Wednesday Afternoon Opinions @ 5:35 PM CDT - 4/03/2024

[ronscarpa]

REMEMBER, no one really  knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... So, take everything with a grain of salt ...  RON 

 

 

Sandy Ingram  In a startling development the United States has closed the account through which Iraq collects revenue form its oil sales...the Development Fund for Iraq (DFI).  The DFI...served as a lifeline for Iraq to collect and manage its oil revenues.  Iraq maintained this account with the US Federal Reserve Bank allowing it to receive oil revenues in dollars and use them to cover essential expenses in accordance with agreements with the United States...With the closure of the DFI account, Iraq's oil revenue is being directed to a new account, cryptically referred to as IraqQ2...

 

Frank26  The contracts IMO they are renegotiating the exchange rate for the contracts. The issue is not whether to come out with a new exchange rate but which exchange rate to come out with...

 

Pimpy  Article: "The Minister of Finance and the World Bank are discussing support for the economic and financial reform program"  Usually in the past I would say yeah, that all sounds good but we'll believe it when we see it.  But now when you read this kind of news it's hard not to get a little excited because al-Sudani is doing a pretty good job considering his own political party is not working with him but against him.

 

Militia Man  Article: "The United States has closed the account through with the Iraq collects revenue from its oil sales" The DFI fund was closed on March 18th...Big change.  We have not seen this before. Is it a smoking gun? ...If they were going to stop an account that had protection for all their oil money and they just now relinquished a couple weeks ago I think that's pretty big...They must have felt comfortable in a sense they could handle recourse on that debt...I'll tell you this, if they change the value from 1310 to a previous era, it'll become a lot cheaper to pay off their debts...

 

MarkZ  Question: Did Iraq get their bank accounts and money back from the US?  Mark: YES. This is huge. This is enormous. Iraqs money for oil sales is no longer going through the United States. I was told this is what Iraq has been waiting on before they forced things to fruition...The closed DFI account is huge…And one of the things I was consistently told from government contacts in Iraq is how hard it has been for them with oil revenues going through the US. This has enormous repercussions for Iraq and their economic sovereignty. This is an important key piece that we just saw occur...Now we need the announcement on the HCL front, which I believe has already happened- we just need the announcement.

 

Clare  Article: "Iraqi economy faces threat as US closes oil revenue account" Quote "...with the closure of the DFI [Development Fund for Iraq] account, Iraq's oil revenue is now being directed to a new account, referred to as IRAQ2. This transition raises concerns...banking specialist Kamaran Qadir Yaqub...warns the protection previously afforded to Iraq's revenue may no longer be guaranteed."

Mnt Goat   In today’s news articles we learn about the expiration of the extension of the US President’s Executive Order 13303 put in place in 2003. So, there is no extension this year...Why is this so important to us investors?  First, the expiration of 13303 shows to us once again that Iraq is slowly moving out of the sanctioned mindset altogether. But now we moved to a new level. We know that in December of 2022, Iraq completed its war reparations payments to Kuwait and thus followed that all the remaining UN sanctions were lifted. [Post 1 of 2]

Mnt Goat   What happened next was the VERY quick response by the CBI to begin the de-dollarization process in Iraq in 2023.  Then the unanticipated length of resolving the issue of the stability with the parallel market which delayed the process we are now looking for.   Last week they told us the parallel market is now under control...I verified this with my CBI contact...Many investors have been waiting for this news...and tell us that this is a VERY GOOD sign for us in that since we no longer will be needing this protection, since maybe the dinar is soon to be free to move into its full potential as a sovereign, global currency...Remember it is normally renewed on April 1st and so what is in stored for us in April? Just saying. [Post 2 0f 2]

 

 

[Luigi1]

There an article out today that Iraq has plans to pay off it's debts after UST releases Iraq oil funds.

 

Debtors may be lining up to get paid.  How will they get paid.? After the RV.  There will be plenty of money to go around.  IMHO.

[NWGUY]

Another huge step for Iraq.  They are building their yellow brick road, and they have the oil and gold to make it happen!  

[BETTYBOOP]

Today is probably the most excited I have been in a long time about all this. Go iraq. Go rv!!

[Luigi1]

5 minutes ago, BETTYBOOP said:

Today is probably the most excited I have been in a long time about all this. Go iraq. Go rv!!

 

Yes.   This has been a very exiting day for some very good news.   

We are so close. 

Go RV.

[Luigi1]

13 minutes ago, NWGUY said:

Another huge step for Iraq.  They are building their yellow brick road, and they have the oil and gold to make it happen!  

 

Both my driveway & sidewalk needs re-paving.

They can pave them any time they want to with gold & oil.

[stanleypower]

15 minutes ago, BETTYBOOP said:

Today is probably the most excited I have been in a long time about all this. Go iraq. Go rv!!

Me too! So much for nothing happening during Ramadan. 

[Luigi1]

It's time to fill these empty pockets.  Go RV.

 

[NWGUY]

They can pave them any time they want to with gold & oil.

 

Like they used to say on Beverly Hillbillies...Black Gold...Texas Tea!  

[MommaMia]

33 minutes ago, Luigi1 said:

It's time to fill these empty pockets.  Go RV.

 

Right on brother right on!!!

[coorslite21]

2 hours ago, ronscarpa said:

al-Sudani is doing a pretty good job considering his own political party is not working with him but against him.

 

Sounds like Trumps problem.....CL