Thursday, February 15, 2024
Iraq follows Russia as second largest oil supplier to India, 16 FEB
Iraq follows Russia as second largest oil supplier to India
According to data released by the Indian Ministry of Commerce and Industry, as of December 2023, Iraq was India’s second-largest oil supplier, after Russia.
The data shows that the cost of Russian crude oil sold to India dropped to $77.82 per barrel, while the cost of oil exports from Iraq was $79.34 per barrel.
India, the world’s third-largest oil consumer, is said to get its oil mostly from Russia and Iraq.
Since the invasion of Ukraine in early 2022, when several purchasers refrained from purchasing Russian oil, Indian oil refineries have been scurrying to purchase low-cost Russian oil.
Since the middle of 2023, oil exports from Russia have become comparatively more costly, trading at values that are quite comparable to those from Iraq.
Saudi Arabia is India’s third-largest oil supplier, and its oil imports are said to be the priciest of all. In December 2023, the average price at which Saudi Arabia exported crude oil was $87.19 per barrel.
"BOOTS ON THE GROUND REPORT" BY MNT GOAT, 16 FEB
MNT GOAT
The good news is that this final rate change must be getting close at hand as my CBI contact informed us last week, as you already may know, that someone on the committee team was tasked to supply the IT people with a good set of pictures of the lower denominations along with the coins and a written explanation of how the conversion would work from the three zero notes.
This all fits into what we are now hearing in our news of today only let’s not go off half-cocked and over speculate on the news,,,okay, like some idiots I know… ☹ . However, keep that champagne ready!
Remittances of currency abroad rise to $185 million in CBI’s auction, 16 FEB
Remittances of currency abroad rise to $185 million in CBI’s auction
At the Central Bank of Iraq’s (CBI) auction on Thursday, foreign currency remittances increased by 88% as compared to cash sales, totaling $185 million.
At an exchange rate of 1305 Iraqi dinar per US dollar, the CBI sold $208,407,735 on Thursday at its auction for the purchase and sale of US currency for foreign settlements for debit and credit cards as well as letters of credit.
For cash sales and international transfers, the CBI offered US dollars at an exchange rate of 1310 Iraqi dinars.
The majority of the CBI’s US dollar sales, which were directed toward improving accounts overseas through letters of credit and transfers, came to $185,517,735, an 88 percent increase above cash sales of $22.89 million.
Six banks purchased US dollars with cash, while sixteen institutions complied with requests to increase foreign holdings.
The CBI’s auction featured 69 brokerage firms and currency exchange outlets.
"RV UPDATE" BY PIMPY, 15 FEB
Pimpy
Question "Just be blunt...Make it simple. If someone holds a million dinars what is the most one can get from this amount over the next several years?" I've been blunt about this...It depends on how long you hold it.
Let's say it starts to go up in increments like I think it's going to happen, you have to look at your 1 million dinar and think to yourself, 'Am I going to be happy with the current exchange rate.'
It really depends on when it gets to a rate that you like. As long as they can stay out of conflict, continue moving forward like they have with reform, getting back in the World Trade Organization, showing back up on Forex, these things are very important on give value to the Iraqi dinar.
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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...