Baba Yaga

One of the stupidest ideas of all time.

🇻🇳🇰🇼Việt Nam & Kuwait have agreed to upgrade the bilateral relationship to a strategic partnership. The consensus was reached on Nov 17, during a meeting between Prime Minister Phạm Minh Chính & Emir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah.

The Iraqi Ministry of Oil plans to increase Majnoon’s daily production to 400,000 barrels per day by the end of this year, up from the current 245,000 barrels per day.

Regarding the concerns from companies about guaranteeing their financial rights following the resumption of exports, SOMO stated that they "have been reassured about their financial entitlements.” Read more: channel8.com/english/news/45… #CHANNEL8 #KRG #Erbil #Baghdad #SOMO

Speaking to Channel8 in an interview, Izzat Sabir, Undersecretary of the Iraqi Oil Ministry for Gas Affairs, said, “There is a bright future for gas in the Kurdistan Region and there is good coordination between Erbil and Baghdad.” He also added that Iraq needs three billion cubic feet of gas per day. Read more: channel8.com/english/news/44… #CHANNEL8 #Kurdistan #Iraq

🛢 SOMO: U.S. Sanctions Do Not Cover Iraq’s Official Oil Exports Iraq’s state oil marketer says recent U.S. measures against Iranian smuggling networks target private actors, not Baghdad’s crude exports. SOMO chief Ali Nizar al-Shatri stresses full compliance and vows to protect Iraq’s energy lifeline. 📸 Umm Qasr port, Sept. 4, 2024 (AFP) 📰Full report: kurdistan24.net/en/story/862…

Iraq's Ministry of Industry is exploring #greenhydrogen development as part of its clean energy initiative, aiming to transition to a #lowemission economy and support sustainable development and carbon reduction goals. #CleanEnergy #HydrogenNow fcw.sh/SV3kek

Iraq’s Banking Sector Reboot: Sweeping Reforms by the Central Bank (See video below 👇) The Central Bank of Iraq (CBI), with full government support and in partnership with global consulting firm Oliver Wyman, has officially launched a far-reaching reform program for the country’s private banking sector. The aim is to bring Iraq’s banks in line with international standards, modernize infrastructure, boost sector efficiency, and rebuild public and investor trust. This comprehensive plan is the product of collaboration between the CBI, the government, and the private sector, and it targets the creation of a resilient, innovative, and sustainable banking system that underpins Iraq’s economic development. Key Objectives of the Reform: • Expand and deepen financial inclusion for individuals and businesses across Iraq • Enhance the efficiency and productivity of private banks • Foster a competitive, fair banking market that can withstand financial and economic shocks Core Reform Projects: - Upgrade financial infrastructure, expand branch and ATM networks to improve access - Develop digital payment systems for fast, reliable banking services - Streamline anti-money laundering (AML) and counter-terrorism financing (CTF) compliance - Implement a digital identity system to ensure secure customer verification - Launch national campaigns to boost public trust and financial literacy New Banking Standards: Ownership & Governance: - Caps on ownership: 10% for individuals/corporations, up to 20% by exception, 60% for institutional investors - Aggregated ownership rules to prevent coordinated control - Mandatory independent, qualified Boards of Directors; rigorous checks for executives - Intensive due diligence for major shareholders to ensure transparency Business Model & Sustainability: - Banks must develop detailed, sustainable business plans aligned with Iraq’s needs and adopt new technologies - Core banking services should reflect the requirements of the Iraqi economy and its citizens Financial Metrics: - Minimum capital adequacy ratio: 12.5% - Minimum liquidity coverage ratio: 100% - Banks must build resilience to withstand financial shocks Risk & Regulatory Compliance: - Full adoption of international AML/CTF frameworks - Greater transparency, with robust external audits and oversight of related-party transactions Implementation Process: - Reform will be phased; all private banks will undergo regular evaluations - First compliance evaluation set for Q1 2026 - CBI to issue formal standards, timelines, and launch workshops/technical support soon - All licensed banks required to confirm participation in the reform process Strategic Choices for Banks: 1. Internal upgrades to meet standards 2. Mergers/consolidation with other banks for greater strength 3. Exit the sector (sale or orderly wind-down) for those unable to comply Impact on Iraq Stock Exchange (ISX): - Reforms expected to lift investor confidence, especially among foreign institutions - Anticipated rise in bank M&A activity, potentially increasing share prices and trading volume - Improved governance, making listed banks more attractive - Pressure on weaker banks, driving reform or exit Conclusion: This ambitious reform signals a turning point for Iraqi banking. Backed by government and private sector cooperation, the CBI aims to transform the financial system—making it modern, resilient, transparent, and globally connected. The goal: a trustworthy banking environment supporting Iraq’s sustainable growth and opening the door to domestic and international investors. @melaniastasiaromanov

"Estimated at $16 trillion," a government advisor said. "Iraq ranks first in the world in terms of its concentration of natural resources." iraqidinarchat.net/?p=92123