Clare Article: “Parliamentary Committee to Nina: A government team is preparing a new draft of the Oil and Gas Bill ” Quote: “Prime Minister Mohammed Shia al-Sudani has assigned a” tripartite ministerial team “to prepare a new final draft that will be presented first within the Council of Ministers for approval, and then sent to the House of Representatives later”
Jeff The budget will be overturned by the court, deemed unconstitutional probably by mid-September. Absolutely nothing is going to happen in Iraq till the budget gets overturned by the court. The budget is not published in the Gazette yet. That’s still outstanding.
MarkZ [via PDK] On the bond side it was a little quieter today than I expected…So far I do not have any confirmations of folks sitting with dollars…I do have one that had a conference call today and expects funding tomorrow-about mid day. I hope they receive it. [Reference MarkZ post 8-12-2024 below]
MarkZ [via PDK] On the bond side. There are tons of expectations (even this morning) for bond payouts today and tomorrow. We have heard this before but there are some big differences now. Which makes me hopeful that this will be it...And we will see real solid spendable cash with the bond holders. If this occurs…the rumors on the banking side is that by mid-week we could see a schedule –if not actual exchange appointments happening. Cross your fingers and wait to see it this is real. Today and tomorrow should be big for us to find out.
Frank26 All this time we’ve been waiting for the new exchange rate to come out. We’ve been waiting since the beginning of this year. Nothing. What’s going on? It’s scheduled. We have the budget, it’s ready to go, what’s going on? The problem is the thievery, those that steal. The bad politicians in the government of Iraq that steal the money through the CBI
auctions have been tamed…The US Treasury is making all the decisions now…
Pimpy We know pretty soon Iraq is going to be here and talking to people in Washington about what they need to do to get back into good graces, have sanctions lifted on some of the banks and allowing Iraq to move forward with reform without looking for excuses to penalize them every time Iraq does something that pisses off the Biden Administration.
Militia Man The Central Bank of Iraq has been on top of it. They’ve been working in conjunction…with the US Treasury and Federal Reserve to get Iraq to be in compliance with international standards...If you’re doing nefarious deals you’re going to have a problem…
Breitling The key for Iraq – For them not to be dependent on the dollar. If they economy is 100% energy then they’re going to be 100% dependent on the US dollar. How do they get their currency outside of that? They have to open up to doing business in completely different sectors… Then they can attach that part of the economy to the Iraqi dinar. And they can add value to the dinar as they see fit. That’s always been the underlying goal of what we want Iraq to do…
MarkZ [via PDK] On the bond side. There are tons of expectations (even this morning) for bond payouts today and tomorrow. We have heard this before but there are some big differences now. Which makes me hopeful that this will be it…And we will see real solid spendable cash with the bond holders. If this occurs…the rumors on the banking side is that by mid-week we could see a schedule –if not actual exchange appointments happening. Cross your fingers and wait to see it this is real. Today and tomorrow should be big for us to find out.
Clare Article: “Is “floating the currency” a solution to the crisis of the high dollar in Iraq? A representative explains” Quote: “There are calls to float the exchange rate in Iraq…Floating the currency is a procedure based on liberalizing the exchange rate, leaving it to market factors (supply and demand), to determine its value without any form of intervention by the economic authority...There are two types of floating: the first is absolute floating, and the second type is managed floating, i.e. the type in which the central bank intervenes to direct the exchange rate up or down, as it sees fit to achieve the interests of the national economy.”
Jeff The Supreme Judicial Council has decided it’s time for the current central bank governor to retire. Remember this is his second term. During his first term back in the year of 2018 that’s when he printed the new lower smaller category denominations notes with his signature on them. The only reason they put him back in for a second term was to commission the rate change. Now they’re saying he’s going to be forced into retirement. No retirement date has been provided.
Frank26 Sudani is working with the United States Treasury. IMO the Untied States Treasury is sitting in the seat of the governor of the CBI where Alaq normally sits…I find this to be a catalyst to see the Untied States Treasury there. I’m very excited about what’s going on…
Pimpy Should he stay or should he go? There’s a lot of rumors and stories out there about Alaq resigning or him being pushed out because of his age, it’s time for him to retire. Then you got people out there saying, ‘Oh, this is all fake news.’ Or maybe it’s just the fact that there are some corrupt people still in government trying to grab control…of the the Central Bank of Iraq and one of the steps they have to first do is force Alaq out…Is it possible these stories are circulating because they want Alaq out? Did he really take part in some crimes? There’s a lot of different scenarios. That’s the deal with Iraq, you’re not always 100% sure of what’s really going on…
Militia Man Article: “Referring Al-Alaq to retirement: a legal step or settling political scores?” It’s been ongoing for the last few days there’s been a suggestion that he was going to resign. There wasn’t any meat and potatoes to that…Then they went after his age. They said he was too old. Then now there suggesting there’s political scores that are doing this battle and giving bad publicity…Some people out there…made a lot of money, they’re not going to any more, off those dollar auctions. They did it for a long long time.
Mnt Goat …we read yet more articles on the banking reforms now in motion, just as I was told would take place… Yes, measures are being put in place just as my [CBI] contact told me would happen and the situation with the banks is going to be resolved, and soon.
