A Workshop In Basra Discusses With Foreign Oil And Gas Companies Encouraging Investment And Development In The Province
Sunday 17 November 2024 Economic Number of readings: 128 Basra / NINA / The Security Committee of Basra Provincial Council sponsored, on Sunday, a workshop to reach a sustainable and effective partnership with foreign companies and encourage them to work and invest in the province.
The head of the committee, "Aqeel Talib Al-Furaiji," said according to his media office, "The workshop aims to reach a real, sustainable and effective partnership to reach a common vision between government sectors and security agencies with foreign companies operating in Basra through security, technical and informational communication according to the borders, contexts and controls in effect to encourage the active investment movement witnessed by Basra to return with economic, reconstruction and developmental benefits to Basra and Iraq in general."
He stressed the importance of this pivotal strategy that Basra Governor "Asaad Al-Eidani" worked on in the previous period, and what Basra witnessed in terms of development, reconstruction, construction, competition, rise and renaissance over the rest of the other provinces, including the capital Baghdad and the Kurdistan Region, and his giving the utmost importance to this vital file as it is one of the files of common interest that serves the interests of the local government and foreign companies wishing to invest and work in Basra."
For his part, the Director of Schlumberger Company in Iraq praised the holding of this workshop, which strengthens the relationship and work between the Iraqi authorities and foreign oil and gas companies, indicating that "this workshop represents an important link in the efforts to enhance cooperation and joint coordination to enhance security in the province, and enhance stability and development to create a more secure environment to encourage more investment and create a balance aimed at accelerating economic growth and deepening the spirit of cooperation between the Iraqi authorities and the oil and gas industry in the province." / End https://ninanews.com/Website/News/Details?key=1169515
Credit to Darth Vader Actual regarding First Basket of Currencies to encounter rate change. A sampling. Observe but don't absorb please. Vietnamese Dong. Iranian Rial, Iraqi Dinar.... 11.16.24
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good morning everyone. hope your weekend was good!
Member: Please let this be our week!!
Member: will we have Christmas before Thanksgiving this year?
MZ: I think we could…. it would be tight…..but we could make it . I am heading back to Puerto Rica right after we finish this podcast. Zester will be hosing the show tonight.
Member: All I want for Thanksgiving is an RV.. and not the one with wheels!
Mark, what do you make of the VND’s tease this weekend? $.39 cents???
MZ: I think it was a lovely tease and tells us how close we are.
Member: rates on the dong seem lower than previously estimated, Do you think VND will be .39 for us?
MZ: I still think rates will be higher than .39 cents….but I could live it. Just think we spent about $50 bucks for a million dong…..If it RVs at .39 cents that is a ROI of $390,000.00 per 1 million dong….who is going to complain about that? Turning $50 bucks into $390 thousand.
Member: Maybe they're priming the pump…Im hoping for at least a 1 to 1.
MZ: I am still hear a rate of low $2+
Member: I Found a million dong at a flea market for 2 dollars this weekend. Woot win
Member: Mark, isn't it an insanely good sign that the Rupiah, Rial, and Dong had visible rates to us plebains? I wonder why we see it on some sites and not on forex/others?
MZ: It’s an extremely good sign…and I have had some feedback from some in high levels who say “Foreign officials in Iraq have confirmed that yesterday’s test rates (Referring to Saturdays test rates popping up on dinar and dong) are 100% legit. “ I am starting to get excited.
MZ: is it showing on some exchanges? Yes. Is it fully released? No So it is showing there but not compete yet.
Member: Nader says the IQD is on forex. He said that the dinar is on forex and soon we can buy and sell in Banks
Member: What were the test rates they saw?
MZ:one of them was $.39 cents for dong and most saw rates of upper $3’s to lower $4’s on dinar.
Member: We are hearing that the Bolivar will be about .30.
Member: I am just ready to turn in my foreign currencies no matter the exchange price.
Member: Rates don't really matter if they wont release them so we can exchange... IMO
MZ: In Iraq: “ Al Sayoud : A gathering of generations and political blocs will adopt a project from which a national government will emerge capable of crossing the country to safety” If you follow the theme of the articles in Iraq this weekend. They are making all the necessary moves to move into a new era in Iraq…..They are talking about how great and hopeful it is.
