Economy As the region continues to steal oil...the oil and gas law is in the parliament's drawers[/size]
Information / Report.. The draft oil and gas law is one of the most controversial issues between the political blocs and the Kurdish national component.
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The Kurds continue to steal Iraqi oil and sell it on the black market for half its market value, which is a huge waste of the country's financial resources.
Independent politician Adnan Abdullah confirmed on Thursday that oil smuggled from the Kurdistan region is sold for less than half its value.
Abdullah told Al-Maalouma, "The region smuggles about 300,000 barrels per day, and this is no secret and the government and all political forces know about it."
He added, "The smuggled oil is sold for less than half its value, which is what drives some brokers in neighboring countries to deal with the smuggling file due to the large profits, noting that "mutual interests with some forces in Baghdad push for not opening this sensitive file."
He pointed out that "oil smuggling is illegal and represents a drain on the national wealth that everyone must preserve and its management must be federal."
It is noteworthy that oil smuggling operations from the Kurdistan Region have been ongoing for years by some of the ruling parties in the region.
Despite the government's moves to end the violations of the region's oil exports by passing the Oil and Gas Law, the obstacle of the Kurdish parties is what is pushing to suspend the law by objecting to the paragraphs and articles of the law that will end the region's violations in the operations of extracting and exporting oil through the Turkish port of Ceyhan.
The continuous objection and the placing of obstacles are due to preventing the approval of the law that may end the theft of contracts with foreign extraction companies in which the Barzani government is a major partner, in addition to ending the seizure of oil revenues and the positions they control as a result of exporting independently of the central government and the national SOMO company.
The Kurdish objection is centered on the paragraph of the control of the National Marketing Company (SOMO) over the operations of extracting, exporting and selling oil and gas.
Legal experts confirmed that all the articles that the Kurdish parties object to are not legal and constitutional, but rather in order to continue seizing the country's wealth.
The sources indicate that the Kurdish parties exploit the weakness of the governments in order to obtain high percentages of money and oil and gas revenues, and the approval of the law will end all these operations.
This is one of the reasons for not passing the oil and gas law from the House of Representatives, due to the major political differences that will keep the law in the drawers of the House of Representatives.
Member of the committee, MP Mohammed Anouz, ruled out today, Thursday, the ability of the political blocs to pass the oil and gas law and some other controversial laws.
Anouz told the / Al-Maalouma / agency, "The legal committee has a number of controversial laws that cannot be passed due to the political differences over them."
He added, "There are laws that cannot see the light during this session due to the deep differences, most notably the oil and gas law that has not been decided for four previous parliamentary sessions."
He confirmed that the law will be postponed to the next session in the hope that it will find consensus on it. LINK
The Central Bank decided to adopt some of the landmarks and images to be placed on the new currency after the deletion of zeros.
The agency received a copy of the Central Bank’s book, which included cultural and historical landmarks and images to be placed on the currency with the implications of the nearby to the minds of the public and the culture of the Iraqi.
(Mnt Goat- This was for the new designs for the newer lower denominations. How could they have gone in 2013, if there was not already significant batches of the new lower notes printed?)
PAPER CURRENCY
According to the book:
The paper currency included a number of monuments and images, the most important, a picture of the bridge of the imams and the significance of the significance of high value if the bridge reaches between the two sides of the Tigris River and on both sides of the observers Imam Musa Kadhim (p) and Abu Hanifa Numan (Raz).
200 dinar-The book of the bank entitled to the Directorate Nation for issuing cabinets: that this image allocated to the highest class of the new currency,
a category (200) dinars and two hundred dinars on the back of this paper put a picture of the school Mustansiriya in Baghdad.
100 dinar – He added the central bank: (100) dinars, one hundred dinars, pictures of the Zouaiya area in Baghdad, one of the ancient areas in which the bridge was built suspended one of the achievements of the Iraqi state .. Iraq is one of the leading countries in the construction of this type of bridges and shows in the picture building the Central Bank of Iraq , In addition to the building of the University of Baghdad, which is the oldest scientific institution in Iraq in the second half of the twentieth century, while on the back of the paper image (Zaqora), one of the features of the Iraqi architecture at the dawn of history.
