“I have a definite confirmation on a Farm Claim being paid that came in today. This thing is moving forward.” … “It’s all coming. Sorry to cancel the call, but there’s been a hiccup. This is the week we’ve been waiting for. It might be in an hour, or tomorrow.
It’s all looking beautiful.
This is our week.”… “Most Whales have had all contracts signed and everything is ready to go.
I spoke to one personally and he was very emotional as he has been waiting for this for 30 years.
He has a huge project to help humanity. Get ready everyone as this is it and it’s real this time now and no hopium as people say it is. God bless you all. Wolverine.”
Iraq, heavily reliant on oil revenues, allocates a significant portion of its budget to imports, a practice that has persisted over the years. As of August 2024, it is reported that the country spends nearly half of its budget on purchasing goods and services from abroad. This expenditure pattern underscores Iraq's need to import a wide range of products that it cannot produce domestically.
Major Import Suppliers
The countries at the forefront of supplying Iraq with these imports have been identified as major trading partners. These nations play a crucial role in fulfilling Iraq's demand for various commodities and manufactured goods. The specific list of top suppliers varies based on the type of goods and services Iraq requires and the prevailing trade agreements at any given time.
Impact of Import Spending
The high import spending has implications for Iraq's economy and budgetary planning. It affects the country's trade balance, potentially leading to a trade deficit if imports significantly outweigh exports. Moreover, the reliance on imported goods can stifle the growth of local industries and businesses, which might struggle to compete with foreign products.
Budgetary Measures
In an attempt to address budget rigidities and manage fiscal space, the Iraqi government has implemented various measures. These include the introduction of a multi-year budgeting approach by Prime Minister Muhammad Shia' Al-Sudani, encompassing the fiscal years 2023-2025. Such measures aim to enhance long-term planning and economic stability.
Economic Recovery and Oil Sector
Despite efforts to stabilize the economy, Iraq's recovery has been hindered by factors such as oil production cuts and disruptions in the oil sector. The OPEC+ supply restrictions have led to a decline in oil output and exports, which in turn affects Iraq's main source of revenue and GDP.
Iraq spends half of its budget on imports, and these countries are at the forefront of suppliers
The Ministry of Planning revealed "the volume of Iraq's annual imports."
The Ministry's spokesman, Abdul Zahra Al-Hindawi, said in a statement to the official media, that: “Iraq imports many goods and merchandise from various countries of the world, including foodstuffs of various kinds and shapes, including electrical, construction, engineering, chemical, agricultural, medical, health supplies, and cars.”
He added, "The volume of annual imports reaches no less than 50 billion dollars."
He continued, “Iraq imports from the countries: Jordan, Turkey, Iran, Saudi Arabia, the Emirates, China, India, Japan, Brazil, the United States, and a number of European countries link
Thank you MarkZ for all your time, and encouragement daily….. PDK
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 Mark and peeps. Is today the day?
Member: Hard times can lead ordinary people to achieve extraordinary things.
Member: This has been a crazy quiet week so far
Member: Bruce big call said maybe this weekend?
Member: Well this is a Three Day Weekend ...
Member: Sky Prince is calling for it to start within 24 hours
MZ: A lot of people calling for it to start within 24 hours.
MZ: There is a whole lot of chatter with groups who are expecting money movement at any moment or over the weekend.
Member: Are redemption Center staff working this weekend?
MZ: Don’t know yet….I will find out closer to the weekend. The rumors out of the groups are everybody will be working this weekend. Group leaders are all charged up and ready.
MZ: We heard rumors it was happening Monday Night…than last night….now the rumors are for this weekend. I won’t get excited until I know real people with spendable money in their pockets.
Member: Last I heard, everyone was waiting on everyone else to pull the trigger.
Member: I wonder what exactly are they waiting on????
Member: I don't care who is right 1st... Only that this blessing arrives.
MZ: Think of it this way….As a bubble. You when you are blowing a balloon ..sooner or later it’s going to pop. That is where we are not. We continue to put air in the bubble …and we know its inevitable it’s going to pop….We just don’t know exactly which puff will pop it.
MZ: When you play hot potato…everyone knows it will go off. They don’t know who is holding the hot potato when it does. I am as frustrated as you all are.
Member: If farm claims are being paid….We know things are moving…We are just in a long line waiting for our turn.
Member: Usually when you are at the end- its very quiet on purpose- then things start to go like hotcakes.
Member: Slowly, Slowly, SUDDENLY
MZ: I think we are finally at the suddenly part.
MZ: Jim Rickards is looking for a crash to start as early as today.
Member: Will Afghanistan be in the first basket?
MZ: I do not think Afghanistan is ready to go in the first basket.
Member: I am just praying the Venezuelan Bolivar is in it……
Member: Anything new on HCL or bonds?
MZ: unfortunately nothing new. But we hear Al Alaq (Governor of the CBI)is to go from New York to DC today . We are hopeful it means something….
Member: Al-Sudani announces the completion date of the first phase of Al-Faw Port: It will be a qualitative addition to the region
Member: Did you see Warren Buffet dump a pile of BOA stocks?
Member: BREAKING: Warren Buffett sold another $981 million in Bank of America shares.
Member: My moms credit union only gave her 10 checks. She asked is it because of the RV? The lady just smiled and winked
Member: Thanks Mark and Mods…..everyone have a wonderful day
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
Revealing the Main Currency Used in Iran's Trade With Iraq in 2024
The Bilateral Trade Landscape
In the dynamic landscape of bilateral trade between Iran and Iraq as of August 2024. the currency in focus for transactions has been the Iranian Rial. Shaaban Forotan, a member of the Board of Directors of the Joint Iranian-Iraqi Chamber of Commerce, has revealed that the majority of trade activities between the two nations, particularly at the level of traders and exporters, are conducted using the Iranian Rial.
The Shift in Currency Preference
This significant shift towards the Iranian Rial in bilateral trade is indicative of a strategic move to bypass certain economic challenges. While the dollar has traditionally been a dominant currency in international trade, the current trend shows a notable departure from this norm. Financial transactions between Iraq and Iran have increasingly favored the Rial, with traders and exporters opting to conduct their business in this currency.
The Role of Sanctions
The preference for the Rial can be attributed, in part, to the sanctions imposed on Iranian banks, which have complicated transactions in other currencies. This has led to a practical adaptation by traders who have found alternative methods to settle their accounts through their networks in Iraq, Iran, or third countries such as the United Arab Emirates, without direct recourse to dollar transactions.
Challenges and Opportunities
Despite the challenges posed by fluctuating prices of Iranian goods in the Iraqi market.
the increasing reliance on the Rial within bilateral trade offers potential opportunities for both economies. The move not only reflects a strategic response to external pressures but also highlights the resilience and adaptability of the trading relationship between Iran and Iraq.
Conclusion
As of August 2024, the Iranian Rial has emerged as the main currency used in the trade between Iran and Iraq. This development underscores the evolving nature of bilateral trade dynamics and the strategic adaptations made by traders and exporters in response to prevailing economic conditions and sanctions.