Thursday, March 13, 2025
The Association of Private Banks organizes a dialogue session to discuss the latest developments in the banking sector in Iraq, 14 MARCH
The Association of Private Banks organizes a dialogue session to discuss the latest developments in the banking sector in Iraq
Economy News – Baghdad
The Association of Iraqi Private Banks organized a panel discussion to discuss the latest developments in the banking sector in Iraq, including deprived banks and fines imposed by the Central Bank, in the presence of the Governor of the Central Bank of Iraq, Ali Al-Alak, and representatives of banks and electronic payment companies.
At the beginning of the session, the President of the Association of Iraqi Private Banks, Wadih Al-Hanzal, welcomed the governors and participants, stressing the importance of joint cooperation between the Central Bank, banks and electronic payment companies to enhance financial stability and develop the banking system, according to the latest international standards.
Al-Hansal said that the Special Committee to Assist the Disadvantaged Banks formed in the Economic Ministerial Council demanded the need to help deprived banks and stop the fines on them, because they are going through difficult circumstances, which everyone knows, indicating that deprived banks work daily to apply international financial requirements, and are exposed to daily fines, calling for stopping these fines and reviewing them by the Central Bank of Iraq.
For his part, the Governor of the Central Bank, Ali Al-Alak, touched on the Central Bank’s procedures related to banks deprived of the use of the dollar, pointing out that there are signs of optimism in the discussions with the American side on this file.
He stressed that the Central Bank supports the establishment of digital banks, which reached 75 banks, which contribute to accelerating the digital transformation of the banking sector in Iraq, pointing out that the first phase will be to grant a license or two licenses only in order to experiment and study the problems and challenges facing these digital banks.
Al-Alak pointed out that banks are required to work to raise the percentage of financial inclusion, by providing modern banking services targeting wider segments of society, stressing that the transition towards the digital economy is an essential step to enhance financial stability and economic development.
Wednesday Evening News With MarkZ 3-12-2025
Wednesday Evening News With MarkZ 3-12-2025
Wednesday Evening News With MarkZ
MarkZ Update- Some highlights by PDK-Not verbatim
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
Member: Good Evening to all……..hope everyone enjoyed their day.
Member: I’m more than ready for the RV…I even washed my currency so it’s clean when I exchange!
MZ: What you are saying is you are laundering money…lol
MZ: More confirmations today. I had another historic bond contact tell me the facilitators asked for their “wire” or ACH information so they could send them travel dollars. They are prepared to send funds immediately.
Member: ACH stands for Automated clearing house electronic transfers
MZ: I had another bond contact who has not heard anything for awhile -but suddenly was told late yesterday to expect their payments to start by the end of this week…or throughout the weekend. They are excited that its finally going to be their turn and they have a place in the que.
Member: So they’re getting money to go get money?
Member: There are many rumors floating around about bonds being paid right now…..its exciting.
Member: So tier 1 and tier 2 have possibly have been paid and they are working on tier 3?
Member: Dr.Kia says the banks are prepared for tier 2 which is currency
MZ: They are….and you are going to hear a lot about this. To the banks themselves…..they have a different tier system…They consider tier 1 those with SKR’s (safe keeping receipts) …and tier 2 is those of us with currency that will be coming into exchange. I have also heard this from different banking contacts.
Member: I got an e-mail from National Bank of AZ. last week saying they now carry 80 currencies & will be happy to help me out with my exchange needs (regarding travel).
Member: Are there still 23 currencies in the first basket?
MZ: I am still hearing there are at least that many currencies in the first basket.
Member: Hoping for news on your redemption folks working this weekend?
MZ: No update on if they are working yet this weekend or not.
Member: Will we have to travel far to exchange?
MZ: I was told that here in the US –most folks will be traveling 50 miles or less. If you live in the middle of nowhere like in Montana Wyoming or the Dakotas…..maybe a bit longer drive.
