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Iraq returns to the World Trade Organization 14 years after its expulsion, 16 JAN

Iraq returns to the World Trade Organization 14 years after its expulsion

Economy News _ Baghdad

Iraq is preparing for a major change in the file of trade with the countries of the world and is preparing to exceed the limits set for Iraqi goods, with its return to the World Trade Organization 14 years after it was expelled as a result of its failure to adhere to the organization’s meetings.
The head of the Kingdom of Saudi Arabia’s mission to the World Trade Organization/the Saudi Permanent Representative to the World Trade Organization and responsible for the file of Iraq’s accession to the World Trade Organization, Saqr al-Muqbel, visited Iraq today, Monday, and delivered a speech in which he reviewed the importance of joining the World Trade Organization.

Al-Muqbil said in a press conference followed by Al-Iqtisad News, “I find Iraq’s accession to be a serious message from Iraq to the whole world, that Iraq is continuing its path of engagement with the whole world,” adding: “I find myself among my loved ones and brothers to do everything we have for your participation.” “The Kingdom’s successful experience in joining the World Trade Organization.”

He explained, “The Kingdom joined the World Trade Organization in 2005, and our non-oil merchandise exports amounted to about 18 billion dollars, and exports have now reached 84 billion dollars with the world,” noting that “the Kingdom’s service exports alone amounted to about 11 billion dollars in 2005 and have now reached more than 34 billion dollars.

He pointed out that “these achievements depend on Iraq’s signals to join and accelerate its pace to find Iraq in its usual position and as one of the largest economies in the Arab region and the Middle East.”

For his part, the Iraqi Minister of Commerce, Atheer Al-Ghurairi, said, “Iraq is taking steps to return as a strong economic player by opening relations with Arab countries and all countries of the world,” noting that “today, within a year, we were able to finalize three files and submit them to the committee related to Iraq’s accession to the World Trade Organization.” global trade in goods and services.

He stated that “Iraq joined as an observer in the World Trade Organization in 2004, and in 2009 Iraq stopped meetings and reached the point of being removed from the organization, and last year 2023, through continuous work on that and with the help of Saudi Arabia and the head of the Saudi mission in the organization, Iraq returned as an observer to the organization.” Global trade, and we accomplished in one year the equivalent of more than 15 years’ work.”

Regarding the benefit of joining, Al-Ghurairi explained, “It means that the Iraqi economy enjoys any specifications enjoyed by world economies, but this does not replace the necessity of internal reform.”

He stated that “opening the doors to Iraqi goods and trade exchange through global controls will protect Iraq from entering the global market with its weight in the event that it fulfills its requirements and that our production is international and not local,” noting that “Iraqi goods are now not allowed to go outside certain borders, and joining is possible.” To reach the farthest country in the world.”
 https://economy-news.net/content.php?id=39453

"RV UPDATE" BY NADER FROM MID EAST, 16 JAN

Nader From The Mid East 

  We told you we're going to switch from dollars to dinar and that happened...They talked about it yesterday and I'm really excited about it.  Today they're talking about again about the market and how it's excellent...It's going up slowly.  Listen, it's a lot of steps to do.  They're working on it.  Everyday it's a new step and that's really good.  I'm excited about it.  I hope everybody getting excited.  Don't get too excited though.  Keep grounded.

 It's going to be $3.50 to 1 and it's going to play about Forex between $3.50 and $4.50.  It's true what I tell you. I'm not playing around.

 Many people sending me things, things about 2026.  I don't think they're going to wait till 2026.  I don't think whoever explained you this, he read it wrong...If it start to float it's going to go quick.  We just need to float it...If they did like they said and took off the dollar from the market, from the streets, things going to go quick...I agree with them that it's going to go up gradually but it's not going to take two or three years to reach 1 to 1...

 Question:  "Is the rate and the [lower] currency gonna come out together?"  I think yes.  This is why I think yes.  First, because they cannot change an exchange rate with a big numbers [rate] and Second, they cannot change a [lower] currency with the small exchange rate...If you change, you've gotta change both.  If you take the 3-zeros from the currency, you're gonna have to take the 3-zeros out of the exchange rate in the same time.    That's what I think.

