"RV UPDATE" BY PAULETTE, 12 MAY

 Paulette 

 Iraq's WTO Accession Package will likely not be submitted for adoption until MC14 which will be held in early 2026... It clearly was not submitted for adoption at MC13...I anticipate that by then we really won't care.

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 Community Comment: "Iraq on May 9 ascends to FULL membership in the WTO"   I hope you are correct regarding the WTO.  However, the documentable facts and articles regarding this issue would say otherwise.  Don't misunderstand, the documentable facts and articles are EXTREMELY positive.  Iraq, under Sudani appears to be serious about becoming WTO members, opening the country to International trade, moving from a Rentier Economy to a Market Economy and finally implementing the Delete the Zeros Project.  Everyone should be excited even if it takes months more to accomplish.

Article:  "Specialist: Floating the dinar is economic suicide"   As Saleh was stating but only stronger wording.

 Article:  "Al-Ardawi: The Sudanese government seeks to liberalize the Iraqi dinar and stabilize the economy"  Quote: "The visit comes in a very heated situation and everyone is awaiting its outcomes, and the Sudanese carries...ideas and projects that move towards consolidating the relationship with the American side and transferring it from the process of guardianship to friendship...In a way that allows Iraq to assume its pivotal role in the region."   As I have been stating...Iraq needs the US Guardianship to end!! (UN 1483)

Article quote:  "Two Iraqi and American sources said that Prime Minister Muhammad Shiaa Al-Sudani will spend a week in the United States, including discussions with President Joe Biden, and a tour of 3 states."  Will one State be Florida????  Mar-a-Lago???

IMO UN resolution 1483 will have to be lifted to allow Iraq to be totally sovereign as it established the US and UK as "occupying forces"...This is in essence "Guardianship" or "Receivership"...Absent the lifting, the US has to give Iraq permission to do most anything Internationally including "currency reinstatement"...I am hopeful that internal control of the money structure is exclusively in the hands of the CBI so they can at least move to the RD/RV stage of their monetary reform...If not, the upcoming US visit of Sudani may very well be pivotal... Saleh...recently stated he was unsure of the status of 1483 according to news articles...

This is clearly what the article said... They are weighing changing the rate from 1,320 dinars per dollar to 1.32 dinars per dollar.  This is clearly 76 cents to 1 IQD...Currently the rate is 1,320 IQD to 1 USD.   Looking it at the other way, this is 0.0007575 USD to 1 IQD.  If they drop 1 zero from the exchange rate: 132.0 IQD to 1 USD or 0.007575 USD to 1 IQD.  If they drop 2 zeros:  13.2 IQD to 1 USD or 0.07575 USD to 1 IQD.  If they drop 3 zeros:  1.32 IQD to 1 USD or .7575 USD to 1 IQD.  Therefore, 1.32 IQD to 1 USD is 76 cents to each IQD

...What we want to see posted on the CBI website as to how many IQD are required to purchase 1 USD is 1.00 or less.  If they post 3.22 IQD to 1 USD, this would mean 31 cents per 1 IQD. 

 We want them to post .31 IQD to 1 USD which is then 3.22 USD to 1 IQD.  Realize, they post how many IQD it takes to purchase 1 of another currency.

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-paulette-14-march.html

  Community Comment:  "...The rate doesn't matter but "freedom of movement of capital" is important.  That is Article 8 compliance."   They cannot be Article 8 compliant if the country is functioning under a MCP.  A MCP [Multiple Currency Practices] includes a parallel rate of greater than 2% of the official rate by IMF definition.  Saleh said last year that the parallel rate is "REQUIRED" to be 2% or less of the official rate...This 2% or less needs to be maintained for a period of 90 days.  The parallel rate is still around 14% difference. 

 Question:  "I thought they met all the requirements [to join the WTO]?"  All the articles say they have legislation that needs to be passed and the next meeting is in the "middle of the year.

Question:  "When is Iraq supposed to be in the WTO?"  Not before they pass needed legislation, eliminate the MCP [Multiple Currency Practices] and are recognized as having accepted IMF Article 8 obligations.  Accession Committee next meeting with Iraq is planned for the "middle of the year".

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-paulette-11-march.html

Potential Growth Of Iraqi Dinar On Screen Today 2024 | iraqi dinar news ...

New licenses in Iraq to extract ‘huge’ oil and gas, 12 MAY

New licenses in Iraq to extract ‘huge’ oil and gas

Shafaq News / Prime Minister Mohammed Shiaa Al-Sudani, on Saturday, launched the licenses of the supplementary fifth round and the entire sixth round, which includes a total of 29 projects for oil and gas exploration fields and patches, distributed among 12 governorates.

The Iraqi government says these strategic projects will contribute to increasing investments in those provinces, helping to improve their economic and service reality.

Iraq expects to obtain more than (3459) million record cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.

The last time Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, held a licensing round in 2018 was the fifth round.

