Saeed Tavakli: Iraq signs new gas export contract with Iran, 11 FEB

 Saeed Tavakli: Iraq signs new gas export contract with Iran

 The CEO of the National Iranian Gas Company, Saeed Tavakoli, confirmed today, Saturday, "The export of gas to Iraq is currently ongoing, and we have recently signed a long-term contract with Iraq."

Tavakoli told the Iranian Mehr News Agency regarding US President Donald Trump's decision last Wednesday to cancel the exemption granted to Iraq to import electricity and gas from Iran as part of new sanctions against Tehran, "The decision represents an escalation of US pressure on Iran, as it pressures Iraq to reduce its dependence on Iranian energy."

Saeed Tavakoli stressed, "The export of gas to Iraq is currently underway, and since we have recently extended a good contract for exporting gas, it is likely that the cancellation of the exemption granted to Iraq to import electricity and gas from Iran was for another form of gas import."

The Iranian official continued, "Fortunately, the Iranian-Iraqi contract is in place, but the volume of exports increases and decreases according to the contractual terms."

Regarding gas imports and swaps, Tavakoli also said, "We do not import gas, but gas imports and swaps, such as electricity, are carried out from Armenia."

The CEO of the National Gas Company also stated regarding the drop in temperatures and the state of gas supply: "Currently, the network conditions are stable, and in the current situation, 72 percent of the gas produced is consumed in the domestic sector, and thanks to the cooperation of citizens, the gas supply network will remain stable in the coming days."

Iranian officials said last year that Iraq owed Iran $11 billion in debt due to the gas it purchased, and the payment of this debt was postponed by Iraq to the extent that Iran was forced, in response, to reduce gas exports due to the heavy debt.  link

BROTHERS TECHNOLOGY: ABOUT TIME!!, 11 FEB

 BROTHERS TECHNOLOGY 

About Time

The Parliamentary Finance Committee confirmed on Monday that the 2025 budget tables are about to reach the Iraqi Council of Representatives, according to information received from the government.

"According to the information we have received from the Iraqi government, it intends to send the budget tables for 2025 within the next few days, and we are waiting for it to arrive to view and study them before voting on them," committee member Jamal Koger told Al-Jabal.

Koger said that "the delay in approving the budget schedules for 2025 will not affect the issue of disbursing the salaries of employees and retirees, as salaries are secured for months this year, and it is possible to work on spending them without waiting for the approval of the budget, there is no fear of that." https://aljeebal.com/posts/3557

11:19 AM · Feb 10, 2025

FRANK26: The laws are in place to expose the new exchange rate in the 2025 budget! @DINARREVALUATION

 

Iraq advances one place in global gold reserves, 11 FEB

  Iraq advances one place in global gold reserves

2/9/2025  Baghdad 

The World Gold Council announced today, Sunday, that Iraq has advanced one place in the ranking of countries that hold the most gold in the world.

According to the latest table published by the Council in February, which was reviewed by Al-Eqtisad News, Iraq ranked 28th out of 100 countries included in the table, after it was ranked 31st globally, to become fourth in the Arab world after Saudi Arabia, Lebanon and Algeria.

According to the table, Iraq increased its gold holdings to 162.7 tons, representing 12.7% of its total other reserves.

The Council pointed out that "the United States of America tops the list of the largest gold holders in the world, as it owns 8,133 thousand tons, followed by Germany with 3,351 thousand tons, then Italy with 2,452 thousand tons, while Trinidad and Tobago came at the bottom of the list with 1.9 thousand tons."

The World Gold Council, headquartered in the United Kingdom, has extensive experience and in-depth knowledge of the factors influencing market changes, and its members include the world's largest and most advanced gold mining companies.  LINK

TRUMP'S EXECUTIVE ORDERS & IRAQ HIGHLIGHTS , 11 FEB

TRUMP'S EXECUTIVE ORDERS & IRAQ HIGHLIGHTS 

Highlights

• 🔥 Trump’s Executive Order: President Trump’s decision to end Iraq’s waiver for gas imports from Iran creates significant economic pressures.
• 💰 Financial System Under Siege: Iraq struggles to maintain its financial transactions amidst U.S. sanctions limiting Iran’s access to the Iraqi banking system.
• 🔄 Hold on the RV: The Iraqi government has placed a hold on the revaluation of the dinar, citing insufficient banking capabilities.
• 🌍 International Cooperation: Iraq is seeking to modernize its banking sector in partnership with international organizations to engage more effectively in the global economy.
• 🚧 Economic Fragility: The reliance on the U.S. financial system makes Iraq vulnerable to sanctions, which could lead to severe economic repercussions.
• 📈 Market Dynamics: Potential sanctions could lead to increased demand for dollars on the black market, further complicating Iraq’s economic stability.
• 🤔 Speculative Investments: Experts warn that investing in the Iraqi dinar is speculative, emphasizing the uncertainty surrounding future financial gains.

