Coffee with MarkZ and Mr. Cottrell. 08/23/2024

Coffee with MarkZ and Mr. Cottrell. 08/23/2024

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 morning Markz, Zester & special family & friends

Member: Welcome to another weekend

Member: IMO Something or someone is stopping this reset/RV from going through…..Bad guys must still be in control or it would already be done. 

Member: Praying for MARK, RV and med beds please Lord let this crap be over with soon!!

Member: Hopefully good news from Mark and Mr. C this morning

MZ: From the bond side and group side it’s still very quiet. 

​​Member: Frank26 has said that the Iraqi Citizens are being shown the new lower denominations on the street level. They are being distributed in Iraq…If so , I assume this puts us in a short window until it’s on forex for us. 

MZ: If they are being distributed…yes.  We do know they have printed them…we have seen the contracts with DeLaRue in 2018 when they were printed. We know they have sent “cut sheets” or samples to banks , large retailers ect….showing all the security features ect. So they have printed them, prepared everyone, educated the exchange houses. They have also formed a committee to educate people on price changes. 

MZ: It’s clear they are going to lower denominations. If they are finally releasing them at the street level… Well, that is huge news. …

Member: my brother has a friend who contacted him the other day who is working in Iraq as a contractor and he told my brother he got paid in Dinar. Idk if this is relevant or not just wanted to share

Member: Melanie Hines just got last minute Intel that this weekend looks really promising

MZ: That fits with what I am hearing….hope its accurate. 

Member: My gut says we are seriously close, lol seriously.

MZ: Mine does too….Let’s hope the rumors for this weekend coming out of Iraq are correct.

MZ: I think this one is  important: ( From Awake-In-3D)  “Iraq Now Moving Backwards in Battle to Strengthen the IQD”

 

 MZ:  Iraq is having problems with the US dollar. To many people still want to use the US dollar instead of the Iraqi dinar. This is causing problems for Iraq. This problem will not go away…it will not disappear until the value of the dinar is closer to the dollar or more than the dollar. It will completely go away the moment the dinar is worth more than the US dollar. 

MZ: I am told this is part of the push coming out of the CBI right now because they know its causing issues for them if they do not go ahead and increase that value. I am told this is part of why in Iraq- this weekend is in the crosshairs. Will they do it? Will they raise the value? I don’t know but that is certainly the chatter right now. This is from my finance ministry connection and a couple contractors over there. 

MZ: “ Iraq moves to profit sharing and new oil contracts” This is a few days old but they are changing how they work their strategic partnerships. They are distributing pieces and parts from ongoing revenue from oil –if you invest on those projects. This means they are looking for very long term investments both in and outside the country. This points toward long term stability. I was told this is an important leg for the RV. They will become a regional powerhouse and influencer .

Member: The federal Register and the IRS are meeting on Oct 28 to finalize the tax laws , they have been working on since June 15th, concerning the taxing of foreign currency.

Member: That is not good news for all of us. 

Member: KEEP THE FAITH …..ALL THINGS ARE POSSIBLE WITH GOD!

Member: Faith consists in believing when it is beyond the power of reason to believe.

Member: I have a strange feeling something big is coming….Thanks Mark and mods…See you all tonight

MZ: Tonight Zester may be taking the lead as I continue to heal…..Supposed to be 2 to 4 weeks before I really see the big difference. 

Mr. Cottrell and CBD Guru’s join the stream today. Please listen to the replay for their information and opinions

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY

IRAQ'S BOLD MOVE TO STABILIZE THE DOLLAR EXCHANGE RATE IN 2024

DINAR REVALUATION UPDATE: HOW IRAQ IS REDUCING THE INFLUENCE OF THE US DOLLAR IN THE LOCAL MARKET, 23 AUGUST

 Iraq's Economic Strategy to Lower the Dollar Exchange Rate in 2024

In the midst of a complex global financial landscape, Iraq has been implementing measures aimed at stabilizing its economy and reducing the influence of the US dollar in its local market. 

