KTFA Sat.Night CC: " FRANK26…..4-13-24…..HURRY BACK HOME SUDANI!!!"

KTFA

Saturday Night Conference Call

FRANK26…..4-13-24…..HURRY BACK HOME SUDANI!!!

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

https://www.youtube.com/watch?v=0Y9fYKdBFJw

KTFA Friday Night CC: "FRANK26….IQD UPDATE….4-12-24…..SUDANI IS TALKING"

KTFA

Friday Night Conference Call

FRANK26….IQD UPDATE….4-12-24…..SUDANI IS TALKING

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

https://www.youtube.com/watch?v=99wDcQ__qrA

KTFA Wednesday Night CC: " FRANK26….4-10-24….IQD UPDATE…..EDDIE IS WAITING"

KTFA

Wednesday Night Conference Call

FRANK26….4-10-24….IQD UPDATE…..EDDIE IS WAITING

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

https://www.youtube.com/watch?v=XEbwe_At8P0

Some "Iraq News" Posted by Clare at KTFA 4-10-2024

KTFA:

Clare:  Al-Hakim and Al-Khazali in the Eid sermon: We support Al-Sudani’s visit to Washington and hope for its success

4/10/2024

Asaib Ahl al-Haq, Qais al-Khazali, said today, Wednesday, that the visit of Prime Minister Muhammad Shia al-Sudani to Washington is important and we hope that it will be a success. The leader of the National Wisdom Movement, Ammar al-Hakim, also expressed his hope that the visit will enjoy Iraqi support and consensus to enable the government to facilitate dialogue and negotiation.

Al-Khazali during the Eid sermon, followed by Network 964:

The position of Prime Minister Muhammad Shiaa Al-Sudani, and the coordination framework, is clear in not agreeing to the continuation of the foreign military presence.

The Prime Minister's upcoming visit to Washington is important, and we hope that the visit will be a success.

There is international will, planning, and action that created the terrorist organization ISIS, and the Iraqis are able to complete their security and political sovereignty.

Al-Hakim during the Eid al-Fitr sermon, followed by the 964 network:

There is an upcoming visit by the Prime Minister to Washington and a meeting with the President of the United States of America and senior officials there. We believe that this visit is important and must have Iraqi support and consensus to enable the government to facilitate dialogue and negotiate the future of Iraqi-American relations, which are taking on new dimensions according to the ongoing discussions, dialogues and negotiations. .

Iraq wants to establish a strong partnership with all countries of the region and the world within the framework of mutual respect and common interests, while respecting its sovereignty and preserving its independence by all, and in a sound atmosphere that enables everyone to make the right and fruitful decisions.   LINK

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Clare:  The agenda of the Sudanese visit to Washington and his accompanying delegation was revealed

4/10/2024

 An official source in the Ministry of Foreign Affairs revealed the agenda of Prime Minister Muhammad Shiaa Al-Sudani’s visit to the United States next week.

The source said, “The visit scheduled for the fifteenth of this month to Washington will include, in addition to the Prime Minister, a number of Iraqi military and security leaders,” adding that “the file of the American forces, the role of the international coalition, and the American sanctions on Iraqi banks and financial institutions, will be discussed.” Header of the files to be searched.

He stated that the visit will draw "a new picture of cooperation between Iraq and the United States, including setting a schedule to review the American military presence in Iraq," stressing that the expected announcement of the meeting between US President Joe Biden and Sudanese will include American support for the Iraqi forces, and in the field of development and reconstruction as well.

Al-Sudani is scheduled to visit Washington on the 15th of this month. LINK

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Clare:  Al-Sudani: We are working to correct the state’s economic paths

4/10/2024  Baghdad

Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Wednesday, that the government is working in all directions and stability has been achieved thanks to the blood of the martyrs, while he indicated that the government is working to correct the state’s economic paths. 

A statement from the Prime Minister’s media office, received by Al-Iqtisad News, stated that “Al-Sudani received ministers, heads of bodies, deputy ministers, and military and security leaders from various formations and categories of our armed forces, as well as heads of federations and unions, and a number of tribal sheikhs and notables from Baghdad Governorate, congratulating them on the occasion of Eid Al-Fitr. ".

He added, "The Sudanese exchanged congratulations with the well-wishers, praying to God to protect Iraq and the Iraqis, and to grant our homeland and our people the blessing of security and stability."

The Prime Minister stressed - according to the statement - that “security and stability require that the state be productive and stable and perform its duties in the correct manner,” noting that “the government is working on these benefits in stages, and at the beginning of its work it focused on services, in order to reassure citizens that they are serious.” The government and its commitment to its programme.

Al-Sudani stressed, "This government is not working in one direction, but rather has a group of files in all directions, including critical issues related to correcting the state's economic paths, as it is working to address them, which will have a major impact on the state in the future."

He pointed to "the government's efforts to arm and modernize the Iraqi army and armed forces and to develop internal security services," stressing that "enhancing reassurance in the work of service institutions and ministries will be matched by reassurance among investors and businessmen inside and outside Iraq."

He concluded by saying: "The security and stability that has been achieved is thanks to the blood of the martyrs and their sacrifices."  LINK

Clare:  The Prime Minister and the Jordanian King discuss ways to develop bilateral relations between the two countries

4/10/2024   Baghdad - 

Prime Minister Muhammad Shiaa Al-Sudani and Jordanian King Abdullah II bin Al-Hussein discussed, on Wednesday, ways to develop bilateral relations between the two countries.