Key Insights

• 📉 Impact of Sanctions on the Iraqi Economy: The imposition of sanctions on Iraq’s banking system could have broad implications, leading to a significant disruption in economic activities. As Iraq’s economy is intertwined with the U.S. financial system, any restrictions could reduce dollar liquidity, which is crucial for its international dealings. This situation could lead to increased dollar demand on the black market, driving up exchange rates against the Iraqi dinar and exacerbating inflationary pressures.

• 🌐 Iraq’s Energy Sector Vulnerability: The abrupt end to Iraq’s gas imports from Iran due to U.S. sanctions highlights the country’s vulnerability in the energy sector. With Iran being a significant supplier of gas, Iraq’s energy stability is threatened, which could lead to severe consequences for its economy. The Iraqi government must seek alternative energy sources to mitigate the impact of these sanctions.

• 💳 Modernization of Banking Operations: The collaboration between the Iraqi government and international consulting firms indicates a strategic move towards modernizing Iraq’s banking system. While this effort is essential for integrating Iraq into the global economy, the delay in the RV of the dinar reflects the existing challenges and the need for improved banking infrastructure before major financial changes can be implemented.

• 🔍 Speculative Nature of Dinar Investments: The commentary around the Iraqi dinar as a speculative investment raises concerns for potential investors. Banks and financial analysts emphasize that there are no guarantees regarding future wealth or specific revaluation dates, indicating a high level of risk associated with such investments.

• 🔄 Continued Gas Exports from Iran: Despite sanctions, Iran has confirmed its ongoing gas exports to Iraq, suggesting that economic ties between the two nations remain strong. This development underlines the complexity of geopolitical relationships in the region, as Iraq attempts to balance its dependency on Iranian energy and the pressures from U.S. sanctions.

• 📊 Optimism Amidst Uncertainty: Reports from various contacts in Reno indicate a renewed sense of optimism regarding the potential for a positive financial shift in Iraq. This optimism must be tempered with caution, given the volatile political and economic climate, and the numerous factors affecting the timing of any RV.

• 🏦 Risks of Isolation: The threat of sanctions against Iraq’s banking institutions could push the country into a state of isolation, further complicating its economic recovery. The reliance on the U.S. dollar for international transactions makes Iraq particularly susceptible to any punitive measures, raising alarms about the long-term implications for the nation’s economic health.

In conclusion, the current updates highlight a critical juncture for Iraq as it navigates through intricate geopolitical dynamics and prepares for potential economic transformations. The combination of external pressures, internal readiness for banking reforms, and the speculative nature of investments in the dinar creates a complex landscape that requires careful navigation and strategic planning. As the situation evolves, stakeholders will need to remain vigilant and adaptable to the changing conditions that could significantly influence Iraq’s financial future.

FIREFLY: Trump makes impossible for Iran to use Iraq's monetary financial system to avoid sanctions

 

Parliamentary Finance: No new appointments in the 2025 budget, 11 FEB

 Parliamentary Finance: No new appointments in the 2025 budget

The Parliamentary Finance Committee confirmed, on Sunday, February 9, 2025, that there are no appointments in the federal budget for the current year. 

Committee member Mustafa Al-Karawi said in a statement followed by Al-Jabal, "According to the latest amendments, there is no fundamental change in the budget law, and no new appointments have been included, but it is possible for the government to move within the budget schedules to reactivate some of the previous specializations and texts."

He stated that "the amendments sent by the Prime Minister and the Council of Ministers were limited to Article (12) related to the cost of extracting oil in the Kurdistan Region," indicating that "the amended article is supposed to enter into force soon, which will allow the start of exporting oil from the region's wells through the SOMO company."

The Ministerial Council for the Economy recommended a few days ago to stop listing new investment projects except for necessary ones.

The Council sent its recommendation to the Council of Ministers regarding new investment projects to stop listing these projects except for the necessary ones, with the approval of the Council of Ministers and the endorsement of the Ministry of Planning and Finance to provide financial allocation before entering into any financial obligations  link