Iraq, the second largest Arab country with oil reserves in 2023, 30 DEC

Iraq, the second largest Arab country with oil reserves in 2023

Shafaq News / The International Energy Agency (IEA) reported on Saturday that Iraq ranked second in the Arab World in terms of the country with the most oil reserves for 2023.

She said in a report, revised by Shafaq News, that the list of the 10 most Arab countries with oil reserves during 2023 witnessed the continuation of the export of Saudi Arabia, Iraq and the UAE, in light of the leading role of the Arab region in the global market, noting that the list of 2023 did not witness any changes in the reserves of Arab countries, except for the UAE, which succeeded in increasing crude reserves of those fossil fuels.

She pointed out that global oil reserves rose during 2023 to 1.754 trillion barrels, compared to 1.746 trillion barrels in 2022.

She added that during 2023, Saudi Arabia continued to stay on the throne of the list of the 10 most Arab countries with oil reserves, amid its stability at 267.19 billion barrels, and in second place on the list came Iraq with oil reserves that settled at 145.01 billion barrels, unchanged from 2021.

The UAE came third in increasing its oil reserves during 2023 to 113 billion barrels, followed by Kuwait with its stability at 101.5 billion barrels, followed by Libya fifth at the level of 48.36 billion barrels, followed by Qatar sixth by 25.24 billion barrels, followed by Algeria 12.20 billion barrels, followed by Oman by 4.90 billion barrels.

Egypt and Yemen came with reserves of 3.3 billion barrels of crude oil, followed by the last place by the State of Yemen with oil re

https://www.shafaq.com/ar/اقتصـاد/العراق-ثاني-كبر-دولة-عربية-امتلاك-ا-لاحتياطيات-النفط-في-2023

"RV UPDATE" BY GOLDILOCKS, 30 DEC

 Good Evening ,

"Since 1979, the Federal Emergency Management Agency (FEMA) has been the Federal Government's lead agency in responding to and recover- ing from many of the Nation's greatest moments of crisis."

India is proposing New Foreign Exchange Rules. Stakeholders have been invited to share their comments regarding FEMA involvement on the draft Licensing Framework for APs. These comments will be accepted until January 31st, 2024.

APs stands for authorized persons to oversee the new functions and standards of their Foreign Currency Exchange Department.

The purpose of these actions will be to carry out the implementation of operational efficiency in their delivery of foreign currency exchanges going forward. This will cover all areas of an economy where exchanges take place such as airports and tourist exchange centers.

As you can see, a lot of management takes place behind the scenes of even the Banking and Market systems. Although it doesn't seem fast enough, we are moving forward.

Many people hold currencies the RBI will be moving through their system under their new digital asset-based trading payment system called the UPI.

The Unified Payments Interface (UPI) will be involved with moving the Iraqi Dinar, Indonesian Rupiah, Vietnamese Dong, US Dollar, Indian Rupee, and other currencies. These currencies used to utilize the US Dollar in trade, and now, they are beginning to use their own local currencies. Each will be given a watchful set of eyes to make sure foreign currency exchanges begin the process of new money flow efficiently and safely on a Global scale.

© Goldilocks
Arabian Business Link
Money Control Link
FEMA Link

BREAKING NEWS Iraq Wants to End Stay of US Troops

Economic milestones in Iraq 2023, 30 DEC

  Shafaq News / The year 2023 in Iraq witnessed significant economic events, profoundly impacting the markets amid the surge in the dollar's value and various fluctuations. This period also emphasized the country's reliance on oil revenues, which constitute 95% of its budget. 

Central Bank Developments: 

January 23, 2023: Prime Minister Mohammed Shia Al-Sudani relieved Mustafa Ghaleb Mukhif as the governor of the Central Bank (CBI) and appointed Ali Mohsen Al-Alaq to take over. 

February 11, 2023: CBI sealed an agreement with the American financial institution "JPMorgan" to streamline banking system payments from Iraq to China, aimed at directly funding the private sector's imports. 

May 30, 2023: CBI announced the acquisition of 2.3 tons of new gold, increasing its reserves to 132.74 tons, maintaining its global ranking at 30th place. 

July 29, 2023: The US Treasury imposed sanctions on 14 Iraqi banks involved in transferring US currency from Iraq to Iran and other sanctioned nations, citing their involvement in money laundering and fraudulent transactions. 

October 5, 2023: CBI confirmed the prohibition of cash withdrawals and transactions in US dollars from January 1, 2024, to curb financial crimes and evade US sanctions. 

Oil Sector Highlights: 

March 26, 2023: Iraq halted crude oil exports from Kurdistan Region (KRI) and Kirkuk fields following an arbitration case victory against Turkey, ceasing exports of up to 450,000 barrels per day. 

April 1, 2023: The Karbala Oil Refinery, capable of producing 140,000 barrels per day, was inaugurated. 

June 18, 2023: Oil Minister Hayyan Abdul Ghani announced the launch of the sixth licensing round for gas exploration in Najaf, al-Anbar, and Nineveh.

 

Finance and Trade: 

February 2023: The exchange rate surged to 170,000 Iraqi dinars against 100 US dollars on the Baghdad Stock Exchange. 

June 6, 2023: The Parliament approved a record-breaking federal budget of approximately $153 billion annually for the years 2023 to 2025. 

