RV UPDATE BY MILITIAMAN, 31 JULY

 Militia Man 

 Article: "Paralyzed for 19 years.. Parliamentary optimism about passing the most important laws in Iraq" 

 Quote: “The oil and gas law is the most important of the suspended laws...this issue will be resolved in the coming days.”  There is absolutely no coincidence that this law is on the table now...We never know what the coming days will mean.  However, with...where Iraq is in her reforms and the loss of revenues from the Kurdistan Region, the pressure has been mounting for results needing to take place and quickly. This is a very good sign of things to come and likely first or at the same time...

 Progress has been intense because there's some political opposition.  I think the US Treasury, Federal Reserve, Central Bank of Iraq, Al-Sudani...have been working to benefit the Iraqi citizens. 

 There's been blow back...Iraq is not alone in having pressure... Unfortunately corruption has been a problem for many years.  Nothing new.  But that's being changed so now it's getting more intense...

Breaking Hidden Exchange Rates In Iraq Big News For Investors

Iraq agrees with Siemens to build five new stations to boost electricity grid, 31 July

 The representative for the Iraqi Service of Power, Ahmed Musa, said on Tuesday that the service concurred with the German organization “Siemens” to foster a specialized guide to foster the electric transmission area.

Musa told , “Among the means settled upon with Siemens is the foundation of five stations in various governorates, including the capital, Baghdad.”

Musa made sense of that “these stations will give a complete limit of up to 7,500 megawatts, as each station will have a limit of 1,500 megawatts,” focusing on that “work is in progress to foster the transportation area in Iraq to accomplish higher unwavering quality in the association and removal of the energy delivered.”

That’s what he added “the organization and 400 stations structure the lines connecting the governorates, which upgrades the nature of the organizations, forestalls transportation mishaps, and gets the inventory of conveyance organizations.”

He stated that “these stations will be part of the ministry’s plan for the next three years, and will be transformer stations responsible for discharging the energy produced and feeding the electricity grid through transmission lines,” and that “the agreement with the German company Siemens includes specific financial allocations and that the contracts are ready to establish the five stations.”

In collaboration with the German company Siemens, Iraqi Prime Minister Mohammed Shia Al-Sudani launched the executive works on the 495 MW combined cycle expansion projects for Al-Haidariyah and Al-Najaf gas-fired power plants as well as the 400 kilowatt transformer station project yesterday, Monday.

RV UPDATE BY MARKZ, 31 JULY

 MarkZ

   [via PDK] 

 RV news has been quiet after a very busy weekend from Iraq. Nothing on HCL yet …but our last update yesterday is it looks like it will go within days.

 Question:   What is the HCL?  

MarkZ:  The hydro carbon law. This is where the Kurdish region of Iraq shares oil profits, government revenues ect …how they handle payments and who gets what. It’s been a huge stickler for 19 years in Iraq.

I have heard nothing negative out of Iraq this weekend.  

 Article:   “The Parliamentary Oil and Gas committee expressed today, Sunday its optimism about the imminent approval of the Oil and Gas Law which has been suppressed for 19 years.”  

There is discussion about the immediate approval of the HCL. We were always told that within hours of possibly days of the HCL being passed we would see that rate change.

Iraqi Dinar RV Shmething Big Happening

Through two procedures, an economist confirms the possibility of solving the problem of disparity in employee salaries, 31 July

Through two procedures, an economist confirms the possibility of solving the problem of disparity in employee salaries

On Tuesday, economic expert Safwan Qusay confirmed the possibility of transforming some ministries into productive and income-generating ones and resolving the issue of the disparity in the salaries of some employees.

Qusay told “There is no acknowledgment of the ebb and flow pay scale, particularly at the level of a few bureaucratic services, and the public authority can’t reevaluate these services except if spending is diminished on a few different services or another window for incomes is opened inside the services of industry, exchange, culture, and water assets.”

That’s what he added “the previously mentioned services were beforehand ready to persuade their workers through their exercises, notwithstanding the chance of rethinking the issue of impetuses and attempting to acknowledge the deficiency in the compensations of the previously mentioned services by circulating plots of land to their representatives and opening new windows to utilize the jobless inside the important services.”

He said, “There is a need to reconsider the allocations of other ministries and work on compressing them, especially since the country has witnessed stability at the security level, as allocations were previously granted to some ministries as a result of the security conditions and an attempt to attract certain cadres to those ministries.” He was referring to the fact that “there is a need to reconsider the allocations of other ministries and work on compressing them.”

He brought up the chance of “the State leader’s Office completing exchanges between parts inside similar monetary designations endorsed by Parliament.”

RV UPDATE BY PIMPY, 31 JULY

 Pimpy  

Once a country re-denominates, they don't just recognize the re-denomination in country.  It's recognized throughout the world...Does it make sense that they're going to have a different rate exchange in Iraq instead of out?  ...You really believe that's going to happen?

 ...The poor people in Iraq are going to be like, wait a minute.  I'm changing 1,000s and all you give me is one new Iraq dinar note...only worth $3.21?  In the meantime if I just...went on a trip to...the United States that they would... exchange my old bank notes with the current exchange rate with the zeros on there giving me millions of dollars?  

Does that make sense to you?... No, once the re-denomination takes place it's worldwide.  You might still have the old notes...but you're not going to be able to exchange 1,000 dinars times a $3.22 rate. 

 That's not what happens.  They make the conversion to the new Iraqi denomination.  So if you bring them a 1,000..it's not 1,000 anymore, it's only 1dinar.  Then time the exchange rate of $3.22.  Here you go sir/ma'am, here's your $3.22...Just use a little common sense...You would have this huge rush of people coming out of Iraq with their currency with all the zeros...going to the United States...and swapping it and becoming millionaires and then going back in their country and buying the new bank notes with their millions of dollars.  Does that make sense?