DINAR REVALUATION

Sunday, November 19, 2023

Iraqi PM Chairs Meeting on Oil Projects; Emphasises on Bilateral Energy Ties, 20 NOV

Iraqi PM Chairs Meeting on Oil Projects; Emphasises on Bilateral Energy Ties, 20 NOV

In a significant move demonstrating the government’s unswerving commitment to Iraq’s economic development, Prime Minister Mohammed Shia’ Al-Sudani presided over a crucial meeting. The agenda was to scrutinize the progression of projects falling under the purview of the Ministry of Oil. The meeting underscored the vitality of the oil sector to Iraq’s economy and the government’s earnest dedication to evolving its energy infrastructure.

Discussion on the Progress of Oil Projects

The meeting was an extensive discussion about the status and advancement of various oil-related projects integral to the country’s economic growth. The objective was to ensure that these projects are progressing as per the planned timeline and to address any issues that could potentially delay their completion. The Prime Minister’s involvement in such a detailed review signals the high priority accorded to these projects by the Iraqi government.

Strengthening Bilateral Energy Ties

As part of the meeting, the oil minister of Iran and the electricity minister of Iraq highlighted the necessity for enhancing bilateral ties in the field of energy. This discussion underlines the strategic importance of collaborative energy partnerships for Iraq’s energy sector development. Such partnerships could provide a robust platform for the country to leapfrog its energy infrastructure, thereby fueling its economic growth.

Commitment to Banking Reforms

In addition to the focus on the oil sector, the Prime Minister also led a meeting on Tuesday to monitor the progress of banking reforms. These reforms are expected to streamline the financial sector, thus further bolstering the nation’s economic growth. The Prime Minister’s proactive engagement in monitoring these reforms indicates the government’s comprehensive approach to economic development, with a keen eye on both energy and financial sectors.

https://bnn.network/breaking-news/economy/iraqi-pm-chairs-meeting-on-oil-projects-emphasises-on-bilateral-energy-ties/

Iraq's Long-Awaited Membership EBRD Welcomes 74th Shareholder, Hinting a...

"RV UPDATE" BY PIMPY, 19 NOV

Pimpy

Article: "Iraqi banks begin straightening their accounts in UAE dirhams next week" There you go next week they start a different currency swap. This one is now going to be with the UAE. They're currently working on India as well...This is...necessary for them to do business with one another...

These currency swaps can start happening but in order for us to see any real results it's going to take at least the rest of the year for this thing to get ironed out and implemented...The end of the first quarter of 2024...we'll start to see some results.

Without a doubt these last few months for Iraq have seemed very good. They're heading in the right direction. They're doing all the things necessary to be accepted back into the International community. Little by little they're gaining back privileges that they didn't have before. Before long they'll have their own sovereignty. We know they are currently working on the ascension into the World Trade Organization.

We know now their banks are able to do international foreign exchange transfers into the bank and other countries are doing currency swaps with them. The good news doesn't end there...

The thing that's disgusting about the Vietnam dong is it appears they are comfortable and content with leaving the rate low...

Iraq’s Political Balance Teeters: Shia Factions Express Concern over Potential Shift, 19 nov

Iraq’s Political Balance Teeters: Shia Factions Express Concern over Potential Shift

In a significant twist in the Iraqi political narrative, the Shia factions, currently in power are expressing growing unease over a potential shift in the country’s delicate sectarian balance. This disquiet has been triggered by the withdrawal of the Sadrist movement, a prominent Shia group led by Muqtada al-Sadr, from the government formation process, sparking apprehensions of amplified influence for Sunni political forces.

Unraveling the Sectarian Tapestry

The term ‘اختلال التوازن المكوناتي’ casts light on the imbalance in the representation of distinct sectarian components, a sensitive issue in Iraq’s intricate sectarian and ethnic mosaic. The Shia groups in power are cautious that the exit of the Sadrists might disrupt the established sectarian quota system, known as Muhasasa Ta’ifia, potentially offering Sunni factions a stronger foothold in Iraqi politics.

Repercussions of Political Shifts

The Iraqi Supreme Court’s decision to revoke the membership of Mohamed al Halbousi in the Council of Representatives holds grave implications for the fragile Iraqi political process, which rests on a precarious ethno-sectarian balance. This move has led to the resignation of three ministers and potential political shifts within the parliament, impacting the balance of power. Halbousi’s removal fuels concerns regarding the marginalization of the Sunni minority, raising the specter of violence and instability in the region.

Regional Ramifications

The timing of this development resonates as Iraq is caught in the crossfire of the Israel-Hamas war and is in the throes of an election campaign to reinstate provincial councils. Iran-backed militias have escalated their attacks on US bases in Iraq and Syria, causing minor injuries to US personnel. The US stance is one of calculated caution, striving to discourage militants while avoiding a broader conflict in the Middle East. The attacks have spiked post the Israel-Hamas conflict, intensifying concerns about potential violence escalation in the region.