Agricultural Developments: 

August 22, 2023: Water scarcity prevented the cultivation of Amber rice in Najaf, Diwaniyah, and Muthanna due to insufficient water resources. 

September 5, 2023: KRI exported a thousand tons of potatoes to the United Arab Emirates. 

October 1, 2023: Ministries of Water Resources and Agriculture agreed to cultivate 5.5 million dunams for the winter season of 2023-2024. 

Electricity Initiatives: 

April 2023: Electricity completed full electrical connection with Turkey, ensuring competitive consumption prices. 

June 11, 2023: Iraq initiated work on an electrical interconnection network with Gulf Cooperation Council countries, aiming for 500 megawatts capacity by late 2024. 

September 30, 2023: Electricity announced the complete electrical connection with Jordan, intending to supply Iraq with an initial 150-megawatt capacity. 

Commerce: 

August 2023: The Ministry of Commerce commenced the distribution of electronic ration cards for food items to citizens. 

April 2023: Flour in ration quotas was replaced with bread from selected bakeries in Baghdad, namely Dawoodi, Mansour, and Harithiya. 

Iraq Stock Exchange: 

December 28, 2023: The stock market witnessed a trade of approximately 700 billion dinars in stocks throughout the year 2023.

https://shafaq.com/en/Economy/Economic-milestones-in-Iraq-2023

"PROGRAM RATE NO MORE... IN ORDER TO DO THIS" BY FRANK26, 30 DEC

 Frank26:  PROGRAM RATE NO MORE... IN ORDER TO DO THIS".............F26

 Al-Sudani: We will announce 10 new residential cities to reach 250-300 thousand housing units

12/27/2023

The Prime Minister, Muhammad Shiaa Al-Sudani, announced today, Wednesday, that 10 residential cities in Iraq will soon be announced.

A statement from the Prime Minister’s Media Office stated, “Al-Sudani announced, this morning, the launch of work on the new Al-Jawahiri residential city project, in the Abu Ghraib district, west of the capital, Baghdad, one of the five new city projects that were announced as part of the government’s strategy to address the housing crisis.” and reduce overcrowding in major city centres.

The statement added, "This came during a ceremony held on the occasion, attended by a number of ministers, members of the new cities implementation team, and members of the family of the late great poet Muhammad Mahdi Al-Jawahiri, as well as representatives of the Chinese and Iraqi companies involved in the implementation."

He stressed that "the government identified, from the beginning of its duties, the flaw in the housing crisis, and prepared thoughtful plans to address it, which included constructing integrated residential cities, not complexes, and choosing locations for them on the outskirts of Baghdad and the governorates, away from overcrowded areas."

The statement continued, "The government announced 5 residential cities as a first phase, to be built in the capital, Baghdad, Babylon, Karbala, Nineveh, and Anbar, and later 10 new residential cities will be announced in other governorates."

He pointed out, "The goal is to reach 250-300 thousand housing units, targeting the poor and middle classes. There will also be a commitment to housing unit prices to remain stable."

Al-Sudani pointed out, “The New Al-Jawahiri City project will include, for the first time, 25% of the serviced lands, which the government will distribute among citizens according to mechanisms that will be approved.”  LINK

A Government Advisor Identifies The Most Prominent Features Of The Economic Reform Bill, 31 DEC

 A Government Advisor Identifies The Most Prominent Features Of The Economic Reform Bill

Economy | 03:50 - 12/30/2023  Mawazine News - Baghdad,  the financial advisor to the Prime Minister, Mazhar Muhammad Salih, today, Saturday, identified the most prominent features of the draft economic reform law, while noting that the draft law is consistent with the private sector development strategy.

Saleh said, “The economic philosophy framed by the draft economic reform law presented on its way to legislation in the House of Representatives is based on the vision of the government’s approach to reform and reorganization of the national economy.”

He added, "The government curriculum, which was approved by the House of Representatives in October 2022, is responsible for implementing a reform vision based on the principle of partnership between the state and the private sector (in financing, investment and production), starting with investing in natural resources and manufacturing industries and ending with digital and other services, and generating... High value-added chains enhance growth factors in GDP.”

Saleh explained, "The draft economic reform law is also consistent with the principles of the (National Strategy for Private Sector Development) and the principles of the new formation of the Private Sector Council headed by Prime Minister Muhammad Shiaa Al-Sudani."

He pointed out that "the draft reform law, which is in the process of legislation, is consistent with the national strategy for developing the private sector. They are undoubtedly a realistic embodiment and a central syndrome in building the rules of the (social market) through the vision of partnership between the state and the private sector that we mentioned earlier."

He continued: “They are also two economic forces that will contribute to their cohesion by diversifying the sources of income in the national economy and dismantling it from the rentier unilateralism on whose ruins coexisted with emergency profit-making liberal capitalisms devoid of any idea of building market institutions. Rather, they remained fleeting to sustainable development or even the tendency to build the foundations of the real investment desired throughout. past decades.

Saleh stressed that "Iraq is advancing the vision of partnership between the state and the social market, through the implementation of the economic reform law immediately upon its enactment, to establish coherent guarantees for a promising economic future that will leave behind the rentier phenomenon and the problems of unilateralism."

He stated that "implementing the economic reform law will achieve for our country optimal use of all available resources (material and human), and at the same time guarantee a level of prosperity that results in sustainable growth in a diversified economic climate that guarantees development."

https://www.mawazin.net/Details.aspx?jimare=239709

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