KTFA Members “News and Views” Thursday 7-11-2024
KTFA:
RE: Wed. Night CC: https://youtu.be/arJ5wta8aHk
Buckeyetree: I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news. That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
KTFA:
RE: Wed. Night CC: https://youtu.be/arJ5wta8aHk
Buckeyetree: I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news. That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
Finally, if I understood correctly from recent articles and reports that the dinar will only be sold at the airport starting on the 14th. Also, that Sudani recently had a meeting with the Exchangers who were about to go on strike, and they suddenly changed their tune and reversed their plans, hopefully happily. Sudani is a mover and shaker in a good way. There could be something maybe significant about the 14th just before WTO on the 18th. IMO!!
IMO, not just soccer, those big screens around the country in Iraq may soon serve a dual purpose. For us, it seems past time.
Many banks here and abroad seem to be on the brink of collapse due to large debt.
IMO, the reinstatement of the IQD may bring liquidity and less debt to some of the banks, a banking stimulus. Good leadership and good reforms in Iraq will bring blessings from a once war torn country. Industrial cities, hospitals, railroad, ATMs, vast resources, miracles. Thanks to Dr. Shabibi, Sudani, and Alak. Most of all, Praise God.
Clare: Iraq stops dealing with the Chinese yuan...and the currency basket is an alternative
7/11/2024
The Parliamentary Finance Committee revealed that Iraq has decided to stop dealing with the Chinese yuan in financial transfer
Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred."
He believed that "many decisions by the Central Bank are imposed by the US Federal Bank," according to him.
Al-Kazemi pointed out that "Iraq's money, as we know, is placed in the US Federal Bank as a result of the sale of oil at a rate of 3.5 million barrels per day, and this money enters the US Federal Bank and is not transferred to Iraq in cash, but is transferred to Iraq through transfers issued by the Central Bank and the Federal Bank is notified and then the Federal Bank is convinced of this transfer and commercial transaction and on the basis of it releases amounts to the relevant parties exporting to Iraq."
He noted that "many of the Central Bank's procedures are governed by the American will, and this will may be explained for administrative and financial reasons, non-financing of terrorism, and others," believing that "the reasons are political with the aim of pressuring the Iraqi government," according to his expression.
Regarding the impact of canceling dealing in the Chinese currency, Al-Kadhimi pointed out that "the merchant and the Central Bank have multiple options and not to deal only with the dollar, so this suspension is temporary and not permanent."
As for what the Parliamentary Finance Committee will do in this regard, a member of the committee explained, "We will ask the Central Bank to address the issue and for the currency basket to be diverse, so that the options are more for the Central Bank and Iraqi merchants."
It is noteworthy that Iraq has strengthened its assets denominated in yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about $ 12 billion annually.
Iraq has also moved to strengthen its assets in the Emirati dirham and negotiated an increase in its assets denominated in euros to finance trade with the European Union, and Iraq has also begun opening bank accounts in the Indian rupee for a number of Iraqi banks.
Since the beginning of 2023, the Central Bank of Iraq has issued several decisions aimed at maintaining the stability of the general monetary and economic situation and confronting the risks of fluctuations in the exchange rate of the Iraqi dinar against the US dollar, in addition to facilitating import and export operations by opening new horizons with international banks, including Chinese banks.
Among the decisions of the Central Bank of Iraq is to enhance the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan, as dealing in yuan directly without the mediation of the US dollar contributes to facilitating and accelerating financial transactions, and will reduce import costs and protect against the risks of fluctuating exchange rates within Iraq. LINK
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Clare: A representative of the framework: The 2024 budget will be returned to the House of Representatives and the reason is revealed
7/11/2024
Baqir Al Saadi, a representative of the Coordination Framework, confirmed today, Thursday, that the 2024 budget will be returned to Parliament if it resumes its work.
Al-Saadi told Al-Furat News Agency, "The 2024 budget tables will be returned to the House of Representatives to make minor amendments to them."
He added, "The matter will be completed once Parliament begins its work."
From.. Raghad LINK
Ryan1216: I don’t understand how the budget can be sent back to Parliament when the President signed and sent it to the Gazette for publishing.
Clare: THE AMENDMENTS NEVER GOT PUBLISHED IN THE GAZETTE YET... imo
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Clare: International Chamber of Commerce launches new office in Iraq
7/11/2024
The International Chamber of Commerce (ICC), headquartered in Paris, announced the expansion of its global presence with the official launch of a new office in Iraq.
ICC, founded in 1919 in Paris, has a network of offices in more than 170 countries, representing over 45 million businesses.
The ICC reported that the official launch of the ICC office in Iraq took place at the organization's global headquarters in Paris. The new office is expected to "advance the ICC's mission in Iraq and strengthen the voice of Iraqi businesspeople and chambers globally."
The report noted that ICC Iraq will add to the total number of ICC offices, bringing the count to 92 worldwide.
A delegation from ICC Iraq attended the official launch celebration in Paris, followed by a celebration at the Iraqi Embassy in the French capital.
ICC Secretary General John W.H. Denton was quoted as saying, "The context in which businesses operate today is marked by geo-economic and geo-political tensions giving rise to instability, uncertainty and new challenges in Iraq and beyond. Bringing our mission to Iraq will deliver real value for Iraqi business and the real economies in which they operate."
According to the report, "ICC Iraq will support ICC's institutional objectives for business to foster peace, prosperity, and opportunity for all through local commissions on arbitration and ADR, digital economy, intellectual property, and trade and investment."
The report highlighted that "ICC Iraq's founding members are Abdulrazaq Al-Zuheere, who serves as ICC Iraq Honorary Chair and President of the Federation of Iraqi Chambers of Commerce (FICC), Mohsin Al Hamed, Chair of ICC Iraq and Al-Asriya Group, and Ahmed Alyasiri, ICC Iraq Secretary General and International Organisation Consultant at FICC."
The report concluded by noting that ICC Iraq members, through their office in Iraq, will help shape ICC policies and alert governments to issues of interest to international business. LINK
Clare: Activity Transactions on the FITR Platform
July 10, 2024
TRANSLATION:
Republic of Iraq
Central Bank of Iraq
Directorate of Supervision of Non-Banking Financial Institutions
Exchange Companies Control
Section, Audit and Inspection Division
Issue: 2/22/22 Date: 7/10/2022
Exchange companies / categories (A, B) and mediation companies in buying and selling foreign currencies, category C Activities transactions on the FITR platform /e
Kind regards....Later, with our circulars numbered 20/3/33 and 35 dated 2/4 and 7/3/2024, and regarding your inquiries about the possibility of uploading data after completing each of the company's activities.
