Kurdistan Region confirms oil sales through SOMO: We will give our money to Baghdad, 14 MARCH

 Kurdistan Region confirms oil sales through SOMO: We will give our money to Baghdad

The Kurdistan Regional Government (KRG) on Wednesday affirmed the region's firm position to implement an amendment to the budget law, allowing the region's oil to be exported and sold through SOMO, with the proceeds returned to the federal Ministry of Finance.

A statement issued by the Kurdistan Regional Government's Council of Ministers, seen by Al-Eqtisad News, said, "The President of the Council, Masrour Barzani, held a meeting attended by his deputy, Qubad Talabani, during which the Prime Minister instructed the Ministry of Finance and Economy to prepare a schedule for distributing salaries to Kurdistan Region employees for the month of February, after the deposit of 958 billion dinars into the ministry's account for that month."

The Council decided to begin distributing salaries starting tomorrow. All ministries and institutions were also tasked with preparing March payrolls as soon as possible and sending them to the Federal Ministry of Finance, with the goal of disbursing them before the Eid al-Fitr holiday.

The statement confirmed that "in the first part of the meeting, Kamal Mohamed Saleh, Acting Minister of Natural Resources, reviewed the latest developments in the joint meetings between the Ministry of Natural Resources and the Federal Ministry of Oil, in the presence of representatives of oil companies."

The minister explained the efforts being made to resume the region's oil exports within the framework of the federal budget law. The Council of Ministers commended the Ministry of Natural Resources' efforts to accelerate the process of resuming oil exports and its joint work with the Iraqi Ministry of Oil to resolve the obstacles related to the process. 

The Council also affirmed the "regional government's firm position to implement the amendment to the budget law so that the region's oil is exported and sold through SOMO and its revenues are returned to the federal Ministry of Finance." link

EXCERPTS FROM MARKZ: What are the tiers? What tier would zim holders be in ?

 EXCERPTS FROM MARKZ

Member: What are the tiers? What tier would zim holders be in ?

MZ: If you are still holding your physical Zim….you would be in tier 4b along with the rest of the currency exchanges…..If you have already handed your zim over to a group and have an SKR (safe keeping receipt) it is tier 4a. 

Member: this is an old one but- There are 5 Tiers of folks Exchanging. Tier 1-governments and royalty Tier 2-whales-elite with platforms of currency, corporations, etc. Tier 3-Admirals Group, American Indians, CMKX, large church groups (like the Mormons), etc. Tier 4-all the hundreds of thousands paying attention to intel - internet groups(all of us). Tier 5- those who never paid attn - the general public.

BEARDED PATRIOTUSA☀️RV TIME HAS TO BE NOW ☀️ @DINARREVALUATION #iraqidinarinvestor #iraqidinar

 

Central Bank Prudential Policies To Counter The Impact Of Changes In The Global Economy, 13 MARCH

 Central Bank Prudential Policies To Counter The Impact Of Changes In The Global Economy

Samir Al-Nusairi
For several years, the global system has been witnessing complex economic, financial and security crises, the accumulated causes of which have centered on rising energy and food prices due to the Russian-Ukrainian war, US and European sanctions on Russia, and the Zionist entity's aggression against Palestine, Lebanon and Syria. 

The Zionist entity continues to employ a strategy of using war and its military machine, with the support of America and Europe, to draw the political, security and economic map of the new Middle East.

In addition to the impact of the US-China struggle for global economic control, the divisions in the visions and strategies of the G20, the G7, the BRICS group, and other international groups working to form new economic poles, and finally Trump's new policies of increasing taxes and tariffs on some competing industrial countries, which has led to confusion in the global economic and trade map.

The evidence is the current crises that have harmed the economies of major countries before smaller ones, and what we are currently witnessing of high stagflation in most countries of the world, most notably in the United States, the European Union countries, and countries of the geographical region, and the decline in the purchasing power of these countries' local currencies. 

Therefore, we believe that our economy will suffer in the near term from the negative effects of the global economic system, from the lack of control over the supplies of food and basic commodities, and oil prices may fall below what was planned in the general budget for 2025, in light of the changing circumstances. 

