The Iraqi Drilling Company (IDC) has completed the rehabilitation of two oil wells in Kirkuk’s Khubaz and Jambour oil fields successfully.
The Khubaz oil field’s well 43 was rehabilitated using the drilling rig with plate number 1. This marks the company’s first rehabilitation project for nine wells under the North Oil Company (NOC).
As part of a project to rehabilitate four wells in the northern Jambour field, the company has finished rehabilitating Jambour Well 75 using the IDC 209 drilling rig.
Oil wells that have already been drilled can undergo rehabilitation operations to activate oil-producing layers, change production zones, or extract oil from multiple layers. This process involves replacing old, non-functional pumps with more efficient ones, which helps increase the amount of oil produced from these wells.
Turkey Informs Iraq of Ready Northern Export Pipeline, 15 OCT
ERBIL — Turkey has officially notified Iraq that the northern export pipeline is prepared for operation. This move now places the responsibility on Iraq to restore 475,000 barrels per day (bpd) of crude to global markets.
In a letter dated Oct. 2 addressed to Iraq’s State Oil Marketing Organization (SOMO), the Turkish Petroleum Pipeline Corporation (BOTAS) communicated that "the part of the ITP [Iraq-Turkey Pipeline] system in Turkish territory will be ready for the transportation, storage, and loading of crude oil coming from Iraq on 04.10.2023,” as reported by Iraqi Oil Report.
Iraqi Prime Minister Mohammed Shia’ al-Sudani announced during his participation in an energy conference in Moscow on Wednesday, October 11, that the Turkish government had officially conveyed its readiness to resume the export of Kurdistan Region oil.
The export of Kurdistan Region oil has been halted since March 25, 2023, following a request from the Iraqi government after it secured a legal judgment against Turkey at the International Court of Arbitration in Paris.
Amidst a backdrop of historical financial turmoil, Zimbabwe has embarked on an ambitious quest to establish a Zimbabwe single currency.
In my opinion, this is relevant to the RV/GCR since Zimbabwe would need it’s own sovereign currency, instead the basket of foreign currencies they use today, in order to participate in the GCR.
How could a country have an asset backed currency if they don’t currently have their own currency?
This journey, laden with rich history and bold decision-making, reflects the nation’s steadfast commitment to restoring economic stability.
This article outlines the multifaceted past and present events surrounding the evolution of the Zimbabwe single currency, what this transformation signifies, and provides insight into Zimbabwe’s dynamic financial landscape.
“We agreed that for us to survive we had to create a basket of currencies and allow our currency to die. It could have been a wrong decision but that is what happened in 2009. However, as a country, we must have a currency which we call our own.”
Zimbabwe President Mnangagwa
A Historical Perspective
From Hyperinflation to Multi-currency Basket
Zimbabwe’s financial saga was turbulent, characterized by hyperinflation and economic instability.
It was in 2009 that the country took the pivotal step of introducing a basket of foreign currencies, marking the transition from a period of hyperinflation to relative stability.
The necessity of a local currency became apparent, serving as the cornerstone for future endeavors
Government Action in 2009
In 2009, a committee was convened under the chairmanship of President Mnangagwa by former President Mugabe to address the financial crisis.
This committee concluded that adopting a basket of currencies was a vital strategy for survival. The decision to create this unique financial framework marked a turning point in Zimbabwe’s economic landscape.
The “Basket of Currencies” Arrangement
The current financial arrangement allows the use of a mixture of foreign currencies alongside the local currency. Under Statutory Instrument 118A of 2022, this arrangement is secured until December 2025.
While the current setup has stabilized the economy to an extent, Zimbabwe now sets its sights on establishing a Zimbabwe single currency.
The Path to a Zimbabwe Single Currency
Presidential Vision
President Mnangagwa’s vision for Zimbabwe’s financial future is clear: the nation needs its own single currency.
He strongly emphasizes the importance of this, viewing it as a foundation for achieving sustainable economic growth and development. In his words, “There is no country that can grow without its own currency.”
Benefits of a Single Currency
A single national currency grants the government greater autonomy in monetary policy, enabling more effective management of capital flows, and ensuring the protection of the nation’s interests.
This approach is crucial for economic autonomy and sovereignty. President Mnangagwa underscores the significance, stating, “We must bite the bullet, whether it gives us some suffering for a period, we shall proceed to have our own currency.”
The Road Ahead for a Zimbabwe Single Currency
“We want a single currency, and we are going there.”
Zimbabwe President Mnangagwa
As Zimbabwe moves steadily towards the realization of a Zimbabwe single currency, it faces a series of challenges.
However, the commitment and cooperation of stakeholders, the government, and the financial sector ensure a deliberate and organized transition.
Stakeholder Concerns
During the Zimbabwe Economic Development Conference (ZEDCON), stakeholders articulated their need for a well-defined currency reform roadmap.
The approaching 2025 deadline for the multicurrency regime has triggered caution within financial institutions concerning the extension of long-term foreign currency loans. In the words of President Mnangagwa, “We want a single currency, and we are going there.”
Economic Autonomy
Zimbabwe’s transition towards a single currency reflects its unwavering determination to regain economic autonomy and strengthen its monetary policy.
