"RV UPDATE" BY BGG, 27 MAY

 BGG   

[Reply to Fnu Lnu Redemption Center/DeLaRue post on 5-8-2024]

 While the first half of this post may well be true (likely as not), I beg to differ on the last half.   It’s COMPLETELY INACCURATE...There is NO SUCH THING AS AN AUTOMATED AUTHENTICATION PROTOCOL FOR THE IQD (per the De La Rue engineers – PERIOD). They don’t own that division anymore. It’s a group well known in the US as Cash Systems...

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 | Iraqi Dinar FInancial News | Iraqi Dinar News Today 2024 ...

The New Refineries Stop Iraq's Import Of Diesel.. Has The Purchase Of Gasoline Increased In Return?, 27 MAY

 The New Refineries Stop Iraq's Import Of Diesel.. Has The Purchase Of Gasoline Increased In Return?

 Economy ​ 05-17-2024, 19:00 |Baghdad today - follow-up  Commercial data revealed that   Iraq stopped importing “diesel” or “kerosene” according to long-term contracts, due to achieving sufficiency as a result of the development of refineries.

 However, the data indicated an increase in the import of gasoline according to futures contracts for this year compared to last year, in contrast to the Ministry’s data.

Oil imports decreased by 8 million barrels per day after the opening of the Karbala refinery, it says.

 According to a report published by Bloomberg and followed by “Baghdad Today,”

Iraq suspended diesel import contracts after the modernization of some refineries contributed to enhancing local production, which put the country on the path to achieving self-sufficiency in fuel, as

Iraq ended purchase deals at the end of last year and did not buy fuel. Under long-term contracts so far in 2024, according to traders participating in the market.

 Market data provider Vortexa indicated that the country had purchased three shipments of diesel this year, but traders said they were spot shipments.

 Fixed Term Deals

However, Iraq is still buying gasoline under fixed-term deals, according to traders who requested anonymity because the information is not public, according to Bloomberg.

The country aims to stop imports of fuel used to operate cars as soon as this year.

 Hamed Younis, Undersecretary of the Ministry of Oil for Refining Affairs, said last February that the country is working to renovate the refineries that were damaged during two decades of war, with the North Refinery restarting in 2024, with other refineries to follow.

 Benzene

Iraq imported 2.83 million barrels of diesel last year, or about 7,800 barrels per day, according to Vortexa.

 It also held a tender to purchase about 55,000 barrels per day of gasoline on average until the end of this year, according to traders, and

 this represents an increase from about 43,000 barrels. of seaborne gasoline was saved daily on average last year, according to Vortexa.

Baghdad buys gasoline from the trading units of Saudi Aramco, Reliance Industries, and Omani state energy company OQ, among other companies, according to traders and Vortexa ship-tracking data.

Traders said that these companies supply under long-term contracts, which Iraq continued this year.

  https://baghdadtoday.news/249593-المصافي-الجديدة-توقف-استيراد-العراق-للديزل.-هل-ارتفع-شراء-البنزين-بالمقابل؟.html    

"RV UPDATE" BY PIMPY, 27 MAY

 Pimpy 

 Iraq was already a member of the World Trade Organization.  They are going through the ascension process for a second time.  That's because all the rules, regulations, understandings and business practices...changed once the fall of Saddam Hussein.  Now we have to make sure all their practices, rules and regulations regarding trade line up once again with the World Trade Organization.  Iraq has been a member of the World Trade Organization since 2004.  This is their second time throughout the ascension process...

There's this misconception that the World Bank, IMF and the BIS get to tell countries what to do.  They don't...They facilitate.  They make recommendations but they don't control a country's bank...

Another budget is getting ready to come and go and there is no talk of the rate change.  Isn't that what they told you?  It would be in the new budget because there was no way for them to do large projects, there was no way for them to move forward without an exchange rate change...Why so secret now?  Is this one of those things they're trying to keep from the people?  

They didn't keep it from the people last time [they increased the value] and there's no mention of it this time...Keep your fingers crossed, it hasn't passed yet so maybe they'll change it between now and the time they pass it...You guys know what I think.

 Floating the currency means the value is determined by the market, so if people for whatever reason want to start investing in the Iraqi dinar and the start buying up the Iraqi dinar that means the demand for it is there, think supply and demand. 