We would like to inform you that your companies can register activity transactions, buying and selling foreign currency outside the window, internal money transfers sent and received, external money transfers sent and received, available to the exchange companies Finti A, B via the companies (Western Union, Money Gram) on the FITR platform above by uploading documents. The data is at the end of the working day, with the exception of dollar sales transactions to traveling citizens, which require real-time recording with respect.
Mr. Dr. Ammar Hamad Khalaf
Deputy Governor Agency
7/10/2024
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7/11/2024 Baghdad - WAA - Fatima Rahma
The Financial Supervision Bureau announced today, Thursday, that it has taken measures to develop and improve the accounting and auditing professions in Iraq. While it referred to the issuance of the internal control guide binding on all government agencies, it confirmed the preparation of a draft of the updated unified accounting system in accordance with international standards.
The Deputy Chairman of the Financial Supervision Bureau, Qaisar Al-Saadi, told the Iraqi News Agency (INA): "The Federal Financial Supervision Bureau seeks to achieve its objectives specified by its founding law, including developing the accounting and auditing professions in Iraq."
He explained that "one of the most prominent steps taken by the Bureau is issuing reports evaluating the internal control systems in ministries, entities not affiliated with a ministry, and governorates," indicating that "the aim of this is to raise the level of performance of these formations, enhance efforts to combat financial and administrative corruption, improve institutional performance, and work on the principle of preventive control to reduce this phenomenon."
He pointed out that "the Bureau issued the Internal Control Guide, which was circulated to all government agencies for mandatory adoption starting from 7/1/2024," noting that "this guide aims to help these agencies accomplish their work in a way that ensures tight control and oversight over financial transactions and the preservation of public money."
He added, "The Court has completed preparing a draft of the updated unified accounting system in accordance with international standards. This draft has been circulated to government agencies, unions and universities for the purpose of expressing their opinions and making appropriate amendments in preparation for its actual implementation in the near future."
He added: "The Bureau also contributed to holding the first session of the Audit and Accounting Standards Board in the Republic of Iraq for the year 2024 after an interruption of more than four years, during which the audit and accounting issues were discussed and appropriate decisions were taken regarding them, which contributes to developing the work of the profession in Iraq."
He pointed out that "these steps come within the framework of the Bureau's commitment to developing and improving the accounting and auditing professions in Iraq in line with international standards and contributing to enhancing integrity and transparency in government institutions."
He added, "The Bureau relies in its work on the international standards issued by the International Organization of Supreme Audit Institutions ( INTOSAI ). The Bureau is also a prominent member of the organization and has many contributions, including participation as a member of (5) working groups, attendance at seminars between INTOSAI and the United Nations, and cooperation with the INTOSAI Development Initiative in its various programs, in addition to the Bureau assuming the chairmanship of the Strategic Planning Committee in the organization."
Al-Saadi explained that “the Court cooperates with international and local organizations and similar oversight bodies such as the Dutch Court of Audit in the field of performance evaluation and peer review, the Court of Auditors in Morocco in the field of judicial oversight, and the Polish Oversight Body in the field of risk-based auditing, as well as the German Cooperation Agency ( GIZ ), the Korea International Cooperation Agency ( KOICA ), the Japan International Cooperation Agency ( Jika ), and the Indian Technical and Economic Cooperation Program ( ITEC ).”
He pointed out to the "multiple activities with oversight bodies in Arab and Islamic countries such as the General Auditing Bureau in the Kingdom of Saudi Arabia, the Audit Bureau in the State of Qatar, the Turkish Court of Accounts, the Supreme Audit Court in the Islamic Republic of Iran, the Accounting Council in the Algerian Republic, and many others," noting that "these standards and evidence contribute, along with international cooperation, to enhancing the effectiveness and efficiency of the Bureau in carrying out its oversight work in a way that ensures transparency and integrity in government institutions."
He stressed the "commitment of the Federal Audit Bureau to enhance transparency and integrity in all state institutions by working in accordance with international standards and effective cooperation with regulatory bodies and international organizations,"
Stressing "continuing efforts to develop the accounting and auditing professions and providing technical and accounting support to ensure optimal performance and preservation of public funds, in addition to giving great importance to supporting the role of youth in building the future by enhancing their capabilities to be real partners in combating corruption and evaluating government performance in order to achieve the desired goals." LINK
“Tidbits From TNT” Thursday 7-11-2024
TNT:
Tishwash: Al-Sudani reviews Rafidain Bank reform procedures with Ernst & Young
Prime Minister Mohammed Shia Al-Sudani held a special meeting on Wednesday to develop the work of government banks , in the presence of representatives of Ernst & Young for auditing and financial consulting.
Al-Sudani was briefed, according to a statement published by his media office, on the "technical and administrative procedures related to the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."
Al-Sudani stressed, "The need to continue intensive meetings between the Supreme Committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."
TNT:
Tishwash: Al-Sudani reviews Rafidain Bank reform procedures with Ernst & Young
Prime Minister Mohammed Shia Al-Sudani held a special meeting on Wednesday to develop the work of government banks , in the presence of representatives of Ernst & Young for auditing and financial consulting.
Al-Sudani was briefed, according to a statement published by his media office, on the "technical and administrative procedures related to the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."
Al-Sudani stressed, "The need to continue intensive meetings between the Supreme Committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."
The statement indicated that "the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank's work, and implementing structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transition to automated work, which helps the bank's ability to meet global banking requirements." link
Tishwash: A representative accuses America of obstructing Iraq's economic openness to the countries of the world
Today, Wednesday, Deputy Chairman of the Parliamentary Economics Committee, Yasser Al-Husseini, accused the United States of America of obstructing Iraq's economic openness to the countries of the world.
Al-Husseini said in an interview with the Maalouma Agency, “The United States of America stands against Iraq's economic openness to the countries of the world, indicating that America has contributed greatly to preventing international companies from coming to Iraq.”
He added, "America stands as a stumbling block in the way of the growth of the Iraqi economy," noting that "what Iraq has reached is due to American interference in internal affairs."
He continued, "America does not want Iraq to be at the forefront of economically developed countries." link
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Tishwash: Economic: The ambiguity of the Central Bank's dealings serves the Americans
Today, Wednesday, economic expert Mustafa Hantoush revealed the existence of ambiguity in the Central Bank's dealings, behind which there are intentions that serve American interests.
Hantoush said in a statement to the Maalouma Agency, “The absence of weekly bulletins on the distribution of the dollar from the Central Bank has made the process of selling the dollar more ambiguous,” noting that “the ambiguity in the Central Bank’s recent dealings regarding the file of distributing the dollar.”
