"IRAQI BANK FRIEND UPDATE" BY WALKINGSTICK, 9 DEC

 Walkingstick   

[Iraqi bank friend update] 

IRAQI BANK FRIEND: The meetings we have had with the CBI we are learning the next steps.  Also we talked about in the meeting we are seeing many people in Iraq now coming into the banks and asking questions and we have given the banks permission, they are now allowed to explain all about the monetary reform process and where it's at right now to the citizens as they ask...One of their biggest questions is, 'Is it true we are getting a new currency? 

Yes.  Are we going to receive more purchasing power with this new currency?  Yes.  Are we going to see a change in our exchange rate?  Yes.  Is this why we are removing the dollar?  Yes.'   

They keep asking questions over and over again.  Also the question people are asking a lot about, 'When?  And how much?'  But at the meeting we agreed that the banks are not to be given that information just yet, not even the upper echelon.  The banks are saying, "In the very near future." 

 These questions are due to the fact that it is no longer a secret...The monetary reform has been successful thus far.

Iraq and France are discussing enhancing economic cooperation and developing trade exchange, 9 DEC

  Iraq and France are discussing enhancing economic cooperation and developing trade exchange

Mawazine News - Baghdad 

The Federation of Iraqi Chambers of Commerce discussed with its French counterpart the strengthening of economic cooperation between the two countries.

The Federation of Iraqi Chambers of Commerce stated in a statement received by Mawazine News, “The President of the Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, held a meeting with the Federation of French Chambers of Commerce (CCIF) and the representative of the French Business Center, in the presence of the Iraqi Ambassador to Paris, Wadih Batti, and the Vice President of the Council of State.” Abdul Latif Nayef, and a number of officials from both sides.”

The statement added, "The meeting discussed ways to enhance the prospects for economic cooperation and develop trade relations to serve the interests of both countries."

The Iraqi Ambassador, Wadih Batti, spoke about "expanding the horizons of cooperation and partnership between the two sides, and called for holding a specialized symposium at the embassy headquarters between Iraqi and French businessmen, sponsored by the embassy, on the occasion of the first anniversary of the signing of the strategic partnership agreement between Iraq and France."

In turn, the head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, called for “framing this cooperation with a memorandum of understanding, and providing support to open an office for the French Business Center in Baghdad.”

The French side expressed "their interest in the ideas presented, and expressed their readiness to work and expand the horizons of cooperation."

The two parties decided, according to the statement, “to form a joint committee to follow up on the implementation of the results of the meeting and prepare the proposed memorandum of understanding.”

The Foreign Minister to his Spanish counterpart: Iraq now represents a safe environment for investment in the economic and agricultural fields, 9 DEC

 The Foreign Minister to his Spanish counterpart: Iraq now represents a safe environment for investment in the economic and agricultural fields

Foreign Minister Fuad Hussein confirmed today, Saturday, that Iraq is a safe environment for investment and is open to Spanish companies

A statement from the Ministry of Foreign Affairs received by {Al-Furat News} stated that “Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received a phone call from the Spanish Minister of Foreign Affairs, European Union and Cooperation, Jose Manuel Albarez,” noting that “during the call, bilateral relations between the two friendly countries and ways to Developing it in all fields, especially in the economic, agricultural and development fields.”

Hussein stressed, according to the statement, that "Iraq today represents a safe environment for investment, and it is open to benefiting from the expertise possessed by Spanish companies, with all the laws provided by the government in Iraq that contribute to the success of investment projects."

The statement explained that “the call touched on the deteriorating situation in Gaza, and the occupation forces’ intention to continue attacks on the Palestinian people in Gaza.”

The Minister of Foreign Affairs stressed "the necessity of urgent intervention by all active European countries to stop the repercussions of the events resulting from the tragic war targeting civilians in Gaza, stressing the importance of working quickly to deliver humanitarian aid to the besieged civilians."

For his part, the Spanish Foreign Minister praised "the role Iraq plays in the Middle East region," noting that "his country's government seeks to restore stability to the Middle East region, and for Iraq to enjoy security and stability."   link

Iraq Dinar Strength - Iraq Started Development - Building a Gateway - Ir...

