Among Them Is Iraq.. The Country That Bought The Most Gold In 10 Yea
Money and business Economy News - Follow-up Governments store thousands of tons of gold bullion in their vaults, as the precious metal is considered a safe haven. Iraq has become one of the most popular countries in the world in buying gold and boosting its reserves of the yellow metal.
The economic website "RBK" published a report, based on data from central banks around the world, the International Monetary Fund, the World Bank, and the World Gold Council, highlighting countries' purchases of the yellow metal from 2013 to 2023.
According to the report, central bank purchases in the world at the end of 2023 amounted to about 1,037 tons of gold, which is the second largest volume ever purchased on an annual basis.
The report showed that Russia, China and Turkey were at the forefront of gold buying countries during the mentioned period, as the three countries’ purchases amounted to 2,903 tons of the resonant yellow metal. https://economy-news.net/content.php?id=49703
Economist Identifies Main Reason Behind Dollar's Rise
Today 11:46 Information / Baghdad.. Financial and banking researcher Mustafa Hantoush confirmed today, Monday, that the demand in the parallel market is the reason behind the rise in the dollar exchange rate. Hantoush said, in an interview with Al-Maalouma Agency, that "the main reason for the rise in the exchange rate of the dollar against the Iraqi dinar is the demand in the parallel market."
He added that "the huge trade with neighboring countries and the number of travelers estimated at millions caused an increase in demand in the parallel market," noting that "some small traders do not have licenses or companies to import."
He explained that "fears of wars in the region push traders, markets and citizens to exaggerate the quantities imported and purchased, and also push some to save dollars."
He continued: "There are no problems in the Iraqi supply chains from (Turkey, Canada, Australia, China and India) and there are no concerns about the liquidity of the dollar in Iraq." LINKLINK
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, All!! I hope your weekend was fantastic, and Happy Veteran's Day!!
Member: Thank you to all the Veterans for all of their sacrifices for our country!
MZ: We give all the Veterans our utmost gratitude. Thank you
MZ: An interesting weekend in Iraq, We are joined for a reading on Armistice Day. We honor our Veterans.
Member: How much longer can they push this out, too many barely surviving..
MZ: We do not know the timing but, there is a massive push in Iraq to go before Dec. 10th. They say that’s when they want to be complete – so IMO they need to go sometime this month. That makes the most sense.
Member: Another guru said redemption center appointments should start on 26th, why would they start on Thanksgiving week?
Member: I would be Thankful to see the RV that week for sure. Or sooner!
Member: Many are saying that by Tues.12 Nov. we should have a shotgun start.?
Member: I listened to militiaman last nite...he doesnt think it will be 2025...but VERY SOON now!
Member: Goldilocks doesn’t think it will go until first part of 2025 because that is when some banking laws take affect.
MZ: Goldilocks may be right……but we will see.
MZ: So far this morning it is very quiet on the bond side. But that is to be expected. On the west coast they don’t start moving around until 2-3 pm est in the afternoon . I hope to have a very solid update on the bond side this evening.
MZ: CMKX also silent over the weekend.
Member: So no RV until Trump officially takes office on Jan 20th?
MZ: I have simply not heard that ……80-90% of my contacts believe we will be going before Dec 10th. There are a few outliers opinion that we wont be going until Trump is in….but the overwhelming majority believe we will go between now and Dec. 10th.
Member I beleive we are on the threshold.
MZ: In Iraq they were very busy and working over the weekend. That is where I am going to focus this morning.
MZ” “Government spokesman reveals the most important features of the Sudanese and Trump communication” This article really gets into the discussion. Trump believes Iraq can be a very calming influence in the region. They had spoken a number of times already. I believe at least 3 times since Trump was elected. The two sides stressed moving forward with relations between our countries and they also talked about money, technology and Iraq’s role in it…..you have to know Trump has a interest in iraqs ascension and change in Value. It would bring financial stability to the US and peace and prosperity to many parts of the world. This is very encouraging.
MZ: Iraq is talking right now about how many things they can now move forward on now that they could not move forward with before – when they did not know which administration was going to be running the US. It seems the Iraqi people are excited about Trump being elected as now they know where they stand and can move forward with their reforms ……I found that very interesting as I read their weekend news articles. .
MZ: Benjamin Netanyahu also spoke at least 3 times with Trump on to bring things to a conclusion in Israel and end the conflict.
MZ: “ A Turning Point in fiscal policies-What happens after the dollar movement monitoring platform?” this is all about the auctions .
They talk about the mechanisms in securing the US dollar for trade. How is it now going to function? Well the Iraqi banks will be sovereign. They will be working with an organization in the US and this may shock people.
MZ: “The advisor for the Prime Minister announces the mechanisms of support of the US Treasury to Iraq” Not the Federal Reserve. So it’s the US Treasury in charge of the movement of money , securely moving money and handling loans to Iraq if any of them need forgiving or adjusting. So who is working with Iraq to make sure banks are modernized and secure? The US Treasury. No longer working with the Federal Reserve.
MZ: This is huge because we were told one of Trumps plans is to fold the Federal Reserve into the US Treasury and do away with the Fed as we know it now.
