There's a huge consensus out there among most of the dinar content creators that the rate is going to change this coming week between now and this weekend. None of that is true of course...There's a huge tremendous misunderstanding throughout the dinar community right now...of what's really happening within the dinar investment...
The budget has not been approved to date. That means it remains in an incomplete unapproved state...Yes they voted on it since last June but...two Sundays ago Iraq's council of Ministers...did a draft amendment to the budget making it so it's no longer in an approved state. Parliament still needs to approve the budget again...The budget right now is incomplete and unapproved by parliament.
Pimpy
Article: "Financial expert: The International financial system prevents Iraq from dealing with non-dollars" It's kind of hard to be part of a system that prevents you from dealing in non-us dollars...People are not using the central bank. The United States is not helping the central bank central the issue. They're creating the issue. They're creating the black market.
Article: "Iraq is fourth in the Arab world by possessing the 'lion's share' of gold reserves" I always love to hear that. Right now Iraq is holding 132.6 tons of gold. You notice that these nations are still buying up large quantities of gold, which is a good sign. now if you want to know the full story.
Iraqi government approves key measures in 40th Council of Ministers session, 4 OCT
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani led discussions in the 40th Regular Session of the Council of Ministers, addressing vital national issues and outlining priorities for the government's agenda.
During the session, the Council, following the Prime Minister's emphasis on transparent governance and media responsibility, voted to pass the bill granting access to information. The legislation, reviewed by the State Council, will now move forward for consideration in the Council of Representatives as per constitutional mandates. Valuable input from the Legal Department in the General Secretariat of the Council of Ministers and contributions from the Ministers of Health and Justice were considered.
The Council of Ministers declared Yazidi Eid Jama, falling on 6-14 October, as an official holiday throughout Iraq, recognizing the cultural and religious significance for the Yazidi community.
To bolster the agricultural sector, the Council approved an increase in the capital of the Agricultural Cooperative Bank. This increase, totaling 29,476,500,000 dinars, was sanctioned by the Committee for Determining Corporate Capital within the Ministry of Finance. This decision, complying with the Amended Public Companies Law (Law No. 22 of 1997), aims to support farmers and agricultural initiatives.
A parallel move involved the Industrial Bank, where the Council took the following steps:
• Cancel the Council of Ministers' decision (234 of 2014) regarding capital increase due to lack of necessity.
• Submit a new establishment statement for the Industrial Bank to the Ministry of Trade for legal measures regarding capital increase.
• Approve a total capital increase of 529,476,500,000 dinars, incorporating revenues from foreign labor fees for 2021, replacing the previously allocated amount.
The Ministry of Finance is tasked with the implementation of the above decision.
Financial and accounting reform were also priorities. All spending units must now submit funding requests within the operational investment budget directly to the Ministry of Finance's Accounting Department. The respective ministers or governors are accountable for fulfilling legal obligations outlined in the Federal Financial Management Law (No. 6 of 2019) and other relevant legislation.
A direct contract between the Iraqi Oil Marketing Company (SOMO) and two affiliated companies – the Ministry of Oil's oil tankers and the Ministry of Transportation's maritime transport company – was approved in the energy sector. This contract allocates 70% of exported oil products for transport via the oil tanker company and the remaining 30% through the maritime transport company.
Additionally, the Council decided on various financial allocations, including transferring funds from the Border Ports Authority budget to support the network customs clearance connection program and compensating fish breeders by allocating funds from the Ministry of Finance to the Ministry of Agriculture.
Further approvals included the national framework program document for technical cooperation (2024-2029) and the exemption of contract (22/IRAQ/MOD/POLY/2022) for the supply of CH-5 drones and their fuel from audit and review procedures.
Kurdistan producers warn no quick restart to Iraq-Turkey pipeline, 4 OCT
Shafaq News/ Turkish Minister of Energy Alparslan Bayraktar has said the Kurdistan pipeline would be ready to restart – but local producers are not convinced.'
Bayraktar, speaking at Adipec, said the Iraq-Turkey pipeline would resume operations this week. It will be able to provide 500,000 barrels per day to the market.
However, the Association of the Petroleum Industry of Kurdistan (APIKUR) has poured cold water on the plan.
Members of the producer group cannot produce oil for export until it is clear how they will be paid, it said. APIKUR reports its members are owed nearly $1 billion in overdue and unpaid arrears.
Delays “are costing Iraqis an estimated $1 billion per month in lost revenues”, said Myles B. Caggins III, spokesman for APIKUR.
He said APIKUR’s members were keen to work with the Kurdistan and Iraq governments. They could “reinstate these revenues and even increase them through maximising production. We believe this can be done quickly and efficiently, after payment arrangements are agreed and existing contractual arrangements are respected.”
