DINAR REVALUATION

Thursday, October 19, 2023

Bruce

[via WiserNow]

What we got in report today was all the rates are extremely good. And we know that the dinar came back up on the Forex yesterday and came back up on the streets for trading on forex and on the bank screen today. The rates are very good.

...our hope is that we get notified - we set our appointments - and at least start Thursday.

That's what I'm hoping that we'll see if that's what manifests... you know guys, we've been awfully close before, or at least we thought it was that case. And now we're at that same point of could it happen? ...So we hope that this is it...

A New Oil Well in Iraq: Beacon of Hope Amid Uncertainty, 19 OCT

A New Oil Well in Iraq: Beacon of Hope Amid Uncertainty, 19 OCT

In the heart of the Al-Zubair oil field, nestled in the volatile landscape of Iraq, a new well has been drilled, reaching an impressive depth of 3,533 meters. The accomplishment, achieved by the Iraqi Drilling Company (IDC), arrives at a pivotal moment for the country’s oil industry, serving as both a symbol of hope and a stark reminder of the challenges that lie ahead.

An Unusual Triumph in Troubled Times

The drilling of the new well marks a significant stride for the IDC and Iraq’s oil industry. This success emerges amid a broader context of uncertainty, as international giants BP and Lukoil consider divesting their Iraqi oil assets, citing an increasingly unsuitable investment environment.

BP’s ties with Iraq run deep, its oil exploration and production activities dating back to the 1920s. It was the first international company to return to Iraq after a 35-year hiatus in 2009, and has been working on the development of the giant Rumaila oilfield, in partnership with PetroChina and the state-owned Basra Oil Company. Lukoil, on the other hand, operates the West Qurna 2 field in southern Iraq.

Foreign Investors Losing Faith

However, major oil companies’ faith in Iraq as a viable investment destination is waning, a sentiment embodied by Lukoil’s recent decision to sell its share to Chinese interests. This follows the withdrawal of Shell and ExxonMobil, both citing an unsuitable investment climate.

According to Iraq’s oil minister, Ihsan Abdul Jabbar, the current landscape in Iraq makes it difficult for these companies to stay. The departure of these international companies raises potent questions about the future of Iraq’s oil industry, given their expertise, resources, and technology necessary for maximizing the potential of Iraq’s oil fields.

Domestic Resilience Amid External Doubts

Against this backdrop, IDC’s successful drilling operation is a beacon of resilience. It underscores that despite the challenges, there is room for local companies to contribute to the development of Iraq’s oil industry. The IDC’s accomplishment is a testament to the potential role domestic companies can play in the growth of the sector and reducing dependence on foreign investment.

However, the future of Iraq’s oil industry is not without its challenges. Creating a favorable investment environment is crucial to attracting and retaining major oil companies. To accomplish this, Iraq must grapple with issues of political stability, security, and transparent regulations.

In the wake of IDC’s achievement, Iraq finds itself at a crossroads. The successful drilling operation in Al-Zubair is a significant milestone, but the departure of BP and Lukoil underlines the challenges that lie ahead. As the Iraqi government grapples with these issues, the future of its oil industry hangs in the balance.

https://bnn.network/breaking-news/agriculture/a-new-oil-well-in-iraq-beacon-of-hope-amid-uncertainty/

Iraq’s Digital Transformation: A Meeting of Minds in Erbil, 19 OCT

Iraq’s Digital Transformation: A Meeting of Minds in Erbil, 19 OCT

In the heart of the ancient land, where the Tigris and Euphrates rivers cradle civilization, a modern narrative is unfolding. In Erbil, the capital of the Kurdistan Region of Iraq, Prime Minister Masrour Barzani and Iraqi Central Bank Governor Ali al-Allaq recently convened. Their discourse echoed within the grand architecture of the city, a testament to a crucial dialogue on economic stability and banking sector reforms, especially the digital transformation of public employee payments.

My Account Initiative: A Digital Leap Forward

At the heart of their discussions was the My Account Initiative, a financial inclusion program launched by the Kurdistan Regional Government. Designed to digitize the payment system for public employees, the initiative marks a significant leap towards the future. In the initial phase, it aims to modernize salary and benefit distribution, enhancing efficiency, transparency, and accountability.

The initiative has already recorded considerable progress, with 65,000 employees registered in the system. It’s a testament to the potential of digitization in catalyzing economic growth, with the ripples of its success felt across Iraq.

Banking Sector Reforms: Strengthening Economic Foundations

In the backdrop of the digital transformation, other banking sector reforms were also on the agenda. The Kurdistan Regional Government is committed to strengthening the banking system to promote domestic and foreign investments. These reforms aim to fortify the regulatory framework for banks, foster good governance, and increase transparency, thus creating an ecosystem conducive to economic growth.

Anti-Money Laundering Efforts: Safeguarding Financial Integrity

Besides digital transformation and overall reforms, the fight against money laundering took center stage. As a significant threat to financial stability, both the Kurdistan Region and the federal government are determined to prevent and combat this illicit activity. Strengthening anti-money laundering efforts is paramount in maintaining the trust of investors and ensuring the banking sector’s stability.

The meeting, thus, underscored the commitment of both the Kurdistan Region and the federal government towards economic development, financial stability, and good governance.

The story of this meeting is not just about economic strategies and initiatives. It’s about hope. It’s about a region that has been the cradle of civilization, now striving to define its future. It’s about a dialogue that carries the potential to reshape the economic landscape of Iraq, and perhaps, influence the broader region.

https://bnn.network/tech/iraqs-digital-transformation-a-meeting-of-minds-in-erbil/

Dinar RV News Today🔥Boosting Economy: CBI Unleashes New Currency Exchang...

"RV UPDATE" BY SANDY INGRAM & CLARE, 19 OCT

Sandy Ingram

Iraq has a secret asset many people are not aware of...the ancient city of Babylon is only 54 miles from the capital city of Baghdad. The gold deposits have not changed.

The only difference Iraq was busy drilling for oil...It is reported gold production value could someday rival or equal oil production value...This massive amount of gold is still in place in Iraq today. The eastern Baghdad region, the western desert and the Kurdistan area have all been discovered to have enormous gold deposits. Mining operations are currently underway...

Article: "Iraq Economy News for 2024, According to the IMF is not Good, Iraq Says Differently"

What the IMF is saying is Iraq's economy forecast is leaning towards a negative because countries with currencies pegged to the US dollar, except Iraq's central bank, have followed the US fed's footsteps and adjusting the interest rates accordingly.

In other words Iraq did not follow in the footsteps of the Federal Reserve and as a result the IMF sees Iraq's inflation rate at or around 9% in 2024 rather than at 3.5% the the Iraqi minister of planning announced. The 5.5% difference is enough to be concerned about.

Clare

Article: "A new statement by the Iraqi Central Governor regarding the dollar exchange rate"

Quote: "Today, Monday (October 16, 2023), the Governor of the Central Bank of Iraq, Ali Al-Alaq, identified several factors affecting the dollar exchange rate, the most important of which is the leakage of the dollar to neighboring countries."