As of August 23, 2024, these efforts have been met with a degree of success, according to economic experts. 3 The Central Bank of Iraq's (CBI) measures to control the usage of foreign currencies have led to a stabilization of the dollar exchange rate, which had soared to an unprecedented 1,700 dinars per dollar before gradually declining to a range between 1,470 to 1,450 dinars per dollar.  3 These developments are significant in the context of Iraq's economic challenges and its efforts to diversify its economy and reduce dependency on oil revenues.  2

The Central Bank's Measures

The CBI's platform, designed to manage foreign currency requests specifically for financing foreign trade in the private sector, has played a critical role in controlling the dollar's exchange rate.  3 The platform's effectiveness has been evident in the stabilization of the dollar rate, despite fluctuations in demand. However, the budget increases have widened the gap, leading to higher total demand and consequently increasing pressure on the dollar.  3

Challenges and Solutions

The Iraqi government's decision to suspend the use of the Chinese yuan in foreign transactions, following accusations from the US Federal Reserve, has added to the complexity of the situation. 4 This move has been described as a "misstep" by economists, who warn that it could lead to an increase in the dollar exchange rate and inflation, negatively impacting Iraqi families. 4 In response, three potential solutions have been suggested for the CBI to maintain remittances to China: increasing assets in yuan through the Singaporean Development Bank, boosting assets in UAE dirhams, and negotiating for euro-denominated assets for trade with the EU. 4

The Broader Economic Context

Iraq's economy, heavily dependent on oil revenues, has faced significant challenges in recent years, including the impact of the COVID-19 pandemic and volatile oil prices.

 2 The country's efforts to diversify its economy and reduce its reliance on oil have been crucial in the face of these challenges. The World Bank has noted that Iraq's economy is gradually recovering from the shocks of 2020, with both oil and non-oil sectors showing growth. 2

Conclusion

Iraq's journey toward stabilizing its economy and reducing the influence of the US dollar is a multifaceted endeavor.

 While the CBI's measures have yielded some success, challenges such as budget increases and geopolitical tensions continue to impact the country's economic stability. 

The government's decision to halt yuan transactions and its impact on the dollar exchange rate highlight the delicate balance between domestic policy and international relations in shaping Iraq's economic future.

 As of August 23, 2024, Iraq's ongoing efforts to diversify its economy and stabilize its currency remain critical to its long-term economic health and resilience.

Economist points to a “solution” that will “lower” the dollar exchange rate, 23 AUGUST

 Economist points to a “solution” that will “lower” the dollar exchange rate

Today, Thursday (August 22, 2024), Mustafa Akram Hantoush, an expert in economic and financial affairs, commented on the reasons for the fluctuations in the dollar exchange rate in the Iraqi markets.

Hantoush told Baghdad Today, "The parallel market needs to be dismantled in order for the exchange rate to decrease. Previously, there were solutions to the issue of cigarettes and gold, and the tax was reduced and the merchant was allowed to buy through the platform again, and the exchange rate stabilized at 145 thousand dinars."

He added, "We have small traders who do not have a facilitating mechanism, and we have trades such as gold and cleaning materials that have not been processed, and we have huge trade with Iran and Syria worth millions of dollars, and these can be processed by giving them currency or gold," stressing that "most countries have solved the problem of trade with Iran, despite the American sanctions imposed on them, and solved the problem of travel to those countries."

The dollar exchange rate in the parallel markets rose again, as the markets recorded prices close to 150,000 dinars for every 100 dollars, even though the Central Bank of Iraq sells it at 1,320 dinars for every one dollar.

With the government's efforts to control prices in parallel markets, commercial markets witnessed a decline in the exchange rate in recent weeks, but it rose again, which indicates an economic problem that is still present in the country.

In response, parliamentarians raised a movement to question the governor of the Central Bank within the legislative dome, as the Finance Committee in the House of Representatives, on Sunday (August 4, 2024), directed a request to the Presidency of Parliament to question the governor of the Central Bank .

