Masoum endorses the law of the Iraqi National Oil Company
Shafaq News / The Information Office of the Presidency of the Republic, announced on Sunday that Fuad Masoum Sadiq today ratified the law of the Iraqi National Oil Company.
The Office explained in a statement to the News Agency that this law, which was voted by the House of Representatives earlier, based on the provisions of item (I) of Article (61) and Article (III) of Article (73) of the Constitution, The oil resources in the fields and land allocated to them under the law on behalf of the Iraqi state and to increase production and development of oil and gas industry and related facilities and facilities and working methods on the basis of efficiency, flexibility and competitiveness to maximize revenues for the benefit of the Iraqi people.
He added that it came in accordance with internationally recognized standards, which requires the formation of the Iraqi National Oil Company as a public company wholly owned by the state and reflect the concept of ownership of the people of oil and gas and the development of specialized formations within the organizational structure commensurate with its role in the management and development of oil and gas fields produced and discovered to promote the oil and gas industry and develop various Other energy sectors in Iraq.
The statement pointed out that this law was sent for publication in the Official Gazette.
Article Credit: shafaaq.com (Special Thanks to both Tim Tarkington and Charles Bright)
BGG ~ I think we can safely say – (so far) this one and the other one about the UN indictments are the big news for the day.
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International arrest warrants for hundreds of “corrupt” Iraqis, including a former prime minister!!
Twilight News – A new government source revealed on Sunday the completion of arrest warrants against those accused of corruption and waste of Iraqi funds.
“Some 1,000 arrest warrants have been completed against those accused of corruption, including political leaders and a former prime minister,” the source told twilight news. “The memoranda were completed under the supervision of an international investigation team.”
“The current prime minister has not yet decided on whether to accept the implementation of this matter before or after the elections,” the source said, speaking on condition of anonymity.
He said that “there is an international procedure in this regard, especially as investigations in this regard proved the contribution of stolen Iraqi funds to terrorist operations and armed organizations,” according to the source.
The Iraqi Prime Minister Haider Abadi, announced earlier, after the end of the war against Daqash, he will launch a major campaign against corruption, after the activation of the work of international investigators began their duties to this end in the capital Baghdad.
Iraq signed two years ago a memorandum of understanding with the United Nations to involve international investigators in the files of major corruption of priority.
Article Credit: Shafaaq.com (Special Thanks to Tim Tarkington and Charles Bright)
BGG ~ For those concerned this won’t include Maliki… this may not be the case. The language – “a former Prime Minister” was included in the news release.
This could mean Maliki, or it could mean Allawi or “what’s his face…” – Jaafari, I think, who was in the Oil Ministry. He was interim PM for like a year back in the early 2000’s…
It also points out Abadi is considering whether to allow the UN to proceed before the elections or after. I have a suspicion there is pressure being put on him over this. It may well be out of his hands soon.
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Abadi vows to chase the big thieves and recover the money they have seized
Baghdad – Mawazine News – Prime Minister Haidar al-Abadi vowed on Thursday to hold a meeting with the district directors and municipal units in Baghdad to hunt down the big money and recover the money they seized, while stressing that he would challenge any law legislated by the parliament.
A statement from the Prime Minister’s Office, received a copy of the “Mawazine News” that “Abadi, held a meeting with the district managers and municipal units in the city of Baghdad.”
“Iraq has gone through a difficult stage and a serious existential and economic challenge, and we have emerged victorious and united, and we must now work to harness all national capabilities and capabilities to provide services to citizens after the great victory achieved with the most sacrifices and the least potential,” he said.
He called on the district directors and municipal units in the city of Baghdad to “follow the field for every small and large and be true to promises to provide services and not give false promises can not be met, and away from partisan loyalties or accelerate the work of electoral motives at the expense of quality,” stressing the “necessity Make the most of the available resources. ”
He called on Abadi, “to provide appropriate services in return for collection and not to be tax to take amounts without services with the need to stop waste.”
