MZ: On the bond side there are more confirmations that they are expecting payments early next week…most are focused on Tuesday.
MZ: One bond trader swears that we should expect our announcements around Tuesday or Wednesday next week. We have to wait and see if this is accurate or not.
MZ: Seems to be a black out or brown out on the group side.
MZ: I now have 2 bankers/redemption folks who say they will be working this weekend. One of them said they are making new system software updates….while the other one says they are preparing for an influx of new wealth management clients this month.
Iraqi economist Nabil Al-Marsoumi predicted on Friday that oil prices could surpass $200 per barrel if the war spreads to the Gulf states and Iran closes the Strait of Hormuz, preventing the daily flow of approximately 20 million barrels to global markets.
Al-Marsoumi gave two possible outcomes for the approaching “oil war.” The first scenario has Israel targeting Iran’s most important hubs for oil exports, specifically Kharg Island, which is where 90 percent of Iran’s oil exports pass. Prices for a barrel of Iranian oil would rise to around $82 as a result of this attack, which would remove 1.5 million barrels from the market. “This would also cut off the most important source of Iranian funding,” he added, however.
“In such a scenario, OPEC+ may step in and remove voluntary and mandatory production limits to guarantee sufficient oil supplies to make up for the loss of Iranian oil. He stated, “This intervention may bring prices back down to approximately $70 per barrel.”
Al-Marsoumi suggested the second scenario: “The war could extend to include oil pumping and export stations in the Gulf, which would negatively impact Gulf oil exports, especially from Saudi Arabia, and push prices above $100 per barrel.”
“Iran has previously stated that if it is prevented from exporting its oil, it would block oil shipments through the Strait of Hormuz,” the economic expert added. “If Iran closes the Strait, it would halt approximately 20 million barrels of global oil supplies daily, driving prices to $200 per barrel and negatively affecting gas shipments passing through the Strait.”
“An Israeli strike would likely target oil installations, especially Iranian refineries, which would take 300,000 to 400,000 barrels of Iranian exports off the market,” Al-Marsoumi added. Despite this, he stated that this would have “minimal impact on global oil prices, especially with Libyan oil returning to previous levels.”
Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks.
At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into a single entity, with Ernst & Young providing expertise and recommendations, and determining the time period required for the merger and the mechanism for transferring balances to the new bank.
The decision this week means that only the Agricultural Bank and the Real Estate Bank will be merged, while the Ministry of Finance has been tasked with converting the Industrial Bank into a joint-stock company.
A statement from the Prime Minister's Office confirmed that Ernst & Young will assess the Industrial Bank's assets, and the existing contract with EY will be amended to include these changes.
Additionally, the Cabinet approved a 500 billion dinar [$382 million] capital increase for the Trade Bank of Iraq (TBI), sourced from its profits. link
You put a mic in front of these parliament politicians and they instantly become economic experts...This is basic math.
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:On the news Alaq came in and talked again about the deletion of the three zeros and he said we have a process to enhance the dinar.He was explaining how they are going delete the three zeros and add value...Then this idiot comes on TV and he says to us dropping the zeros will not lead to a value increase. He's just a fool that hates this is happening. That's all Alaq talked about, again saying it's under constant review.
FRANK: As far as the guy that comes out and says this is not good, that's it's negative...this is not being sent to you by Sudani...Don't pay attention to them. Only pay attention to your true leader Sudani.
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