MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Mod: GOOD MORNING ALL! HAPPY SATURDAY! CBD MATT AND LUCAS KICK OFF THE FIRST 45 MINS AND MARK GIVES THE NEWS UPDATE AT 10:30 AM
Member: Happy Saturday and Welcome to the Weekend
MZ: Today is the last day we are broadcasting on twitch. People will have to use youtube or rumble from now on.
MZ: Huge amounts of chatter this weekend. Tons of rumors about this weekend. We will see what surfaces.
We know there is a lot of excited wealth management/redemption contacts and bond folks as of this morning.
MZ: Lots of people in place but have not heard from group contacts yet this morning. I am confident we are close…just not certain this is the weekend or not. I would think we would see movement in groups if this was our weekend.
MZ: The new dinar rate was not in the Gazette today. The CBI has been showing some different rates lately…it even went to 1322 in the wee hours. But it is not staying there. There is a lot pointing to the fact they are working on it….but not a lot pointing to us going to the banks on Monday.
Member: With the CBI website having its outage and FOREX down today for upgrades, Maybe it’s safe to assume CBI is doing a big upgrade to new system and ready to Pop up new rate tomorrow???
Member: Rumor: Hearing Iraq has done their revaluation in house but not announced .
MZ: “Kurdistan oil export: Washington presses and Baghdad faces challenges” I would like to point out that Baghdad is calling BS on some Rueters articles saying the US is threatening sanctions if Kurdistan doesn’t start pumping the oil….Both Washington and Baghdad say “BS” and tells them to stop with the fake news.
MZ: “
Kurdistan council of ministers confirms its aspirations to resume oil exports as soon as possible” We are being told this coming week they will resume.
MZ: “ The reform committee announces a growth in tax revenues of 22% with revenues of 4 trillion dinars” this is part of changing the system from cash to electronic. Revenue can now be tracked. This allows Iraq to be stable and not fluctuate as much.
Member: All the economists are talking about gold and silver right now…..something is happening
The total short position in silver is 953 million ounces. This is over one year’s world production. This is mostly a naked short to control the price. The CFTC is clearly aware of this.
Member: Rand Paul just sent letter to Treasury for inspection of Ft Knox no later than March 19
Member: Why does this upcoming audit of Fort Knox remind me of the Geraldo Rivera Special- "The Mystery of Al Capone's Vaults"
Member: CEO Jamie Dimon just dumped $233.7 million worth of $JPM shares
Member: If the bank don’t hold a lot of funds and people cannot get their money out…how safe is it to put our RV funds in them?
MZ: When the RV happens we assume the monetary system is changing and this doesn’t matter…but, if the system doesn’t change we will have a lot to figure out quickly.
Member: When we get our notification to set our appointment do we have to so it within a certain amount of time? I’ve heard 3 days. Concerned as I am out of the country till mid March.
Member: Mark always said we should have 10 days to make appointments and 30 days to exchange….
Member: Remember Saturday nights are the best time to reset currencies while all banks are closed…. Please let this be that Sat. night we are waiting for
Member: Have a very blessed weekend everyone and may God richly bless you all and see you all on Monday morning.
Member: I feel Ike we are living in the greatest part of History . There should be songs written about these times!
Shafaq News / The Iraqi Ministry of Oil announced on Saturday the completion of the procedures for resuming the export of oil produced in the Kurdistan Region, calling on the region’s authorities to hand over the quantities produced from the operating fields to the oil marketing company.
The ministry confirmed in a statement received by Shafaq News Agency, “Completing the procedures for resuming the export of oil produced in the Kurdistan Region through the port of Cihan in accordance with the mechanisms outlined in the budget law and its amendment and within the production ceiling set for Iraq in OPEC.”
The Ministry of Oil demanded from the regional authorities to “hand over the quantities produced from the operating fields to the oil marketing company to proceed with export through
the Iraqi-Turkish pipeline and the port of Ceyhan under the contracts signed with the candidate companies.”
Earlier in the day, Iraq’s Prime Minister’s Foreign Affairs Adviser, Farhad Aladddin, denied media reports claiming that the United States threatened to impose sanctions on Iraq if oil exports from the Kurdistan Region did not resume.