MZ: Then there is a great discussion in Iraq about “The Deletion of zeros and the evaluation of the dinar” He talks about how the delete the zeros works and how it can increase the value!!!. Here is an example they used to try to keep it really simple
MZ: For example, suppose a foreign government has set 10 units of its currency to equal one US dollar. To revalue its currency, the government might change the rate to 5 units per dollar, making its currency twice as expensive when valued in US dollars as it was before. If the above-mentioned currency revaluation occurs, any assets held by a U.S. corporation in the foreign economy must be revalued. If the value of the asset held in a foreign currency was previously valued at $100,000 based on the old exchange rate, the revaluation requires a change of $200,000. This change reflects the new value of the foreign asset in the local currency by adjusting the revaluation of the relevant currency.
MZ: the project to delete the zeros is to raise the value. Thus needing lower denomination bills. They are spelling it out for us.
MZ: “Controversial laws in 2025 budget schedules await resolution” they are taking advangtage of the extended parliamentary session to finish these.
MZ: “Kurdistan Prepares for curfew on census days and reveals those excluded from it” there are a lot of people telling us the census had to be done before they pull the trigger. Well, they are doing the census so we can check that box off. They are about to close everything down for 2 days. And everyone is staying home to get counted.
MZ: Lots of expectations and possibilities for this week …..Stay calm. We are seeing an overwhelming amount of evidence this week.
Member: I can't stay calm Mark Too excited for this week!
Member: I am calmly excited!
MZ: No updates from bond guys yet this morning. It’s too early in the day for banking to start on the west coast.
Member: I see metals are recovering.....spot gold up 40 bucks....XLM at .24
Member: any word on if we’re going to have to pay taxes when this happens?
Member: I say plan for the worst and hope for the best.
Member: MarkZ question is there anything else on your checklist that you’re still waiting to see before this thing gets the green light?????
Member: Mark what else absolutely has to be DONE in Iraq for this rv to actually go?
Member: If i hear soon or close or next week again im going to go crazy lol
Member: if this thing moved any slower, it would be going in reverse
Member: Wouldn't we have to wait until debt jubilee across the world happens, before the RV???
MZ: They should happen at the same time….That is how it was explained to me.
Member: I still think we will have to wait until after the inauguration on Jan 20
Member: What if the private groups go now and first for the RV….and the public goes after Jan 20 with the reset? Just a thought.
Member: if the entire system crashes….it has to all go ASAP…..so we just watch it .
MZ: Zester is running the evening podcast.
Member: Thanks Mark and Mods. Have a safe trip today Mark.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Al-Atwani To The French Embassy Delegation: Halting External Borrowing Indicates An Improvement In Iraq’s Financial Policy
Money and business Economy News – Baghdad The head of the Finance Committee, Atwan Al-Atwani, explained on Sunday, during his meeting with the French embassy delegation, that the cessation of external borrowing indicates an improvement in Iraq's financial policy.
The statement continued, "During the meeting, the financial and economic situation in the country was reviewed, in addition to the role of the Finance Committee in monitoring spending and implementing the items of the general budget.
" Al-Atwani pointed out "the priorities that his committee is currently working on, most notably maximizing non-oil revenues to avoid the risks of fluctuations in global oil prices on the Iraqi economy, in addition to preparing a package of important legislation that would bring about a qualitative shift in the financial and banking sector."
He explained that "the decline in foreign borrowing indicates an improvement in our financial policy," noting that "the decline in foreign debts came after conducting a comprehensive review of the feasibility of these loans, as we stopped them and began to pay off the old ones, and we obligated that borrowing be only for productive projects that achieve a financial return and not for consumer sectors."
Al-Atwani called on French companies to "enter the Iraqi market forcefully, especially since they have previous successful experiences in implementing strategic projects."
He pointed out that "the provisions of the general budget gave the government the opportunity to encourage foreign companies to invest their money in the country by providing sovereign guarantees."
For his part, the French delegation expressed its happiness with this fruitful meeting, stressing "his country's desire to strengthen relations in various development fields with Iraq in a way that achieves the interests of the two friendly peoples." https://economy-news.net/content.php?id=49929
President of the Republic, Abdul Latif Jamal Rashid, stressed today, Sunday, the necessity of developing a future strategy for financial policy.
The media office of the President of the Republic stated in a statement received by the Iraqi News Agency (INA), that"President of the Republic, Abdul Latif Jamal Rashid, received, at the Baghdad Palace, the Governor of the Central Bank, Ali Mohsen Al-Alaq."
He explained that "during the meeting, plans were reviewed to reform and develop the government and private banking sector, and support the work of the Central Bank, to enhance financial stability and achieve economic development."
The President stressed the "need to develop a future strategy for financial policy according to clear, transparent standards that contribute to developing the services provided to citizens and building a solid banking sector."
In turn, Al-Alaq reviewed the Central Bank’s plans and procedures aimed at developing the banking sector to play its role in facing economic challenges.
