"ABOUT THE UPCOMING VISIT OF THE CENTRAL BANK OF IRAQ TO NY" BY ARIEL, 24 AUGUST

 ARIEL

Hot Off The Press

The upcoming visit of the Central Bank of Iraq (CBI) Governor, Ali Al-Alaq, to New York aims to stabilize the Iraqi banking system and address sanctions on certain banks. By ensuring the protection and stability of Iraq's financial infrastructure, this visit could potentially pave the way for stronger financial policies, including support for the Iraqi Dinar. This move will enhance international confidence in Iraq's banking system, contributing to the long-term goal of reinstating the Dinar to a more favorable exchange rate as it was in the previous era. - Al-Alaq's Visit to New York: Focuses on stabilizing Iraq's banking system and ensuring compliance with international standards. - Addressing Sanctions: Part of the visit involves addressing sanctions on specific Iraqi banks to restore international financial relationships. - Support for Economic Reform: The visit underscores Iraq's commitment to economic reforms, which could boost confidence in the Iraqi Dinar. - Long-term Financial Stability: Strengthening the banking system is seen as a key step towards achieving broader financial stability in Iraq.

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PM Advisor: Al-Alaq upcoming visit to NY supports banking system stability

INA - BAGHDAD

PM's Advisor for Financial Affairs, Mudher Muhammed Salih, confirmed on Monday, that the upcoming visit of the Governor of the Central Bank of Iraq - CBI, Ali Al-Alaq, to New York, will support the protection and stability of the banking system, indicating that the file of the sanctioned banks requires negotiation due to the possibility of an error or exaggeration in issuing the decision to sanction them.

"CBI is a strategic institution that works to support the value of the dinar and its stability as well as build balances in the Iraqi balance of payments and regularity of payments and international reserves that support Iraq's foreign trade," said Salih in a statement to the Iraqi News Agency - INA.

He noted, "Due to the rentier nature of the economy, CBI and its reserves have become the feeder and financier of foreign trade for the private sector," pointing out that "Iraqi oil sales are in dollars and are deposited with the US Federal Reserve via an open account in the name of CBI, which the bank manages on behalf of the Iraqi government."

"The upcoming visit of the Governor of CBI, Ali Al-Alaq, to New York City in the United States of America comes to protect the Iraqi banking system and support its stability," he highlighted.

Salih explained, "CBI, by its work and responsibility to maintain the financial system of Iraq, must negotiate with the US side regarding the file of the sanctioned banks to alleviate the severity of the deprivation on the banks, as there may have been a mistake or exaggeration that preceded the decision to sanction them by the US side," stressing, "There is insistence and communication from CBI in a good and positive way to protect the Iraqi banking system."
https://ina.iq/eng/34233-pm-advisor-al-alaq-upcoming-visit-to-ny-supports-banking-system-stability.html

"THE DINAR CHUM ATTRACTS THE WORLD INTO IRAQ" BY FRANK26, 24 AUGUST

 KTFA

FRANK26: "THE DINAR CHUM ATTRACTS THE WORLD INTO IRAQ"..........F26

Within a week... the Iraq Stock Exchange trades shares worth more than 16 billion dinars

8/22/2024

 

 Baghdad
 

The Iraq Stock Exchange announced that it will organize five trading sessions in the third week of August, during which tens of billions of shares were traded, with a financial value exceeding 16 billion dinars.

According to market indicators, the number of shares traded during this week amounted to more than (30) billion shares, with a value of more than (16) billion dinars.

The ISX60 index closed the first session of the week at (868.31) points, while the index closed at the end of the week at (853.38) points, achieving a decrease of (1.75%) from its closing at the beginning of the session.

The ISX15 index closed the first session of the week at (972.21) points, while the index closed at the end of the week at (963.47) points, achieving a decrease of (0.91%) from its closing at the beginning of the session.

During the week, (3317) purchase and sale contracts were executed on the shares of companies listed on the market.

LINK

DINAR REVALUATION UPDATE: THE BOLD MOVE OF IRAQ OF ADOPT A PROFIT SHARING MODEL IN THIS AGREEMENT , 24 AUGUST

 Iraq and BP Agree on Profit-Sharing Model for Oil and Gas Field Development

Iraq has recently entered into an agreement with British Petroleum (BP) to develop four oil and gas fields in the northern province of Kirkuk [2]. This marks a significant move towards enhancing the country's energy sector and attracting major Western energy companies, moving away from low-margin service contracts [1]. The agreement, signed by Iraq's Oil Minister Hayan Abdel Ghani and BP's CEO Murray Auchincloss, includes the rehabilitation and development of the Kirkuk, Bai Hassan, Jambur, and Khabbaz oilfields [2].

