Tehran Chamber of Commerce touts $10 billion in exports to Iraq, eyes future market potential, 6 SEPT
Shafaq News/ The Tehran Chamber of Commerce revealed that its exports to Iraq in the past year have exceeded $10 billion, underscoring the growing economic ties between the two neighboring nations. Iranian officials also expressed optimism about Iraq's significance as a crucial market for Iran in the next 15 years.
The announcement was made during a symposium organized by the Chamber of Commerce titled "The Role and Function of the Media in Developing Economic Relations Between Iraq and Iran." The event focused on discussions about the future of bilateral relations and the role of economic diplomacy in strengthening economic ties.
Yahya Al-Ishaq, the head of the Joint Iranian-Iraqi Chamber of Commerce, emphasized the importance of economic diplomacy, describing it as the strategic use of financial tools to achieve political objectives and utilizing political tools to attain economic benefits for Iran.
Al-Ishaq highlighted the "profound connection" between economic research, trade strategies, and countries' overall development and security. He noted that these factors have enabled Iran to capture an impressive 80% of its foreign trade.
Regarding the specific trade relationship with Iraq, Al-Ishaq revealed that Iran exported goods worth $10.5 billion to Iraq during the past year. He further pointed out that both nations possess trade opportunities valued at an estimated $20 billion. Notably, he emphasized that the Iraqi market is poised to become increasingly important for Iran and other countries over the next fifteen years.
Iraq and Iran have close economic ties. Iran is Iraq's second-largest trading partner after Turkey.
Iran exports various goods to Iraq, including food, medicine, construction materials, and machinery. Iraq exports oil, gas, and agricultural products to Iran.
The two countries also have strong energy ties. Iran supplies Iraq with natural gas and electricity, and Iraq is a significant market for Iranian oil.
In addition to trade and energy, Iraq and Iran cooperate in other areas, such as transportation, tourism, and culture.
The close economic ties between Iraq and Iran are due to several factors, including their geographic proximity, shared history and culture, and common interests in regional stability.
However, the economic ties between Iraq and Iran are also a source of tension. The United States has imposed sanctions on Iran, which have harmed the Iraqi economy. The United States has also accused Iran of supporting armed groups in Iraq, which has further strained relations between the two countries.
Despite the challenges, the economic ties between Iraq and Iran will likely remain strong. The two countries are too interdependent to sever their financial relationship completely.
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Iraq maintains its 30th position in the world with the largest gold reserves
Shafaq News / The World Gold Council revealed on Wednesday that Iraq maintained its 30th rank in the world with the largest reserves of the yellow metal.
The latest schedule of the Council for the month of September 2023, seen by Shafaq News Agency, showed that Iraq maintained its ranking 30th globally out of 100 countries listed in the table with the largest gold reserves, despite buying 2.3 tons of gold in May, bringing its possession of gold to 132.6 tons, representing 7.6% of the rest of its other reserves.
He added that Iraq ranked fourth in the Arab world with the largest gold reserves after Saudi Arabia 323.1 tons, Lebanon 286.8 tons, Algeria 173.6 tons, and Egypt came in fifth place 125.9 tons.He pointed out that the most central banks buying gold during the second quarter of 2023 were Poland, where they bought 48.41 tons, followed by China by 45.10 tons, followed by the Czech Republic by 6.06 tons and then Russia by 3.11 tons, while the most central banks of the countries selling gold during this period were for Turkey with 132.23 tons, followed by Tunisia with 18.50 tons and then Uzbekistan with 4.04 tons.
Globally, according to the table, the United States of America still leads the rest of the countries with the largest possession of gold in the world by 8.133 thousand tons, followed by Germany with 3.352 thousand tons, then Italy came with 2.451 thousand tons, while Suriname ranked 100th and 1.5 tons, followed by Bosnia and Herzegovina with the same amount by 1.5 tons.
Financial expert Mohammed al-Hasani said that "all countries, including Iraq, are trying to diversify their basket of currencies and gold to be an investment portfolio to reduce risks and sudden fluctuations that may occur as a result of crises or currency devaluation, as it is a kind of hedging and gives monetary stability to the state."
He added that "countries do not rely on gold significantly in their investment portfolio, because it is a heavy commodity not like the rest of the currencies that are sold and bought quickly, so we see that some rich countries have gold, but they are almost reserves of gold fixed do not sell and buy continuously such as America, Germany and the United Kingdom."