Member: And the US government is supposed to shut down on Friday…if no bill voted on
Member: I think we need to have the Government to shut down because excellent time to change the currency .
Member: when chaos begins = rv slips in the back....its close
Member: Bara says mechanisms in place to force Iraq if they don't do it by Monday
MZ: “ Kurdistan government confirms its commitment to export and sell KRG oil through SOMO” this is a commitment to make the oil move so they can salaries ect……
MZ: “The Kurdistan Regional Government (KRG) has decided to distribute salaries starting tomorrow” This means we are starting to see money flowing from oil ….This is a good sign for us.
Member: Enjoy your evening everyone…..see you in the AM
Iraqi Ports: Plans To Establish An Industrial Zone And Large Companies In The Grand Faw Port, 14 MARCH
Iraqi Ports: Plans To Establish An Industrial Zone And Large Companies In The Grand Faw Port
Director General of Iraqi Ports Farhan Al-Fartousi Money and Business Economy News - Baghdad
The Iraqi General Company for Ports confirmed on Wednesday that it has reached advanced stages of contracting with an international company to manage and operate the Faw Port. It also indicated that a large package of projects will be announced at the Faw Port, similar to the refinery package.
“The fixed part of the submerged tunnel will soon be 100% complete, consisting of two lanes for outbound and two lanes for outbound, connected to the highway from the outside and to the submerged tunnel from the inside,” said Farhan Al-Fartousi, director of the Iraqi Ports Company, in a statement reported by the official news agency, and seen by Al-Eqtisad News.
He explained that “the submerged part consists of 10 concrete blocks, 11 meters high, 34 meters wide, 126 meters long, and weighing 45,000 tons, which were completely poured into a special basin called the (submerged tunnel basin).”
“After the sections were created, they were examined and prepared, and then the floating operations began, i.e. lifting them with water and transporting them to the designated location, and starting the process of submerging and connecting them to the fixed sections,”
he added, indicating that “our cadres and the companies working with us, namely the Italian company Technical, which is supervising, the Korean company Daewoo, which is implementing the project, and the Dutch company specializing in such work in the world, were able to connect the first section and place it in its place, and open it to the fixed section, and it became part of the tunnel.
We had a tour and presence in this section, and at the same time the cadres began floating the second section until it was formed. After the ten sections are connected, the tunnel will be completed and ready across both banks, whether the direction is from Umm Qasr to Al-Faw or vice versa.”
On the other hand, Al-Fartousi explained that "we have reached very advanced stages of contracting with a scientific company to manage and operate the port. We are awaiting the consulting company's opinion on the contracting mechanism, regulations, and other details. After that, the file will be presented to the Supreme Committee for approval, and we will proceed with the contract."
Al-Fartousi pointed out that "there is a large package of projects, including the naval base project, which will be contracted within a month or a month and a half, followed by the liquefied natural gas station project,
in addition to the major project, which is a refinery within the port complex, and a petrochemical plant, which was contracted by the Ministry of Oil, and we are following up on this file, which will be operational soon."
He added, "We have a plan to establish an industrial zone, and there are communications and companies interested in entering into this major project. A large package of projects will soon be announced in the port of Faw, similar to the refinery package." https://economy-news.net/content.php?id=53344
FIREFLY: They have agreed upon a target date of when to show the new exchange rate!!, 14 MARCH
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Television is saying...there will be another meeting...Why they keep having these meetings?
FRANK: IMO they have agreed upon a target date of when to show the new exchange rate. IMO right now what Mr. Sammy's bank is doing is applying a new software...that deals with foreign currency. Because your currency must be recognized by the world.
Your new Iraqi dinar will be one of a few currencies that will turn. This software is being presented to all the banks...exchange centers in preparation...
It amounts to 216 trillion... A date has been set for submitting the budget tables to Parliament , 13 MARCH
It amounts to 216 trillion... A date has been set for submitting the budget tables to Parliament
Deputy Chair of the Parliamentary Finance Committee, Ikhlas al-Dulaimi, ruled out the government's submission of budget schedules within the next two months on Wednesday, while confirming that the 2025 budget amounts to 216 trillion Iraqi dinars.
