Tuesday, April 30, 2024
Gas production at West Qurna to begin within six months: Prime Minister, 30 APRIL
Gas creation at the West Qurna field will start inside the following a half year, Iraq’s Top state leader Mohammad Shia al-Sudani declared on Monday as he framed a team from four services to survey Iraq’s energy document.
Al-Sudani presided over a meeting with the Ministers of Oil and Electricity to discuss the national energy strategy file and the plans of the Ministry of Electricity.
“Based on a review of the energy file and what Iraq needs at the level of produced energy and fuel energy, while at the same time ensuring sustainable financing of energy projects to prevent their delay or stoppage,” Al-Sudani instructed a task force comprised of representatives from the ministries of planning, electricity, oil, and finance, as well as the Advisory Board, to work on an urgent update to the national integrated energy strategy.
He focused “the need to consider in refreshing the procedure the mix of energy projects with one another, so that gas supply sources are accessible to work internal combustion plants upon their finish, gas transmission pipelines are accessible upon culmination of creation from oil fields, and power plants are accessible to profit from it.”
Al-Sudani said the technique ought to consider “the way that the state should take to diminish the weight of the energy document on state reserves, and coordinated that the specific group present its report on refreshing the system after meeting with the pertinent services and with the expert to the Service of Arranging, KBR Organization.”
Since gas production will begin in West Qurna within six months, “which requires working on introducing this transmission pipeline into the national gas transmission network,” the meeting discussed the decision-making process for the gas transmission pipelines produced by gas stations.
"RV UPDATE" BY GOLDILOCKS, 30 APRIL
GOLDILOCKS
How EU’s ‘complete mess’ on stablecoin regulation risks delistings with MiCA deadline approaching
"Experts worry that the regulations are so onerous and confusing that they will drive out some stablecoins starting on June 30 when the laws kick in."
On June 30th, 2024, Stablecoins and Cryptocurrency Regulations will become law. At that time, we will have a digital economy capable of running the banking system and the markets.
This is when we are going to see utility drive the new digital market in the
se new digital assets. It will move the prices of these assets into real values.
Market values will move to fundamental correlations based upon supply and demand bringing in new prices on every sector of the market. This includes the Forex Market where Stablecoins will represent them.
At that time, credit valuation adjustments will begin the process of floating values up or resetting their values entirely. | CoinStats
© Goldilocks
A fixed or fixed exchange system for the Iraqi dinar, 30 APRIL
A fixed or fixed exchange system for the Iraqi dinar
Mahmoud Dagher 4- 29-2024
First: a fixed system:
Rentier countries seek to adopt a fixed exchange system (pegged) to a strong foreign currency or several currencies (a basket of currencies) to ensure the stability of foreign transactions, as long as they export one depleted commodity and import many goods and services, and they are called “small open countries.”
Despite the agreement that the floating currency system is considered the best in terms of relative response to the performance of the external economy and the lack of need for sometimes excessive use of foreign reserves to defend the official value in the peg system, the abundance of reserves and the need for stability in foreign transactions have a major impact on the economy. Overall, rentier countries are likely to adopt a fixed exchange rate system.
Iraq is one of the economies whose monetary authority adopts an openly fixed exchange rate system (De jure) and strives to be realistically fixed (De facto). The Iraqi dinar’s peg is classified as a “soft peg” peg that includes accepting a fluctuation of no more than 2% during the period. The last 6 months of IMF audit and 1% average volatility continuously (ereare,IMF,2021).
When dealing with the dinar exchange rate, a distinction must be made between the fixed exchange rate that affects the market, and the contractual exchange rate between the central bank and the Ministry of Finance when selling its dollars to the central bank (which is proven in the budget for the public revenue account), and the market exchange rate remains the most important because it is dealt with in the markets as a value. Reference.
The official dinar exchange rate went through (roughly) the following stages :
From 2004 – December 2020: Buying: 1190 Selling: 1200
From the end of 2020 - February 2023: Buy: 1460 Sell: 1470
From February 2023 until now: Buying: 1310 Selling: 1320
It is noted that there are 10 points (10 dinars) between purchasing banking and non-banking financial units (exchange companies) and selling them to merchants (transfers/credits) or to individuals (in cash) (noting that there is a change within the ten points for motivational purposes, but it is not extensive)
Therefore, during the years 2020-2023, the monetary authority did not leave the fixed exchange system, but rather moved from one fixed exchange rate to another fixed exchange rate, according to what it saw fit in the interest of the overall economy and well-being.
It is natural that the repeated transfers from one constant to another over a short period of time had an impact on the balance levels of the dinar and the size of the gap between the official and market exchange rates. This was reflected in the shifting of financial positions in favor of those holding the dollar again and again in favor of those holding the dinar
. It even had an impact in changing The financial positions of creditors and debtors at each change, noting that those with dinar salaries and income are most affected by the gaps and fluctuations between the official value and the market value of the dinar, especially since changing the amount of the assessment was reduced (12-20-2020) and then raised (2-7-2023). It has a clear positive impact even on the macroeconomy, in addition to being a deviation from targeting stability by essentially adopting a fixed exchange rate system.
"RV UPDATE" BY NADER FROM MID EAST, 30 APRIL
Nader From The Mid East
People calling me since last Thursday asking me, 'We hearing the exchange rate will change on Monday?' ...I didn't see anything about Monday. I see really good news. I believe with all this going on they should go for it. I think they're ready. I don't know when or why not. Some people saying Monday...before the end of the month...May... July. It's all prediction. I wish it could happen now. Today...Let's watch it...
Today I was watching the news. I was watching Sudani in the street and it got me all excited. Got me happy. It's been a while we didn't see a leader who cares about the people, who cares about the country...He was walking in the street at least for 2 hours...It's great to see that. He give confidence. It gives hope. I hope he continues like that...It's amazing what's going on in Iraq. I love it.
This visit to United States it was really good. All this contracts they signed...all these people want to go to Iraq to do business, start businesses. It's great. Now they have the ball in their hands so we see what they're going to do with it. They're going to score or pass on the side again?
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