Iraqi Prime Minister Boosts Dhi Qar with Major Development Projects and Job Opportunities, 2 MARCH

Iraqi Prime Minister Boosts Dhi Qar with Major Development Projects and Job Opportunities

On a significant day for Dhi Qar province, Prime Minister Muhammad Shia Al-Sudani pledged substantial development initiatives and job openings, marking a pivotal moment for the region's future. Meeting with the local government, Al-Sudani outlined plans for a large-scale oil project and essential infrastructure enhancements aimed at propelling Dhi Qar towards economic growth and stability.

Revolutionizing Dhi Qar's Economy with Oil and Infrastructure Projects

In a move set to radically transform the economic landscape of Dhi Qar, the Prime Minister disclosed the upcoming launch of a major oil project focused on the petrochemical and gas industries. This initiative, to be executed by a Russian company near the province's oil fields, promises to inject vitality into the local economy. Further bolstering Dhi Qar's development prospects, Al-Sudani announced federally funded mega-projects, including the integrated services project of Souq Al-Shuyukh and the much-anticipated Nasiriyah Airport and Ur city development. These projects, exceeding 400 billion dinars in investment, aim to modernize the province's infrastructure and enhance its cultural heritage.

Employment Opportunities and Special Attention to Dhi Qar

Addressing one of the most pressing concerns of the Dhi Qar populace, the Prime Minister assured an increase in job opportunities, particularly through the allocation of a larger share of job grades in the near future. This commitment is seen as a direct response to the local government's appeal for the central government's heightened focus on Dhi Qar, recognizing the province's potential for growth and the need for economic revitalization.

Strategic Vision for Long-term Prosperity

The meeting between Al-Sudani and Dhi Qar's local government officials underscores a strategic vision for the province's long-term prosperity. By financing large-scale projects outside the provincial budget, the federal government demonstrates its commitment to reducing project lag and stimulating economic activity. These initiatives, particularly the development of Nasiriyah Airport and the ancient city of Ur, are poised to shift Dhi Qar's reality, ushering in a new era of development and opportunity.

As Dhi Qar stands on the brink of transformation, the Prime Minister's announcements herald a hopeful future for the province. With a focus on economic development, job creation, and infrastructural enhancement, Dhi Qar is set to embark on a journey of substantial growth and revitalization. These developments not only promise to improve the living standards of its residents but also position Dhi Qar as a key player in Iraq's broader economic narrative.

https://bnnbreaking.com/politics/iraqi-prime-minister-boosts-dhi-qar-with-major-development-projects-and-job-opportunities

"RV UPDATE" BY MNT GOAT, 2 MARCH

 Mnt Goat

   some...recent...very interesting and informative news articles we can use to help connect the dots about what is going on with the Project to Delete the Zeros...all fantastic news but just news for now. The actual execution part is coming VERY SOON but not yet!  ...I  am still staying VERY excited but remember Iraq does not work on our schedule...Just relax it is coming and we must just follow the news and see what happens next... 

  ...Iraq is finally breaking the news all about the Project to Delete the Zeros. This is fantastic news but just news for now. The actual execution part is coming and I was told by my weekly call to my CBI contact in Iraq on Saturday, that it will be VERY SOON!

For us investors we are still waiting for OFAC sanctions to be lifted in the US before the banks will “legally” exchange. But exchange at what rate? So, we also wait for another “official” rate change to occur by the CBI prior to the Project to Delete the Zeros. 

We know this project is just steps away from the RV/Reinstatement of the dinar back to FOREX. Once on FOREX the OFAC sanctions will have to be lifted. Then we head to the bank to exchange and only at this time. Get it?

https://dinarevaluation.blogspot.com/2024/02/we-are-still-waiting-for-ofac-sanctions.html

I want to quote yet another statement from this recent article – “Banks will be responsible for financing foreign trade directly through the dollars they own” (and not from the CBI reserves). So what does this mean and what is the importance to us as investors?

