Mazhar Mohammed Saleh, the financial adviser to the Prime Minister, stressed that the geopolitical controls imposed on informal trade contribute to expanding dealing with official outlets of foreign currency, which contributes to financing foreign trade through the sober international financial system
He pointed out in his speech to {Euphrates News} that “this shift aims to move away from informal financing from the parallel market to the dollar intensively, especially with changing the behavior of small traders in avoiding the parallel market associated with the problems of regional and geopolitical countries.”
Saleh added that “this transformation comes in the context of the importance of rising foreign reserves for Iraq and confronting money smuggling operations, as well as facilitating external transfers through Iraqi banks that deal with international banking correspondents, at an official exchange rate of 1,320 dinars per dollar.”
He also stressed that the end of the compliance platform phase adopted by the Central Bank of Iraq in the past two years and the country’s entry into a new stage have contributed to providing great flexibility in financial transfers through official channels.
The Iraqi Ministry of Finance announced on Sunday the results of the meetings that took place with the International Monetary Fund in the Jordanian capital Amman, where it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, in a move aimed at enhancing financial stability and supporting the national economy.
A statement issued by the ministry, received by Mawazne News
The Iraqi delegation, headed by Finance Minister Taif Sami Mohammed and the Governor of the Central Bank of Iraq, concluded its meetings with the International Monetary Fund from 24 to 26 February 2025, where Iraq’s economic performance and prospects for sustainable growth were discussed, indicating that the progress achieved in various economic sectors was assessed.
The statement pointed out that the discussions focused on macroeconomic indicators, as a significant growth in non-oil GDP of 5% was recorded for 2024, supported by the expansion of the agricultural sector and increased public spending, indicating that growth was expected to continue by 3.5% in 2025, reflecting an improvement in economic diversification and reducing dependence on oil, which enhances the stability of the national economy.
The modernization of the public debt strategy was also discussed, stressing the importance of developing the banking sector to support investments and attract foreign capital, contributing to improving financial stability.
The International Monetary Fund stressed its support for Iraq in developing fiscal policies by providing consultants and experts to help the ministry manage public debt and improve the tax system.
Within the framework of promoting financial stability, it was agreed to intensify cooperation with foreign correspondent banks, which contributes to facilitating foreign trade financing and promoting the use of the Iraqi dinar in major transactions.
In conclusion, the statement stressed that the meetings confirmed the continued progress in financial and economic reforms, reflecting the commitment of the Iraqi government to achieve financial sustainability that supports development and drives investment, in light of an ongoing strategic partnership with the International Monetary Fund.
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 tier 4b people it’s another day another dollar …I only get to keep a dime… come on baby. It’s RV time.
Member: Am I the only one that thinks we’re so close but still so far away?!? I hate to be so negative but holy cow this is never ending journey.
Member: I understand the depths of frustration, it's like our lives are standing still
Member: Someday we will look back at this loooong wait and know it was worth it.
Member: It sure feels like news has stopped everywhere….very quiet in Dinarland over the weekend.
Member: Have you heard any good RV news over the weekend Mark?
MZ: There is a huge amount of hype going on for tomorrow. If I am hearing this- I am sure you all are hearing it too. Big expectations going on right now on the RV side.
Member: So if it’s plastered all over the place….guaranteed no notifications will happen.
MZ: I don’t know. By now, whenever everybody is saying its time. We all, at this point assume it’s not happening. We are numb. Boy who cried wolf , wolf, wolf…..noone believed him…no one was listening anymore……but finally the wolf was really there. So maybe this is positive
Member: Many think Trumps State of the union address to the nation will be big tomorrow night.
MZ: And Kurdistan oil is supposed to start tomorrow as well. The pipeline is ready. So along with the State of the union speech…it should be a big day tomorrow. We may even see a softball pitch about Nesara.
Member: Trump tweeted tomorrow will be big. He will tell it like it is. I’m super excited to see what he is going to say.
Member: Trump just announced an investment press conference at 1:30 EST today.
Member: Any bond information Mark movement on any of your bond contacts thank you
Member: Isaac said things moving very quickly
MZ: Where do I go without getting anyone in trouble? I know so many historic bond contacts that are scheduled for final contracts on Tuesday….I did get information over the weekend that makes me difficult for me to say anything …..I should not say more than that until I get clarifcation.
Member: Let’s hope that is very good news.
MZ: In Iraq: “Masher Saleh : Geopolitical controls push for the shift to official channels for currency trading”
He is an economic advisor to Sudani and he is talking about how successful they are with economic reforms. Being able to track everything now has made a huge difference. They are still talking about raising the value of the dinar and giving purchasing power to every Iraqi. .
MZ: “Iran’s Parliament fires minister of finance over plummeting Rial and mismanagement” They are saying it’s all his fault. They forget to say they spend a ridiculous amount of their GDP on military funding and terrorist organizations…
MZ: Iraq is working closely with the Government of Switzerland for the massive amount of money that was moved in 2003. These are funds that were embezzled out of Iraq. They are trying to settle all these old crimes and corruption. They want all these funds to be returned to the government of Iraq.
MZ: With Nesara/Gesara….They have to clean things all up …I think they are doing it right now.
MZ: “Crypto spikes as Trump discusses strategic reserve ahead of White House Summit” Big announcement this weekend…..They put Bitcoin and Etherium in it. What the Trump team is putting in there provides for a free standing financial system outside of SWIFT and Central Banks. If anything in there is actually gold or asset backed…we would have a complete slam dunk. They have the ability to do that quickly. XRP is also one of those.
Member: I see xrp being = to 1 ounce of gold and xlm to 1 oz silver
Member: Didn’t President Trump say at the end of Feb. They could no longer use the US dollar in Iraq and Iraq?
MZ: They were shooting for that date. They have come close to that. The last week or so they have really clamped up on dollar flows to Iran.
Member: Markz- is this the closest you've ever seen this RV happening ?
MZ: There are so many balls in the air right now…and it could all come together very quickly. But this is absolutely the closet I have ever seen us.
Member: Everyone in my world thinks this will never happen. Can’t wait to say, “see I told ya”!!
Member: Out of 340 million people in USA only 1 million will be exchanging. See how blessed we are!
Member: when you watch the clock it seems to go into slow motion ... live life & glance at the clock occasionally ... don't worry be happy ... lol ... we're about there ...
Member: Thanks everyone. Have a great day
Member: Hang in there- It’s always darkest before the dawn!
Mod: NO PODCAST TONIGHT! SEE YOU ALL BACK TOMORROW AT 10:00 A EST! FROM NOW ON NO MORE NIGHTLY PODCASTS ON MONDAYS AND FRIDAYS
Shafaq News/ A delegation from the Kurdistan Regional Government (KRG) arrived in Baghdad for talks on resuming oil exports via Turkiye’s Ceyhan pipeline, informed sources revealed on Sunday.
“Representatives from the KRG’s Ministry of Natural Resources are meeting with officials at the Federal Ministry of Oil to address outstanding issues, including the restart of oil exports from the Region’s fields and operational concerns of oil companies,” one source told Shafaq News.
Another source noted that the meeting, initially scheduled for Tuesday, was moved up due to recent developments but declined to provide further details.
The discussions follow an invitation from the Federal Ministry of Oil to international oil companies operating under the Association of the Petroleum Industry of Kurdistan (APIKUR) and the KRG’s Ministry of Natural Resources to attend a meeting in Baghdad on March 4, 2025.
