PM Al-Sudani advocates economic integration with Iran, emphasizes Development Road Project significance
Shafaq News / Prime Minister Mohammed Shia Al-Sudani emphasized today the importance of enhancing economic integration between Iraq and Iran.
This statement came during his meeting with Mehdi Safari, the Iranian Deputy Foreign Minister for Economic Diplomacy, leading an Iranian technical delegation to explore the participation of Iranian companies in the Development Road projects, according to a statement issued by Al-Sudani's media office.
Prime Minister Al-Sudani highlighted the significance of enhancing economic integration with Iran, expressing Iraq's openness to regional neighbors to foster greater collaboration and contribute to Development Road projects.
Prime Minister Al-Sudani emphasized that the vital Development Road project and its associated projects will lay the foundation for enhanced economic cooperation, creating new opportunities to boost Iraq's economy as well as those of neighboring countries and the broader region.
It is noteworthy that the Development Road project, estimated at $17 billion, aims to link Iraq's Al-Faw Grand Port to the border with Turkey via expanding railway networks and roads.
This project aims to connect the oil-rich Al-Faw port in southern Iraq to Turkey, intending to transform the country into a transit hub to shorten travel times between Asia and Europe in an attempt to compete with the Suez Canal.
The Iraqi government plans to operate high-speed trains for cargo and passengers, reaching speeds of up to 300 kilometers per hour, in addition to extending lines to local industrial and energy centers, which may include oil and gas pipelines.
According to the outlined plans, the main transportation routes will be connected to the primary Al-Faw port on the Gulf's shores through the modernization and construction of over 1,200 kilometers of railways and highways linking Iraq to neighboring countries.
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 EVENING- THE VIBRATIONS ARE POSITIVE, KEEP IT UP AS THINGS ARE HAPPENING.
Member: What are you hearing today Mark?
MZ: I finally got some of the bond chatter that I have been waiting for today. Depending on which bond contact I talked to , I got anything from they still expect some fiat funds in their accounts by Dec 25th…but, I have others telling me that now they are expecting their funds on Jan 1st. Others say some specific bonds may not be processed until Feb or April. The bond info today is very convoluted.
MZ: This is the historic bond world in Reno, Miami, Zurich and New York today….This is almost like they are trying to make folks crazy today ……this makes no sense….but points to we may be close to the end. It’s a mass confusion of intel …and they are doing it on purpose.
MZ: “Bills filed in Oklahoma and Missouri would eliminate capital gains tax on the sale of gold and silver” This one dropped today. They are making certain in many states that gold and silver count the same way as our local currency.
MZ: “In Argentina contracts can be settled in bitcoin –Foreign Minister” They are making a number of changes in Argentina on ways people transact business. It’s almost like the whole world knows there is about to be a shakeup in fiat.
MZ: “Why expansion of BRICS is so profound for the global economy” BRICS accounts for about 37% of the GDP of the world. The G& represents just 30%. They are bigger than the G& and soon to be bigger than the G20….This is all part of de-dollarization and a return to sound money.
Member: I think BRICS may be our best hope of saving the world from the globalists.
MZ: And Another: “ De-dollarization advances : Russia and China ditch US currency in their trade settlements” Russia and China have completely de-dollarized now. Other countries are close behind.
MZ: Nader dropped another video today. He’s been very busy. He is talking about Iraq’s progress in countering the illegal parallel market or black market for currency. He says they have been very successful
MZ: “An economic vision of linking the dinar to the US dollar-A weak point for Iraq” This has been floated out there and Iraq’s experts say this doesn’t make much sense. Iraq wants de-dollarization and a separation from the US.
Member: Mark, have any of your RV contacts mentioned walking out of the redemption with cash?
Member: Mark has always said no cash at our exchange for security reasons…but you ccan go to your bank afterward and withdraw what you want.
Member: I guess no RV before Christmas this year….but We can still hope for before Jan 1.
Member: My friend has a friend in Africa and went to the Chase Bank and asked if they are exchanging dinar. They told them to doe back Friday
Member: I just asked Alexa when the dinar will be on the forex and she said Sunday at 5pm
Member: Alexa said it Iraqi dinar will be on the forex Sunday evening. However depending how you ask she also says this Sunday January 29th.
Member: Thanks Mark and mods…..Merry Christmas everyone.
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Iraq 12/21/2023 ukran Al-Fatlawi Iraq is awaiting dollar shipments imported by government and private banks after the recent agreements between the Central Bank and the American side. It is hoped that they will contribute to curbing and reducing exchange rates in the parallel market.
Although government sales are made at a price of 132 thousand dinars per hundred dollars, prices in the parallel market currently range between 153 thousand and 155 thousand per hundred dollars.
The head of the Association of Private Banks, Wadih Al-Handal, said: “The recent measures of the Central Bank of Iraq and the government, with regard to facilitating trade financing using new currencies, represented by the euro, the dirham, the Chinese yuan, and the Indian rupee, are a step that contributes to reducing the exchange rate of the dollar in the parallel market,”
noting that “The regulation of trade financing carried out by the government and the central bank through the entry of other goods into the platform will lead to an increase in trade financing.”