 This means the CBI will no longer be asking the US Treasury to ship plane loads of dollars to Iraq to meet the demand for dollars to pay for imports. Instead, the banks in Iraq themselves will work with banks in the US to transfer dollars. Of course, this will only work if the electronic banking system in Iraq is working and used. We have learned in past news from the CBI the direct connection between electronic banking and the success of the monetary reform implementation. So, this is all interconnected. Again, something as changed, and it appears that finally the electronic Point Of Sale (POS) and consumer debit cards is taking hold in Iraq. This is a decade long project for Iraq. 

Then in the same article it also says and I quote – “Banks will be fully responsible for auditing invoices and transfers, which is the practice globally.” What this statement tells us is that banks will now take us new responsibilities, which are common global banking practices for banks. I can only imagine the CBI must have put some stiff penalties on the banks for further. This is how the rest of the world’s banking system works and so we will finally see soon Iraq coming fully out of the sanctioned, isolationist operation of their banking system and joining the rest of the world. We all know Iraq has been fully released from all UN sanctions in December of 2022 and so it will be about time to start acting like it. But we all know things are slow in Iraq and we have to remember that they are also making monumental leaps in technology and fighting corruption along the way.

https://dinarevaluation.blogspot.com/2024/02/analysis-of-iraq-news-banks-will-be.html 

Iraqi Dinar | FINALLY! GOOD NEWS FOR IRAQ NEW EXCHANGE RATE CONFIRMED! |...

Iraqi PM discusses investment opportunities with Turkey’s Limak, 2 MARCH

 Iraqi PM discusses investment opportunities with Turkey’s Limak

On Thursday, Iraqi Prime Minister Mohammed Shia Al-Sudani visited a group from Limak, a Turkish corporation that specializes in transportation and building projects.

According to a statement released by the Prime Minister’s Office, Al-Sudani spoke with Limak’s owner, Nihat Ozdemir, the company’s investment and development potential in Iraq, particularly in infrastructure and transportation projects.

The two sides also discussed ongoing development projects in Iraq, including the Development Road and the Al-Faw Grand Port, as well as road, bridge, and industrial city projects in various governorates.

The Iraqi Prime Minister stated that the country’s investment climate has improved and become more welcoming, particularly after banking, administrative, and financial reforms were completed and the private sector was able to develop effective collaborations with international enterprises.

The Iraqi government has renamed the dry canal that connects the Al-Faw Grand Port in southern Iraq to Turkish territory via railway networks and highways as the Development Road.

It will stretch 1,200 kilometers from Al-Faw port town in southern Iraq to Faysh Khabur in the northern Iraqi governorate of Duhok.
The Development Road comprises a railway that will transport electric trains across ten Iraqi governorates.

In a joint news conference with the Turkish President in March, Al-Sudani emphasized that the Development Road symbolizes a worldwide corridor for the transportation of products and energy.

The Iraqi Prime Minister demonstrated that the project comprises a railway for transporting commodities, with a capacity of 3.5 million tons in the first phase and increasing to 7.5 million tons in the second.

Al-Sudani went on to say that the project would also feature a highway for land transport and energy pipelines, as well as the Al-Faw Grand Port and the industrial metropolis, which is predicted to be one of the largest in the Middle East.

The Iraqi Premier went on to say that the project will create many jobs in Iraq and other countries in the area, as well as chances for companies and merchants, and will serve as a hub for global commerce.

"RV UPDATE" BY FRANK26, 2 MARCH

 Frank26

  Parliament has no choice but to get on board of the bandwagon of the monetary reform.  Now they constantly take false credit for the success of the monetary reform...Why are we in a position where [they're saying] 'Yeah, they're going to be giving you a new currency and they're going to float it.'  Why?  Because the auctions are no more for the pleasure of Iran to steal the future from the Iraqi citizens.  Parliament has no choice because it's about to happen...Iraq is in a position to move forward.

This monetary reform, the next step which is vitally important in order for us to see what we're looking for, which is called the managed float, their currency matched at least to 1 to 1 with the dollar will be in an international basket...

All the articles have been talking about it.  It's going to be a managed float.  They'll eventually say stop it right there, we can't go any higher than the other middle eastern currencies.  This managed float is in its first stage.  The float is about to happen. 

  Back in 2005 Dr Shabibi said  'We aspire to bring the IQD back to the glory days of the 80's and 90's' Article:  "The dinar and its three zeros - is it time to symak the dinar and return to the dinar 1980?"  Dr. Shabibi, it's done.

