DINAR REVALUATION

Monday, July 29, 2024

Iraqi Dinar : New Currency Alert: What a Redenomination Means for Iraqi ...

IMPORTANT IRAQ NEWS: THE OIL AND GAS LAW HAS BEEN IMPRISONED IN PARLIAMENT FOR 19 YEARS AND IS THREATENED WITH DEPORTATION TO THE NEXT SESSION BY MNT GOAT, 29 JULY

THE OIL AND GAS LAW HAS BEEN IMPRISONED IN PARLIAMENT FOR 19 YEARS AND IS THREATENED WITH DEPORTATION TO THE NEXT SESSION

The secret lies in the consensus of political forces.

Political disagreements and a lack of consensus since the first session of the House of Representatives made the draft oil and gas law a victim and locked in parliament’s drawers.

In each session, conflicts prevent its approval in its final form, as five parliamentary sessions have passed and the law has not been released until today.

The Parliamentary Oil, Gas and Natural Resources Committee expects that the law will be transferred to the next parliamentary session, despite the visit of the head of the Kurdistan Democratic Party, Masoud Barzani, early this month, to the capital, Baghdad, and his meeting with political leaders.

A member of the Parliamentary Oil and Gas Committee, Ali Al-Lami, said in an interview with Al-Mada, “One of the reasons for obstructing the approval of the oil and gas law is the continuing disputes between the governments of Baghdad and Erbil “

He added that his committee “sent the law at the beginning of the current parliamentary session to the government, and we met with the Prime Minister, the President of the Republic, and all the heads of blocs and parties, and we explained the importance of this law.”
The member of the House of Representatives points out, “The law is unlikely to be approved during the current session, as it requires study and reading,” suggesting that “the law will be transferred to the next parliamentary session.”

The draft Iraqi oil and gas law regulates Iraq’s vital sector and the management of the country’s oil fields through one national company, with imports being deposited in one account.

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 treasure’s resources.

For her part, a member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, said in an interview with Al-Mada, “The law is almost complete, and to a high degree, but there are some objections about some points, which are summed up in the delivery of oil imports and exploited and unexploited natural resources to Baghdad.”

Al-Mousawi adds, “The Oil and Gas Law is concerned with regulating 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, valued at hundreds of billions of dollars, which contribute to diversifying the state’s financial resources.”
The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country’s oil fields must be entrusted to and supervised by a national oil company.

In August 2023, the Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that “the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, At a time when the country today is in dire need of its legislation and to benefit from this natural wealth, in every way.” Fields and sectors, as well as the contribution of the legislation to solve many outstanding problems.”

He explained, “There are governorates that have not invested their wealth, which is considered negative for development endeavors in all their paths.”

In February 2022, the Federal Court in Baghdad ordered the region to deliver the oil produced on its lands to Baghdad, and to cancel contracts the region had signed with foreign companies.
The matter reached the point where the judiciary in Baghdad invalidated contracts with many foreign companies, especially American and Canadian companies.

RV UPDATE BY PIMPY, 29 JULY

Pimpy

Community Comment: "If you have the old note with all the zeros on them, the Iraqi bank is obligated to give you the rate that's on their screen."

They're not obligated to do crap. Once this change [re-denomination] takes place then it doesn't make a difference if you have dinar in country or out of country. They have already told the world they're removing the zeros off of the dinar. So even if you have the old bank notes they already know that a 1,000 dinar is equivalent to 1 new Iraqi dinar. Just because you have it outside of Iraq, you're not going to get special privileges...They automatically do the conversion for you.

Community Comment "An old 1000 dinar will be worth $3.21 x 1000 dinar = $3,210."

No it won't. Not at all. They'll just look at [your 1000 note] and know this is the old currency and you have to exchange it for the new currency and if you don't want the new dinars that fine but they're not going to give you a $3.21 rate time this full amount. They [will] know the re-denomination has already taken place...They'll give you $3.21. That's what you get.

The Fed Loses $100 Billion A Year; What Happens When Central Bank Goes '...

IMPORTANT IRAQ NEWS: THROUGH THE SCREENS.. THE IRAQI STOCK EXCHANGE DETERMINES THE COLORS OF THE DATA AND PREPARES TO BROADCAST ON YOUTUBE BY MNT GOAT, 29 JULY

THROUGH THE SCREENS.. THE IRAQI STOCK EXCHANGE DETERMINES THE COLORS OF THE DATA AND PREPARES TO BROADCAST ON YOUTUBE

The Iraq Stock Exchange announced today, Tuesday, its readiness to launch the trading screen broadcast on YouTube, while indicating the data colors.

The Executive Director, expert Taha Ahmed Abdel Salam, said, according to an issued document received by “Al-Eqtisad News”, that “the technical works to display the trading indicators display screens by adding the colors indicated according to the financial position of the companies (deficit) for the latest financial data and appeared on the broadcast screens and in the investors’ hall in the market as of the session of 7/23/2024 and in the following form

1- Companies with a deficit ratio of more than 50% are marked in red.

2- Companies with a deficit ratio between 30% – 50% are also in red.

3- Companies with a deficit ratio between 20% – 30% are in yellow.

4- Suspended companies in blue

5- The company colors will be updated according to the deficit percentage changes successively.

Regarding the launch of the broadcast on YouTube, Abdul Salam said, “Today’s session will also witness the launch of the broadcast via the Iraq Stock Exchange website via YouTube, in addition to broadcasting via the market’s Facebook page.”

"STATUS OF THE RV: What can we investors do to help in the RV situation?" BY MNT GOAT, 29 JULY

What can we investors do to help in the RV situation?

We must now buckle down and pray and pray like never before for the success of Al-Sudani and his agreements with Washington are implemented.

You do want the RV don’t you? Pray for Iraq and also the U.S. in that there are strong enough representatives in Congress and the Senate who will stand up and continue to fight to uphold the US Constitution and keep fighting this Washington corruption. Pray that that God’s Hand will intervene and save our great country. Remember you can say the Rosary daily or use the prayers and links I provided from the Auxilium Christianorum for your prayers.

Of course there is also your own form of prayer too. Folks your prayers so far ARE WORKING and God has heard our cries. Just look at all the progress made just since December 2022 when Iraq announced they were finally entirely out of Chapter VII. And now in 2024 the spigot is wide open the final issues preventing the reinstatement are being dealt with one by one. Can you see it too. I am trying my best to help you see it. We don’t’ need this foolishness of this speculative crap or everyday / any day garbage intel confusing us. You think this is all just coincidental? God’s Hand is at work here. He has given Iraq his anointed leader Al-Sundani to help in his work. Even I have to sit back in amazement of what he has accomplished so far. Pray for him and all his success. Let see what July brings us.

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