For the first time in 20 years. Iraq participates in the Ministerial Conference of the World Trade Organization, 26 FEB

 For the first time in 20 years. Iraq participates in the Ministerial Conference of the World Trade Organization

Economy News – Baghdad

The Ministry of Commerce, Sunday, participated for the first time since 2004 in the WTO Ministerial Conference to be held in the capital Abu Dhabi.

Minister Atheer Al-Ghurairi said in a speech during his participation in the preparatory meeting of Arab trade and economy ministers within the Arab Group for the 13th WTO Ministerial Conference followed by “Economy News”, that “Iraq participates for the first time since 2004 in the WTO Ministerial Conference held in the capital Abu Dhabi,” pointing to “the completion of the requirements of Iraq’s accession to the organization represented in the completion of the two files of trade in goods and trade in services within the timing schedule for accession to the global multilateral trade system.”

The minister pointed out that “the desire and seriousness of the Government of Iraq to establish balanced economic relations with all countries of the world and at various levels and fields by improving the business and investment environment and making real reforms in laws and legislation.”

He thanked “the Kingdom of Saudi Arabia to support the process of Iraq’s accession to the international organization through the visit of its permanent ambassador to the organization, Saqr, next, and his chairmanship of the working team on the accession of Iraq.”

On intra-trade and increasing trade exchange between Arab countries, Minister Al-Ghurairi noted “Iraq’s keenness on the importance of the presence of Arab countries in Iraq to restore its active role in economic organizations.”

The minister extended congratulations to the “Comoros and East Timor on their WTO membership.”

https://economy-news.net/content.php?id=40856

"RV UPDATE" BY PIMPY

  Pimpy 

  There's no doubt this [Development Road Project] is going to turn Iraq into a transit center.  There's going to be a lot of traffic going through there.  [But] Article quote: "Iraq has postponed the launch of its $7 billion development road project to early 2025..."  Hello, remember, don't count your chickens before they hatch.  We are talking about Iraq.  This happens quite often.

  Community Comment:  "Thanks for the let down once more that Iraq will never RV."  I never said it would never RV.  Never.  In fact I'm the one that said it's going to go up in increments.

Question: "There have been some references...regarding some Iraqi banks in the US, have you heard  about any of thee banks on US soil?"  Here you go:  You have the Iraq National Bank that's in New York. Rasheed Bank that's in New  York.   North Bank  that's Dearborn Michigan, The Bank of Baghdad is in New York City, TBI Bank which is in Washington DC.  These are  the Iraqi banks that are currently in the US...    

Community Comment: "IMO I think a $1.28 would be a sweet spot for the RV and then go up from there."  $1.28 would be pretty nice if we can get it but IMO if they want to make sure not to really crash their economy they're going to have to go up in smaller increments...I know you guys don't like to hear that and it makes me the bad guy.  You might see it go somewhere from...1310 for every dollar...to around 1,100 dinars for every dollar or maybe even 1,000 dinars for every dollar, then from there down to like 700s...small increments.

https://dinarevaluation.blogspot.com/2024/02/rv-update-by-pimpy-23-feb.html

 Community Comment: "Once the 3 zeros are deleted, establishing IQD's REER, then the rate will go up in increments."   That's not what you want.  You do not want them to delete the zeros before the rate goes up.  If they delete the three zeros off your currency then your 25,000 dinar becomes a 25 dinar and then they raise the rate?  That's not going to help you.  We'll see what happens.

 If you're going to exchange your Iraqi dinar, let's just say for the sake of this particular example...3 to 1, congratulations you now got millions of dollars.  So you go and you swap your currency and they're saying, 'Hey, you got $3 million in your account.'  Yah!   You can't say to them I want $3 million dollars because the bank doesn't carry money like that no more. They might say...we are going to allow you to carry out $5,000 for today cash but we're going to have to set an appointment with you to come pick up the rest of the cash...If they have to order currency for you, they're going to charge you a fee because they have to pay a fee...

https://dinarevaluation.blogspot.com/2024/02/rv-update-by-pimpy-21-feb.html

🔥 Iraqi Dinar 🔥 Iraq's sign Coin RV Announcement - Get in on the Action!...

Faction leaders set a "deadline" for Americans: either withdraw or resume fighting, 26 FEB

 Faction leaders set a "deadline" for Americans: either withdraw or resume fighting

Today, Sunday (February 25, 2024), a number of leaders of armed factions in Iraq set a deadline for the United States to withdraw its forces from Iraq completely, while choosing between withdrawing or resuming attacks against US forces.

The US National Radio Network (NPR) quoted statements from the leaders translated by "Baghdad Today", where the spokesman for the Sayyid al-Shuhada Brigades, Kazem al-Fartousi, said that "the factions will resume attacks against US forces again if they do not withdraw by the next US elections in November next year."