He continued, "The confusion in the work of the Central Bank enabled the American side to eliminate Iraqi banking by introducing foreign banks and granting them privileges in the country," pointing out that "80% of the dollar is distributed to foreign banks operating in Iraq in a step called presenting banking work on a platter." Who went to America and foreign banks?
It is noteworthy that the Central Bank authorized the work of three exchange companies inside airports, neglecting hundreds of companies in a decision that many considered a flop, which resulted in the decision increasing the US exchange rate against the Iraqi dinar to more than 150 thousand dinars . link
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Tishwash: For the first time, the Iraqi state's non-oil revenues record an increase of 11%
The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations announced on Thursday that for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier.
A report issued by the institution today stated that non-oil revenues for the first five months of the current year amounted to 6.24 trillion Iraqi dinars, while oil revenues for the same period of the current year amounted to 48.4 trillion Iraqi dinars.
According to the report, tax revenues on income and wealth increased by 118%, while revenues from commodity taxes and production fees increased by 285%.
The institution's report indicated that fee revenues increased by 50%, while oil revenues increased by 6.4%.
The continued reliance of the Iraqi state on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions. link
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Tishwash: Revealing the volume of trade exchange between Iraq and Saudi Arabia
The Saudi-Iraqi Business Council estimated the volume of trade exchange between the two countries at 5 billion riyals, with an annual growth of 12%, according to the head of the council, Mohammed Al-Khorayef.
The council stated in a report that the council is working to develop Saudi investments in Iraq, in conjunction with the interest of the private and governmental sectors in the Kingdom in investing in Baghdad.
It indicated that Iraq is preparing to propose a law to protect Saudi-Iraqi investment and discuss it before Parliament in preparation for its approval in the coming few months, to enhance economic cooperation between the Kingdom and Iraq, according to a statement issued by the Federation of Saudi Chambers.
In December of last year, Saudi Arabia and Iraq signed a partnership agreement in the field of private sector industrial investments, at a time when the Kingdom’s ambassador at the time confirmed that there were many investment opportunities being studied.
Last November, Saudi Minister of Investment Khalid Al-Falih also announced that the Kingdom is studying the launch of the first free economic zone with Iraq, in the border area in Arar, expressing his hopes that the zone would be the first free economic zone with a neighboring country without taxes, fees or entry visas to serve investors in both countries.
5 billion Saudi Riyals equals 1,333,082,700.00 US Dollars link
Mot: ... Lets go Deep Sea Diving!! -- It will beeeee Fun they Said!!!!
Mot: .. the Patient Fisherman!!!
“Coffee With MarkZ” Thursday Morning Chat 7-11-2024
PDK Note: I will only transcribe RV Related or Intel with Financial relevance. If any certain political –type picture is posted on Marks videos I will not show it. If it’s a stream mainly about politics…I will do little or no notes.
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: GM Mark and Mods, Ladies and Gentlemen..
Member: like the kid in the back seat would say "Are we there yet" lol
Member: Markz, what will be the trigger to put the Golden Egg shirt on?
MZ: When we get to go to our exchanges.
PDK Note: I will only transcribe RV Related or Intel with Financial relevance. If any certain political –type picture is posted on Marks videos I will not show it. If it’s a stream mainly about politics…I will do little or no notes.
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: GM Mark and Mods, Ladies and Gentlemen..
Member: like the kid in the back seat would say "Are we there yet" lol
Member: Markz, what will be the trigger to put the Golden Egg shirt on?
MZ: When we get to go to our exchanges.
MZ: I continue to hear on the bond side that things are prepared and contracts are done. They are just waiting for things to be initiated……they are just waiting for dollars. There is a lot of anticipation at all levels.
MZ: I am hearing the same thing from the banks and group leaders. Hearing the same thing from Iraq…and from military contacts overhere. ….everything is done and they are waiting for a “go”.. That I am hearing the same thing from all contacts I will take as a positive.
Member: Frank 26 had a video last night of a lady that paid for a hotel in Hawaii with Iraqi dinar there was an option to pay with different currencies
Member: Rumors: The 12 platforms will open in Reno-tomorrow the 6 platforms in Zurich. Contracts will be sent over the weekend and money to spend on Monday. Letters on Tuesday??!
Member: Someday, Somebody will be right!
Member: Wonder whatever happened to the bill to get rid of the Federal Reserve Board and to End the Fed??
Member: They are really testing our patience. When we get through this, we will have endured so much
Member: Hoping for big news tonight…..see you all then
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
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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
Iraq News Highlights and Points To Ponder Thursday AM 7-11-24
More Than 3 Billion Shares Traded In The Iraq Stock Exchange During The Week
Market Economy News – Baghdad The Iraq Stock Exchange witnessed remarkable activity during the second week of July 2024, as more than 3 billion shares were traded with a total value exceeding 3 billion Iraqi dinars.
The main trading index ISX60 rose by 2.84% to close at 904.16 points, while the ISX15 rose by 1.73% to close at 1016.57 points.
These indicators indicate the continued confidence of investors in the Iraqi market, and reflect the positive developments in the Iraqi economy in general.
Highlights from the weekly report:
More Than 3 Billion Shares Traded In The Iraq Stock Exchange During The Week
Market Economy News – Baghdad The Iraq Stock Exchange witnessed remarkable activity during the second week of July 2024, as more than 3 billion shares were traded with a total value exceeding 3 billion Iraqi dinars.
The main trading index ISX60 rose by 2.84% to close at 904.16 points, while the ISX15 rose by 1.73% to close at 1016.57 points.
These indicators indicate the continued confidence of investors in the Iraqi market, and reflect the positive developments in the Iraqi economy in general.
Highlights from the weekly report:
Significant rise in trading indicators: The ISX60 index rose by 2.84% to close at 904.16 points, while the ISX15 index rose by 1.73% to close at 1016.57 points.
High trading activity: More than 3 billion shares were traded with a total value exceeding 3 billion Iraqi dinars.
Investor Confidence: The rise in trading indicators reflects the continued confidence of investors in the Iraqi market. Views 29 2024/07/11 - https://economy-news.net/content.php?id=45124
Iraq Stops Dealing With The Chinese Yuan...And The Currency Basket Is An Alternative
Time: 2024/07/11 09:13:56 Read: 2,639 times {Economic: Al Furat News} The Parliamentary Finance Committee revealed that Iraq has decided to stop dealing with the Chinese yuan in financial transfers.
Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred."
He believed that "many decisions by the Central Bank are imposed by the US Federal Bank," according to him.