The Prime Minister’s Media Office stated, in a statement received by the Iraqi News Agency (INA), that “Prime Minister Muhammad Shiaa Al-Sudani exchanged, via a phone call, with the King of the Hashemite Kingdom of Jordan, Abdullah II bin Al-Hussein, congratulations on the occasion of the blessed Eid Al-Fitr, as both sides rejoiced. May God Almighty continue the blessing of security and stability to the peoples of the two brotherly countries, and to the entire Islamic nation.”

The statement continued, "The call witnessed discussion of bilateral relations between the two countries and ways to develop them, and a review of the current conditions in the region, especially the ongoing aggression against the Palestinian people in Gaza, and calls to stop the genocide, and for the international community to assume its responsibilities, for a ceasefire and the delivery of aid." "Humanity."   LINK

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Clare:  The Prime Minister and the Emir of Kuwait discuss joint work to open horizons towards sustainable development

4/10/2024

Prime Minister Muhammad Shia Al-Sudani and the Emir of the State of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, today, Wednesday, discussed joint work to open horizons towards sustainable development.

The Prime Minister’s Media Office stated, in a statement received by the Iraqi News Agency (INA), that “Prime Minister Muhammad Shiaa Al-Sudani received a phone call from the Emir of the State of Kuwait, Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah, during which congratulations were exchanged on the occasion of the blessed Eid Al-Fitr. The two sides expressed their wishes to the two brotherly peoples, and to the rest of the peoples of the Arab and Islamic nation, for continued stability, security and prosperity.

The statement added, "The call witnessed discussion of bilateral relations between the two countries and an effort to strengthen them, and highlighted the current challenges at the regional and international levels, and ways of joint action, in order to extend stability and open horizons towards sustainable development for the benefit of the peoples of the region."   LINK

KTFA Monday Night CC: " FRANK26….4-8-24….IQD UPDATE…….ARE YOU READY? "

KTFA

Monday Night Conference Call

FRANK26….4-8-24….IQD UPDATE…….ARE YOU READY?

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=I4Es0jX_6Rg

Frank26: " News and Views" Sunday 4-7-2024

KTFA:

Frank26:   "THE NEW EXCHANGE RATE OF THE CBI RANKS VERY HIGH."............F26

 Iraq ranks high on the list of “most influential” countries in the world

4/4/2024

Iraq ranked high on the list of “most influential” countries in the world for the year 2024, an index that measures 11 details that include military power, international alliances, trade, culture, diplomatic influence, and others.

Iraq ranked 49th globally out of 194 countries, while it ranked fourth in the Arab world after Saudi Arabia, which ranked ninth globally, then the Emirates and Egypt, and then Iraq, whose global score reached 83 out of 100.

In first place in the world, the United States of America came in the world for the year 2024, with a number of points reaching 95.3 out of 100, and then China came with a number of points reaching 95 points out of 100.

The index includes the perceptions of more than 320,000 experts, such as politicians and business leaders, and countries are ranked based on the highest scores among 11 characteristics: military strength, strong international alliances, highly respected state leadership, international trade and travel, and power. Economic, country culture, diplomatic influence, global diaspora, media influence, being beneficial to other countries in need, and how connected those countries are to the rest of the world, according to SeaWorld.   LINK

Frank26:  "THE WORLD POURS INTO IRAQ & THEIR WATER BRINGS THE WORLD TO THEM!!!"........F26

A new position from the World Bank regarding the Grand Port of Al-Faw

 4/6/2024   Baghdad

The World Bank expected, today, Saturday, that Iraq will enter the global trade route once the large Al-Faw port is operational.

Ibrahim Dajani, Director of the World Bank’s Transport Sector in the Middle East and North Africa region, wrote during his visit to Al-Faw Port, “Once Al-Faw Port is occupied, Iraq will be placed on the path of global trade between the East and Europe, which will provide opportunities for investment in logistical centers and industrial and commercial activities, as it will provide job opportunities.” For young women and men.”

He added, "I am happy with the Iraqi government's decision to enter into a partnership with the World Bank to achieve this important endeavor."

The large port of Al-Faw is located on the Al-Faw Peninsula, south of Basra Governorate. The cost of the project is about 5 billion dollars, with a total area of ​​54 square kilometers. The capacity of the planned port is estimated at 99 million tons annually, to be one of the largest ports overlooking the Gulf and the tenth largest in the world.

Iraq has completed the construction of more than 60% of an undersea tunnel linking the coastal region to international trade links through what is known as the development road with Turkey.

By the year 2038, Iraq is expected to earn $4 billion from the new port activity, to which indirect revenues will be added, such as transit services through the development road extending to Turkey and Europe, which competes with several global trade lines, thanks to the reduction in time.   LINK

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Frank26:  "MANY THINGS ARE NOW IN PREPARATION FOR THE MONETARY REFORM".........F26

Install 1,000 ATMs in cities in the Kurdistan Region by the end of 2024

4/5/2024

The process of registering employees in the Kurdistan Region continues with the “Hasbi” project, which is a digital financial payment system. Employee registration has reached 260,000 people, and 153,000 cards have been issued to those registered.

The regional government said in a statement today, Friday, that by the end of 2024, about 1,000 ATMs will be installed in all governorates, districts and regions of Kurdistan, so that employees can easily receive their salaries.

According to the statement, the number of banks participating in the project is constantly increasing, and so far they are (BBAC - NBI - RT - Cihan - IIB), all of which have been recognized and accredited by the Central Bank of Iraq.

Since last year, as a pilot, Erbil Maternity Hospital employees have received their salaries through the “My Account” banking system.

