Tuesday, May 28, 2024
Ebicor calls for trilateral meeting with Baghdad and Erbil to resume Kurdistan oil exports, 28 MAY
Ebicor calls for trilateral meeting with Baghdad and Erbil to resume Kurdistan oil exports
Shafaq News / The Kurdistan Oil Industry Association (EpiCOR) on Tuesday called for a tripartite meeting between it and the federal government and the Kurdistan Regional Government to resume oil exports from the region through the Turkish port of Ceyhan.
The association said in a statement today that its attention has been on reports that oil companies in the Kurdistan region are neither lenient nor flexible in or resuming oil exports, which is why the resumption of oil exports in the region through the pipeline between Iraq and Turkey is delayed.
The statement considered that these reports are incorrect, noting that “these repo rts talk about it in a way that there are negotiations with oil companies, and that the latter in turn does not show any flexibility in those negotiations.”
The statement also noted that “there are currently no negotiations between the oil companies, the Kurdistan Regional Government and the Iraqi government, and the last negotiations were held from January 7 to 9 of this year.”
Epicor confirmed that the oil companies operating in the region are ready to resume oil exports provided that their financial rights are agreed to be paid in the past and guaranteed in the future, and provided that the deals contained in their contracts are protected.
“Epicor member companies believe that the best way to find a solution is to hold a tripartite meeting between oil companies, the Kurdistan Regional Government and the Iraqi government,” said Miles Kakins, spokesman for the association.
"RV UPDATE" BY FREEDOM FIGHTER, 28 MAY
Freedom Fighter ©
💥The United Nations praises Iraq for successful adoption of a global digital banking system
💥Iraq has officially modernized their banking system to global standards
💥Their new digital banking system was “regulated” and became law on April 29, 2024
🟢READ THAT AGAIN‼️
https://shafaq.com/en/Economy/US-Ambassador-praises-Iraq-s-official-adoption-of-E-payment-system
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Today maybe a quiet day but we are going to share something with you from Iraq 🇮🇶
Sometimes to see where we are it helps to know where we came from.
TRUTH TELLER
Freedom Fighter ©
💥Dr Shabibbi , late Governor of the CBI in 2011
💥He wrote the Iraq White Paper economic reform plan aka (IRAQ RV PLAN) in 2011
💥Iraq has come a long way since this video
https://youtu.be/ol8wve53-ME?si=uB1s8XKOwFENuLCI
https://dinarevaluation.blogspot.com/2024/05/iraq-has-come-long-way-since-this-video.html
Expert: The Iraqi economy is witnessing a remarkable growth, with the decline in the dollar exchange rate, 28 MAY
Economic expert Jabbar Kuran revealed today, Tuesday, the high rate of economic growth in the country and the Iraqi financial system was linked to the global banking system.
The economic expert and currency market spokesman in Sulaymaniyah Jabbar Kuran said in a statement to Shafaq News that “the economic and financial situation of Iraq is in a remarkable development and growth and now we are witnessing an increase in the economic growth of the country by 2% and this is a good thing for the Iraqi economy compared to the past years.”
He added that “the implementation of the Central Bank of Iraq’s electronic measures under the supervision of the US Treasury Department has had a clear impact on economic growth as well as on the devaluation of the dollar against the Iraqi dinar.”
He pointed out that “the monetary fiscal policy now followed in the country has made the difference between the exchange rate of the dollar and the dinar shrinking to the limits of ten thousand dinars, and this difference is normal for many reasons.”
He pointed out that “the measures taken since the middle of last year have been implemented in a fact of a way up to 30 financial measures that had a positive repercusssion dealing in Iraqi dinars instead of the dollar, when transactions in the Iraqi dinar in the country are now estimated at 90% except for the Kurdistan region, as well as allowing traders to deal with foreign transfers through banks and directly, where 85% of local traders can now deal with foreign transfers through banks to import materials from abroad.”
Koran ruled out that the dollar exchange rate should be the same as the government exchange rate for administrative and financial reasons, noting that the difference should remain like this by about 10,000 dinars between the exchange rate in dollars and the dinar.
"ABOUT THE STABILIZATION OF THE NATIONAL CURRENCY" BY GOLDILOCKS, 28 MAY
GOLDILOCKS
Once Iraq's digital banks are licensed and good to go, their currency will be licensed as well.
© Goldilocks
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International Monetary Fund mission for the current year 2024 for Article Four consultations praised the Iraqi government’s measures, including the monetary policy led by the Central Bank of Iraq.
The report indicated that the Central Bank of Iraq has taken several measures aimed at stabilizing the national currency and controlling monetary inflation.
Adding that the Central Bank raised the interest rate on monetary policy tools from 4% to 7.5% and increased the mandatory reserve requirements for banks from 15% to 18%, and these steps were decisive in reducing the inflationary pressures that Iraq suffered from, and this contributed to creating an economic environment. More stable.
The report emphasized that important reforms in the banking sector, such as the gradual increase in bank capital and mergers between small banks, aim to strengthen the banking sector and increase its efficiency and flexibility in the face of economic shocks.
The report noted that Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, by launching an electronic platform that imposes the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, as well as the role of the Central Bank of Iraq in expanding relations. Correspondent banking, to facilitate smoother international trade financing operations.
Central Bank of Iraq
Information Office
May 27, 2024
https://cbi.iq/news/view/2592
The Iraqi banking system may soon receive banks of another type called (digital banks). What are these banks and will the citizen, the banking system, and the Iraqi economy benefit from them? Files that the beneficiary of the banking sector services in Iraq is trying to ask.
https://economy-news.net/content.php?id=43770
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