For Iraq it's not a question if more dollars are coming into Iraq, it's do the average citizens have access to them. That's what they're trying to fight...They want to take the dollar out so the supply times velocity of the dinar goes up.
Question: " Why haven't all the big sharks bought in anticipation of the RI?"
Who says they haven't?
I told you guys with some of the companies that I've worked with we did research and we had contact with a lot of senators and congressmen from both sides of the aisle, they all have it.They all have Iraqi dinar. They have other currencies too.
Shafaq News / The Gulf Today newspaper revealed on Sunday the details of a major conference to be held in Dubai on December 7, with the aim of strengthening economic partnerships between Iraq and the UAE, and pushing for a transformation in the Iraqi economy.
A report published by the English-based newspaper, translated by Shafaq News Agency, quoted the “Iraqi-British Business Council” (IBBC) as noting that the trade exchange between the UAE and Iraq witnessed a significant growth of more than 60% last year, which confirms the sustainability of economic relations between the two countries.
The report pointed out that the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, will deliver the welcome speech on the second day of the conference dedicated to “Building a sustainable future”, which will open on December 7 and last for two days.
He explained that the IBBC conference in 2022, aroused positive reactions from 230 delegates, which led to an increase in membership by 15%.
At this year’s conference, the council is seeking the same number of delegates who will meet to deliberate on topics such as “education and training in Iraq” and “building a sustainable future,” the report continued.
The report also quoted the UAE Undersecretary of the Ministry of Foreign Trade and Industry, Abdullah Ahmed Al Saleh, as saying, “It is a great honor to join our friends from Iraq and the Iraqi-British Business Council to discuss joint efforts to help the country in the reconstruction process,” adding that “Iraq has suffered a lot but has enormous potential and capabilities to contribute a lot to the world.”
Al-Saleh continued: “The Business Council has brought together companies operating in the field of business and trade from all over the world for the benefit of Iraq and the members of the Council,” adding: “Was the IBBC is committed to a free, prosperous and diverse Iraq, it acts as a bridge between Iraq and the rest of the world and connects governments and the private sector in order to ultimately benefit businessmen, industry and the people of Iraq.”
Al-Saleh praised the Business Council and its leadership for organizing this platform to communicate better, expressing his full support for his mission of “enabling the transfer of technology, infrastructure and expertise to Iraq to enhance its growth and development.”
The Council considered that “the significant growth in trade between Iraq and the UAE, which exceeded 60% last year, underscores the permanent economic relations between the two countries, adding that this conference also emphasizes the UAE’s position as the main commercial center of Iraq, and presents the growing role of the state in facilitating international cooperation.
The report indicated that “the UAE has huge potential to invest in Iraq and for companies operating there, without the need for administrative and bureaucratic functions that can be found in Iraq.”
The report also quoted the Director General of the Business Council, Christophe Michels, as saying that “by defending the private sector in Iraq, the UAE is an ideal place due to its role as a regional center, linking international companies to Iraq.”
The report of the Gulf Today newspaper noted that the two-day conference is taking place at a critical juncture, and addresses pivotal issues such as economic sustainability, education, finance and climate change, while the Business Council expects a shift in education and sustainability in Iraq, with a focus on increasing skills training and industrial cooperation.
In addition, the conference will address sustainability through the exploitation of gas and financing strategies to support investments beyond oil price fluctuations, the newspaper reported.
According to the report, the British member of parliament, Wayne David, a shadow minister for Middle East affairs, will speak at the conference about Britain’s foreign policy in the Middle East. Energy bodies and companies, including Total Energy, BP, Basra Gas Company and Siemens, will participate in the conference, and there will be discussions on financial reform with industry leaders such as the CEO of Standard Chartered Bank and the head of the Commercial Bank of Iraq.
According to the report, there will be participation of senior representatives of British universities, high-level representatives from the Iraqi Ministry of Higher Education, and the Office of the Prime Minister.
The head of the Board of Commissioners, Judge Omar Ahmed Mohammed, discussed, on Tuesday, with the UN representative Jenin Blaskhart, the logistical and technical preparations of the Commission to hold the upcoming local elections, and the need to attend the latest experimental simulations to be conducted by the Commission before polling day.
