PARLIAMENTARY FINANCE BEGINS HOSTING SESSION OF THE GOVERNOR OF THE CENTRAL BANK
Baghdad / Nina / The Parliamentary Finance Committee held on Thursday a special session to host the Governor of the Central Bank of Iraq Ali Al-Alaq and officials of the bank’s board of directors, to discuss the files of financing the Central Bank’s sales of currency in the local market, the procedures of the electronic platform for selling dollars, the supervision of private banks, government bonds and follow-up procedures for electronic payment cards.
AN INDEPENDENT REPRESENTATIVE STRESSES THE NEED TO LEGISLATE THE OIL AND GAS LAW
Member of the Parliamentary Oil and Gas Committee, Independent Representative Nazem Al-Shibli, stressed today, Wednesday, the necessity of passing the oil and gas law.
Al-Shibli told Al-Maalouma, “The oil and gas law is the only solution to solve the outstanding problems between the federal government and the Kurdistan region, and its legislation will resolve all disputes between the two parties.” He added, “The House of Representatives has completed all sections of the law, but the government has amendments and comments on some paragraphs of the prepared law.”
He pointed out “the difficulty of resolving the problems with the region without the oil and gas law,” noting that “11 amendments were made to the law.” Since the first session of the Iraqi Council of Representatives, in 2005, the draft oil and gas law has remained locked away, as disagreements prevent its approval in its final form. After 18 years.
Article: "Among them concerns the dinar... the outcomes of Parliament’s finance meeting with the Central Bank"
ALL THEY TALK ABOUT IS THE 1.32 & THE INTRODUCTION OF THE LOWER NOTES!!! FINALLY... THE SOUND HEARD AROUND THE WORLD! This is actually happening. This is a reality. The monetary reform to add value to the currency and then to float internationally is a reality...because it's in print.
There was an announcement made by the Prime Minister Sudani...He told the Iraqi citizens, I'm going to add value to your currency. He used a solemn oath that swears upon Allah their God.
You don't go around breaking that promise. It was exciting to realize the Prime Minister told the people, I assure you, I give you a solemn holy oath were going to add value to the currency...Sudani told the citizens we're going to raise it to $1.32...He explained if we lift the 3-zeros from the exchange rate we'll be able to give you $1.32 in country. That's good purchasing power.
I feel we have been in a critical period of the currency reform program since January of last year 2023. Now we are in a “vital” period.
We are now in a waiting game for the Central Bank to control the parallel “black” market.
Anything could now happen and is going to happen. Recent news of imminent World Trade Organization accession. Then to make it even better more pressure to float the dinar and even now get off the Petro-dollar and finally end the currency auctions altogether.
The saga about the Iraqi dinar RV continues. It is what you don’t know that can cause you some stress and anxiety. Even I sometimes want to rush the RV process and I have to step back and relax.
I have to ask myself if the CBI is following the 2011 Dr Shabibi and IMF plan. As long as they are following it, I am very happy and so should you. As we all know Iraq is NOT working on our timetable as their newly formed government is sometimes very slow to act.
International Energy raises its forecasts for the growth of global oil demand
The Worldwide Energy Organization raised its assumptions for the development of worldwide oil interest during the ongoing year.
The office expressed in its report, Thursday, that its assumptions for development in worldwide oil interest in 2024 have ascended by 110,000 barrels each day, to 1.3 million barrels each day.
It additionally anticipated that worldwide interest for oil should fill in the main quarter of this current year by 270,000 barrels each day to 1.7 million barrels each day.
The Worldwide Energy Organization showed that confronting the unrest that followed the Coronavirus pandemic and the vulnerability of the financial standpoint will control the development of oil request this year, even as the disturbance in the delivery area gives a transient lift.
The office, which is situated in Paris, said in its month to month oil report that development “is getting back to its standard levels after the extreme changes saw during the pandemic years.”
She added: ” The worldwide financial stoppage builds deterrents to the utilization of oil, similarly as with further developing vehicle effectiveness and the expansion in electric vehicles.”
The Energy Office expressed that on the off chance that the deliberate cuts by the Association of the Petrol Sending out Nations and its partners “OPEC+” go on during 2024, the market will observer a slight shortage rather than an excess.
OPEC had saved its assumptions for the development of worldwide oil request unaltered during the ongoing year.
OPEC expressed in its month to month report, on Tuesday, that assumptions for development in worldwide oil request stayed unaltered at 2.2 million barrels each day.
OPEC’s assumptions for request development in 2024 far surpass those of numerous different bodies, including the Worldwide Energy Organization.
