Jordan’s Minister of Energy and Mineral Resources Saleh Al-Kharabsha announced Iraq’s agreement to extend the memorandum of understanding for crude oil processing signed between the two countries until next June 26, 2025, while noting that the price will be less than Brent by $16 due to the quality difference and the cost of transportation.
Minister Al-Kharabsha said that “under the extension of the memorandum of understanding signed on 4/5/2023, the Kingdom will be supplied no more than 15 thousand barrels per day on the basis of the monthly Brent crude oil rate minus $16 per barrel, to cover the quality difference and transportation wages,” noting that this amount constitutes 10 percent of the Kingdom’s needs for crude oil, according to Jordanian media.
He stressed “the importance of the memorandum in strengthening economic cooperation between the two brotherly countries and activating land import and the subsequent rehabilitation of the land line between the two countries and the operation of the tank fleet in Jordan and Iraq, which embodies the economic interests of Jordan and Iraq, enhances energy cooperation between them and contributes to the creation of more job opportunities and the restoration of the vital economic role of the land road between the two countries.”
Jordan imports Iraqi oil from Kirkuk, which is lower-quality oil and price from Iraqi oil in the south as well as lower quality than Brent crude, while Jordan bears the cost of transporting oil at its expense through tanks, which makes the price $16 less than Brent.
Funny how America and Iraq copy each other. Dems and Rino’s going nuts because President Trump is safe and will lead to their exposure and demise. Similarly, Maliki in Iraq is going nuts trying to stop the reforms and ascension into the WTO, because he and his bastard goons know this is the end of them and their corrupt ways forever.
All Sudani needs to do is go to the border and talk to our military and tell them what’s up and let them go into parliament and pull out all the corrupt goons and this all ends. He is smart and most likely this will be his next course of action.
@JonDowling
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The US is giving Iraq one week to pick a new speaker of the house. Next week they’ll finally have one.
That coupled with the talks to join the WTO brings us another step closer to the RI. Ultimately it’s all a stall tactic until Israel does their part. See you in September.
The adviser to the Association of Iraqi Private Banks, Samir Al-Nusairi, confirmed on Monday that the banking reform and development strategy is the main pillar of reforming the comprehensive national economy.
Al-Nusairi said, in a private interview with “Economy News”, that “the strategy of reform and banking development is the main pillar for the reform of the comprehensive and radical national economy in line with what was stated in Article twelve paragraph (7) of the government curriculum, which clearly and accurately stated that (banking reform, with its real and effective base to promote the Iraqi economy and stimulate investment through restructuring and mechanization of government banks, reviewing their work, stimulating private banks and enabling them to be able to support investment and development in a real way).
Al-Nusairi touched on “the importance of the banking sector, so that it occupies within the financial structure of the economy a vital position in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform.”
He pointed out that “the measures currently taken by the Central Bank with the support of the government to launch its new third strategy to reform and develop the banking sector for the years 2024-2026 in accordance with seven main objectives, 24 sub-sub-initiatives and 75 initiatives to implement the objectives focus on achieving monetary and financial stability, strengthening the banking sector, promoting digital transformation, activating electronic payment, enhancing financial inclusion, maintaining a sober financial system, developing the regulatory structure and human resources, strengthening the internal and external relations of the Central Bank, and the compliance of the banking sector with international standards.”
Al-Nusairi pointed out that “the launch of a national strategy for bank lending in Iraq for the years 2024-2029 aimed at increasing credit granted to the private sector by 4% of the non-oil GDP, which is equivalent to approximately 7 trillion dinars. The second goal is to increase credit for small and medium enterprises by 3% of the non-oil GDP, which is equivalent to approximately 5 trillion dinars.”
He stressed, “The new mechanisms adopt the regulation of loan grants for the development of micro, small and medium enterprises by adopting and based on a new approach to determining the basic goals for the development of the economy and evaluating the current situation of financing the private sector and benefiting from international experiences in this field, as well as continuing procedures and using monetary policy applications by controlling the exchange rate and reducing the gap between the official rate and the parallel price towards reaching the target and balanced exchange rate.”
Al-Nusairi explained that “had it not been for the many services provided by the banking system in developed countries, these countries would not have been able to reach their progress and economic growth.”
He pointed out that “the strength of the banking structure has become a necessity to build a prosperous economy that adopts modernity systems and sound sustainable development. The development of banking habits and awareness of the importance of developing banking facilities in a way that ensures the building of the national savings base and develops the financial resources necessary to build the economy has become one of the priorities of the decision-maker.
The Advisor of the Association of Private Banks continued: “The integrity of the banking system and the mobilization of sound decisions in the field of economic policies towards the development and modernization of banking systems provides the achievement of momentum in the world of real and financial investment, which revives financial and monetary markets, which leads to attracting for-profit-seeking foreign capital, which should the decision-maker to take the necessary measures to fortify and strengthen local banking systems in a way that makes it able to meet the challenges of moving capital to and from abroad without causing money laundering or foreign exchange smuggling, and then increasing the profitability of financial and banking institutions and enhancing the GDP structure, and this is currently active in the government and the Central Bank.”
TNT reportedly had two confirmed bank storys that people of his went into Wells Fargo in Vegas and were told there's a $2.98 rate on Iraq Dinar.
They also reported that ZIM was the "sleeper currency" (that it's actually going to be redeemed) but that there was a capital gains document that would have to be signed claiming 20% tax to be collected in 2025.
That was apparently for ZIM. There are treaties in place for Dinar and I believe Dong. So for what it's worth, Tony says that the "event" (meaning a rate on bank screens) has already occurred but that authorization hasn't been given to start RV. I don't know how this Wells Fargo was able to offer anyone anything prior to us all getting word
The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, confirmed on Monday that the adoption of an audit company for foreign remittances is an important step to enhance the stability of the dollar and achieve monetary policy goals.
Saleh explained, in a statement to the official agency, that “the approval of an audit company for external transfers will provide additional guarantees for the integrity of compliance processes and the speed of functionality in market transactions, especially external transfers.”
He added that this will enhance the efficiency of the cash market thanks to the clear information it provides, which contributes to the stability of transactions and raising the level of certainty in the market.
Saleh pointed out that this step will achieve two main objectives of monetary policy: the first, to improve the control of local liquidity and control the growth rates of the money supply; and the second, to stabilize the exchange market by strengthening the role of the official market and the superiority of its positive effects on the parallel market.
He added that the two goals are related to the role of monetary policy in stabilizing prices and containing inflationary expectations, which ensures stable real flows through the stability of the external value of money and this corresponds to the stability of the speed of circulation of money internally and the general demand for money in the national economy.