These effects will lead to negative repercussions on our economy and the methodology of financial and banking reform.

Given that economic stability is achieved through stability in the financial and monetary systems, the Central Bank's precautionary measures in 2023 and 2024, and its objectives outlined in its third strategy until 2026, in light of expected developments in future crises, require a fundamental reliance on building foreign reserves at a level that covers the local currency in circulation, imports, external debt repayments, and other international obligations. 

It also seeks to diversify reserves to include a basket of currencies, gold, bonds, and securities. It also adopts policies and mechanisms to regulate foreign trade financing and comply with international standards.

This is exactly what the Central Bank did during this period, as its foreign exchange reserves reached more than $107 billion and 162.7 tons of gold. The World Gold Council announced that Iraq ranks fourth in the Arab world and twenty-eighth globally. 

This confirms that the Central Bank is proceeding steadily to achieve the objectives of monetary policy in reducing inflation and controlling the general price level. 

This is what it recently announced, that the annual inflation rate reached 2.8% and the basic rate 2.5%, as well as controlling the money supply and maintaining the exchange rate of the dinar within the balanced price in the trading market, despite the fluctuations from time to time in the exchange rate of the dollar in cash on the black market.

Continuous monitoring and analysis of the interest rate set by the Central Bank. 

This requires fiscal policy, key economic sectors, and the ministries responsible for them to work together and in clear and specific coordination with the Central Bank's management to achieve economic stability, hedge against the global economic crisis, and mitigate its expected future repercussions over the next three years.

https://economy-news.net/content.php?id=53314

EXCERPTS FROM MARKZ: BANK STORIES, 13 MARCH

 EXCERPTS FROM MARKZ: BANK STORIES

Member:  BANK Story: My mom went to Truist. She asked the lady if Truist would be a part of the RV & bank lady said I’m not sure. 

My mom said So you know about the RV & bank lady said Oh yes we have dinar

Member: When I inquired about my dinar and currencies…at his office Branch manager at chase told me he has 3 private clients waiting for the same . Very familiar with RV. That’s all he said .

MARKZ: The end of the UN involvement in Iraq WILL GIVE US OUR RV!! @DINARREVALUATION #iraqidinar

 

PARLIAMENTARY OIL COMMITTEE RULES OUT PASSING OIL AND GAS LAW DURING CURRENT SESSION, 13 MARCH

 PARLIAMENTARY OIL COMMITTEE RULES OUT PASSING OIL AND GAS LAW DURING CURRENT SESSION

The Parliamentary Oil and Gas Committee confirmed today, Friday, that there are disagreements over the management of resources, which led to the obstruction of passing the Oil and Gas Law, while it ruled out passing it in the current electoral cycle.

“The oil and gas law has been a demand since 2007, but attempts to legislate it have failed due to political differences and lack of agreement with the Kurdistan Region,” said Bassem Naghmish Al-Gharibawi, a member of the parliamentary oil and gas committee,
in an interview with the Iraqi News Agency, followed by “Al-Eqtisad News.” He explained that “the law was part of the current ministerial program, and it was supposed to be legislated during this parliamentary session, as committees were formed since 2023 to discuss it, and two drafts were presented: the first from the federal government and the second from the region, and joint committees were formed to hold meetings between the two parties.”

He pointed out that “most of the technical issues were agreed upon, but the differences focused on administrative aspects, powers, and representation of the region and governorates in the Federal Oil Council, in addition to how to manage and distribute resources, as well as previous and current rights.”

He explained that “the parliamentary oil committee has made intensive efforts with the leaders of the political blocs to clarify the importance of enacting the law, as it regulates the oil wealth that fully funds the state, and contributes to resolving the disputes between the federal government and the region, which contributes to achieving political and economic stability.”

He added that “the most prominent point of disagreement between Baghdad and Erbil is related to oil resources and the region’s commitment to the decisions issued by the Federal Court and the International Court,” noting that “this law is one of the laws that complement the constitution.” Despite all the attempts, Al-Gharibawi stressed that “the committees that were formed were unable to reach a political consensus, which makes passing the law during this electoral cycle an unexpected matter.”