Reuters revealed on Friday the details of US pressure exerted by the administration of President Donald Trump on the Iraqi government in order to speed up the resumption of the export of Kurdistan Region oil through the Turkish Ceyhan line, or face economic sanctions as is the case with Iran.
The agency quoted eight sources in Baghdad, Washington and Erbil, who have direct knowledge of the issue, as saying that “
increasing pressure from the new US administration was a major driver behind the Iraqi oil minister’s announcement last Monday that exports from the region will resume next week.”
MZ: Huge amounts of chatter this weekend. Tons of rumors about this weekend. We will see what surfaces. We know there is a lot of excited wealth management/redemption contacts and bond folks as of this morning.
MZ: Lots of people in place but have not heard from group contacts yet this morning. I am confident we are close…just not certain this is the weekend or not. I would think we would see movement in groups if this was our weekend.
MZ: The new dinar rate was not in the Gazette today. The CBI has been showing some different rates lately…it even went to 1322 in the wee hours. But it is not staying there. There is a lot pointing to the fact they are working on it….but not a lot pointing to us going to the banks on Monday.
Article: "European Union to {Sabah}: We praise the reforms of the Sudanese government"
Quote: "We support Iraq in joining the World Trade Organization (WTO), which is necessary, among other things, to harmonize Iraqi laws with international standards,”
Article: "Despite Iranian denial, a delegation from Washington will arrive in Baghdad 'soon' to begin negotiations with Tehran- Urgent
"
Quote: "Former House of Representatives Rapporteur, Muhammad Othman Al-Khalidi, revealed today, Friday (February 21, 2025),
the imminent arrival of a high-ranking American delegation to begin the first steps of indirect negotiations with Iran...He pointed out that 'what matters to us as Iraqis in these negotiations is that Baghdad is not an arena for conflicts and tensions, and that we be a party that enhances security and stability...' "
Iraq And The United Nations Discuss The International Cooperation Mechanism To Recover Smuggled Funds
02/21/2025 Mawazine News – Baghdad The Chairman of the Federal Integrity Commission, Mohammed Ali Al-Lami, discussed with the United Nations today, Friday, the international cooperation mechanism to recover smuggled funds.
The Integrity Commission stated in a statement received by Mawazine News, that "the Chairman of the Integrity Commission, Mohammed Ali Al-Lami, discussed with the Deputy Representative of the Secretary-General of the United Nations, Ghulam Muhammad Ishaq Zai, the international cooperation mechanism to recover smuggled funds."
According to the statement, the Chairman of the Integrity Commission, Mohammed Ali Al-Lami, said during the meeting that "corruption is a cross-border crime that requires international cooperation to reduce it."
For his part, the Deputy Representative of the Secretary-General of the United Nations, Ghulam Muhammad Ishaq Zai, expressed his readiness to "remove the obstacles that prevent Iraq from recovering its smuggled funds." https://www.mawazin.net/Details.aspx?jimare=259725
There has to be a breakthrough soon. Iraq cannot continue indefinitely like this. They have set up the banking system for international transactions.
Everything is actually in place to do business with the rest of the world. The only question is when (not if) will they complete the currency reform as planned.
Another major step to fully globalizing Iraq is in the article titled
“IRAQ MOVES TOWARDS GLOBALIZATION ..
.IMPLEMENTATION OF INTERNATIONAL ACCOUNTING STANDARDS BEGINS IN 2026”. ...in my eyes this is not going to trigger the RV but is certainly a right step in the direction we want. Remember the CBI told us that January is the most optimistic to revalue the dinar with any substantial change in value.
Why? It is because of the accounting practices and it is MOST convenient to begin a new fiscal year clean with a new rate. Remember we may be already into February but we know they just passed the amendment to the budget law and so they have not yet even opened the 2025 budget. So there still can be a rate change coming...
