[via PDK] My contacts in Iraq believe they will have an agreement next Tuesday or Wednesday on the cost of producing a barrel of oil of about $16 and they think we will get a new rate for the budget tables…that is hopeful.
We will see… They have had these expectations before…but those expectations are high again.
We are seeing some craziness on aggregating professional sites with fluctuating rates and pairings. It’s the pairings and pairing rates that are really unique.
If they are accurate we may be looking at a rate of $5 or so…IF they are accurate.
May salaries will be paid, and June salaries will be paid in the coming days. The Council of Ministers approves the memorandum of understanding with Kurdistan.
The Iraqi Council of Ministers approved the memorandum of understanding signed between Erbil and Baghdad regarding the salaries of employees in the Kurdistan Region.
Al-Jabal's correspondent in Baghdad reported on Thursday that the Iraqi Council of Ministers approved the memorandum of understanding signed with the Kurdistan Regional Government regarding employee salaries, directing the release of employee salaries for one month.
The Iraqi Council of Ministers held an extraordinary session, chaired by Council Speaker Mohammed Shia al-Sudani, to discuss the agreement with Kurdistan on salaries.
According to information obtained by this correspondent, approval has been given to disburse salaries to Kurdistan Region employees for May as an initial phase, with June salaries to be disbursed in the coming days.
He said the extraordinary session was dedicated to discussing this issue. The Kut mall fire was included in the meeting's agenda, and a three-day mourning period was declared in Iraq for the victims. link
FIREFLY:Two days in a row the parallel market is at 1397. That's great news. The market...is so close to 1310. We're headed in the right directio
n...Saleh is back on TV talking about the great job the CBI has done and says our parallel market would have already been equal to the official exchange rate of the CBI if not for tensions in the region...
FRANK: Slowly but surely the black market is disappearing...As it disappears we approach the 1 to 1 relationship with the American dollar which will lead you into a float.
Iraq announces resumption of Kurdistan oil exports after more than two years of halt
The Iraqi government announced on Thursday an agreement to resume crude oil exports from the Kurdistan Region after a halt of more than two years.
The agreement stipulates that the regional government will immediately begin handing over all oil produced from the region's oil fields to the State Oil Marketing Organization (SOMO) for export, with the quantity delivered not being less than 230,000 barrels per day.
The federal Ministry of Finance will pay the regional government $16 per barrel, according to Agence France-Presse.
The Ministry of Oil announced last February the completion of all procedures for exporting oil produced in the Kurdistan Region via the Turkish port of Ceyhan, following a two-year halt due to disputes between Baghdad and Erbil. At the time, the ministry said in a statement that oil exports would be conducted "in accordance with the mechanisms outlined in the budget law and its amendments, and within Iraq's production ceiling set by OPEC."
Türkiye halted the pipeline in March 2023 after the International Chamber of Commerce ordered Ankara to pay $1.5 billion to Baghdad in compensation for unauthorized exports between 2014 and 2018. link
Member: Mark, Frank26 said last night that Dinar no longer pegged to USD.. Have you similarly ??
MZ: No- But I have heard they are getting ready to put it in its basket and then the dinar is no longer associated with the dollar. That is what they did with the Kuwaiti Dinar.
MZ:I do have some very excited folks on the ground in Iraq who feel they will know all their budget numbers next Tuesday. They havn’t said that they are going to have a new dinar rate then….but they are hopeful they are about to get one.