Sudanese Advisor: The Oil Sector Is Witnessing A Rapid Renaissance, 8 MAY

 Sudanese Advisor: The Oil Sector Is Witnessing A Rapid Renaissance

Money  and business  Economy News – Baghdad  Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the positive effects resulting from the export boom of natural gas derivatives, while indicating that the oil sector is witnessing an accelerated development renaissance.

Saleh said, in a statement followed by Al-Iqtisad News, that “models of economic progress depend on export resources in order to advance the reality of development,” indicating that “work to diversify the economy is through diversifying exported raw material products within high value-added chains that reflect positively on Current account of the balance of payments.

He added, "The export launch of a specific type of natural gas derivatives and the development in this direction have two important effects, including the optimal exploitation of some aspects of natural gas resources that have been wasted by burning, especially the gas associated with oil production, in addition to the gradual reduction and compensation for the costs of gas currently imported for specific purposes and used."

 As a fuel for operating electrical power plants that rely on natural gas derivatives itself.”

He pointed out that "the oil sector today is witnessing a rapid developmental renaissance, whether in diversifying products from crude oil, associated gas or natural gas, and generating high flexibility in allocating the country's financial resources, whether towards replacing imports of oil and gas products or promoting exports of them according to calculations of the balance between costs and benefits."

From the import and export activities of various types of oil and gas derivatives,” noting that it is “the optimal balance rule that will be in the interest of the national economy, especially maximizing the country’s financial revenues.” 05/07/2024 https://economy-news.net/content.php?id=43203

"RV UPDATE" BY MARKZ, 8 MAY

 MarkZ 

  [via PDK]  

 I did have multiple bankers over the weekend get notified and are beginning training today.  They are “Training to handle foreign currency exchanges”. Some of the currencies mentioned are exactly what we are holding...And they are being trained on them...They need to know the security features on the various bills in order to verify them on site. That is what they are training on... NOW - THIS WEEK-IMMEDIATELY!!!  These are banking people who have never been trained before…these are some of the ones the banks had told them “No, this is never going to happen” and now suddenly the banks come to them and say “You have got to get trained now - this week - immediately”...Gave me a good warm and fuzzy feeling today.

There was interesting money movement over the weekend according to my best group contacts.   It is clearly positioned to go...

 Article: “Kuwaiti Dinar to US Dollar-Top 10 highest valued currencies in the world in 2024” 

 This article was in the Indian Express. And the Iraqi dinar used to have that number one spot.  Comment:  I would expect Iraq to be worth more that Kuwait.  MarkZ:  Absolutely.  And when Iraq was the most valuable currency in the world they had not yet developed their natural gas reserves…and were not pumping nearly as much oil as they are now. Every part of Iraq is now in better shape than when they had the most valuable currency in the world.

🔥 Iraqi Dinar 🔥 It has been Announced 🔥 News Guru Intel Update Value IQD...

Al-Rafidain Explains The Importance Of Adopting A Comprehensive Banking System, 8 MAY

 Al-Rafidain Explains The Importance Of Adopting A Comprehensive Banking System

Economy News – Baghdad  On Tuesday, Rafidain Bank explained the importance of adopting a comprehensive banking system, while stressing the work on adopting two advanced systems in the field of combating money laundering and terrorist financing.

The bank’s general manager, Ali Karim Hussein, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “since we took over the management of the bank, Rafidain Bank has begun activating the comprehensive banking system in its branches spread across government institutions and border crossings where the collection system is large.” ".

He explained, "The comprehensive banking system will simplify the procedures for opening accounts as well as transfer operations, so that the customer will be able to manage his account without accessing the bank."

He pointed out that "there are many reforms, including the adoption of the AML and GOAML systems, which are among the internationally required systems, specializing in the field of combating money laundering and terrorist financing, in addition to the adoption of electronic systems in which the human hand does not interfere, as they are the ones who prepare the lists and conduct the scanning process electronically and not Manually,

and as a result, it will guarantee the credibility of Rafidain Bank, as well as the banking sector in general, towards international institutions by adhering to the requirements and legislation for combating money laundering and terrorist financing.”

The Director General of Al-Rafidain Bank stated, “The bank’s previous work, due to the lack of an electronic network linking the bank’s branches, the customers were businessmen, merchants, and simple citizens, who could not carry out any banking operation within a short time, but at the present time the system has been transformed electronically,

so the customer can go For any of our branches spread across Baghdad and the governorates that has a comprehensive banking system, he enters his account, and all his data will be available with the employee, which will make it easier for the customer to conduct banking operations, whether by withdrawal or deposit.”  05/07/2024 - https://economy-news.net/content.php?id=43211

"RV UPDATE" BY FRANK26, 8 MAY

Frank26  

 Who's forcing this monetary reform to come out/this new exchange rate?  The citizens of Iraq?  Sudani the prime minister?  The US Treasury?  

They sure want a windfall don't they for the Federal reserves. The CBI?  You and I?  The answer is all of the above is forcing it. 

 That's what's wonderful about it.  We are all on the same page.  We are all in cahoots.  We all agree.  

  It's going to float.  It's just that there's no basket, that's all.

 I just don't see that it's going to be in a basket.  I think it'll be a fixed rate...What would it be?  

Well they want 1 to 1.  IMO maybe $1.50 to 1 or $1.30 to 1. 

 That's a fixed rate.  But that fixed rate is going to be put in the international markets - Forex.  Because of supply and demand, using, buying and trading with it, the value internationally is going to go up...The CBI seeks what's called a REER, Real Effective Exchange Rate.

Float = Forex or Fixed = 1 to 1🚩Green Light Given?🤔Iraq Dinar RV Updates...

The Dinar Is Breathing Through The Eye Of A Needle And The Dollar Is At 145,500, 8 MAY

 The Dinar Is Breathing Through The Eye Of A Needle And The Dollar Is At 145,500

Economy | 05:40 - 05/07/2024  Mawazine News – Baghdad  The exchange rates of the US dollar witnessed a decline this evening, Tuesday, in the capital, Baghdad, while it stabilized in Erbil, the capital of the Kurdistan Region, with the stock market closed.

Dollar prices fell with the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 145,450 dinars per 100 dollars, while prices had recorded this morning 145,550 dinars per 100 dollars.

Regarding the selling prices in the exchange shops in the local markets in Baghdad, they stabilized, as the selling price reached 146,500 dinars per 100 dollars, and the purchasing price reached 144,500 dinars.   https://www.mawazin.net/Details.aspx?jimare=247504