Iraq 08:07 - 2024-07-23 Political differences and the absence of consensus since the first session of the House of Representatives have kept the draft oil and gas law stuck in the parliament’s drawers.
In each session, conflicts have prevented its approval in its final form. Five parliamentary sessions have passed and the law has not been released to this day.
The parliamentary Oil, Gas and Natural Resources Committee expects the law to be postponed to the next parliamentary session due to ongoing disagreements.
Ali Al-Lami, a member of the parliamentary Oil and Gas Committee, says that one of the reasons for obstructing the approval of the Oil and Gas Law is the ongoing disagreements between the governments of Baghdad and Erbil.
He adds that his committee sent the law to the government at the beginning of the current parliamentary session, but we do not expect it to be approved during the current session, as it requires study and reading, suggesting that the law will be postponed to the next parliamentary session.
For her part, Zainab Al-Moussawi, a member of the parliamentary oil and gas committee, says that the law is almost complete, and to a high degree, but there are some objections regarding some points, which are summarized in the delivery of oil revenues and exploited and unexploited natural resources to Baghdad.
Al-Moussawi adds that the oil and gas law is concerned with organizing the country's natural resources and exploiting the largest possible amount of undiscovered oil fields.
She points out that the law will also contribute to achieving self-sufficiency in oil derivatives and optimal exploitation of wasted natural resources, estimated at hundreds of billions of dollars, which contribute to diversifying the state's financial resources.
The draft of the oil and gas law in Iraq available to parliament stipulates that the responsibility for managing the country's oil fields should be entrusted to a national oil company.
Prime Minister Mohammed Shia al-Sudani had previously confirmed that the draft oil and gas law is one of the basic and important laws, and represents a factor of strength and unity for Iraq. It has been pending for years, at a time when the country is in dire need of its legislation and to benefit from this natural wealth in all fields and sectors, in addition to the contribution of the legislation of the law in solving many of the outstanding problems.
He explained that there are governorates that have not invested their wealth, which is a negative thing for development efforts in all their paths. https://kirkuktv.net/AR/Details/21690
I must admit the wonders crossing my mind with so little time weekly that this room is open that the membership numbers continue to climb.... You folks are amazing. The banker is still hopeful we exchange before months end but folks way above his paygrade are causing the delays as everything needed to exchange has been accomplished mechanically. Kick this around or bring additional intel you have heard to the table.
The banker is traveling back to Texas on Wednesday and is hopeful for a Thursday announcement with appointment scheduling to follow thru the weekend, we shall see.
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TEXAS SNAKE
I am very much looking forward to a phone call at the end of our church Bible study class in the morning based upon all the issues I have had presented to me today, hopefully the banker will finally have a window with a specific date.
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Text just recv'd from banker indicating the anticipated message may come in a little later in the day but he would advise ASAP after he gets it.
Everyone please remember our Sunday is there Monday
For thosew members who wish to visit will open until the local news starts.
Truly appreciate all you folks for joining have no idea how so many have heard of this site but feel we are truly close to the end, stay well, confident and pray this event in, GOD Bless
Money and business Economy News – Baghdad Economist Ziad Al-Hashemi warned on Monday of the possibility of inflation rates rising again globally with the continuation of Houthi attacks on commercial shipping vessels in the Red Sea region.
Al-Hashemi said in a post on the Ax website that there are "fears of inflation rates rising again globally with the continuation of Houthi attacks on commercial shipping vessels in the Red Sea region for the sixth consecutive month, and Iraqi markets are on the list of those affected!"
He added, "The global economy has begun to feel the pressures of rising costs and prices as a result of the continued disruption of transport chains between Asia and Europe, with the Houthi attacks continuing for the sixth month and the diversion of shipping routes away from the Red Sea.
Shipping prices have quadrupled on a monthly basis from $1,890 in the first month of 2024 to more than $8,000 during the seventh month, per FEU container."
He stated that "during the past period, many international economic and financial experts have downplayed the effects of the disruption of maritime transport routes due to Houthi attacks, and their negative repercussions on the prices of goods and services in Western economies, especially the consumer price index (one of the most important indicators for assessing the path of inflation),
but with the continuation of security risks and threats in the Red Sea region, the continued rise in transport prices, and the imminent expiration of many long-term contracts with fixed freight rates, many convictions and analyses have changed."
Al-Hashemi stressed, "We have growing concern that the large increases in shipping prices will lead to significant increases in the prices of goods and products in Western markets, which will put pressure on inflation rates that have gradually begun to decline and reach the targeted levels."
He added, "These price pressures may lead to inflation rates rising again, which means that the efforts and endeavours of central banks to curb inflation in the West have faltered, and this will greatly hinder and delay the start of the process of reducing interest rates, which global markets are eagerly awaiting."
He pointed out that "concerns in the markets continue and are increasing with the continuation of military operations, the disruption of transportation routes, and the rise in transportation prices to significant levels, especially with the absence of light at the end of the tunnel of this crisis, and eyes will focus more on inflation rates, and waiting to see how things will develop."
Regarding the impact on the Iraqi markets, Al-Hashemi confirmed that they are “highly affected by changes in shipping prices coming from Asia, and increases in shipping prices can directly and quickly affect the prices of imported goods, and this may be one of the reasons for the rise in commodity prices in the Iraqi markets during the first half of 2024.”
“It is Tuesday afternoon here, and it is very cold. I am letting you know the Precatorios has started today from 3 o’clock onward and will actually be releasing their opera. They sent a note saying, “Tomorrow we will have a wonderful complete opera concert.”