Member: I think this is huge…..and good by Jerome Powell.
Member: Stock market news is talking about Warren Buffet is getting ready to go on a massive shopping spree when the market recorrects
MZ: That makes sense
MZ: “ Parliamentary Finance reveals a move to question the Governor of the Central Bank of Iraq. We are working to change it” Iraq has some antiquated laws that Alaq is past the retirement age. Some say he should already be retired…..But parliament is working on changing that law so he can continue to work.I think this is important as they get close to changing their rate….
Member: Alaq needs to finish the RV that he started.
MZ: “ Elon Musk Reposts call to end the Federal Reserve Bank” He says the Federal reserve bank has deviated from the constitution and this is another reason why we should “End The Fed” The constitution does not allow for the Federal Reserve. So they can remove it. Elon Musk and Judy Shelton is a big fan of this. There is also growing influence for this by Rand and Ron Paul. We will see “End the Fed” picking up speed.
Member: Come on QFS and new USN asset backed currency!!!!.
MZ: “Sudani heads to Saudi Arabia to participate in Arab and Islamic summit” They are working on establishing peace in the middle east right now.
MZ: In Vietnam: “ Vietnam Central Bank ready to sell US dollars to keep exchange rate stable” so they are going to sell US dollars and bring back in Vietnamese dong off the streets. What did we say about the pivot and auctions ending….A similar thing is happening in Iraq. They pull Dinar and dong off the streets to support its value. I believe they are about to change their exchange rates.
Member: MarkZ, IYO, is the VND going to RV at or above $!?
Member: Even if worst case scenario all currencies go 1 to 1 at the start……It will be a huge ROI (Return on Investment) for all of us.
MZ: I still expect the dong to go at the same time.
Member: What is your gut prediction saying today Mark?
MZ: I am waiting for a bond update today before I give you that.
Member: Mark do you think some are the bond people are under an NDA?
MZ: Yes I do. But whether or not they have been paid- in all certainty I don’t.
Member: Do you think the Iranian Rial will go at the same time as the dong and dinar?
MZ: I do not think the Rial will be in the first basket. I wish it were- but do not think it is.
Member: “Veterans are a symbol of what makes our nation great, and we must never forget all they have done to ensure our freedom.”
Member: Happy Veterans Day to all who served!! We appreciate and thank you all!!!
StacieZ joins the stream today. Please listen to the replay for her 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
Sat. 9 Nov. 2024 Wolverine: “The RV has started. Thank you God.
Everyone’s saying that by Tues.12 Nov. we should have a shotgun start. Everything is going at once. The bankers had a meeting and said that Zurich has already started.
The codes were locked in a couple of days ago. Remember Tues. 12 Nov. is when we expect things to roll.”
The Association of Private Banks announced on Saturday a high financial inclusion of electronic payment during the last two years.
“During the last two years, there has been progress in terms of increasing financial inclusion and the use of bank accounts, especially after government decisions regarding increasing the use of electronic payment,” said Ali Tariq, executive director of the Association of Private Banks, in a statement to the official agency and followed by “Economy News.”
He pointed out that “there are many citizens who have bank cards or bank accounts and the start of using electronic payment is clearly and gradually increasing, and all of these are reflected in the financial inclusion rate, which has risen according to the latest Central Bank data to 48%.”
He added: “Our ambition in the next phase is to increase financial services and be directed not only in city centers but also in villages and rural areas so that there are financial services that include the largest possible class of society.”
On Friday, Prime Minister Mohammed Shia Al-Sudani issued several directives to expand financial services in the governorates.
The Prime Minister’s Information Office stated that “within the framework of the efforts to reform the financial and banking system, as one of the priorities of the government program, and given the important steps achieved during the past two years, and in light of the challenges witnessed by the financial and banking system, especially in the governorates, and since confronting them requires greater attention and radical improvements to ensure the strengthening of confidence in the financial and banking sectors, facilitating the process of economic development, increasing financial inclusion and raising its indicators throughout the country. Because most of the events were concentrated in the capital Baghdad, Prime Minister Mohammed Shia Al-Sudani directed a number of steps in this regard:
1. Increasing the number of banking branches in the governorates to meet the needs of the local population, and in a way that contributes to expanding the scope of financial services, while paying attention to buildings, their modernity and providing their basic requirements.
2. All banks in the governorates must adopt modern technologies such as online banking services and mobile applications, making it easier for citizens to access their banking services easily.
3. Emphasizing on banks the importance of developing their financial services commensurate with the needs of individuals and small companies, such as soft loans and savings accounts.
4. Enhancing financial inclusion in the governorates by providing banking services to different categories of society, including districts and areas in villages and rural areas.
5. Launching conferences and awareness campaigns in the governorates, to educate citizens about the importance of dealing with banks and how to manage and invest funds properly.
6. Organizing workshops to train young entrepreneurs and local entrepreneurs on how to deal with loans and financial services.
He added that “the Ministry of Finance, the Central Bank of Iraq, and the associations of Iraqi private and Islamic banks will coordinate with the offices of governors to complete the above tasks according to competence and responsibility, and submit quarterly reports (every three months) to the Prime Minister’s office on the progress of work on the steps mentioned above.”
