Iraq Prepares Plans to Process Imported Gas at Al Faw
Iraqi Prime Minister Mohammed Shiaa Al-Sudani chaired a meeting on Monday to discuss building a gas processing platform in Al-Faw Port for imported gas.
The Prime Minister’s Media Office has released a statement stating that the project is an important strategic initiative for Iraq to diversify the country’s gas sources for power generation. The project is planned to be located within the port area.
During the meeting, the Prime Minister directed the formation of a specialized committee tasked with preparing a comprehensive vision within two weeks to advance the platform project.
He expressed the government’s determination to diversify energy sources and achieve self-sufficiency in gas through strategic solutions and optimal investment. The government’s initiative seeks to achieve self-sufficiency in gas within the coming years.
To expand the scope of banks supported by the Central Bank…the Chambers of Commerce announces an initiative, 22 nov
On Tuesday, the Federation of Chambers of Commerce announced the expansion of banks supported by the Central Bank. Fifteen banks now deal in Chinese yuan and UAE dirham.
Abdul Razzaq Al-Zuhairi, the President of the Federation, praised the Federation of Chambers of Commerce for its initiative to expand the scope of banks supported by the Central Bank. As a result, these banks can now operate as correspondent banks with international banks, which is a positive development.
Al-Zuhairi stated that five banks were initially supported, but now the number has increased to 10. Additionally, there are about 13 banks that deal in the Chinese yuan and two banks that deal in the UAE dirham. He called on banks to modernize and seek out partnerships with major international banks.
The Central Bank of Iraq has finalized arrangements to strengthen five Iraqi banks with the UAE dirham.
A reliable source at the bank has disclosed that the Central Bank has reached an agreement with Turkish banks to create accounts for Iraqi banks, with the purpose of facilitating external transfers in the euro currency. The same source also mentioned that the accounts of 13 Chinese banks have been reinforced.
Two banks have strengthened their accounts in Indian rupees with the Development Bank of Singapore, and others will soon follow.
Question: What is the difference between and RV and an RI? ...RI means they are re-instating the old value. An RV is revaluing at something different than the old value. Either one will be great for us. If they re-Instate it – I believe the rate was $3 something…maybe $3.30 or so…. Even with a re-instatement they are able to add more for inflation which could put it in the $4 dollar range. That is the basics.
I have a great bank story to share with you guys. I will leave her name out for anonymity: “Went to a JP Morgan Chase bank today. The teller confirmed that they are in training and admitted they are changing their systems. There was a 13 foot pillar advertisement – a LED screen that was saying “Foreign Currency Exchange” And admitted what you [MarkZ] and the others like Frank...others tell us. We were smiling a lot after that bank visit today."
Question: What is your gut saying today Mark? MarkZ: 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.
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...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. So redemption center folks were spending their Saturday and Sunday in preparation for our exchange. Very exciting. This tells me how extremely close we are.
Representatives Warn: The Scarcity Of The Dollar Causes Iraqis Working In Foreign Companies To Lose 20% Of The Value Of Their Salary, 21 nov
November 20, 2023 Baghdad/Al-Masala Al-Hadath: Representative Mustafa Sanad revealed a strange reason that exacerbated the problem of dollar scarcity in local markets, and caused a loss of 20% of the salaries of Iraqis working in foreign companies.
Sanad said that the Prime Minister’s Office gave an exception to Daewoo to receive their share of the dollar in full and through (Abu Dhabi Islamic Bank), and therefore the Central Bank, Basra Branch, was directed to distribute most of the cash dollar (cash) to this company for nearly three months.
He added that this measure caused the scarcity of dollars for the rest of the local companies and contractors and their loss of 20% of their dues because the receipt was in Iraqi dollars and at the official rate. The same applies to Iraqis working for foreign companies who were receiving their salaries in dollars and now in Iraqi dollars and at the official rate, which caused their salaries to decrease by 20%.
The Dollar In Iraq.. Baghdad Is Planning “Permanent Solutions” With Washington, And Parliament Describes The Dialogues As “Successful”, 21 nov
Politics/Economy |Baghdad today - Baghdad The Finance Committee in the House of Representatives said today, Tuesday (November 21, 2023), that the dialogues taking place between the Central Bank of Iraq and the US Department of the Treasury are very important to find solutions to the dollar crisis in Iraq.
Committee member Moeen Al-Kazemi told Baghdad Today, “The monetary and financial authority in Iraq is making great efforts through negotiation and dialogue with the US Treasury Department in order to find quick and lasting solutions to the dollar crisis, and these dialogues are very important.”
Al-Kadhimi stated, "Over the past few days, Iraq has reached important solutions with the American side, and the dialogues have been successful. Therefore, new meetings must be held to present more solutions that strengthen the Iraqi dinar, prevent any scarcity of the dollar in Iraq, and support the Iraqi banking sector."
Yesterday, Monday (November 20, 2023), an informed source reported an expected meeting between the Central Bank of Iraq and the US Treasury Department next week.
Government sources recently spoke about an agreement concluded between the Central Bank of Iraq and the American side, which resulted in an increase in the number of banks that can directly enhance their balance in dollars to 10 banks, 5 of which are through Citibank, and the other five are through Bank G. B. Morgan), according to the Iraqi News Agency.
He also revealed that the number of Iraqi banks whose balances in Chinese yuan will be strengthened through the Singapore Development Bank has increased to 13 banks, while the number of banks whose accounts in Indian rupees with the Singapore Development Bank have been strengthened is 2, and other banks will be added during the next two weeks.
Other meetings were held that brought together an Emirati bank, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks, where all the technical details were resolved, and it is expected that the mechanism for enhancing balances in the Emirati dirham will begin during the next few days. LINK