Al-Dulaimi said, "The Ministry of Finance has not yet sent the 2025 budget tables to the Council of Ministers, even though they were supposed to be sent in October 2024, in accordance with the Financial Management Law, for approval before the start of the new year."
She added, "The total budget amount is 216 trillion dinars, while actual spending is estimated at about 160 trillion dinars."
Al-Dulaimi ruled out "sending the tables to the House of Representatives within the next two months," noting that "the Ministry of Finance has not yet completed their preparation, which could lead to the postponement of budget approval until after the elections."
Last February, the Iraqi Parliament voted on the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023. link
TEXAS SNAKE UPDATE, 13 MARCH
Texas Snake
Again I ask all to remain on alert
announcement is at any moment!!
--
Please be aware those who haven't already noticed we have a 3-day weekend ahead
Need to close a CC has just been announced
Very short call but important intel, steps taken today to insure CBI has taken necessary steps to insure exchange capabilities beginning Monday if release is confirmed.
Steps are in place.
Kurdistan Region confirms oil sales through SOMO: We will give our money to Baghdad, 14 MARCH
Kurdistan Region confirms oil sales through SOMO: We will give our money to Baghdad
The Kurdistan Regional Government (KRG) on Wednesday affirmed the region's firm position to implement an amendment to the budget law, allowing the region's oil to be exported and sold through SOMO, with the proceeds returned to the federal Ministry of Finance.
A statement issued by the Kurdistan Regional Government's Council of Ministers, seen by Al-Eqtisad News, said, "The President of the Council, Masrour Barzani, held a meeting attended by his deputy, Qubad Talabani, during which the Prime Minister instructed the Ministry of Finance and Economy to prepare a schedule for distributing salaries to Kurdistan Region employees for the month of February, after the deposit of 958 billion dinars into the ministry's account for that month."
The Council decided to begin distributing salaries starting tomorrow. All ministries and institutions were also tasked with preparing March payrolls as soon as possible and sending them to the Federal Ministry of Finance, with the goal of disbursing them before the Eid al-Fitr holiday.
The statement confirmed that "in the first part of the meeting, Kamal Mohamed Saleh, Acting Minister of Natural Resources, reviewed the latest developments in the joint meetings between the Ministry of Natural Resources and the Federal Ministry of Oil, in the presence of representatives of oil companies."
The minister explained the efforts being made to resume the region's oil exports within the framework of the federal budget law. The Council of Ministers commended the Ministry of Natural Resources' efforts to accelerate the process of resuming oil exports and its joint work with the Iraqi Ministry of Oil to resolve the obstacles related to the process.
The Council also affirmed the "regional government's firm position to implement the amendment to the budget law so that the region's oil is exported and sold through SOMO and its revenues are returned to the federal Ministry of Finance." link
EXCERPTS FROM MARKZ: What are the tiers? What tier would zim holders be in ?, 13 MARCH
EXCERPTS FROM MARKZ
Member: What are the tiers? What tier would zim holders be in ?
MZ: If you are still holding your physical Zim….you would be in tier 4b along with the rest of the currency exchanges…..If you have already handed your zim over to a group and have an SKR (safe keeping receipt) it is tier 4a.
Member: this is an old one but- There are 5 Tiers of folks Exchanging. Tier 1-governments and royalty Tier 2-whales-elite with platforms of currency, corporations, etc. Tier 3-Admirals Group, American Indians, CMKX, large church groups (like the Mormons), etc. Tier 4-all the hundreds of thousands paying attention to intel - internet groups(all of us). Tier 5- those who never paid attn - the general public.
