KTFA:

Samson:  Parliamentary Energy reveals proposals to amend the Hydrocarbon Wealth Law

08/13/2022 12:58:27

 The Parliamentary Oil and Energy Committee revealed, today, Saturday, proposals to amend the Hydrocarbon Wealth Law.

Committee member Ali Shaddad Al-Faris told {Euphrates News}, "We had an intention to host the Minister of Oil, with the agreement of the members of the committee, to find out the latest developments in the oil and gas sector, in addition to the fact that oil selling prices are in light of their continuous rise," noting that "the Ministry of Oil wants to move forward." with strategic projects.

Al-Faris stated that "the committee intended to legislate the federal oil and gas law, as well as proposals to amend the hydrocarbon wealth law, in addition to projects proposed by the committees regarding oil coexistence and oil environmental coexistence."  LINK

MilitiaMan:  We would think an amendment would be warranted when there is an anticipated rate change to come.. Ya think?  lol imo ~ MM 

Samson:  The central bank and the banking sector, the main financing and investment ring that supported the economy and protected it from collapse

13th August, 2022 by Samir Al-Nusairi

The Central Bank of Iraq and the banking sector, in accordance with their law and objectives, are a mainstay for building a free national economy that strengthens the foundations of the Iraqi state and pushes it towards the process of growth and economic stability work flexibly to contribute to support Investment is the main nerve of the wheel of development

All studies and reports issued by the World Bank, the International Monetary Fund, the Ministry of Planning and the Central Bank of Iraq confirm this

And in order to build a promising strategy to reform and develop the Iraqi banking sector for the years (2021-2023), the Central Bank established an ambitious mechanism that is consistent with the complex global and local economic crises for the purpose of maintaining the banking system in Iraq and protecting the national economy from collapse

 This requires the various relevant economic sectors to coordinate with and among the Central Bank and activate the role of financial policy, government banks and specialized banks, with an emphasis on developing foreign economic relations with the countries of the world with the development of economic and banking relations with international banks and relevant international and regional financial institutions and organizations  

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MilitiaMan:  It is going to be interesting to see how they go international with a program rate. It will be more interesting to see if they go international with a real effective exchange rate though!!!  They sure seem to talk about being in accordance with international standards. A program rate of 1,460 I am fairly sure is not in compliance with international standards or they would have already done so. ~ MM

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Electronic platform

21st July, 2022

The Central Bank will adopt a specialized electronic platform for the purposes of exchanging

documents and data with all banks .. To view, click here

Translation....

Based on the keenness of this bank to develop banking work in accordance with the best international practices in line with the technical developments taking place in the global banking industry, which will be reflected in raising the level of compliance of the banking sector operating in Iraq with local and international requirements,  this will give him more opportunities to expand external banking activities with correspondent banks and thus attract a larger segment of the commercial operations available in the market. 

As this bank will adopt a specialized platform for the purposes of exchanging documents and data with all banks, which will allow you to benefit from many services, including foreign exchange and shares trading, and access to global financial markets in order to analyze financial data to benefit from them in raising the level of efficiency of decisions related to investment and others, so your banks must participate  On this platform, no later than 15/8/2022 and you can contact the Department of Financial Operations and Debt Management via e-mail (e-platform@cbiraq.info) for the purpose of asking any inquiry or clarification from you regarding the method of subscribing to it.  with respect .   LINK

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Samson:  Al-Tamimi: The Federal Court Can Dissolve Parliament According To These Articles

13th August, 2022

Legal expert Ali Al-Tamimi confirmed, on Saturday, that exceeding the constitutional periods and the failure of constitutional institutions, including Parliament, allows the Federal Court to dissolve Parliament, indicating that the general principles contained in the civil law confirm that the legislative institution, when it fails to perform its role, the judiciary takes over dissolving it.

Al-Tamimi said in a statement to / the information /, that "the Federal Court can dissolve Parliament in accordance with Articles 47 and 59 of the Civil Code related to the failure of its constitutional role and exceeding the constitutional periods."

He added that “the general principles contained in the civil law confirm that when the institution is unable to perform its role, the judiciary takes over dissolving it,” noting that “the Federal Court has a general and mandatory decision-making mandate, in accordance with Articles 92, 93 and 94 of the Iraqi constitution.”

Al-Tamimi expected that “the court will move to dissolve parliament, which has become a popular demand.”   LINK

Clare:  BOOM!!!  THIS IS EXACTLY WHAT FRANK & WS SAID WOULD HAPPEN AND THEY TOLD US MONTHS AGO KAZEMI IS STAYING & THERE IS A PLAN... THANK YOU SAMSON!   

