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Vice Kurdistan: the oil agreement between Kurdistan and the federal government has already become law


yota691
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Vice Kurdistan: the oil agreement between Kurdistan and the federal government has already become law

05/03/2015 05:04 | Number of Views: 30

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Trend Press - special

 

 

MP for the PUK Ardalan Noureddine the latest oil deal between Kurdistan and the federal government has already become law

 

Ardalan In an interview with the TV channel said that some of the trend speaks about the possibility of agreement or cancel with the fact that this agreement has already become law after a binding for all after he entered in the federal budget for 2015 approved by the House of Representatives recently

 

The Kurdistan Alliance MP capable Mohammed said in a statement that "the odds of Baghdad and Erbil on the oil agreement, economic reasons in conjunction with the crisis experienced by the country and the need to export larger quantities of oil."

 

Mohammed said that "what happened last intersection, does not rise to the level of crisis, but rather a simple barrier can be resolved through dialogue," stressing "the determination of the parties to agree on the implementation of the oil clauses full form."

 

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So because the stipulations of Kurdistan's oil output were outlined in the 2015 budget law, then the Oil Law is already law and in effect? How does he figure that's the case? It would be great, but I need to see him, or someone else anyone really, connect those dots.

I still think a separate law needs to be drafted, voted in, and published in the Gazzette before anyone can really say the agreement is "law".

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So because the stipulations of Kurdistan's oil output were outlined in the 2015 budget law, then the Oil Law is already law and in effect? How does he figure that's the case? It would be great, but I need to see him, or someone else anyone really, connect those dots.

I still think a separate law needs to be drafted, voted in, and published in the Gazzette before anyone can really say the agreement is "law".

It's in the 2015 Budget.... :eek: 

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Then this may be a major disappointment to people if the HCL passed already by association or inclusion into the budget and we still have yet to see any change in value of the Iraqi dinar.

I know I'll be supremely disappointed. Secretly, I always held out hope that Adam was 100% right and that we were waiting on the oil law for this to all wrap up. I'd love to get his take on it.

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....but even if it is Law, why do people presume that immediately after something becomes law or get ratified or gets agreed on that we will see an rv??  the only reason people believe such things is because another someone (who doesn't even live in iraq) told them so.  how preposterous is that.  THE ONLY entity with accurate and sensitive data on iraqi monetary policy is guess who.......that's right, the CBI.  THAT'S IT!  

 

now to defend Adam, he doesn't give anybody dates.  he talks in milestones and then he only gives what he believes after crunching all of the data that HE is privy to.  according to him HCL is a milestone.  milestone - an action or event marking a significant change or stage in development.  however once all the proper cards are in place, we might still be waiting 1-2 years for the CBI to implement new monetary policy, or we might even see it as early as today.   

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....but even if it is Law, why do people presume that immediately after something becomes law or get ratified or gets agreed on that we will see an rv??  the only reason people believe such things is because another someone (who doesn't even live in iraq) told them so.  how preposterous is that.  THE ONLY entity with accurate and sensitive data on iraqi monetary policy is guess who.......that's right, the CBI.  THAT'S IT!  

 

now to defend Adam, he doesn't give anybody dates.  he talks in milestones and then he only gives what he believes after crunching all of the data that HE is privy to.  according to him HCL is a milestone.  milestone - an action or event marking a significant change or stage in development.  however once all the proper cards are in place, we might still be waiting 1-2 years for the CBI to implement new monetary policy, or we might even see it as early as today.   

well early as today works for me, my schedule is pretty open. :cigar:

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I don't believe Iraq can wait that long ! The only reason we have got to this point is because of Abadi, not Malaki. The US is responsible for the surge of recent progress in Iraq. Their government and their banking systems are being set up like the western world. The USA has set Iraq up for democracy and we are back their to make sure that they succeed. O really messed up by pulling the military out in the first place. Everybody is ready to due businesses now !

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So because the stipulations of Kurdistan's oil output were outlined in the 2015 budget law, then the Oil Law is already law and in effect? How does he figure that's the case? It would be great, but I need to see him, or someone else anyone really, connect those dots.

I still think a separate law needs to be drafted, voted in, and published in the Gazzette before anyone can really say the agreement is "law".

Its more then just the Kurds oil output imo.  How much every province is pumping and getting paid along with a lot of other details regarding oil revenues are law now as part of the budget for 2015.  There will be a revised hcl voted on sometime that also contains these details and even more details such as how the surplus is disbursed to the people once they get to that point.  Completely conjecture on my part but I think as far as economic reforms go, ie the dinar, the heavy lifting is done regarding the oil agreements and is law at least for this year.  I think theres a good chance they will have currency reform before a newer revised hcl is voted on.  

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....but even if it is Law, why do people presume that immediately after something becomes law or get ratified or gets agreed on that we will see an rv??  the only reason people believe such things is because another someone (who doesn't even live in iraq) told them so.  how preposterous is that.  THE ONLY entity with accurate and sensitive data on iraqi monetary policy is guess who.......that's right, the CBI.  THAT'S IT!  

 

now to defend Adam, he doesn't give anybody dates.  he talks in milestones and then he only gives what he believes after crunching all of the data that HE is privy to.  according to him HCL is a milestone.  milestone - an action or event marking a significant change or stage in development.  however once all the proper cards are in place, we might still be waiting 1-2 years for the CBI to implement new monetary policy, or we might even see it as early as today.   