Profit-Sharing Model: A New Approach

The model agreed upon for this development is a profit-sharing structure, a departure from previous contract terms that typically favored service-based agreements [1]. Under this new arrangement, Iraq will share profits with BP, aiming to incentivize further exploration and production growth [1]. This initiative is part of the Iraqi government's broader strategy to maximize the exploitation of its vast energy resources and boost oil production, while also stimulating investment in gas and solar energy [2].

Strategic Objectives and Relevance

Iraq's decision to enter into profit-sharing agreements with international oil companies (IOCs) is driven by several strategic objectives. The primary aim is to attract major Western energy companies, beyond the Chinese firms currently engaged in the market [1]. By becoming more attractive to IOCs, Iraq hopes to foster domestic expertise in oil and gas management, benefiting the labor market and the economy at large [1].

Diversification of Energy Sources

Iraq is also looking to diversify its energy sources and reduce dependence on gas imports, particularly from neighboring Iran, which is crucial for Iraqi power generation [2]. By increasing natural gas production, Iraq aims to mitigate chronic power outages, particularly during summer months, when demand is at its peak [2].

Iraq's Energy Sector: Historical Context and Future Prospects

Iraq has one of the world's largest proven oil reserves, estimated at 145 billion barrels, providing a resource base for 96 years of production at the current rate [2]. The country's oil sector has a long history of foreign investment, dating back to the 1920s [2]. However, in recent years, Western energy investors have shown declining interest in Iraq's market [1].

Conclusion

The agreement between Iraq and BP represents a strategic shift in the country's approach to its energy sector. By adopting a profit-sharing model, Iraq aims to stimulate investment, increase production, and diversify its energy sources. This move could potentially revitalize the sector, attract major Western energy companies, and contribute to Iraq's economic and energy security.

TNT UPDATE: .."SUDANI GOING TO TRY TO GET SANCTIONS OFF IRANIAN BANKS"..., 24 AUGUST

 TNT UPDATE 

GOOD MORNING TNT IT'S FRIDAY AUGUST THE 23RD 20241:09 PM

THIS MORNING WAS TOLD TODAY IS THE DAY BUT WE DON'T KNOW THE TIME1:10 PM

GOOD THING TO BRING PEACE OF MIND... DNC IS OVER...Aug 23

NEVER THOUGHT IT WAS RELATED... THE THINGS THAT ARE RELATED ARE GETTING BETTER 1:11 PM

AT THE END OF THE MONTH SUDANI GOING TO TRY TO GET SANCTIONS OFF IRANIAN BANKS  1:12 PM

OTHER GOOD NEWS ISRAEL ACCEPTED THE PROPOSAL FOR PEACE     1:12 PM

SO WE WAIT FOR HAMAS - COULD HAVE PEACE, NO RETALIATION   1:13 PM

WE WILL SEE WHAT MAKES REAL SENSE.   1:13 PM

READY FOR IT TO BE OVER... READY FOR NEXT GREAT THING.1:15 PM

IT MIGHT SOUND HORRIBLE.... BUT... YOU CAN'T SEND ME YOUR PROBLEMS  1:15 PM

CAN'T FIX THEM... i CAN'T LOAN MONEY OR GIVE MONEY OR TELL YOU WHERE TO GET MONEY... NO ONE IS GETTING ANY. 1:15 PM

IT DOES AFFECT ME... ALL YOU ARE GOING THROUGH... I FEEL FOR YOU EMOTIONAL MENTALLY. 1:17 PM

HAVE SENATORS AND CONGRESSMEN WAITING TO GET PAID... PAID SOME LAST FRIDAY AND SATURDAY 1:18 PM

ALL OF THEM DID NOT GET PAID... SOME ARE WAITING RIGHT NOW...1:18 PM

SOME TOLD GETTING PAID YESTERDAY... PENDING... PAID TODAY... BUT DIDN'T HAPPEN...1:18 PM

SENATORS AND CONGRESSMEN NEED TO WAIT, TOO1:19 PM

ALL IS DONE... WAITING FOR EMAILS TO COME THROUGH THE SYSTEM Aug 23

IT'S NOT IRAQ IT'S NOT THE BANKS... ALL IS DONE THEY DID ALL THEY WERE SUPPOSED TO DO..1:19 PM

ALL HAVE DONE WHAT SUPPOSED TO DO BUT GO.... HOLD-UP SEEMS TO BE WHAT IS GOING ON IT THE MIDDLE EAST.1:20 PM

WAS HAPPY WHEN SAW THE AGREEMENT NOT TO INVOLVE IRAQ.... DON'T USE US AS A BATTLE GROUND... WOULD AFFECT THE WHOLE REGION 1:21 PM

