Number 1 [Aki’s Boss] has informed Aki the CBI is going to have…’All hands on meeting’ to share the results of a recent CBI meeting. These meetings are continual and only with the banks, no politicians.
These meetings were with all the upper management of every bank in Iraq…IOO they’re talking about the new exchange rate of the Iraqi dinar and the new small category notes…We told you there would be one last rate change on the exchange rate of the Iraqi dinar. Aki suggested to us it would be 1,200 to 1…
WALKINGSTICK: …Look more for 1000 to 1 because when they get there then they can lift the three zeros.
Remember, we started with a MR that led to an RV that leads now today to an RD that will lead to an international float. Now...When it gets to the point of the float, a supply and demand of the Iraqi dinar...will determine which exchange rate of the RV that they cap it at.
[Iraqi bank friend Aki update]How will Aki profit by having these banks ? >By exchanging the Iraqi dinar for dollars. This is a profit for the bank. For Aki...
[Iraqi bank friend Aki update]
How will Aki profit by having these banks? By exchanging the Iraqi dinar for dollars. This is a profit for the bank. For Aki...
The economic reform is blossoming...because the monetary reform was a success...It is due to the security and stability that Sudani and Alaq have created for the reforms.
[Iraqi bank friend Aki update]
When Saddam was removed, many retirees...expatriots...soldiers...citizens left Iraq...A great portion has come to the United States of America therefore these [CBI affiliated] private banks are needed for the reinstatement for the Central Bank of Iraq to re-collect the 3-zero notes that are missing...They turned the private exchange centers into private banks for...the change in the exchange rate of the Iraqi currency.
Iraq and China Launch Business Council to Bolster Bilateral Economic Ties
In a pivotal move to foster bilateral trade and economic ties, Iraq and China have launched the Iraqi-Chinese Business Council in Baghdad, the capital of Iraq. This announcement, reported by Xinhua News Agency, was made during a ceremony in central Baghdad, attended by the Iraqi Minister of Trade Atheer al-Ghurairi, Chinese embassy officials, and a throng of Iraqi and Chinese entrepreneurs. This initiative is anticipated to bolster cooperation and enhance mutual investments and exchanges across a variety of sectors.
Unveiling the Iraqi-Chinese Business Council
The establishment of the Iraqi-Chinese Business Council marks a significant milestone in the economic relationship between Iraq and China. The council aims to facilitate trade and investment activities between companies in the two nations, fostering a strong and mutually beneficial economic alliance. The move underscores China’s growing influence in the Middle East and highlights Iraq’s openness to foreign investment as it seeks to rebuild and diversify its economy.
The Canton Fair: A Global Marketplace
Simultaneously, the 134th session of the China Import and Export Fair, widely known as the Canton Fair, was held in Guangzhou, Guangdong Province of China. Renowned as one of the largest trade fairs in the world, the Canton Fair draws exhibitors and buyers from across the globe, including those from Iraq. This international attention further testifies to the growing economic interaction between China and Iraq and underscores the significance of this initiative.
CNOOC’s Milestone in Iraq’s Oil Fields
In the backdrop of these economic developments, the China National Offshore Oil Corporation (CNOOC) has made considerable strides in the oil fields located in the Maysan province of southern Iraq. The corporation has achieved a production milestone, underlining the increasing role of Chinese companies in Iraq’s oil sector. This development attests to the multifaceted nature of the growing economic ties between the two countries.
Moody’s warns of the impact of the conflict between Israel and Hamas on Iraq
Moodys warns of the impact of the conflict between Israel and Hamas on IraqShafaq News/ Moody’s credit rating agency maintained Iraq’s CAA1 rating, warning that the escalation of the conflict between Israel and Hamas and the intervention of Iran and the United States may have fundamental repercussions on Iraq, if the war expands.
The agency said that the ongoing conflict between Israel and Hamas remains primarily focused in Gaza. But its regional escalation, which is a “scenario with little possibility of being achieved,” will have economic repercussions for Iraq.
The agency notes that any escalation in tensions in the Gulf would threaten to disrupt maritime transport routes through the Strait of Hormuz, which Iraq depends on for most of its oil exports.
It maintained Iraq’s rating at “CAA1″ with a stable outlook, and said that the rating reflects Iraq’s financial and external dependence on hydrocarbons, which leads to its significant exposure to oil price fluctuations and the risks of transitioning away from carbon.
However, the agency says that Iraq’s low dependence on external financing and the buffer provided by the recovery in foreign exchange reserves underscore a range of mitigating factors even if this scenario plays out.
Iraq, which is rich in oil, suffers from deterioration in its infrastructure and roads as a result of decades of wars and the spread of corruption.
Iraqi Prime Minister Muhammad Shiaa Al-Sudani confirms that one of his government’s priorities is to rehabilitate the transportation and road infrastructure, as well as the dilapidated electricity sector.