"IRAQ KURDISTAN BOOTS ON THE GROUND REPORT" : " THEY ARE REMOVING THE ZEROS" , 8 DEC

  Frank26 

 [Iraq Kurdistan boots-on-the-ground report] 

SUPERGIRL:  Dyaa got news 2 days ago from Iraqi news.  They are removing the zeros but they didn't say when.  

FRANK:  Bingo...!  

 SUPERGIRL:  He said it was BBC. News also said something about it...He did hear they are removing the zeros and they will change it to a one, 5, 10, 20 50... 

FRANK:  Wow!  Jackpot!

 FIREFLY:  It's a campaign they told us today.  They keep repeating it over and over. [See commercial video below from earlier today] It's a campaign they are doing they say to build up the dinar, to make it the gateway of the country.   That's what they're telling us.  They're adding strength to our currency.  FRANK:  I know what they are trying to tell you... Is there strength in a program rate?  Of course not.  They're preparing you...  

FIREFLY:  Did you see this [sends video]?  ...They are talking about how the dinar is about to become stronger.  Then a commercial comes out  talking about how strong the dinar is already and will be even stronger very soon...It's about the strength of the dinar, telling them to use it for everyday things and will only get stronger and stronger. [Watch video below] 

 FRANK:  You better be ready Iraqi citizens! In my interpretation of it...This is part of the monetary reform education they are teaching the Iraqi citizens that they will soon have value added to their currency... 

Iraqi Dinar Advertisement Reported To Be
Playing On Iraqi TV Right Now.

Oil heads for seven-week decline for first time in half a decade, 9 DEC

 Oil heads for seven-week decline for first time in half a decade

Shafaq News/ Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. 

Brent crude futures were up $1.46, or 2%, at $75.51 a barrel at 1431 GMT, while U.S. West Texas Intermediate crude futures were up $1.33, or 1.9%, to $70.67 a barrel. Brent had earlier risen by $2. 

Both benchmarks slid to their lowest since late June in the previous session, a sign that many traders believe the market is oversupplied. Brent and WTI are also in contango, a market structure in which front-month prices trade at a discount to prices further out . 

OPEC+'s "weakening position in providing support coupled with record high US production and sluggish Chinese crude oil import figures can only mean one thing: there is an abundance of oil available, which is neatly reflected in the contangoed structure of the two pivotal crude oil benchmarks," said Tamas Varga of oil broker PVM in a note. 

Friday's gains, meanwhile, are a "correction and nothing else," Varga said. 

Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy, only days after a fractious meeting of the producers' club. 

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to a combined 2.2 million barrels per day (bpd) in output cuts for the first quarter of next year. 

"Despite OPEC+ members' pledges, we see total production from OPEC+ countries dropping by only 350,000 bpd from December 2023 into January 2024," said Viktor Katona, lead crude analyst at Kpler. 

Some members of OPEC+ may not adhere to their commitments due to muddied quota baselines and dependence on hydrocarbon revenues, Katona said. 

Brent and WTI crude futures are on track to fall 4.4% and 4.7% for the week, respectively, their biggest losses in five weeks. 

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Fuelling the market's downturn, Chinese customs data showed its crude oil imports in November fell 9% from a year earlier as high inventory levels, weak economic indicators and slowing orders from independent refiners weakened demand. 

In the United States, output remained near record highs of more than 13 million bpd, U.S. Energy Information Administration data showed on Wednesday. 

Stronger-than-expected U.S. job growth and a drop in the unemployment rate signalled resilience in the labor market, U.S. Labor Department data showed on Friday. That has dampened hopes that the Federal Reserve would cut interest rates by early next year, and could weigh on markets. 

In Nigeria, the Dangote oil refinery is set to receive its first cargo of 1 million barrels of crude oil later on Friday, the start of operations that, when fully running at 650,000 barrels a day, would turn the OPEC member into a net exporter of fuels after having been almost totally reliant on imports.

https://shafaq.com/en/Economy/Oil-heads-for-seven-week-decline-for-first-time-in-half-a-decade

Weekend News with MarkZ. 12/09/2023