Central Bank Prudential Policies To Counter The Impact Of Changes In The Global Economy, 13 MARCH
Central Bank Prudential Policies To Counter The Impact Of Changes In The Global Economy
Samir Al-Nusairi
For several years, the global system has been witnessing complex economic, financial and security crises, the accumulated causes of which have centered on rising energy and food prices due to the Russian-Ukrainian war, US and European sanctions on Russia, and the Zionist entity's aggression against Palestine, Lebanon and Syria.
The Zionist entity continues to employ a strategy of using war and its military machine, with the support of America and Europe, to draw the political, security and economic map of the new Middle East.
In addition to the impact of the US-China struggle for global economic control, the divisions in the visions and strategies of the G20, the G7, the BRICS group, and other international groups working to form new economic poles, and finally Trump's new policies of increasing taxes and tariffs on some competing industrial countries, which has led to confusion in the global economic and trade map.
The evidence is the current crises that have harmed the economies of major countries before smaller ones, and what we are currently witnessing of high stagflation in most countries of the world, most notably in the United States, the European Union countries, and countries of the geographical region, and the decline in the purchasing power of these countries' local currencies.
Therefore, we believe that our economy will suffer in the near term from the negative effects of the global economic system, from the lack of control over the supplies of food and basic commodities, and oil prices may fall below what was planned in the general budget for 2025, in light of the changing circumstances.
These effects will lead to negative repercussions on our economy and the methodology of financial and banking reform.
Given that economic stability is achieved through stability in the financial and monetary systems, the Central Bank's precautionary measures in 2023 and 2024, and its objectives outlined in its third strategy until 2026, in light of expected developments in future crises, require a fundamental reliance on building foreign reserves at a level that covers the local currency in circulation, imports, external debt repayments, and other international obligations.
It also seeks to diversify reserves to include a basket of currencies, gold, bonds, and securities. It also adopts policies and mechanisms to regulate foreign trade financing and comply with international standards.
This is exactly what the Central Bank did during this period, as its foreign exchange reserves reached more than $107 billion and 162.7 tons of gold. The World Gold Council announced that Iraq ranks fourth in the Arab world and twenty-eighth globally.
This confirms that the Central Bank is proceeding steadily to achieve the objectives of monetary policy in reducing inflation and controlling the general price level.
This is what it recently announced, that the annual inflation rate reached 2.8% and the basic rate 2.5%, as well as controlling the money supply and maintaining the exchange rate of the dinar within the balanced price in the trading market, despite the fluctuations from time to time in the exchange rate of the dollar in cash on the black market.
Continuous monitoring and analysis of the interest rate set by the Central Bank.
This requires fiscal policy, key economic sectors, and the ministries responsible for them to work together and in clear and specific coordination with the Central Bank's management to achieve economic stability, hedge against the global economic crisis, and mitigate its expected future repercussions over the next three years.
https://economy-news.net/content.php?id=53314
EXCERPTS FROM MARKZ: BANK STORIES, 13 MARCH
EXCERPTS FROM MARKZ: BANK STORIES
Member: BANK Story: My mom went to Truist. She asked the lady if Truist would be a part of the RV & bank lady said I’m not sure.
My mom said So you know about the RV & bank lady said Oh yes we have dinar
Member: When I inquired about my dinar and currencies…at his office Branch manager at chase told me he has 3 private clients waiting for the same . Very familiar with RV. That’s all he said .
PARLIAMENTARY OIL COMMITTEE RULES OUT PASSING OIL AND GAS LAW DURING CURRENT SESSION, 13 MARCH
PARLIAMENTARY OIL COMMITTEE RULES OUT PASSING OIL AND GAS LAW DURING CURRENT SESSION
The Parliamentary Oil and Gas Committee confirmed today, Friday, that there are disagreements over the management of resources, which led to the obstruction of passing the Oil and Gas Law, while it ruled out passing it in the current electoral cycle.
