"RV UPDATE" BY JEFF, 8 OCT

 Jeff 

 The budget remains unapproved right now.  The budget is not approved because of something they did to the budget specifically in the month of September [Amended it].  Prior to this event in September the budget was approved.  They did something specifically in September making the budget unapproved...Parliament still has to approve the budget again.

A very very very important article came out... "Iraq prohibits cash withdrawals in dollar in early January 2024"  This is either very very extremely good new or very extremely bad news... Quote: " The country will ban cash withdrawals and transactions in dollars starting from January 1, 2024 in the latest effort to limit the misuse of the country's hard currency reserves in financial crimes"  Again this is either very bad news or very good news.  If you receive it as good news it has nothing to do with the rate change specifically in the month of January.  The rate is not changing in January.

Article:   "The American decision still dominates Iraq.  What do we need to get rid of it?"  The United States still has possession and control over all of Iraq's OPEC dollars in Washington DC.  Quote:  "America is putting pressure on Iraq because it has not completely emerged from the UN resolutions..."  Those are the U.N. Chapter 7 sanctions.

Iraqi finance committee raises concerns over dollar scarcity and foreign banks' influence, 8 OCT

 Iraqi finance committee raises concerns over dollar scarcity and foreign banks' influence, 8 OCT

Shafaq News/ Iraq's parliamentary Finance Committee expressed concerns about the looming scarcity of cash dollars in the country, expected at the beginning of 2024 after a decision made by the Central Bank. The committee cited the influence of "foreign" banks in controlling the currency auction, creating challenges in the market.

Committee member Muhammad Nouri revealed to Shafaq News Agency that several non-Iraqi banks dominate the buying and selling of foreign currency. He emphasized that the Central Bank's stringent conditions are applied to a specific group before being extended to other banks or companies, effectively giving these foreign banks significant control over the primary window for foreign currency transactions.

Nouri highlighted a prevalent issue where most financial transfers are fake, often claimed to be for purchasing goods. 

He noted that these illegitimate transfers cause delays in genuine transactions. He pointed out that these counterfeit transfers receive support from political groups and armed factions associated with economic parties.

However, the Central Bank of Iraq has reassured citizens that dollar deposits are secure. Individuals who deposited their money in dollars with any Iraqi bank before 2024 are guaranteed the right to receive these amounts in cash and US dollars.

The Central Bank clarified that its ongoing reforms aim to align the bank and the broader Iraqi banking system with international compliance standards.

https://shafaq.com/en/Iraq-News/Iraqi-finance-committee-raises-concerns-over-dollar-scarcity-and-foreign-banks-influence

Kurdistan producers warn no quick restart to Iraq-Turkey pipeline, 8 OCT

 Kurdistan producers warn no quick restart to Iraq-Turkey pipeline, 8 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.

https://shafaq.com/en/Kurdistan/Kurdistan-producers-warn-no-quick-restart-to-Iraq-Turkey-pipeline

Iraq’s Balancing Act: A Push for Fossil Fuels Amidst Climate Concerns, 9 OCT

Iraq’s Balancing Act: A Push for Fossil Fuels Amidst Climate Concerns

At the United Nations Climate Week, Iraqi Oil Minister Hayyan Abdul Ghani underlined the persistent global demand for fossil fuels, while also advocating for significant investments in renewable energy. The comments came amid an era where the global discourse is gradually shifting towards clean energy sources, and countries are scrambling to balance their economic needs with environmental concerns.

Emphasizing on a Dual Investment Strategy

Abdul Ghani stressed the necessity of substantial investments in both fossil fuels and clean energy sources. This dual investment strategy underscores Iraq’s attempt to stay relevant in the global energy market while also recognising the imminent need to mitigate the impacts of climate change. The minister’s call can be seen as a plea for a more realistic transition strategy that respects the current energy market’s dynamics, particularly for countries heavily reliant on fossil fuel exports.

Transitioning towards Natural Gas

The Iraqi government has been gradually shifting its focus towards using natural gas for electricity generation – a cleaner alternative to oil. This move is seen as a tentative step towards a more sustainable energy sector. Abdul Ghani predicted that oil demand would increase by two million barrels per day next year, hinting at the continuing relevance of fossil fuels in the global energy mix. In September, Iraq earned $9.5 billion from crude oil exports, exporting approximately 103 million barrels, signaling the economic importance of fossil fuels for the nation.