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MilitiaMan:  Article 47

The federal powers shall consist of the legislative, executive, and judicial powers, and
they shall exercise their competencies and tasks on the basis of the principle of

Article 59

First

The Council of Representatives quorum shall be achieved by an absolute majority of its
members.

Second

Decisions in the sessions of the Council of Representatives shall be made by a simple
majority after quorum is achieved, unless otherwise stipulated.

https://www.constituteproject.org/constitution/Iraq_2005.pdf?lang=en
separation of powers

Article 92

First

The Federal Supreme Court is an independent judicial body, financially and
administratively.
Judicial independence
Structure of the courts

Establishment of judicial council
Attorney general
Ordinary court selection
Structure of the courts
constituteproject.org PDF generated:
Iraq 2005 Page 25

Second

The Federal Supreme Court shall be made up of a number of judges, experts in Islamic
jurisprudence, and legal scholars, whose number, the method of their selection, and the
work of the Court shall be determined by a law enacted by a two-thirds majority of the
members of the Council of Representatives.

Article 93

The Federal Supreme Court shall have jurisdiction over the following:
First. Overseeing the constitutionality of laws and regulations in effect.

Second. Interpreting the provisions of the Constitution.

Third. Settling matters that arise from the application of the federal laws, decisions,
regulations, instructions, and procedures issued by the federal authority. The law
shall guarantee the right of direct appeal to the Court to the Council of Ministers,
those concerned individuals, and others.

Fourth. Settling disputes that arise between the federal government and the
governments of the regions and governorates, municipalities, and local
administrations.

Fifth. Settling disputes that arise between the governments of the regions and
governments of the governorates.

Sixth. Settling accusations directed against the President, the Prime Minister and the
Ministers, and this shall be regulated by law.

Seventh. Ratifying the final results of the general elections for membership in the Council
of Representatives.

Eighth. A. Settling competency disputes between the federal judiciary and the
judicial institutions of the regions and governorates that are not organized
in a region.
B. Settling competency disputes between judicial institutions of the regions
or governorates that are not organized in a region.

https://www.constituteproject.org/constitution/Iraq_2005.pdf?lang=en

MilitiaMan:  I have a feeling that Sadr knew how to handle this by invoking all three of them above in bold. Putting this in the hands of the Judiciary may have saved some lives.. imo Not sure I would want to be the judge on this one..  - MM

Samson:  Efforts to establish a "national bank" inclusive of government banks in Kurdistan

13th August, 2022

The Director General of Commercial Banks in the Kurdistan Regional Government, Mouloud Saber, revealed on Saturday, vigorous efforts to establish a "national bank" to replace all other banks in the region, with the exception of private banks.

Saber said, in an interview with the Media Department of Kurdistan Government, seen by Shafak News Agency, that "the bank will announce the restructuring of the 94 state-owned commercial banks at the present time, and will also try to restructure all departments in state-owned banks."

He added that "the traditional banking practices currently followed in banks will turn into a contemporary banking system, along with other banks such as private banks and banks linked to the existing electronic system."

Saber explained, "There are many other purposes behind the establishment of this bank, because it will aim to reorganize state employees as well, and do something that would become a basic base for the Kurdistan Regional Government."

 He pointed out that "one of the tasks of the Council of Ministers is to reform the banking sector, and it is possible as soon as possible to link this bank to the Central Bank of Iraq, and then to foreign banks, to carry out all banking transactions."

He continued, "The bank's capital amounts to 250 billion dinars, including 25 billion in cash in a special account with the Central Bank of Iraq in the region, and 225 billion in real estate for commercial banks. Fortunately, all procedures have been completed."

The Director General of Commercial Banks in Kurdistan noted that "all procedures related to capital have been completed," noting that "the Council of Ministers addressed the Central Bank of Iraq, to ​​take the necessary action to complete the bank."   LINK

Clare:  IMO-Can you say, All The Ducks are in a row

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Samson:  In the presence of the United Nations, the new generation calls for a meeting in Baghdad to dissolve parliament

13th August, 2022

The head of the Kurdish New Generation bloc, Sarwa Abdel Wahed, called for a meeting in Baghdad to include the heads of the parliamentary blocs that won the elections.

Abdul Wahed said in a tweet followed by Alsumaria News, "Why is this stubbornness and the result is that you will go to dissolve Parliament, so what are you waiting for! We in the (new generation) call for a meeting in Baghdad that includes the heads of all parliamentary blocs that won the elections and in the presence of the United Nations, to take the necessary steps to solve the problem." Parliament, and laying out a road map for the pre-election phase and its preparations.   LINK