At the end of last year, the faculties of arts, agriculture, and science at Saladin University received their salaries through the same system.   LINK

Frank26:  "SAUDI ARABIA DOES NOT INVOLVE ITSELF WITH A PROGRAM RATE."..........F26

 Iraq and Saudi Arabia sign 12 memorandums of understanding for specific investment projects

 4/6/2024

Iraq and the Kingdom of Saudi Arabia signed memorandums of understanding with 12 Saudi companies with the aim of enhancing cooperation in a number of specific investment projects.

 A statement from the ministry, a copy of which {Al-Furat News} received, said, "The memorandums of understanding signed with 12 Saudi companies came with the Iraq Fund for Development, with the aim of enhancing cooperation in a number of qualitative investment projects in Iraq."

Last December, Saudi Arabia signed a partnership agreement with Iraq in the field of industrial investments for the private sector, as part of the two countries’ efforts to strengthen their bilateral relations and attract foreign investments.   LINK

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Frank26:  "GIVE BACK 8.5% ON A 4 YEAR BOND NOTE ON A PROGRAM RATE OF 1320... NO WAY!!!"........F26

 "A good investment"... What is the goal of the Iraqi Central Bank in issuing financial bonds with high annual interest?

 4/6/2024 – Baghdad

With inflation rates in Iraq currently reaching 5.5%, and expectations that it will reach 6% by the end of the year, the Central Bank announced the launch of financial bonds with the highest annual interest, at 8.5%, as well as for deposits in the private banking sector.

According to economic expert Manar Al-Obaidi, in a post on his page on the Facebook platform, the aim of these bonds is to attract and encourage capital outside the banking system through high interest rates to enter the banking sector, adding that the annual interest rate announced by the Central Bank is encouraging to the investor and depositors, due to its high content. , which is considered a good return on investment compared to its lack of risk.

Al-Obaidi stressed that these bonds are guaranteed by sovereign guarantees of a country that currently has sufficient money reserves, and therefore the risk rate of these bonds is zero and non-existent, and they are purchased through the Iraq Stock Exchange and through market intermediaries.

Al-Obeidi encouraged buying these bonds and selling them in the future at a higher price, meaning that the investment should not only be in the deposit interest but also in the price of the bond itself.

In his publication, Al-Obaidi touched on “depositing money in the private banking sector,” explaining that there are 4 to 5 private banks that own the largest share of the market and their financial data, and are considered very excellent and achieve great control in the Iraqi market. The decision to choose the bank to place deposits depends on the annual interest rate and method. Benefiting from the interest, how to break the deposit, as well as the financial statements of the bank and the extent of its presence and spread in Iraq.

Al-Obaidi concluded his post by “emphasizing that the success of investment depends on two factors: the first is the amount of profit, and the second is the amount of risk, and only the owner of the money can decide the amount of risk to be taken in exchange for the profit rate,” stressing that investing in bonds and deposits is a good solution for those who do not He wants to intervene in the field of investment and its challenges.”   LINK

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Frank26:  "THE HCL... IS HERE... BECAUSE OF THE NEW EXCHANGE RATE.".............F26

 In the presence of Nechirvan Barzani and Al-Sudani... the start of the state administration coalition meeting

 4/6/2024

The State Administration Coalition held an extraordinary meeting this evening, Saturday, in the presence of the President of the Kurdistan Region, Nechirvan Barzani.

And earlier; The President of the Kurdistan Region, Nechirvan Barzani, confirmed that an initial agreement had been reached on the oil file, which is one of the most prominent outstanding problems between Baghdad and the region.

Barzani, who is visiting Baghdad, said in an interview with reporters after his meeting with Prime Minister Muhammad Shiaa Al-Sudani: “We thank the Prime Minister for his efforts to solve the problems between Baghdad and Kurdistan, and in the same way his efforts to solve the rest of the problems in Iraq, and we note that since he took office until today, he has been working on Serving Iraq as a whole, including the Kurdistan Region.  LINK

Some "Friday News" Posted by KTFA Members 4-5-2024

KTFA:

Clare:  Iraq will become an "alternative" to the Suez Canal

4/5/2024

 Reports published by Reuters International and Splash News Agency, today, Thursday, described the large Al-Faw port project, which was expected to be completed next year, as “an alternative to the Suez Canal,” stressing that “Iraq will become, during the next few years, a “center” for international trade between the East and the Middle East.” And the West.” 

Reuters said, according to a report translated by NRT Arabic, that the Gulf countries are fully aware of the economic development taking place in Iraq, which is expected to increase soon with the completion of the Al-Faw port project and “huge” business projects, including Gulf investments in the country through the establishment of residential complexes and tourist hotels, indicating, “The Gulf has begun... "He is testing the waters by transferring his international investments to Iraq." 

She continued, "According to Gulf expectations, Baghdad will become one of the most important Arab capitals for the next twenty-five years," explaining what Splash Agency reported about the expected development of the Iraqi economy through the end of the Al-Faw port, which she said would turn Iraq into an "alternative" to the Suez Canal and an international trade corridor connecting Between East and West. 

The agency also confirmed that the new port will be able to receive goods and goods and transport them through Iraq to Turkey and then Europe in a “huge and unprecedented” manner by receiving cargo ships and giant oil tankers, which will “contribute” to transforming Iraq into an oil export center in addition to its new location as an alternative. About the Suez Canal, according to its description. 

The agency also noted that the Al-Faw port project, which has been stalled since 2010, is expected to end next year with the Iraqi authorities insisting on ending it after concluding an agreement with Turkey to establish railways and roads worth $17 billion, ensuring that the two countries will transform into a commercial transport point. Goods and commodities between the continents of Europe and Asia. 