Some intel gurus want you to believe the “official” dinar rate is now set at 1130 and the CBI has not yet changed their site. This is not true, however I believe this is their next target rate and maybe the last rate change prior to moving ahead once again aggressively with the plan for the reinstatement. Seems this dollar issue has stalled their plan for now but they will overcome it as they always do but it takes time.
MarkZ
[via PDK]
Member comment: [Guru] Frank26 says he knows someone with contracts in both Iraq and Vietnam who wanted to expand. His financial advisors told them wait…as both countries are about to change in a huge way. MarkZ: That would be accurate. The sheer amount of business those 2 countries do with each others currencies that both hold in their foreign currency reserves is huge. They have to both go at once. IMO.
We just need to get through the very end of what appears to be the end of our journey. They are doing a good job on keeping people quiet. They have cracked down even harder on leaks. They absolutely do not want anyone to know ahead of that money is moving.
Still hearing from the Iraqi side that…politicians are talking about a 1 to 1 rate yesterday in Iraq. I certainly expect more than that. Lots of rumors from Iraq that we may see the new rate this week. Just try to stay grounded…the news is all over the place. Member comment: Some gurus say it will happen within 24-48 hours.
Markz: A lot of people at the upper levels of the banking world are saying that….
My Iraqi contacts are hesitantly excited with expectations for this week. There are more and more confirmations that the government is using that 1132 rate with contractors right now.
I feel pretty confident the CBI is starting to make moves. They have said before they would stabilize at that rate and then give us the big change we are looking for. We just need to wait and see what pops out of all this. The chatter is overwhelming right now that things have finished...
MarkZ Wednesday 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: Morning everyone!! Happy Hump Day!
Member: Here’s hoping today is the ultimate HUMP DAY to get us to the finish line!
Member: Ready for some great news today!!!
Member: Iraq is having a holiday….ends tomorrow I believe.
Member: Mark do ya think it's really as close as people say?
MZ: There are interesting things showing on currency converters…..from the Forbes one to the EIX…..There are some interesting values showing on many of our currencies.
MZ: Bond folks are very, very quiet. Maybe Wolverine is onto something and some have been paid because they have gone dead quiet. I have one that is expecting final documentations before the end of the week. The rest of my contacts –at least the ones I have reached out to since yesterday evening have all gone silent….so maybe there is something positive going on in the bond side??? I would consider this a “maybe”
MZ: The banker side has a lot of anticipation for late this afternoon. We will see what materializes.
MZ: We will do a normal podcast tonight at 7 pm est followed by Whiskey and Wisdom at 8 pm est.
MZ: There are a lot of “inconsistencies” on currency calculators right now. We are seeing Bolivar made it up to .35 cents. (doesn’t mean you can exchange it right now) We tried. We have bank personnel keeping us abreast if any of these currencies become “tradable” .
MZ: You don’t have to ask me about it….if it goes tradable I will be screaming go, go , go……but, we are starting to see changes in bank values ect. But, not an open trade on them yet. Is this them “prepping” the system? I hope so. We have seen this in the past and it’s our theory that they are preparing the process when we see those rate changes. Is this the one where they actually pull the trigger???
Member: .30 cents for the bolivar would be amazing
MZ: It’s been bouncing around between .32 to .35 cents. Dong rates have also been bouncing around .
Member: If IQD and VND have agreements…will they not float up together?
MZ: I do not expect a float. But, I am prepared in case there is one. I expect a substantial change in value…then maybe a small float.
MZ: Let’s say for some reason they come out lower . I would open multi currency accounts and deposit them there.
Member- IYO Mark…why did Iraq take out a loan to make payroll?
MZ: I believe they are trying to pacify people until they have a rate change. MilitiaMan did a good one overnight on this. He gets into the peaceful protests for getting their pay…and what Iraq is doing to fix it. There is clearly something big is going on in that front right now. .
Member: AG1 told Militia Man on 8/27. Have a good weekend 3 times. That would put us at 9/10.
Member: some are saying we have 24 -48 hours as of yesterday
MZ: That would not surprise me with all the banking chatter right now. That is the expectation. We shall see. I don’t want to get to excited and be disappointed again.
Member: My bank told me that Dragon bonds will be exchanged in Rupiah because they're Asian bonds. Then have to exchange the Rupiah.
Member: QQ - Will the Redemption center be able to help with the multi-currency account ? I went to 3 banks around me and they don't have them.. Thank you :)
Member: Mark had said a few months ago that banks would offer us one when we exchange….if necessary .
