Wednesday, September 25, 2024
DINAR REVALUATION REPORT: US Treasury Support for Al-Sudani’s Reform Agenda in Iraq 2024, 25 SEPT
US Treasury Support for Al-Sudani’s Reform Agenda in Iraq 2024
The US Treasury has shown strong support for Iraqi Prime Minister Mohammed Shia Al-Sudani's economic reform agenda aimed at enhancing the country's economic landscape. Al-Sudani’s media office highlighted that the Prime Minister received US Deputy Treasury Secretary Wally Adeyemo and several Treasury officials on Monday, where they discussed bilateral economic relations and reviewed government efforts and plans for economic and financial reforms.
Financial and Banking Reforms
Al-Sudani’s office stated that the government has made significant progress in financial and banking reforms. The country has completed 95% of banking transfers through the electronic platform, with the remaining 5% expected to be finalized by the end of the year. Following this, Iraq will transition to the correspondent banking system, aligning with the government’s commitment to enhancing the capacity of Iraqi banks to meet global standards and support the country's investment environment.
Economic Growth and US-Iraq Relations
Adeyemo praised Iraq’s progress in economic and banking reforms, noting the country’s 6% economic growth rate that aligns with the government's development efforts. He expressed readiness for cooperation and partnership to advance economic development. During his pivotal visit to the US in April 2024, Al-Sudani met with President Joe Biden and engaged with American businesses, the Iraqi community, and think tanks in Washington before heading to Houston to interact with US energy companies.
Security and Strategic Framework Agreement
The visit also covered security and strategic frameworks. The US and Iraq convened the Higher Coordinating Committee of the 2008 Strategic Framework Agreement, a critical framework for bilateral relations. Discussions included the US military presence in Iraq and US Treasury sanctions, as well as bilateral security, trade, economic, energy, and cultural ties.
US Treasury: Supporters of Al-Sudani’s Reform Agenda , 25 SEPT
US Treasury: Supporters of Al-Sudani’s Reform Agenda
9/24/2024 Baghdad
The US Treasury Department confirmed, on Tuesday, its support for Prime Minister Mohammed Shia al-Sudani's reform agenda.
The ministry said in a statement, seen by "Al-Eqtisad News", that "Deputy Secretary of the Treasury, Wali Adeyemo, met with Iraqi Prime Minister Mohammed Shia al-Sudani on the sidelines of the United Nations General Assembly to discuss reforming the Iraqi banking sector, financial relations with the United States, and combating illicit financing."
The statement added, "The Deputy Secretary of the Treasury congratulated Al-Sudani on the great progress Iraq has made in reforming the banking sector, which has led to expanding Iraq's international financial connectivity and increasing financial inclusion."
According to the Treasury statement, Adeyemo affirmed “Treasury’s support for the Central Bank of Iraq and Prime Minister Mohammed Shia al-Sudani’s reform agenda.”
The Deputy Treasury Secretary praised the growth of the non-oil economy in Iraq by 6.0 percent, asking about "the steps the Prime Minister is taking to diversify the Iraqi economy from hydrocarbons," according to the US Treasury statement.
Earlier on Tuesday, Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of Treasury officials. LINK
$3.57 IS THE RATE OF THE IRAQI DINAR ON THE SCREENS NOW BY MARKZ, 25 SEPT
MarkZ
[via PDK]
..."Treasury supports CBI of Iraq” I think this is important. The US Treasury is supporting the Central Bank of Iraq.
Why is this important?
Over the last few weeks articles states Iraq has full control of its money …and now the US Treasury is saying the CBI is doing a great job…Troops are getting moved out…and they are openly talking about their project to delete the zeros. Imo opinions things are warm and fuzzy in Iraq even if we do not know the timing yet.
“ Iraq reviews the US Treasury the date of abandoning the currency auction” this is so important. I was told Oct 1st - no more foreign currency auctions. This is the one thing I was told to look for –When they are done with foreign currency auctions…they would revalue. And this news just came out [Tuesday] that they are ending them.
The chatter coming out of the banking side has been pretty severe today - in a good way. They say rates are being seen…but I haven’t confirmed them …But I am hearing this from 3-4 different sources that work at different banking institutions…and they all agree on the rate of $3.57 on the screens...It’s certainly interesting this is being seen by so many …and the same rate.
Parliamentary Committee Reveals A Way To Increase The Price Of A Barrel Of Iraqi Oil To $2,500, 25 SEPT
Parliamentary Committee Reveals A Way To Increase The Price Of A Barrel Of Iraqi Oil To $2,500
09/24/2024 Mawazine News - Baghdad The Parliamentary Oil, Gas and Natural Resources Committee revealed, on Tuesday, a way to increase the price of a barrel of Iraqi oil to $2,500.
A statement by the Parliament's media department received by Mawazine News stated that "the Parliamentary Oil, Gas and Natural Resources Committee, headed by the head of the subcommittee for following up and proposing legislation, MP Ali Shaddad, and attended by MPs Basem Al-Gharibawi and Zainab Jumaa Al-Moussawi, met with the Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Al-Zubaie, and the Director of the Legal Department at the Ministry of Oil, Salam Hamdan, to discuss the Private Investment Law in Refining Crude Oil No. (64) of 2007."
MP Ali Shaddad explained, according to the statement, that “the committee has included in its strategy the amendment of five laws due to their antiquity, and has taken it upon itself to host those concerned in the Ministry of Oil and advisors in the Council of Ministers, and at other times it has gone to the Ministry of Oil to meet with the relevant departments and authorities; to save time and reach understandings between the legislative and executive authorities regarding the paragraphs of the laws to be amended.”
He added that “the Ministry of Oil has, for many years past, offered a group of investment opportunities in the field of refineries, which have not received real interest from investors and companies, and there will be no seriousness in investing in this sector; due to the current law not being in harmony with the aspirations of investors and the requirements of this stage, and hence the need to amend this law despite it having been amended twice previously.”
He added, "The subcommittee for following up and proposing legislation discussed the paragraphs that should be focused on in the law to attract investment in the refining sector, and that the goal of amending the law is to make investment in refineries successful and create an attractive environment for investment in refineries, which will positively reflect on the country's economy," noting that "the legal department in the Ministry of Oil has been assigned to prepare a draft law that will later be presented to one of the consultants contracted with the ministry to mature this draft.
" The representative stressed, "The committee is keen for the draft law to reach the House of Representatives complete in terms of legal, technical and economic vision," noting that "the current value of a barrel of oil is $70, but transferring this barrel to the refining and petrochemicals sector increases the price of the barrel to $2,500." https://www.mawazin.net/Details.aspx?jimare=255361
RV UPDATE BY JEFF, 25 SEPT
Jeff
Pretty much everything happening right now, along with Sudani being in the UN, everything has to do with Iraq going international...
Jeff
We had five of these articles talking about deleting the zeros...and then one today, so six total within 3 days. Very amazing ...
Removing zeros is getting rid of the large 3-zero notes and replacing them with smaller size currency notes but at an increased value. So when the rate changes the large notes have the same purchase power before the rate change as the smaller notes after the rate changes. They would have to increase the value for the currency, strengthen it, to delete the zeros...
This news is looking really good.
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...