Here is one more...bank story: This person went to Krogers…and what they had installed in Krogers will surprise you. A currency redemption machine that reads foreign currency...And they are building a brand new BOA right across the street with no drive through windows …in the lobby there are no tellers...in the lobby are 2 big tables…and there are 10 offices down each side of the building. This is a totally new format and will be open next week...They are expecting people in with foreign currency. How many people roll around with foreign currency? I think this is a huge tell on what they suspect is coming…
We have some bank stories I think you will enjoy... I thought this was a fantastic one: I am editing the name of the bank for the bank and the individual’s safety: I have an account with -----------I was there the other day talking with a bank manager.
I asked her if she knew about Basel 3 and the changes in banks requirements in becoming a world’s currency exchange center and gold backed institution…She said they knew about the changes...and that they had been watching me (The bank customer) and had a portfolio on me and they were excited for me and hoped they could keep me as a customer…. She said that was all she could say…and she may have said to much. I think this was fantastic. We have heard similar stories from other members.
Lots of financial experts are... still hoping we see the RV by Dec 1st. That is their goal. And Iraq has been very clear it needs to go by Jan 1st.
In Iraq they do not have a rate posted yet. But we continue to hear great things that should happen in the coming days. We don’t know the timing but it sure appears close...I believe this currency window is still wide open waiting for someone to say “go”
KRG Delegation to Meet Iraq’s Prime Minister in Baghdad: Salaries and Budget on the Agenda
A significant delegation from the Kurdistan Regional Government (KRG) is slated to meet with the Prime Minister of Iraq, Mohammed Shia’ Al-Sudani, in Baghdad on Monday, November 27, 2023. The primary focus of the meeting is to address the subjects of salaries for KRG employees, Kurdistan’s share in the federal budget, and the reinitiation of oil exports from Kurdistan and Kirkuk through the Turkish port of Ceyhan.
Striving for Constitutional Rights
The delegation, representing the KRG, has been persistent in maintaining contact with all federal government institutions. Their aim is to secure the constitutional rights of the people of Kurdistan, particularly those who are salaried. The meeting with Prime Minister Al-Sudani is intended to explore these issues, with a particular interest in the reestablishment of oil exports from the Kurdistan region.
Resumption of Oil Exports Contingent on Federal Government’s Assurance
The delegation’s desire to recommence oil exports hinges on the federal government’s capacity to guarantee the costs of production and extraction. This matter is of paramount importance as it contributes significantly to the regional government’s revenue and the overall economy.
Call for Honouring Financial Commitments
Qubad Talabani, Deputy Prime Minister of Iraq’s Kurdistan Regional Government, has issued an appeal to the Baghdad federal government. He stressed the importance of honouring its financial obligations towards the autonomous region. He especially emphasized on the timely resolution of the issue concerning Kurdistan’s share in the budget. The upcoming high-level meeting in Baghdad aims to hold extensive discussions on the budget, public servants’ salaries, and the resumption of oil exports from Kurdistan and Kirkuk.
Iraq’s Prime Minister Chairs Meeting on Infrastructure and Investment Progress
The Prime Minister of Iraq, Mohammed Shia’ Al Sudani, recently led the fourth assembly of the Supreme Committee for Reconstruction and Investment. The gathering addressed an array of subjects pertaining to the enhancement of infrastructure and investment initiatives across the nation. The attendees, a diverse group of ministers and officials, are the key personnel steering the reconstruction and investment maneuvers. The Prime Minister underlined the significance of these ventures for Iraq’s economic progression and the betterment of the living standards of its people. He further emphasized the requisite for synergy among diverse governmental entities to ensure the smooth functioning of proposed projects. The committee’s mandate is to supervise and expedite the implementation of reconstruction and investment strategies, which are pivotal for the nation’s post-conflict recovery and future prosperity.
Optimizing Crude Oil Prices
During a discussion with Oil Ministry officials, Al Sudani accentuated the necessity of leveraging global crude oil prices to augment financial allocations via optimal oil and gas investments. The Prime Minister highlighted the urgent need to stimulate the essential oil sector in all dimensions, given its crucial role in the nation’s development. Oil is Iraq’s primary income source, and the government is committed to fostering the sector along with the chemical, petrochemical, and fertilizer industries, and the electricity sector.
Investing in the Gas Sector
Meanwhile, an eminent Iraqi official revealed that Iraq has made considerable advances to broaden investment in the gas sector and halt burning operations. The Director General of South Gas Company, Hamza Abdul Baqi Nassir, speaking at the Gas Investment Conference, stated that Iraq is capitalizing on gas from oil fields to meet domestic consumption demands and considering exporting the surplus to international markets. He emphasized that the Ministry of Oil has made substantial efforts to trigger licensing contracts with foreign companies to reach a production of 1,000 million standard cubic feet. This move is aimed at securing the requirements for energy production and putting an end to gas burning operations, thereby mitigating environmental risks.
Strategic Projects for Sustainable Development
Al-Sudani spoke about his government’s endeavours to usher development back to its rightful course and implement its development blueprints. He mentioned that his administration has expedited the execution of 7,000 lagging projects, while simultaneously initiating new projects that hold immense developmental and service value. He added that priority was given to strategic projects aligned with the 2030 Sustainable Development Vision, most notably infrastructure and clean energy initiatives, the Development Road, and the Faw Port project.