As for the problem of abuses, Abadi said, “When we take into account the humanitarian situation of citizens, we must differentiate between the senior thieves who seized the state land and the poor citizens in need of housing, and any law legislated by the parliament and benefiting from it will appeal to the senior thieves, as well as the amnesty law, which includes kidnappers and criminals” , Pledging to “prosecute the thieves and recover the money they seized.”…
Read Full article Text: mawazin.net (Special Thanks to Charles Bright)
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Central Bank of Iraq Auctions $199,645,811 on 25 March 2018
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 25 registered $199,645,811 in sales, a 18.43% volume increase from the US $168,576,870 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 20.
The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 25 compared to the previous auction.
Data for the March 25 auction was made public by CBI Announcement Number 3661.
Dollar sales in the in the period January 1, 2018 to March 25, 2018 saw an increase of -1% compared to the sales of US $8.18 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.
An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.89 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.
Article Credit: http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
BGG ~ We will continue to highlight the regular auctions.
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The value of the Iraqi dinar rose against the dollar by 0.20%
The value of the dinar rose 0.20% against the dollar on Thursday, after the central bank sold more than $ 181 million to cover the private sector’s dollar needs to import and meet the requirements of travelers for tourism, treatment and work.
The exchange rate of the dollar in the capital Baghdad:
The sale price of the dollar = 121.750 dinars
The price of buying the dollar = 120.750 dinars
The dollar exchange rates were recorded in the northern governorates:
The sale price of the dollar = 122.250 dinars
The price of buying the dollar = 121.250 dinars
The dollar exchange rates were recorded in the southern governorates:
The sale price of the dollar = 122,000 dinars
The purchase price of the dollar = 121,000 dinars
Article Credit: en.economiciraq.com (Special Thanks to Charles Bright)
BGG ~ They almost NEVER show the buy/sell in the various regions like this… so this isn’t vital information “tourists” need (as if there were any of those in Iraq)… it’s an advertisement directed at the IMF and the world.
It’s up to you to figure out why.
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Kaperoni (Dinar Guru) – Article quote: “The dollar witnessed the exchange rate of the dinar against a significant decline recently due to increased selling hard currency at the central bank auction rate as sales exceeded $ 250 million per day after it was more than $ 130 million in the past years. …I cannot recall ever seeing an article stating that sales was over $200 million in a day. And with the IMF and UST helping them reduce the spread I find it unlikely that this is not closely watched.
Read more: http://www.dinarupdates.com/observer/
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Mnt Goat (Dinar Guru) – Article quote: “Warka clients are now permitted to purchase Warka stock from the funds now deposited in their bank accounts participating in the capital increase in accordance with the banking laws.” …This is nothing more than the bank selling stock to increase capital in their own bank. The stock is selling for less than a penny USD. Yes if they sell a lot of it and the IQD does get revalued the bank stands to make a ton of money.
BGG ~ Thanks for reading my commentary on this subject… like a week ago 😀
Read more: http://www.dinarupdates.com/observer/
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Parliamentary economy: the coming days the date of passing the law of oil and gas
Special – Mawazine News – A member of the Committee on Economy and Investment parliamentary, Harith al-Harithi, Wednesday, that the next few days will witness the vote on the laws of a very important, while noting that among these laws the law of oil and gas.
Al-Harithi told Mawazine News that “the next few days will witness the completion of all the laws that are stalled reading and voting to end this few remaining period of parliament by reading the largest number of laws.”
He explained that “the important laws that will be read are the law of oil and gas for its economic importance and the revenues of the state and how to deal with it, in addition to the laws of parties and social security and health professions and many laws will be read and voted to end.
It is noteworthy that there is a package of laws in the House of Representatives because of the differences of political blocs around them, and was deported to several parliamentary sessions. Ended 29/6 N
Article Credit: mawazin.net (Special Thanks to Tim Tarkington)
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Kaperoni (Dinar Guru) – There is enough evidence from various news articles over the last month to imply the CBI is now in compliance with the IMF. The clock is now ticking. And to boltster my view, the CBI is selling $180+ million at auction per day. It is my view that the CBI will write a letter to the IMF asking for acceptance into Article VIII sometime around June 2018. This also coincides with an article that they want to end the auctions. I could be wrong and they could wait longer but that makes little sense with the continuing auction amount exceeding $180 million each day. 3 reasons, they said they want to end the auctions, the IMF made it clear Article VIII sends a positive messege to investors, and selling $180 million + will drain reserves.