It is noteworthy that the agency also indicated that the limited transportation of ships through the Suez Canal, which allows the passage of a small number of tankers and giant trucks, will help transform the large Al-Faw port and its transportation route into a “suitable alternative” that allows the movement of very large quantities of goods and commodities without long waiting periods, according to the agency. Describe it.   LINK

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Clare:  After the Eid...a parliamentary movement was revealed to host the Sudanese in Parliament

 4/5/2024  Baghdad 

Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, held the government responsible for delaying the release of budget allocations, noting that many projects have been halted due to the failure to release financial allocations.

Al-Kadhimi said in an interview followed by Mawazine News, that “the Prime Minister’s advisors are putting the final touches on the budget, and it is expected to be sent to Parliament for a vote after the Eid,” indicating that “there are increases in salary requirements that reached 8.5 trillion dinars per month, which led to an increase in salary requirements.” The size of the budget reaches 228 trillion dinars.”

He added, “The projects of the Ministries of Health and Education were halted due to the delay in approving the budget, despite the presence of advances approved by the Ministry of Planning.”

Al-Kadhimi called on the government to “send the budget schedules to Parliament as soon as possible for approval,” noting that “the disbursement of financial allocations should not be affected by delays in the schedules, given that the budget is three-year.”
He revealed, “A parliamentary move to host the Prime Minister, the Ministry of Finance, and the relevant authorities in Parliament to discuss the reasons for the delay, if the budget is not sent after the Eid al-Fitr holiday.”   LINK

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Clare:  Advisor to the Association of Private Banks: Al-Sudani will discuss the sanctions file on 28 banks in Washington

4/5/2024  Baghdad

Advisor to the Association of Private Banks, Samir Al-Nusairi, announced that the US sanctions on 28 banks constitute one of the important files on the agenda of Prime Minister Muhammad Shiaa Al-Sudani during his visit to Washington.

Al-Nusairi said in an interview followed by Al-Eqtisad News, “During his visit to Washington, during which he will be accompanied by a delegation from the Central Bank and the banking sector, Al-Sudani will discuss the sanctions and restrictions imposed by the United States on the 28 banks, which deprived them of dealing in the US dollar.”

He believed that these sanctions and restrictions constitute “one of the important files that the Prime Minister carries with him to Washington,” indicating that the file “falls within the financial and banking reform stipulated in the Prime Minister’s government program.”  LINK

Don961:  Zimbabwe launches new gold-backed currency

 Harare – Zimbabwe’s central bank launched a new “structured currency” backed by gold on Friday, as it seeks to tackle sky-high inflation and stabilise the country’s long-floundering economy.

The ZiG — short for Zimbabwe Gold — will replace the Zimbabwean dollar which has tumbled in value over the past year, pushing inflation through the roof, Reserve Bank governor John Mushayavanhu said. 

“With effect from today… banks shall convert the current Zimbabwe dollar balances into the new currency,” he said, presenting a monetary policy statement.

He also announced a drastic cut in the bank’s main interest rate, from 130 percent to 20 percent. 

The ZiG will be “fully anchored and fully backed” by a basket of reserves comprising foreign currency and precious metals — mainly gold, Mushayavanhu added. 

The move is aimed at fostering “simplicity, certainty, (and) predictability” in Zimbabwe’s financial affairs, he said, presenting the new banknotes that come in eight denominations ranging from 1 to 200 ZiG.

The Zimbabwean dollar has lost almost 100 percent of its value against the US greenback over the past year.

On Friday, it was officially trading at around 30,000 against its more coveted US counterpart — and at 40,000 on the black market, according to tracker Zim Price Check.

Its poor performance contributed to the southern African country’s high inflation rate, which after climbing well into the triple digits last year, was at 55 percent in March, according to official data. 

This has piled pressure on its 16 million people who are already contending with widespread poverty, high unemployment and a severe drought induced by the El Nino weather pattern.

– More gold needed? –

Zimbabweans have 21 days to convert their old cash into new money, Mushayavanhu said.

The new banknotes feature a drawing of gold ingots being minted, as well as Zimbabwe’s famous Balancing Rocks, which already appeared on the old ones. 

Zimbabwe boasts vast gold deposits, with the precious metal accounting for almost 25 percent of all exports in January, according to official data.

But analysts have questioned whether Harare has enough reserves to adequately back the currency, and if the latter could suffer from volatility in gold prices. 

On Thursday, President Emmerson Mnangagwa inspected the central bank’s vaults that Mushayavanhu — who was appointed earlier this year — said hold 1.1 tonnes of solid gold. 

The bank also has almost 1.5 tonnes more abroad, as well as $100 million in cash and precious minerals such as diamonds that if converted into gold would account for another 0.4 tonnes, he added.

All together the reserves’ value totals $285 million, which Mushayavanhu said was “more than three times cover for the ZiG currency being issued”.

But some were sceptical. 

“We obviously need more,” said economist Prosper Chitambara, adding that other countries such as neighbouring South Africa had much larger reserves. 

“The more the reserves, obviously, the more the confidence and the more your capacity to be able to defend your currency against any shocks.” 

The central bank said it would adopt a tight monetary policy, linking money supply growth to growth in gold and foreign exchange reserves. 

– Trillion-dollar inflation –

Soaring prices have brought back memories of 2008, when hyperinflation was so out of control that the central bank even issued a 100-trillion-dollar note — now a collectors’ item. 

The government was eventually forced to ditch the local currency and adopt the US dollar as legal tender. 

The Zimbabwean dollar was revived in 2019, but it has suffered from much the same issues as its previous incarnation. 

Most Zimbabweans prefer to do business, get paid and hold their savings in US dollars. 

Many who earn a salary in local money rush to currency exchange shops on pay day.

