...the Chairman of the Finance Committee stressed, and I quote: “the importance of following up on the economic file and monetary policy, based on the supervisory aspect, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”
What they are basically telling the CBI is to follow up and move more aggressively on this issue of increasing the value of the dinar...I believe there is enormous pressure to get the dinar revalued and conduct the 3 zero note changeout (The Project to Delete the Zeros.
There are many who want to force the reinstatement which is like me telling you that on March 19th (first day of Spring) suddenly overnight everything will change and wamoo we will have spring.
But we all know it doesn’t work this way and so we must make this logical analogy / comparison to our investment the RV. Just like mother nature has a plan for spring the CBI too has a plan and it takes time to execute it
Shafaq News / The Minister of Electricity Ziyad Ali Fadhel, announced on Friday that the first phase of the Iraqi-Jordanian electricity linkage is nearing completion and is expected to be operational in the coming days.
According to a brief statement from the Ministry of Electricity's media office, Minister Fadhel confirmed that "in the coming days, the first phase of the Iraqi-Jordanian electrical interconnection will be activated for the benefit of the western al-Anbar region."
He added that efforts are underway to complete the Iraqi-Gulf electrical interconnection.
On February 11, 2024, Jordan and Iraq signed the first amendment to the electricity supply contract to provide the Iraqi side with electricity at 132 kilovolts to supply the loads of the Rutba region, estimated at 40 megawatts.
The document was signed by the Jordanian side, represented by the Director-General of the National Electric Power Company, Amjad al-Rawashdeh, and by the Iraqi side, represented by the Acting Director-General of the General Company for Electricity Transmission/ Central Region, Riyadh Aribi, in the presence of officials from both parties.
Al-Rawashdeh stated that "the agreement comes within the aspirations of both the Jordanian and Iraqi sides to start establishing the joint synchronous electrical interconnection, which will contribute to enhancing the exchange of electrical energy and stabilizing the electrical systems in both sides. This will be a key part of the future Arab energy market."
He added, "We have now completed all the technical procedures for the first phase, and the Iraqi side is ready to receive electricity. Work is underway to complete some banking procedures between the parties in preparation for starting to supply the Iraqi side with about 40 megawatts in the first phase, while work is currently underway to prepare for the second phase, expected to be completed in the third quarter of the current year."
Al-Rawashdeh continued, stating that "after the completion of the second phase, the total capacity to be provided to Iraq will be approximately 150-200 megawatts, and with the development of interconnection stages in the medium term, the supply capacity could reach 500 megawatts."
Notably, Iraq's electricity supply faces substantial challenges stemming from years of neglect, underinvestment, and conflict-induced damage to infrastructure.
The country's power grid struggles to meet demand, particularly during peak periods exacerbated by soaring temperatures.
Dependence on electricity imports from neighboring countries like Iran and Turkey further complicates the situation, leaving Iraq vulnerable to geopolitical tensions and supply disruptions.
Efforts to address these challenges include government initiatives aimed at upgrading infrastructure, constructing new power plants, and improving efficiency.
However, progress is hindered by ongoing political instability, corruption, and economic constraints.
Despite these obstacles, there are opportunities for investment in renewable energy projects and modernizing existing infrastructure.
Achieving a stable and reliable electricity supply in Iraq requires sustained investment, effective governance, and resolution of political and economic challenges.
Iraq is going to go through that industrial revolution because they're going to rebuild the country. The evidence is quite clear. The fascinating part about it is we had Al-Sudani/his government say they were going to do the project to delete the zeros...They were going to have the Iraqi dinar be worth 1.32 dinars to the dollar. That equates to about $0.76.
Those folks that talk about a LOP, how do they explain that? They can't because that's not what it is.
Al Sudani has told the citizens the dinar is going to be stronger. $0.76 is not stronger however once they delete the zeros then they can apply their Real Effective Exchange Rate. Totally different ball game. Totally different circumstances. Pay attention. Let's see how this turns out.
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...If they adjust the exchange rate and delete the zeroes who's going to need the dollar when they apply the new Real Effective Exchange Rate to it?