50 dinar -The book of the Central Bank: (50) dinars (fifty dinars) picture of King Claudia one of the most famous kings of the dynasty The second pillar (the twelfth king) is the god of growth and fertility, while the back of the paper included a picture of the fortress of Ahkaydir, an archaeological fortress dating back to the Abbasid period and the unique defensive fortresses in a desolate area such as the one built there. This fortress is located to the southwest of the city of Karbala. central bank :
25 dinar – In the face of the paper of the category of (25) dinars (twenty five dinars) put the image of King Hammurabi receives the law .. This son is the father of the spiritual father of human legislation as he wrote the rules governing the life and transactions in his famous Muslim either the back of the paper has included a picture For the agriculture of Kurdistan Iraq contributes with the men in the preparation of the field of agriculture.
10 dinar – The Central Bank: Put on the face of the banknote of the category (10) dinars (ten dinars), the image of the dinar Arab Islamic and represents this dinar, which was minted under the Umayyad state The Islamic state that strikes inside the state is one of the features of the state Sovereignty and economic independence, while the back of the paper has placed a picture of the lighthouse of humpback in Mosul, one of the distinctive features of urban in our beloved Iraq.
5 dinar – In the category of (5) dinars (five dinars) has placed on the face of her paper a picture of a total waterfall on the Iraqi Kurdistan, a reference to the interest of the state water and its sources in addition to interest in tourism and the environment either the back of the paper has been placed a picture of Nakheel Iraq is a sign and property for each land The central bank said in writing:
In line with the best applications and global experiences, decided to stop the basic features of banknotes of the categories (25,000,10,000,5,000) dinars Currently in circulation in the new series (25,10,5) dinars for the public a thousand with it as it was imprinted in his memory.
(Mnt Goat – so the new smaller notes of 5,10 and 25 are replacing the 3 zero notes of 5,000, 10,000 and 25,000 accordingly. This is a 1:1 RV in Iraq. I said within Iraq, did you hear me? In addition they are also issuing a 50, 100, 200 dinar notes of smaller category. Remember they already issued the 50 notes way back in 2015 in the anticipation the reinstatement was going in January of 2016)
COINS
The Bank pointed out that it is keen to choose designs for coins that are general and comprehensive and have a positive impact on all the Iraqi people. The coins are shown on the map of Iraq and highlight the Tigris and Euphrates rivers. The map shows a circular area to stabilize the coin category.
Of the coins included: there are 4 new coins a 250 and 500 fils, 1 and 2 dinar
2 dinar coin – first category (2) dinars, a picture of (Deir Mti), a historic and spiritual site located in northern Iraq, and taken by the Iraqis from various sects and religions a place of tourism and tourism.
1 dinar coin – While the category (1) dinars picture taken from the fact that the displacement of the Faily Kurds was designed by the Ministry of Culture.
500 fils – (500 fils) was placed on a modern dam on the Euphrates River. It was intended to highlight the importance of water and its storage and organization in Iraq.
250 fils – In the category of (250) fils, pictures of the Kut dam were placed on the Tigris River for the same purpose. ) Fils, a picture of the Lion of Babylon symbol of strength and violence of the Iraqi nation.
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2013
IRAQI DINAR TO HAVE 3 ZEROS CANCELED BY THE CENTRAL BANK OF IRAQ ACCORDING TO FINANCE COMMISSIONER
by Amir Abdallah Apr 13, 2013, 7:19 am
The Iraqi dinar will have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner, MP Abdul Hussein al-Yassiri. MP al-Yassiri told Iraqi News that “it is supposed that this year will witness necessary preparations to cancel three zeros from the currency”.
He added that his commission supports such move for its importance to the Iraqi economy. The Central Bank of Iraq, earlier, announced that cancelling the zeros is within a plan to develop monetary policies in the country.
One of the difficulties facing is Iraq is withdrawing 30 trillion Iraqi dinars from Iraq’s market at the present time and to replacing it with new currency.
Earlier, the ministry of finance ruled out the idea of cancelling the zeros in 2013 because the federal budget was based on the current currency.