The government has previously resorted to various expedients to stabilise the economy, including issuing gold coins and launching a gold-backed digital currency but they have yielded little results.    LINK

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Don961:  The legal basis for depositing oil revenues in the US Federal Reserve, CBI clarified

2024-04-02 01:53

Shafaq News/ The Central Bank of Iraq (CBI) clarified on Monday the legal rationale behind depositing oil revenues in the US Federal Reserve.

Documents released by the bank and seen by Shafaq News agency state that "the legal basis for depositing oil revenues in the Federal Reserve Bank in New York under the IRAQ2 account instead of the Development Fund for Iraq (DFI) is linked to the expiration of Executive Order 13303 issued by the US President in March 2003.

 This order granted immunity to Iraqi funds deposited in the DFI account at that time. Furthermore, the protection of Iraqi funds provided by UN Security Council Resolution 1483 of 2003 ended with the issuance of UN Resolution 1956 at the close of 2010."

The documents elaborate, "Hence, the IRAQ2 account was established to receive proceeds from Iraqi crude oil exports, subsequently transferred to the Central Bank of Iraq's account at the Federal Reserve Bank within 24 hours to safeguard them from creditors' claims. These funds are categorized as belonging to the Iraqi government, derived from crude oil exports. This arrangement was formalized through a Memorandum of Understanding signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 2/6/2014, which serves as the legal framework for the IRAQ2 account as an alternative to the Development Fund for Iraq account."

The documents clarify, "Immunity granted by these documents is applicable solely to sovereign funds and does not extend to funds utilized for commercial purposes."

Addressing the third paragraph, the documents detail that "foreign reserves may be deposited with various external entities, central banks, and financial institutions, not limited to the Federal Reserve Bank. Interest rates vary based on investment category, duration, and the institution. Additionally, Orient, the contracted shipping company, transports dollar shipments from the Federal Reserve Bank to Baghdad International Airport, with insurance at $414,000 per shipment and transportation fees of $216,310 provided by the Legislative Affairs Department, Parliamentary Oversight Division."

Furthermore, they state, "Domestic transfer of oil sales revenues is impractical due to operational constraints, risking Iraq's financial operations if funds remain within the country.

Closing the Federal Reserve Bank account could expose Iraq to international claims and hinder settlements in US dollars without an account at the Federal Reserve Bank or another American commercial bank."  LINK

KTFA Wed. Night CC: "FRANK26….IQD UPDATE…..4-3-24…..A LOT IS GOING ON"

KTFA

Wednesday Night Conference Call

FRANK26….IQD UPDATE…..4-3-24…..A LOT IS GOING ON

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=wbE3xU1-DoM

Some "Tuesday Iraq News" Posted by Clare at KTFA 4-2-2024

KTFA:

Clare:  Saleh: The 2024 budget schedules are being prepared according to the tripartite budget

4/2/2024

 The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the financial tables for the 2024 budget are being prepared in accordance with the legislation of the three financial budgets.

Saleh told {Al-Furat News} agency, “The proposed financial schedules that are being prepared by the executive authority today are based on the financial legislation in force and approved in accordance with the aforementioned tripartite budget law.”

He stated that “presenting the financial tables for the fiscal year 2024 to obtain parliamentary approval for those tables, which include public revenues and expenditures, undoubtedly embodies a legislative path that we see in all cases as more flexible in the legislative process because the financial principles and constants have become an integral part of the Federal General Budget Law No. 13 of 2023 (the Tripartite), which is the law that was originally legislated by the House of Representatives and by a vote of the legislative authority and published in the Official Gazette last year.”

A few days ago, the Council of Ministers received the budget schedules from the Ministry of Finance, and began working on them to sign them and send them later to the House of Representatives. 

The Parliamentary Finance Committee expects to resolve the budget schedules this month.

From.. Raghad Dahham   LINK

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Clare:  Minister of Finance of the World Bank: We have made plans to accelerate the pace of financial and banking reforms

4/1/2024  Baghdad – INA

Finance Minister, Taif Sami, confirmed today, Monday, the development of plans to accelerate the pace of financial and banking reforms, while the World Bank indicated continued serious and fruitful cooperation with the Iraqi government.

The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): “Minister of Finance, Taif Sami, received today the Regional Director for the Middle East at the World Bank, Jean-Christophe Carré, the Special Representative of the Bank in Iraq, Richard Abdel Nour, and a number of experts and specialists.”

She added, "During the meeting, priorities for development projects and ways to support the World Bank to strengthen the financial and business sectors and improve the investment environment were discussed," noting, "It was emphasized that continued bilateral coordination to promote sustainable development was discussed, in addition to discussing the Bank's support for the government program for economic reform in Iraq." ".

The Minister of Finance referred to the Ministry's efforts and plans towards accelerating the pace of financial and banking reforms in line with the Iraqi government's vision aimed at consolidating the foundations of the national economy, creating economic balance, and correcting the course of financial policy in Iraq.

For his part, the bank representative pointed out "the continuation of serious and fruitful cooperation with the Iraqi government, in everything related to providing the necessary support in terms of expertise for development projects and reforms related to the financial and business sector."   LINK

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Clare:  Iraq’s banking system grows 15.1% in 2023 to $156.7 billion

 March 31, 2024

 Baghdad (IraqiNews.com) – By the end of 2023, the total assets of the Iraqi banking system had grown by 15.1% annually to $156.7 billion. This was mostly driven, according to Rabee Securities, by the 15.3% increase in deposits to $101.9 billion.

The largest contributor to overall deposit growth was current deposits, which increased 17.2% to $82.1 billion and accounted for 80.5% of all deposits in the banking system.

