is the heart of this whole deal.
The parallel market is an illegal market…it’s a manipulation situation and It’s not something that’s going to last forever…raising the value to an International acceptable exchange rate, Article VIII compliant will make that go away. The private sector along with the CBI is moving in that direction…You can’t buy real estate…cars and you’re gonna have to buy gold in Iraqi dinars…
Article quote "Joint efforts to attract investors and developing the economic plan." The Securities Commission is looking to make headway now big time.
Global investors are not going to come into Iraq Stock Exchange at 1310. They've not done it before and they're not going to do it tomorrow. Something is going to have to change for them to be motivated.
“Strengthening the Iraqi currency” .. Will the dollar be banned and prestige restored to the dinar?
Saturday August 26, 2023
Strengthening the Iraqi currency .. Will the dollar be banned and prestige restored to the dinarBaghdad / Sky Press
The expert in economic affairs, Mustafa Akram Hantoush, stressed the difficulty of canceling dealing in dollars, especially since Iraq imports everything in hard currency.
Hantoush said in a press statement, “The existence of the government’s tendency to sell cars in Iraqi dinars instead of the US dollar is very difficult from a practical point of view, despite the government’s attempt to impose pledges on exhibition owners and carry out a massive arrest campaign.”
He added, “The decision from a practical point of view is difficult to implement, because the car trade passes through a global market that deals in hard currency, because we do not have the ability to manufacture cars inside Iraq, and we only have the Mahmoudiya factory.”
He pointed out that “large quantities of cars are imported from abroad and in the currency of the dollar, and therefore they are priced in hard currency, and even if they are priced in dinars, this will be done on the basis of the last price of the dollar, and therefore the citizen will not benefit anything from the process of selling cars in dinars.”
And that “the central bank is trying to strengthen the currency by reducing access to the dollar by traders only.”
The government is trying to control the continuing rise in the exchange rate of the dollar against the Iraqi dinar in the market, about seven months after its official decision to raise the value of the Iraqi dinar at a price of 1320 per dollar.
The government had taken a decision last February to raise the value of the Iraqi dinar against the dollar, after its price at the end of 2020 reached 1,470 dinars per dollar. It was implemented by the previous government to bridge the deficit in expenses and salaries due to the drop in oil prices in global markets.
The Ministry of the Interior prevented merchants and citizens from dealing in dollars in markets and shops, and restricted transactions to Iraqi dinars.
It seems that the security solution to the rise in the price of the dollar in the parallel market inside Iraq did not achieve any significant results, but rather complicated the economic scene and led in part to a rise in prices in the Iraqi markets.
Economic specialists point out that the market requires many measures to maintain the stability of the currency, most notably preventing smuggling.