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42:37 Bank Story

With its rise locally.. Revealing Iraq’s gold reserves, 11 MARCH

With its rise locally.. Revealing Iraq’s gold reserves

The economic adviser to the Prime Minister, Mazhar Mohammed Saleh, revealed the volume of the Iraqi gold reserve at the Central Bank of Iraq.

Saleh told {Euphrates News} “A distinction should be made between commercial gold that is fundamentally imported and cash gold, which is an integral part of the country’s foreign reserves, as cash gold falls within the diversification of the investment portfolio of the monetary authority, and the figures indicate that it is more than 132 tons of cash gold and within the safe range of the country’s foreign reserves.”
He added, “As for commercial gold, it is regulated by a law and instructions subject to the controls of commercial regulations and the Gold Labeling Law, which is responsible for the Central Agency for Standardization and Quality Control, marking and protection of gold assets supplied to the country as a national wealth.”
Local markets in Baghdad are witnessing an increase in gold prices, as the price of selling a gram {weight} reached 465,000 dinars.
An economist, Salah Nouri, revealed the reasons for the rise in gold prices.
“What is happening at the present of the rise in gold jewelry is the result of the increase in the demand for it, every commodity, when the demand for it increases, its price rises, and so far this makes economic sense,” said Nuri Al-Euphrates News.
“But most importantly, why has the demand for gold jewelry increased at the present? I think that the citizen is tending to save in it instead of the dollar, and this is a weak reason, and most likely that dollar speculative traders are turning towards gold instead of dollars for reasons of speculation or smuggling, because individual citizens have limited need for gold jewelry on occasions,” Nouri said.
A source familiar with {Euphrates News} said that one of the reasons for the rise in gold prices was due to (the weak confidence of citizens in banks), so they withdrew the amounts deposited in banks and went towards gold.

Raghad Daham

 https://alforatnews.iq/news/مع-ارتفاعه-محلياً-كشف-إحتياطي-العراق-من-الذهب

"RV UPDATE" BY PIMPY, 11 MARCH

 Pimpy

  Does Iraq have the potential to have a more valuable currency than Kuwait? 

 Yeah absolutely...They have way more resources.  As a matter of fact...Iraq is in the top 5 worldwide for the most resources.  So, yeah, they have the  potential to be there.  There just not there yet...They have a lot more things to export than Kuwait does but they have to get past  these hurdles.  I think they will.     

 We're staying grounded...about the possibility of getting a huge payday.  Remember it's only a possibility, just like there's a possibility they could re-denominate before they change the exchange rate...Re-denomination has nothing to do with the exchange rate .  We want the exchange rate to change, not the Iraqi currency to delete the zeros.  We don't want that to happen...Stop rooting for the deletion of the zeros.  You don't want that to happen.

TALKING THE RV PROCESS YOU READY BY SIMPLY LINN

"RV UPDATE" BY FRANK26, 11 MARCH

  Frank26  

In November, December we started sending you [to the banks].  You came back with, oh, man they don't know nothing.  They say it's a scam.  Even the banks you bought the dinars from say it's a scam.  Then in January we started to see a different trend.  It was more like, just go away. 

 Last month we started to see them talking a little bit more and then toward the end of the month I said to you banks in Iraq can start answering questions of the Iraqi citizens...now you see what's going on.

  In my opinion the Iraqi dinar is going through an internal float ...Something is going on.

 IMO They've already deleted the three zeros from the exchange rate.  IMO that exchange rate came from the RV phase of the monetary reform that was accepted in Washington DC and all these other banks.  That's why Sudani has thousands and thousands of contracts all waiting for the new exchange rate.

Iraq prepares to establish third offshore oil export pipeline, 11 MARCH

Iraq prepares to establish third offshore oil export pipeline

 Economy News _ Baghdad

The Oil Ministry plans to spend more than $416 million to implement the third offshore export pipeline project with a total capacity of 2 million barrels per day, at a time when the average export of crude through the Faw port has reached the range of three million and 400 thousand barrels per day.
The Director General of Basra Oil Company in the name of Abdul Karim Al-Shamkhani, said in an interview with Al-Sabah, followed by “Economy News”, that the Ministry of Oil intends to spend $416.9 million during the year 2024 – 2025 for the project of establishing the third offshore export pipeline, which has an operating capacity of two million barrels per day to export oil from FAO warehouses to the Faw oil port.