Al-Kazemi pointed out that "Iraq's money, as we know, is placed in the US Federal Bank as a result of the sale of oil at a rate of 3.5 million barrels per day, and this money enters the US Federal Bank and is not transferred to Iraq in cash, but is transferred to Iraq through transfers issued by the Central Bank and the Federal Bank is notified and then the Federal Bank is convinced of this transfer and commercial transaction and on the basis of it releases amounts to the relevant parties exporting to Iraq."
He noted that "many of the Central Bank's procedures are governed by the American will, and this will may be explained for administrative and financial reasons, non-financing of terrorism, and others," believing that "the reasons are political with the aim of pressuring the Iraqi government," according to his expression.
Regarding the impact of canceling dealing in the Chinese currency, Al-Kadhimi pointed out that "the merchant and the Central Bank have multiple options and not to deal only with the dollar, so this suspension is temporary and not permanent."
As for what the Parliamentary Finance Committee will do in this regard, a member of the committee explained, "We will ask the Central Bank to address the issue and for the currency basket to be diverse, so that the options are more for the Central Bank and Iraqi merchants."
It is noteworthy that Iraq has strengthened its assets denominated in yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about $ 12 billion annually.
Iraq has also moved to strengthen its assets in the Emirati dirham and negotiated an increase in its assets denominated in euros to finance trade with the European Union, and Iraq has also begun opening bank accounts in the Indian rupee for a number of Iraqi banks.
Since the beginning of 2023, the Central Bank of Iraq has issued several decisions aimed at maintaining the stability of the general monetary and economic situation and confronting the risks of fluctuations in the exchange rate of the Iraqi dinar against the US dollar, in addition to facilitating import and export operations by opening new horizons with international banks, including Chinese banks.
Among the decisions of the Central Bank of Iraq is to enhance the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan, as dealing in yuan directly without the mediation of the US dollar contributes to facilitating and accelerating financial transactions, and will reduce import costs and protect against the risks of fluctuating exchange rates within Iraq. LINK
For The First Time, Iraq's Non-Oil Revenues Record An 11% Increase
Economy 2024-07-11 | 404 views Alsumaria News – Economy Today, Thursday, the head of the "Iraq Al-Future" Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed the total non-oil revenues for the year 2024, while he indicated that the non-oil revenues for the first five months of the year recorded an amount of 6.24 trillion Iraqi dinars.
Al-Obaidi said in a tweet followed by Sumaria News, "Non-oil revenues account for 11% of total revenues, and oil revenues are below the 90% barrier," indicating that "non-oil revenues for the first five months of the year amounted to 6.24 trillion Iraqi dinars."
He pointed out that "oil revenues for the first five months of the current year amounted to 48.4 trillion Iraqi dinars, and income and wealth tax revenues increased by 118%."
He added that "commodity tax revenues increased, production fees by 285%, and fee revenues increased by 50%, while oil revenues increased by 6.4%."
Al-Obaidi considered that "the increase in non-oil revenues is an achievement of economic reform policies and mechanisms for controlling taxes and customs tariffs, and it is expected that total non-oil revenues for the year 2024 will reach around 15 trillion Iraqi dinars, but they are far from the plan in the 24 budget tables, which amounts to 27 trillion dinars." LINK
Iraq Needs 5 Million Housing Units
Iraq 2024/07/11 Experts in sustainable development, real estate and economic development have estimated that Iraq needs nearly 5 million fully serviced, organized housing units to end the housing crisis that has been rampant for decades.
The researcher in private sector development and finance, Dr. Aqil Jabr Al-Muhammadawi, said in an interview with Al-Sabah: “Baghdad is at the forefront of the housing deficit indicators in relation to the population at 31 percent, and the housing deficit rate for the years 2023-2024 reached 26 percent of the total population of Iraq, which is 45 million people, according to statistics from the Ministry of Planning.”
He pointed out that "the housing deficit index has the highest priority in the challenges of the current executive government, and the challenges of the housing, housing and construction sector as a whole have cast a shadow over the importance of evaluating the strategic plans for housing and housing in successive governments, up to the age of the current government."
He explained that "Iraq has been witnessing a real and actual housing crisis for decades and successive governments, as a result of the lack of implementation of large housing projects that meet the current gap of about three million housing units, in addition to the exorbitant prices of real estate."
He stressed that "the worsening housing crisis requires adopting an approach and policy of joint effort between the state and the population, and integrating financing of the public and private housing sector, through comprehensive, effective and integrated solutions and collective efforts in which all state institutions, mixed government sectors and the private sector come together, in addition to allocating an appropriate independent budget within a strategic plan for housing and housing, commensurate with the size of the housing crisis."
Al-Muhammadi called for "finding investment allocations for housing in the federal budget, reprogramming the national housing project, evaluating the proposed projects in the strategic and development plans, enhancing the (residential complexes) strategy and highlighting the participation and role of the private sector, including an integrated infrastructure, supporting allocations and developing the activities of the (Housing Fund), and facilitating the work of local, Arab and international private real estate investment companies."
For his part, the head of the Osool Foundation for Economic Development and Sustainable Development, Khaled Al-Jaberi, told Al-Sabah: “The deficit rate in housing units in Iraq exceeds 5 million units, while local investment bodies were able to reach the threshold of approximately 200,000 units, which is a small number compared to the total deficit.”
He pointed out that, "In addition to what was mentioned above, the governorates, especially Baghdad, suffer from poor land distribution."
“This situation has led to traffic congestion and increased pressure on infrastructure, including sewage, water, sanitation and other municipal services, which has put pressure on the government to provide funds to be spent on solving the problems created by the chaos of land distribution through investment for local authorities,” Al-Jabri said, noting that “therefore, solutions to establish new cities come to cover a large part of the current deficit, and over time, these cities are expected to help confront the population growth rate, which is estimated at about 2.5 percent annually.”
7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy
7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy
Marina Benitez June 24, 2024
When you hear the term financial advisor, you might picture someone who only works with the ultra-wealthy, managing millions of dollars in assets. This is a common misconception. In reality, financial advisors work with people of all income levels, helping them navigate the complexities of personal finance and achieve their financial goals.
And according to a survey* by MagnifyMoney, 95% of those polled who have a financial advisor believe it’s worth the money.
Whether you’re planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor — even if you’re not wealthy.
7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy
Marina Benitez June 24, 2024
When you hear the term financial advisor, you might picture someone who only works with the ultra-wealthy, managing millions of dollars in assets. This is a common misconception. In reality, financial advisors work with people of all income levels, helping them navigate the complexities of personal finance and achieve their financial goals.