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The 2014 Announcement
Deletion of zeros in 2014 now early 2015.. project is ready and implementation of a deferred project
18/12/2014
BAGHDAD / JD / .. affected by the project to delete the three zeroes from the currency unchanged if the rest of the major strategic projects, the unstable security situation in the country, where he was supposed to be implemented early 2014 after the creation of the logistical and technical measures by the central bank, but the deterioration of the situation security in most parts of the country, which saw control of some terrorist groups.
(Mnt Goat – this is when ISIS overflowed from Syria into Iraq.)
Sparked fears the government and parliament and the Central Bank of the implementation of this major project, which some have described as possibly exploited by outlaws in achieving their ends despicable, prompting the central bank and in agreement with the financial and economic committees Alniabaten to postpone the implementation of the project over four years to come, until the creation of the appropriate security conditions for its implementation.
(Mnt Goat – That brings us to 2018, right. Postpone for 4 years?)
Member of the Committee on Economy and Investment Attorney Nora Albjara, attributed the lack of implementation of the project to delete the zeros during 2014 to the unstable security situation in the country, as suggested implemented over the last four years of Maliki administration.
She Albjara Agency / BD /: “The Central Bank of Finance, Economy and Investment in the House of Representatives and the Committees agreed to postpone the implementation of the project to delete the three zeroes over the next four years, although the central bank completed all technical and logistical procedures relating to the implementation of the project.”
😊 (Mnt Goat – there they said it and I quote – “although the central bank completed all technical and logistical procedures relating to the implementation of the project” )
She added: “The reason for the postponement of the implementation of the project and not to be applied in 2014, due to the unstable security situation in most parts of the country, especially in the provinces experiencing control organization (Daash), because it may take advantage of the project by the terrorist groups to achieve their goals Katsyev currency or manipulation of the price of exchange which affects the economic situation in the country. “
The central bank had announced in 2012 that the application for the project to delete the zeros will be in early 2014, after being able to complete all procedures related to the stages of implementation of the project Ktba currencies and contracting with companies.
As a member of the Finance Committee MP Jamal Joker, stressed that the large project is not affected by the security situation, the fact that the central bank taking all things into consideration, noting that the process will be in the form of stages, so do not affect the market or citizen.
Some of the House of Representatives and economists Odhu jurisdiction rejecting the idea of postponing the implementation of the project over four years to come, and called on the central bank to apply the project in early 2015, the fact that the project is of strategic projects that need to be implemented because it will overhaul the local currency strengthens.
Joker told / BD /: “The central bank completed all necessary and essential for the implementation of the reform project of the currency measures, which are now ready for implementation, but some parties called for a postponement of this project under the pretext of the security situation.”
The member of the Finance Committee, the central bank to implement the project in early2015 to be implemented in the form of any phases are thrown coins ancient coins and withdraw gradually so do not affect the market and citizens.
(Mnt Goat – this was a suggestion by this member to do it anyway even though they didn’t have the security they wanted by rolling out in phases)
The parliamentary finance committee has announced (28 October 2013 ), that 2014 will see the implementation of the project to delete the three zeroes from the Iraqi currency.
(Mnt Goat -remember this was in the fall- October….)
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2015
2015 DELETE THE ZEROS WILL BEGIN THIS YEAR
Tue Mar 03 2015 15:05 | (Voice of Iraq)
The project of deleting zeros came late after a long delay for this project which may bring back prestige to the Iraqi dinar which has suffered inflation for quite a long time. The Iraqi Central Bank (CBI) will begin this year with the procedures of deleting three zeros from the local currency according to the financial parliamentary committee in Iraq based on the official correspondences between the Central bank and the committee.
(Mnt Goat – So, from the advice of the finance committee in late 2015, see above article, they decided they would not wait 4 more years and do the Project in 2015 instead. They would slowly roll out the lower denominations.)
Abdul-Hussain al-Yasseri, a member of the financial committee, assured that the project is about to begin to delete three zeros from the local currency adding that the local currency will lower from 4 billion units to 1 billion units which will make currency transfers easier. Al-Yasseri, also, pointed out that the financial committee supports measures to enhance local currency considering the importance of Iraqi economy.
The central bank said that deleting zeros comes within a plan to improve its monetary policy and to enhance currency management.