DNO Iraq, Genel Energy, Gulf Keystone Petroleum, HKN Energy and ShaMaran Petroleum make up APIKUR.
The problem for the producers in Kurdistan is that the local government no longer has control over payments to them. That has passed to the central Iraqi government and there have been shortfalls in cash allocations.
In addition to the production stoppage, APIKUR has previously said its members have cut $400 million of capital expenditure this year.
George W. Bush’s Reflections: A Look Back at Middle East Turmoil and U.S. Engagement, 4 OCT
The Middle East has long been a crucible of geopolitical complexities and tensions, and the early 2000s were no exception. As the 43rd President of the United States, George W. Bush, presided over a critical period in the region’s history. In this exclusive interview, we delve into his reflections on the Middle East violence of 2002 and the enduring U.S. presence in the region.
The Bush Doctrine: A New Approach and George W. Bush’s Perspective
In the aftermath of the September 11, 2001, terrorist attacks on U.S. soil, President Bush had initiated a robust and controversial response. The U.S.-led invasion of Afghanistan in October 2001 aimed at dismantling Al-Qaeda and toppling the Taliban regime. However, by 2002, the administration’s focus began to shift toward Iraq.
In our interview, President Bush acknowledged the complexity of the Middle East situation in 2002 and his administration’s determination to address it. He emphasized the importance of understanding the broader context within which U.S. decisions were made.
“The events of September 11th were a turning point not only for the United States but also for our approach to international security,” President Bush stated. “The Bush Doctrine, which I articulated during that time, asserted that the United States had the right to preemptive action against countries and organizations that posed a significant threat to our national security.”
Middle East Peace: An Elusive Goal
President Bush expressed his deep concern for the Israeli-Palestinian conflict that was escalating in 2002. “Achieving lasting peace in the Middle East was one of my administration’s key foreign policy objectives,” he said. “We believed that a two-state solution, with Israel and Palestine living side by side in peace, was not only possible but essential for regional stability.”
However, he acknowledged the challenges faced in brokering such a peace deal. “The situation was incredibly complex, with deep-rooted historical grievances and a lack of trust on both sides,” he noted. “Our efforts, including the Roadmap for Peace, were met with setbacks and frustrations.”
The Iraq Question
As our conversation turned to Iraq, President Bush spoke about the decision to confront Saddam Hussein’s regime. “Iraq was a deeply divisive issue, both domestically and internationally,” he recalled. “We believed, based on the intelligence available at the time, that Saddam Hussein possessed weapons of mass destruction and posed a grave threat to regional and global security.”
He continued, “It’s essential to remember that the decisions made in those years were not taken lightly. We believed we were acting in the best interests of the United States and the world, even though subsequent investigations found no evidence of such weapons.”
Lessons Learned: A Complex Legacy
Reflecting on the years since his presidency, George W. Bush discussed the enduring U.S. presence in the Middle East. “The Middle East remains a region of critical importance to global stability,” he said. “Our actions in the early 2000s had far-reaching consequences, some of which we’re still grappling with today.”
He emphasized the importance of constant evaluation and learning. “It’s essential to learn from history and adapt our strategies accordingly. While we aimed for democracy and stability, the region has experienced significant upheaval and challenges.”
President Bush’s reflections provide valuable insights into a period of U.S. history marked by pivotal decisions and their consequences. The Middle East remains a region where the echoes of those decisions continue to resonate, and as the world grapples with evolving dynamics, the lessons learned from the early 2000s continue to inform contemporary foreign policy
Article: "THE CENTRAL BANK INTENDS TO ADOPT FOUR CURRENCIES INSTEAD OF THE DOLLAR FOR EXTERNAL TRANSFER" Yes, they are finally going to pay for imports outside of the dollar. Wonderfull news for us… Yet another sign the currency auctions to pay for imports solely in US dollars is coming to an end and fast. This yet more WOW! News!
Walkingstick
[Iraqi banking friend Aki update]
Why October 1st [to open your bank]?
AKI:
This date was chosen. That date was based on when the HCL would come out. Also this date was picked to pay the Iraqi citizens their oil sales proceeds through the HCL. 'As of yesterday [October 1st] all Iraqi citizens past the age of 16 years old should have opened an account or one was opened for them...
As of [October 1st] Iraqi citizens from around the world can open in these banks. They've been coming in to my bank to open up because of the monetary reform education...
[Iraqi banking friend Aki update]
Your bank opened?
Yes it did...The bank was not open until now to the public...Due to the United States Treasury giving them a new license they now can run as an international bank inside of the United States of America that will have to follow all international banking laws inside of America.
This is not the only one [bank] that has an opening around the world...As of this hour we're in right now, worldwide 138 of these banks have opened so far...
