Saturday, February 10, 2024
Red Sea tensions revive trade route between Iraq, Egypt and Jordan, 10 FEB
Red Sea tensions revive trade route between Iraq, Egypt and Jordan
The Egyptian Ministry of Transport announced on Saturday the operation of the first phase of the Arab trade line between Iraq, Egypt and Jordan at the beginning of this year, following the Red Sea tensions.
She said in a report, followed by Shafaq News Agency, that the attacks of the Houthi group on international shipping ships in the Red Sea and the subsequent threat to navigation in the Suez Canal, highlighted the importance of the commercial link project between Iraq, Egypt and Jordan, and even talk about adding other routes linking the Gulf countries with Egypt.
According to the ministry, work is currently underway to implement the second phase of the integrated Arab trade line, through the construction of the Taba-Arish-Bir al-Abd-Fardan railway line, with a length of 500 km, to increase the volume of goods targeted for transport from the Gulf, Iraq and Jordan to Europe and America.
She stressed the Egyptian side's keenness to provide all forms of support for this new line, by facilitating procedures, and encouraging companies and various parties to use the line in both directions, especially with its importance in transporting goods from the Gulf, Iraq and Jordan to European and American countries.
Mohammed Ali Ibrahim, former dean of the Faculty of International Transport and Logistics at the Arab Academy for Science, Technology and Maritime Transport (AASTMT), believes that the line may be a window for the exports of Jordan and Iraq, and may open a door for the exports of Gulf countries, as they will pass through this road, which is an investment in the idea of multimodal transport.
"Of course, this is a solution to the Red Sea crisis for some neighboring countries, but it cannot be an alternative to the Suez Canal," he said.
In December of last year 2023, the Iraqi Ministry of Transport said that "Iraqi ports" have become an alternative to international transport lines to deliver goods from east to west, coinciding with the change of many major international transport companies due to security tension in the Red Sea and the Bab al-Mandab Strait.
"ANALYSIS OF IRAQ NEWS: "WALKINGSTICK REMINDS US..." BY FRANK26, 10 FEB
Frank26: "WALKINGSTICK REMINDS US..." ................F26
The Governor of the Central Bank of Iraq receives a delegation from the World Bank
February 07, 2024
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the World Bank headed by the Director of the World Bank’s office in Iraq, Mr. Richard Abdel Nour.
During the meeting, they discussed enhancing bilateral cooperation between the Central Bank of Iraq and the World Bank and discussing electronic payment projects and financial inclusion, as well as reform programs to enhance the stability and development of the financial sector.
The two parties also discussed the support of the World Bank to provide advice in establishing the Riyada Bank dedicated to financing small projects in Iraq, with the support of the International Finance Corporation.
In turn, the World Bank delegation praised the procedures of the Central Bank of Iraq in facilitating financial transfers to different segments in Iraq, noting that the infrastructure of electronic payment systems and software systems in Iraq are among the best systems in the region.
Central Bank of Iraq
Information Office
7 - February - 2024
Dollar steps up over dong, 10 FEB
Dollar steps up over dong
By Dat Nguyen Tue 2/6/2024, 08:42 pm (PT)
The U.S. dollar rose against the Vietnamese dong Wednesday morning.
Vietcombank sold the dollar at VND24,570, up 0.16% from Tuesday.
The State Bank of Vietnam lowered its reference rate by 0.03% to VND23,956.
It fell 0.40% to VND24,850 on the black market.
The greenback has increased by 0.61% against the dong since the beginning of the year.
Globally the dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag, Reuters reported.
Analysts pointed to technical factors for the dollar's pullback, following a two-day rally of as much as 1.4% against the euro after unexpectedly strong U.S. jobs data and more hawkish rhetoric from Federal Reserve Chair Jerome Powell scuppered bets for an early interest rate cut.
The U.S. dollar index - which measures the currency against six major peers, including the euro - was flat at 104.14, following Tuesday's 0.29% slide. It had reached the highest since Nov. 14 at 104.60 on Monday. LINK
"RV UPDATE" BY SANDY INGRAM, 10 FEB
Sandy Ingram
We are not living a pipe-dream. The IQD and the VND investments are real...Iraq is a small wealthy country...with gold reserves, oil and $100 billion in cash reserve. They are making serious effort...It is safe to say that an appreciation of $0.10 or even $1.00 to 1 Iraqi dinar is not out of the question.
The CBI must carefully manage the timing of revaluation...[Iraq] has over $100 billion in foreign currency reserves. The IMF has continually said Iraq needs more income streams to offset the oil industry. The Development Road Project and several other manufacturing projects are all a part of increasing Iraq's income streams.
These are some of the major factors holding up the Iraqi dinar revalue...There's a lot at stake...First...Iraq relies on its oil export for revenue...If oil prices were to decrease suddenly, it could cause a drain on Iraq's foreign exchange reserves as they try to stabilize their currency's value...Second...Iraq's political stability and security issues... Uncertainties make it challenging for investors to trust...making them hesitant to buy the dinar ...
Thirdly...A sudden and significant increase in their currency's value could adversely affect their exports and trade balances. It could also lead to inflation... Balancing the exports and trade revenue is one of the key factors in deciding and implementing a currency revaluation.
Furthermore...Neighboring countries may retaliate by imposing tariffs or restrictions in response to Iraq's higher value in currency...A sudden revaluation potentially could destabilize other currencies...
Iraq could have a domino effect on the economies and currency values of countries like the U.S., China and Russia because these countries hold significant amounts of dinar in their reserves...The central bank of Iraq is under tremendous pressure to fit in when it comes to the revaluation of its currency.
https://dinarevaluation.blogspot.com/2024/02/rv-update-by-sandy-ingram-6-feb.html
Coffee with MarkZ. 11/29/2024
Coffee with MarkZ and Mr. Cottrell 11/29/2024 MarkZ Update- Some highlights by PDK-Not verbatim MarkZ Disclaimer: Please consider everythi...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...