“The oil and gas law has been a demand since 2007, but attempts to legislate it have failed due to political differences and lack of agreement with the Kurdistan Region,” said Bassem Naghmish Al-Gharibawi, a member of the parliamentary oil and gas committee,
in an interview with the Iraqi News Agency, followed by “Al-Eqtisad News.” He explained that “the law was part of the current ministerial program, and it was supposed to be legislated during this parliamentary session, as committees were formed since 2023 to discuss it, and two drafts were presented: the first from the federal government and the second from the region, and joint committees were formed to hold meetings between the two parties.”
He pointed out that “most of the technical issues were agreed upon, but the differences focused on administrative aspects, powers, and representation of the region and governorates in the Federal Oil Council, in addition to how to manage and distribute resources, as well as previous and current rights.”
He explained that
“the parliamentary oil committee has made intensive efforts with the leaders of the political blocs to clarify the importance of enacting the law, as it regulates the oil wealth that fully funds the state, and contributes to resolving the disputes between the federal government and the region, which contributes to achieving political and economic stability.”
He added that “the most prominent point of disagreement between Baghdad and Erbil is related to oil resources and the region’s commitment to the decisions issued by the Federal Court and the International Court,” noting that “this law is one of the laws that complement the constitution.” Despite all the attempts, Al-Gharibawi stressed that “the committees that were formed were unable to reach a political consensus, which makes passing the law during this electoral cycle an unexpected matter.”
AJ: Cryptocurrencies decoupled from the stock market , 13 MARCH
AJ
IMF Discusses Strengthening Iraqi Dinar, 13 MARCH
IMF Discusses Strengthening Iraqi Dinar
Iraq's delegation concluded its meetings with the International Monetary Fund (IMF) in Amman (February 24-26), with participants including Minister of Finance Taif Sami and the Governor of the Central Bank of Iraq (CBI).
Discussions focused on Iraq's economic performance and sustainable growth prospects, with the IMF acknowledging the progress made.
Key discussions included:
The IMF reaffirmed its support for Iraq's financial policy development, offering advisors and experts to assist the Ministry of Finance in public debt management and tax system improvements.
The meetings underscored Iraq's commitment to fiscal reforms, promoting economic stability and investment-friendly policies, in line with its strategic partnership with the IMF.
TRUMP HINTS AT IMMINENT EVENT IN IRAN: I HOPE TO MAKE A PEACE DEAL WITH THEM, 13 MARCH
TRUMP HINTS AT IMMINENT EVENT IN IRAN: I HOPE TO MAKE A PEACE DEAL WITH THEM
US President Donald Trump expressed his hope on Friday evening to conclude a peace agreement with Iran that would prevent them from possessing a nuclear weapon, stressing that “something will happen with them very soon.”
Trump added in statements he made at the White House that “the United States is in the final moments of negotiations with Iran, and that he hopes that military intervention will not be necessary.”
“We have a situation with Iran, something is going to happen very, very soon,” Trump continued. “You’ll be talking about it soon, I think.”
He expressed his hope for reaching a peace agreement, saying: “I am not speaking from a position of strength or weakness, I am just saying that I would rather see a peace agreement than the other option, but the other option will solve the problem,” without further clarifying what he meant by the other option.
Trump had said earlier in an interview with Fox Business that aired on Friday that he wanted to negotiate a nuclear deal with Iran and that he had sent a letter to the Iranian leadership last Wednesday proposing talks with Tehran, which the West fears is rapidly approaching the ability to make nuclear weapons.
“I think they want to get that message across. The other alternative is that we do something, because we cannot allow another nuclear weapon,” he continued.
Asked whether he had sent the message to Iranian Supreme Leader Ayatollah Ali Khamenei, Trump replied, “Yes.”
“There are two ways to deal with Iran: militarily or make a deal, and I prefer making a deal because I’m not looking to hurt Iran. They’re a great people,” Trump said.
Last month, Trump reimposed a policy of “maximum pressure” on Iran, including efforts to cut off its oil exports to zero. But he also said in February that he wanted to strike a deal with Iran that would prevent it from developing a nuclear weapon.