Time: 2025/02/21 10:51:47 Read: 3,060 times {Economic: Al Furat News} The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, stressed that achieving a unified vision to study the conditions of banks in Iraq requires the integration of the national banking market within a homogeneous framework aimed at enhancing the stability of the national financial system and developing its performance in the areas of credit, digital payments, and financing economic development.
Saleh said in a special statement to {Al Furat News}, "The first vision focuses on the importance of achieving integration between national banks in a way that enhances their role in supporting the Iraqi economy, pointing out that this requires updating the financial infrastructure and adopting modern technologies to meet the requirements of the era.
The second vision, according to the financial advisor, is related to developing two comprehensive reform plans targeting the public and private banking sectors, with the aim of improving the performance of these institutions in accordance with international standards.
He explained that the reform will include improving governance and financial management and enhancing transparency, which will facilitate the involvement of Iraqi banks in the global financial relations network.
Saleh added that the direct goal of banking reform is to enable Iraqi banks to deal more effectively with the outside world, ensuring economic openness and attracting foreign investments, as well as strengthening Iraq's position on the international financial scene.
This trend comes in light of the government’s ongoing efforts to develop the financial sector and enhance its role in achieving sustainable development and supporting the national economy,
as banking reform is viewed as an essential step towards achieving these goals. LINK
Article: "Expected visit of the Central Bank Governor to Sulaymaniyah" Are you serious? You're putting a new banking economic center? Why?
You never have in the decades that I can remember.
Why? Your rate of your currency is 1310. You don't need this banking economic center in Erbil. Why are you doing this? Because there is a change in the banking structure system of Iraq.
Oil Prices Rise On Expectations Of Higher US Demand
Friday 21 February 2025 | Economic Number of readings: 298 Baghdad / NINA / Oil prices continued their gains today, Friday, in early Asian trading, and are heading for a weekly rise amid growing expectations of strong demand in the United States after data showed a decline in gasoline and distillate inventories, and prices received support from concerns about disruption to Russian supplies.
Brent crude futures rose 16 cents, or 0.2 percent, to $76.64 a barrel, and US West Texas Intermediate crude rose 17 cents, or 0.2 percent, to $72.65 a barrel, and the two crudes are heading for weekly gains of about three percent.
The US Energy Information Administration said yesterday that crude oil inventories in the United States rose while gasoline and distillate inventories fell last week after seasonal maintenance at refineries led to a decline in refining operations. / https://ninanews.com/Website/News/Details?key=1187885
FIREFLY:Television says President Trump threatens Iraq to speed up transfer of oil pipeline or will suffer sanctions like Iran.
FRANK: That is 100% correct. The reason my president is saying that to Iraq is because Iran threatened to attack you... Iraq is and my president is trying to speed things up so you Iraq can be in a position to be powerful over your enemies. If not we both lose and Iraqi citizens lose their purchasing power...There must be a date...
Washington Threatens Baghdad With Sanctions If It Does Not Resume Kurdistan Oil Exports Quickly
02/21/2025 Mawazine News – Economy The United States threatened the federal government in Iraq with sanctions on Friday if the Kurdistan Region's oil exports are not resumed quickly.
Reuters quoted sources as saying: "The administration of President Donald Trump asked Iraq to resume Kurdish oil exports quickly or face sanctions alongside Iran."
The sources added that "Washington believes that Kurdish oil sales could help reduce crude prices and compensate for the decline in Iranian supplies."
Oil Minister Hayan Abdul Ghani revealed last Tuesday that Iraq had sent a delegation from the ministry to the Kurdistan Region to agree on a mechanism for delivering and exporting the region's oil through the Turkish port of Ceyhan.
The oil minister said that contact had been made with the region's Minister of Natural Resources, Kamal Mohammed Salih, to negotiate with the delegation on the mechanism for receiving and exporting oil through the Turkish port of Ceyhan.
This came one day after Iraq accelerated the expected date for resuming oil exports from Kurdistan, as the federal oil minister said last Monday that oil exports from the Kurdistan Region could resume within just a week.
Iraq exports between 400,000 and 500,000 barrels per day from fields in the north of the country, in the Kurdistan Region, via the now-defunct Iraq-Turkey pipeline.
