"RV UPDATE" BY CLARE, 8 APRIL

  Clare

  Article: "Office of Mr. Al-Sistani: It is expected that Wednesday will be the first day of Eid Al-Fitr”  Quote:  “The office’s forecasts for the crescent times for the Hijri months indicated the possibility of seeing the crescent of Shawwal tomorrow, Tuesday, so that Wednesday will be the first day of Eid al-Fitr.”

 Clare 

Article: "Iraq will become an "alternative" to the Suez Canal"   Quote:   "Iraq will become, during the next few years, a 'center' for international trade between the East and the Middle East and the West.”

 Article:  "Iraqi economy faces threat as US closes oil revenue account"  Quote "... with the closure of the DFI [Development Fund for Iraq] account, Iraq's oil revenue is now being directed to a new account, referred to as IRAQ2.  This transition raises concerns...banking specialist Kamaran Qadir Yaqub...warns the protection previously afforded to Iraq's revenue may no longer be guaranteed."

Article:  "Al-Shammari reveals the most prominent files of Sudanese’s visit to Washington and the government’s ambition regarding the dollar"  Quote: "Al-Sudani's visit to Washington will be practical and will not be for taking pictures...The Iraqi delegation will ask the American side about the reasons for their decisions to impose sanctions on Iraqi banks... Our expectations are that the visit will be very successful..."

Clare 

 Article "Statement from Press Secretary Karine Jean-Pierre on the Visit of Prime Minister Mohammed Shia’a Al-Sudani of Iraq to the White House"  Quote "On April 15, President Joe Biden will welcome Prime Minister Mohammed Shia’a Al-Sudani of Iraq to the White House  to coordinate on common priorities and reinforce the strong bilateral partnership between the United States and Iraq."     

Article:   "Al-Sudani intends to visit Washington to lift the ban on banks prohibited from dealing in dollars "  

Quote: "The head of the Iraqi Securities Commission, Faisal Al-Haimas, announced that three Iraqi banks were sanctioned by the US Treasury, and 25 banks were banned from dealing in dollars  ; ."

 Article: "The Central Bank announces an understanding with the US Treasury to reconsider sanctions and indicates 'illegal trade' "

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-clare-19-march.html

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World Bank Supports Iraq’s Financial Reform Program, 8 APRIL

World Bank Supports Iraq’s Financial Reform Program

8th April 2024 in Iraq Industry & Trade News, Politics

By John Lee.

Finance Minister Satif Sami has met with Jean-Christophe Carre, the Regional Director for the Middle East at the World Bank, along with the bank’s Special Representative in Iraq, Richard Abdulnour, and a number of experts and specialists.

The meeting discussed development project priorities and ways in which the World Bank can support enhancing financial and business sectors and improving the investment environment. There was an emphasis on the continuation of bilateral coordination to promote sustainable development and support the government’s economic reform program in Iraq.

Minister Sami highlighted the ministry’s efforts and plans to accelerate financial and banking reforms in line with the Iraqi government’s vision to strengthen the national economy, achieve economic balance, and correct fiscal policy in Iraq.

The World Bank representative emphasized continued serious and fruitful cooperation with the Iraqi government, providing necessary expertise for development projects and reforms related to the financial and business sectors.

(Source: Ministry of Finance)

https://www.iraq-businessnews.com/?p=217950

"RV UPDATE" BY FNU LNU, 8 APRIL

  Fnu Lnu  

Iraq is worth far more than 16 trillion dollars and there is far less than 80 trillion in circulation...To espouse such inciting commentary [against this]...negates everything Dr. Shabibi has stated and everything the CBI and GOI have stated. The Dinar was worth $3.22 pre-sanctions and at that time all they had was oil at $32 dollars a barrel...

Fnu Lnu 

   Article quote: "Al-Kadhimi indicated that increasing the budget’s overall amount, from 199 trillion Iraqi dinars (nearly $152 billion) to 228 trillion Iraqi dinars (approximately $174.04 billion), resulted in a rise in the deficit, revealing that the budget is still being discussed in the Council of Ministers and would likely be presented to the Iraqi Parliament next month."   It would logically follow that a revaluation would be likely before next month's USA confab.

 [Response to Pimpy's HCL non-revenue sharing post from 3-31-2024 below]  

The notion of revenue-sharing is nothing new in the Middle East.  Bruni and Kuwait both do it...Revenue Watch Middle East Director Yahia Said recently returned from several months in Iraq working on the International Compact with the UN...This USIPeace Briefing summarizes the discussion.  Many Iraqi citizens look to the law for what it can contribute to reconciliation, security, and welfare. The three parts of the agreement will deal with the issues of 1) revenue sharing; 2) restructuring of the ministry of oil; and 3) establishing the Iraqi National Oil Company (INOC). 

