IRAQ'S OIL REVENUES : TRANSPARENCY AND CHALLENGES

Weekend News with MarkZ. 08/24/2024

Weekend 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

GOOD MORNING ALL! HAPPY SATURDAY! THE CBD GURUS KICK OFF THE FIRST 45 MINS AND MARK GIVES HIS NEWS UPDATE AT 10:30 AM

Member: Good morning @MarkZ , and all the mods and the rest of the community.

Member: You think we’re going to ever cross this finish line before September ?

MZ: As far as RV related news – there is a lot of expectations in Iraq for this weekend. But no huge movement yet. We are waiting to get some news.

MZ: Iraqi contacts are pretty hopeful they can force a dinar value change to reduce the use of US dollars . A lot of hopeful talk …and most are looking for a change on Sunday. That’s only a day away so guess we will soon find out.

Member: Many feel that Saturday night is the best night to change rates….all the banks worldwide are closed for a short time on Saturday nights. Just sayin……

MZ: We are hearing that they are off “stuck” and have moved past the initial round of bond stuff and they are starting to prepare (in mass) the folks with German bonds. I am 100% certain that is what they are going to start processing next. Hopefully also releasing the money that goes with it.  I started getting this news last night.

MZ: We are hearing money is moving fairly quickly…but we have heard that before.

Member: What are some of the milestones or markers you are still looking for before our notifications Mark?

MZ: For me- I think we need to see more farm claims and settlements paid. And past Farm claims into CMKX and fines and Penalties. This is some of the milestones we should be able to see in the coming days…I would think….

MZ: Iraq is not the only monkey in the game….They are just the easiest to track….. . But we also track bonds and F&Ps…..also easy to track. Iraq is not the only cog in the wheel. But they just need to release that new rate.

Member: If you sign an NDA will your podcasts stop?

MZ: If CMKX pays out and If a NDA kicks in….I may have to quit the podcasts for awhile….but, it would totally depend what it says…If its only an NDA on CMKX I would just not talk about it….ban all talk on it. My concern about discontinuing the podcasts for weeks…is the fear and uncertainty in our community. So I will do my level best to say on – even if it’s only to talk about the weather until we are allowed to talk about specific topics. .

Member: If you sign a currency exchange NDA…so will the rest of us I assume….so we will all just have to be quiet together.

Member: What is your gut saying?

MZ: Many people are thinking we have to wait until November of January for the RV. That is not what I am hearing from the banking side , the settlement side and the bond side. If Nesara holds any kind of truth…..why would we have to wait?

MZ: If whitehats are as powerful as they say they are….why would we have to wait until then….of course if they were that powerful why have they not already flipped the switch? I have a lot of conflicting beliefs on this one. But, I don’t believe we will be waiting that long.

Member: Is the US still holding up the RV and Iraq?

MZ: I don’t think so….I think the US is desperate for money….I think the ones fighting it are the Rothschild banks.

MZ: “ Powell Pivot is complete. Gold stocks, bitcoin and bonds surge as Fed chair says “Time has come for policy surge to adjust”  At least 25 points to 50 basis points. …or ½ of a percentage is what they are talking about.  It will be very important to get to a reset and sound money with these policies….I believe the next administration will reap the benefits of this.

MZ: MilitiaMan did a great breakdown on all the progress we have seen throughout the week…be sure to go watch, and share…..

MZ: I think things are setting up to be a heck of a chapter in this story.

Member: Goldilocks dropping several articles with dates in October for final rules and Regs for crypto and Foreign currency. Looks like we May have to wait until October???

Member: Lord, please release your biblical golden jubilee and bless this community to go out and be beautiful examples of your unconditional LOVE

Member: Have a very fantastic and blessed weekend all you fabulous looking people that I appreciate very much. See you all on Monday morning.

Member: God Bless everyone and I hope you all have a blessed weekend!

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.

DINAR REVALUATION UPDATE: EXTORTION, BRIBERY AND SMUGGLING ARE THE CAUSES OF THE FLUCTUATIONS OF THE DOLLAR EXCHANGE RATE, 24 AUGUST

Impact of Extortion, Bribery, and Smuggling on Iraq's Dollar Exchange Rate Fluctuations in 2024

In 2024, Iraq faced significant challenges in its economy, particularly concerning the fluctuation of its dollar exchange rate. An economist highlighted that extortion, bribery, and smuggling were the main causes of these fluctuations. 