Happy New Year, best wishes and all that stuff...A lot of people are sending me messages going like do you see any changes?  ...I don't know why you're asking me that. What you guys heard?  Who told you anything?  Some people wrote me tonight at midnight the currency will be launched.  Some people said their new rate will come out tonight at midnight ...I didn't see anything like that.   They didn't say they're going to change the rate tonight.  They didn't say they're coming out with currency tonight... They'll never tell you they're coming out with it...I'm not expecting anything tonight...

https://dinarevaluation.blogspot.com/2024/01/rv-update-by-nader-from-mid-east-3-jan.html

Iraqi Dinar | Iraq New Budget 2024 New Exchange Rate | Iraqi Dinar News ...

The Arrival Of The Budget Law For 2024 Is Near, 15 JAN

The Arrival Of The Budget Law For 2024 Is Near, 15 JAN

Today, Monday, the Parliamentary Finance Committee resumed its regular meetings with the beginning of the new legislative term, while confirming the imminent arrival of the budget law for the year 2024.

The media office of the Committee Chairman said in a statement received by “Earth News” that, “Today, the Parliamentary Finance Committee headed by Atwan Al-Atwani resumed its regular meetings with the beginning of the new legislative term; To discuss a number of topics related to its legislative and oversight work,” indicating, “The meeting discussed ways to conduct a rapid review of the committee’s work during the past legislative term and determine the priorities for the next phase in accordance with the ministerial platform, whether in terms of completing the requirements for legislating important laws or monitoring spending and removing obstacles and impediments that delay Implementing service and development plans and programmes.”

Al-Atwani stressed – according to the statement – that “the committee is awaiting the arrival of the budget law for 2024 soon to make the necessary amendments to its schedules,” stressing “the necessity of determining our priorities in accordance with the government program.”

He added, “We will have field visits in the coming days to ministries and governorates to follow up on the implementation of plans and programmes,” addressing the members of the committee by saying: “Your presence in the field is sufficient to solve all the legal and technical problems that delay the referral of strategic projects and hinder the completion of those that are lagging behind.”

He stated, “We have allocated additional funds to the governorates in order to implement strategic projects, and this requires us to follow up on financing and implementation,” pointing out “the necessity of working to overcome obstacles to completing school building projects that have been lagging for years.”

"RV UPDATE" BY PIMPY, 15 JAN

 Pimpy 

 Why is it that the Iraqi dinar is unstable?  That is because they rely too much on oil sales.   95% of their budget relies on oil sales.  There's too many people out there going, they got so much oil there's no reason why their currency isn't valuable.  No, you don't understand.  That's the problem.  Article quote "The CBI devalued the notation currency in December 2020 amid a sever drop in global crude prices which threatened economic collapse given Iraq's heavy dependence on oil exports..."   If it wasn't for the fact that they devalued the Iraqi dinar they would have collapsed...

 Article:  "Iraq and 4 Arab countries have more than 1 million tons of global gold reserves"   Why do they have so much gold?  Because you need that to strengthen your own local currency.  Gold is way more liquid than anything else.   If you want to make sure the currency stays strong you want to have tons of gold as well as foreign reserve assets in your holding.

Iraq's minimum exchange rate needs to be in order for them to be compliant with the IMF - Take the SDR $1.33 minus 2%...Iraq has to be at an exchange rate at a minimum in order to be in compliant with the IMF...$1.28...

Stop falling for that crap that there's no way Iraq can get all these major projects that they have listed in their budget unless they change the exchange rate.  That's false.  It's already accounted for.   The budget is already created with the proper amount of money set aside for these projects. It's just done in Iraqi dinars with the current exchange rate.  

https://dinarevaluation.blogspot.com/2024/01/rv-update-by-pimpy-15-jan.html

Iraqi Dinar Latest Exchange Rate And Budget Aproval Huge Update-Iraqi Di...