The Iraqi Ministry of Transport’s announcement of reactivating eight previously dormant rail lines signifies efforts to improve transportation infrastructure in the country. Simultaneously, Iraq’s General Company for Air Navigation Aviation Communications’ participation in the AOWS system’s training workshop and inspection indicates a commitment to boosting aviation operations. However, the ongoing tensions in the region are underscored by the Iraqi Resistance’s drone attack on US occupation forces.

https://bnn.network/politics/iraqs-political-balance-teeters-shia-factions-express-concern-over-potential-shift/

Central Bank of Iraq Fines Banks and Exchange Companies 128 Billion Dinar, 19 nov

Central Bank of Iraq Fines Banks and Exchange Companies 128 Billion Dinar, 19 nov

In an unprecedented regulatory move, the Central Bank of Iraq has imposed hefty fines totaling 128 billion Iraqi dinars on banks and exchange companies. The fines have been levied due to various infractions spotted by the financial watchdog. What the exact nature of these violations is, remains to be detailed. However, such actions usually stem from activities that stray from the country’s legal and regulatory frameworks managing financial operations.

Commitment to Financial Integrity

The Central Bank’s recent measures clearly reflect its unwavering commitment to upholding the integrity of Iraq’s financial system. The imposed fines serve as a stern reminder to all financial institutions about the importance of strict adherence to established rules and regulations. It signifies the Central Bank’s proactive approach in ensuring that the financial entities operate within the set legal boundaries.

Implications for the Financial Sector

These penalties are expected to have far-reaching implications for the financial sector of Iraq. The fines are not just punitive measures, they also function as preventive actions designed to discourage potential future violations. The enforcement of these fines sends a clear message to all financial entities about the serious consequences of flouting established regulations.

Strengthening the Financial Foundation

By taking such stern measures, the Central Bank of Iraq is demonstrating its dedication towards strengthening the financial foundation of the country. Ensuring compliance with regulatory norms is vital for maintaining trust in the financial system, thereby promoting economic stability and growth. As the Central Bank continues its vigilant oversight, it is expected that such actions will serve to fortify the nation’s financial sector, making it more resilient and robust against any future challenges.

https://bnn.network/world/iraq/central-bank-of-iraq-fines-banks-and-exchange-companies-128-billion-dinar/

Iraq's Accession To The European Bank Revives Hopes For Reconstruction, 19 NOV

Iraq's Accession To The European Bank Revives Hopes For Reconstruction

The first 11/19/2023 Baghdad: Hoda Al-Azzawi Experts and specialists expressed their hope that Iraq’s accession to membership in the European Bank for Reconstruction and Development will revive the wheel of reconstruction and revive many of the large projects that the current government has begun to implement.

The US administration welcomed the Iraqi step, and stated in a comment on the matter that “Iraq’s joining the European Bank allows its companies to access loans that contribute to improving products and services and enhancing communication with the world.”

The director of the Regional Center for Studies, Ali Al-Sahib, said in an interview with Al-Sabah: “With persistent government efforts, Iraq has joined the European Bank, which contributes greatly to the reconstruction and revival of many large and giant projects that the Sudanese government has begun to implement.”

He pointed out that "Iraq can benefit from external financial and political support, because Iraq - unfortunately - lived an era of time away from the wheel of construction and development, and therefore today it needs a working paper presented by the Ministry of Planning in cooperation with the ministries and institutions concerned with the matter," demanding that the state have The Iraqi “Reconstruction Council” is “similar to that council during the royal era, which brought to light a huge number of projects that are still ongoing.”

He added, "We need to restore the destroyed infrastructure, which we may be able to restore in cooperation with the European Bank. We cannot fail to mention that the labor force must be local to employ the largest number of Iraqis, not to mention the engineering and architectural expertise in this aspect. We must also put in place steps." On the path to sustainable development and development.

The Ministry of Foreign Affairs announced earlier that Iraq had joined the European Bank for Reconstruction and Development, and the ministry’s spokesman, Ahmed Al-Sahhaf, said in a statement, “Iraq has joined the European Bank for Reconstruction and Development to become the 74th member of the bank.”

He added, "The transformation process has now been completed to become a contributing member, and as a shareholder, Iraq can apply to benefit from the financial and political support provided by the European Bank for Reconstruction and Development."

The President of the European Bank for Reconstruction and Development, Odile Renaud Basso, welcomed Iraq as a member of the bank, expressing her aspiration to begin work in Iraq and “apply our expertise to develop its economy.”

Meanwhile, the academic researcher, Dr. Qasim Balshan Al-Tamimi, indicated in an interview with “Al-Sabah” that “Iraq’s accession to membership in the European Bank is a step in the right direction to build and support the economy.”

He stated that "the European Bank has been helping to develop the economies of developing countries since its founding in 1991, and investment is an important tool to help build market economies.

From this standpoint comes the importance of Iraq joining it, given that Iraq represents a broad arena and a good environment for investment in various fields and sectors, and it can Iraq's accession to this bank will help promote the development renaissance in the country, and this will provide great job opportunities, in addition to making Iraq a destination for giant European companies, thus supporting the Iraqi economy and moving away from the grip of the mono-economy that depends on oil.”

Edited by: Muhammad Al-Ansari https://alsabaah.iq/87497-.html