Kurdistan Region confirms sale of oil via Sumo: Our money will be given to Baghdad, 14 MARCH

 Kurdistan Region confirms sale of oil via Sumo: Our money will be given to Baghdad

Economy News – Baghdad

The Kurdistan government confirmed on Wednesday the region’s firm position to implement the amendment of the budget law so that the region’s oil is exported and sold through Sumo and its proceeds are returned to the Federal Ministry of Finance.

A statement from the Presidency of the Council of Ministers of the Kurdistan Region, seen by “Economy News”, said that “the President of the Council, Masroor Barzani, held a meeting in the presence of his deputy Qubad Talabani, where the Prime Minister instructed the Ministry of Finance and Economy to prepare a salary distribution schedule for the employees of the Kurdistan Region for February, after depositing 958 billion dinars in the ministry’s account for this month.

The Council decided to start distributing salaries from tomorrow. All ministries and institutions have also been tasked with preparing salary lists for March urgently, to send them to the Federal Ministry of Finance, with the aim of disbursing them before the blessed Eid al-Fitr holiday.

The statement stressed that “in the first paragraph of the meeting, Kamal Mohammed 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 made to resume the export of the region’s oil within the framework of the Federal Budget Law, and the Council of Ministers praised the efforts of the Ministry of Natural Resources to accelerate the process of resuming oil exports and working jointly with the Iraqi Ministry of Oil to resolve obstacles related to the process.”

The Council also stressed “the firm position of the regional government to implement the amendment of the budget law so that the region’s oil is exported and sold through Sumo and its proceeds are returned to the Federal Ministry of Finance.”

BEARDED PATRIOTUSA : ☀️RV TIME HAS TO BE NOW ☀️, 14 MARCH

 BEARDED PATRIOTUSA

☀️RV TIME HAS TO BE NOW ☀️

The Final PUSH is brewing. We can all feel it!

✅Equity Markets DOWN (close to 10%)

✅USD DOWN (close to 6%)

✅Crude Oil DOWN (17%)

✅Tariff battle going on (DISTRACTION)

✅Possible ceasefire to be signed soon (PEACE)

✅A lot of attention on XRP and crypto regulations (NEW SYSTEM)

Meanwhile Iraq has 

🟨Confirmed its Article 12 ammendement (HCL)

🟨Confirmed paying delayed salaries (Money flow)

🟨Negotiating restarting oil flow  (More money flow)

🟨Removing Iran from the equation (Required)

🟨Implementing electronic cards (for HCL)

🟨Updating ration cards (for HCL)

🟨Census updated (for HCL)

There is a trigger upcoming that will be the final PUSH for the RV to happen. What is the trigger? We don't know. Will it be Gold to RV? Will it be peace treaty? 

It will come out of the blue and the FOREX family will have a different flow of money that we've not seen before. We will have exotic currencies and certain cryptos becoming MAJOR PLAYERS in the market

No looking back! LFG NOW!

FIREFLY: Iraq will have a digital transformation in the financial sector. On a program rate?

 

IRAQ NEWS : The US Treasury has imposed sanctions on Iran’s Petroleum Minister, 14 MARCH

 IRAQ NEWS

The US Treasury has imposed sanctions on Iran’s Petroleum Minister, Mohsen Paknejad, accusing him of overseeing billions in oil exports, including funds directed to Iran’s armed forces.

The move, part of ongoing efforts to curb Iran’s oil trade and shadow fleet under Executive Order 13902, marks the third round of sanctions since President Trump’s February 4 directive to reinstate maximum pressure on Tehran - statement : IRNA

12:03 PM · Mar 13, 2025

IRAQ STATUS UPDATE : The introduction of a new exchange rate and lower denominations in Iraq’s currency

IRAQ STATUS UPDATE : The introduction of a new exchange rate and lower denominations in Iraq’s currency

Highlights

🔑 The Real Effective Exchange Rate (REER) is a measure that shows the value of a country’s currency against a basket of other currencies, adjusted for inflation.

🔑 Changes in the REER can significantly impact businesses and consumers, as it affects the cost of imports and the purchasing power of the currency.

🔑 Iraq has introduced a new exchange rate for its currency, the Iraqi dinar, to stabilize the economy and make the currency more valuable and reliable.