And according to a survey* by MagnifyMoney, 95% of those polled who have a financial advisor believe it’s worth the money.
Whether you’re planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor — even if you’re not wealthy.
1. You Get Personalized Financial Guidance
Starting to save early and consistently is crucial for building a strong retirement fund. Expert advisors
Everyone’s financial situation is unique, and a one-size-fits-all approach rarely works when it comes to managing money. This is where personalized financial guidance becomes invaluable. Financial advisors tailor their advice to fit your specific needs, goals and circumstances. Whether you’re looking to create a budget, save for a major purchase or plan for long-term goals like retirement, a financial advisor can help you develop a customized strategy.
Imagine having an expert who understands your financial situation inside and out guiding you through important decisions and helping you avoid costly mistakes. With personalized advice, you can feel confident that your financial plan is designed specifically for you, taking into consideration your income, expenses, risk tolerance and future aspirations.
This level of tailored guidance can make all the difference in achieving financial stability and growth.
2. You Can Get Matched With A Financial Advisor for Free
If you’re not already wealthy, getting a financial advisor probably sounds expensive and out of reach. That’s why we like a company called Unbiased. They’ll match you with a financial advisor in your area — for free.
No two people have the same financial situation, which is why Unbiased matches you with the best financial advisor for your specific situation, so you get an expert in the areas you need.
There’s no obligation to hire them, and Unbiased screens every advisor to make sure you’re only getting matched with the best experts.
Want to get a customized financial plan? Just start here to get matched with a financial advisor for free.
3. They Can Help You Navigate Major Life Transitions
Life is full of significant events that can dramatically impact your financial situation. Whether you’re getting married, having a child, receiving an inheritance, facing job loss or divorce — or any number of major events — these transitions often come with complex financial decisions. A financial advisor can be an invaluable resource during these times, providing the expertise and support needed to make informed choices.
Consider the challenges of planning a wedding, buying a home or preparing for a new addition to your family. Each of these milestones requires careful financial planning to ensure you’re making the best decisions for your future. Financial advisors offer guidance on budgeting, saving and investing to meet your changing needs.
By working with a financial advisor during life’s major events, you can avoid common pitfalls and set yourself up for long-term success. Their expert advice ensures that you’re not only addressing immediate concerns but also planning strategically for the future.
News, Rumors and Opinions Thursday AM 7-11-2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Thurs. 11 July 2024
Compiled Thurs. 11 July 2024 12:01 am EST by Judy Byington,
Judy Note: Wed. 10 July began the Global Debt Jubilee, although many felt it was a no news day – at least none that was revealed to us.
Wolverine knew it was the long waited for Debt forgiveness day. He posted in his room that notifications for exchange appointments for the Global Currency Reset of 209 nations commenced on that Wed. 10 July evening, with at least some liquidity expected to be available on Mon. 15 July.
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Thurs. 11 July 2024
Compiled Thurs. 11 July 2024 12:01 am EST by Judy Byington,
Judy Note: Wed. 10 July began the Global Debt Jubilee, although many felt it was a no news day – at least none that was revealed to us.
Wolverine knew it was the long waited for Debt forgiveness day. He posted in his room that notifications for exchange appointments for the Global Currency Reset of 209 nations commenced on that Wed. 10 July evening, with at least some liquidity expected to be available on Mon. 15 July. BQQQM!!! The Debt Jubilee Begins July 10th! Prepare for the Revolution! – American Media Group (amg-news.com)
Also on late afternoon Wed. 10 July we received news that there was a Stock Market Crash Alert for the next day, Thurs. 11 July.
Thurs. 11 July 2024: Stock Market crash alert – Mark calendars for July 11 https://investorplace.com/2024/07/stock-market-crash-alert-mark-your-calendars-for-july-11-2/
~~~~~~~~~~~~~
Global Currency Reset:
Wed. 10 July 2024 Wolverine: A note Wolverine placed in the Chosen One Room: “Today I was told that notifications will commence today. Please check your emails.”
Wed. 10 July 2024 Wolverine News Bulletin Report to Mr. Helders, Ruben Baz: “I just found out that Reno will begin the trade today (Wed. 10 July). Europe will follow tomorrow (Thurs. 11 July) and payments will begin on Mon. 15 July. Please pray that there are no further delays. The 12 platforms will open tonight (Wed. 10 July) in Reno and tomorrow (Thurs. 11 July) the six platforms in Zurich. Contracts will be sent over the weekend and money to spend on Mon. 15 July. 1 billion Sow letters sent on Tuesday 16 July and sovereign buyers begin on Wednesday 17 July.”
Reno is imminent, and we are just about to cross the finish line and will start releasing funds soon. They are having a big meeting tomorrow. We will know when it happens.
I have been told the Codes are inserted, already locked in. It is imminent now that we will be blessed.
I cannot tell you the rest as it is confidential, but for you, just know to get ready. This is coming right from the top. All is coming to fruition as we have dreamed for many years.
I am going overseas pretty soon – I cannot tell you where. I will be out of the picture for a while. I cannot tell you more. God bless you and just get ready as that Green Light is just around the corner.
I am much better with no pain, now. Thank you for all the private messages worrying about my health. I was just waiting to get that Intel I needed to get this news to you. Have a beautiful day! Take care, Wolverine
Wed. 10 July 2024 MarkZ: “It is busy on the Bond side, but no one is talking. A number of my Bond Holder contacts have gone quiet. One said he was told he would be liquid this week.” Sat. 6 July 2024: “More and more sources are telling me that serious money movement and us moving towards the banks somewhere around the weekend of Fri. – Mon. 12th-15th. No one knows the exact timing but they are certainly preparing lots of bank contacts for that time period.”
Wed. 10 July 2024 Frank26 Call: Hawaii Airlines and certain hotels were now accepting the IQD. HCL is accomplished and is international.
Tues. 9 July Bruce, The Big Call: “I was told that this was the week for this to go and one of our sources said this should be our week.
Wed. 10 July 2024 Debt Jubilee: BQQQM!!! The Debt Jubilee Begins July 10th! Prepare for the Revolution! – American Media Group (amg-news.com)
Global Financial Crisis:
Read full post here: https://dinarchronicles.com/2024/07/11/restored-republic-via-a-gcr-update-as-of-july-11-2024/
***********
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 Sudani made it very clear to the Iraqi citizens he was going to add value to their currency this year. We're talking about the year 2024...They go by a fiscal calendar...Iraq goes from January 1st to December 31st.
Militia Man Probably shortly you'll find that Iraq is going to do something with their exchange rate to be IMO an IMF Article VIII complaint exchange rate that will be openly traded on Forex...
