The financial adviser to Prime Minister Mazhar Mohammed Saleh praised on Saturday the move of the Central Bank of Iraq towards issuing a digital currency, considering it a qualitative leap that enhances transparency and control over financial flows, improves control over capital and external transfers and supports efforts to combat money laundering.
Saleh told the official agency that “the Central Bank is moving to issue digital currency as a gradual alternative to paper currency,” noting that “this trend represents a qualitative leap in the national digital payment system.”
He added, “This step will achieve many benefits, including reducing cash leakage, reducing printing costs and reducing the circulation of paper currency outside the banking system, as well as reducing the need to print money frequently, which reduces the costs associated with its production and distribution, in addition to enhancing transparency and control over financial flows and the possibility of tracking digital liquidity and spending trends, whether consumer, savings or investment, in addition to improving the control of capital and external transfers, and supporting anti-money laundering efforts.”
He pointed out that “digital currencies contribute to achieving financial inclusion, especially for the least integrated groups in the banking system, which contributes to promoting economic and social integration.”
He stressed that “the transition to the digital currency requires a strong technical infrastructure that includes reliable and advanced Internet networks and advanced cybersecurity systems to protect data and transactions, as well as promoting the culture of social acceptance of digital currencies, starting from government agencies, through their use in collection operations and official transactions.”
He explained that “digital cash will maintain its traditional functions as an account, payments and savings unit, with the possibility of using it via the Internet and smartphones, which will contribute to the development of a more stable and efficient financial environment.”
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….It is Saturday and we shall see what the weekend brings…
MZ: We start with Matt and Lucas at CBD Guru’sfor the first 45 minutes before the news.
Member: March 1, another month bites the dust. Now, the Ramadan is on for the next 30 days...but, I'm remaining hopeful ...April, May is certainly looking awesome...
Member: With bond people staring to get paid- Does that mean we have a new rate?
MZ: Bond people possibly starting getting paid has nothing to do with the rate we will get on currency. They are two separate gigs. But if they are starting to receive dollars-it very much tells us it is soon. Do we know when? No we do not. Not yet.
Member: Mike Bara says a currency holder has an apt early next week
Member: Wer’nt bonds supposed to be paid out in fiat?
MZ: yes they were…at least the first payments were supposed to be in fiat. Before it transitions.
Member: So do bond people actually have funds now?
MZ: Some of the bond facilitators have gotten spendable dollars….The bond side is pretty quiet this morning ..Groups are working but no updates from them.
MZ: My wealth management/redemptions contacts are working today…I hope to get an update today on what they are working on. Is it wealth management related or exchange related?
Member: One of our listeners stated that Wells Fargo called him and stated that they will be open tomorrow..
MZ: In Iraq: “PKK declares cease-fire with Turkey after more than 40 years of conflict” Kurdish militants have declared a cease-fire with Turkey. It is time to lay down arms and have peace.
MZ: “After Ocalan’s announcement to lay down arms: Parliamentary moves to end Turkish presence in Iraq” Peace is breaking out in the middle east.
MZ: “Sudanese advisor: Digital currency will reduce money printing and fight money laundering” they will slowly over time transition out the cash. They have an I-dinar which is an asset backed dinar which is a combination of gold, oil and a basket of currencies. This I-dinar also backs whatever cash they have in the country. This is very different from CBDC’s that are backed by nothing.
Member: Mark did Iraq ever revalue their currency before or will this be the first time?
MZ: Iraq has revalued its currency 4 times in the last 120 years. There is a lot of historic precedence for this. I beleive it was in the 1970’s that we last saw Iraq RV a major move “up”
Member: I wonder- is fed-now going to be our digital gold backed currency ??? or XRP ???
Member: I truly believe we are in very close proximity of this happening
Member: Seems that Tuesday in Iraq with the Oil meetings might bear fruit. So much is pointing to March 4th... 3/4... 34... Double 17... I hope I'm right with my suspicion
Member: Keep your eyes and ears open this weekend everyone... Very well could get notifications since we know that Bara shared that his bond guy was scheduled for Currency appointment "Early Next Week"
Member: I am always hopeful for Saturday nights…best time to reset currencies……maybe this is the one we are waiting for?
