The second workshop the UNCTAD will put on through 11-14 November 2023. It is for Iraq's on going preparation for WTO accession... They are in it to the end now. They are in a place where they can have accession at anytime that the check boxes are checked...They are not waiting on any distant time frame. It is all a part of the process that they have to go through and the completion stage they are in...Just note, post assistance for Iraq and for after accession is a key indicator that they are in the completion phase..
Article quote: "It's not possible to import the dollar and secure in the local market without registering the dinar in the basket of Arab and international currencies."Bing! Wow, what did they just say? ...That's like going back to where they were in the past, that 'previous era'...
They just told you their natural resource wealth is just phenomenal. They're telling you their taxes and tariffs at the border have been activated...tourism...all of that. What do you really know about what you own. Pay attention to that
You can't vote on the hydrocarbon law for the citizens without revaluation. You have to have value...Just like the World Trade Organization. You have to have a value for ascension. That's my view....I think it's falling into place. It's really looking kind of cool...
Weak Oversight And Smuggling Of Oil From The North.. Did Iraq Violate The OPEC Plus Agreement?
Economy |Baghdad today – Baghdad Economist Nabil Al-Marsoumi said today, Saturday (November 11, 2023), that Iraq has confirmed its commitment to the “OPEC Plus” agreement and its production quota of 4.220 million barrels of oil per day.
Al-Marsoumi wrote in a blog post on his personal account on the Facebook platform, followed by “Baghdad Today,” that “Iraq’s oil exports, which rose to 3.533 million barrels per day last October, are the highest this year, resulting from a reduction in internal consumption, but a recent survey showed an increase in production.” Iraqi oil is 180,000 barrels per day above the levels specified by OPEC Plus, according to what S&P Global Commodity Institutes reported.
He continued, "Iraq's production rose last October to 4,400 million barrels per day, and this increase is largely related to weak control over oil production in Kurdistan, which consumes part of it internally and smuggles the other part through tanks to Turkey and Iran."
Yesterday, Friday (November 10, 2023), the Iraqi Ministry of Oil said that Iraq is committed to the OPEC+ agreement regarding determining production levels, two weeks before an important meeting of the oil producing group.
Iraqi Oil Minister Hayyan Abdul-Ghani said, according to a ministry statement received by Baghdad Today, that oil exports from the southern fields increased by 350,000 barrels per day, without mentioning a time frame.
The export of about 450,000 barrels per day of oil from northern Iraq has been halted since late March due to a conflict with Turkey.
The ministry's statement indicated that the increase in exports is a "natural matter" and did not affect the total production ceiling agreed upon within the framework of OPEC+.
The statement added, "These increases in export levels sometimes occur due to a decrease in domestic consumption from one quarter to another."
The statement also indicated that the OPEC+ group “will not hesitate to make decisions that ensure stability and balance in global markets.”
The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, is scheduled to hold a meeting in Vienna on November 26 to determine production policy.
Last September, Iraqi Oil Minister Hayan Abdul Ghani said that Iraq's average oil production reached 4.23 million barrels per day, while the average oil export reached 3.35 million barrels per day.
Abdul Ghani confirmed that the government directed to focus oil investments in the western and central regions, while indicating that great strides had been made in enhancing investment areas through licensing rounds. According to press statements by the Minister. LINK
[via PDK] The earliest we expected things was Friday evening… The most probable time is Saturday. But there is nothing yet. Iraq is embracing alternative currencies like the Indian Rupee and the Chinese Yuan. Euro ect…Many interesting things happening in Iraq that points to an ”International Currency”. This means a new rate.
[via PDK] Iraq is now selling gold to banks and that is good news…. They are doing everything they need to do and are making solid progress toward this Rv…
but, stay grounded. We know we are close…we are hopeful…but, manage your expectations...But everything seems to be pointing to an announcement in the next day or so.
I continue to hear that they are positioned and we should get an announcement over the weekend and exchanges should start on Tuesday…
That is what I am hearing. The chatter is great. But I find it difficult to believe that anyone knows the exact date…for security reasons... My gut is saying we are close. And Iraq has put themselves in a position that it is time to go.
An Economic Institution Attributes The Problem Of Increasing Demand For The Dollar In Iraq To The Large Consumption Of Imported Goods
FRIDAY, 11-10-2023, KARAR AL-ASSADI The "Iraq Future" Foundation for Economic Studies and Consultations, today, Friday, attributed the problem of increasing demand for the dollar in the markets to the large consumption of imported goods, as its volume during the current year, which is about to end, reached 55 billion US dollars.
The head of the Foundation, Manar Al-Obaidi, said in a report published today, “The basis of the problem of demand for the dollar is the consumption of imported goods and the rise in their bill annually until our imports for the year 2023 reached as follows: UAE $19 billion, China $13 billion, Turkey $10 billion, Iran $9 billion.” India: $4 billion.
He added, "What we need is a clear strategy that works, firstly, to limit the annual growth of imports, and then work to reduce it by adopting an agricultural, industrial, and extractive policy that reduces our need for raw materials," stressing "the necessity of building a strategy for industrial transformation and supporting manufacturing industries." ".
Al-Obaidi continued to say, "Any other solution will make us always follow a policy of reaction to disasters that occur as a result of the absence of a clear strategy and anticipation of the future."
Parliament Finance Responds To The Central Bank’s Decision To Import Foreign Currency And Plans To Host The Governor
Politics/Economy |Baghdad today - Baghdad Today, Saturday (November 11, 2023), the Finance Committee in the House of Representatives commented on the decision of the Central Bank of Iraq to import “foreign currency” from abroad, while indicating that it will work to host Governor Ali Al-Alaq.
Committee member Mustafa Al-Karaawi told “Baghdad Today” that “the committee will work to host the Governor of the Central Bank, Ali Al-Alaq, and the senior staff at the bank, to discuss the decision to import foreign currency from abroad, and to find out the reasons that prompted such a decision to be taken and how it might have an impact.” On the internal Iraqi economic situation.”
He stated, “There is a fear that such decisions will be exploited by some parties and personalities who want to exploit any decision to their advantage, and for this reason we will have a position of following up and monitoring this decision, and we will also have a position in making an appropriate decision after reviewing the full details of this decision within a few days.” "The next one."
The instructions of the Central Bank of Iraq, which it issued on Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.
The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.
On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.
Observers and specialists raised a number of questions about the Central Bank’s decision, about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and therefore the bank The Central Bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity. LINK