FRANK26….4-8-24….IQD UPDATE…….ARE YOU READY?

The Iraq market suspends its activity for 6 days, 9 APRIL

The Iraq market suspends its activity for 6 days

Shafaq News / The Iraq Stock Exchange announced, on Monday, the suspension of its activity for six days.

The market said, in a statement received by Shafaq News: “Based on the decision of the Council of Ministers to declare a six-year official holiday for Eid al-Fitr, the market’s activities and deliberative sessions will be suspended for six days.

“The holiday will be as of Tuesday, April 9, with trading sessions to resume on Sunday, April 14,” he explained.

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions per week from Sunday to Thursday, and is listed in it 103 Iraqi joint stock companies, representing the sectors of banks, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.

https://www.shafaq.com/ar/اقتصـاد/سوق-العراق-يعلق-نشاطه-لـ6-يام

"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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