I attempted to include the following on the call underway however I was not acknowledged so will post here.
The council and Gov't of Iraq have advised all retailers in country are free to revise their product prices upward to reflect the change in Dinar valuation taking place today in country. Confirmed by two independent sources.
Wed. 27 March Texas Snake:
Since there has been so little actual RV information being released over the past couple of days I thought it might be a relief over this coming Easter celebration to share what my banker has just shared with me.
His text is in all caps. “THE LATEST MESSAGE TO ALL REGIONAL CURRENCY EXCHANGE MANAGERS IS TO ADVISE YOUR SPECIALISTS TO BE AVAILABLE FORDUTY IN THE WEEK FOLLOWING THE EASTER WEEKEND AS OUR INFORMATION IS ALL REQUIREMENTS HAVE BEEN SATISFIED GLOBALLY AND THEANNOUNCEMENTS WILL OCCUR IN THE FORTHCOMING WEEK. WE WILL PROVIDE CONTINOUS INFORMATION AS IT BECOMES AVAILABLE OVER THE WEEKEND. PLEASE RECOGNIZE WE HAVE HAD SUCH NOTIFICATIONS BEFORE SO HOPEFULLY FURTHER DELAYS WILL BE UNDERSTOOD.”
Iraq’s natural gas production poised for significant surge by 2050
Iraq is supposed to observe a significant expansion in petroleum gas creation continuously 2050, as evaluations from the Gas Trading Nations Gathering (GECF) show.
Gas creation has multiplied in Iraq to 15 billion cubic meters in 2022, from 5 billion cubic meters kept in 2013, as per a GECF report.
Iraq’s essential endeavors to increase its gaseous petrol creation line up with its expects to invigorate the power area, which vigorously depends on this energy hotspot for power age.
The report further shows that the expected creation flood will essentially begin from related gas extricated during oil creation, keeping up with its situation as Iraq’s essential wellspring of petroleum gas and representing 60% of the nation’s extended creation by 2050.
Key extraction destinations adding to this development incorporate the oil fields of West Qurna 2, Majnoon, Artawi, Tuba, and Luhais, all piece of a venture understanding endorsed by Iraq with TotalEnergies last year. The task’s creation limit is supposed to arrive at a significant 6.7 billion cubic meters yearly upon finish.Remarkably, Iraq positioned as the world’s third-biggest gas-erupting country by the finish of 2022, following Russia and Iran, with an expected almost 18 billion cubic meters erupted every year
The 15th of April, I'll tell you this, most likely what...Sudani, Alaq, all those folks in the Ministerial Council of Economics, they're working their tails off to make sure to make sure they're ready, if not done, well before Al-Sudani shows. Because if he's coming to town and he wants bargaining chips and I'm pretty sure a real effect exchange rate is going to be one of those bargaining chips.
When people suggest they're going to LOP the currency ask them about...How is it that a country that's worth $16 to $17 trillion with no inflation is going to LOP their currency? And that would be allowed by the IMF, the Bank of International Settlements and the WTO...US Treasury?Why would they be able to just erase the value of the currency when the US Treasury holds lets say 7, 9, 10 trillion dinar? ...This is what's in the news. This is what's reality...
Among them are the ones related to American sanctions and exchange rates. Government clarifications on many economic files
Economy News - Baghdad
The technical adviser to Prime Minister Mohamed Shia Al-Sudani, Friday, while explaining that the government is serious about changing and amending the salary scale for state employees, indicating that stopping the Central Bank initiative made investment residential complexes the monopoly of the well-off.
Mohammed Sahib al-Daraji said in a televised interview followed by "Economy News", that "the visit of the Prime Minister to Washington will be important because America is an important player in the region and these data make the Iraqi government required to deal with the file of the relationship with Washington at the economic and financial level, especially through the control of the US Federal on Iraq's funds from the sale of oil."
He added, "Sudani's visit is important and there are many files that will be resolved, including the file of money, the presence of US international forces, the file of energy and water and the climate file," considering that "the visit comes to develop a new framework for the relationship."
Al-Daraji explained that "the US sanctions on private banks are not their right, but their control of Iraq's money made them behave in this way."
He pointed out that "the difference between the exchange rate of the dollar against the dinar will be resolved soon through some of the measures that the government seeks to implement, which limited the exchange rate to 2000 dinars against the dollar," expecting that "the exchange rate stabilizes at 1480 and 1470 dinars against the dollar."
Al-Daraji pointed out that "Iraq does not suffer from a cash liquidity crisis because Iraq obtains liquidity by selling oil in dollars and selling it inside Iraq and obtaining dinars from the inside and recycling it," noting that "the current crisis is not a liquidity crisis, but the delay in budget schedules is what led to the existence of this crisis, which arises from the cessation of the conversion of dollars into dinars, through intermediary banks."
