Iraq finalizes strategic agreement with major global oil company
9/6/2024
Baker Hughes, the global energy technology company, revealed on Sunday that it is discussing with the Iraqi Ministry of Oil the final touches to a strategic framework agreement, as well as signing a memorandum of understanding in the gas sector, stressing its commitment to the government and its desire to invest in Iraq.
A statement by the media office of Prime Minister Mohammed Shia al-Sudani, received by Shafaq News Agency, stated that the latter received today in Baghdad the Chairman of the Board of Directors of Baker Hughes, a company specializing in oil and gas, and its CEO Lorenzo Simonelli and his accompanying delegation.
Al-Sudani stressed that Baker Hughes is one of the four largest companies in the world specializing in energy and oil services, pointing out that “the government is keen on the company’s presence in Iraq, which was invited to expand investment in it, through cooperation with the government or with the private sector in the field of oil and gas.”
He noted that "the Iraqi market has become a promising market, and that the government is planning major projects, especially integrated projects in the oil, gas and petrochemical sectors."
Al-Sudani pointed to the development path that includes oil and gas transport projects, stressing the importance of completing the projects that the company is working on in Iraq, especially the Nasiriyah oil field in which the company is investing to extract associated gas, with a capacity of 200 million standard cubic feet, which is hoped to be completed in 2026.
For its part, the Baker Hughes delegation confirmed their commitment to the government and their desire to invest in Iraq in the oil or gas sectors. They came to put the final touches on signing a strategic framework agreement with the Ministry of Oil, as well as signing a memorandum of understanding in the field of gas and investing in the gas platform that will be established in the Grand Faw Port, expressing their desire to finance some projects in Iraq.
The Ministry of Finance announced, today, Sunday, the results of the meeting of the Ministerial Council for the Economy, which was held in the Kurdistan Region.
A statement by the ministry received by the Iraqi News Agency (INA) stated that "the bilateral meetings between the Ministerial Council for the Economy and the Economic Council of the Kurdistan Region, which are currently taking place in Erbil, have been launched, in the presence of the Prime Minister of the Kurdistan Region, Masrour Barzani, where the discussions focus on mechanisms to enhance financial cooperation between the two parties and reach sustainable solutions to outstanding financial issues."
He added that "the discussions are taking place within the framework of government efforts aimed at enhancing cooperation between the federal government and the Kurdistan Region, and joint financial files such as salaries of the region's employees, the region's budget and border crossings, in addition to coordinating customs and tax policies, are among the most important issues affecting the stability of the Iraqi economy."
The Minister of Finance indicated - according to the statement - that "the discussions represent a historic opportunity to achieve financial reconciliation between the federal government and the Kurdistan Region."
She stressed the importance of "enhancing financial cooperation between the two parties and reaching sustainable solutions to outstanding financial issues," noting at the same time that "agreeing on a fair mechanism for distributing oil revenues and border crossings will contribute to enhancing confidence and economic stability in the country."
If you just look at the major headlines in the news from Iraq in today’s Newsletter, you can clearly see this “Electronic Payment”process is the most important banking reformthey must now institute to some extent. We just don’t when enough is enough.
But we will continue to read the headlines and eventually it will pop out in the news. It always does. I did not say this is the most important, but it is now at the forefront of the effort. Get it.
With the news today how can you possibly think otherwise. We might even say it is theLASTpiece to put in place in the RV puzzle to clearly see the end to this RV saga. This is why I was so excited in my last Newsletter of 9/5 and so I am even more excited today.
Here are some of the headlines. You can go read the full articles in today’s Articles Section of the Newsletter. WOW! WOW! Five (5) articles on this topic. Really? Yes, really! 😊
“IRAQ TO FULLY ADOPT ELECTRONIC PAYMENTS TO CURB CORRUPTION”
“PARLIAMENT ASKS FINANCE AND CENTRAL BANK TO SET TIMETABLE FOR TRANSITION TO ELECTRONIC PAYMENT BY END OF 2024”
“AL-SUDANI, THE PRIME MINISTER OF IRAQ, ISSUES A NUMBER OF DIRECTIVES WITHIN THE FRAMEWORK OF DEVELOPING ELECTRONIC PAYMENT SYSTEMS”
“INCLUDING THE GROWTH OF BANKING LIQUIDITY.. A GOVERNMENT ADVISOR REVEALS 3 GOALS FOR ELECTRONIC PAYMENT”
“BARZANI TO AL-ALAQ: THE NUMBER OF REGISTERED INDIVIDUALS IN THE “MY ACCOUNT” BANKING PROJECT HAS EXCEEDED HALF A MILLION”
Knowing all this, I just want to ask a few questions:
Do you think the implementation of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 is important to fully implement prior to getting the RV and reinstatement? Just asking…. This is literally almost all they are talking about these days. YES, it’s important!!!!! of course it is. This was a rhetorical question. Read my lips…. “It’s important!” 😊 Let’s follow its implementation then and see where it gets us. Can they complete it by early 2025? There must be some plan to accelerate the process. Don’t you think?
