PM Al Sudani heads meeting on Iraq's oil sector development, 19 nov
Shafaq News / Prime Minister Mohammed Shia Al Sudani chaired the periodic meeting on Sunday to oversee the Oil Ministry and its projects, focusing on implementing plans aimed at developing Iraq's oil sector.
Attended by the Oil Minister, senior officials from the ministry, and advisors to the Prime Minister for oil and energy affairs, the meeting reviewed extraction and distribution projects, export initiatives, gas projects, refineries, progress rates, and obstacles hindering implementation. Additionally, it discussed investment opportunities announced by the ministry for 2023.
The Prime Minister stressed the vital importance of enhancing this pivotal sector, given its linkage to national plans and desired development. He highlighted the significance of utilizing the increased global oil prices to boost financial allocations through optimal oil and gas investments.
Al Sudani emphasized that oil constitutes the primary income source, and the government is focused on developing the oil sector along with other industries such as chemicals, petrochemicals, and fertilizers, per its governmental program. Moreover, efforts extend to improving the electricity sector, implementing an integrated energy projects plan, and ensuring continued support through solutions, policies, and decisions.
During the meeting, Al Sudani was briefed on the discussions between the federal Oil Ministry and the Natural Resources Ministry in the Kurdistan Regional Government (KRG) regarding resuming crude oil re-exports via the Turkish port of Ceyhan.
It is noteworthy that oil flow from Kurdistan and Kirkuk to the Ceyhan port in Turkey ceased on March 25 due to an International Arbitration Court ruling concerning oil exports between Turkey and Iraq.
Goldilocks' Comments and Global Economic News Saturday Evening 11-18-23
Good Evening ,
"Al-Sudani directs government bank managers to submit a plan within one month to develop the banks’ work."
Here we have a banking benchmark from Iraq. Bank managers from Iraq are being told to finish their banking reforms within a month of November 14th, 2023. At that time, their staff will need to go through logistics training on the new digital asset-based trading system.
We already know that Iraq on January 1st, 2024 will begin using their Iraqi dinar only in trades around the world. The use of the dollar in their International trades will no longer be allowed.
A meeting followed this meeting to go over electronic mechanisms and procedures that would be used to carry this out on an international level.
They are expecting to do a comprehensive economic reform. A comprehensive economic reform takes control away from the government's power over an exchange rate and allows the market to determine it by demand.
In other words, this move will be a dropping of a programmed rate to a rate determined by market analysis and Market flow. It will be a move that reinstates the Iraqi dinar into a real value.
This will be a movement from paper recording to electronic recording of all aspects of their Banking system. Advanced electronic programs and modern technology will serve as their new way of service to the people of Iraq and abroad.
We have always said we would tell you the truth here and we continue to stick by that. So with all the hype around this weekend and the upgrades I wanted to reiterate that we are not to the "RV" yet.
We still have a ways to go, after all "gold has to be free" before we see the "RV". So what is the hype this weekend - ISO20022 comes fully online for SWIFT and multiple other banks and financial institutions.
What this means - simply stated it brings all those finishing their upgrades under one standard used worldwide for financial messaging. The very fabric of the payment systems we have been learning so much about. Is this a big deal - absolutely.
However, this is part of the completion of the digital revaluation that we have been seeing over the last few months. What happens now - once the ISO standards are implemented they will work together with legacy messaging to fulfill payments to those institutions that have upgraded.
How does this change things - with all financial messaging coming under one standard it eliminates the cross-border inefficiencies. This is part of the regulations that is NEEDED in order for us to move forward with the blessing we have all been waiting on.
Please stay grounded, stay focused, and know that we are all in this together. We are here for you and will help answer any of those concerns you may have. Remember, we want the best for everyone, even those that don't care for us because that is what HUMANITARIANS do, we support and love one another. Have a great night and an excellent weekend. See you all Monday morning. M 🔥
👆 Goldilocks pointed to this.
I know it's exciting to hear about the news coming out from Iraq, but we must remember that Protocol 20 is not finished until the end of January 2024.
At that time, we will have a month of circulating volumes that support a rate determined by the demand for Iraq that can be placed on the new digital asset-based trading system.
Protocol 20 connects Quantum Technologies from around the world.
Shafaq News / Foreign transfers in the Central Bank auction surged by 93% on Sunday, reaching $211 million in cash sales.
Shafaq News Agency's correspondent reported that CBI sold today in its auction for buying and selling the US dollar $225,287,025, covered by an exchange rate of 1305 Iraqi dinars per dollar for documentary credits and international settlements for electronic cards. The rate was 1310 Iraqi dinars per dollar for foreign transfers and also for cash transactions.
Our correspondent added that the majority of the bank's dollar sales went towards bolstering balances abroad, in the form of transfers and credits, totaling $211,227,025, marking a 93% increase from the $14,060,000 cash sales.
He highlighted that five banks purchased cash dollars, while 11 banks met requests for enhancing balances abroad. The total number of participating exchange and intermediary companies in the auction amounted to 49 companies.
Community comment "We don't have to pay taxes on dinar exchange." Stop that nonsense...how dumb is that. Where in history of the United States of America have you seen our government say you don't have to pay any tax on any of that?They'll chase you until Hades to get the taxes they think you owe them. Don't deceive yourself. Don't be that way. That's part of proper stewardship. You're going to pay taxes and pay them...
[NOTE: Consult your tax professionals at the appropriate time to determinate proper tax for your unique circumstances]
Once you see the HCL IMO within nanoseconds afterwards you will see the new exchange rate...
You want to know the exchange rate of the BRICS because maybe, maybe the Iraqi dinar will be 1 to 1 with a basket of BRICS. Maybe...one clue. It's an RI not and RV.
Question: "Has anything changed in regards to Iraq satellite banks exchanging dinars for US citizens?"
No. They will follow American banking laws. They won't do anything different than any American bank is doing in American territory.
Integrity: Recovering 15 Billion Dinars From The Former Authorized Director Of One Of The Electronic Payment Companies
Economy News Today, Saturday, the Federal Integrity Commission announced the recovery of 15 billion dinars from the former authorized director of one of the electronic payment companies.
The Authority stated in a statement received by Al-Eqtisad News that “its investigative procedures in the criminal case of the accused, the former authorized director, in the case of tax evasion by the company by providing incomplete information and concealing information related to its accounts for the period from (2010 - 2017) should have been clarified.” ", indicating that "he, in collaboration with employees of the General Tax Authority, caused damage to public funds, represented by the Ministry of Finance, amounting to fifteen billion and one hundred and fifty-four million dinars."
She added, "The company has paid the amount of damage caused to public funds as a result of non-accountability of taxes, confirming the transfer of an amount of (15,154,745,000) billion dinars to the account of the General Authority for Taxes - Senior Taxpayers Section," pointing out that "the General Authority for Taxes continues to request a complaint against the accused and take action." legal action against him for not paying the interest on the amount.”
According to the statement, the Authority pointed out that “a private case has been filed against the convicted accused, the former Director General of the General Tax Authority, because she sent a letter to (5) banks indicating that the aforementioned company is tax accountable until the year 2019, with the aim of moving the company’s accounts in those banks, despite the failure to meet the requirements.” The necessary mechanism used in tax accounting.”
She continued, "The convicted defendant carried out these acts in conjunction with three of her employees who were convicted and sentenced by the Central Anti-Corruption Criminal Court."