FIREFLY: Television is saying the Central Bank of Iraq is allowing foreign countries and currencies to trade now inside of Iraq banks...
FIREFLY: Oil and Gas law by the 9th...or have to wait...Without the Oil and Gas no rate until 2024.
FRANK: You say, without the HCL you will not have an exchange rate until January 1st? I can agree with you to a certain point...IMO Between now and January 1 you will see what you want...They already gave you a clue - The dollar will stop on January 1st...
[Community Member Bank Story] I believe banking experiences are driven by the individual location and especially the training level of the bankers. I mentioned my investment to a baker at Chase yesterday, and she immediately dug out a "Private Client" business card, different than the one on her desk. She said "When that happens, call me."
Bruce
[via WiserNow] ...you know this, this is ready to go and you know, I told you guys I wouldn't call it but this is probably as close as I've ever been...there's the only thing we were waiting for today right now is the okay by the military. To give to the Treasury they would have the green light to give to the redemption centers and banks...I'm excited about where we are...I think everything is set
The Intricate Dance of Governance: A Look at Prime Minister Sudani’s First Year in Office, 9 NOV
Prime Minister Muhammad Shiaa Al-Sudani’s inaugural year has been a tableau of advancements and hurdles. His administration’s agenda, a blend of service-oriented goals and a political covenant between various factions, lacked explicit political objectives, possibly impeding his progress on key government priorities.
Economic Endeavors and Obstacles
Sudani’s approach to revamp the economy revolved around widening social welfare networks, generating government employment, and initiating short-term infrastructure projects. The budget earmarked for developmental investment was deemed inadequate, attracting criticism. The over-reliance on hydrocarbons and imports, amid a corrupt and bureaucratic atmosphere, presented substantial obstacles to long-term economic restructuring.
The Prime Minister vigorously courted foreign investment, clinching a multi-billion-dollar pact with TotalEnergies to bolster Iraq’s oil and gas sectors. Nevertheless, foreign interest in investing in other industries was lackluster due to deterrents such as red tape, corruption, and security apprehensions. The Iraqi dinar’s depreciation against the dollar added another layer of complexity to economic stability.
The Uphill Battle Against Corruption
While Sudani’s anti-corruption campaign led to certain convictions, it mostly targeted lower-tier officials. Powerful political entities and individuals embroiled in corruption continue to elude justice. The rampant corruption, especially in government contracts, mirrors a systemic issue eroding public confidence in the government’s capacity to address this widespread problem.
Foreign Policy Dynamics
Sudani endeavored to enhance economic and security bonds with Arab neighbors, including Jordan, Egypt, and the Gulf Cooperation Council (GCC) states, to diminish reliance on Iran. However, these endeavors faced resistance from specific Shia political parties and militias aligned with Iran. While Sudani aspired to uphold an independent and balanced foreign policy, he faced challenges due to conflicting interests and geopolitical dynamics.
Political Disarray and Militia Influence
Political divisions and discord impeded Sudani’s ability to meet the demands articulated in the political agreement that formed his government. Disputes over matters such as the oil and gas law, the return of internally displaced persons, and the deployment of paramilitary units underscored the complexities of governance in a deeply divided political landscape. Militias operating independently of the government’s authority further complicated security and political stability.
Continuing Security Threats
The intensification of attacks by Iranian-backed militias on U.S. forces in Iraq and Syria presented a significant security challenge. Sudani’s attempts to dissuade the militias from launching their attacks, and his appeal to Iranian officials for aid, underscored the complicated dynamics where the Prime Minister’s control over these groups was limited.
The intricate interplay of domestic, regional, and international dynamics has defined Sudani’s leadership tenure, highlighting the intricate nature of governance in Iraq. This comprehensive analysis provides a nuanced understanding of the complexities and intricacies of Iraq’s socio-political landscape.
DNO has confirmed that production is increasing in its fields in Iraqi Kurdistan and has doubled in Q4 compared to Q3.
The Company stated that APIKUR members can produce oil for pipeline exports once payment terms are clarified.
In its third-quarter results on Thursday, it said:
After the Iraq-Türkiye Pipeline was closed in March, the Company slowly reopened the Tawke and Peshkabir fields. DNO, with 75 percent ownership, and Genel Energy International Ltd, with 25 percent ownership, increased deliveries to local trading companies in Kurdistan. Production is continuously growing; in the fourth quarter, the output has been twice as much as in the third quarter.
The contractual entitlement between DNO and Genel, which is currently around 50% of the volumes produced, is sold at prices with a narrow variation in the mid-USD 30s per barrel. Payments are made in advance before any oil is delivered.
DNO has recovered around USD 15 million over the past year, including USD 8 million in October, for the accumulated KRG debt to DNO for previous oil sales in 2022 and 2023 (more than USD 300 million):
According to the recent statement by the Prime Minister of Iraq, Baghdad, and Ankara are ready to resume the flows from Kurdistan as soon as certain unspecified agreements between the international oil companies and Iraq and Erbil are reached. However, the Association of the Petroleum Industry of Kurdistan (APIKUR), of which DNO is one of six members, has stated that the member companies cannot produce oil for pipeline exports until it becomes clear how they will be paid for their contractual entitlements of oil already sold and delivered for export and for future sales of such crude for export. APIKUR members are owed nearly USD 1 billion in overdue and unpaid arrears.
Article quote: "The Central Bank of Iraq...decided to allow you to import foreign currency from outside Iraq..."
Very very important. We start receiving money internationally...this means in a couple days we be International be on Forex...Get ready to cash out soon...
Things are moving fast. We're moving pretty good. The economy is getting pretty good. Believe me it's gonna be very very good. The private sector is solid and it's getting stronger. You're almost there...Like I tell you always, keep your head on your shoulder...
Iraq Boosts Aviation Sector with ICAO Cooperation Agreement
The Prime Minister of Iraq, Mohammed S. Al-Sudani, has affirmed a path of progress for the country’s aviation sector by endorsing a cooperation and capacity-building agreement between the Iraqi Civil Aviation Authority and the International Civil Aviation Organization (ICAO). The alliance aims to foster institutional development, harness global expertise, and contribute to the overall advancement of Iraq’s civil aviation and air transport industry.
Strengthening Iraq’s Aviation Infrastructure
The agreement, approved by the Council of Ministers, underscores the commitment of the Iraqi government to advance the civil aviation sector. By contracting with international experts, the Civil Aviation Authority aspires to refine various aspects of aviation and air transport. The strategic collaboration signals a significant step towards enhancing Iraq’s aviation operations and infrastructure.
Implications of the Agreement
The partnership with the ICAO has potential to catalyze substantial growth in Iraq’s aviation sector. By leveraging international expertise and support, the agreement seeks to bolster regulatory frameworks, enhance institutional capacity, and foster sustainable growth in civil aviation. This proactive approach reflects Iraq’s ambition to meet international standards and positions the country for long-term success in the aviation industry.
Looking Ahead
The cooperation agreement could be a game-changer for Iraq’s aviation sector. By inviting global expertise and support, it accelerates the country’s journey towards a robust aviation industry. The initiative illustrates the Iraqi government’s commitment to a progressive aviation sector and its potential significance in the country’s overall development.
