Jeff Article: “Oil MP rules out oil and gas law” I’ve been telling you guys the oil and gas law has been outstanding since 2005. Quote: “This law has been facing political dispute since 2005.” There it is confirmed for you in print…That’s because this law is simply waiting on the rate to change. It requires Iraq to have a tradable internationally recognized currency. That’s it…
Militia Man Progress has been intense because there’s some political opposition. I think the US Treasury, Federal Reserve, Central Bank of Iraq, Al-Sudani…have been working to benefit the Iraqi citizens. There’s been blowback…Iraq is not alone in having pressure… Unfortunately corruption has been a problem for many years. Nothing new. But that’s being changed so now it’s getting more intense…
MarkZ [via PDK] I have heard nothing negative out of Iraq this weekend. Article: “The Parliamentary Oil and Gas committee expressed today, Sunday it’s optimism about the imminent approval of the Oil and Gas Law which has been suppressed for 19 years.” There is discussion about the immediate approval of the HCL. We were always told that within hours of possibly days of the HCL being passed we would see that rate change.
Clare Article: “Iraq speeds up steps to join WTO” Quote: “The Ministry of Trade has doubled its efforts to join Iraq to the World Trade Organization (WTO) after participating in a wide round of negotiations that pave the way for full membership…Minister Al-Ghariri expressed his aspiration for the fourth round of negotiations to be held during the first quarter of next year…”
Frank26 It’s getting serious there’s no doubt about it…The monetary reform of Iraq has blossomed.
PompeyPeter Question: “Are two rates operating?” No…there are not two rates. There isn’t 1310 and a hidden rate operating in Iraq or outside of Iraq…It’s against IMF regs and rules. You cannot have two rates operating.
Pimpy Article: “Minister: Countries in the region want Iraq to return as a global economic player” We are very aware Iraq is still moving forward with its process into the World Trade Organization…Let them move forward because this will open up the door for them economically, strengthening the Iraq dinar…
MarkZ [via PDK] Question: Is it still possible to see the RV in July? MarkZ: It is still very possible. And that is an impressive comment as there is only 2 days left in July. Remember though that we do not know the timing…but is it possible? Very
Jeff Did you know the US troops are going to start getting removed in the month of September? Did you know Iraq will finish their accession to the World Trade in August? …They still have 150 laws that need to be done. They have a whole bunch of projects they need to start…The budget is not published in the Gazette…Did you know completing and implementing the reforms is a World Trade requirement but yet they’re going to finish their accession in the month of August? …everything is waiting on this right here [the budget]…
Militia Man Article quote: “Parliamentary Oil and Gas Committee experts its optimism on Sunday about the imminent approval of the Oil and Gas Law which has been suspended for over 19 years.” They’re telling you they have everything set up to where they’re going to do something…I like the fact they’re talking about it even thought it’s in the coming days…
Clare Article: “He is 19 years old and the most important of 150 suspended laws… Will the powers give up the ‘golden paper’ in oil and gas legislation?” Quote: “The Parliamentary Oil and Gas Committee expressed, today, Sunday, its ‘optimism’ about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years,”
Mnt Goat …the CBI very distinctly told us this procedure of the Project to Delete the Zero is NOT a lop…they described what a lop is and how it is used in times to relieve the stress on a currency due to hyperinflation…They are averaging now about a 3-4% inflation rate with the highest of 9% when they did the de-dollarization in 2023. So, the tool of the “lop” does not apply.
Mike Bara [via Judy Byington] The word I have is that Thursday night 25 July 2024, the US Treasury told Iraq that if they didn’t revalue their currency per the agreements “immediately,” UST would force the issue. Iraq responded that they were holding up because of concerns about some smaller banks that they suspected were doing business with the Iranians. They are determined that no RV funds make their way to Iran, because the two countries are historic enemies. UST responded by seizing the 5 banks, consolidating them into a single, manageable entity, and pushing the RV through. …Sat. 27 July 2024 the Central Bank of Iraq made the announcement regarding this transaction. As far as I know, this is the last hurdle to the revaluation.