Oil Minister Hayan Abdul Ghani said earlier this month that at least 300,000 barrels per day of crude were planned to be transported once operations resumed.
In Iraqi Kurdistan, oil production is between about 280,000 and 300,000 barrels per day, and the regional government estimates its domestic consumption needs — including power generation — at around 110,000 to 120,000 barrels per day. https://www.mawazin.net/Details.aspx?jimare=259748
On Saturday, the negotiating delegation of the Kurdistan Regional Government revealed an obstacle to the resumption of the export of Kurdistan region oil, via the Turkish Ceyhan line, noting that its resolution requires approval by the President of the Federal Government, Muhammad Shi'a Al-Soudi.
The Kurdish delegation stated, in a statement received by the Shafq News Agency, that "despite the confirmation of the territorial government of its commitment to implement the law of the first amendment of the Federal Public Budget Law regarding the re-export of oil produced from the fields of the region to the Turkish port of Ceyhan through the Oil Marketing Company (Somo),
However, the joint meeting with the delegation of the Federal Ministry of Oil held on 18-2-2025 in Erbil, It has been emphasized that the application of the above law requires, before starting export, agreement on the quantities allocated for the purpose of local consumption according to the actual needs of the region and its obligations similar to the rest of Iraq.
He added that "the federal side has made it clear that the matter needs to obtain the approval of the Federal Prime Minister, and on the other hand, re-exports require agreement on a specific and clear mechanism for paying the dues of production and transportation companies to the regional government as stated in the law and in detail that was explained in the minutes of the meeting
With the delegation of the Federal Ministry of Oil.The statement of the Kurdish negotiating delegation continued, that the federal side indicated that "this matter is related to the Federal Ministry of Finance and this requires discussing this issue with it."
The delegation stressed the need for the federal side to expedite the resolution of the above-mentioned issues and obtain approvals from the federal authorities, which were discussed in detail at the meeting, and that the regional government stresses the
importance of re-exporting the region's oil as soon as possible by the oil marketing company (Somo) and depositing its revenues in the federal treasury And maximize revenue to serve the public good.
The first of its kind in the region and Iraq as a whole.. Inauguration of an international financial and commercial center in Sulaymaniyah
On Thursday, an international financial and commercial center was inaugurated in the city of Sulaymaniyah. It is the first of its kind in the Kurdistan Region and the rest of Iraq in terms of specialization. Employees considered this a step to localize their salaries and end the crisis that has been ongoing for years .
Sulaymaniyah Governor, Haval Abu Bakr, said in a press conference attended by Shafak News Agency, during the opening ceremony of the center, "This center will provide a suitable environment for banks, financial markets and investment companies to work according to the legal frameworks approved in Iraq and the region ."
He added, "All banks, stock markets, financial and commercial institutions can establish branches within this center, according to the controls issued by the specialized authorities in the federal government and the region," indicating that "this step constitutes a qualitative transformation in the financial and commercial sector of Sulaymaniyah, which enhances its position as an economic hub at the level of Iraq ."
In another context, a group of protesting teachers, who had previously demanded that their salaries be transferred directly from Baghdad, welcomed the decision to open two branches of the Central Bank in the region, and considered this step a prelude to implementing the Federal Court’s decision issued on February 21, 2024, which stipulates the “localization” of the salaries of the region’s employees through the federal government .
However, this issue is still controversial among political circles, as some believe that transferring salaries to Baghdad aims to undermine the regional government and influence its authority, while others consider it a necessary solution to end the crisis of delayed salaries that has been ongoing for more than ten years .
In this context, the governor of Sulaymaniyah explained that "the mechanism for distributing salaries has not yet been decided," noting that "discussions are still ongoing about whether salaries will be distributed through the regional government as in previous years, or whether they will be transferred directly from Baghdad .
"
While the opening of the financial and commercial center in Sulaymaniyah is an important step to boost economic activity, resolving the issue of salaries will remain an influential factor in financial and living stability in the region .
For more than a decade, Kurdistan cities have been suffering from a crisis of delayed salaries due to financial disputes between Baghdad and Erbil, which has prompted some groups, such as teachers and employees, to demand that their salaries be paid directly from the federal government .
