Shafaq News/ The Central Bank of Iraq (CBI) auctioned more than $233 million on Monday with remittances outweighing cash sales by a huge margin.
According to a correspondent from Shafaq News Agency, the CBI sold a total of $233,107,562, during today's auction. The bank covered these transactions at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, while the rate stood at 1,310 dinars per dollar for foreign transfers and cash transactions.
Our correspondent explained that the majority of the sales went to feed foreign balances in the form of transfers and credit transactions, amounting to $213,517,562. The remaining $19,590,000 were allocated for cash deals.
Cash deals were made by four banks, while 17 banks met the requests relevant to foreign balances. A total of 46 exchange and brokerage companies took part in the auction.
Iraq's Prime Minister Accelerates Gas Import Platform Establishment for Energy Source Diversification
Shafaq News/ On Monday, Iraqi Prime Minister Muhammad Shia Al-Sudani directed expediting the establishment of a platform for importing gas to diversify energy sources in Iraq.
During a meeting, Al-Sudani discussed with officials the establishment of a fixed platform for processing imported gas in Al-Faw Port, deemed a crucial strategic project for Iraq. This initiative aims to contribute to the diversification of the country's gas sources fueling power stations.
Prime Minister Al-Sudani issued instructions for forming a specialized committee to prepare a comprehensive vision to be presented within two weeks, advancing the critical platform project.
Emphasizing the government's commitment to diversifying energy sources, Al-Sudani underscored the adoption of radical strategic solutions. These measures are geared towards optimal natural and associated gas utilization, aligning with the government's initiatives to achieve gas self-sufficiency in the coming years.
A fixed platform for processing imported gas in Al-Faw Port is a critical infrastructure project that will help ensure a reliable electricity supply to Iraq. The platform will be able to process up to 1 billion cubic feet of gas daily, which is enough to meet the needs of approximately 5 million homes. It will also be able to store up to 120 million cubic feet of gas, providing a buffer against supply disruptions.
The project is expected to take approximately three years to complete. The Iraqi government has already allocated $1.5 billion for the project, which is expected to be financed by public and private funds.
The platform will be located in the southern Iraqi port of Al-Faw, which is located on the Persian Gulf. Al-Faw is a strategic location for the project, as it is close to the gas source and the electricity grid.
Chinese Foreign Ministry: We are actively participating in rebuilding the Iraqi economy
The Chinese Ministry of Foreign Affairs confirmed, on Monday, that Beijing is actively participating in rebuilding Iraq's economy, and is ready to coordinate and expand joint work with the Iraqi side.
The Chinese Foreign Ministry spokeswoman, Mao Ning, said about the Chinese company “PetroChina” taking over the position of the American company “ExxonMobil” in the Qurna field in Basra: “We are ready to make joint efforts with the Iraqi side to advance continued practical cooperation in various fields between the two countries.” . She pointed out that "China and Iraq have a friendly relationship, and China, as a true friend of Iraq, has actively participated in rebuilding the Iraqi economy."
She added that China had "positive participation in economic and social development, and this was widely praised by the Iraqi government and people." link
Parliamentary wealth calls on the government to send the oil and gas law
The Oil, Gas and Natural Resources Committee of the House of Representatives called on the government to expedite sending the oil and gas law to the committee in order to study and approve it to control the pace of revenues from the sale of oil.
Committee member Nazem Al-Shibli stated that “95 percent of the Iraqi budget depends on oil revenues, and there are major failures due to the failure to legislate the oil and gas law, which, if legislated, will control the pace of oil revenues issued by the regional government.”
He added, in an interview with “Al-Sabah” followed by “Al-Iqtisad News,” that “the stage requires documenting the law and intensifying the Oil and Gas Committee’s oversight of the performance of the Ministry of Oil, which there were many comments on its performance, and it requires the intervention of the Prime Minister to control the work of agents and general managers in The Ministry of Oil, which we consider an unconvincing performance.”
Al-Shibli explained that there are “obstacles within the oil and gas law itself, including the condition of selling from SOMO, and the committee is waiting for the government to send the law to control the rhythm of oil revenues, because oil is a natural wealth for all the Iraqi people, but the difference in authorities affected the legislation of the law, especially since passing the law is the solution.” “The only way to unify wealth,” noting that “there are great indicators of the performance of the Ministry of Oil.”
For her part, a member of the Oil, Gas and Natural Resources Committee, Thanaa Al-Rubaie, indicated in an interview with “Al-Sabah” that “the failure to approve the oil and gas law negatively affected the pace of development of the oil sector and led to major losses to the budget,” stressing that “the committee calls on the government and the blocs “The policy is to resolve agreements on the oil and gas law and approve it in order to control the pace of the oil sector and intensify work on it because it is the basis of the budget.”