A statement by the council, a copy of which was received by the “news platform” was said:
The Chairman of the Board of Commissioners, Judge Omar Ahmed Mohammed, received the Special Representative of the United Nations in Iraq, Ms. Jenin Plaskhart, and her accompanying delegation, on Tuesday, 2023/12/5, at the National Office in Baghdad, in the presence of the Vice-President of the Council, Judge Fayyad Yassin, the President of the Electoral Administration, Judge Abbas Al-Fatlawi, members of the Board of Commissioners, Judge Ali Rashid, Judge Amer Al-Husseini and Judge Fattah Mohammed.
The President of the Council welcomed Ms. Plaskhart and the accompanying delegation, expressing his thanks for the support provided by the United Nations Mission in Iraq to the Commission as it prepares to hold the elections of the non-regular provincial councils in the region on December 18.
During the meeting, they discussed the latest logistical and technical preparations of the Commission for the holding of the next local elections.
Judge Abbas al-Fatlawi called on Ms. Plaskhart and her accompanying delegation to attend the recent experimental simulations to be conducted by the Commission ahead of polling day on December 18 to determine the readiness of the electoral organs. For her part, Ms. Plaskhart expressed the readiness of the international organization to continue to support the Commission in this electoral process and subsequent operations in support of a new democratic Iraq.
It is noteworthy that the Independent High Electoral Commission continues its meetings with local and international civil society organizations for its technical and logistical expertise that contribute to overcoming obstacles to its employees in various electoral processes.
SUDANI ANNOUNCES THE ENTRY INTO FORCE OF THE RETIREMENT AND SOCIAL SECURITY LAW
Baghdad Today – Baghdad
Today, Sunday (December 3, 2023), Prime Minister Mohamed Shia Al-Sudani announced the entry into force of the Retirement and Social Security Law.
The Sudanese media office said in a statement received by “Baghdad Today”, that “Prime Minister Mohammed Shia Sudanese announced today, the entry into force of the retirement and social security law.”
He pointed out that “2,151,551 families are covered by social welfare subsidy, which is the highest coverage rate in the history of the Ministry of Labor.”
More news….
WHEN WILL THE DEPOSIT OF IRAQ’S OIL MONEY IN US BANKS END?
Information/private
The economist, Nasser Al-Kinani, on Sunday, the reasons for the United States of America to deposit the money for the sale of Iraqi oil in the Federal Bank, these agreements have existed since the former regime. Al-Kinani said in an interview with the agency / Information /, that “what the country lacks is the strong political leadership in the negotiations to end the file of farewell to Iraq’s money in American banks.
See full article in the Articles Section of today’s Newsletter.
(All I can say is I told you so….this is going to be a major issue. Iraq wants total control over its own oil revenues. Why is the US still strong arming them when they are “fully” out of sanctions ? It is just a matter of time. The pressure is building.)
IRAQ TO DEAL WITH OTHER COUNTRIES WITH LOCAL CURRENCIES IN COMMERCIAL EXCHANGE
Baghdad Today – Baghdad
Many questions have been raised since the announcement of the Central Bank and the Iraqi government to conclude agreements with a number of banks and other countries to deal with local currencies in commercial exchange, but the most prominent questions raised is what will they do or how other countries, especially those that export to Iraq in large amounts annually, benefit from the Iraqi currency dinar?
The dinar, which is supposed to be paid by Iraq or traders for the purpose of importing goods instead of the dollar.
The Central Bank of Iraq has concluded agreements with banks in Turkey, the UAE and China for the purpose of dealing in local currency instead of the dollar, as well as dealing with Iran with a bilateral (Dinar-Tuman) for trade exchange, but this problem will clearly arise with countries where trade exchange between Iraq and them is “non-existent or from one direction”, meaning that Iraq imports more of them than it exports to them, especially Iran and Turkey.
(Yes, what would they do with all the dinars if they are only worth 1/6 of a penny? Who would want them?)
More news….
FITCH AFFIRMS IRAQ AT ‘B-‘ OUTLOOK IS STABLE
(What criteria does Fitch use to rate? I included a review of the criteria in the Articles Section of today’s Newsletter. )