Additionally, the total deposits of the private sector climbed by 14.7% in 2023 to reach $43.2 billion, while the deposits of Iraq’s Central Government increased by 22.7% to $36.1 billion and the deposits of public institutions increased by 6.1% to $22.6 billion.

“As a measure to control the FX flow into the banking system, the CBI now allows a limited number of banks to participate in the CBI foreign currency window and engage in USD transactions,” said Aysegul Ozge Ozgur, Head of Research at Rabee Securities

“National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among these banks that have been permitted to engage in such activities, thus, they are benefiting from an expanded market share in USD transactions,” added Ozgur.

There are 61 commercial banking institutions in Iraq, according to Rabee Securities, made up of 54 private banks (25 non-Islamic and 29 Islamic) and 7 state banks (one Islamic and six non-Islamic).

In terms of Return on Average Equity (ROAE) and Return on Average Assets (ROAA), the National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among the most profitable ISX-listed banks. In 2023, their balance sheets and income statements showed remarkable development.  LINK

Clare:  Launching a new trading indicator

4/2/2024 Baghdad/

The Iraq Stock Exchange and the Securities Commission announced today, Tuesday, the imminent launch of a new index for stock trading.

A statement by the Commission and the Market, received by Iraq Observer, stated that “the Securities Commission and the Iraqi Stock Exchange, after studying, analyzing and measuring the market index of traded stock prices, are preparing to launch a new index that operates under the title ISX15.”

The statement added, “The work and analysis team at the Securities Commission and the Iraqi Stock Exchange focused on measuring the new index and testing it on the experimental environment, and then starting the test on the real environment according to the most important principles, the most important of which is selecting a sample of companies for the best 15 companies in terms of continuing daily trading, as well as choosing the company’s weight.”

Based on the market value of the free float shares, provided that the effect does not exceed 20% at best for a single company as a maximum, and adopting the same prevailing base session for the ISX60 index after adjusting its weight based on the free float shares, as well as other additional variables that will be presented in the index guide.”  LINK

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Clare:  The Central Bank of Iraq clarifies the mechanism for depositing oil revenues abroad

4/2/2024- Baghdad

The Central Bank of Iraq revealed the mechanism for depositing oil revenues abroad, in response to a parliamentary question on the subject.

The document stated that the legal basis for depositing oil revenues in the “IRAQ2” account with the Federal Reserve Bank in New York is the expiration of the extension of Executive Order issued by the US President No. 13303 in 2003, which granted immunity to Iraqi funds deposited in the “DFI” account.

Deputy Governor of the Central Bank, Ammar Hamad, explained that the “IRAQ2” account is used to deposit funds for Iraqi crude oil exports, and they are transferred to the Central Bank of Iraq’s account at the Federal Reserve Bank within 24 hours of receiving them.

He stressed that this mechanism ensures that the funds are not exposed to creditor claims, as they are funds belonging to the Iraqi government derived from the export of crude oil.

He added that a memorandum of understanding was signed between the Iraqi Ministry of Finance and the Central Bank of Iraq in 2014 regulating the work of the “IRAQ2” account, and that this memorandum is the legal basis for establishing the aforementioned account.

He pointed out that the immunity granted in accordance with the memorandum of understanding includes sovereign funds only, and does not include funds used for commercial purposes.

He explained that Iraq's foreign reserves are deposited with several external parties, including central banks and financial institutions, and are not limited to the Federal Reserve Bank.

He pointed out that the interest rates on these deposits vary according to the investment segment, the duration of the investment, and the institution with which the investment is made.

Finally, he explained that the company transporting the dollar from the Federal Reserve Bank to Baghdad International Airport is Orient, and that the insurance amount for one shipment is 414,000 US dollars, and that the transportation fees are 216,310 US dollars  LINK

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Clare:  Parliamentary Integrity: A five-member committee to recover Iraqi Trade Bank funds owed by individuals and companies

4/2/2024

 The Parliamentary Integrity Committee decided to form a five-member committee to recover the money taken from the Trade Bank of Iraq (TBI).

The Vice-Chairman of the Committee, Alia Nassif, stated in a press statement today, Tuesday, that: “It was decided to form a five-member committee to recover the funds taken from the Trade Bank of Iraq (TBI), and this took place during the hosting of the head of the bank, Bilal Sabah, to coordinate between the Parliamentary Integrity Committee and the bank for the purpose of recovering the funds.”

 Which are owed by individuals and companies, and companies that are late in paying what they owe were reviewed, and it was agreed to coordinate with the judicial authorities with regard to issuing judicial rulings against those who are delinquent in paying, as well as coordination with the Ministry of Justice, especially the two enforcement departments, with regard to accelerating the implementation of judicial rulings on those who are late in paying.”

She added, “It has been agreed to coordinate with the Real Estate Registration Department regarding the sale of mortgaged properties for the purpose of recovering the bank’s money, and it is expected in the coming days to issue judicial orders, ban travel, seize funds, and circulate them to all government departments.”

She explained, “Some individuals and companies that owed money belonging to the bank, which was revealed last week (within the first batch), began paying off the debts after this file was moved by parliament, while the second batch includes an Islamic bank, 8 companies, and one person.”   LINK

America is confused about the fields shared between Iraq and Iran... huge, uncontrollable oil flows

KTFA:

Don961:  America is confused about the fields shared between Iraq and Iran... huge, uncontrollable oil flows

March 28, 2024

Baghdad/Al-Masala Al-Hadath: Economist Simon Watkins said in a report published by the American Oil Price website that many unofficial flows emerged from increases in the oil fields shared between Iran and Iraq, so that it makes sense for the two countries to work to raise these increases significantly.