  It is quite clear that the HCL has intentions to codify the issue of welfare (not for government) and the number 1 issue is REVENUE SHARING.  To be more specific; Section 1314 of the FY2007 Supplemental Appropriations Act [P.L.110-28] specifically identified the enactment and implementation of legislation  “to ensure the equitabledistribution of hydrocarbon resources of the people of Iraq without regard to the sect or ethnicity of recipients” and “to ensure that the energy resources of Iraq benefit Sunni Arabs, Shia Arabs, Kurds, and other Iraqi citizens in an equitable manner” as benchmarks . 

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-fnu-lnu-2-april.html

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Baghdad operates oil line ‘competing’ Kurdistan pipeline to Turkey, 8 APRIL

Baghdad operates oil line ‘competing’ Kurdistan pipeline to Turkey

Shafaq News – Iraq’s Oil Ministry announced on Monday its intention to operate a pipeline that runs from Kirkuk to the Turkish port of Ceyhan, which will rival the more than a year-old Kurdistan Jihan line, in a move that could anger Kurdish officials and companies operating there.

“Baghdad is working to repair a pipeline that would allow it to pump 350,000 barrels per day of oil to Turkey by the end of this month,” Iraq’s deputy oil minister, Bassem Mohammed, told Reuters.

The restart of the Kirkuk-Ceyhan pipeline, which has been closed for a decade, would provide a competitive route for a pipeline from the Kurdistan Region that has been suspended for a year amid stalled talks between Baghdad and the KRG over the resumption of exports.

“The pipeline is likely to be ready to operate the flows by the end of this month, and the repair work is underway and a major crude pumping station with storage facilities has been completed,” Mohammed added.

“Repairing the damaged parts inside Iraq and completing one basic pumping station will be the first phase of operations to return the pipeline to full capacity,” he stressed.

For its part, three sources from the Baghdad-run North Oil Company said, “Crude oil test pumping began early last week to verify the pipeline parts operating inside Iraqi territory.

The sources added, Reuters, that “the Iraqi technical crews, during the past period, have speeded up the repair of the affected parts that extend from Kirkuk through the provinces of Salah al-Din and Nineveh to the border area with Turkey.”

According to the above, Reuters noted that the federal government in Baghdad will ask oil companies operating in the Kurdistan region to negotiate with it to sell their oil via the revived pipeline to Turkey, something that could anger the Kurds who are almost completely dependent on oil revenues.

“Baghdad has rejected a Kurdia’s request that the federal government pay a transit fee of $6 a barrel for Russian oil company Rosneft, which partially owns the pipeline,” two Iraqi oil officials and a government energy adviser, speaking to Reuters, on condition of anonymity, said.

“Iraqi Oil Ministry officials told the Kurdish negotiating team that they consider the agreement between the Kurdistan Regional Government and Rosneft illegal and a violation of applicable Iraqi laws,” Reuters quoted energy adviser in the Kurdistan Region as saying.

https://www.shafaq.com/ar/اقتصـاد/بغداد-تشغل-خطا-نفطيا-ينافس-نابيب-كوردستان-لى-تركيا

"ABOUT REDEMPTION CENTER PROCESS" PART.3, BY TEXAS SNAKE, 8 APRIL

TEXAS SNAKE

 While all Tier 1 and 2 banks have foreign currency exchange counters, while not every branch may process exchanges in most all the larger city branches provide this service.  Anyone, whether a bank customer or not can enter and exchange acceptable foreign currency that is traded on the FOREX.  The banker looks up on their screen what the Bid and the Asked prices for said currency and if you are purchasing you pay the Bid and if you are selling you receiver the Asked, the difference being the what is considered the commission.  

   How the Exchange Center concept was created was to offer the additional cash associated with our exchanging currency so we could participate in the Chinese Elders offer of a rate above the FOREX published rates in order for us to be the bridge to improving humanity for those less fortunate.  We would also personally benefit by offsetting some of the costs associated in gifting to others outside of our immedate family.  Establishing Trusts and Foundations, etc.

Texas Snake, [03/16/2024, 1:34:29 p. m.]:

If you were not required to provide an email address or a phone number upon purchasing currency, or if you have not subscribed to a foreign currency internet service providing your email address to receive daily currency updates chances are pretty good you will not be notified when the currency revalues.                                                                                                   The exchange centers were set up in conjunction with the major Tier 1 banks to assist the public in exchanging their currency as well as to offer wealth management services to the new rich.  You may elect to accept their offer or seek other investment management services.

You receive an email or phone call to contact by using an 800 number to discuss exchanging currency you have purchased.  You will be asked to identify you hold, and a city in which you would like to exchange in, as well as the Tier 1 bank you would like to conduct your business through.  You just need to identify the particular currencies you hold not the amounts of each.  Once you have provided this you will be given a second number to contact the bank you wish to use in the city of your choice.  This second number is who you will establish your appointment to exchange with by date and time and will be given instruction of all you need to bring along fo ID purposes.