Extortion and Bribery in Iraq's Economy

Extortion and bribery have long been issues in Iraq, impacting various sectors of its economy. These practices often involve the misuse of power by government officials for illegitimate private gain.

 The prevalence of corruption has hindered Iraq's economic development, as it discourages foreign investment and undermines public trust in institutions. 

Smuggling and Its Effect on Currency Exchange

Smuggling, a significant problem for Iraq, particularly in the context of its relationship with neighboring Iran. 

has had a direct impact on the country's dollar exchange rate. Preventing the smuggling of dollars from Iraq to Iran has been one of Baghdad's greatest challenges, largely driven by pro-Iranian proxies. The illicit flow of currency across borders destabilizes the local economy and contributes to exchange rate volatility. 

Efforts to Combat Economic Instability

The Iraqi government, under Prime Minister Mohammed Shia' al-Sudani, has been determined to restore economic stability by cracking down on smuggling and addressing corruption. 

 These efforts are crucial for Iraq's fiscal and external accounts, as well as for reducing its vulnerability to oil price fluctuations. 

Conclusion

The combination of extortion, bribery, and smuggling has had a profound effect on Iraq's dollar exchange rate in 2024.

 Addressing these issues is critical for the country's economic stability and its ability to diversify its economy beyond oil revenues. The Iraqi government's commitment to addressing these challenges will be a determining factor in the country's future economic prospects.

Economist Puts “Extortion, Bribery And Smuggling” As The Main Causes Of Dollar Exchange Rate Fluctuations, 24 AUGUST

 Posted On 2024-08-21 By Sotaliraq  Economic researcher Diaa Al-Mohsen placed the blackmail, bribery and smuggling operations carried out by dollar dealers who are unable to disclose the sources of their money as the primary reasons for the fluctuation of the dollar exchange rate in local markets.

Al-Mohsen explained that “the old authority is still struggling to address the issue of the dollar exchange rate. All the measures it has taken since taking over the management of the Central Bank barely touch on the real problem that led to these increases, which in one way or another had a major impact on the economic situation of the Iraqi family.”

He noted that “the Iraqi market depends entirely on securing its needs through imports that eat up all the revenues generated from Iraqi oil sales.”

In an interview with Al-Mada, Al-Mohsen pointed out that “there are many reasons for the fluctuation of exchange rates other than the above, as many dealers do not enter the dollar for reasons related to the nature of the money they obtain (the national currency).

Some obtain the Iraqi dinar through bribery, others obtain it through blackmail, some of them deal in drugs and human organs, and many others cannot disclose the sources of their money or the final beneficiary of the process of sending it abroad, which exposes them to many legal problems and may expose them to penalties according to Iraqi law.”

He pointed out that “these people are forced to go to the black market to request dollars, and thus the exchange rate of the dollar against the Iraqi dinar rises to increase the demand for the dollar.

We should not forget that there are those who smuggle dollars by tampering with the documents for importing goods, and this tampering occurs at border crossings, and in the end the country is the biggest loser and behind it the ordinary citizen.”

Regarding the dominance of the dollar, the economic researcher continued, “There does not seem to be a glimmer of hope on the horizon to get rid of the dominance of the US dollar as long as the bank’s management insists on keeping the Iraqi economy revolving in the orbit of the US dollar.

If there was a real administration working for the benefit of the national economy, it would have done everything in its power to diversify the sources of currencies it deals with, which is what the current administration does not want.”

He continued, "I believe that the government should seriously consider activating the economic sectors, especially with the Central Bank of Iraq talking about reserves exceeding $115 billion. It is possible to simplify the procedures for granting loans to project owners who have feasibility studies for the projects they want to implement that are in the interest of the Iraqi economy, and grant them soft loans in exchange for the project being the collateral, to reduce the gap between market requirements and imports, and to bridge this gap by increasing local production to cover the needs of the local market and by relying on modern technology in relation to industries, and by relying on modern agricultural techniques in relation to agriculture. "

 He stressed, "Only here will we have put the Iraqi economy on the right path, and as for words other than what we said, they will be nothing more than plowing the sea."

