"IBBC IS PROUD OF IRAQ'S MONETARY REFORM" BY FRANK26, 24 JUNE

 KTFA

FRANK26:"IBBC IS PROUD OF IRAQ'S MONETARY REFORM"..............F26

IBBC Spring Conference 2024

The Mansion House, London

 

2 July 2024

 

IBBC’s 15th Anniversary Conference:  Iraq’s ‘Opportunities and Insights’

This is a big year for Iraq and IBBC as we celebrate our 15th anniversary and Iraq moves into a new prosperous and stable phase. As advocates for the private sector in Iraq, IBBC champions best practice, through our special reports and white papers for reform, and encourages the government of Iraq to modernise its systems and ministries to accommodate International best practice within Iraq.

‘Insights and Opportunities’ reflects the evolution of the Iraq economy and the mechanics and reforms that the country is undertaking, as the largest forum for discussion of Iraq’s challenges and opportunities.

About the Conference:

Opening the conference the President of the Confederation of British Industry (CBI) Mr Rupert Soames OBE will give a keynote speech from the British industrial perspective, and as a previous member of IBBC is well placed to comment of UK’s business relationship and opportunities with Iraq.

Of note is the presence of key delegates: H.E. Hayan Abdul Ghani Al-Sawad, Deputy Prime Minister & Minister of Oil, Ministry of Oil, H.E. Dr Mohammed Shukri, Chairman of the Kurdistan Investment Board, Dr Fareed Yasseen, Iraqi Climate Envoy, Eng Adil Karim, Deputy Minister of Electricity, KRG ministers and keynote address from Alderman Barr, The Rt Hon the Lord Mayor’ Representative, The Rt Hon Lord Howell of Guildford andBaroness Nicholson of Winterbourne, IBBC President.

Delegates will hear the latest report from Professor Frank Gunter on Foreign exchange and banking reforms the impact of dollar controls and how this might resolve, and to hear directly from Government minsters, including the Deputy Governor of Iraq’s Central Bank, Dr Ammar H. Khalaf, on the procurement opportunities across key sectors, such as agriculture, education, finance, transport, and regional development at special roundtables including for KRG and finance. H.E. Mr Asaad Al Eidani, Governor of Basrah, will be joining a panel and special Basra roundtable, as will Kurdish ministers at a KRG roundtable, chaired by Mr Jonathan Wilks, Oxford Centre for Islamic Studies

The Iraqi economy is quietly diversifying, with the evolution of services, travel, tech, and retail sectors, but the dominant energy sector is also evolving, with new players technologies and climate reduction activities. Oil and Gas are still at the centre of this conference and Iraq’s economy, with the Energy Panel, which see the big players in energy policy and practice including Eng Adil Karim, Deputy Minister of Electricity; Dr Luay Al Khateeb, Centre on Global Energy Policy – Columbia University, Ms Dunia Chalabi, TotalEnergies, Mr Zaid Elyaseri from BP, Mr Andrew Wiper from Basra Gas Company, Mr Hassan Heshmat from Hydro-C and Mr Ellis Renforth from Wood Plc

Yet transport is also set to boom, in both the ports and the dry canal project due to link Basra to Turkey with the Mediterranean, silk road and European markets. The project will have profound impact on cities along the route and for both import and export trade. IBBC member Mr Tugrul Titanoglu, CJ-ICM; and Mr Steve Alexandar, Sardar Group, will inform us of these changes and the evolution of electronic and port management systems already in place (see our ’23 report on ports here).

While these insights ensure everyone is better informed, there is always a significant networking and coming together of businesses and old friends and acquaintances. A reception the night before will celebrate not only IBBC’s 15 years, but also offer informal networking among delegates, speakers and founder members in the Mansion House and the chance to forge new friendships.

Iraq now enjoys a stable and focused government intent of reconnecting with the region, fiscal surpluses that are converting into new infrastructure projects, and a growing more prosperous population, keen for modernisation and the benefits of a consumer economy.

We are certain there will be big demand for tickets, so please register soon to avoid missing out. Join with us and share the insights and opportunities that a modern and stable Iraq now offers.

Key Speakers:

 

LINK

 

"RV UPDATE" BY ARIEL, 24 JUNE

 Ariel 

@Prolotario1

🚨 Iraqi Dinar News: 

1. Current Exchange Rate: 1320 dinars to 1 USD.

2. Proposed Revaluation (RV): Dropping three zeros from 1320 results in a new rate of 1.32 dinars to 1 USD.

3. Pipeline 2024 Budget:

• Allocated Amount: 6.5 billion dinars.

• Converted to USD using the proposed rate: 6.5 billion dinars / 1.32 dinars per USD = approximately 4.9 billion USD

4. Calculation: 

6.5 billion dinars

4.9 billion US ≈ 1.32 dinars per USD

4.9 billion USD 6.5 billion dinars ≈1.32 dinars per USD.

Now I see why the The Budget Department of the Ministry of Finance called on all ministries, governorates, and entities not affiliated with a ministry, to send their representatives tomorrow/today Sunday, June 23, 2024, to receive estimates of current expenditures, revenues, and investment projects for the current year. 

Which were approved by the House of Representatives in accordance with Parliamentary Resolution No. (64) of 2024, adopted at its session numbered (27) on June 3 of the current year.”