WITH THESE THINGS OVER... COULD TAKE OFF... IRAQIS BEING TOLD ANY DAY... COMING DAYS.... SHOULD BE OVER TOMORROW1:22 PM

3 LETTER AGENCIES.... WAITING... TODAY AFTER 51:22 PM

ON WED WAS TOLD THEY WERE LOADING THE CODES TO RELEASE IT RIGHT THEN... OBVIOUSLY DIDN'T RELEASE.1:22 PM

GIVING ALL INFO... NOT HIDING INFO - ALL WE CAN DO IS WAIT FOR THE FINALIZED AGREEMENT WHICH CAN HAPPEN AT ANY MOMENT.

"PARLIAMENT... STOP ASKING STUPID QUESTIONS!!!" BY FRANK26, 24 AUGUST

 KTFA

FRANK26: "PARLIAMENT... STOP ASKING STUPID QUESTIONS!!!"..............F26

Is Iraq heading towards printing new paper currency?

8/22/2024

 

Baghdad
 

The Parliamentary Finance Committee confirmed, on Thursday, that there is no intention to print new paper currency.

Committee member Moeen Al-Kazemi said in a statement followed by "Al-Eqtisad News": "There is no intention to print new paper currency at the Central Bank," noting that "the Ministry of Finance began funding ministries and governorates with salaries two days ago."

He added that "the cash mass required monthly to pay employees' salaries is estimated at four million employees and four million beneficiaries of the Retirement Authority and two million social care, which is approximately 7 trillion and 500 billion dinars."  He

continued that "this amount is prepared monthly and there is no shortage in this aspect, considering that the current export is approximately 3 million and 400 thousand barrels of oil at a price of more than $ 75 per barrel."

He explained that "providing the necessary liquidity is done by the Central Bank and delivered to the Ministry of Finance, which in turn delivers these numbers and the cash mass to the ministries and governorates, and there is no acute problem regarding cash liquidity."

LINK

LATEST FROM CLARE, 24 AUGUST

 Clare  

Article:  ”Is Iraq heading towards printing new paper currency?"  Quote "The Parliamentary Finance Committee confirmed, on Thursday, that there is no intention to print new paper currency."

Clare 

 Article Quote "The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh...pointed out that Iraqi oil sales are in dollars, and are deposited with the US Federal Reserve through an open account in the name of the Central Bank, which is managed by the bank on behalf of the Iraqi government."

Article "Is it time to remove the zeros?" Quote:  "with the use of electronic payment operations, the environment will be mature and acceptable for the idea of ​​implementing the decision to delete zeros, and the process will be automatic without the citizen feeling it. But is it time to issue the decision?"

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Clare 

  Article: "Government advisor explains the possibility of using the dinar instead of the dollar in oil sales"  Quote: "Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices? These are paths that have no answers on the ground and are really very ambiguous"

Clare 

 Article: "Trade discusses the mechanism for Iraq's accession to the World Trade Points Federation"  

Quote: "The Private Sector Development Department discussed with the Departments of Foreign Economic Relations and Administrative and Financial Affairs at the Ministry of Trade, the mechanism for Iraq's accession to the Federal Union of World

Trade Points, the legal procedures for joining, and the benefits that the Iraqi sectors will obtain."

  Clare  

Article: "Is “floating the currency” a solution to the crisis of the high dollar in Iraq? A representative explains"

  Quote: "There are calls to float the exchange rate in Iraq...Floating the currency is a procedure based on liberalizing the exchange rate, leaving it to market factors (supply and demand), to determine its value without any form of intervention by the economic authority...There are two types of floating: the first is absolute floating, and the second type is managed floating, i.e. the type in which the central bank intervenes to direct the exchange rate up or down, as it sees fit to achieve the interests of the national economy."

Clare  

 Article: "US Treasury places Khamis Al-Khanjar on sanctions list"  

Quote:  "The US Treasury Department, through the Office of Foreign Assets Control (OFAC), has placed the head of the Sovereignty Party, Khamis Al-Khanjar, on the sanctions list of known individuals and entities with whom dealings are prohibited."

 Article:  "Central Bank Governor Participates in a Workshop Specialized in Electronic Payment"   Quote: "His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development."

RECENT REPORTS OF CLARE: 

"RV UPDATE" BY CLARE, 9 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-clare-9-august.html 

LATEST FROM CLARE, 6 AUGUST

https://dinarevaluation.blogspot.com/2024/08/latest-from-clare-6-august.html 

RV UPDATE BY CLARE, 4 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-clare-4-august.html