 

Indeed....one like me must remain calm and stay grounded....anything or nothing at all could happen in Iraq......but this is a biggie though, isn't it?

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why do you say that?  what pressures are iraq under to change monetary policy immediately?  i would love to read a list of those pressures if you don't mind listing them.  

 

I don't want to get into a big, long research project over this, but here's the big one, from January 30 World Bank "Plunging OIl Prices" report:

 

http://documents.worldbank.org/curated/en/2015/01/23884278/plunging-oil-prices

 

The Plunging Oil Prices report questions the practice of pegging the Iraqi dinar to the US dollar, noting the that value of the dinar has been falling against the dollar in the parallel market:

Iraq pursues a policy of a de facto peg to the U.S. Dollar, and therefore monetary policy is constrained in tackling the current shock.

“The Central Bank of Iraq (CBI) had kept the Dinar steady through January 2009.

“In 2014, the nominal exchange rate in the official market remained stable against the U.S. Dollar at 1,166 IQD/1 USD, but the rate in the parallel market increased.

“The CBI has recently taken steps to simplify foreign exchange market regulations, but has not eliminated all existing exchange restrictions and the multiple currency practice.

“With the peg, fiscal policy carries the burden of macroeconomic stabilization, but in this case does not have the space to do so.

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why do you say that?  what pressures are iraq under to change monetary policy immediately?  i would love to read a list of those pressures if you don't mind listing them.

Okay TriniteXchange I'm certainly not as well versed as you however since you called me out, I will attempt to give you my reasons on why I don't think it will take 1 or 2 years. (1) Iraq cannot move forward fast enough without currency reform. The modern world is ready to due business now. (2) Iraq has purchased 89 tons of gold to give validity to the CBI reserves. (3) For all of the outside contractors that are needed to help build their infrastructure,do not want to be paid with a currency that is not accepted by most banks throughout the world. (4) I don't know of any other country in the world that is propped up by American money in which their own currency is not internationally recognized. I could go on and on but my iPad says low battery. I certainly hope that reasons don't sound unintelligent to you. Thanks
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This is not the HCL. When the Hydrocarbon Law is passed it'll be major news on all outlets in the mainstream media. As others have said all this refers to is the Oil Agreement as being written into law with the passing of this years budget. The HCL represents something that once passed won't need to be discussed on an annual basis which at present is all they have now. An agreement of 17%, for the year 2015, nothing more nothing less, and not an HCL.

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This is not the HCL. When the Hydrocarbon Law is passed it'll be major news on all outlets in the mainstream media. As others have said all this refers to is the Oil Agreement as being written into law with the passing of this years budget. The HCL represents something that once passed won't need to be discussed on an annual basis which at present is all they have now. An agreement of 17%, for the year 2015, nothing more nothing less, and not an HCL.

 

Yep.....I'll be looking forward to happy hour after work tonight.......(sigh)  <_<

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This is not the HCL. When the Hydrocarbon Law is passed it'll be major news on all outlets in the mainstream media. As others have said all this refers to is the Oil Agreement as being written into law with the passing of this years budget. The HCL represents something that once passed won't need to be discussed on an annual basis which at present is all they have now. An agreement of 17%, for the year 2015, nothing more nothing less, and not an HCL.

You are exactly right.The oil and money % agreements are not the HCL.When the HCL becomes law it will be big news and I think thats when we will see the RV.

 

Semper Fi !!!

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I don't want to get into a big, long research project over this, but here's the big one, from January 30 World Bank "Plunging OIl Prices" report:

 

http://documents.worldbank.org/curated/en/2015/01/23884278/plunging-oil-prices

 

The Plunging Oil Prices report questions the practice of pegging the Iraqi dinar to the US dollar, noting the that value of the dinar has been falling against the dollar in the parallel market:

Iraq pursues a policy of a de facto peg to the U.S. Dollar, and therefore monetary policy is constrained in tackling the current shock.

“The Central Bank of Iraq (CBI) had kept the Dinar steady through January 2009.

“In 2014, the nominal exchange rate in the official market remained stable against the U.S. Dollar at 1,166 IQD/1 USD, but the rate in the parallel market increased.

“The CBI has recently taken steps to simplify foreign exchange market regulations, but has not eliminated all existing exchange restrictions and the multiple currency practice.

“With the peg, fiscal policy carries the burden of macroeconomic stabilization, but in this case does not have the space to do so.

 

 

Okay TriniteXchange I'm certainly not as well versed as you however since you called me out, I will attempt to give you my reasons on why I don't think it will take 1 or 2 years. (1) Iraq cannot move forward fast enough without currency reform. The modern world is ready to due business now. (2) Iraq has purchased 89 tons of gold to give validity to the CBI reserves. (3) For all of the outside contractors that are needed to help build their infrastructure,do not want to be paid with a currency that is not accepted by most banks throughout the world. (4) I don't know of any other country in the world that is propped up by American money in which their own currency is not internationally recognized. I could go on and on but my iPad says low battery. I certainly hope that reasons don't sound unintelligent to you. Thanks

I agree with you two and even listed some of those same pressures in my recent post "why the IQD must revalue".  There is one caveat that I have come to discover seen writing my opinion piece.  Iraq's reserves buy them a fair amount of time.  Yes, they would save themselves a lot of money if they undergo monetary reform quickly, but they have a cushion if they don't.  

 

+1 to both of you on your post though

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