The dollar exchange rate in the parallel markets in Iraq rose again, as the dollar price recorded an increase with the closing of the Al-Kifah and Al-Harithiya stock exchanges to reach 149,300 dinars for every 100 dollars, while it recorded a decrease last Saturday with the closing of the Al-Kifah and Al-Harithiya stock exchanges to reach 149,550 Iraqi dinars for every 100 dollars.  LINK

RV UPDATE BY WOLVERINE, 24 AUGUST

Wolverine;

YESTERDAY THEY TOLD US IT WOULD BE DELIVERED BETWEEN 12 AND 12, IT WAS SUPPOSED TO BE AT MIDNIGHT LAST NIGHT, IT WAS DELIVERED, SO YOU KNOW, SOME PEOPLE WERE PAID YESTERDAY, THE BANKS WERE PUTTING IT IN TO MAKE SURE IT WAS WOULD DELIVERY, WORKS AT 1:43 PM

THIS MORNING, AS WE TALK, THERE ARE PEOPLE GETTING PAID, AS I TOLD YOU, CERTAIN PEOPLE HAVE PRIVILEGES THAT YOU DO NOT HAVE YET, SOME OF YOU WILL BE ELEVATED HERE ON MONDAY, TODAY, WE ARE NOT ONE OF THOSE RIGHT NOW AT THE 1:44 PM

SO AS WE TALK, THEY ARE PAYING PEOPLE, IT IS SAID THAT YOU ARE GOING TO GIVE UP, LET ME SEE, STARTING TONIGHT, AFTER 5 PM. AND EVERYONE SHOULD HAVE STARTED ON SATURDAY AND UNTIL MONDAY. THEY HAVE STARTED PAYING. 

I AM ALREADY RECEIVING IT. AUGUST 16. WE TRIED IT YESTERDAY. THE GUYS AT THE FRONT OF THE ROW HAVE ENTERED AGAIN. BUT WE ARE ONLY A COUPLE OF HOURS BEHIND. YESTERDAY. THEY WERE WAITING TO RECEIVE YOUR EMAILS. FROM THE TREASURY TO BEGIN AT 1:46 PM. 

AND WE WERE WAITING TO RECEIVE OUR EMAIL TO START. WE'LL SEE HOW IT GOES. THERE'S NOT MUCH TO TALK ABOUT. BUT IT'S OVER. THEY TOLD US IT'S WORKING AND IT'S OVER. A COUPLE OF HOURS BEFORE WE DO IT. WE SHOULD HAVE THE 800 NUMBERS TONIGHT AT 1:47 PM. 

ACTUALLY, SATURDAY MORNING. THEY SAID WE WILL HAVE 800 NUMBERS TONIGHT AT 1:47 PM

THE SYSTEM IS LIVE - IT WAS TESTED YESTERDAY - AND IT IS WORKING - DURING THE TEST THEY PAID PEOPLE AND THEY ARE CURRENTLY PAYING SOME NOW - WE SHOULD HAVE 800 NUMBERS TONIGHT - AFTER 5 PM - 1:51 PM

 IF IT'S NOT TONIGHT, IT WILL START TOMORROW MONDAY - I RECEIVE THIS RIGHT NOW BEFORE THE CALL STARTS - I WAIT TO SEE IF THE BANK WANTS ME TO TELL THEM ANYTHING BEFORE I START -

TRANSLATION IN SPANISH

Wolverine;

AYER NOS DIJERON QUE SE ENTREGARÍA ENTRE LAS 12 Y LAS 12, SE SUPONÍA QUE ERA A LA MEDIANOCHE DE ANOCHE, SE ENTREGÓ, ASÍ QUE, YA SABEN, A ALGUNAS PERSONAS SE LES PAGÓ AYER, LOS BANCOS LO ESTABAN PONIENDO PARA ASEGURARSE DE QUE SE ENTREGARÍA, FUNCIONA A LA 1:43 PM

ESTA MAÑANA, MIENTRAS HABLAMOS, HAY PERSONAS QUE RECIBEN SU PAGO, COMO LES DIJE, CIERTAS PERSONAS TIENEN PRIVILEGIOS QUE USTEDES TODAVÍA NO TIENEN, ALGUNOS DE USTEDES SERÁN ELEVADOS HASTA AQUÍ EL LUNES, HOY, NOSOTROS NO SOMOS UNO DE ESOS EN ESTE MOMENTO A LA 1:44 PM

ASÍ QUE MIENTRAS HABLAMOS, ESTÁN PAGANDO A LAS PERSONAS, SE DICE QUE USTEDES SE VAN A DAR, DÉJENME VER, A PARTIR DE ESTA NOCHE, DESPUÉS DE LAS 5 PM. Y TODOS DEBEN HABER COMENZADO EL SÁBADO Y HASTA EL LUNES. HAN COMENZADO A PAGAR. YA LO ESTOY RECIBIENDO. 16 DE AGOSTO. AYER LO PROBAMOS. LOS CHICOS AL FRENTE DE LA FILA HAN ENTRADO OTRA VEZ. PERO ESTAMOS SOLO UN PAR DE HORAS DE ATRÁS. AYER. ESTABAN ESPERANDO RECIBIR SUS CORREOS ELECTRÓNICOS. DE LA TESORERÍA PARA COMENZAR A LA 1:46 PM. 