Relying on a foreign currency for local and international transactions can create vulnerabilities and limit the country’s ability to pursue its unique economic policies.
This enhanced autonomy enables the nation to respond effectively to economic challenges and tailor its policies to specific domestic needs, ultimately fostering sustainable development and inclusive growth.
What it All Means
The commitment to pursue a Zimbabwe single currency is not merely a financial transformation; it’s a testament to the nation’s commitment to economic growth and development.
The journey from hyperinflation to a multi-currency system and, now, towards a single currency signifies a remarkable transformation.
Zimbabwe’s economic landscape is undergoing a significant shift, and stakeholders eagerly await the fulfillment of this ongoing financial evolution.
As President Mnangagwa reiterates, “We want a single currency, and we are going there.”
Sudanese Advisor: America Gives Us Instructions And Does Not Impose Pressure On The Dollar Issue
Politics 10/15/2023 Number of readings: 189 Baghdad - Iraq Today: Muhammad al-Najjar, advisor to the Prime Minister for Investment Affairs, stressed that the method of cash in Iraq must be electronic, noting that the US Federal Reserve’s instructions to Iraqi banks were years ago, but previous governments “ignored” them.”
Regarding the impact of the dollar exchange rate on internal investment in Iraq, Al-Najjar said in a press interview that this problem produced confusion in the market at the beginning of its appearance, due to the presence of contracts signed in dollars, but now it has “adjusted” because most of the contracts, especially the executive ones, were signed in Iraqi dinars, indicating that the issue The effect will decrease until the old contracts signed in US currency expire.
He pointed out that countries around the world approve contracts in local currency, with exceptions, according to the type of project.
Regarding the possibility of controlling the dollar exchange rate or not, he commented that this is “related to the transfer of a culture, from paper to electronic, and this process takes time,” stressing the need for the method of cash in Iraq to be electronic and not as is prevalent through paper currency.
The Prime Minister's Advisor for Investment Affairs pointed out that “some are trying to exploit this stage,” pointing out that the process of transferring from cash to data “is in the interest of the Iraqi state to control and track funds, especially in light of the existing financial corruption.”
Regarding the US Federal Reserve’s pressure on Iraq, Muhammad al-Najjar considered it “instructions, not pressures,” adding that the US government has the right to set controls on the use of its currency.
He continued: “The US Federal Reserve had requested these demands from Iraq several years ago, and previous governments had constantly ignored them, but now it has become unhealthy for these practices to continue, which have led to a large scale of financial corruption because the amounts cannot be tracked."
Regarding the Iraqi government's vision in the field of investment, he revealed that the Board of Directors of the Iraq Fund for Development will approve it in the next session of the Council of Ministers, after approving the bylaws, noting that the delay came due to the delay in approving the budget.
He added: “After the Board of Directors is approved, the executive director of the fund will be appointed to launch investment projects, the results of which we will see at the beginning of next year.”
The Iraq Fund for Development promised that it would serve as “a middle ground between ministries and provide funding to individual innovators and grant loans to young people to start new projects.”
He explained that the government is working on several programs to reach a strategic plan on how to activate and employ graduates annually, in order to train them professionally in preparation for new specializations that the government will need in the future, such as information technology, adding that the final plan for the total absorption of graduates does not yet exist. LINK
The world watches with bated breath as citizens rally behind ‘The Forces of Representatives’, a new phenomenon sweeping across global communities. This is not a political movement or a revolution, but a stirring of hearts, a collective sentiment echoing the Palestinian cause. The hashtag #InSolidarityWithPalestine trends on social media, a digital battle cry resonating in the ether.
Diplomatic Outcry
Several nations, including Algeria, Brazil, Colombia, Cuba, Iraq, Iran, Ireland, Kuwait, Morocco, Malaysia, Norway, Oman, Qatar, and South Africa, have voiced their concern over the escalating violence in Gaza. They have urged Israel to cease its aggression and work towards a ceasefire. The call for a two-state solution resonates around the world, a solution that seems increasingly elusive amidst the turmoil.
Waning Faith
However, surveys reveal an alarming trend. The faith in a two-state solution is dwindling not just amongst Israelis, both Arab and Jewish, but also within the Palestinian population. The belief in dialogue and negotiations is being replaced by a grim resolve favoring armed struggle to establish an independent state. Yet, amidst the despair, the rallying cry of ‘The Forces of Representatives’ continues to echo, a testament to the resilience of human spirit.
Challenges and Threats
Palestinian Americans and activists advocating for Palestinian rights are facing a growing menace. Personal information is released without consent, leading to doxxing and harassment. Yet, they persist, their voices refusing to be stifled, their determination unbroken. In Kansas City, residents, including many from the local Palestinian community, gathered in support of Palestine, their voices a poignant demand for an end to the Israeli occupation.
Global Power Play
Meanwhile, China maintains a stance of neutrality, a strategic move to curry favor with Arab states and further its own global agenda. The Israeli-Palestinian conflict is no longer just about two nations. It has become a global chessboard, with powerful players maneuvering for advantage. Yet, amidst the political power play, ‘The Forces of Representatives’ continue their relentless rally, a beacon of hope in the swirling storm of conflict.
