Friday, January 12, 2024
Former Chairman Of The Energy Committee, 12 JAN
Former Chairman Of The Energy Committee
Iraq's oil is the most resilient in the future of the world and the greatest danger is the Strait of Hormuz.. Adnan Al-Janabi
The former Chairman of the Parliamentary Energy Committee, Adnan Al-Janabi, confirmed that Iraqi oil is safe as long as the sea corridor through the Strait of Hormuz is stable, while he stressed that Iraq is the last country that will be affected by reducing global dependence on oil in the future, due to its large reserves and low production costs.
Iraq's oil is the most resilient in the future of the world and the greatest danger is the Strait of Small
A former minister warns of Al-Shahristani’s scenario: The oil law will pass provided that Al-Sudani’s opponents remain silent
Adnan Al-Janabi in an interview with journalist Haroun Rashid, followed by Network 964:
In light of everything the region is going through security-wise and militarily, the only frightening thing that could affect oil in the world, and not just in Iraq, is if any security destabilization occurs in the Arabian Gulf region, especially in the Strait of Hormuz.
Iraqi oil, within its OPEC quota, can currently guarantee exports from the southern port alone across the Gulf, even if this is not true from a strategic standpoint. It is necessary to work on adopting multiple ports lest what happened with the Turkey line be repeated, and the port most likely to be approved in this regard is the Aqaba port. Through Jordan .
Regarding future plans, Iraqi oil is one of the least depleted in the world, and it is the least expensive to extract, but this means that if we cannot keep up with reserves and export rates, there will come a time within a decade or more, when the demand for oil decreases, by moving from fuel.
From fossil fuels to alternative energy, we will face a question: Who will continue to export? The answer is clear, as whoever produces oil at the lowest costs and has large reserves will find it easier to export.
Despite the advantages and problems mentioned, Iraq must prepare and develop its production and export capabilities in preparation for the future, in addition to not stopping investment in the oil sector, so that we are ready for that moment when export restrictions are lifted and we have a production capacity of up to 6 million barrels per day. https://964media.com/292187/
"RV UPDATE" BY MARKZ, 12 JAN
MarkZ
[via PDK] The news continues to be great…Things look great and I’m not hearing anything negative...We just have to wait and see what is real …We are getting so many things thrown at us…we don’t know yet what is accurate...Most groups are looking for over the weekend or first of next week…let’s see what happens.
”Here is a great article written last August..” The Kuwaiti Dinar: A closer look at the world’s strongest currency” this talks about the history of the Kuwait dinar and why it is so valued…They have many of the same things going for it that Iraq now has. What does that tell us? The Iraqi dinar should be worth the same or higher…imoThe Journey Of The Dollar In Iraq To The Latest Reports And The Corridors Of Banks Increases Citizen Anxiety, 12 JAN
The Journey Of The Dollar In Iraq To The Latest Reports And The Corridors Of Banks Increases Citizen Anxiety
January 12, 2024 Baghdad/Al-Masala Al-Hadath: The Iraqis expressed their deep concern about the turmoil in the US dollar exchange market, as the exchange rates witness continuous fluctuations around the clock, despite the attempts of the Central Bank of Iraq to control them and return to the approved official exchange rate of 132 thousand dinars for every 100 dollars.
Citizen Ali Al-Hassani said, “Exchange rate fluctuations have become a source of great concern for citizens, as they directly affect their purchasing power, especially in light of the continuous rise in the prices of goods and services.”
He added, “The government is required to take urgent measures to control the exchange rate and protect citizens from the consequences of turmoil in the financial markets.”
For his part, economic expert Yasser Al-Mutawali said, “The disturbances in the dollar exchange market are due to several reasons, most notably the continuation of the war in Ukraine, the rise in oil prices, and the decline in the value of the Iraqi dinar against the dollar.”
He added, "These factors directly affect the Iraqi economy, and lead to high inflation rates, and an increase in poverty and unemployment."
He pointed out that “the government is required to take effective economic measures to confront these challenges and protect the Iraqi economy from global turmoil.”
The economic expert stressed that “continued disturbances in the dollar exchange market will lead to destabilization of the country’s political and social stability, and will increase the already high rates of poverty, unemployment, and high prices.”
He called on the government to “take quick and urgent measures to control the exchange rate and protect citizens from the consequences of turmoil in the financial markets.”
On February 7, 2023, one hundred days after assuming the presidency of the government, Prime Minister Muhammad Shiaa Al-Sudani confirmed that “the currency window was a black spot in the banking system,” pointing to “the vote on the Central Bank’s request to adjust the exchange rate to 1,300 dinars for every one dollar.” .
The turmoil in the dollar exchange market is a worrying phenomenon that greatly affects the lives of Iraqi citizens. Constant fluctuations in prices make it difficult for citizens to determine the costs of their daily lives and plan their financial future.
Moreover, these disruptions severely undermine confidence in the financial system and pose a major challenge to the government's efforts to achieve economic stability.
The efforts of the Central Bank are evident in its attempts to address these fluctuations, as it seeks to return to the approved official exchange rate. However, it appears that these efforts still face major challenges, whether due to the effects of global economic conditions or internal challenges.
The state of instability in the dollar market is reflected in various aspects of Iraqi society’s life. Citizens live in a state of uncertainty about their financial future, and their concerns increase about the impact of these fluctuations on purchasing power and the extent of their impact on the standard of living. This concern is in addition to other economic and social challenges facing Iraqi society.
In light of this complex context, it appears that achieving stability in the dollar exchange market requires effective measures and international cooperation. This requires strengthening internal economic measures and adopting effective strategies to deal with international challenges.
The government must take the necessary measures to ensure market stability and reduce pressure on citizens, so that Iraq can achieve sustainable economic development and raise the standard of living for its citizens.
According to economists, the widening gap between the official and parallel rates of the dollar against the dinar weakens confidence in the local currency, reduces incentives to deposit money in Iraqi banks and prompts savers to exchange the dinar for the dollar, which leads to higher prices and a decrease in the real or purchasing value of the Iraqi currency.
On Tuesday, February 7, 2023, the Council of Ministers approved a decision to adjust the dollar exchange rate to 1,300 dinars. https://almasalah.com/archives/79126
"RV UPDATE" BY PIMPY, 12 JAN
Pimpy
What's attractive about coming over to Iraq to do business is the fact that the currency is so cheap, that labor... production...and product cost are all cheap as well. Why do you suppose Nike gets their shoes made in China? Because...they pay $5/month and then bring the shoes over here to America and sell them for several hundred dollars. Do you see the huge profit margin. That's the same thing with Iraq. The currency is so cheap the companies would rather do business in Iraq ...because of the cheap labor...When they increase the exchange rate it's more costly for labor, products and production...Do you think they want this low exchange rate? Yes. And...they want it much lower. They don't give a shit.
Article: "Al-Kazemi's Advisor: The project to delete zeros from the currency is subject to two conditions" From the currency. Not the exchange rate. It says the currency. The currency is the same thing as a bank note. The 25,000 dinar the 10,000 dinar that's what they're talking about. When you read this don't mix the two up and assume when they say currency, they're talking about the value. They're not. They're talking about the bank note.
What they are talking about is a redenomination...Redenomination itself is considered symbolic as it does not have any impact on a country's exchange rate. So deletion of the zeros, otherwise know as a redenomination doesn't have anything to do with the exchange rate...
Economist: Non-Oil Revenues To Achieve Significant Growth In 2024, 27 NOV
Economist: Non-Oil Revenues To Achieve Significant Growth In 2024 Wednesday 27 November 2024 | Economic Number of readings: 141 Baghdad /...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...