Nader From The Mid East Lots of things happening...I see good news coming up this week so stay tuned...What's happening now it's good. I can say we are very close.
Exchange Rates & Three Major Shifts That Could Affect IQD Investors
Edu Matrix: 7-11-2024
Exchange Rates & Three Major Financial Shifts That Could Affect IQD Investors - We must navigate between Iraq and the US before we can turn IQD banknotes into US Dollars.
BRICS Ended Use of the Dollar: What Comes After?
Wealth Insights: 7-11-2024
Discover the concept of "de-dollarization," a strategy aimed at reducing reliance on the US dollar in global trade and finance.
While the term has been discussed for decades, its significance has grown amidst geopolitical shifts and economic strategies by nations worldwide.
Join us as we delve into the growing movement among BRICS+ countries to decrease their dependency on the US dollar.
Explore the motivations driving these decisions and gain insights into the economic tactics employed. We'll also highlight specific initiatives within the BRICS+ alliance, showcasing steps taken to diversify global trade currencies and reshape international financial systems.
MilitiaMan: Iraqi Dinar-IQD Update -Road Map-Bank Merger-Ernst & Young-Massive Implications-New Mechanism Dollar
Iraqi Dinar-IQD Update -Road Map-Bank Merger-Ernst & Young-Massive Implications-New Mechanism Dollar
MilitiaMan and Crew: 7-11-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraqi Dinar-IQD Update -Road Map-Bank Merger-Ernst & Young-Massive Implications-New Mechanism Dollar
MilitiaMan and Crew: 7-11-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
FRANK26….7-10-24…..INTERNATIONAL !!!
KTFA
Wednesday Night Conference Call
FRANK26….7-10-24…..INTERNATIONAL !!!
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
KTFA
Wednesday Night Conference Call
FRANK26….7-10-24…..INTERNATIONAL !!!
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
Iraq Economic News and Points To Ponder Wednesday Evening 7-10-24
Prime Minister Chairs Meeting To Follow Up Efforts To Develop The Work Of Government Banks
Banks Economy News – Baghdad Prime Minister Mohammed Shia Al-Sudani chaired a meeting today, Wednesday, to follow up on efforts to develop the work of government banks.
The Prime Minister's Media Office said in a statement received by "Al-Eqtisad News", "Prime Minister Mohammed Shia Al-Sudani chaired a meeting to follow up on efforts to develop the work of government banks."
He added that "the meeting was attended by representatives of Ernst & Young for auditing and financial consulting."
Prime Minister Chairs Meeting To Follow Up Efforts To Develop The Work Of Government Banks
Banks Economy News – Baghdad Prime Minister Mohammed Shia Al-Sudani chaired a meeting today, Wednesday, to follow up on efforts to develop the work of government banks.
The Prime Minister's Media Office said in a statement received by "Al-Eqtisad News", "Prime Minister Mohammed Shia Al-Sudani chaired a meeting to follow up on efforts to develop the work of government banks."
He added that "the meeting was attended by representatives of Ernst & Young for auditing and financial consulting." 225 views 2024/07/10 - https://economy-news.net/content.php?id=45068
Al-Sudani Directs To Finalize Procedures For Developing Rafidain Bank's Work
Politics | 02:22 - 10/07/2024 Baghdad - Mawazine News Prime Minister Mohammed Shia Al-Sudani chaired a special meeting on Wednesday to develop the work of government banks, in the presence of representatives of Ernst & Young for auditing and financial consulting, while directing the finalization of procedures for developing the work of Rafidain Bank.
The Prime Minister's media office stated in a statement received by Mawazine News that "Al-Sudani was briefed on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."
The Prime Minister stressed "the need to continue intensive meetings between the higher committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."
It is noteworthy that the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank’s work, and implementing structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transition to automated work, which helps the bank’s ability to meet global banking requirements. https://www.mawazin.net/Details.aspx?jimare=251100
4 New Decisions From The Central Bank Of Iraq Regarding Government Banks
Banks Economy News – Baghdad The Central Bank of Iraq revealed a new plan regarding government banks, including Rafidain and Rashid.
According to a document issued by the Central Bank of Iraq and received by "Al-Eqtisad News", "the meetings that took place with the Prime Minister, in the presence of the Governor of the Central Bank and the Minister of Finance, regarding the decision of the Council of Ministers held on 1/2/2024 and the proposed idea of transforming the Industrial Bank into a public joint-stock company with the contribution of local and foreign investors, and that the second phase would include the Agricultural Cooperative Bank, we explain to you below the new plan regarding the bank and other government banks
1- Rafidain Bank is being restructured by dividing it into two banks (the old one for government accounts, and the new one as a commercial bank/public joint-stock company).
2- After that, Rashid Bank will be merged with the new Rafidain Bank.
3- The Industrial Bank will be transformed into a public joint-stock company, and then the Agricultural Cooperative Bank will be acquired.
4- At a later stage, the Real Estate Bank will be merged with the Housing Fund.
225 views 2024/07/10 - https://economy-news.net/content.php?id=45078
Oil price declines drag Gulf markets
Economy News - Follow-up Gulf stock markets closed lower on Wednesday ahead of quarterly earnings season as oil prices fell despite improved sentiment on rising bets on an imminent U.S. interest rate cut.
The US economy is "no longer overheating" as the labour market slows from its peak during the Covid-19 pandemic, Federal Reserve Chairman Jerome Powell said in remarks to Congress, suggesting that interest rate cuts are more likely.
Saudi Arabia's index closed flat after four sessions of gains, with Aramco shares down 0.2 percent.
The Saudi Stock Exchange saw limited movement today and remained relatively stable as the market continued on its uncertain path within the price range, said Joseph Dahrieh, Managing Director at TechMill.
The financial news website "IFR" reported that the Saudi oil giant Aramco began selling bonds in three stages.
A source familiar with the matter told Reuters earlier that the company could raise at least $3 billion.
Dubai's index rose 0.1 percent, supported by a 1.3 percent increase in Emirates Central Cooling Systems Corporation.
The Abu Dhabi index settled at the close.
Crude oil prices, a catalyst for financial markets in the Gulf region, stabilized as the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for oil demand growth over the current and next years.
Meanwhile, U.S. crude and gasoline inventories likely fell last week.
Brent crude futures fell 11 cents, or 0.1 percent, to $84.55 a barrel, after falling 1.3 percent in the previous session.
Outside the Gulf, Egypt's blue-chip index fell 0.6 percent as Talaat Moustafa Holding fell 1 percent.