People they now have all the calculations for what is going to be spent. Which means they are ready to reinstate the currency. The Revaluation happened internally in-country in 2023. We are not waiting for that. Man we are so close now. Because with these investment projects ready money is about to start flowing in. 

The current rate of 1320 dinars to 1 USD, when adjusted by dropping three zeros, would be 1.32. The calculation then links the budget allocation for a pipeline project, which is 6.5 billion dinars, equating to approximately 4.9 billion dollars. 

This aligns with the new adjusted rate, suggesting the timing of these financial plans is intentional, aiming to expedite projects like the new pipeline before 2025. Remember they do not have the luxury any longer to drag their feet. The oil pipe line is being expedited. 

I hope you all are preparing yourselves. You can wake up at any moment and be in an entire new income bracket. Everything is is perfect alignment. Especially when you consider the ATMs that are being deployed.

The 'Forces' Pushing Gold To New Highs Aren't Done, This Is Next For Pri...

"WE SHARED THAT MINERAL PERMITS & LICENSES WERE BEING DONE FOR IRAQ'S PRECIOUS METALS" BY FRANK26, 24 JUNE

 KTFA

FRANK26: "WE SHARED THAT MINERAL PERMITS & LICENSES WERE BEING DONE FOR IRAQ'S PRECIOUS METALS"...........F26

Iraq Opens Copper Recycling Plant in Dhi Qar

19th June 2024 in Construction & Engineering In Iraq, Iraq Industry & Trade News

By John Lee.
 

Under the patronage of Minister of Industry and Minerals, Dr. Engineer Khaled Battal Al-Najm, the ministry's Development Advisor, Qaisar Ahmed Al-Hashimi, inaugurated a copper recycling plant in Dhi Qar's General Company for Electrical Industries.
This project, in partnership with a private Iraqi company, aims to produce 3,000 tons of copper rods annually. The facility will supply copper, essential for manufacturing cables and electrical wires, thereby reducing the need for imports, cutting costs, increasing productivity, and providing environmental benefits by recycling copper scrap.

In his opening speech, Al-Hashimi praised the Ministry of Industry and the General Company for Electrical Industries for their achievement. He highlighted the company's capabilities and expertise, which enable it to keep pace with global developments and support Iraq's electrical system.

Al-Hashimi emphasized the ministry's commitment to reviving and developing strategic industries and enhancing the competitiveness of local production as part of the government's program.

In a press conference, Al-Hashimi noted that this project is a result of the Mineral Investment Conference and the Industrial Partnerships Forum held last year. The plant will support the production of high-standard local cables and electrical wires, enhancing the capabilities of the General Company for Electrical Industries, known for its industrial specialization and robust national production.

LINK

"RV UPDATE: A BANK STORY" BY MARKZ, 24 JUNE

 MarkZ  

 [via PDK] 

  A bank story: A little state bank in Texas…A member asked a teller if there was a new bank system…and was told “could be” and then when asked if they exchanged foreign currency…they said “yes, we will be”...this is interesting from a smaller state bank. Seems more and more banks are reporting massive changes.

 It is totally coming...Just because it hasn’t happened yet, doesn’t mean it’s not happening...there is no negative news. There is nothing telling us it isn’t moving forward anymore.

There is a lot of anticipation for this weekend. Bank/Redemption contacts say they are on call this weekend…and have an hour notification time. They have one hour- if called to go in. This was from 2 different contacts from 2 different states that said the same thing. This is very positive.

CHELLA: Iraqi Dinar News Sponge Docks Vacation

To confront the electricity crisis...a parliamentary call to oblige state departments to adopt solar energy, 24 JUNE

 To confront the electricity crisis...a parliamentary call to oblige state departments to adopt solar energy

6/22/2024  Baghdad

The Parliamentary Electricity and Energy Committee called, on Saturday, to oblige state departments to adopt a solar energy system to confront the electricity crisis in the country.

The committee said in a statement, seen by Al-Iqtisad News, that “in light of the climate that the country is experiencing, with temperatures rising above 50 degrees Celsius and increasing power outages, the citizen is suffering from a real crisis of energy shortages. The committee calls on the government to :

1- Reconsidering the mechanism for distributing electrical energy, rehabilitating generating units, and maintaining the dilapidated network, and the need to take urgent measures to address the above problems. 

2- The committee calls on the Ministry of Electricity to bear full responsibility for providing electrical energy to citizens and distributing electricity fairly. 

3- The committee calls on the Prime Minister and the Minister of Electricity to replace the general managers and branch managers who were proven to be negligent in performing their duties in overcoming the crisis. And those who have held positions for long periods. 

4- Requesting the Prime Minister to oblige all state departments and the private sector to install and establish a solar energy system at a rate of 25% of their departments’ consumption, provided that it is implemented during a period not exceeding three months.

5- Activating and adapting the Central Bank’s initiative regarding solar energy for citizens and accelerating its implementation in order to support the national grid. 

6- The Ministry of Oil must provide the fuel share for stations under construction and invest in the associated gas. 

7- Intensifying the efforts of the Ministry of Electricity and accelerating the transformation of the electricity system into a smart network and implementing all projects that will preserve the use of electrical energy in the optimal way. 

The committee confirmed, according to the statement, “that it will approve the evaluation form for general managers and branch managers and submit it to the Council of Ministers and the Ministry of Electricity to take the necessary measures according to the evaluation issued by the committee.”  LINK