The central bank pointed out in last August that it plans to delete zeros from the Iraqi dinar to facilitate transactions that are carried out mostly in cash among the challenges that Iraq will probably face when it will delete zeros from the dinar is to withdraw 30 trillion dinars currently used in the Iraqi market then getting rid of them and replace them with new currency.
(Mnt Goat – last August of 2015? Its now March in this article. So they hesitated until March to announce it and delayed it.)
Observers fear that this may open the door for currency counterfeiting on a large scale taking advantage of withdrawing old currency from the markets. The project of deleting zeros from the old Iraqi currency despite its strategic importance though its implementation should take into account the stability of security policy in the country to avoid any disastrous consequences.Top of Form
Bottom of Form
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2016
INDEPENDENT IRAQI NEWS AGENCY OCTOBER 13, 2016
The governor of the Iraqi Central Bank, on Thursday, said the project to delete the zeros will be implemented in early 2017, indicating that the bank began to develop the first steps of the project.
Keywords and said that ” the goal of deleting three zeros from the Iraqi currency is to support the Iraqi dinar and make it a competitor of foreign currency,” returned him as “that strategic project will serve the country ‘s economy.”
He added that ” the Bank is working on the mechanisms in place towards the implementation of this project is expected to commence by the beginning of 2017, ” noting that ” the central bank began the first steps of the project through the selection of designs, companies and the country that will be done Print currencies. ”
(Mnt Goat – again planning in the fall and doing it in early January of the next year.)
He noted that” the introduction of new currency does not mean the destruction of ancient coins , but it will continue to trade to about ten years , “pointing out that” this period will enable the central bank to withdraw the old currency in accordance with the mechanics will maintain market liquidity. ”
😊 (Mnt Goat – did you read this last paragraph. It said and I quote – “introduction of new currency does not mean the destruction of ancient coins , but it will continue to trade to about ten years”. How can this possibly a “lop” when they will continue trade and use these larger three zero notes in the background for 10 more years after they complete the Project. Are you reading this? So no more negative stuff about a LOP…please! )
Finance Committee and was in former House revealed, (2013 August 15), the postponement of the process of removing zeros from the currency until after the next parliamentary elections, while confirming that the government is demanding guarantees for non – substituent currency back to the markets and forge.
(Mnt Goat – Okay so here you read “that the government is demanding guarantees for non – substituent currency back to the markets”. This means the reinstatement back to the FOREX trading markets. The CBI wants guarantees that once they begin the process of the Project to Delete the Zeros, it will go all the way to the reinstatement. So is this not what my CBI contact also told us? Gee Whiz… this article goes all the way back to 2016. How does Mnt Goat know all this? She reads the news from the CBI and listens to her contact. Get it?)
The Central Bank of Iraq confirmed, in the (April 25, 2013 ), that there is no intention at the moment to restructure the currency and delete the three zeroes of them, denying the reports in this regard.
Noteworthy that the General Secretariat of the Council of Ministers announced (April 12, 2012), for the patient in the application process of deletion of zeros from the national currency, which had to be stop all procedures related to the transaction mentioned until further notice.
It is noteworthy that some economists believe that Iraq is not formatted for the time being to delete the zeros from the dinar, pointing out that the deletion needs to be a security and political stability as well as economic stability.
Energy Economy News – Baghdad The Parliamentary Oil and Gas Committee revealed, on Thursday, the details of oil smuggling from the Kurdistan Region to Iranian ports, explaining that this operation caused a crisis in the transfer of crude oil between Iraqi refineries.
The deputy head of the committee, Adnan al-Jaberi, said in a press interview, "We have seen a document issued by the State Oil Marketing Organization (SOMO) regarding the smuggling of oil from the Kurdistan Region to Iranian ports," noting that "this document states that oil is smuggled from Erbil and Sulaymaniyah via tankers through the Bashmakh and Pirouz Khan crossings."
Al-Jabri added, "The document revealed that the price of transporting one ton of crude oil to Iran is $135," noting that "this issue caused an internal crisis in the land transport of oil, considering that most of the tankers are private and have turned towards loading these smuggled materials, and there has been a defect in the transport of official oil, because SOMO pays $33 per official ton, while the cost of transporting smuggled oil reaches $135 per ton, and thus most of the tankers have turned to transporting smuggled oil."