Do they need the Project to Delete the Zeros as their incentive to bring in the cash hoards/stashes into the banks? Can they do it without any incentive?
What is the level of liquidity that they are looking for in the Iraqi banks to say this is finally successful? In other words how many millions of bank accounts do they need? All we can do is wait and see if they tell us.
I am going to give you a summary again of the other issues that are also on the table. They are on the near horizon and my CBI contact has also told me these are issues that also must be resolved. I hate to give these lists because it is what we don’t know that always come up later to haunt us. But anyhow here is the list as we know it today:
Passing the Oil and Gas Law referendum, as required by their new 2005 Constitution.
Needed changes to The Investment Law No (13) of 2006 to meet the WTO requirements prior to full accession. We were told these change were already reviewed in parliament and then sent back to the cabinet for revisions. We wait.
Institute the Pillars of Financial Reform in the Banking, Insurance and the Iraqi Stock Market. This goes hand in hand with the electronic banking effort.
No, the RV is NOT all done and I laugh every time I hear these intel gurus, especially this jerk TNT Tony and baaaa group of sheepie followers. What is your definition of “all done”. To me it means that Iraq is going forward with the Project to Delete the Zeros and actually in the process of doing it not just talking about it again. Get it? Do they really even have a clue what is going on in Iraq.
Today, Tuesday, Rafidain Bank identified three advantages of electronic payment systems, while indicating the nature of the services provided by these systems.
The Director General of Rafidain Bank, Ali Karim, said in an interview with the Iraqi News Agency, which was followed by “Al-Eqtisad News”, that “digital payment systems are distinguished by many points and advantages. In addition to keeping pace with the rapid development taking place in the world, they also provide many services that were not previously available in regular systems.”
He added that “the three most prominent advantages of electronic payment systems are (flexibility and speed), which provide users with greater opportunities to achieve their desires, such as paying or collecting bills and dues, selling, buying and shopping.”
He continued: “Digital payment systems also feature ‘remote management’, as they allow government institutions, companies and owners of digital commercial projects to work in several sectors, from different places, and at the same time, all these operations and tasks are organised through different means of connection, and thus the work is completed in one go.”
He pointed out that “the third advantage of electronic payment systems is (rapid spread), through the high efficiency of connection and networking, which allows tasks to be completed in one go, and the completion of buying and selling operations at high speed, and thus companies and projects that rely on the electronic payment system in Iraq can reach.”
Looks like things are ready to kick off. I am getting news that Iraq is ready to put the Dinar on Forex. If that happens, the RV will start...
WOLVERINE LIVE CHAT 8/9/2024
It looks like things are ready to get started.
I'm getting news that Iraq is ready to put the Dinar on Forex, hopefully today.
If that happens, the RV will start. I'm told they will start after midnight tonight. And when this happens, it will be real and it will be emotional for all of us.
First to go are German bonds and Yellow Dragon bonds this week!
They will take a few days to arrive, and then the rest of the bonuses will arrive in the next few days.
Orders have now arrived for ALL BANKS IN THE WORLD to activate QFS on all bank accounts! Get ready for that!
There will be some funds in that Nesara Gesara QFS, so check your bank for those funds! I think everything will come at once.
Precatorias has a geopolitical problem in Brazil with the ruler; In my opinion, I think it's all nonsense, just a delaying tactic. In my opinion, they are just waiting to start on the rest of us like a shotgun drop. The Precatorias are an F&P and are not a real part of the redemption process. It's considered a blessing, so they're technically in the RV.
There's not much more to say. The orders have been given.
We'll see you tomorrow, your Monday. Therefore, you may receive your notifications maybe after midnight.
If you receive your notification, put it in the channel you received your notifications on, as you will not be under NDA yet.
It has been a huge and difficult challenge for me, a very difficult roller coaster. I haven't been able to sleep as I've been trying to get a lot of information for you.
I wish you all peace and blessings. Let's hope it happens tomorrow with a rainbow outside my window!
* Once again, they have given orders for QFS to be activated IN ALL BANKS IN THE WORLD. We are waiting for IQD to activate in Forex. Notifications should arrive after midnight, so keep an eye on your emails. The Precatorias - IMO is waiting to be released along with all the others as a shotgun release.
Have a beautiful day. Take care, Wolverine.
(Transcribed by Carpathia)
NOTE FROM CARPATHIA: My dear Chosen Ones: each of you are like the stars of the universe: shining eternally above, never changing, always so beautiful throughout all these years, months and days, with your light of love expanding towards a great timeless infinity. I pray that our Dear God blesses each of you with this great gift to humanity in a short period of time. Stay strong, stay true to your dreams and always know that God is with you. With love, Carpathia.
Si recibes tu notificación, ponla en el canal en el que recibiste tus notificaciones, ya que aún no estarás bajo NDA.