 Since they have a liquidity issue, there's not going to have a lot of Iraqi dinar out there and if that's the case then they don't have the supply to feed the demand...But we'll be more than happy to sell our Iraqi dinar back to them if they get the exchange rate up around a quarter or more. I know I would.

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-pimpy-24-may.html

Iraqi dinar | Investors Confidence Boost | Iraqi Dinar News Today 2024 |...

Oil Expert: Iraq Is Capable Of Producing 5 Million And 700 Thousand Barrels Per Day,27 MAY

 Oil Expert: Iraq Is Capable Of Producing 5 Million And 700 Thousand Barrels Per Day

 Time: 05/25/2024 18:38:18 Read: 1,261 times    {Economic: Al-Furat News} The oil expert, Hamza Al-Jawahiri, confirmed today, Saturday, Iraq’s ability to produce 5 million and 700 thousand barrels per day after working on 18 or more oil fields.

 Al-Jawahiri said {to Al-Furat News} that:

“There was an increase in Iraq’s oil production, which does not mean that it will be pumped to the markets or produced because it is committed to OPEC’s decisions.”  He added,

"Iraq currently has a production capacity of one million and 500 thousand barrels that can be added due to the work being done on 18 or more oil fields, and

it can raise its production from 4 million and 200 thousand barrels of oil per day to 5 million and 700 thousand barrels per day."

Al-Jawahiri added,  "With regard to the issue of gas production, we find seriousness from the government towards this matter and we hope for its success, if work continues at this pace."

The Minister of Oil, Hayan Abdul Ghani, announced in his speech during the launching ceremony of the fifth supplementary licensing round and the sixth round, that 29 promising projects were proposed within these licenses to advance industry and gas wealth.  He explained that

 the licensing rounds have an impact by adding two million barrels of oil to national production, while stressing  the imminent announcement that Iraq's oil reserves will rise to 160 billion barrels.  

 https://alforatnews.iq/news/خبير-نفطي-العراق-قادر-على-إنتاج-5-ملايين-و700-الف-برميل-يومياً  

"QFS CONVERSATION " WITH GOLDILOCKS, 27 MAY

 GOLDILOCKS

There is currently a lot of cash building in the markets from traders who are building their portfolios in Gold backed ETFs and the mining sectors of the market.

Cash building in gold is the current trend for Professional Traders and the Retail Market. It gives an investor collateral for the trades he or she would like to make, and even, investments made outside of the marketplace. 

It is becoming increasingly clear that the sentiment for the Retail Market is over the counter products in physical gold.

The growing popularity for cryptocurrency over Fiat money is beginning to gain traction as institutional money is moving their assets around on the Traditional Market in preference for new digital assets onboarding to the new digital asset based trading system. 

The purchasing of Tokenized Assets is a ground floor opportunity and big money is piling into the fray being pulled from two directions right now on the opportunities the market provides. 

Currently, we have Bitcoin and Ethereum ETFs. These digital asset opportunities are considered commodities, and big money is placing their bets on their success. 

The first one is a storehouse of value and the second transacts Market values through Smart Contracts. Look for Ripple ETF to join in the mix soon to provide a Payment Network to move Bitcoin and Ethereum opportunities across all sectors of the market as a liquidity coin.

When the QFS is clearly established with regulations and laws to govern the new digital system, the trend toward OTC products is likely to reverse as consumers begin to realize we are back on a Gold Standard with a set of Digital Protocols on assets and stablecoins that shows a consistency toward potential for growth.

Gold will set us free.

© Goldilocks 

https://www.kitco.com/news/article/2024-05-22/signs-global-gold-standard-gaining-traction-steve-forbes?utm_campaign=Newsletter%20-%20May%2024%2C%202024&utm_content=Reshaping%20the%20global%20gold%20market&utm_medium=email&utm_source=kitco 

https://coinpedia.org/news/why-xrp-etf-approval-could-be-imminent/ 

https://www.reuters.com/technology/us-sec-approves-exchange-applications-list-spot-ether-etfs-2024-05-23/

https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/BitcoinFuturesETF.html#:~:text=A%20bitcoin%20futures%20exchange%2Dtraded,acts%20as%20a%20commodity%20pool. 

https://www.kitco.com/news/article/2024-05-24/gold-has-new-momentum-its-utility-grows-global-trade-franklin-templetons?utm_campaign=Newsletter%20-%20May%2024%2C%202024&utm_content=Reshaping%20the%20global%20gold%20market&utm_medium=email&utm_source=kitco