On February 21, 2024, the Iraqi Federal Court issued a decision to localize the salaries of the region’s employees, but it has not been implemented yet due to administrative and political complications. The opening of the financial and commercial center in Sulaymaniyah constitutes a turning point in the economic scene, amidst the ongoing controversy over the future of financial management in the region . link
Member: (From dinar Guru) Mnt Goat : Remember the CBI told us that January is the most optimistic to revalue the dinar with any substantial change in value. Why?
It is because of the accounting practices and it is MOST convenient to begin a new fiscal year clean with a new rate. Remember we may be already into February but we know they just passed the amendment to the budget law and so they have not yet even opened the 2025 budget. So there still can be a rate change coming...
MZ: I have to agree with this one and there could definitely still be a rate change coming.
FINANCE MINISTRY DENIES, HOURS AFTER DOCUMENT LEAK, ANY “MAJOR DEFICIT” IN SALARY FUNDING
(Kurdistan just had major oil wells shut off for almost 3 weeks. That was the cost of their salaries that normally would be sent to them by the Baghdad government. What the hell do you think is going to happen? OF course there is going to be shortfall in the salaries. Of course this will have an impact. The budget, which relied on this revenue of this $2.5 billion dollars is now short.
What do you think will happen? This again is why they desperately need the Oil and Gas Law. You can see why the Kurds pay games in getting this law passed. It always gives them leverage instead of something to complain about and hold back oil. I call this a “dysfunctional” government. This law should be rock solid and passed a decade ago or more.)
The Ministry of Finance denied the existence of a liquidity crisis just hours after the spread of an official document issued by the ministry confirming that there is a “large deficit” in financing salaries, after months of denial and refutation of reports regarding the financial situation in the country.
According to representatives and specialists, the “US sanctions” on banks have exacerbated the crisis, in addition to the high debts and the size of salaries that have doubled significantly over the past two years. The Iraqi Ministry of Finance announced yesterday, Tuesday, the start of financing the salaries of state employees for the current month of February.
According to a statement by the ministry, “the Accounting Department of the Ministry of Finance is beginning to finance the salaries of state employees for the current month of February, in accordance with the approved financial procedures and allocations allocated within the General Budget Law.”
The ministry affirmed “its full commitment to disbursing the dues of employees, retirees and those covered by the social protection network according to the specified timetables, without any delay or shortage in funding.” The ministry also categorically denied, according to the statement, the existence of any financial deficit affecting salary expenses, stressing the continuation of work to ensure the stability of the financial policy and the provision of dues according to the approved plans. Just hours before the statement, an official correspondence dated February 9 was leaked to the media on Tuesday, indicating a “major deficit” in securing salaries, in an official letter between the Ministry of Finance and the Prime Minister’s Office, signed by Finance Minister Taif Sami, regarding the permanent appointment of meter readers’ contracts.
According to the official letter, the Iraqi Ministry of Finance responded to the Prime Minister’s request to appoint a new batch of permanent contractors to the Ministry of Electricity.
It stated: “If the inclusion of a text regarding the permanent appointment of meter readers’ contracts in the Ministry of Electricity is approved, this will lead to the state’s general treasury bearing additional financial burdens, and will lead to the rest of the ministries being asked to do the same, at a time when the treasury is suffering from a major deficit in financing salaries, pensions, and the social safety net.”
In February, the parliamentary finance committee confirmed that the salaries of all employees and retirees for the year 2025 are fully secured. Member of Parliament Rafiq Al-Salihi explained that there are guarantees from the government in this regard, calling on official bodies to confront the rumors.
Another member of the committee, Jamal Koujar, said that the salaries of all employees, retirees, social welfare and other categories are fully secured during the current year, and there are no concerns about them, as rumored. Press reports had quoted other MPs and officials warning of a “liquidity crisis” and saying that “the treasury is empty.”
Last December, the head of the parliament’s finance committee, Atwan Al-Atwani, said that Finance Minister Taif Sami confirmed that employees’ salaries are secured through 2025.