Ha sido un desafÃo enorme y difÃcil para mÃ, una montaña rusa muy difÃcil. No he podido dormir, ya que he estado tratando de obtener mucha información para ti.
Les deseo paz a todos y bendiciones. ¡Esperemos que mañana suceda con un arcoÃris junto a mi ventana!
Central Bank of Iraq announces comprehensive banking reform map
9/8/2024 Samir Al-Nusairi
After the Central Bank delegation returned from the last round of negotiations with the US Treasury and the US Federal Reserve, it revealed the roadmap for radical and comprehensive banking reform, which begins with working to cancel...
The electronic platform for foreign transfers, which was implemented as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control. This was a temporary exceptional measure and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.
During the year 2024, up until now, 95% of the transfer process from the electronic platform to the correspondent banking mechanism directly between it and Iraqi banks has been achieved. This means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year, according to the plan.
Thus, some expectations about possible effects on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one go at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be accomplished in the coming short period.
The Central Bank confirms that trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees and UAE dirhams, through approved correspondent banks in those countries. (13) Iraqi banks have actually begun to conduct transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars.
Providing channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and paying cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.
The Central Bank stresses that it has placed foreign transfer operations and meeting dollar demands on sound tracks consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.
He explains that providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others.
The map and mechanisms announced by the Central Bank will certainly lead to lifting the confusion and instability in the monetary market, which is prevalent due to the continued imposition of American restrictions on our private banks and directing accusations, slander, rumors, analyses, interpretations and targeting of the Central Bank, and will create a state of optimism by lifting the restrictions imposed on some private banks.
This means that there are great efforts made by the Central Bank, in cooperation with the government, since the beginning of 2023 until now, in the field of implementing the financial and banking reform program and fruitful coordination with financial policy, which refutes the slander.
And the accusations and spreading optimism and reassuring the market and citizens. This is what the Governor of the Central Bank had previously emphasized before the Central Bank delegation’s recent trip to America. And the new reform roadmap is a result of the efforts previously made and which the Central Bank has been working on for a year and eight months, and it is as follows:
- Reorganizing foreign trade financing to achieve several goals at once, one of which is the transparency of foreign transfer operations that begin with the transfer process and the transferor to the final beneficiary and to the source through all data, documents and information that enhance and match reality.
All large and medium-sized companies are committed to achieving this goal. The problem now is the dealings of small traders outside the operations.
Foreign transfers are a pressure on the dollar money market and cause it to rise.
- The Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a significant weight in foreign trade, as there was a halt for a period due to a new regulation aimed at providing sufficient control over these operations.
“A new audit mechanism has been put in place by an international company, and the process has been finalised and is now being restarted.”
The Central Bank has continuously urged the opening of relations with correspondent banks, because the Iraqi bank without having external correspondents is considered a local bank and cannot open up to the world.
The Central Bank, for its part, supports and assists this trend.”
- “In light of the new regulation of the foreign exchange process, the real price at which the Central Bank sells more than $250 million daily at the official price should be considered. This means that the bank covers foreign trade, and this explains why there is no inflation or price increases.
The parallel market is a market for those who do not want to go towards the regular methods of transfer and it is an illegal trade or trade that escapes the regular procedures or other illegal operations such as drug trafficking, human trafficking, corruption money, etc.
- Whether the dollar price rose or fell is not a correct indicator, as one must look at what and how much the Central Bank sells at the official price to liquidate various needs.
- That "the primary objective of the Central Bank is to maintain the general level of prices and limit inflation, and this is supposed to be the measure of the success of monetary policy, which has succeeded in controlling this aspect and the level of inflation compared to other countries and even in previous years is much lower, and within the target, and this means that foreign trade, on which Iraq depends primarily to meet the needs of citizens, is covered by the official price."
- “There is great praise in all meetings with international organizations, including the International Monetary Fund, the Federal Reserve, and the US Treasury, for the transformations, management, and organization of the external transfer process in the Central Bank of Iraq at the present time.”
And that "the Central Bank's plan until the end of the year will reach 100%, with foreign transfers between Iraqi banks and correspondent banks, without going through the US Federal Reserve.
The plan to reform and lift restrictions on banks includes two axes: the first relates to conducting an audit of previous operations that were suspected by an independent external audit office, some of which have been completed while we await the completion of the audit of others in order to determine the overall picture and classify the nature of these problems and how procedures will be carried out regarding them later.
And to reach a real, stable banking sector that is consistent with what is required at the level of the national economy, and to prevent some banks from remaining marginal and not representing a real addition to the Iraqi economy, and to gain external acceptance through agreement on their implementation of international policies, procedures and standards.
- The Central Bank has not set a quota for foreign transfers for banks, and they can submit whatever foreign transfer transactions they can attract. The Central Bank does not interfere in customers’ choices, and the banks that carry out this process rely on their capabilities to attract their customers. LINK