Y NOSOTROS ESTÁBAMOS ESPERANDO RECIBIR NUESTRO CORREO ELECTRÓNICO PARA COMENZAR. VEREMOS CÓMO VA. NO HAY MUCHO DE QUÉ HABLAR. PERO SE ACABÓ. NOS DIJERON QUE ESTÁ FUNCIONANDO Y SE ACABÓ. UN PAR DE HORAS ANTES DE QUE LO HAGAMOS. DEBERÍAMOS TENER LOS NÚMEROS 800 ESTA NOCHE A LA 1:47 PM. 

EN REALIDAD, EL SÁBADO POR LA MAÑANA. DIJERON QUE TENDREMOS NÚMEROS 800 ESTA NOCHE A LA 1:47 PM

EL SISTEMA ESTÁ EN VIVO - SE PROBÓ AYER - Y ESTÁ FUNCIONANDO - DURANTE LA PRUEBA PAGARON A PERSONAS Y ACTUALMENTE ESTÁN PAGANDO A ALGUNOS AHORA - DEBERÍAMOS TENER NÚMEROS 800 ESTA NOCHE - DESPUÉS DE LAS 5 PM - 1:51 PM

 SI NO ES ESTA NOCHE, COMENZARÁ MAÑANA POR LA LUNES - RECIBO ESTO AHORA MISMO ANTES DE QUE COMIENCE LA LLAMADA - ESPERO A VER SI EL BANCO QUIERE QUE LES DIGA ALGO ANTES DE COMENZAR -

Weekend News with MarkZ. 08/24/2024

Reuters: Iraq agrees with BP to develop oil and gas fields.. What is the compensation?, 24 AUGUST

 Baghdad-Mil  

Iraq will share profits with BP to develop huge oil and gas fields, two Iraqi oil ministry officials said on Tuesday, as the country seeks to move away from “low-margin service contracts” to boost production growth and lure back major Western energy companies .

In recent years, a number of major oil companies, including BP, have turned to other countries offering better terms. They complain that Iraq’s “conventional oil service contracts,” under which they pay a fixed amount for each barrel of oil produced after recovering costs, prevent them from benefiting from higher oil prices .

Iraq and BP, which returned after an absence of about five years, signed a preliminary agreement earlier this month to develop four oil and gas fields in the Kirkuk region of northern Iraq, an area from which BP estimates that about 9 billion barrels of oil can be extracted .

The two officials said, according to what Reuters reported, that the contracts with BP to develop the Kirkuk, Bai Hassan, Jambur and Khabbaz fields will be based on a profit-sharing model .

The two officials, who spoke on condition of anonymity because they were not authorized to speak to the press, added that the oil ministry and BP are expected to sign an agreement, the terms of which will not be disclosed, this week, under which Iraq will hand over a data package for the four Kirkuk fields and their facilities .

They added that the final agreement is expected to be completed by the end of this year. While BP said it expects to complete negotiations on the preliminary agreement by the end of 2025 .

In 2013, BP and the Iraqi Ministry of Oil signed a “Letter of Intent” to study the development of Kirkuk. However, this deal was suspended in 2014 due to political circumstances, allowing the Kurdistan Regional Government to take control of the Kirkuk area. Baghdad regained full control of the field from the Kurdistan Regional Government in 2017 after it refused to recognize the result of the Kurdistan Region’s referendum, at which point BP resumed its studies on the field .BP withdrew from the area in late 2019 after the service contract signed in 2013 expired without reaching an agreement to expand the field .

Iraq, the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, the de facto ruler of the organization, has the capacity to produce about 5 million barrels per day .

The Kirkuk field was discovered in 1927 and represents the cradle of the oil industry in Iraq. Officials said that its fields currently produce about 245 thousand barrels per day .

BP said earlier this month that rehabilitating existing facilities and building new ones where needed, along with other measures, would stabilise production and return it to previous levels in Kirkuk.

https://miliq.news/economy/34447–.html