FIREFLY:Saleh is on TV and his is saying...our reserves are strong and there's no problem of the dollar in the market...By July 14th all will be fine with the parallel market rate.
FRANK: Your reserves to back up your new exchange rate, your new national currency, is off the hook. It can not only back up your currency but probably other currencies at the same time...
FIREFLY: Bank friend said something strange and interesting. Don't be surprised when this does come out it will come out pretty close to the cap or just maybe a fixed rate...It is possible they come out just right away at $3.22 because remember this is the reinstatement of our currency.
FRANK: Boom! Boom!
FIREFLY: They have so much riding on this with investment and any setback in the market could lead to a disaster of our monetary reform. Let's just say it comes out at $3.22 and it starts to move in the float or it could be fixed rate for a special period of time...
Parliamentary Oil Committee Reveals Details Of The Oil And Gas Law And The Reason For Not Legislating
Policy Information / Baghdad.. Member of the Parliamentary Oil and Gas Committee, MP Dhurgham Al-Maliki, revealed today, Saturday, that the Coordination Framework and the State Administration Coalition discussed the oil and gas law with Masoud Barzani.
Al-Maliki told Al-Maalouma Agency, "The committee discussed the draft law in a professional manner and completed most of its paragraphs, but the government requested its withdrawal to make amendments to it, indicating that the law is still in the government's possession."
He considered that "the obstruction of the approval of the annual budgets is due to the oil disputes between the center and the region, indicating that the approval of the law has become an urgent necessity due to its ability to resolve 90% of the disputes between the region and the center."
He stressed that "the legislation of the law is governed by political agreement, not professional agreement," calling on "political forces to pressure the government to send the law for the purpose of legislation." LINK
The CBI board of directors decided...to hold meeting with only all of their executives of all their banks...These two or three meeting are going on... This is on the subject of the monetary reform, lower notes, exchange rate, budget ... These next few days are going to be very silent. The press will not cover
it. No one will know anything about it. They will suppress this information...This silence is normal and to be expected right now. [Aki] has seen this quietness before when the CBI was getting ready to make a major move.
Walkingstick
Sudani rewrote the contracts and recalculated them in accordance with the rate in the budget...They've been running a budget with the new exchange rate and a budget with the old exchange rate...
[Iraqi bank friend Aki update]
AKI: It's about time.
WAlKINGSTICK: What he's telling us is it's about time to release the budget and the new exchange rate with the lower notes. That's what he meant.
The ATM machines, they're all poised like centurions that are standing there. These ATMs are guarding the lower notes. It's time for all of this to come out now. It's just the budget we are waiting for. We're not waiting for any laws, we're not waiting for any new procedures.
Economy Oil and Gas Law.. The Unsolvable Knot Information/Report.. The Oil and Gas Law is one of the sensitive laws in the Iraqi state, as it is one of the axes of the ongoing conflict between the central and regional governments over oil imports.
The center of the dispute over the law is that the region wants to control the oil revenues in its lands according to its mood without the supervision of the federal government, while the political forces do not want to grant this privilege to the region because it gives it a kind of separatist independence, so to speak.
Since the first session of the Iraqi Parliament in 2005, the draft oil and gas law has been stuck in the drawers, as disagreements prevent its approval in its final form.
After 18 years, he announced the formation of a committee to draft the law and present it to the government and the House of Representatives.
The committee formed between Baghdad and Kurdistan to draft an oil and gas law includes the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO, and senior staff in the Ministry of Oil, in addition to oil-producing provinces such as Basra, Dhi Qar, Maysan, and Kirkuk.
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury's resources.
Article 14 relates to oil revenues in the Kurdistan Region and their audit by the Federal Audit Bureau.
The Iraqi Oil and Gas Bill regulates this vital sector for Iraq and the management of the country’s oil fields through a single national company, with revenues deposited into a single account.
The financial advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, confirmed in statements that accelerating the approval of the federal oil and gas project law in the House of Representatives as soon as possible will establish a stable national roadmap for investment and production of the country's primary sovereign resource, which is oil and gas.
He explained that this "natural resource contributes directly to Iraq's gross domestic product by nearly 50 percent, and has an indirect impact on our country's total economic activity by no less than 85 percent."
Saleh said, "Adopting a unified national oil policy, and achieving optimal investment and production in Iraq's oil area, starting from the southern fields and going up to the northern and regional fields, is an important and strategic matter in the matter of benefiting from opportunity costs in the optimal and harmonious operation of the current Iraqi oil policy."
The draft of the Iraqi oil and gas law available to parliament stipulates that the responsibility for managing the country's oil fields should be entrusted to a national oil company, supervised by a federal council specializing in this matter.
For its part, the Kurdistan Oil Law indicates that the Iraqi government has the right to participate in the management of fields discovered before 2005, but fields discovered after that are subject to the regional government.
In 2022, the Federal Court in Baghdad ordered the region to hand over the oil produced on its territory to Baghdad, and to cancel contracts signed by the region with foreign companies. The matter went so far as to invalidate contracts with many foreign companies, especially American and Canadian ones, by the judiciary in Baghdad.
After years of exporting oil alone via Turkey, the Kurdistan Region must, as of late 2023, abide by an international arbitration ruling that gives Baghdad the right to fully manage Kurdistan’s oil.
As a result, exports from the region stopped. An interim agreement signed between Baghdad and Erbil stipulates that Kurdistan’s oil sales will be made through the Iraqi State Oil Marketing Organization (SOMO), while revenues generated from the region’s fields will be deposited in a bank account at the Central Bank of Iraq or one of the banks approved by the Central Bank of Iraq.
Oil and Gas Law.. The Unsolvable Knot 7de13617-1067-4c34-ac1f-eeeb319b03ca
Member of the Parliamentary Oil and Gas Committee, MP Dhurgham Al-Maliki, revealed that the Coordination Framework and the State Administration Coalition discussed the oil and gas law with Masoud Barzani.
Al-Maliki told Al-Maalouma Agency, "The committee discussed the draft law in a professional manner and completed most of its paragraphs, but the government requested its withdrawal to make amendments to it, indicating that the law is still in the government's possession."
He considered that "the obstruction of the approval of the annual budgets is due to the oil disputes between the center and the region, indicating that the approval of the law has become an urgent necessity due to its ability to resolve 90% of the disputes between the region and the center."
He stressed that "the legislation of the law is governed by political agreement, not professional agreement," calling on "political forces to pressure the government to send the law for the purpose of legislation." LINK
Key players are ready to get this thing done. It's a very good sign. I honestly believe we're watching history in the making...We're seeing progress like no other...If you're paying attention I think you guys should be really pumped and excited that things are happening.
Al-Sudani told us what?
The project to delete the zeros is on the table. He said $1 will equal 1.32 dinars...If you look at the math, that's dropping the 3-zeros.
The Oil and Gas [Law] and the presidency of the House of Representatives, I think those are going to be coming, tie to tie, hand in hand because...if they need to value...assets, they're going to need a real effective exchange rate...