When people were buying dinar from banks here in the United States there was a difference in the exchange rate. One bank was 1% another bank was 2%...
I bought mine from an American Chase Bank.
I asked them where did they get their dinar, they got it from Bank of America. It specifically came out of Saint Louis.
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Breitling
Right now I don't have confidence in Iraq's economy because what's at stake, what's going on. Even if they build a minor version of what they want to do [Development Road Project], it's not going to be as big as what they need it to be.
They needed to pick the right side [East or the West], they didn't.
The indicators that they didn't pick the right side is that Hezbollah and Hamas were going to build their headquarters in Iraq...
It doesn't look like they're going to be part of our markets.
They're making bad bad moves right now. For the first time. Hezbollah is a shell of what they used to be so we'll see how things work out.
The Ministry of Industry announced on Monday the launch of 255 opportunities for partnership with the private sector in various fields, and while confirming attracting investments worth $3.5 billion, it explained the importance of the Industrial Partnerships Forum held recently.
The Director General of the Ministry’s Investment Department, Adel Al-Jubouri, said in a statement reported by the official news agency, and seen by “Economy News”, that “the recently held Industrial Partnerships Forum was as a complement to previous forums and conferences, where the Ministry held the Mining Investment Conference in May last year as well as a forum for partnerships in Basra governorate at the end of 2023, through which nearly 120 opportunities were announced to partner with the private sector at a rate of 30 opportunities in the conference and 90 in the forum,” explaining that “the forum is a continuation of what has been announced and what we have made and successful experiences.”
He added that “these opportunities were represented in an investment in mineral wealth, mechanical industry, electrical industry, pharmaceutical industry, construction industry and others, in addition to announcing the development of two industrial cities, the first in Basra and the second in Dhi Qar governorate,” pointing out that “the forum was attended by Arab and foreign investors and companies of various disciplines.”
He added that “a number of companies have begun to make their offers in obtaining opportunities to partner with the private sector and public formations,” explaining that “the government’s direction has begun to move towards the supervision and follow-up of industrial projects, and support for the private sector through the establishment of projects by the private sector itself or partnership projects with public sector companies.”
He stated that “during the announced opportunities, we have attracted funds of up to 3.5 billion dollars, in investment in mineral wealth and phosphate fields in Akashat and sulfur fields in Mashraq, so there is economic feasibility to attract external capital invested inside Iraq and then grow for industries.”
He stated that “this also aims to employ the workforce and obtain our public companies a free share of the profits from these projects, which will generate industrial integration towards the self-sufficiency of these industries.”
He stressed that “one of the conditions that set for the declaration of previous and current opportunities is the employment of labor, as any project that arises in any industrial area will be the nucleus of social benefits, as there will be cities built near these projects and infrastructure projects, electricity and water to an integrated social fabric around these projects,” pointing out that “the results will be positive not in terms of employment, but it is possible to establish cities adjacent to these industrial projects.”
He stated that “the total number of what was previously launched is 120 opportunities and now 135 opportunities have been launched, so the total is 255 opportunities and we are conting to do so,” pointing out that “we opened the door to any Iraqi, Arab or foreign investor. Whoever has an idea to establish a project does not mind concluding partnership contracts to implement these ideas.”
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: Happy Columbus Day
Member: Hope everyone has a chance to enjoy a day off for Columbus day. Mods thanks for being here.
Member: So the PTB wasted another 3 day weekend and did nothing…..again. Hope Mark has encouraging news today.
MZ: On the bond side there is a lot of expectations for this week. There are a number of meetings occurring today that should give us a better idea on timing, rumors and progress. I should hear about these sometime this afternoon.
MZ: the last update was they are ready and waiting for permission …they have completed all the steps and just waiting for the green light.
MZ: There was a lot of news this weekend coming out of Iraq. “Prime Minister: Iraq is witnessing unprecedented economic development and a stable political system” He is using very important key words. Dr. Shabibi (Former governor of the CBI and architect of the RV) had told us if they gave him a safe and stable Iraq- he would give them a higher revaluation or reinstatement
MZ: Iraq is the most stable country in the region and becoming a leader
MZ: “The Iraqi Trade Bank announces the imminent opening of a cash deposit center in Karkh” . Everyone is bringing in cash in exchange for the convenience of electronic banking. They are modernizing quickly.
