Frank26
[Iraq boots-on-the-ground report]
FIREFLY: It appears to us there was no auction on Monday. We don't see anything on the television and the news like usual. We don't see it...
FRANK: We noticed that too that there were no auctions. I really don't care...The auctions are no longer important to us but I'd like to see the flow of money, of cash money, I don't know if this is Sudani's way of continuing to hide information from Parliament. That's the only reason I can come up with...
Oil: Negotiations With An American Company To Develop The Oil Side Of The Nahr Bin Omar Field
Energy Economy News – Baghdad The Ministry of Oil announced, on Wednesday, that there are negotiations with the American company Halliburton to develop the Nahr Bin Omar field in Basra.
The Undersecretary of the Ministry of Oil for Extraction Affairs, Basem Mohammed Khader, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "the Nahr Bin Omar field is an oil and gas field, as the contract for the gas was signed and the contracting company began its work."
He pointed out that "there are negotiations with the American company Halliburton to develop the oil side of the field, in line with the gas investment project in the Bin Omar River."
He explained that "the gas project aims to produce about 300 million standard cubic feet per day, in two phases," stressing that "the establishment of gas facilities requires a long time, and the minimum period for their establishment and operation is estimated at about three years." https://economy-news.net/content.php?id=53161
MILITIAMAN CC HIGHLIGHTS NOTES
In this video, the speaker, known as Militia Man and Crew, discusses significant developments in Iraq’s economy, focusing particularly on the stability of the Iraqi dinar, the reduction of the parallel market, and the potential resumption of oil exports through a crucial pipeline.
The discussion revolves around the government’s push for electronic payments and financial inclusivity, the ongoing legislative efforts to amend the oil and gas law, and the Central Bank of Iraq’s strategies for managing liquidity and inflation.
The speaker emphasizes the need for a robust legal framework to facilitate oil exports and enhance economic stability, while also highlighting the importance of digital transformation in Iraq’s financial system. As the nation prepares for potential currency revaluation, the speaker underscores the significance of improved economic conditions, including low inflation rates and increased foreign investment.
📈 Electronic Payment Systems Enhance Trust: The shift to electronic payments has not only modernized transactions but also fostered public trust in the dinar. By encouraging the use of digital methods for payments and travel, the Iraqi government is aiming to channel cash flow into formal markets, thereby diminishing illegal currency exchanges. This is a strategic move to stabilize the dinar, which has historically faced volatility due to reliance on informal market transactions.
🏛️ Oil Exports as Economic Lifeline: The anticipated resumption of oil exports through the cyan pipeline is critical for Iraq’s economy. With discussions underway to finalize contracts and agreements with foreign companies, successful oil exports could significantly bolster the national revenue stream, providing much-needed funds for public services and infrastructure development. This resumption is not just about financial gains; it is also about restoring Iraq’s position in the global oil market, which has been hampered by two years of halted exports.
⚖️ Legislative Framework is Essential: The ongoing amendment of the oil and gas law signifies a pivotal step toward resolving long-standing disputes between Baghdad and the Kurdistan region. A clear legal framework is essential for defining the rights and responsibilities of all parties involved in oil production and revenue distribution. The swift resolution of these legislative challenges will not only facilitate oil exports but also promote a more stable investment climate in Iraq.
💼 The Central Bank’s Strategic Movements: The Central Bank of Iraq’s decision to increase the cash credit ratio reflects a proactive approach to managing economic liquidity and stability. An improved liquidity ratio enhances the bank’s ability to respond to market demands and reinforces confidence among investors and citizens. This is indicative of a broader strategy to stabilize the dinar and ensure that the banking sector can support economic growth and development.
🌐 Digital Currency as a Future Asset: The push towards launching a digital currency is a transformative step for Iraq’s financial system. By adopting digital currencies, Iraq aims to streamline financial transactions, reduce costs, and increase efficiency. This shift will likely mitigate the informal cash economy, thereby reducing opportunities for corruption and enhancing overall economic transparency.
🔄 Inflation Management and Economic Health: Iraq’s current low inflation rate of around 3% demonstrates effective economic management compared to previous years, where inflation soared above 35%. This reduction is a sign of the government’s effective monetary policies and economic reforms, which aim to strengthen the dinar and improve citizen confidence in the economy. Such stability is crucial for attracting foreign investment and fostering sustainable economic growth.
🛡️ Addressing Corruption through Technology: The integration of advanced technologies, such as sonar systems for tracking goods at border crossings, is a strategic move to combat corruption and smuggling. By enhancing monitoring capabilities and ensuring accurate tax collection, the government aims to strengthen national revenues while promoting fair trade practices. This technological shift reinforces the government’s commitment to transparency and accountability in economic governance.
In conclusion, the developments discussed in the video highlight a significant transitional phase for Iraq’s economy. With a focus on digital transformation, legislative reforms, and effective financial management, Iraq is positioning itself for a robust economic future. The successful implementation of these strategies will be critical in determining the country’s ability to emerge from past economic challenges and achieve sustainable growth. The integration of electronic payment systems, the resumption of oil exports, and the establishment of a stable legal and monetary framework are all essential components of this transformative journey.
Iraq Increases Its Gold Reserves By 10 Tons
Money and business Economy News – Baghdad The World Gold Council announced on Wednesday that Iraq has increased its reserves of the precious metal by 10 tons.
According to the latest schedule published by the Council in March, which was reviewed by Al-Eqtisad News, “Iraq increased its gold holdings by 10 tons, bringing its holdings to 162.7 tons, after it was 152.7 tons last month, which represents 13.6% of its remaining reserves.”
He added, "Iraq reached the 28th rank on the list out of 100 countries included in the table," indicating that "Iraq came in fourth place in the Arab world after Saudi Arabia, Lebanon and Algeria."
The Council pointed out that "the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133 thousand tons, followed by Germany with 3,351 thousand tons, then Italy with 2,451 thousand tons, while Iceland came in last with 2 tons."
Increasing gold reserves means increasing the amount of gold held by the state or the central bank as a financial reserve, in order to enhance financial security and the ability to confront economic or financial crises.
The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world. https://economy-news.net/content.php?id=53153
Fnu Lnu
Though the BRICS have been doing a lot of saber-rattling about breaking away from the dollar...
OPEC remains king of oil and that means all oil transactions will be in USD. Here is the latest report from "The Minister of Oil" on Iraq's part in OPEC and their reassurance and adherence to the rules of OPEC.
Article "The Iraqi Ministry of Oil has reaffirmed its full commitment to the OPEC+ production agreement, including additional voluntary cuts and compensation for excess production.. .
The Ministry of Oil emphasized the crucial role of OPEC+ agreements in stabilizing global oil markets and highlighted the importance of collective efforts from all member states to maintain market balance."
CHANNEL8: On outstanding issues with the federal government—including Article 140, public salaries, the state budget, and farmers' dem...