Member: Enjoy your weekend everyone…..nothing, nothing, nothing…SUDDENLY
Mod: SEE YALL MONDAY MORNING. 10AM EST
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
FRANK26: "YOU WANT SOME MORE... KEEP IT UP"........F26
Treasury Imposes Additional Sanctions on Iran’s Shadow Fleet as Part of Maximum Pressure Campaign
February 24, 2025
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the U.S. Department of State are imposing sanctions on over 30 persons and vessels in multiple jurisdictions for their role in brokering the sale and transportation of Iranian petroleum-related products. Among those sanctioned today are oil brokers in the United Arab Emirates (UAE) and Hong Kong, tanker operators and mangers in India and People’s Republic of China (PRC), the head of Iran’s National Iranian Oil Company, and the Iranian Oil Terminals Company, whose operations help finance Iran’s destabilizing activities. The vessels sanctioned today are responsible for shipping tens of millions of barrels of crude oil valued in the hundreds of millions of dollars. “Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities,” said Secretary of the Treasury Scott Bessent. “The United States will use all our available tools to target all aspects of Iran’s oil supply chain, and anyone who deals in Iranian oil exposes themselves to significant sanctions risk.”
Today’s action is being taken pursuant to Executive Orders 13902 and 13846, which target Iran’s petroleum and petrochemical sectors, and marks the second round of sanctions targeting Iranian oil sales since the President issued National Security Presidential Memorandum 2 on February 4, 2025, ordering a campaign of maximum pressure on Iran and to reduce Iran’s oil exports to zero.
OVERSIGHT of iranian oil exports
Hamid Bovard serves as Iran’s Deputy Minister of Petroleum and chief executive officer of the National Iranian Oil Company (NIOC), which is responsible for the exploration, production, refining, and export of oil and petroleum products in Iran. Through its direct oversight of Iran’s oil industry, NIOC plays a key role in underwriting the regionally destabilizing activities of Iran’s military and its proxy groups, including the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). The Iranian government allocates billions of dollars’ worth of oil each year to its armed forces to supplement their annual budget allocations.
NIOC was designated pursuant to counterterrorism authority E.O. 13224, as amended, on October 26, 2020, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, the IRGC-QF.
The Iran-based Iranian Oil Terminals Company (IOTC), managed by Abbass Asadrouz, is a NIOC subsidiary that oversees all operations at Iran’s oil terminals, including Kharg Island Oil Terminal, through which a majority of Iranian oil flows, and South Pars Condensate Terminal, which accounts for 100 percent of Iran’s gas condensate exports. Sayyed Ali Miri and Gholamhossein Gerami manage the Kharg Island Oil Terminal and South Pars Condensate Terminal, respectively. Iran’s remaining oil exports depart from terminals along the Caspian Sea, including the North Oil Terminal, headed by Ali Moalemi.
Hamid Bovard and the Iranian Oil Terminals Company are being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. Sayyed Ali Miri, Ali Moalemi, Gholamhossein Gerami, and Abbass Asadrouz are being designated pursuant to E.O. 13902 for acting or purporting to act for or on behalf of, directly or indirectly, IOTC.
OIL BROKERS
Iran relies on brokers outside of Iran to facilitate the sale and transport of its crude oil to end users abroad, largely in the UAE and PRC. UAE-based Petroquimico FZE has purchased tens of millions of dollars’ worth of petroleum products from NIOC. In November 2024, Petroquimico FZE used the Barbados-flagged CASINOVA, which is also known as YING GE, (IMO: 9280366), owned, managed, and operated by Liberia-based Le Monde Marine Services Limited, to transport over 200,000 barrels of Iranian oil to the UAE.
Similarly, Hong Kong-based oil broker Petronix Energy Trading Limited (Petronix Energy) has purchased hundreds of thousands of metric tons of Iranian oil from sanctioned Naftiran Intertrade Company, the marketing arm of NIOC, for onward shipment to the PRC. In 2024, Petronix Energy used the Panama-flagged MENG XIN (IMO 9271406) and the Cook Islands-flagged PHOENIX I (IMO 9236248), both of which are being identified by the State Department as blocked property today, to transport the oil.
Petroquimico FZE, Petronix Energy, and Le Monde Marine Services Limited are being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. The CASINOVA is being identified pursuant to E.O. 13902 as property in which Le Monde Marine Services Limited has an interest.
Shadow FLEET OIL SHIPMENTS
Sanctioned Iranian tankers rely on ship-to-ship transfers outside of jurisdictional port limits with non-sanctioned vessels to transport petroleum to foreign customers, obfuscating the oil’s Iranian origin. In September 2024, the Panama-flagged URGANE I (IMO: 9231901), managed and operated by PRC-based Nycity Shipmanagement Co Ltd (Nycity Shipmanagement), loaded Iranian Pars crude oil via a ship-to-ship transfer with a tanker owned by the sanctioned National Iranian Tanker Company. URGANE I has transported multiple Iranian petroleum shipments to the PRC. Like Nycity Shipmanagement, India-based Flux Maritime LLP has served as the technical manager of a vessel that loaded hundreds of thousands of barrels of heavy Iranian crude oil via a ship-to-ship transfer.
Flux Maritime LLP and Nycity Shipmanagement Co Ltd are being designated pursuant to E.O. 13902 for operating in Iran’s petroleum sector. The URGANE I is being identified as property in which Nycity Shipmanagement Co Ltd has an interest.