There are many fields shared between the two countries, the most prominent of which are Azadegan (on the Iranian side) / Majnoon (on the Iraqi side), Azar (Iran) / Badra (Iraq), Yadavoran (Iran) / Sinbad (Iraq), and Naft Shahr (Iran) / Naft Khana. (Iraq), Dehlran (Iran)/Abu Ghurab (Iraq), Baydar Gharb (Iran)/Fakka Field (Iraq), and Arvand (Iran)/South Abu Ghurab (Iraq).

The new development initiative between Iran and Iraq will include assigning local companies, most of which are linked to the Iranian Revolutionary Guard or factions allied with Iran in Iraq, and their mission is to increase the return on oil extraction from the smaller joint fields, while Russian and Chinese companies will take the lead in the larger fields.

The idea of ​​limiting local companies to smaller fields is to allow them to develop their oil extraction techniques (with help from Russia and China) so that they can guarantee the average recovery rates of 3.5 percent they have achieved at their designated sites.

A well-known Western oil company laid out plans before sanctions were reimposed on Iran in 2018. It aimed to increase recovery rates in a group of these smaller fields to more than 12.5 percent within 12 months of starting them (from the then average of 2.5 percent). 20 percent after a year, then to about 50 percent within three years.

The Iranian Ministry of Oil hoped that increasing the technical capabilities of local companies would enable them to increasingly participate in the development of larger fields, enabling Tehran to reduce the discount on oil sold to China as part of comprehensive field development packages signed with its companies.

This includes larger fields as well, where the financial potential for even relatively small increases in the rate of oil extraction is enormous.

The combined oil-rich fields in the West Karun region, which includes the North Azadegan, South Azadegan, North Yaran, South Yaran and South Yadavaran fields, for example, contain at least 67 billion barrels of oil and enjoy an average recovery rate that currently stands at only 5 percent.

This is compared to the average recovery rate across the Kingdom of Saudi Arabia, which is at least 50 percent.

An Iranian source told Oil Price: “The recoverable reserves figure increases by 670 million barrels, or about $34 billion in revenue for every 1 percent increase in the average recovery rate across West Karon, even if we were only going to sell at $50 a barrel.”

“Raising the recovery rate to 25 percent across West Karun over a 20-year contract period, thanks to sound joint development, is expected to add $838 billion in revenue to Iran.”

He stressed that the average West Karon oil production today is about 360,000 barrels per day, and sometimes reaches 380,000 barrels per day, while it did not exceed 120,000 barrels per day during 2017.

The main part of the “Comprehensive Cooperation Agreement between Iran and China for 25 years” was for Chinese companies to raise collective production from the West Karun fields by no less than 500 thousand barrels per day.

This is not difficult, as the average lifting cost remains between one and two dollars per barrel of crude oil in Iran itself and in Saudi Arabia and Iraq. But Chinese companies have not yet achieved any meaningful increases, which may be another reason for Iran and Iraq's desire to increase their capabilities to exploit their vast oil resources.

The fields shared between Iran and Iraq have also been invaluable to Tehran's successful efforts to avoid oil sanctions from the United States or Europe for years. Oil is often being explored on the non-sanctioned Iraqi side of the border across the border from the same oil reservoirs as oil exploration continues on the sanctioned Iranian side. This sometimes happens even through extended drilling.

Even if the Americans, Europeans, or any of their most trusted appointees put people at every platform across every common field in Iraq, they would not be able to know whether the oil extracted is from the Iraqi side or from the Iranian side.

Thanks to sound joint development, raising the recovery rate to 25 percent across West Karun over a 20-year contract period is expected to add $838 billion in revenue to Iran.

This made it possible for Iranian oil to be exported to Iraq and shipped to anywhere in the world it was needed for decades.

Further layers of complexity were added to further obscure the true origin of the exported oil. Simple but effective methods include turning off the transponder used by the ship's automatic identification systems, making it difficult to track.    link

Frank26 "News and Views" Sunday 3-31-2024

KTFA:

Frank26:  "NOTICE THE GOI HAS NOTHING TO DO WITH PARLIAMENT!!!"...........F26

 The Iraqi government raises the size of the 2024 budget, and Parliament is “surprised”

 3/27/2024

 The Parliamentary Finance Committee said on Wednesday that the Iraqi government had increased the size of the 2024 budget, noting that it was “surprised” by the decision.

Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, explained to Shafaq News Agency, “The Parliamentary Finance Committee hosted the Minister of Planning to discuss amendments, projects, and the reasons for the delay in sending the general budget law to the House of Representatives.”

He added, "We in the Parliamentary Finance Committee were surprised that the government raised the total amount of the budget law from 199 trillion dinars to 228 trillion dinars in the 2024 budget," explaining that "this increase is large, while what was spent in 2023 amounted to 142 trillion dinars."

He pointed out that "the members of the Finance Committee had an opinion regarding the hosting that the budget should be realistic and not just planning."

Al-Kadhimi pointed out that “raising the total amount in the budget law caused an increase in the deficit rate,” noting that “the budget is currently still in the corridors of the Council of Ministers and is expected to be sent to the House of Representatives next month.”   LINK

Frank26:  "BECAUSE THE NEW EXCHANGE RATE IS READY!!!"...........F26

 Prime Minister: Starting to prepare the 2024 budget schedules

 3/28/2024  Baghdad – 

The Prime Minister stressed today, Thursday, that local governments must make their efforts to enhance citizen confidence, while announcing the start of setting 2024 budget schedules.

 Al-Sudani said in a speech during the second session of the Supreme Commission for Coordination between the Governorates, followed by the Iraqi News Agency (INA): “This meeting is the first after the local elections were held,” pointing out that “the elections were one of the important milestones that represent an achievement of the political process.”

