Iraqi parliament to summon CBI governor to discuss US sanctions on domestic banks, 16 FEB

Iraqi parliament to summon CBI governor to discuss US sanctions on domestic banks

Shafaq News/ Iraqi lawmaker will meet with the governor of the central bank and other senior officials to discuss US sanctions on several Iraqi banks, a committee member said on Thursday. 

The sanctions, imposed by the US Treasury Department in July 2023, are part of a campaign to crack down on Iran's use of the dollar. 

The 14 banks affected by the sanctions are accused of facilitating financial transactions for Iran-backed groups. 

The Iraqi parliamentary committee of finance will meet with the central bank officials to discuss the impact of the sanctions on the Iraqi economy and to find ways to mitigate the damage, said committee member Moein al-Kazemi. 

The lawmaker said the meeting will discuss measures taken by the central bank to stabilize the exchange rate of the Iraqi dinar, which has come under pressure since the sanctions were imposed.

"RV UPDATE" BY FRANK26, 16 FEB

  Frank26 

  The CBI is not calling them 'lower denoms', they are calling them 'Lower notes'.  They also explain the need for fractional banking through the coins they will be giving them.  They are not using the word fractional banking with the citizens but they are telling them they will be able to get change so they will not lose money.

 I don't plan to go to a bank.  Can you imagine?

 ...I got 10 million dinars, here...Personally I  don't plan to go into a bank to exchange my currency.  I will have a team...I'm going to have my lawyer get a hold of the bank and  say, 'I represent Mr. [Frank26] and Mrs. [Frank26] and they want to make an appointment for you to come to their house and collect  a large amount of foreign currency...My lawyer will already know exactly what the bank is going to offer me...The less contact I  have with the bank the better...If you have a small amount then you're going probably go into the bank...    
 

FRANK26….2-15-24……DID YOU MISS ME?!

Shell withdraws from petrochemical project, expresses interest in gas sector in Iraq, 16 FEB

 Shell withdraws from petrochemical project, expresses interest in gas sector in Iraq

Shafaq News/ On Thursday, John Crocker, Shell Global Executive Vice President (Government Relations), explained to the Iraqi Prime Minister the main reason behind Shell's withdrawal from a petrochemical project in Iraq.

During his visit to the Netherlands, Al-Sudani met with Crocker, Mammoet CEO Paul van Gelder, and Saybolt's Government Affairs Manager, Marnix Koets. 

Shell representative explained that "a change occurred in the company's plans regarding petrochemical projects around the world, which was the reason for withdrawing from the Nebras project in Iraq." 

Crocker highlighted, "The company is currently focusing its investments and projects, in all its locations, on the gas sectors, investment, and development technologies." Confirming the company's "strong commitment" to continuing its operations in Iraq, initiated a decade ago, and expressed a serious desire to expand its activities in the gas investment sector. 

In response, Al-Sudani stressed Iraq's eagerness to strengthen cooperation with Dutch companies possessing significant experience in various energy sectors, especially clean and renewable energy. Additionally, he pointed out that Iraq offers numerous investment opportunities for these companies alongside their ongoing projects in the country. 

In parallel, Gelder and Koets expressed their appreciation for the facilities provided by the Iraqi government to foreign companies.

"QFS CONVERSATION" WITH GOLDILOCKS, 16 FEB

 GOLDILOCKS

"Nigeria-Vietnam trade chamber partners UNILAG to revolutionise microchip industry."

Nigeria and Vietnam are making bilateral trade agreements to move forward with the microchip industry. 

As we learned just a few days ago, Nigeria is moving to a free floating rate exchange allowing supply and demand to determine their exchange rate. 

Microchips and semiconductors play a critical role in the Global Economy, and these new demands will increase new economic influences in each other's country and the world.

There is no doubt that this particular move between Nigeria and Vietnam in the microchip industry will influence the exchange rate in both countries. 

© Goldilocks

https://www.businessamlive.com/nigeria-vietnam-trade-chamber-partners-unilag-to-revolutionise-microchip-industry/

https://en.m.wikipedia.org/wiki/Semiconductor_industry

Iraqi Dinar | Iraq’s Exit Chapter VII And Iraq Join Global Currencies-Ir...

Iraq will produce double the electricity coming from Jordan and 2% of Iranian gas!, 16 FEB

Iraq will produce double the electricity coming from Jordan and 2% of Iranian gas!

Iraq is scheduled to start its first trash-to-electricity experiment next month. The project would use 3,000 tons of waste each day in Baghdad, the country’s capital, to generate energy equal to double the amount that will enter Iraq via Jordan and 2% of Iran’s gas supply.

Karim Azab, Assistant Director General of the Baghdad Municipality’s Department of Environment and Solid Waste, clarified that the project’s investing company will be chosen at the beginning of March of next year. This is because the Municipality has designated the Al-Nahrawan area on the Rusafa side as the location for the project’s implementation, provided that the landfill site is designed in accordance with international environmental specifications and standards. Al-Sabah, the official newspaper, claims.

He emphasized that by investing 3,000 tons of garbage every day, the project, whose implementation would take 24 months, will help save 80 to 90 megawatts.

He said that the Municipality of the Capital is working to invest about 6,000 tons of waste per day through the two aforementioned projects, and that the Municipality is planning a similar project on the Karkh side in the Abu Ghraib region. He said that this project will be announced as an investment opportunity after the lands on which it will be implemented have been expropriated.

The 6,000 tons represent about half of the rubbish that Baghdad discards on a daily basis. Regarding the electricity production from the Nahrawan project, which is expected to reach 80–90 megawatts, this is equal to twice the amount that will be supplied to Iraq from Jordan within the first phase of the electrical connection, which is 40 megawatts, for which contracts were signed two days ago. It is anticipated that this amount will rise to 150 and then 500 megawatts in the second phase.

Remarkably, 90 megawatts is also equal to 2% of Iraq’s entire electrical production from Iranian gas.