Saturday, November 18, 2023
"RV UPDATE": SPAIN BANK STORY BY FRANK26 , 18 NOV
Frank26
[Spain Bank Story]
As you know I live in Spain. Last Friday I went to the Bank of Spain branch in Barcelona. It's the Central Bank of Spain. There are only two branches in our country...I showed the man at the counter a 50K dinar bill. The man looked at me and told me they couldn't change that bill there...but he told me the two banks that will 100% be
involved in exchanging this currency is Banco Santander and BBVA. They are the two largest banks here in Spain.Kurdistan Petroleum Association Backs Talks to Restart Oil Production, 18 NOV
Kurdistan Petroleum Association Backs Talks to Restart Oil Production, 18 NOV
In a recent development, the Association of the Petroleum Industry of Kurdistan (APIKUR), an organization representing international oil companies operating in the region, has expressed support for the ongoing discussions between Iraqi and Kurdish officials. The discussions are aimed at restarting full oil production and exports from the Kurdistan Region. This comes after Turkey halted oil exports on March 25, following Iraq’s victory in an international arbitration court over unauthorized exports.
Restarting the Oil Production
On November 12-13, a meeting occurred between Iraq’s Ministry of Oil and Kurdistan Region officials. According to reports, the meeting concluded with a mutual understanding, although a final decision is pending further discussions in Baghdad. APIKUR, which was established in 2023 and accounts for about half of the Kurdistan Region’s oil production, was not part of this meeting. They have not received any official communication regarding the outcomes of the discussions.
Financial Implications and APIKUR’s Stance
APIKUR has been vocal about the financial impact of the halted exports. It estimates over $7 billion in lost revenue and over $1 million per day in penalties due to unmet obligations under the Iraq-Turkey Pipeline agreement. The association has emphasized the need for payment surety, direct remittance of prospective oil sales to member companies, and maintaining current commercial terms.
Future Prospects
International oil companies operating in the region will not resume oil production for pipeline exports until the overdue payments issue, estimated at nearly $1 billion, is resolved. Meanwhile, the Iraqi Oil Ministry has announced plans to reopen the 970-kilometer-long pipeline that transports Iraqi crude from Kirkuk to export facilities in Ceyhan on the Mediterranean coast. Closed in 2014 due to Daesh attacks, the strategic pipeline could potentially transfer crude oil from the Gulf to Europe, once rehabilitated.
Despite the challenges, APIKUR remains committed to resolving issues to resume full oil production and export, for the benefit of all stakeholders. The ongoing discussions between Iraqi and Kurdish officials signal a positive step towards this goal.
Integrity: Recovery of 15 billion dinars from the former managing director of one of the electronic payment companies, 18 NOV
Integrity: Recovery of 15 billion dinars from the former managing director of one of the electronic payment companies
Baghdad Today - Baghdad
Today, Saturday (November 18, 2023), the Federal Integrity Commission announced the recovery of 15 billion dinars from the former managing director of an electronic payment company.
The authority stated in a statement received by "Baghdad Today", that "its investigative procedures in the criminal case of the accused sponsor, the former manager authorized in the case of tax evasion by the company by providing incomplete information, and hiding information related to its accounts for the period from (2010-2017) should have been clarified," indicating "his joint with employees of the General Tax Authority to cause damage to public money, represented by the Ministry of Finance, amounting to fifteen billion and one hundred and fifty-four million dinars."
She added that "the company has paid the amount of damage caused to public money as a result of the lack of tax accounting, confirming the transfer of an amount of (15,154,745,000) billion dinars to the account of the General Tax Authority - Department of Senior Taxpayers," pointing to "the continuation of the General Tax Authority to request a complaint against the accused and take legal action against him for non-payment of interest on the amount."
According to the statement, the authority pointed to "an individual lawsuit against the convicted defendant, the former director general of the General Tax Authority, for sending a letter to (5) banks indicating that the aforementioned company is tax accounted until the year 2019, In order to move the company's accounts in those banks, despite the failure to meet the necessary mechanism followed in tax accounting."
"The convicted defendant carried out these acts jointly with three of her employees who were convicted and sentenced by the Central Anti-Corruption Criminal Court," she said.
Weekend News with MarkZ. 11/18/2023
"RV UPDATE" BY MNT GOAT, 18 NOV
Mnt Goat
Wednesday intel call to my contact at the CBI: I was told there was a TV media output broadcast that told the citizens the official rate of the dinar would be over $1 in the coming days. They used the PM Al-Sudani in a speech like format to explain most of it...This is part of the education process. So, it did begin...I was told that the process of the revaluation is now in motion and they expect to begin issuing the newer lower denominations to the banks in exchange for the larger 3 zero notes...
when they do distribute the lower denominations to the public for circulation, they will start at the airports first...they are only going to use dinars exclusively as of January 1st, 2024 in Iraq. This is also why they needed and allowed to let the banks now hold other foreign currencies besides dollars.
The agreement arrangements with Abu Dhabi have ended and the Iraqi banks will deliver dirhams - the Central Bank, 18 nov
The agreement arrangements with Abu Dhabi have ended and the Iraqi banks will deliver dirhams - the Central Bank
The official news agency, quoting a source in the Central Bank, said that Iraq has completed the final arrangements related to the agreement with Abu Dhabi Bank, as part of the government’s efforts to control the exchange rate.
The source:
The Central Bank of Iraq finalizes the final arrangements for the agreement with the UAE’s First Abu Dhabi Bank.
It is hoped that the actual implementation of the enhancement operations for Iraqi bank accounts in the UAE dirham will begin next week.
The first phase of reinforcements will include five Iraqi private banks.
The number of banks is expected to double after evaluating the first phase of implementation, which may last for a few weeks. link
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