MZ: “Finance disburse allocations for employees of the General Tax Authority” They are paying the first 2 quarters of salaries for 2024….Money is moving suddenly . this includes the Kurdish Region.
MZ: We are hoping for an HCL and WTO update this week as well. Members of the Finance ministry are hoping for a full timeline update or full acceptance of both this week.
MZ: From Finance ministry “Non-oil budget imports will reach $30 Trillion dinars next year” This is big. This is the money made by everything not oil and shows more stability in the Iraqi economy.
MZ: “Iraqi oil stabilizes at $75 a barrel.” Anything over $70 makes it easy for an RV. This is one of the benchmarks we were told to watch for.
Member: GM ! My local bank now has the new USN counting machine for use When needed! As per the bank manager !
MZ: They are definitely preparing
Member: Is it possible for Iraq to complete the file for WTO ascension, they had to negotiate trade tariffs with member countries based on a new exchange rate?
Member: I wonder how the October 20, 2024 elections in Kurdistan will impact Iraq's political stability and efforts to address corruption?
Member: I wonder if Iraq has to have the REER before the WTO? (Real Effective Exchange Rate)
Member: Is the Bolivar one of the currencies that may follow behind the dinar and dong?
Member: We have been told it’s in the first basket…..but no one knows the rate yet.
Member: Wolverine said Whales are testing the QFS payment system ...
MZ: they have been testing for awhile now…..I absolutely agree with that.
Member: I think the BRICS Summit is going to be huge…just 2 weeks away
MZ: I am looking forward to the BRICS meetings this month.
Member; What is your gut feeling Mark?
MZ: My gut feeling is screaming I’m going to finally get to call it quits before Halloween. I am so darn hopeful we are on the short and skinny side of this thing.
Member: Oct 20th - I heard Marshall Law is enacted & the 10 days of darkness officially begins. Also, the Q clock officially showing an ending on the 30th. We'll see what transpires in the next week or so...
Member: Some platforms are saying to go to the bank for exchange of your foreign currency and some say redemptions center for a better exchange. What are your thoughts?
Member: Redemption centers are affiliated with Redeeming banks….They may be in empty offices or floors of existing banks…..or separate buildings depending on population of that area…..The redemption center staff work for banks…..and have been specially trained to exchange our foreign currency…..
Member: Thanks to everyone….have a great day
Member: Hope everyone has a blessed day
Fernando from the ATB and StacieZ join the stream today. Please listen to the replay for their information
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
Ministry of Finance announces release of more than 400 billion dinars from governorate allocations
10/13/2024
The Ministry of Finance announced that it is about to release more than 400 billion dinars from the governorates’ allocations today, Sunday.
Finance Minister Taif Sami said in a press statement: "The ministry will release today more than 400 billion dinars from governorate allocations."
She pointed out that "financial allocations have been secured for the ration card and the food basket, sufficient for the next six months."
Regarding the revenues generated from exporting the region’s oil, Sami said, “The regional government has not handed over its oil revenues to the state treasury since the Federal Court issued a decision to pay the salaries of Kurdistan employees, noting that the salaries of the region’s employees are estimated at 13 trillion dinars.”LINK
MZ: I do know of a couple redemption center folks/wealth management contacts who are working this weekend. They don’t know if its this week or next week but very much expect it to happen in the month of October. So they are putting in extra hours to be prepared. They are putting in extra hours to be ahead…taking care of existing customers so that they have no diversions when they expect us.
MZ: I think it’s very encouraging that they are so convinced they will see us in the next couple of weeks that they are putting in extra hours so when it goes …they can focus on all of us “new” customers.
MZ: I was really surprised , but long ago I talked to one who has been in this since the beginning…..at first he thought I was coo-coo….but then he called and said “you are not going to believe this –we are going to handle foreign currency…..can you bring yours in so we can practice exchanging and train them?” He has kept up with this and now has currency himself. He loves his job and will keep working but says it will be different now because he won’t need the money.
