Frank26 We’re headed in the right direction…We’ve been heading in the right direction all along says my teams. But many of you are still anxious for it to happen instantly. That’s not how it works…
MarkZ [via PDK] I am hearing great things from Iraq. Comment: let’s pray we’ll start scheduling appointments next week! MarkZ: I think it’s highly possible that we could. There was a lot of expectations from my Iraqi contacts for today…but have not heard anything from them yet.
Pimpy Re-denomination, that’s only removing the zeros off of the Iraqi dinar. That’s much more different than increasing the exchange rate of the Iraqi dinar. Two different things…
Militia Man IMO you’re not going to see the Oil and Gas Law until you see an exchange rate change. They’re going to have to have asset valuation for that and we have not seen anything other than 1310…
Breitling Do I believe in their [Iraq’s] business plan? Absolutely. Do I know where the value is coming from? Absolutely. Artificial inflation…They have more customers and they’re selling even more energy. How can it be at a 10th of a penny? Nobody can tell me this. Well Tony they printed too much currency. Hallelujah, praise Jesus! Why did they print too much currency? Why do they have too much currency? Did somebody tell them to do that? Was it Abraham Lincoln? Who was it? And why are they doing it? And now you can start putting this together. It’s artificial inflation . They’re selling their energy in the US dollar and that’s what’s backing up their currency. It’s a massive opportunity. But that’s the power of inflation. That’s what happened to Iraq and they’re going to get out of it…
Sandy Ingram In a startling development the United States has closed the account through which Iraq collects revenue form its oil sales…the Development Fund for Iraq (DFI). The DFI…served as a lifeline for Iraq to collect and manage its oil revenues. Iraq maintained this account with the US Federal Reserve Bank allowing it to receive oil revenues in dollars and use them to cover essential expenses in accordance with agreements with the United States…With the closure of the DFI account, Iraq’s oil revenue is being directed to a new account, cryptically referred to as IraqQ2...
Frank26 The contracts IMO they are renegotiating the exchange rate for the contracts. The issue is not whether to come out with a new exchange rate but which exchange rate to come out with…
Pimpy Article: “The Minister of Finance and the World Bank are discussing support for the economic and financial reform program” Usually in the past I would say yeah, that all sounds good but we’ll believe it when we see it. But now when you read this kind of news it’s hard not to get a little excited because al-Sudani is doing a pretty good job considering his own political party is not working with him but against him.
Militia Man Article: “The United States has closed the account through with the Iraq collects revenue from its oil sales” The DFI fund was closed on March 18th…Big change. We have not seen this before. Is it a smoking gun? …If they were going to stop an account that had protection for all their oil money and they just now relinquished a couple weeks ago I think that’s pretty big…They must have felt comfortable in a sense they could handle recourse on that debt…I’ll tell you this, if they change the value from 1310 to a previous era, it’ll become a lot cheaper to pay off their debts…
MarkZ [via PDK] Question: Did Iraq get their bank accounts and money back from the US? MarkZ: YES. This is huge. This is enormous. Iraqs money for oil sales is no longer going through the United States. I was told this is what Iraq has been waiting on before they forced things to fruition…The closed DFI account is huge…And one of the things I was consistently told from government contacts in Iraq is how hard it has been for them with oil revenues going through the US. This has enormous repercussions for Iraq and their economic sovereignty. This is an important key piece that we just saw occur…Now we need the announcement on the HCL front, which I believe has already happened- we just need the announcement.
Clare Article: “Iraqi economy faces threat as US closes oil revenue account” Quote “…with the closure of the DFI [Development Fund for Iraq] account, Iraq’s oil revenue is now being directed to a new account, referred to as IRAQ2. This transition raises concerns…banking specialist Kamaran Qadir Yaqub…warns the protection previously afforded to Iraq’s revenue may no longer be guaranteed.”
Mnt Goat [Post 1 of 2…….] In today’s news articles we learn about the expiration of the extension of the US President’s Executive Order 13303 put in place in 2003. So, there is no extension this year…Why is this so important to us investors? First, the expiration of 13303 shows to us once again that Iraq is slowly moving out of the sanctioned mindset altogether. But now we moved to a new level. We know that in December of 2022, Iraq completed its war reparations payments to Kuwait and thus followed that all the remaining UN sanctions were lifted.
Mnt Goat [Post 2 0f 2] What happened next was the VERY quick response by the CBI to begin the de-dollarization process in Iraq in 2023. Then the unanticipated length of resolving the issue of the stability with the parallel market which delayed the process we are now looking for. Last week they told us the parallel market is now under control…I verified this with my CBI contact…Many investors have been waiting for this news…and tell us that this is a VERY GOOD sign for us in that since we no longer will be needing this protection, since maybe the dinar is soon to be free to move into its full potential as a sovereign, global currency…Remember it is normally renewed on April 1st and so what is in stored for us in April? Just saying…
Frank26 The HCL simply waits for the new exchange rate to be released just like everything else is waiting for it. You, me, contracts, investors, Forex, etc etc.
Goldilocks Wikipedia: “Executive Order 13303 was issued on May 22, 2003, by United States President George W. Bush to protect the Development Fund for Iraq for the rebuilding of Iraq from any legal attachments or liens.” this executive order 13303 is being lifted.
MarkZ [via PDK] Question: Have they already decided on a rate and date? MarkZ: My contacts in the ministry in Iraq told me they have set the rate. We are just not privy to that or the date.