A document signed by the members of the Finance Committee, received by Baghdad Today, stated: “We, the members of the Finance Committee listed below, are the signatories for the purpose of hosting the Governor of the Central Bank due to a major defect in the management of the bank .”

The document added: "Therefore, we demand that the Governor of the Central Bank be questioned in the nearest session, in accordance with the applicable articles of the constitution and internal regulations."  link

BRUCE CALL HIGHLIGHTS, 23 AUGUST

 Thurs. 22 Aug. 2024 Bruce:

• There were 19 solid new currency rates showing up on Redemption Center screens. One was the USN.

• The screen rates at the Redemption Centers will be 3 x times higher on the Dinar and  2 x times higher on the Dong. The other currencies take the Bolivar are all between $4 and $7 so we’ll be fine.

• Emails to set redemption appointments were going out to the Redemption Center leaders. As of now they’ve not received the Green Light but they think after the markets close, or it could be by tomorrow through Sunday.

• Bond Holders are expecting their emails Sunday, Monday or Tuesday.

• So Tier4b (us, the Internet Group) could receive notification to make redemption appointments in conjunction with the EBS somewhere between the weekend to next Tuesday.

• We are hearing that over the weekend (or early next week) the EBS will alert us over our phones to turn on the TV for documentaries to be broadcast for eight hours three times a day for ten or twelve days of disclosure.

• The EBS and documentary showings were a cover for us to go in and do our exchanges and redemption of Zim.

• The Admiral will start either Saturday or Sunday and continue through Monday.

• All debt forgiveness will be done by the 31st August.

IRAQ'S BOLD MOVE: DINAR PEGGED TO A CURRENCY BASKET

DINAR REVALUATION UPDATE: Iraq Seeks Release of Funds from US Banks in August 2024, 23 AUGUST

Iraq Seeks Release of Funds from US Banks in August 2024

Iraq's efforts to regain control over its funds held in US banks have escalated in August 2024, reflecting a growing frustration with the limitations imposed by the United States on the use of Iraq's own financial resources. 2

Background: Iraq's Funds in US Banks

Since the end of sanctions, Iraq's oil revenues have been stored in an escrow fund managed by the US Treasury. This arrangement was initially intended to ensure the funds would be used for humanitarian purposes and to prevent any misuse by the Iraqi government.  1

Current Situation: Talks with US Treasury

Iraq is now engaged in talks with the US Treasury regarding its banks and the restrictions on dollar transactions. These negotiations are crucial as they aim to address the issues surrounding the use of Iraq's funds held in US banks. 2

Iraq's Motivation: Independence and Control

The Iraqi government is eager to gain full control over its financial resources, particularly as it is no longer subject to sanctions. The desire to manage its own funds stems from a wish to reduce dependency on US financial oversight and to use the money for domestic development and economic stability. 1

Challenges: Terrorist Financing Concerns

One significant hurdle in Iraq's quest for financial autonomy is the US Treasury's concerns over potential terrorist financing. An Iraqi bank, Al-Huda Bank, has been cited by the Treasury Department's Financial Crimes Enforcement Network (FinCEN) for its role in facilitating funds for foreign terrorist organizations, including Iran's Islamic Revolutionary Guard and its Quds Force, as well as Iran-aligned Iraqi militias.  3

Impact on Iraq-China Financial Transactions

In a related development, Iraq has been compelled to halt financial transactions in Chinese yuan under US pressure. The US Federal Reserve has directed Iraq to cease dealing in the Chinese currency, citing issues with some transfers. This directive has implications for Iraq's trade with China, which has been growing in recent years. 4

Conclusion: Iraq's Financial Autonomy

Iraq's push for the release of its funds from US banks in August 2024 is a clear indication of its desire to assert financial independence. The ongoing talks with the US Treasury, along with concerns over terrorist financing and restrictions on transactions in foreign currencies, underscore the complex challenges Iraq faces in its quest for control over its national wealth. 2 As of August 22, 2024, the outcome of these negotiations remains uncertain, with both sides working to find a mutually acceptable solution that addresses Iraq's financial autonomy while also safeguarding against illicit activities.