The Ministry of Finance had denied, at the end of last year, that there was a shortage of liquidity, stressing that it was committed to the process of financing salaries.
The ministry said in a statement: “The information circulating on social media claiming that it has apologized for disbursing state employees’ salaries this month due to a shortage of liquidity is completely incorrect and has no connection to reality.”
It stressed that it is “fully committed to the process of financing employees’ salaries, as the Accounting Department has financed the salaries dues of ministries, governorates and non-affiliated entities for the current month of December according to the schedules specified for each of them, and it is continuing its efforts to ensure the continuity of disbursing financial dues without any delay or interruption.”
The ministry called on all media outlets and social media users to “exercise accuracy and caution in transmitting information, and to verify the sources of news before circulating it,” noting that “its doors are open to respond to any inquiries through official channels.”
Bankruptcy… Since Donald Trump, the US President, won the elections last November, warnings have escalated of “economic sanctions” that could paralyze the financial situation in Iraq. Sources for (Al-Mada) revealed that the US is closely monitoring a “plan to finance” the Lebanese Hezbollah with Iraqi funds (in US dollars), for the party that is suffering from a severe crisis in securing salaries. The Central Bank of Iraq had denied the news circulating about sanctions against 5 new Iraqi banks accused of smuggling dollars to Lebanon and Iran.
Member of the Parliament’s Finance Committee, Mustafa Al-Karaawi, believes that any sanctions issued against banks will cause a problem in the flow of dollars, and thus halt domestic economic activity.
Al-Karaawi confirmed, in televised statements, that “in the event of obstacles or problems in the issue of currency conversion between the Iraqi dinar and the dollar, a problem may arise in supplying the currency to the Ministry of Finance.” The Central Bank is working, through ongoing negotiations with the United States, to develop the financial and banking system in the country, according to an official statement.
Mishaan Al-Jubouri, a former MP, expects that US sanctions on the Iraqi banking system “will escalate.” Al-Jubouri said in a tweet on “X” that US sanctions on banks and “factions” are not just threats “but seem inevitable in the coming months.” Member of the Finance Committee Mustafa Sand previously
warned of a severe liquidity crisis in Iraq.
He said in statements that current indicators do not provide clarity on whether “salaries are secured or not?” He stated that “what is in the government’s hands is not only zero, but negative, as we face a deficit of 29 trillion dinars required to pay debt installments and interest during this year alone.”
He added: “Last year, we did not pay a single dinar of internal obligations, which means that we face doubling interest, and we will not obtain new loans easily, as the Ministry of Finance and banks will work to reschedule the debts for the year 2026, which places the responsibility on the next government.”
Amid this crisis, Hanan Al-Fatlawi, a representative of the State of Law, wondered in an official letter about the reasons for increasing the salary of the President of the Republic from 20 million to 27 million per month? The government paid 81 trillion dinars in salaries and subsidies within the safety net during the past year, until last November, according to economics professor Nabil Al-Marsoumi, in a series of posts on Facebook.
Al-Marsoumi said that the Central Bank of Iraq revealed an increase in Iraq’s internal debt by 2%.9% to reach 81 trillion dinars for the month of November 2024, compared to the previous month, which reached 78.77 trillion dinars. According to Al-Marsoumi, the Central Bank should have disclosed the annual, not monthly, growth rate of domestic debt, which rose from 70.6 trillion dinars in 2023 to 83.049 trillion dinars at the end of 2024, at an annual growth rate of 17.5%.
(If you are pumping more oil than the cost of extraction goes up. Also Iraq has to rebuild its infrastructure and that too is a cost. This is actually a good sign not bad. But remember that Iraq can not take on debt that exceeds a percentage of the CBI reserves. If they follow this law there is no way they can ever go broke and crash the economy.)
The Minister of Reconstruction, Benkin Rikani, had posted a provocative comment on social media about the liquidity crisis in Iraq. Benkin responded to a question from a commenter on his Facebook page, who asked him to pave a street in eastern Baghdad, in colloquial language: “By God, we have no money.”