He added, "Local governments must work as one team and make their efforts to enhance citizen confidence."

He stressed that "local governments are an integral part of the executive authority," noting that "the evaluation of officials must be subject to a professional and scientific program."

He concluded by stressing: “Our goal is to serve our people,” pointing at the same time to begin setting the 2024 budget schedules.  LINK

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Frank26:  "ALL BECAUSE OF THE NEW EXCHANGE RATE"...........F26

 Government advisor: The 2024 budget tables focus on investment spending for new projects

 3/30/2024  Baghdad - INA - Nassar Al-Hajj,

the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Saturday, that the 2024 budget tables focus on investment spending for new projects.

 Saleh said to the Iraqi News Agency (INA): “The existing procedures for completing the public financial tables for the fiscal year 2024 in order to submit them to the legislative authority for approval and implementation immediately are only a response to the text contained in the Federal General Budget Law No. 13 of 2023 (the tripartite ) Which stipulated the submission of schedules of public expenditures and revenues adapted according to the new fiscal year and its objective circumstances for the year 2024 for legal approval.

He pointed out that "the most important thing in these tables is determining the levels of investment spending on new projects, which is fundamental and fundamental spending in the movement of the national economy, as it is directly linked to the development and growth of the economy by providing objective conditions for the movement of government demand for supplies and inputs for investment in projects."

“The demand for productive factors associated with government investment activity is essential in achieving the targeted level of growth in the annual gross domestic product and sustaining its momentum, in addition to its connection to the labor market and business and moving them in accordance with a climate required by the sustainability of the country’s economic development itself.”

Prime Minister Muhammad Shiaa Al-Sudani earlier confirmed the start of setting 2024 budget schedules.  LINK

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Frank26:  "THE DINAR'S NEW EXCHANGE RATE REPLACES THE USD... WELCOME 1476 OR 1.48"...........F26

 Advisor to Al-Sudani: The dollar is on the way to further decline, and 70% of Iraqi traders have entered the platform

 3/27/2024

Fadi Al-Shammari, advisor to the Prime Minister, Muhammad Shiaa Al-Sudani, expected on Wednesday (March 27, 2024) a continued decline in the dollar's exchange rate against the dinar.

Al-Shammari said in a televised statement followed by “Baghdad Al-Youm,” “The dollar is on its way to further decline and is subject to supply and demand.”

He stated, "70% of Iraqi merchants deal with the platform, up from only 10%."

Reuters previously quoted an official in the Central Bank of Iraq who revealed that there was an increasing demand among merchants on the electronic platform for selling the dollar at the official price (1,320 dinars), and working in a regular manner, as foreign trade remittances rose to 200 million dollars after it was only 50 million dollars last year. .

It is noteworthy that local markets and currency exchanges have been witnessing for days a noticeable decline in the exchange rate of the dollar against the dinar, as it reached 1,476 dinars this evening, Wednesday.   LINK

Frank26:  "ALL IRAQI BANKS ARE READY FOR THE NEW EXCHANGE RATE!!!".........F26

Submitting recommendations to the Economic Ministerial Council regarding sanctioned banks

3/29/2024   Baghdad - INA - Wissam Al-Mulla, 

Chairman of the Securities Commission and Chairman of the Committee in charge of the Sanctioned Banks, Faisal Al-Haimas, confirmed today, Friday, the submission of recommendations to the Economic Ministerial Council regarding those banks.

 Al-Haimas said in a statement to the Iraqi News Agency (INA): “Prime Minister Muhammad Shiaa Al-Sudani assigned him to head a committee to look into the sanctioned banks,” noting that “the recommendations were submitted to the Ministerial Economic Council more than three weeks ago.”

He added, "The committee is awaiting the approval of the recommendations by the Ministerial Economic Council," noting that "the committee stressed the necessity of launching development initiatives through government and private private banks to strengthen the Iraqi economy."

He pointed out that "the reasons for the delay in announcing the recommendations by the Council of Ministers are the existence of procedures and discussions between the Ministerial Economic Council and the Central Bank and other procedures."  LINK

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Frank26:  "THIS IS IMPOSSIBLE AT A PROGRAM RATE... OR IT WOULD'VE HAPPENED YEARS AGO!!!"...........F26

 Signing an Iraqi-British agreement for joint cooperation in the stock market

 3/26/2024

The Securities Commission announced, on Tuesday, the signing of a joint cooperation agreement with the British Chartered Institute for Securities, which includes the exchange of information related to financial training programs, confirming that the agreement represents a qualitative shift in the work of brokers in the stock market.

Deputy Chairman of the Securities Commission, Nagham Hussein, told Shafaq News Agency, “Today, the Iraqi Securities Commission signed a cooperation agreement with the British Chartered Institute for Securities and Investment, which stipulates the establishment of a framework for cooperation and exchange of information related to financial training programs for securities markets and services to develop and maintain capabilities.” HR". 

She added, "The articles of the agreement include the possibility of organizing training courses for Iraqi cadres to benefit from the experiences of financial markets in countries around the world, and developing the professional framework by imposing the qualifications of the Chartered Institute for Securities and Investment on local Iraqi institutes specialized in the field of securities."

For his part, Chairman of the Securities Commission, Faisal Al-Haims, told Shafak, “The agreement has been worked on by the Securities Commission for about a year. The signing of an agreement in cooperation between the Securities Commission and the British Royal Institute in licensing the capital markets is a highly professional certificate recognized in all countries of the world.”

He pointed out that "this agreement represents a qualitative shift in the work of brokers in the stock market in terms of stimulating the financial performance of companies and their ability to add new skills, not in the Iraqi stock market, but in other markets, both regional and global." LINK