TNT
Tishwash:
JP Morgan forecasts an increase in the oil capacity of Iraq and other countries in 2025
JP Morgan believes that there are three main countries in the oil alliance that deserve to upgrade their supplies for the year 2025.
Natasha Caneva, an analyst at JP Morgan, said in a recent report that the United Arab Emirates, Kazakhstan and Iraq intend to increase their total capacity by more than 300,000 barrels per day starting next year, but the planned expansions may represent risks to the cohesion of the alliance and oil prices in general. .
Caneva said: “The main issue for OPEC lies in 2025. Even if the alliance keeps supply restrictions as they are this year, it “does not address the imbalances in 2025.”
The price of Brent crude is expected to remain in the range of $75-90 per barrel in most scenarios, with average prices reaching $82 per barrel in 2025, according to Goldman Sachs. link
Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in Iraq
The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, announced this morning, Thursday, the signing of an agreement with Japan to finance small and medium enterprises, amounting to $300 million, which will contribute to revitalizing and establishing the national industry.
This morning, Al-Sudani launched work on the Al-Ittihad Mills Project, in the city of Al-Madhatiya in Babil Governorate, one of the private sector projects, to produce zero-grade flour locally, with a production capacity of one million tons.
He also opened the sugar factory expansion project at Al-Ittihad Company, after adding new production lines for sugar production, raising the factory’s production capacity from (4,200) tons per day to (6,000) tons per day.
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He also opened a vegetable oil extraction plant, a plant feed production plant, and a premix plant in the company.
Al-Sudani pointed out, in his speech, that this development is a success story in the private sector, stressing the unlimited support from the government. For the sake of more job opportunities, as it currently accommodates approximately 4,000 opportunities within the company’s activities, in addition to increasing production and providing its surplus in the future for export outside Iraq.
He called on businessmen and private sector companies to take advantage of the investment opportunities offered and the sovereign guarantees provided by the state through the three-year budget law.
Al-Ittihad Food Industries Company Limited in Babil Governorate is one of the largest industrial companies in Iraq, and includes six factories: Sugar refining plant, vegetable oil refining plant, vegetable feed production plant, soybean meal extraction plant, premix production plant, and yellow corn crushing and drying plant. link
Cutebwoy:
NY Times article from 1991 reporting the revaluation of the Kuwaiti dinar
Jul 19, 2013
When Iraq invaded Kuwait in August of 1990, the value of the Kuwaiti dinar dropped to about 5 cents. In other words, it took 20 Kuwaiti dinars to buy one dollar.
In February of 1991 Iraq was expelled from Kuwait, and a month later, the banks revalued their currency to $3.47, the highest valued currency in the world. When this occurred, the New York Times reported the event on March 25, 1991.
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It still has no water and little electricity or food, but Kuwait revived its banking system today, introducing a new currency.
Banks reopened for the first time since Iraqi occupation forces shut them down in December. Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new ones and to withdraw a limited amount of money….
All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.
At the same time, the UN put Iraq under trade sanctions, crashing the value of the Iraqi dinar (IQD) from $3.22 to about 4000 to the dollar. Their currency could only be spent in Iraq itself, and people had to carry around wads of 25,000 dinar notes to buy groceries.
Then in 2003 coalition forces invaded Iraq and overthrew S----m Hussein. By 2004 we gave them a new currency without S----m’s picture on it. The value soon doubled and went up to 2000 to the dollar. A few years ago the Central Bank of Iraq managed to stabilize the value at 1166 per dollar.
On June 27, 2013 the UN removed Iraq from Chapter VII sanctions, allowing Iraq to regain control of close to $80 Billion in frozen funds that had been sitting in western banks since 1990. This also allowed Iraq to be reinstated on the world’s banking network, as soon as they are ready. At the same time many expect to see the IQD revalued at or near its former position
Source: Dinar Recaps
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Tishwash:
The Iraqi Parliament enters its legislative recess and requires holding an “extraordinary” session on two matters
A member of the Iraqi Parliament announced, on Thursday, that the House of Representatives will enter its legislative recess, starting tomorrow, Friday.
Member of the Parliamentary Legal Committee, Raed Al-Maliki, told Shafaq News Agency, “Today, Thursday, the House of Representatives ended the first legislative term of the third legislative year, and starting tomorrow, Friday, the House will enjoy the legislative recess until next June.”
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He explained, “The second legislative term will begin next June 9, and therefore the House of Representatives will enjoy the legislative recess for only one month.”
He pointed out, “If the position of Speaker of the House of Representatives is agreed upon or the budget tables are sent to the House, Parliament will hold an extraordinary or emergency session to discuss any important event during the legislative recess.”
The Shiite coordinating framework announced, after a meeting in Maliki’s office on Monday, its intention to hold a session dedicated to choosing a speaker for Parliament after the expiry of a deadline it set (one week), at a time when three Sunni alliances announced their support for the framework’s position. link
The European Union and Iraq agree to increase cooperation between them
The European Union Ambassador to Iraq, Thomas Seiler, revealed that he agreed a few days ago with the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, to increase and intensify cooperation.
Siler said on the “X” platform (formerly Twitter), on Thursday, on the occasion of European Integration Day, that the European Union is working with Iraq within a d--------c framework that guarantees equal opportunities for all.
He added that this comes within the framework of private sector development, job creation, social protection and education, and combating c--------n.
Siler stressed Iraq’s support in the civilian security sector with the police and judiciary, as well as work in the fields of human rights and civil society, noting that all of this is for the benefit of the Iraqis without ignoring their customs and traditions.
The European Union ambassador to Iraq noted that “three days ago he agreed with the Sudanese to increase and intensify cooperation.”
Iraq has previously expressed its need for the support of the European Union, in order to carry out political reforms and economic rehabilitation, while the European Union expressed its readiness to cooperate with the Iraqi government to strengthen the banking sector in the country. link
The Iraqi Central Bank informs France of the plan to restructure government banks
The Central Bank of Iraq confirmed, on Thursday, that the plan to restructure government banks will change the map and reality of the banking sector in Iraq.
A statement from the bank received by Shafaq News Agency stated, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the French Ambassador to Baghdad, Patrick Durel, and the meeting dealt with ways to strengthen banking relations between the two countries, and His Excellency the Governor gave a comprehensive explanation of the relations and economic conditions, as well as the government’s directions.”
“In consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq.”
The meeting also clarified “the plan to restructure government banks, which enjoys support and regular follow-up by the Prime Minister, indicating that this plan will change the map of the banking sector and its reality in Iraq.”
The Governor of the Central Bank also pointed to “the rapid developments in organizing, monitoring and analyzing foreign transfer operations and covering foreign trade in accordance with best international practices and standards, which are receiving great praise and attention from international and regional organizations.”
For his part, the French ambassador expressed satisfaction with the developmental and economic developments he observed in Iraq, especially during his tour of the provinces, expressing his country’s readiness to strengthen and develop banking relations with Iraq.
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The ambassador explained that the economic relations between the two countries are growing at the level of entry of French companies and the use of their expertise in investment projects.
The French ambassador invited the Governor of the Central Bank of Iraq, after making the necessary arrangements, to visit the financial and banking institutions in France, especially the Central Bank of France.
It is noteworthy that the Central Bank of Iraq owns deposits and accounts with the Central Bank of France, and they have had distinguished cooperation relations over many years. link
Source: Dinar Recaps
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