Read more: http://www.dinarupdates.com/observer/
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sandyf (Dinar Guru) – …the new oil and gas law the same thing as the HCL? – Yes it is. You will never see the Hydrocarbon law pass through the Iraqi parliament, they only refer to it as oil and gas law.
Read more: http://www.dinarupdates.com/observer/
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Parliamentary Energy: The law of the National Oil Company will give a share to every Iraqi citizen
The Iraqi oil and energy committee revealed on Tuesday that the Iraqi National Oil Company (INCOC) will include at least 10 percent of the funds in the first experiment in the country, while one of the funds will give each Iraqi citizen residing within the country a share of that percentage. “The legislation of the law of the Iraqi National Oil Company represents a great achievement for the House of Representatives, which re-established the law of forming the company, which was canceled by personal decisions of the former regime in 1987 after there was a law,” Ali al-Bahadli, chairman of the committee, told a news conference with members of the committee. No. 123 of 1967, where it was merged and subordinated to the Ministry of Oil, “noting that” after 2004 tried to the Ministry of Oil and former Minister Ibrahim Bahr al-Ulum to reactivate the law of the National Oil Company, but those efforts collided with objections from some. ”
Al-Bahadli added that “the law and after the efforts and discussions and workshops lasted for several months has seen the light, where will work to activate investment in refineries and the gas industry and all the goals set for the success of the work of the company can be achieved through several objectives and means in investment and exploration of new structures and activate investment under the mechanisms and scientific foundations And technical, “pointing out that” some understand that the company has powers higher than what some expect, but really draws its work and powers of the Constitution, the arm of the Ministry of Oil, which draws oil policies of the country and the company is working to implement those policies. “…
Read More: http://www.dinarupdates.com/showthread.php?56437-Parliamentary-Energy-The-law-of-the-National-Oil-Company-will-give-a-share-to-every
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Some interesting headlines…
Electronic banking has been launched in Iraq
Abadi: Iraq will become a global economic power
Predictions: Abadi when winning a second term .. will do 5 things
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The rise in the value of the dinar strengthens international confidence in the Iraqi economy
Baghdad / Hussein Thugb – The recovery of the Iraqi dinar and the stability of the exchange rate leads to the strengthening of international confidence in the national economy, where local markets indicated an increase in the value of the Iraqi dinar against the dollar and conflicting views on this and came the opinion of the Central Bank to be the subject.
Director of operations at the Central Bank of Iraq, Mahmoud Dagher, said that “the improvement of the value of the Iraqi dinar against the dollar recently, is not a new phenomenon, but the outcome of the work continued for a full year, was through the identification of large measures on the process of currency presentation and address violations of demand. Classification and audit and noted that “over the past year we were able to achieve great stability of the upper and lower limits to the dollar either Aldnyar, and then we moved to a new situation this year , represented a new classification procedures adopted and auditing, as well as the offer.” Greater coverage and added that ” it is hard to be one variable indicator in this change , there are several measures and cover greater demand for the dollar, as well as emphasis on control over the sales operations with banks and regulate this process accurately based on classifications.
(Special Thanks to LoopBack)
Dave S – “the improvement of the value of the Iraqi dinar recently, is not a new phenomenon, but the outcome of the work continued for a full year, was through the identification on the process of currency presentation and address violations of demand.”
In other words nothing has changed on a national level.
The dinar has continued to fluctuate as in the past against the dollar on a national level.
The challenge is going to an international level meaning that in order to do that their needs to be a change in “classification “, in my opinion, lower denominations for ATMs and for the purposes of auditing etc…
This is the process to get the dinar recognized on an international level.
I could be wrong but just my humble interpretation of this article.
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Click this link to join the DU “private” FaceBook Group…
https://www.facebook.com/groups/571383766355188/
(go here and ask to join… then add some Dinar Friends!!)
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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Baghdad / … Al-Rasheed Bank announced Friday the launch of the first installment of salaries through the MasterCard card, one of the electronic payment tools, pointing out that the card is drawn from inside and outside Iraq .
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