Sunday, February 2, 2025
Signing the contract for the establishment of the Kirkuk investment refinery, 2 FEB
Signing the contract for the establishment of the Kirkuk investment refinery
Kirkuk Governor, Rebwar Taha Mustafa, signed a special contract today, Thursday, to establish the Kirkuk Investment Refinery with a production capacity of 70 thousand barrels per day, with the aim of enhancing economic development in the city and contributing to providing new job opportunities for graduates, according to the governorate.
Taha said in a press interview that "signing the contract to establish the Kirkuk investment refinery with a production capacity of 70,000 barrels per day is a great achievement for the Kirkuk local government to support the economy of the province, expressing his thanks to the Prime Minister, Mohammed Shia al-Sudani, and the ministers who voted for this project and supported its implementation, stressing their keenness to serve the city of Kirkuk and Iraq in general."
He added that "the project will be established near the oil facility and the North Gas Company, and has obtained all approvals from the relevant sector departments," stressing "the Kirkuk administration's support for the investing company that will implement the project."
He continued that "Kirkuk Governorate will witness a radical transformation in the oil sector, as it will achieve self-sufficiency in petroleum derivatives, and the project will be implemented using high technologies and specifications, with full consideration of environmental determinants to ensure the safety of society and preserve the environment." link
IRAQ UPDATE HIGHLIGHTS, 2 FEB
IRAQ UPDATE
Highlights
- 🌍 Major Monetary Reforms: Iraq is moving towards significant changes in its currency system, including a potential redenomination of the dinar.
- 💰 Strong Financial Position: The Central Bank of Iraq has cash reserves exceeding 100% of the currency in circulation, providing stability against economic fluctuations.
- 💳 Digital Payment Transition: The shift to electronic payments is reducing costs and improving transparency in Iraq’s economy.
- 🤝 International Support: The arrival of US Treasury officials in Iraq highlights global interest and support for its economic reforms.
- 📈 Increased Foreign Investment: As reforms take effect, Iraq is expected to attract more foreign capital, boosting its economy.
- 🔄 Streamlined Currency Exchange: The process for exchanging Iraqi dinars for US dollars will be simplified through local banks.
- 📅 Historic Economic Changes: The recent publication of the new exchange rate in the Iraqi Gazette signifies a commitment to economic reform and modernization.
Key Insights
📊 Redenomination Potential: The proposed redenomination of the Iraqi dinar, which involves removing three zeros, signifies a monumental shift in Iraq’s monetary policy. This move aims to stabilize the currency and align it closer to international standards. By simplifying the currency, it is expected that Iraq will improve fiscal management and enhance its global economic standing.
💼 Role of Digital Currency: The transition to a digital economy is not just a trend but a necessity for Iraq’s financial modernization. Digital payments reduce the reliance on physical cash, lower transaction costs, and enhance tracking and transparency of financial transactions. This modernization is essential for building trust in the financial system and encouraging foreign investment.
🌐 International Relations and Support: The involvement of US Treasury officials signifies strong international support for Iraq’s economic initiatives. Such engagement not only provides financial expertise but also reassures investors about the stability and future of the Iraqi economy. International backing is crucial as Iraq navigates through complex reforms and strives to integrate into the global economy.
🔒 Economic Stability through Reserves: The CBI’s strong cash reserves act as a safety net against economic shocks, particularly in a country that has been historically vulnerable to fluctuations in oil prices. This financial cushion enhances confidence in the dinar and secures economic activities as reforms are implemented.
💡 Liquidity Management: As Iraq shifts to digital transactions, liquidity management within banks becomes pivotal. With most transactions moving to digital platforms, banks are expected to maintain sufficient liquidity, which will facilitate smoother exchanges between Iraqi dinars and US dollars, minimizing disruptions during the transition.
🌱 Potential for Economic Growth: The anticipated revaluation of the dinar and the new monetary policies could unleash significant economic potential for Iraq. By creating a more stable and competitive economic environment, Iraq may attract foreign investments that are essential for infrastructure development and job creation.
🔗 Rebirth of the Economy: The ongoing reforms represent more than just financial adjustments; they symbolize a broader rebirth of Iraq’s economy. This transformation is crucial for establishing a sustainable economic framework that supports growth, transparency, and integration into the international market, setting the stage for a prosperous future.
UN Secretary-General's Representative in Iraq: Our message is clear: "Iraq is everyone's country", 2 FEB
UN Secretary-General's Representative in Iraq: Our message is clear: "Iraq is everyone's country"
The Special Representative of the Secretary-General of the United Nations in Iraq, Mohammed Al-Hassan, confirmed today, Friday (January 31, 2025), that our message is clear and supports the stability and security of Iraq, which is the homeland of all.
Al-Hassan said in a press conference, which was followed by "Baghdad Today", during his visit to the Iraqi Jurisprudence Assembly in Al-A'dhamiyah, that "the pure soil of Iraq rejects sectarian, factional and exclusionary projects, and our message is clear, with the stability and security of Iraq, which is the country of everyone and a homeland that embraces everyone,"
Stressing that "the pure soil of Iraq rejects sectarian, factional and exclusionary projects," warning by saying, "The United Nations sees such sectarian projects," but he added, "We have confidence in the citizen and his ability to distinguish between the good and the bad."
He added, "The citizen is now yearning for more careful leaders whose concern is not to present political projects as much as to present projects that raise the citizen's standard of living, such as security, a free and dignified life, and developing the education, health, transportation and other facilities sectors."
He added, "The citizen is looking forward to seeing a tangible and real effort towards these aspirations."
He concluded by saying, “What we have seen during these years is honorable and heartwarming, but there is much that needs to be done.
Iraq is approaching an important constitutional entitlement, which is the elections, and we have confidence in the people’s ability to exercise their right peacefully and freely to choose the leaders they see as fulfilling their aspirations and hopes, far from sectarianism and exclusionary projects.
It is time for the citizen to enjoy the wealth of the homeland and the future of his land.” link
TIDBIT FROM MARKZ, 2 JAN
MarkZ
[via PDK]
Article: “At Trump’s table: Rafidain Bank faces threats of US sanctions”
This is a new policy to extricate Iran banking influence from Iraq…Trump has Iran in his targets. He wants all Iran’s influences removed from Iraq.
Article: “Advisor to the US President: Trump is in the process of putting an end to Iranian influence in the middle east.” There seems to be a solid push to remove Iran.
Question: When they exchanged currencies in the past-How was it given to you? MarkZ: Right into your bank accounts. …Also in the past-before electronics…if it were a smaller amount…they just handed you cash.
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