“They will send me their opera so their people can celebrate. Finally a huge platform is going to be releasing funds to many people with billions of dollars involved. A lot of people will be astronomically blessed.
“Reno and Zurich are moving. Some whales are flying to Zurich, one huge Whale is now purchasing his airline ticket to fly down there.
“We are waiting to hear more news from bond holders. Waiting to get the miracle call this week.
“Nothing for 4B group – this is a letdown. I was told that some 4A groups have received payments, but not liquid money yet. It is a start. Hopefully, those accounts will become liquid this week.
“That is about it. The big news is that the Precatorios have started. I talked to the owner and he said “Wolvie, I am at the bank at the moment.” They have their green light and they will be released by tomorrow.
“I am waiting to receive the call so I can fly out. When that happens Carpathia and Shelby will be looking after the channel. I hope to have better news for all of you tomorrow.
“Story about a couple I just received: This couple was just about to hand over their house as they could not afford the mortgage, and that same day they saw the figures for their mortgage and they had zero balance. Their account has actually been cleared, so maybe Nesara is working and people are getting their accounts cleared. This was the same day they were to lose their home and this miracle occurred.
“I received a call this morning. Funds will be released tomorrow Tues. 23 July (later he changed it to Wed.) They will be liquid. I received an email saying the RV was imminent and about to commence. It’s official. Keep an eye on your emails.”
A Financial Report Reveals And Reality Confirms... Is The Central Bank Leading Iraq Towards An Economic Crisis?
Al-Independent/- Informed sources said that the financial policy of the Central Bank of Iraq faces sharp criticism from financial experts and economic observers, amid a continuous rise in operational costs and a noticeable increase in expenditures.
According to the financial situation tables as of 6/30/2024 published on the Central Bank’s website, the financial statements show that there is a clear imbalance.
The financial report revealed a slight increase in total assets, which reflects an apparent stability in the bank’s financial performance. However, the financial statements showed some points that call for criticism and questioning the
effectiveness of the financial management of the Central Bank of Iraq. The report indicated that gold reservesrose to 14,672,164,921 thousand Iraqi dinars from 14,475,189,559 thousand Iraqi dinars. Although this strengthens the bank's position, the question remains about the
adequacy of these reserves in the face of potential economic crises. As for the bank’s balances with banks outside Iraq, they increased to 2,011,145,122 thousand Iraqi dinars from 1,827,075,442 thousand Iraqi dinars, which reflects a diversification of assets, but the question remains about the risks associated with relying onforeign banks. Foreign currencies witnessed a noticeable increase to 24,688,182,816 thousand Iraqi dinars from 23,838,913,348 thousand Iraqi dinars, which enhancesforeign exchange reserves, but how these reserves are managed effectively must be monitored. In terms of expenses, currency issuance expensesincreased to 10,588,686 thousand Iraqi dinars from 9,897,229 thousand Iraqi dinars, raising questions about the
effectiveness of managing issuance costs. Foreign currency valuation differences also increased significantly to 188,168,707 thousand Iraqi dinars from 151,874,481 thousand Iraqi dinars, which indicates fluctuations in the value of foreign currencies that may negatively affectfinancial stability. Also, general administrative expensesincreased to 52,643,698 thousand Iraqi dinars from 39,692,228 thousand Iraqi dinars, which reflects an increase in operational costs that need to be carefully reviewed to ensure that resources are not wasted. In terms of profits and losses, interest and commission incomeincreased to 2,968,280,621 thousand Iraqi dinars from 2,495,021,601 thousand Iraqi dinars, which reflects a good performance, but the question remains about the sustainability of these revenues in light of the economic challenges.
Total interest expenses increased to 2,684,950,171 thousand Iraqi dinars from 2,271,995,595 thousand Iraqi dinars, which indicates an
increase in interest costs that need better management. As for the final budget, the exported currencyrose to 102,311,666,715 thousand Iraqi dinars from 100,791,930,154 thousand Iraqi dinars, which may indicate inflationary pressures if not properly monitored. Bank depositsincreased to 54,434,578,910 thousand Iraqi dinars from 47,851,676,798 thousand Iraqi dinars, which reflects an increase in deposits, but the stability of these deposits in the long term must be verified. strength point: The report showed an increase in total assets, reflecting the central bank'sapparent financial stability. Gold reserves
and external bank balances also increased, which significantly strengthens the bank's monetary position. In addition, interest and commission income witnessed a significant increase, reflecting a good performance in the bank's financial returns. Weaknesses and doubts: Despite the apparent stability, outstanding outstanding debts amounting to 530,499,124 thousand Iraqi dinars did not change, indicating challenges in debt collection. Administrative expenses also increased to 52,643,698 thousand Iraqi dinars, which may indicate poor management of operational costs. In addition, Central Bank transfersdecreased to 0 from 5,110,240,000 thousand Iraqi dinars, raising questions about theefficiency ofliquidity management. Finally, the balances of government institutionsdecreased to 10,750,719,726 thousand Iraqi dinars from 13,353,688,408 thousand Iraqi dinars, indicating challenges in government financing.
Recommendations:
To improve the financial position of the central bank, it is important to develop effective plans to collect outstanding debts toreduce financial risks.
Operational costs
must also be reviewed and controlled to avoid any unjustified increase in expenses.
It is necessary to establish policies to monitor currency issuance to ensure that unwanted inflation does not occur.
Finally, the reasons behind the decline in the balances of government institutions must be studied and the necessary measures taken to strengthengovernment financing.
Based on this analysis, it is clear that the central bankneeds improvements in several aspects to ensureactual financial stability and effectiveness in resource management.