DINAR REVALUATION

Sunday, April 7, 2024

Iraqi Dinar | Sudani Announced IQD RV Eid Gift To Iraqi People on Eid | ...

Iraq announces that it is close to producing 5 million barrels per day, 7 APRIL

Iraq announces that it is close to producing 5 million barrels per day

Baghdad - Iraq Today:

Oil Minister Hayyan Abdul Ghani confirmed that Iraq is close to reaching an extraction capacity of up to 5 million barrels of oil per day, while revealing the current volume of gas production, indicating that Iraq is ranked 12th globally in the volume of storage.

Abdul Ghani said in a press interview that "the Iraqi oil industry plays an important role in shaping the future of the national economy, and plays a great responsibility in supplementing the economy and advancing its burdens, especially with its reliance mainly on oil amid serious and real attempts to diversify the national economy and its sources of income."

He added that "the Ministry of Oil is approaching coherent steps to reach in the extraction sector an extraction capacity estimated at 5 million barrels per day despite serious restrictions on oil markets and restricting the quotas of OPEC countries in order to support the stability and balance of prices."

"This comes amid real fears of upcoming climate restrictions on the oil sector, the latest of which was the texts of the COP 28 climate conference and its recommendations for a gradual shift away from fossil fuels," he said.

He stressed that "the ministry's efforts are concerted in the gas industry on the axis of new rounds of exploration, production rounds, associated and burned gas investment rounds, and work is continuing on the fifth and sixth rounds of border patches and patches of the promising western regions with gas reserves because of Iraq's position in the global treasury that makes it ranked 12th in the world, and because of the importance of gas in meeting our national need and in the energy transition file as it is the cleanest fuel compared to heavy fuel, and this is in line with the recommendations of recent climate conferences. "

He pointed out that "the Ministry of Oil has paid great attention to investing gas in the western regions, which have a very large gas reserve, and therefore the ministry launched the fifth and sixth licensing rounds to invest it with the border areas, and the two rounds included more than 30 fields and oil and gas exploration patches, including 15 gas patches in the western regions, starting from the border with Syria and then Jordan down to the border with Saudi Arabia, where the provinces of Diwaniyah and Muthanna."

Abdul Ghani pointed out that "there are 20 international companies that will contribute and we hope that Iraqi businessmen will also have a contribution to these licensing rounds, and we are fully prepared to qualify these companies in order to expand participation in the rounds, which will ensure Iraq's self-sufficiency in gas and stop importing it, and Iraq may turn into a gas exporting country."

The Minister of Oil pointed out that "Iraq's current production of gas reaches 3200 million standard cubic feet (mqmq) per day, and the estimated investor of it up to 62% and the rest of the percentage of 38% is currently burned, and the current government since the beginning of its formation has set the goal of stopping gas burning at the top of its priorities."

He explained, "It has been contracted to stop burning gas and its investment, and within a few years the entire quantity will be completed and stop burning and we have developed a road map to invest its large quantities, and perhaps the last project completed last year is the project (Basra Angie Al) with a capacity of 200 million standard cubic feet of gas and was opened with the beginning of the formation of the government, and there is another unit in the Basra Gas Company with the same volume of energy with 200 million standard cubic feet and will start its trial operation in the second half of This year 2024".

He continued, "We also have a gas investment project in the Halfaya field in Maysan with a capacity of 300 million standard cubic feet, which has reached advanced stages, and within one to two months, the trial operation of the project will be completed and this quantity will be invested and directed to the national grid and power stations, especially the Amara gas station, as well as we have a project in Dhi Qar Governorate with a capacity of 200 million standard cubic feet implemented by Baker Hughes International for gas investment in the Nasiriyah and Al-Gharraf fields, which has also reached advanced stages. The first phase will be operational during the second half of this year, while the second phase will be operational next year."

Abdul Ghani pointed out that "the ministry's contracts and efforts are continuing in the project of the French company Total, which includes 3 main events in addition to oil production, and the most important of its activities is the investment of 600 million standard cubic feet of gas that is currently burned in 5 oil fields: Majnoon, Al-Lahis, West Qurna 2, Artawi and Al-Tuba, and it will be implemented in two phases by 300 million standard cubic feet for each stage, and they will end over 5 years, the first 3 and the second two years."

"RV UPDATE" BY KAPERONI, 7 APRIL

Kaperoni

There is no RV and there is no delete three zeros going to occur in the near future. Only with the success and growth of Iraq's only economy can the dinar ever go up in value.

Kaperoni

IMF report: "Iraq: Staff Concluding Statement of the 2024 IMF Article IV Mission"

Quote: "The authorities should therefore seek to enable private sector development, including...modernization of the financial sector and restructuring of state-owned banks, pension and electricity sector reforms...and continued efforts to...reduce corruption."

I have been stating something similar for years. If the Iraqi dinar is ever going to go up in value, it's going to be as a direct result of Iraq diversifying and growing their economy. Iraq needs to quit stalling and pass legislation to encourage and invite investment into their own country.

If Iraq is ever going to raise the value of the dinar they need to do it gradually over time so they can reduce the money supply. As well, a gradual increase reflects the economic growth of the economy.