Meanwhile, Oil Minister Hayyan Abdul Ghani oversaw the opening of bids by advanced companies to invest in the East Baghdad – Northern Extensions field, and announced that one of the Chinese companies won the contract.

Iraq hopes to announce an increase in oil reserves of more than 160 billion barrels, Ghani said.

According to official estimates internationally, Iraq has the fourth largest proven crude oil reserves in the world at 145.019 billion barrels after Venezuela, Saudi Arabia and Iran respectively, according to the annual report of OPEC, while it has a proven reserves of natural gas of 132 trillion cubic feet.

Iraq relies on exporting crude oil by up to about 95% in preparing the country’s general budget.

For his part, economist Nabil Al-Marsami said that the Chinese “Chungman” company (ZPEC) won the investment in the development of the “East Baghdad – Northern Extensions” oil field, as part of a government bid held after a competition with “KAR”.

He said that this comes as Iraq continues to head to China after the exit of American and European companies.

The field east of Baghdad is located in the area that extends from the east of the city of Essaouira in the southeast to the Nabai area in the northwest, categorically east of the center of Baghdad, and the length of the field is more than (120) km wide (5-7) km. The number of wells dug in the field reached (97) wells, while the main reservoirs in this field are the fertile and fertile reservoirs from the upper era and the composition of the lower Cretaceous era and that these oil Cretaceous clusters are distributed over the field.

https://www.shafaq.com/ar/اقتصـاد/تراخيص-جديدة-في-العراق-لاستخراج-كميات-ضخمة-من-النفط-والغاز

"RV UPDATE" BY FNU LNU , 12 MAY

 Fnu Lnu 

   Question:   "What type of paperwork has to be created with the exchange...Not every teller can open a savings or checking account." 

 There is always an account manager or membership manager and all Bank managers and assistant managers can open accounts. If you want to make an exchange then you can also use your existing bank account no matter who it is. Just supply the routing number and account number...In my case, my bank has its SWIFT management apparatus through Wells Fargo so although I don't have, nor do I want a Wells account, my deposit will be just as fast. My SWIFT number is a WFXXXX number even [though] my bank is not a Wells bank.

The United States will NOT... repeat WILL NOT....be leaving Iraq now or in the future. The power vacuum WILL be filled by Iran and only a fool would want the US to leave IRAQ!

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

Iraqi Dinar Historical Floating Today 2024🔥iraqi dinar news🔥RV update iq...

Oil Minister: We hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels,, 12 MAY

Oil Minister: We hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels

Economy News – Baghdad

Oil Minister Hayan Abdul Ghani on Saturday expressed hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels.

Abdul Ghani said, in his speech during the activities of the launch ceremony of the fifth and sixth supplementary licensing rounds, under the patronage and presence of Prime Minister Mohammed Shia Al-Sudani: “The Ministry is launching today 29 promising projects within the fifth and sixth supplementary licensing rounds, to start a new phase towards the advancement of industry and oil and gas wealth after the experience of five licensing rounds launched in 2008.”

He added that “the Ministry of Oil achieved through licensing rounds the referral of 27 contracts for oil and oil and gas fields to international companies that had a significant impact on production levels and government financial revenues by adding more than 2 million barrels per day of crude oil to national production.”

He pointed out that “the fifth supplementary and sixth rounds of licenses will include 12 governorates that include investment opportunities, in addition to the maritime areas in the Arabian Gulf. These projects will contribute to economic expansion and the growth of the governorates in terms of providing jobs and gradually activating economic activity in the surrounding areas, which in turn will increase stability and the employment of labor and achieve the maximum use of gas reserves to meet the increasing needs of gas in electric power generation and other industries.”

He stressed “providing support, support and possible facilities to the winning companies in the development of oil and gas fields,” noting “the success in the liquidation sector by adding more than 360 thousand barrels per day to national production.”
He expressed his hope that “Iraq’s oil reserves will rise in the future to more than 160 billion barrels.”

https://economy-news.net/content.php?id=43310

 

"RV UPDATE" BY FRANK26, 12 MAY

 Frank26 

 On the CBI website back in January of this year...the CBI started the monetary reform campaign to the Iraqi citizens...It was on January 1, 2024 that the Central Bank of Iraq displayed this green looking currency...You'll notice three zeros.  What this is a 1000 but it is not what you think it is.  What is the color of the 1000 note that's out there right now?  Yellow/gold...What's this 1000 note that's green? 

 ...It is a fil...They are not going to release a 1000 lower note...They're not only going to release coins made out of precious metals but they're also going to release fils in paper.

 Don't you dare let your dinars out of your sight.  Don't trust anybody.  Especially the banks. 

 Don't you have to have a high exchange rate to be part of the WTO?  No.  What do you have to have?  

 A sanction free currency.  Are there any sanctions on the dinar?  No more...99.9% are gone.  Sanction free currency.  Sanction free country.  Sanction free bank of that country.  That's why they're members of the WTO.  They already told you that they are and that's the end of that subject...You need to see  something that tells you it's official today?  They already told you.