Former Deputy Governor of the Central Bank of Iraq under Dr. Shabibi, Mohammad Saleh is now Prime Minister Al-Abadi's adviser. A very interesting turn of events in deed, is this a coincidence? I think not. After two days of talks in Baghdad Barzani seems to be on track with Abadi's governments oil deal agreed on in Erbil last month. Abadi has agreed on the Kurdish share of the 2014 Budget amounting to 16 trillion dinars or roughly $15 billion USD. As you can see the falling oil prices became even more complicated since this deal was not agreed on by the Kurds until today and not in time for Sunday's parliament meeting. This is the main reason that the Budget could not make it to parliament Sunday driven by the unforeseen forecast of oil prices.
The next round of talks will start tomorrow and are about the Pashmerga salaries, customs, borders and airports with Baghdad to pay the dues of the oil contractors.
These points of differences...needed to be completed and signed off on between both parties before the budget could ever get completed and passed by consensus in parliament. Is it important to get things right, you bet! Central Bank News:
Acting Central Bank Governor, Ali Mohsen al-Alak has announced that all amendments to the Central Bank Act, the Banking Act and Anti-Money Laundering Acts have reached their final stages after several meetings with Speak of the House Jabouri.
It is the intention of the Central Bank to accelerate the amendments and the implementation of these laws because the coming months will see economic changes in Iraq. These laws will add a large roll in the stages of development of the economy.
As CBI Governor, Ali has stated, these laws must be done before the deletion of the zero project can be launched, and it looks like they are striving to do so.