I remind people again Iraq's entire net worth including all minerals in the ground including oil is only worth about $16 trillion dollars. With over 100 trillion dinar in circulation Iraq could never RV the dinar! Only with the success and growth of Iraq's economy and private-sector can the dinar go up in value. It could go up gradually over time as Iraq's GDP increases.

I still have significant concern over Iraq wanting to redenominate (LOP) their currency. There are numerous educational symposiums teaching the citizens about such an event. This is a very real possibility.

Article "US and Iraq agree to start talks to end presence of US-led coalition"

The dinar either rises gradually over time as Iraq's economy prospers reducing the money supply or Parliament will authorize the deletion of zeros reducing trillions to billions and a LOP. Not what we want to see.

there is no way Iraq can RV the Iraqi dinar with [120] trillion dinar in circulation. No country could afford. Iraq's total net worth is only around $16 trillon dollars.

There is no significant RV of the Iraqi dinar.  And if the dinar does ever go up in value, it will be based on the success and growth of Iraq's own economy. There are no shortcuts.
Article:   "Ali Al-Alaq, the current governor of the Central Bank of Iraq confirms that Iraq's money supply exceeds 100 trillion dinar."
If and when the Central Bank decides to increase the value of the Iraqi dinar more than likely it will be based on some type of gradual float as a result of the success and growth of Iraq's own economy and an increase in GDP.
I hope each and every one of you find success in this investment...It may take time. It may be another 1 to 5 years. I certainly hope not but I believe things could happen quickly over the next 36 to 48 months. It all depends on Iraq.
...We all know things don't happen fast in Iraq. Iraq has a lot of work to do in order to succeed. The first of which is pass over 100 stalled laws through Parliament to encourage investment in Iraq. And at the same time the Central Bank of Iraq has to continue reforms to the banking system, digitalization, and apply monetary tools to meet compliance .
A country's exchange rate is the result of the success and growth of their own economy. When you have a weak economy, you have a weak exchange rate.  Until Iraq passes laws, diversifies their economy and increases their GDP, nothing will happen with the dinar.   When Iraq passed their tripartite 3 year budget a few months back, it created the conditions for them to diversify and privatize their economy over the next three years.   Now Iraq is on the clock to accomplish such.
There's a new article out that many people are translating and confusing.  They are not talking about an RV in Iraq, they are talking about the spread being in compliance early next year.
Just a reminder the spread is the difference between the official rate and the market rate or street rate and has been way out of whack recently in Iraq. This article simply means they expect the spread to come down closer to the official rate early next year. There is no RV.
    A very important statement was made back in 2020 by the prime minister's economic advisor Mohamed Salah who used to be Deputy Governor of the CBI under Shabibi. He stated that Iraq's entire wealth including all minerals in the ground amounts to only $16 trillion dollars. Knowing that information one can then determine that there is no way a significant RV could ever occur with over 90 trillion dinar in circulation.  It doesn't make sense...
They...have to have the dinar stabilized within the country and within the 2% rule mandated by the IMF in order to then accept IMF article VIII and begin to float the dinar which would raise its value based on supply and demand. All of these processes and or steps required time.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-10-dec_0650267841.html
#f3f3f3;">https://dinarevaluation.blogspot.com/2023/12/rv-update -by-kaperoni-18-dec.html

Will Market Rally Last Or Is A Crash Imminent? | Jessica Inskip

MP calls for the return of $215 million belonging to the Iraqi bank, 7 APRIL

MP calls for the return of $215 million belonging to the Iraqi bank

Baghdad

First Deputy Chairman of the Parliamentary Integrity Committee Alia Nassif on Saturday called on the Prime Minister, the Public Prosecution and the Director of the Iraqi Trade Bank to put an end to the people who drain the money of the Iraqi people by looting the bank's funds.

She said in a statement received by the information that "the Iraqi Trade Bank lost $ 215 million as a result of issuing judicial rulings in favor of the so-called (AA) and the so-called (SNA), which raises suspicion of the existence of cooperation between them and some influential within the bank.

"Nassif stressed the need for "concerted efforts between the government, the judiciary and the director of the bank to recover the money from these two individuals and cooperate with the bank's management in the campaign to recover all the funds that leaked during the previous years25."

"RV UPDATE" BY WALKINGSTICK, 7 APRIL

WALKINGSTICK

Executive order 13303 was the protection of the DFI funds of their oil money. All protected by the United States of America...

No one could sue Iraq. Now it's different, this executive order has come to an end...Iraq's new currency exchange rate is under the DFI funds... 13303 was not sighed. This is good. It is fantastic because...as long as the executive order was in place Iraq could not reinstate its currency...

There's nothing like the facts. Everything they're telling the Iraqi citizens is a fact because it's coming from the right sources.

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-walkingstick-5-april.html

Walkingstick

The citizens of Iraq are not exchanging for the float. They're exchanging for purchasing power. That's all the Iraqi citizens get. They only get purchasing power of their currency which is everything to them.

"ABOUT THE STATEMENTS RELEASED BY GOI RELATED THE IQD" BY WALKINGSTICK, 17 MARCH

Walkingstick

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...

----

[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.

https://dinarevaluation.blogspot.com/2024/03/iraqi-bank-friend-bank-story-by.html