He explained that "the recent decisions of the Council of Ministers on raising the price of fuel, improved gasoline and super were part of a package of decisions, the most important of which was to reduce the public debt of the country through the reduction and cancellation of some loans to reduce the public debt to $ 10 billion, meaning that the public debt is less than 10% of GDP, as for the subsidized "gasoline" or other subsidized goods are smuggled continuously, noting that "the target of this decision are high-income people and simple citizens will not be affected by this The decision in addition to seeking self-sufficiency in oil products."
Al-Daraji pointed out that "the Iraqi family, according to planning, consists of 5.6 people, which means 6 million families, which means cars with the number of families or more, which means the re-imposition of the individual and marital system, and this is unacceptable by citizens, but these decisions with changing the working hours of some ministries to reduce the momentum in the streets."
The adviser to the Prime Minister stressed that "political tensions are what brought Iraq to this stage by reducing the size of the achievements achieved by the government, but the situation now in Iraq has changed because of awareness, which has become a reality that political tensions can not change," noting that "the country did not get anything during the previous periods and lost confidence in democracy, but there are signs of the return of confidence and satisfaction with what will result from the current government."
In addition, Al-Daraji pointed out that "the monetary mass in Iraq is very high and the Finance Committee should review its information because the financial mass is large and there is no problem in it," explaining that "the monetary mass exists among citizens and trades in the market through the disbursement of the necessary needs of citizens," noting that "Iraq if it sells $ 8 billion and becomes in the Central Bank and what is converted into dollars is equivalent to what the bank sells from the dollar through the platform It is the process of converting dollars into dinars, and it is possible to transfer the surplus to industry and investment in residential complexes to reduce the suffering of citizens."
Al-Daraji pointed out that "electronic payment enhances the output of the cash mass stored by citizens through sales transactions between citizens, and it is possible to establish holding companies for the participation of citizens, but we need insurance in order for these projects to succeed."
On the slogan of Made in Iraq, the adviser to the Prime Minister stressed that "this is a national demand for this government, which is very serious to preserve hard currency and develop the Iraqi economy," noting that "the current government announced for the first time that it will guarantee the investor through sovereign guarantee and this is an encouragement for Made in Iraq, which has the raw materials necessary for industries and evidence cement industry, which has succeeded in achieving self-sufficiency in Iraq."
He pointed out that "America, which numbers 300 million, has 3 million employees, while Iraq has 8 million employees, and this is the result of poor planning, which makes the Iraqi economy restricted," and explained that "the salary scale must be adjusted and the government is serious about changing it to reduce the differences between employees," noting that "changing the salary scale will be by raising the salaries of employees and not reducing some."
"The abolition of military industrialization was a big mistake committed by Bremer and its results were catastrophic for Iraq because the institution was a high-end art institution that was misused by the former regime," al-Daraji said.
Al-Daraji explained that "the government has supported some industries with sovereign guarantees, including a large glass factory in Najaf, in addition to the establishment of a petrochemical complex in Basra, in addition to the construction industries in Samawa and Diwaniyah, and the government's biggest priority is the localization of the pharmaceutical industry, which costs the country hard currency estimated at $ 6 billion per year," noting that "the establishment of factories needs financing, protection and marketing, and the government helps finance the project and protect it from importer competition in addition to marketing assistance."
Al-Daraji pointed out that "the pharmaceutical industry needs successful commercial advertising that gets rid of the idea that foreign production is better than Iraqi, so we need good marketing and change this idea about the Iraqi product in order for these projects to succeed."
Regarding the new Sadr City, Al-Daraji said, "Work is underway to select designs for the city's infrastructure and select solid Chinese companies to develop this city, which is expected to start work within the next two months," noting that "the government supports the presence of Arab and foreign investors to encourage the provision of service to citizens."
He considered that "stopping the initiative of the Central Bank is a mistake reserved because it made investment complexes the monopoly of the well-to-do," explaining that "Sadr City residential will be available to the poor classes of citizens because of the support of the government," noting that "the government seeks to take out civil government departments to the parties to reduce the population momentum in the center of the capital."
I believe we are just waiting on a REER (Real Effective Exchange rate) right now. The question is what are they waiting for on the timing?
I hear from banking contacts, government contacts, A Ministry of Finance contact in Iraq…that they just need the announcement of the REER.
Question: So we wait for the REER- and then it will float up?
MarkZ: Not necessarily. If the rate is high enough …and we believe it will come in higher and not float... We believe the REER is coming in strong.
We do have some reports from some bankers and they were requested not to leave their area this weekend. That is a bit of a change. Even my redemption center contact in Virginia is hearing they have to stay within a 2 hour traveling distance this weekend…even if its Easter weekend. I think that is interesting.