"TALKING ABOUT THE PROJECT OF DELETE ZEROS " BY FRANK26, 27 FEB

  Article:  "Does deleting the currency’s zeros affect its value? An economist explains"  

THE CBI IS SENDING TRUSTED ECONOMISTS TO EXPLAIN THE MONETARY REFORM EDUCATION OF DELETING THE ZEROS FROM THE EXCHANGE RATE!  IMO they're about to give the citizens a new exchange rate with new lower notes to match...They already told them that process will then take that exchange rate, which will be at least 1 to 1 but I think is going to be higher, to float in the basket internationally. 

 Article:  "The dinar and its three zeros - is it time to symak the dinar and return to the dinar 1980"   IMO [symak means make]

  What's so big about 1980?  

So you want to return the dinar to the 1980's?  By 1971, '72, '73, the Iraqi dinar on the international market was $3.778.  Then...it was reduced on purpose to $3.2169 in 1980.

 Iraq is one step ahead of us.  The Iraqi citizens...are already taking their 3-zero notes and taking  them to the bank and opening accounts because they know the monetary reform has educated them...All of a sudden bank accounts just  exploded in Iraqi banks...

https://dinarevaluation.blogspot.com/2024/02/talking-about-project-of-delete-zeros.html

Breaking News Iraq's Currency Strategy From 1-to-1 Match to Managed Float

Oil rises, markets await OPEC+ decision despite mixed demand drivers, 2 MARCH

 Oil rises, markets await OPEC+ decision despite mixed demand drivers

Oil prices rose on Friday and were expected to end the week slightly higher as markets anticipated an OPEC+ decision on supply agreements for the second quarter amidst divergent demand data from key customers the United States and China.

Brent futures for May jumped 27 cents, or 0.33%, to $82.18 per barrel at 0403 GMT, while U.S. West Texas Intermediate (WTI) for April advanced 20 cents, or 0.26%, to $78.46.

WTI is expected to rise by at least 2.5% this week, while Brent remains near last week’s closing price. Brent has remained comfortably over $80 for three weeks.

“Brent crude prices remained sideways this week. Brent at USD83/bbl has experienced recent gains, but fundamentals remain skewed toward oversupply,” wrote BMI analysts in a client note.

“The expectation that OPEC+ production cuts will continue into Q224 is also dragging on mood, as lackluster demand is projected to stay…However, time spreads for Brent futures contracts have widened. The shift to higher backwardation (market structure) would support a more positive perspective on prices, as markets anticipate tightening in the coming months,” the experts stated.

According to a Reuters poll, the Organization of Petroleum Exporting Countries produced 26.42 million barrels per day (bpd) last month, an increase of 90,000 bpd from January. Libyan output increased by 150,000 barrels per day from the previous month.

According to insiders, a vote to prolong the cutbacks is anticipated in the first week of March, with individual nations announcing their own decisions.

The possibility of Saudi-led OPEC+ sustaining production cuts beyond the first quarter, perhaps until the end of 2024, would likely push oil prices beyond US$80/bbl, according to Suvro Sarkar, DBS Bank’s energy sector team leader.

Supporting prices, the Federal Reserve’s favored inflation barometer, the U.S. personal consumption expenditures (PCE) index, showed January inflation in line with experts’ forecasts, keeping a June interest rate decrease in the cards. This, in turn, might reduce consumer costs and increase gasoline purchasing activity.

However, mixed February purchasing managers’ index (PMI) data from China, the world’s largest oil user, limited price advances.

China’s manufacturing activity fell for the fifth consecutive month in February, according to an official factory survey released on Friday, putting pressure on Beijing officials to implement further stimulus measures as factory owners struggle to find orders.

The official non-manufacturing purchasing managers’ index (PMI), which covers services and construction, increased to 51.4 from 50.7 in January, its highest level since September.

“Demand side we concur that 2Q will have hiccups and we are projecting Brent to average lower in 2Q24 compared to 1Q24, before rebounding in 2H24 on the back of the potential rate cut scenario, which should boost fund flows towards riskier assets,” Sarkar, of DBS Bank, said.