Iraqi Dinar - Iraqi Investors Gear Up for Major Budget Approval

OPEC+ ministers gather in Riyadh to discuss oil policy, 3 JUNE

OPEC+ ministers gather in Riyadh to discuss oil policy

Shafaq News/ OPEC+ ministers kicked off their meeting in Riyadh on Sunday to discuss oil policy, with sources indicating a strong likelihood of extending production cuts through the end of 2025.

Insiders revealed that the first day of OPEC+ talks focuses on production strategy. These sources anticipate OPEC+ will maintain current curbs on output for the remainder of 2024 and into next year.

Invitations were recently sent out for several OPEC+ ministers to convene in the Saudi capital, the sources added.

Currently, OPEC+ members collectively slash production by 5.86 million barrels per day (bpd), representing roughly 5.7% of global demand.

Discussions are expected to touch on countries undertaking voluntary supply cuts of 2.2 million bpd, a key component of the alliance's strategy to manage supply, maintain market stability, and support crude prices. These voluntary cuts are made by Iraq, Algeria, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates.

"RV UPDATE" BY DEEPWOODZ, 3 JUNE

  Deepwoodz 

  Question:  "Don't they have a deadline for these budget things by June 9th?"  I think June 9th was slated as the end of their legislative session post extension. Time will tell as to the importance of it.

On the contracts...The way I see it, the two most important factors are:

 1) the guarantee's, and

 2) the fact that these countries and contractors have faith in Iraq to pay for the work they are doing .

 Let’s say I want to do an electrical contract for Iraq.  I want 1 million dollars for it. I don’t care what the exchange rate is as long as the payment I receive is worth 1 million DOLLARS.  They are using dinar to pay...since January 1..

.A sovereign nation must use sovereign currency to pay their debts or they are in violation of the multi currency practices(MCP) that the IMF abhors. 

Using the current rate, I would be owed 1,310,000,000 dinar. Actually, the banking system will do the conversions automatically. I won’t even see any dinar. I will receive dollars in my American account. Or euros in my European account. Or pesos in my Mexican account ...using whatever exchange rate belongs to the country involved.

 Like I said,doesn’t matter to me as long as the rate translates into my 1 million dollars.  Now, the importance of these guarantees and the fact that corporations are pouring in to do work after all these years. They now know Iraq is serious about paying their debts...[and] have the means to make good on their payments.

https://dinarevaluation.blogspot.com/2024/05/about-iraq-paying-its-debts-why-it-is.html

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"THIS IS WHAT EDDIE BROUGHT TO US A FEW DAYS AGO" by FRANK26, 3 JUNE

 KTFA

FRANK26:"THIS IS WHAT EDDIE BROUGHT TO US A FEW DAYS AGO".........F26

Allows cars to be driven outside Iraq.. Launching a production line of 2000 traffic plates per hour

6/1/2024

Today, Saturday, Prime Minister Muhammad Shiaa Al-Sudani opened the traffic plate manufacturing factory, affiliated with the Ministry of Interior, in the center of the capital, Baghdad.

 

A statement from Al-Sudani's office stated that the traffic plates will be of high specifications, allowing the vehicle owner to drive outside Iraq.

 

Al-Sudani stressed the importance of this project, in fundamentally solving the problem of traffic signs that has existed for years. 

 

The first production line was installed last March and is ready for production. The investing company is committed to the arrival of the rest of the production lines during the coming period, for the purpose of producing the square model of plates and producing bicycle plates. A work team has been prepared from the Traffic Directorate/Road Engineering Directorate. And traffic signs, and they underwent a training course at the sign factory headquarters on how to work on them.

 

One production line produces about (2000) plates per hour, at a rate of (16) thousand plates during one work shift, and this can be increased, with increasing working hours according to the needs of the Traffic Directorate. The factory can produce (3) types of plates with different sizes, according to the instructions and the need. Traffic Directorate, which is the short plate, the long plate, and the motorcycle plate.

LINK

"RV UPDATE" BY NADER FROM MID EAST, 3 JUNE

 Nader From The Mid East 

 'Nader you said it was going to happen in June.'  No I didn't say in June happen.  I said June they're a possibility for them to work on the dinar because each time they worked on him it's between June and August...They created a new white paper.  They're going to start working on the exchange rate and I think from here to the 8th of July.  We'll see what's going to happen.

Iraq wanted to de-dollarize.  They start de-dollarizing in January but it didn't work for them too much. 

 The government didn't expect that to happen even by telling them that the dinar are stronger...use the dinar instead of the dollar for the benefits of the country.  They tried everything.  Now, they said that plan didn't work so they come out to the new white paper...They realized they cannot do nothing without changing the exchange rate.

They're going to have to go down in the exchange rate for the de-dollarization...They're going to have to change their exchange rate...Between now and 8th of July we should have an answer...

 what they going to do?  Are they going to change the exchange rate...keep it the same...go up...go down? 

 I think they're going to have to go down on the exchange rate a lot for them to take off the dollar from the street.

https://dinarevaluation.blogspot.com/2024/06/rv-update-by-nader-from-mid-east-1-june.html

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