The Panama-flagged tankers LYDIA II (IMO: 9365776), AYDEN (IMO: 9365764), and FIONA (IMO: 9365752) have transported multiple shipments of Iranian oil to refineries in the PRC. Seychelles-based shell companies Sunny Land Trading Ltd, Green Garden Trading Ltd, and Artemis Heart Ltd serve as the owners, managers, and operators of the LYDIA II, the AYDEN, and the FIONA, respectively.
Sunny Land Trading Ltd, Green Garden Ltd, and Artemis Heart Ltd are being designated pursuant to E.O. 13902, for operating in petroleum sector of the Iranian economy. The LYDIA II is being identified as property in which Sunny Land Trading Ltd has an interest. The AYDEN is being identified as property in which Green Garden Trading Ltd has an interest. The FIONA is being identified as property in which Artemis Heart Ltd has an interest.
STATE DEPARTMENT DESIGNATIONS
The U.S. Department of State is designating eight entities based in Iran, India, Malaysia, Seychelles, and the UAE for their involvement in the sale, purchase, and transportation of Iranian petroleum. Additionally, eight vessels are being identified as blocked property in which these entities have an interest.
Iran-based Kangan Petro Refining Company; India-based BSM Marine Limited Liability Partnership, Austinship Management Private Limited, Cosmos Lines Inc; UAE-based Alkonost Maritime DMCC and Octane Energy Group FZCO; Malaysia-based IMS Ltd; and Seychelles-based Oceanend Shipping Ltd are being designated pursuant to E.O 13846 for having knowingly engaged in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products, or petrochemical products from Iran.
The Gabon-flagged YATEEKA (IMO: 9191553) is being identified pursuant to E.O. 13846 as property in which BSM Marine Limited Liability Partnership has an interest. The Cook Islands-flagged MENG XIN (IMO: 9271406) and PHOENIX I (IMO: 9236248) are being identified pursuant to E.O. 13846 as property in which Alkonost Maritime DMCC has an interest. The Eswatini-flagged AMAK (IMO: 9244635) is being identified pursuant to E.O. 13846 as property in which Austinship Management Private Limited has an interest. The Panama-flagged VIOLET 1 (IMO: 9154000), PETERPAUL (IMO: 9163269) and CHAMTANG (IMO: 9212400) are being identified pursuant to E.O. 13846 as property in which IMS Ltd has an interest. The Gambia-flagged ASTERIX (IMO: 9181194) is being identified pursuant to E.O. 13846 as property in which Oceanend Shipping Ltd has an interest.
SANCTIONS IMPLICATIONS
As a result of today’s action, all property and interests in property of the designated person(s) described above that are in the United States or in the possession or control of U.S. persons is/are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC or exempt, U.S. sanctions generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons.
Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC’s Economic Sanctions Enforcement Guidelines provide more information regarding OFAC’s enforcement of U.S. economic sanctions. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities with designated or otherwise blocked persons.
The power and integrity of OFAC sanctions derive not only from OFAC’s ability to designate and add persons to the SDN List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.
Member: With bond people staring to get paid- Does that mean we have a new rate?
MZ: Bond people possibly starting getting paid has nothing to do with the rate we will get on currency. They are two separate gigs. But if they are starting to receive dollars-it very much tells us it is soon. Do we know when? No we do not. Not yet.
Member: Mike Bara says a currency holder has an apt early next week
Member: Wer’nt bonds supposed to be paid out in fiat?
MZ: yes they were…at least the first payments were supposed to be in fiat. Before it transitions.
Member: So do bond people actually have funds now?
MZ: Some of the bond facilitators have gotten spendable dollars….The bond side is pretty quiet this morning ..Groups are working but no updates from them.
MZ: My wealth management/redemptions contacts are working today…I hope to get an update today on what they are working on. Is it wealth management related or exchange related?
FRANK26: "THAT'S AT 1310... CAN YOU IMAGINE"........F26
Trade: Online shopping in hypermarkets increases by 15% daily
2/25/2025
Baghdad
The Ministry of Commerce announced, on Tuesday, that shopping via electronic payment in hypermarkets has increased to 15% daily.
"All cashiers in hypermarkets have POS devices, and any citizen can pay electronically while shopping instead of paying in cash," said the Ministry of Commerce spokesman, Mohammed Hanoun, in a statement reported by the official news agency and seen by "Al-Eqtisad News." He pointed out that "the Ministry of Commerce recorded an increase in electronic payment in hypermarkets,
which reached 15% daily after it had ranged between 2 to 4%."
He added that "due to government measures, it is expected that electronic payment will increase in hypermarkets during the coming period instead of cash payment.
"