Member: I was told they will offer it at redemption but we will discuss which banks have them already tomorrow.
Member: I went to my bank yesterday, they told me I would get immediate credit for my currency the day I redeem it!
Member: What do you all think of the do not say NDA list that was posted by Judy today ??
Member: Anyone else nervous about signing an NDA?
Member: if NDA keeps me safe i am very happy about it
Member: It’s for our security so not worried at all. I would sign one today if it would hurry the RV along.
Member: I hope this movie ends soon
Member: May God give you the desires of your heart today!
Member: Hey Mark Thank You for keeping us grounded and being so patient and kind every day. You are very appreciated
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THE INFORMATION PROVIDED IN THE STREAM IS IN MARKZ OPINION - INFORMATION PROVIDED IS BY VETTED CONTACTS - INFORMATION CAN AND MAY CHANGE AT ANY TIME WITH OR WITHOUT NOTICE
MZ: Zim payouts I hear may be traunched…..a structured payout over time…….What is a traunch? https://www.investopedia.com/terms/t/traunch.asp
MZ: JFK Secret Societies Speech in case we forgot https://www.youtube.com/watch?v=ItOPg2l7-t0
JFK to 911 Everything Is A Rich Man's Trick https://www.youtube.com/watch?v=8ObvK4NR_LI&has_verified=1&bpctr=1579044401
Your straw man (Strawman) is an artificial person http://freedom-school.com/aware/your-straw-man-is-an-artificial-person.html
MZ: Video on PP’s and Farm claims: https://www.youtube.com/watch?v=sAL0exvL45Y
Mod: Dr Shabibi answering questions https://www.youtube.com/watch?v=ol8wve53-ME
MZ: Watch the Video “The end of the road” by Monkey films on Amazon Prime….End of the Road: https://tubitv.com/movies/451883/end_of_the_road
You can share links like these one's to those who don't believe: theoriginalmarkz: https://www.slideshare.net/ahmeddinargate/the-history-of-iraqi-dinar-exchange-rate
MZ: Farm Claims are what started the whole Nesara movement. So if you want a bit of History …please watch this one. https://www.youtube.com/watch?v=sAL0exvL45Y
Erdogan Will Visit Iraq Next Month...And Reveal The Latest Negotiations To Export The Region's Oil
Time: 09/06/2023 Read: 1,950 times Source: {Politics: Al Furat News} Sources said that it is not expected to resume pumping Iraqi oil to Turkey before next October, during which Turkish President Recep Tayyip Erdogan is likely to visit Baghdad, after postponing the visit that was initially planned to take place last August. .
Turkey suspended export flows from northern Iraq on March 25 after an ICC ruling in an arbitration case required Ankara to pay Baghdad $1.5 billion in compensation for allowing KRG oil exports without permission between 2014 and 2018.
Iraq filed a petition in April with a US federal court to enforce the decision by the International Chamber of Commerce. The sources said that the lack of progress in settling this lawsuit was one of the reasons behind the postponement of Erdogan's visit to Baghdad in August.
A senior Turkish official said Erdogan still plans to visit Baghdad and "wants to sign an agreement," but "so far Iraq has not taken the concrete steps expected of it," which has led to a lack of progress.
The source added that one of the steps that Ankara is seeking is to stop the lawsuit in the United States, and that is why Erdogan is scheduled to visit Iraq in October.
An official at the Iraqi Foreign Ministry said that Baghdad had not yet received a specific timetable from Ankara regarding the expected date of Erdogan's visit to Iraq.
He added that Erdogan may visit Iraq at the end of this month or most likely in October, indicating that this will depend on the success of the talks related to energy issues, which require longer than expected due to the multiplicity of thorny issues.
An Iraqi oil official familiar with the talks said energy officials in Baghdad and Ankara were "holding complex discussions" and that resuming flows was "the hardest issue". He ruled out the resumption of flows this month.
Two Iraqi oil officials familiar with the talks said Turkey was also seeking a compromise to reduce compensation to Iraq for damages under the ICC arbitration award.
Iraqi sources said earlier that Turkey wants Iraq to drop a second arbitration case related to exports covering the period from 2018 onwards.
The Turkish Energy Ministry has not yet responded to a request for comment.
Two informed sources said that the Iraqi Kurdistan government has lost about four billion dollars since the stoppage of oil flows to the Turkish port of Ceyhan through a pipeline. LINK
