EVERYTHING TRIGGERED SAT. NIGHT 16 NOV BY WOLVERINE @DINARREVALUATION

"OIL AGREEMENTS TO FREE THE HCL" BY FRANK26, 20 NOV

 KTFA

FRANK26: "OIL AGREEMENTS TO FREE THE HCL"..........F26

 

Date set for resuming oil exports from Kurdistan via Turkish port of Ceyhan

 

11/18/2024

- Baghdad

Acting Minister of Natural Resources in the Kurdistan Regional Government, Kamal Muhammad, set today, Monday (November 18, 2024), the date for resuming oil exports from Kurdistan via the Turkish port of Ceyhan.

Mohammed said in press statements followed by "Baghdad Today", "The halt of oil exports to Iraq and the Kurdistan Region causes a loss of one billion dollars per month."

He added that "the Iraqi parliament approved the resumption of oil exports from the Kurdistan region," indicating that "it is expected that oil exports will resume through the port of Ceyhan as of the beginning of next year."

On Saturday (November 16, 2024), economic expert Nabil Al-Marsoumi confirmed that re-exporting Kurdistan oil would cause Iraq to lose $5 billion, while he pointed out that it would cause a budget deficit .

Al-Marsoumi said in a post on Facebook, followed by Baghdad Today, that “the Kurdistan Oil Industry Association  (APIKUR)  welcomed the proposal to amend Article 12 of the budget law, but believes that there is sufficient scope in the current wording to cover its previous requests related to commercial terms and to ensure payments for past and future exports through the Iraq-Turkey oil pipeline  .” 

He added that "the amendment stipulates that the Federal Ministry of Finance shall compensate the Kurdistan Regional Government from sovereign expenses for the costs of production and transportation, for the quantities of oil produced in the region that are received by SOMO, or the Federal Ministry of Oil, provided that the fair estimated costs of production and transportation are calculated for each field separately, by a specialized international technical advisory body, determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region," indicating that " The costs of production and transportation are compensated by the Federal Ministry of Finance as advances, at a rate of (16) dollars per barrel, to be settled later after the completion of the aforementioned specialized technical advisory, and retroactively from the date of commencement of delivery .

Al-Marsoumi continued, “According to the results of Deloitte’s audit of previous years, the region only received 44% of oil revenues, and the rest was received by foreign oil companies to cover the costs of production, transportation, marketing, and profits of Foreign companies specified in most contracts as 20% of the profit oil after deducting the costs amounting to 40% of the price of a barrel of oil to recover part of the costs incurred by foreign companies when investing in the oil sector in " Kurdistan  ."

He explained that "in light of these facts and because of Iraq's commitment to OPEC Plus restrictions, the amount of Kurdistan's exports of 400,000 barrels per day will require reducing the same amount from the central and southern fields, which will lead to a decline in oil." revenues of about $5 billion annually, which means an increase in the budget deficit by the same amount due to the differences in costs and profits of foreign companies and the lower quality of Kurdistan’s oil .” 

He explained that "the solution lies in Iraq's request for OPEC Plus to exempt it from the mandatory and voluntary cuts imposed on the production quota so that there is economic feasibility in re-exporting oil from Kurdistan."

 

LINK

TIDBIT FROM CLARE, 20 NOV

 Clare 

 Article:  "Delete zeros and evaluate the dinar"

 Quote:  "In a newspaper column a while ago, we explained the concept of deleting zeros, and today we are talking about the concept of currency revaluation, which means a calculated upward adjustment of a country’s official exchange rate...revaluation is the opposite of devaluation. 

In a fixed exchange rate system (the system followed by Iraq), only a decision from the state (the central bank) can change the official value of the currency...

In a flexible exchange rate system, revaluation occurs on a regular basis, as evidenced by the noticeable fluctuations in the foreign exchange market...

The United States maintained a fixed exchange rate until 1973, when President Richard Nixon decided to abandon the gold standard and switch to a flexible exchange rate system..." 

GINGER: I’ve verified the most encouraging and LEGIT news for Tier 1 thr...

"SUDANI... MY ACCOUNT... MY BANKS BY FRANK26, 20 NOV

 KTFA

FRANK26: "SUDANI... MY ACCOUNT... MY BANKS"........F26

 

'MyAccount' team welcomes Iraqi PM's banking decision, plans to add three private banks

 

 

Nov. 19, 2024

ERBIL (Kurdistan24) -

The 'My Account' project team welcomed Iraqi Prime Minister Mohammed Shia al-Sudani's decision to support private banks in salary banking initiatives, announcing plans to integrate three additional private banks into the system.

In a statement to Kurdistan24 on Tuesday, the project team emphasized that the Iraqi Prime Minister's decision "serves the interests of all citizens and paves the way for complete economic growth in Iraq and the Kurdistan Region."

The team confirmed they are operating in accordance with Central Bank regulations and the Federal Court's latest clarifications, noting that "all Central Bank-authorized banks, whether government or private, undergo continuous auditing and maintain connections with other international banks, enabling them to generate economic growth."

Following this development, the team announced plans to expedite the integration of three additional private banks into the project, alongside existing government and private banking partners, to enhance service delivery to citizens.
The team urged salary recipients to complete their banking forms through the 'My Account' system before year-end, citing alignment with the Federal Court's July 2024 clarification.

The 'My Account' project represents a significant step in Iraq's banking modernization efforts, aimed at transitioning government salary payments from cash to electronic banking systems. This initiative is part of broader economic reforms to modernize Iraq's financial infrastructure and reduce cash-based transactions.

The addition of new private banks to the system reflects growing confidence in the private banking sector and efforts to expand banking services across Iraq and the Kurdistan Region. The project aligns with international banking standards and aims to increase financial inclusion while reducing administrative costs associated with cash salary distributions.

 

LINK

IMF ON TV NEWS PRAISING IRAQ FOR THEIR BANKING & FINANCIAL REFORMS!!! BY FIREFLY, 20 NOV

 Frank26  

[Iraq boots-on-the-ground report] 

 FIREFLY: IMF on TV news praising Iraq for their financial and banking reforms and development.  

FRANK:  Have you noticed the IMF is constantly, almost weekly, now bragging about the monetary reform process of the Central Bank of Iraq?  Bragging about it.  If you go to the IMF website, it will tell you in English the Iraqi dinar is going through a revaluation right now.  There's no secrets.

MARKZ: yesterday’s test rates ( test rates popping up on dinar and dong...