He explained that the company is in the process of contracting with the Dutch company Royal Boscales after finalizing the contract for the construction of the oil line, whose importance is to strengthen the export infrastructure, as it is able to increase the capacity of the crude oil pipeline between the Faw depots to the oil platforms and the Basra oil port at the end of 2025 to 5 million standard daily barrels.

 Al-Shamkhani pointed out that the company’s production capacity is three million and 250 thousand barrels per day, as the Rumaila field stands at the forefront of the fields currently produced with a capacity of one million and 400 thousand barrels per day.

He pointed out that the maximum level of production capacity is determined by the state, noting that the current rate of export capacity through the (Faw) oil port of international markets is about three million and 400 thousand barrels, and this amount represents the production of the companies of Basra, Maysan and Dhi Qar.

He pointed out that the oil companies of Basra, Maysan and Dhi Qar have reserve production capacities for crude, which represent the rate of difference between the maximum energy and their current production, explaining that reserve production has a greater role by covering expected increases in energy consumption in the country. Al-Shamkhani stressed that the company is committed to the voluntary oil reduction decided by the OPEC+ alliance as part of the precautionary efforts to support the stability and balance of oil markets.
 https://economy-news.net/content.php?id=41312

"THE ECONOMIC BOOM OF IRAQ". BY FRANK26, 11 MARCH

 Frank26:  "THE ECONOMIC BOOM OF IRAQ"............F26

Distribution of approximately 6,600 plots of land among employees of the Basra Oil Company

3/8/3034    Baghdad

 Today, Friday, Oil Minister Hayyan Abdul-Ghani announced the distribution of 6,598 plots of land among employees of the Basra Oil Company.

A statement from the ministry received by “Al-Iqtisad News” stated that “Abdul Ghani stressed, during the ceremony of distributing land plot bonds to a number of employees of the Basra Oil Company, the keenness of the government and the ministry to provide a free and dignified life for employees of the oil sector who continue day and night in order to sustain and increase oil production and investment.” Optimum for this wealth, in support of the national economy.”

The Minister of Oil added: “Today we have reaped the fruits of sincere efforts over the past period to obtain this large area of land in cooperation with the governorate administration and the concerned authorities to transform it into residential plots of land, and to transform the dream into reality, and ink on paper into reality on the ground, and here we are today.

” We are with you to fulfill what we promised you, and we will not stop there. Rather, we are moving forward to achieve our goal for all workers in oil companies to obtain their entitlement to secure a decent life for them.”

He pointed out that “the total number of residential plots of (Al-Biban) lands that were sorted in the Shatt al-Arab district reached (6598) plots, with (120) plots that conflict with the prohibitions of electricity towers - high voltage (132) V.K. A committee is working to follow up on land ownership.” (Al-Biban) decided to resolve this by approaching the concerned authorities by asking the Electricity Department to remove the encroaching towers.

The committee also approached the Shatt al-Arab Municipality to appropriate the canceled railways that pass through (Al-Biban) District, which is affiliated with the Basra Oil Company. If approval is obtained, it will be added. Approximately (420) residential plots, in addition to the completion of all real estate bonds issued in the name of the Basra Oil Company, and the First Real Estate Registration Department in Basra has expressed its readiness to receive the transactions of the beneficiaries of the Basra Oil Company.”

Abdul-Ghani noted “coordination with the Basra Governorate administration to allocate (40) thousand plots of land for distribution to workers in oil companies in the governorate,” stressing: “Since we assumed the responsibility of the ministry, we have been keen to pay attention to the segment of employees and provide them with the requirements of a decent life, especially the distribution of plots of land.” And residential complexes, and we stressed the inclusion of all workers in the oil sector in accordance with the applicable controls and contexts.”

The Minister of Oil instructed "the administrations of oil companies to expedite the resolution of the issue of lands for affiliates in coordination with the governorate administrations," indicating that he is "personally following up on this issue, which falls within the priorities of the government and the ministry."

For his part, the Director General of the Basra Oil Company, Bassem Abdul Karim, extended his “thanks and appreciation to the Deputy Prime Minister for Energy Affairs and the Minister of Oil for his efforts, endeavors and follow-up in obtaining these lands for the company’s employees,” stressing that “this represents an incentive to provide more work and giving in service of the public interest.” .LINK