🔑 The new lower denominations of the Iraqi dinar are designed to simplify transactions and make the currency more accessible for everyday use.

🔑 The success of Iraq’s monetary reforms depends on factors such as fiscal discipline, international community support, and building trust in the currency.

🔑 A stable currency can lead to more predictable prices, better planning, and greater economic opportunities for both individuals and businesses.

🔑 While challenges exist, the reforms in Iraq have the potential to pave the way for a brighter economic future.

Key Insights

🤔 The REER is a crucial economic indicator that reflects the overall health of a country’s economy. Businesses and consumers must closely monitor changes in the REER to understand the impact on their financial decisions.

💡 The introduction of a new exchange rate and lower denominations in Iraq’s currency is a significant step towards creating a more stable and accessible financial system. This reform could help boost consumer confidence and attract foreign investment.

🧭 Maintaining fiscal discipline and securing international support are essential for the long-term success of Iraq’s monetary reforms. The government must demonstrate a consistent commitment to these policies to build trust in the currency.

📈 A stable currency can have far-reaching positive effects on a country’s economy, including more predictable prices, better planning for individuals and businesses, and increased economic opportunities. This can lead to an improved quality of life for citizens.

�barriers While challenges such as political instability and external market pressures may arise, the groundwork laid by Iraq’s monetary reforms suggests a promising path towards a more stable and prosperous economic future.

🔍 Closely monitoring the implementation and impact of Iraq’s currency reforms can provide valuable insights into the broader dynamics of exchange rate policies and their effects on both individual and national economic well-being.

Frank26 : Don't ever let go of your dinars.!! @DINARREVALUATION #iraqidinarinvestor #iraqidinar

 

FRANK26: "EVEN THE BIG-WIGS WAIT FOR THE NEW EXCHANGE RATE"

KTFA

FRANK26: "EVEN THE BIG-WIGS WAIT FOR THE NEW EXCHANGE RATE"........F26

Ministerial Council discusses budget schedules and the local, global oil market

3/10/2025

BAGHDAD

The Ministerial Council for the Economy discussed on Monday completing the budget schedules in addition to the reality of the local and global oil market, setting the end of this year as the final date for implementing the Iraqi specifications for vehicles and organizing the process of issuing car import licenses.

Deputy PM and Minister of Foreign Affairs Fuad Hussein chaired the eighth session of the Ministerial Council for the Economy, held in the Council building in the presence of the Deputy PM and Minister of Planning, as well as the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, in addition to the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Deputy Chairman of the National Investment Commission, and the PM's advisors for economic and legal affairs, according to the Council's statement received by the Iraqi News Agency - INA.

The Council hosted the Minister of Interior to discuss the project to rehabilitate vehicle registration sites and issue market licenses throughout Iraq, in addition to the smart signals project and the radar system in the capital, Baghdad.

The minister explained that "these projects will contribute to improving the services provided to citizens, enhancing traffic flow, and reducing congestion."

The Council supported the measures taken by the ministry in this regard and recommended submitting them to the Cabinet.

During the meeting, the Council discussed with the Deputy PM and Minister of Oil the completion of the budget schedules, where the minister provided a detailed explanation of the reality of the local and global oil market, in terms of prices and expected production quantities, expenses necessary to manage extraction and marketing operations, and purchase of petroleum derivatives, in addition to the expected revenues from the oil sector.

The council hosted the Undersecretary of the Ministry of Electricity and officials in the ministry, in addition to the Director General of the Iraqi Trade Bank and several heads of investment companies specialized in the energy sector, to review investment contracts and discuss the best ways to ensure the continuity of electricity supplies, especially with the approach of summer.

The Council hosted the head of the Central Organization for Standardization and Quality Control, to discuss the Ministry of Planning's request to postpone the implementation of the Iraqi specification for vehicles and organize the process of issuing car import licenses until the end of this year."

The head of the Central Organization for Standardization and Quality Control explained that "the postponement will enable the relevant authorities to complete the required technical procedures, in line with the Consumer Protection Law and the Competition and Anti-Monopoly Law."

The Council approved the request, setting December 31st, 2025, as the final date for implementation.

LINK