Al-Jaberi continued, "This crisis has caused the accumulation of crude oil in a number of refineries, which has affected the quantity of petroleum derivatives in these refineries," noting that "the Parliamentary Oil and Gas Committee is following up on this issue with importance, and we will host general managers in this regard."
I wanted to give a short history today of the Project to Delete the Zeros from my Mnt Goat archives of articles. Then I have a couple articles on the Iraqi Stock Market (ISX). Why has this market not yet been listed on NASDAC or other trading platforms? What are they waiting for? Remember the Pillars of Financial Reform for Iraq I keep talking about, which are Banking, Insurance and the Stock Market. So today they talk about the third which is of the stock market and the reforms needed in this area to help make it more successful.
Let’s now move on the Project to Delete the Zeros. If you are not sure what it is or you are a newbie to my blog then I recommend you first go to the section in my blog to clearly define and give details on the project. You can find it in this LINK.
I have 32 articles about the Project To Delete The Zeros spanning since 2012 through to 2024. Why would Mnt Goat want to show you a select few of these articles today? Keep reading and you will see my intent. This is MY own educational process and gift to you! 😊
In this history lesson I want everyone to takeaway some major points. One is the timing of the event of the past when they attempted to do it. Yes, Iraq tried many times already to move ahead with the project and each time it was stopped for various reasons. How can they advertise they are going to do it so soon, then get stopped. I really am trying to get my brain around this. Either you’re going to do it or you’re not. Why tell the people you are and then a little time later tell them you are postponing it once again? What is going on here. Do you see this trend too? You will when you read the series of articles below.
Another trend I see throughout the articles is they seem to mostly want to conduct the Project in the fall months and to me this is getting ready for early the next year, probably sometime in January to reinstate. This would be the next step afterwards. Afterall the CBI did tell us that January is the most “opportune” time to make any significant rate for accounting purposes. They were talking about reinstatement in the same article.
Another point I need to make is that we should all be thinking seriously why they have not moved ahead with it since 2023. We know it was, once again supposed to move ahead in mid-June 2024 and so why didn’t it? This is in their plan. What has happened to the situation in Iraq? Has the political situation eroded so much or has it gotten better?
The last point I need to make is the FACT that the CBI has told me many times this project will not be a secret and when they intend to move ahead you will know as you will see articles come out just like the ones below from the past. They are not hiding anything. All these idiotic intel gurus out there want to push the RV happening every week end and every day. How can it when this Project is the first priority and I will even show you they came right out in an article and told us it must be followed by the reinstatement once started. That once started there is “no turning back”. Please see my comments highlighted in
Yellow throughout the articles.
Please, please and please again take the time to read through these old articles. Educate yourself and so you won’t have to ask such silly questions anymore. Get it? Then, let there be NO DOUBT in your mind that they are serious about the Project and you can see they are actually further along than you may have thought.
😊 I am also not hiding anything from my blog readers. I am really trying to show you yet more proof of what I have been saying all along and continue to say is…….
State Department in response to US State Department spokesman: There are no US forces in Iraq except for military advisors
One journalist, with his inaccurate answer, the State Department would like to clarify the following:
First: There are no American forces in Iraq except for military advisors who are under the umbrella of the international coalition. These advisors are included in the outputs of the work of the Military Committee
The highest level, and both parties are committed to the established mechanisms and their outcomes. Second: The work of the Supreme Military Committee during the past months focused on assessing the threat of ISIS with the aim of reaching a deadline for ending the military mission of Operation Inherent Resolve. On this basis, the presence of international coalition advisors of all nationalities on Iraqi soil will be terminated.
These discussions included details that included the hierarchy of advisors’ withdrawal from the sites, and all that remained was to agree on the details and date of the announcement and some other logistical aspects. We were very close to announcing this agreement, but due to recent developments, the announcement of the end of the international coalition’s military mission in Iraq was postponed.
Third: The bilateral relationship with the United States in all fields, including the security relationship, is completely separate from the course of the relationship with the international coalition forces. This relationship existed before the alliance and will continue after it. The Iraqi delegation discussed the future of the security relationship in areas: link