51 views 2024/07/10 - https://economy-news.net/content.php?id=45090
The Dollar Declines Relatively In Baghdad With The Closure Of The Stock Exchange
Economy | 06:25 - 10/07/2024 Baghdad - Mawazine News The exchange rate of the dollar against the dinar recorded a new relative decline today, Wednesday, compared to the exchange rate this morning.
The Baghdad Stock Exchange closed at 148.900 dinars per hundred dollars, after opening at 149.100.
While the exchange rates in currency exchange offices reached 150,250 dinars for the selling price per hundred dollars, and 148,250 dinars for the purchase price.
https://www.mawazin.net/Details.aspx?jimare=251119
Find Out Today's Dollar Auction Sales
Economy | 02:52 - 10/07/2024 Baghdad - Mawazine News The Central Bank's dollar sales recorded a significant increase during today's auction, Wednesday, as they amounted to more than $273 million, compared to yesterday, Tuesday.
The Central Bank sold in its auction today an amount of $273 million, 691 thousand, and 666, which was covered by the basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and 1310 dinars per dollar for foreign transfers, while the cash exchange rate reached 1305 dinars per dollar.
The largest part of today's dollar sales went to strengthening balances abroad in the form of transfers and credits, as they totaled $247 million, 701 thousand, and 666, representing an increase of 90% compared to cash sales, which amounted to $25 million and 990 thousand.
https://www.mawazin.net/Details.aspx?jimare=251104
To read more current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Boots On The Ground In The World’s Bitcoin Paradise
Notes From the Field by James Hickman July 10, 2024
[Editor’s note: This letter was written by Schiff Sovereign’s CEO, Viktorija Simulynaite, who is on the ground in El Salvador.]
The first thing my driver said to me after I got off the plane in El Salvador was, “Welcome to my country. It’s very safe here now.” I chuckled to myself because this seemed like such an odd greeting. But the more time I spent mingling with locals in El Salvador, the more it made sense.
The transformation that has taken place in the country over the past five years cannot be overstated.
Five years ago El Salvador had one of the highest murder rates in the world. It was basically a war zone. Gangs such as MS-13 and Barrio 18 were far more powerful than the government, and they enforced their own laws in their respective territories, sort of like the Taliban in Afghanistan.
The country’s young president, Nayib Bukele, put an end to all that when he was elected in 2019.
Notes From the Field by James Hickman July 10, 2024
[Editor’s note: This letter was written by Schiff Sovereign’s CEO, Viktorija Simulynaite, who is on the ground in El Salvador.]
The first thing my driver said to me after I got off the plane in El Salvador was, “Welcome to my country. It’s very safe here now.” I chuckled to myself because this seemed like such an odd greeting. But the more time I spent mingling with locals in El Salvador, the more it made sense.
The transformation that has taken place in the country over the past five years cannot be overstated.
Five years ago El Salvador had one of the highest murder rates in the world. It was basically a war zone. Gangs such as MS-13 and Barrio 18 were far more powerful than the government, and they enforced their own laws in their respective territories, sort of like the Taliban in Afghanistan.
The country’s young president, Nayib Bukele, put an end to all that when he was elected in 2019.
Bukele invoked emergency powers and arrested more than 100,000 suspected gang members, then shipped them off to a special prison far away from the rest of society. In a country of 6.3 million, that amounts to over 1.5% of the entire population that’s now locked up.
It was a controversial move to say the least… and I wonder about innocent people who may have been wrongfully imprisoned.
But El Salvadorans seem quite happy with the results; today their country boasts a lower homicide rate than anywhere else in the Western Hemisphere aside from Canada.
Simultaneously, El Salvador also put itself on the map by being one of the first countries in the world to get behind crypto; they even made Bitcoin legal tender and passed a number of pro-crypto tax incentives.
Those are pretty much the two things that El Salvador is known for these days– putting tens of thousands of criminals in jail, and Bitcoin.
But I was pleasantly surprised to find out that the country has so much more going for it.
This was a place that was scraping the bottom of the barrel just a few years ago. Even aside from the crime problem, the economy was in the dumps. Corruption and bureaucracy ruled the day, and debts were rising.
In just a few short years, however, El Salvador has managed to turn itself around, and the economy has taken off.
It’s not an accident. The government has slashed bureaucracy and established a number of incentives to bring in foreign capital and businesses.
One is the recently passed International Services Law, which offers significant tax incentives to service-based businesses, similar to Puerto Rico’s famous Act 60.
El Salvador’s law, though, is perhaps even more generous than Puerto Rico’s because it includes exemption for import duties, income taxes, municipal taxes, and more.
Service industries like call centers, data centers, software development, and other back-office services are starting to be growing industries in El Salvador, and I met a number of foreign entrepreneurs who are starting businesses in the capital.
Foreign investment is flowing in, and you can see construction projects everywhere– the capital city is quickly becoming sleek and modern, and it completely defied my expectations. Even the restaurant scene is really great.
More importantly, there’s an optimism in El Salvador– one that I haven’t seen in Europe and North America for a long time. People feel like the worst days are over and the future will continue to be much brighter.
Now, all that said, I’m not trying to suggest that El Salvador is some perfect paradise or that anyone should move their business there. I’m really writing about it as a sort of case study.
We talk a lot about how governments and politicians and “inspired idiots” wreck their economies. They rack up massive debts and engineer painful inflation and higher energy prices… and generally make things worse with their every move.
But it’s fair to point out that sometimes governments do smart things. And El Salvador is a great example.
They knew they had to figure out how to turn their economy around. And rather than go down a destructive rabbit hole of wage and price controls, which are standard approaches for bankrupt nations, El Salvador’s government got out of the way and is allowing the free market to blossom.
The one thing they have done very deliberately is market themselves.
Advanced western countries don’t do this. Joe Biden doesn’t travel the world pushing foreign nations to invest in America. Rather, he takes America’s standing for granted and simply assumes that everyone wants to invest there.
El Salvador is a tiny country plagued by a bad reputation for its past challenges.
But rather than let that reputation fester, its leaders are hustling to promote their country all over the world with a clear message: El Salvador is open for business.
It’s fascinating to watch such a positive transformation unfold for an entire nation in real time– and to see politicians deliberately do the right things to foster economic growth.
Given how many Western countries are rapidly deteriorating from their own idiotic political decisions, El Salvador is an obvious example of how much better things could be if reason and sanity were restored in government.
Imagine what the US would look like if politicians were actually cooperating and hustling to bring in new business, to make smart investments, to embrace capitalism, or even to simply rein in spending and slash bureaucratic waste…
We’re planning a boots on the ground trip to El Salvador for members of our Total Access group (i.e. our highest tier premium members at Schiff Sovereign). It’s going to be pretty great.