Addressing Climate Change

Despite the emphasis on fossil fuels, the Iraqi government is not turning a blind eye to the impacts of climate change. The Prime Minister of Iraq, Mohammed Shia al-Sudani, promised comprehensive measures to tackle climate change, including plans to meet a third of the country’s electricity demands using renewable energy. Climate change has had a significant impact on Iraq, leading to droughts, water shortages, and increased respiratory illnesses. Hence, the government is formulating a national plan to combat climate change, which includes building renewable energy plants and protecting the country’s biodiversity.

The Broader Middle East Perspective

The ministers from other Middle Eastern and North African countries also discussed the roles clean energy could play in their economic future during a high-level dialogue hosted by the International Energy Agency (IEA) and the Ministry of Energy and Minerals of Oman. They acknowledged the need for energy transitions and the potential reduction in export revenues from fossil fuels in the future. The ministers highlighted the opportunities for economic growth through the transition to a lower carbon economy and emphasized the importance of cooperation and dialogue in achieving clean energy goals.

LINK

"RV UPDATE" BY MNT GOAT & CLARE, 8 OCT

 Mnt Goat 

  I asked [my CBI contact in Iraq] about the project to delete the zeros and was told it is coming and is now an active project no longer just a later project.

 I asked for some target dates and was given that they planned to redenominate sometime prior to the end of the year. To me this is so inline what we are thinking for a January 2024 reinstatement timeframe and other events also lining up.

Clare  

Wall Street Journal Article:   "Iraq Asked for $1 Billion in Cash. This Time, Washington Said No." 

 Quote:   "Iraq is seeking a special shipment of $1 billion in cash from the Federal Reserve Bank of New York, but U.S. officials have withheld approval, saying the request runs counter to their efforts to rein in Baghdad’s use of dollars and halt illicit cash flows to Iran.  

Since the U.S. invasion of Iraq two decades ago, the U.S. has supplied $10 billion or more a year to Baghdad on semimonthly cargo flights carrying massive pallets of cash, drawn from Iraqi oil sales proceeds deposited at the Fed. In Iraqi hands, the bank notes have become a lucrative source of illicit dollars for powerful militias and corrupt politicians, as well as for Iran, U.S. officials say"

 Article:  "Iraq prohibits cash withdrawals in dollars as of the beginning of 2024".

 Quote:   "A senior official in the Central Bank of Iraq said that the country will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest effort to limit the misuse of the country’s hard currency reserves in financial crimes...dollars deposited in 2024 can only be withdrawn in local currency at the official rate of 1,320 dinars to the dollar.

Kurdistan PM meets US Embassy Representative: focus on political developments and oil exports , 7 OCT

 Kurdistan PM meets US Embassy Representative: focus on political developments and oil exports , 7 OCT

Shafaq News/ On Wednesday, the Kurdish Prime Minister, Masrour Barzani, met with David Berger, the Chargé d'Affaires at the US Embassy in Iraq. The meeting centered on political developments in Iraq and the pivotal topic of resuming oil exports through Turkey.

A statement by Barzani's office said that the prime minister and Berger delved into the latest developments and the overall situation in Iraq, emphasizing the vital necessity of safeguarding the constitutional and financial rights of the Kurdistan Region.

A significant consensus emerged during the meeting, highlighting the urgency of restarting oil exports from the Kurdistan Region through the Turkish port of Ceyhan. Both sides stressed the importance of swift action in this regard, underscoring the economic significance of this step for the Kurdistan Region.

The two sides discussed the Kurdistan Parliament elections, indicating the commitment to democratic processes in the region.

Furthermore, the Chargé d'Affaires of the US Embassy in Iraq expressed gratitude to the Kurdistan Regional Government for its rapid response and support to the tragic Al-Hamdaniyah fire incident victims. 

He commended the peaceful coexistence enjoyed by the diverse components of the Kurdistan Region, highlighting Kurdistan's pluralistic and harmonious social fabric.

https://shafaq.com/en/Kurdistan/Kurdistan-PM-meets-US-Embassy-Representative-focus-on-political-developments-and-oil-exports

Iraqi Dinar Redenomination | Project to Delete the Zeros is Active! | Ta...