Shafaq News / Iraq’s Deputy Prime Minister and Oil Minister Hayyan Abdul Ghani stated, on Tuesday, that increasing refining capacities will gradually transition the country from importing to exporting, with improvements in gasoline production to meet local demand and eventually export.
During a visit to the Midland Refineries Company, Minister Abdul Ghani highlighted the achievements in the refining sector. He noted that “the ministry and relevant companies have successfully executed and inaugurated several important projects, significantly enhancing national production.
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Abdul Ghani mentioned that dedicated efforts have added 360,000 bpd of refining capacity within a year and a half of the current government’s tenure. He praised the completion and operation of isomerization units at the Southern Refineries Company with a capacity of 1.3 million liters, the Midland Refineries Company with 750,000 liters, and the Northern Refineries Company with 20,000 liters. These projects contribute to increased and improved gasoline production, meeting local demand, and paving the way for gradual exports.
Article: "The Central Bank begins the second phase of its banking reform strategy"
They've completed the first phase of reforms and now into the second phase.
Quote: 'It will inevitably bring stability and the recovery of the dinar.' This is amazing...There's some things happening that obviously are beyond our pay grade that are almost available and ready to go. This article...'...inevitably the exchange rate will be in recovery
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To me that means they're going to go back to that 'previous era'. That would be a recovery. Going from 1460 to 1310 or from 1310 to 1182, that's not 'recovery'...Second phase is that we're at that juncture.
The budget doesn't work at 1300 to 1 or 1310 or even 1320. It's doesn't work at 1160 for crying out loud let alone 1460. Why is it going to work today?
The Central Bank announced that it will launch the National Lending Strategy on 2024/5/25, which is a clear announcement of the beginning of the second phase of its banking reform strategy, and this means that it has completed the first phase of it by achieving tangible and important results in the field of regulating foreign trade financing and regularizing the global financial system through strict adherence to international compliance standards, building sober international banking relations with international banks and correspondent banks, and introducing local currencies for countries with trade exchange, which it is important to deal with cash in their local currencies, in addition to dealing in US dollars.
As well as activating and strengthening its procedures in the transition from the monetary economy to the digital economy and cooperating with the government in expanding the use of electronic payment tools and spreading the culture of transition to the cash society. Certainly, the above tasks have occupied a large space of efforts at the local and international level.
In the second phase, the focus will be on restructuring banks, especially government banks, and starting to implement new policies to support and develop small, small and medium enterprises, and directly with the establishment and approval of the Riyada Bank and the approval of the Green Bank, which will specialize in sustainable financing for renewable energy projects, as well as the orientation of digital banks to keep pace with progress in the field of modern digital banking products. The online platform will also be phased out this year.
One of the tasks that will begin to be worked on is to rehabilitate the restricted banks from dealing in US dollars to comply with international standards in light of the work of the joint committee between the Central Bank and the US Treasury, through which the work of these banks in the activity of foreign transfers for previous years will also be analyzed and audited in the hope that restrictions will be lifted.
What he expected from the procedures and policies adopted by the Central Bank in the first phase and what it has achieved and what will be achieved from the second phase of the banking reform strategy will be reflected in the stability of the exchange rate and the recovery of the Iraqi dinar inevitably.
Article: "The Central Bank begins the second phase of its banking reform strategy"
THE SECOND PHASE OF THE MONETARY REFORM OF THE IQD...'WILL BE REFLECTED IN THE STABILITY OF THE EXCHANGE RATE AND THE RECOVERY OF THE IRAQI DINAR INEVITABLY'! (INEVITABLY MEANS IT HAS TO HAPPEN... IN CONCLUSION: A SANCTIONED PROGRAM RATE DOES NOT REFLECT STABILITY !)
There's some good articles about the float... that's the number one topic right now...We're looking for those videos I told you about. We're looking for more information to be coming out. This plethora of articles, notice they're all focusing on what?
The float. Because that IMO is what's next.
Article: "Floating the dinar... Will it achieve monetary stability in Iraq?"
AS WE SUGGESTED THE MONETARY REFORM EDUCATION WOULD BECOME LOUDER TO THE CITIZENS AND RIGHT NOW FLOATING IS THE TOPIC... WITH NO MENTION OF A BASKET... EXACTLY AS WE TOLD YOU...This is good news IMO...This is beautiful.
The leader of the Kurdistan Democratic Party, Wafa Muhammad Karim, revealed today, Tuesday, that Baghdad and Erbil have settled a complex file regarding the salaries of the Kurdistan region.
Karim told {Al-Furat News} that: “The financial committees that visited the Kurdistan region stressed the necessity of handing over half of the region’s imports to Baghdad and half of the outlets to the central government.” He added, “Indeed, the president of the region confirmed its delivery to Baghdad, but the pending matter is the central government’s request for lists of all ministries’ employees, and this region was reserved about it.”
Karim stated, “He had reservations about sending the lists of the security ministries and the Peshmerga, but this file was completed, resolved, and agreed upon.” He stressed that “all the lists were sent, and with regard to the security lists, they were subject to the Kurds and the symbols.” Prime Minister Muhammad Shia al-Sudani announced, during a press conference after the Council of Ministers voted on the 2024 budget schedules, the federal government’s commitment to the Federal Court’s decision to localize the salaries of the region’s employees. The Federal Court decided to oblige Prime Minister Muhammad Shia al-Sudani and the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, to localize the salaries of the region’s employees. With government banks and deducted from the region’s budget for this year and the coming years. The Federal Court also obligated Sudan to release funding for the region’s salaries after they are settled and not to release them through monthly financial funding.