She explained, “The committee, through its supervisory position, and according to the information it received, contaminated oil was sold due to money laundering,” confirming, “a subcommittee was formed to follow up on the sale of contaminated oil, and recommendations were made, including exempting officials in the Ministry of Oil from selling contaminated oil.”
She stated, "The committee, over the course of 6 months, followed up on the issue and made major decisions. Therefore, the committee in this parliamentary session is considered effective and strong. The subcommittee received the support of the Prime Minister and came up with important and useful recommendations. The employees concerned were diagnosed with selling the contaminated shipment and they were exempted and transferred."
To the judiciary, while it was proven after research and review that the process is money laundering,” and she continued, “
The committee is working with the Ministry of Oil to move and develop the gas investment file, and there is a sixth licensing round for gas investment link
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Monday Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Coffee with MarkZ and Bob Lock. 11/20/2023
Member: Good morning…..Hope you had a terrific weekend each and every one of you.
Member: Morning all….is this our week?
Member: hearing lots of news about this week… praying it is all true
MZ: This was a very interesting weekend. Multiple redemption center contacts say they DID WORK THIS WEEKEND………not for redeeming people but for training new people to fill out their rosters. This to me is a very big deal.
MZ: They have always kept a tight skeleton crew in order to control information and chatter……so according to my sources and other people’s sources…..they were training more teller level individuals over the weekend in foreign currency and exchange procedures. . This is absolutely exciting news.
MZ: So redemption center folks were spending their Saturday and Sunday in preparation for our exchange. Very exciting.
MZ: This means we are close enough that they are willing to risk employees talking. These are the same people that have been trained and told us for years that nothing is going to happen…..and the RV is a scam…..all those things….Now they are bringing them in to train them for exchanges…..You can only imagine how upset some are after being told for years not to buy currency – it will never happen….and now being trained to exchange us.
MZ: I believe they just exponentially exposed themselves to leaks….This tells me how extremely close we are. We have to be for them to take those measures.
Member: If I was working in a bank and just told the RV is real…I would be buying every dinar and dong I could get my hands on….
MZ: Exactly…..They were sure trying to keep that a secret until the very end. So do they give them a limit or make them sign some kind of NDA???? I wonder how they will handle it. Hopefully I get the answer soon.
Member: I heard that things are supposed to be happening 72-96 hours from yesterday..
Member: Judy B reports: Global Currency Reset Green Light Activated Fri. Midnight 17 Nov. 2023, EBS To Be Active Wed. 22 Nov. 2023
MZ: In Iraq: “Change of business dealings- Iraq replaced dollar with currencies to stabilize the dinar.” In other words “De-Dollarization” They want to be totally dollar free by Jan. 1st. All part of creating a basket of currencies that will help support the dinar. Something to measure against other than the dollar.
MZ: “Argentina’s new president wants to adopt the US dollar as national currency” Why is this important? He is a libertarian economist and has noticed they have lost massive value (143 percent) due to inflation. This is one of the world’s highest levels of inflation and uncontrolled money printing by the government. Since the US is the world’s reserve currency this would be a similar move as the US moving to gold.
MZ: By them moving to US dollars they would not have a central bank anymore…..Then the government cannot deficit spend…..and have the central bank write IOU’s. So here is another leader recognizing that overprinting and irresponsible government spending is the cause of all these things. When the US goes gold-backed –Argentina will too.
MZ: “ Gold Price Forcast: Expect new highs amidst growing recession concerns” More and more experts expect gold prices to break out because of it..
MZ: We talked about the Dutch on Saturday and how they are preparing for a new worldwide gold standard. These are the central banks telling us what is coming. This is the reset we have been talking about.
Member: The rumor is Once they start talking about these things in public….it is already done.
MZ: “ France to join BRICS countries” Macron has officially asked for an invite for this year. Putin has said they have an invitation to come to the meeting….but not necessarily an invitation to join BRICS…yet. But, the Euro countries are starting to fracture.
MZ: “Chinas economy teeters, Massive stock market losses…Is a crash imminent?” Along with that we expect some bad news about Citibank today.
MZ: “China and Saudi Arabia sign joint currency swap agreement” Saudi Arabia was once ruled by the Petrodollar…now doing currency swaps with Saudi Rials (sp?) and the Yuan…...Saudi Arabia is the second largest oil exporter to China besides Russia. …This is big news. .
Member: What is your gut saying today Mark?
MZ: My gut is screaming that we are on the precipice …I think my Iraqi contacts are right and we will see it before Dec 1st.
Member: Nothing would make more thankful than an RV for Thanksgiving!
Member: This Event is going to be a Rags to Riches for probably so many of us
Membeer: It’s crazy when you think about it,,, who’s gonna re stimulate the market???… WE will…with all the shopping we’re going to do!
Member: Thanks Mark and Bob….fingers crossed this is our big Exchange week!!
Bob Lock joins the stream today. Please listen to the replay for his opinions and information.
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