He confirmed in a statement to “Al-Sabah” that “private banks are taking great steps in expanding international relations with international banks, which facilitates the financing of Iraqi trade with countries around the world,” explaining that “the Prime Minister’s great support for the private sector is considered the beginning of reforming the Iraqi economy.” Especially since the private sector is an important partner for the government, in providing services and jobs and reducing poverty.”
For his part, economic expert Dr. Mustafa Hantoush explained to “Al-Sabah”: The Central Bank used Instructions No. 4 of 2011 regarding the import of currency by banks licensed in the country that have the right to carry out this process to enhance capital or for the purposes of addressing monetary crises.
He added that the US Federal Bank had earlier reduced the dollar payments that were delivered to the Central Bank due to money laundering and the seizure of the dollar by some countries close to Iraq, but the Central Bank agreed with the US Treasury on a successful and correct step to support local banks by establishing relationships with foreign banks.
And the gradual transition of operations to enhance the balance of its accounts, which is consistent with what the bank previously announced in its plan to gradually reduce dependence on the electronic platform until it ends its work next year.
Hantoush stated that there are banking transactions and deposits received in dollars, and related operations were carried out in dinars with the approval of the Central Bank, because the depositor requests dollars or transfers coming from abroad that are deposited in bank accounts, and there is no payment in dollars except in dinars, which requires strengthening capital, and according to this process, the Central Bank Al-Iraqi agreed with the US Treasury on a successful step in this regard.
He continued that the American side deals as a merchant, concerned with the issue of profit, by imposing a reduction in the supply of the dollar, but on the other hand, when it sees its banks and companies making a profit, it agrees to most of the procedures, and it is a theory that it follows in managing the world economically.
It is noteworthy that a government source revealed that government and private banks imported $255 million within two weeks, and that a number of other requests to import the dollar are on their way to being audited and implemented, with other amounts expected to arrive within the next few days.
In turn, Imad Al-Muhammadawi, who is interested in economic affairs, told Al-Sabah: The steps taken by the Central Bank, represented by approaching banks to finance small merchants from Turkey in the euro, are extremely important as it reduces the burden and crises of using the dollar in commercial transactions. https://alsabaah.iq/89135-.html
BANK STORY MAN: There's a Chase right own the road where I live and I though let me go verify [The information from my other Chase bank story below 12-19-2023] ...I walk in and there were two young girls. The branch manager was tied up in a meeting...I said I'm curious whether you do foreign exchange. She said yes we do, which currency? I said Iraqi dinar. She had the funniest look on her face. She said, yes I believe we can. The girl next to her said, no we cannot.
]The girl I was talking to pointed at the screen and the other girl looked down...and went, oh, yes we will but we don't have the ability to talk to you about it now.
FRANK: Boom! Mums the word.
BANK STORY MAN: I said I understand...I said is it true about the $5,000 increments [That they can only exchange $5,000 worth at a time]? She said, it is true. She said, but listen to me sir, we want your business. If you sit here all day doing $5,000 increments we don't care
Clarification from the Association of Banks to the 964 network regarding imported dollar shipments
2023-12-20 | 964 Director of the Iraqi Private Banks Association, Ali Tariq, told the 964 Network that Iraqi banks, based on the instructions of the Central Bank, were allowed to import foreign currency in various currencies, for the benefit of their customers who have incoming remittances from outside Iraq, indicating that the process makes it easier for banks to obtain cash and deliver it to its clients.
Clarification from the Association of Banks to the 964 network regarding imported dollar shipments Small
Governmental and private banks imported about $255 million within two weeks - a government source
He explained that when an Iraqi customer receives an external transfer, the transfer process is electronic and he needs to withdraw money from his account in Iraqi banks, and because the latter may not have sufficient liquidity in dollars, he resorts to withdrawing money from his accounts abroad and delivering it to his customers.
The Iraqi Bank plays the role of mediator in the process, as the imported funds belong to it in its accounts outside Iraq, according to Tariq, who noted that importing funds does not mean buying them, but rather transferring cash from abroad to inside for the benefit of bank customers.
Tariq confirmed that the coming period will witness operations to import money into banks, to meet customers’ demand for dollars. https://964media.com/277648/
Clare: Sudanese Advisor: Discussions with 5 countries to import factories in exchange for sovereign guarantees
12/21/2023
Today, Thursday, the Prime Minister’s Advisor for Technical Affairs, Muhammad Sahib Al-Daraji, revealed discussions between Iraq, Germany, Italy, Spain, Japan, and China to import factories in exchange for sovereign guarantees.
Al-Daraji said in a statement, “There is a committee formed under the direction of Prime Minister Muhammad Shiaa Al-Sudani to implement a paragraph in the budget that stipulates granting the government sovereign guarantees in favor of importing production lines and agricultural equipment for the Iraqi private sector.”
He added, "The government is in the process of agreeing with Germany, Italy, Japan, China, and Spain, in addition to the Islamic Development Bank, to supply factories to Iraq in exchange for sovereign guarantees and to manage them by the private sector."
The Prime Minister's Advisor for Technical Affairs described it as "excellent for strengthening the Iraqi economy and changing its performance philosophy." LINK