We’ll be meeting with senior officials and business leaders and checking out, firsthand, what’s going on in the country so that our members can see the transformation for themselves.
We’ll also eat at some of the country’s nicest restaurants and tour the beautiful countryside. And we might even leave with an investment or two.
(We’ve already had Total Access trips to places like Cuba, Singapore, the Republic of Georgia, Uzbekistan, and more, so El Salvador fits perfectly.)
If you’re interested in joining or finding out more about Total Access -- click here to read more about it. We’ll be opening enrollment soon.
To your freedom, Viktorija Simulynaite CEO, Schiff Sovereign LLC
https://www.schiffsovereign.com/trends/boots-on-the-ground-in-the-worlds-bitcoin-paradise-151131/
Wednesday Evening Chat With MarkZ 7-10-2024
Wednesday Evening News with MarkZ
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 Evening Everyone!!! Can't wait to hear something fabulous this evening!!!
Member: Love the Gold Standard pic Mark has on tonights video…..hoping it happens for the world very soon
Member: Rumor: IQD now listed on the money converter ,rate hasn’t changed but it wasn’t on the site yesterday
Wednesday Evening News with MarkZ
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 Evening Everyone!!! Can't wait to hear something fabulous this evening!!!
Member: Love the Gold Standard pic Mark has on tonights video…..hoping it happens for the world very soon
Member: Rumor: IQD now listed on the money converter ,rate hasn’t changed but it wasn’t on the site yesterday
MZ: Nader did a great one today. So be sure to go watch it…..on the Iraq banking restructuring . overhaul and mergers……and changes by the CBI to banks…..Great article out of Iraq.
MZ: “ The BRICS will use a Gold Standard” Here you go. Part of what we have been looking for is a reset to a Gold Standard. I was told years ago that BRICS was a kill switch as a last resort to force everybody to switch back to a gold standard. This alternative gold backed financial system is put in place to force everybody to change.
MZ: Quote: The BRICS are definitely pursuing a Gold standard. For the West, this means one thing. If a Western Nation wants to trade with BRICS for certain goods, it needs more gold. If the West does not wish to trade with the BRICS for those items, then they must onshore/friendshore/reshore their supply chains sufficiently in natural resources to obviate the need for the BRICS resources. The question will be: Which is less expensive and less dangerous to do? -Vincent Lanci
MZ: We don’t have the infrastructure to survive without the BRICS countries. But there you go . BRICS has a Gold Standard for banking.
Member: It's inevitable……. for the U.S. dollar to survive. It has to be backed by something.....
MZ: In Iraq today there was progress in setting a timeline for removing the US forces….but they wont tell us that timeline. But overall it was a good day for news.
MZ: Lots of noise on the bond side. But I’m not allowed to share whats going on with it.
Member: I respect you Mark so much in every way. Thank you for respecting your Bond contacts. We are all anxious to hear and when it ok with them you will share. You are a GOOD man Mark.
Mod: JOIN THE FUN AT W&W TONIGHT AT 8:00 PM EST ON YTUBE OR RUMBLE
Member: Thanks everyone…have a great night
“THE CONTENT IN THIS PODCAST IS FOR GENERAL& EDUCATIONAL PURPOSES & NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY”
Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.
TO GET THE “REAL MARKZ ACCOUNTS”, TWITTER, YT, RUMBLE, TELEGRAM ROOMS, AND FOR MARK’S DAILY LINKS TO HIS WEBSITE: https://theoriginalmarkz.com
STAY IN THE KNOW: FOR UPDATES ON PODCASTS (CHANGES & GUESTS). YOU WILL FIND PLENTY OF USEFUL INFO THAT KOUKLA UPDATES OFTEN FOR MARK AT THE TELEGRAM INTEL CHANNEL: https://t.me/+K_GNVfTI0gFkZWYx
GUYS YOU CAN FIND ALOT OF INFO AT MARK'S WEBSITE: GO TO: https://theoriginalmarkz.com/home
MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/
Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut
THANK YOU ALL FOR JOINING. HAVE A BLESSED NIGHT! SEE YOU ALL IN THE MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!
The BRICS Will Use a Gold Standard
by VBL Tuesday, Jul 09, 2024 - 11:07
The BRICS are definitely pursuing a Gold standard. For the West, this means one thing. If a Western Nation wants to trade with BRICS for certain goods, it needs more gold. If the West does not wish to trade with the BRICS for those items, then they must onshore/friendshore/reshore their supply chains sufficiently in natural resources to obviate the need for the BRICS resources. The question will be: Which is less expensive and less dangerous to do?
-Vincent Lanci
The BRICS Will Use a Gold Standard
Contents: (1900 words)
Abstract: It’s All One Thing
Given the following realities; the BRICS and those that wish to trade with them must go on a gold standard in part or in whole. Why?
It’s all about supply chains and payment chains. The US must rebuild supply chains to remain self-sufficient in certain commodities or it must trade with the BRICS on the BRICS terms. And that means with Gold in hand
The BRICS, in turn, must build payment chains (and value-added portions of supply chains) to replace the SWIFT system. Either that or they must then remain dependent on the US. And that means with the USD in hand
The alternative to ignoring these choices between economic self-sufficiency and a Gold standard for continued international trade is: isolation, misallocation and misuse of resources, and finally escalation of war.
What follows is a description of the situation, a contextual overview of the BRICS plan, and how the G7 must continue to respond over the next 5 years.
1- The Currency:
The BRICS are in the process of creating a settlement medium (currency, medium of exchange) for international trade comprised of Gold and other assets deemed separable from Dollar influence.
Delivery and receipt of this Settlement Medium concurrent with the reciprocal goods ( the goods bought with the Settlement medium) exchanged for said Medium will make final all transactions negotiated.
This Currency will entitle to the bearer a uniform basket of assets (commodities, currencies, bonds etc) deemed worthy as stores of value amongst the users endorsing it. On demand and likely physically accessible to make participant accounts current
2- The Unit and Technology:
The currency will make use of Blockchain. In doing so this will serve as an immutable contract between negotiating parties. In combination with other precautionary measures,1 it will give reasonable assurances against fraudulent representations as to what the currency has actually backing it.
The combination of UNIT type prorata measurements, Blockchain type security, and Current Accounting economics it is believed will serve to solidify the nascent currency’s denomination, reliabililty, and value.
Read full article here: https://www.zerohedge.com/news/2024-07-09/brics-will-use-gold-standard