Nobody is going to need the dollar because the dinar is going to be stronger than the dollar and that's my opinion. We are in a situation where ...a political crisis...or surprises could change the exchange rate and that could come within hours...
Article: "Economics website: A new application enhances investment movement in Iraq"
Quote: “...The new index, called (RSISX Total Return), compares currency exchange rate changes and the returns achieved.” It is not surprising they have a new RSISX Total Returns index for currency exchange rate changes. With Al-Sudani's government mention of 1.32 dinars to the dollar yesterday and then today we see that there is talk of smaller denominations. Small enough to make change for 250 notes...Put all that with this new index being launched suggests for me, is that they are ready for change to come and not just in the exchange rate but...as in fils...This is another good sign Iraq is opening up to the world in a big way.
Iraq reveals developments in resuming oil export via Turkey
Shafaq News / The Iraqi Ministry of Oil revealed, on Saturday the latest developments in the work of technical committees between Baghdad and Erbil to resolve the issue of oil exports from the fields of the Kurdistan Region (KRI) through the Turkish port of Ceyhan.
The ministry's spokesperson Asim Jihad told Shafaq News Agency that "technical committees are working between Baghdad and Erbil to finalize a transparent agreement between the two parties to end the disputes regarding the export of oil from KRI after its cessation."
Jihad added that these committees "discuss export mechanisms and related matters, including financial entitlements resulting from oil sales, as well as the rights of oil companies that have entered into partnership contracts with the Regional Government (KRG). By resolving these issues and reaching a comprehensive agreement, oil exports will resume."
He continued, "Reaching an agreement with the Turkish side is not difficult to resume oil exports, as we have discussed with the Turkish side regarding this matter, and they responded that the pipelines are ready."
He added, "The Ministry of Oil has worked on repairing the Kirkuk-Ceyhan pipeline to be ready for export, but resuming pumping is linked to technical operations determined by the ministry in coordination with oil companies."
Regarding oil production in the Region, Federal Oil Minister Hayyan Abdul Ghani stated that "there are negotiations with companies currently operating in the Region because they have entered into contracts with the Kurdistan Region based on partnership. However, the Iraqi Constitution prohibits partnerships in fields, and efforts are underway to change these contracts to profit-sharing rather than assets and production."
Turkey halted oil exports amounting to 450,000 bpd from Kurdistan through the Ceyhan pipeline last March after the International Chamber of Commerce ordered Turkey to compensate Baghdad for damages incurred from KRG's unauthorized oil exports between 2014 and 2018.
There were a few statements released by the GOI officials regarding their currency. The coming value at the onset of the release was revealed. That value was disclosed at/in negotiations...
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[Iraqi bank friend Aki Update]
They had a zoom meeting. It was with the CBI, all other banks and US Treasury, IMF, everybody, they were all in this zoom meeting.
They told him a lot but the only important thing...was I was told once again, 'We need you to be back at the bank because at anytime you are going to be very busy.' Aki is just like you and I, sitting there waiting...
[Iraqi Bank Friend called #1 Update - He owns 7 banks, 2 in Jordan]
About two weeks ago
we told you IOO the banks of Iraq were going to be receiving sample sheets/specimens.
They were very very precise pictures of the lower notes. It turns out #1 has them. ..They started to practice and use them but they needed more help so they requested.
You will see this request on the CBI website probably within this week where they are requesting help with the security features in the small notes that they are practicing counting, sorting and training right now ..
.The new software will be with them and the banks within this week.
[Iraqi Bank Friend called #1 Update - He owns 7 banks, 2 in Jordan]
About two weeks ago we told you IOO the banks of Iraq were going to be receiving sample sheets/specimens.
They were very very precise pictures of the lower notes. It turns out #1 has them. ..They started to practice and use them but they needed more help so they requested.
You will see this request on the CBI website probably within this week where they are requesting help with the security features in the small notes that they are practicing counting, sorting and training right now..
.The new software will be with them and the banks within this week.