Unlike the battles fought by Iraq against Iran and Kuwait, which were imposed on it by Saddam Hussein's regime, this battle against US forces was chosen by the Iraqi people, not only to remove the forces' occupation, but also in support of the brothers in occupied Palestine," al-Fartousi said.

In turn, Kataib Hezbollah spokesman Mohammed Mohi, according to the network, said that "the US administration will pay a heavy price for the assassinations carried out against leaders in the Popular Mobilization Forces during the past month, most notably Baqir al-Saadi," stressing that "Kataib Hezbollah will confront the US forces and expel them not only from Iraq but from the entire region."

The network indicated that "the assassination of Baqir al-Saadi and the air strikes carried out by US forces last month against targets inside Iraq prompted the continuous efforts to remove US forces to escalate," wondering about "the reasons that call for the administration of US President Joe Biden to keep US forces in Iraq despite the lack of need."

The network pointed out in its report and interviews with faction leaders, that "Iraq has witnessed great security stability during the past period, the presence of US forces has become directly threatened by the tension between the factions and those forces," calling for "reconsidering their presence during the coming period to preserve the security gains achieved inside Iraq." 

"RV UPDATE" BY FRANK26, 26 FEB

  Frank26 

 Article: "Trade: Forming a committee to price foodstuffs, limit their rise, and exploit crises" 

 THIS IS WHAT WE TOLD YOU TO LOOK FOR NEXT...Alaq has formed with his cabinet a committee in order to do the repricing because it will be required with a new exchange rate.  What is the conclusion of all this?  I'm excited.  I told you, you should be too.

 Question:  "Is it good to hold some of our currency and hope the exchange rate will increase years from now?"  

That's your decision.  I can't answer that for you.  But it's a logical thing if it's in the float.  Let's say you got 2 million, exchange 1 million and check out the float.  Maybe you can get it for 2 to 1, 3 to 1, 4 to 1.  Yeah, that's proper stewardship.  But based on the amount of time they give you is how you determine whether you hold them or fold them.

 Question: "I appreciate you saying Chase and JP Morgan but is there a problem with Bank of America or Merrill Lynch?"  Who said there was? 

 You want to go to BOA and see if they can hook you up with Merrill Lynch?  Go for it...I told you there would be many banks.  If you don't like this one go to another bank.  There will be many places you can go and exchange to.  

🔥 Iraqi Dinar 🔥 Today's the Day: Bankers and Group Leaders Predict Curre...

Iraq's Oil Revenue Dominance Persists Despite Diversification Efforts, 26 FEB

Iraq's Oil Revenue Dominance Persists Despite Diversification Efforts

Amidst the sprawling landscapes and ancient cities, Iraq finds itself at a crossroads, economically speaking. The Iraqi Ministry of Finance recently disclosed figures that paint a vivid picture of a nation still heavily shackled to its vast oil reserves. Over the last 12 months, the federal budget's coffers swelled to over 135 trillion dinars, of which a staggering 93% was sourced from oil revenues. This slight dip from the previous year's 96% might seem promising at first glance, but it underscores a deeper, more persistent reliance on crude oil, aligning with Iraq's commitment to OPEC's production cuts aimed at stabilizing global oil prices.

The Crux of the Matter: Oil's Overbearing Influence

Despite the global push towards renewable energy and economic diversification, Iraq's economy remains steadfast in its dependence on oil. This reliance is not without its risks, as fluctuations in global oil prices can drastically affect the nation's budget and, by extension, its ability to fund public services and development projects. Economic experts and high-ranking officials, including the Iraqi President and the Prime Minister's Adviser on Energy Affairs, have voiced their concerns, emphasizing the urgent need for Iraq to diversify its economy. Their statements, echoed at conferences and symposiums, highlight the vulnerability of Iraq's economy to external shocks and the critical importance of finding sustainable income sources beyond oil.

A Glimmer of Hope: Efforts Towards Economic Diversification

Despite the challenges, Iraq is not standing still. The country is making concerted efforts to pivot away from its oil-dependent economy. The approval of a record-breaking budget, totaling 198.9 trillion Iraqi dinars for the years 2023 to 2025, is a testament to Iraq's commitment to sustainable growth and improved living standards. This budget, as reported by The Frontier Post, earmarks substantial funds for critical infrastructure projects, public sector expansion, and job creation. Moreover, Iraq's anti-corruption measures, aimed at enhancing transparency and accountability, seek to attract foreign investments. Initiatives like the Development Road project are designed to reduce reliance on oil revenue, enhance global trade connectivity, and diversify the economy through international partnerships. These steps, while in their infancy, signal Iraq's dedication to a more stable and diversified economic future.

The Road Ahead: Challenges and Opportunities

While the path to economic diversification is fraught with challenges, the potential rewards are significant. Diversifying income sources can provide Iraq with a more stable economic foundation, less susceptible to the whims of the global oil market. Moreover, it can spur job creation in new sectors, reduce poverty, and improve the overall quality of life for its citizens. However, the transition requires strategic planning, substantial investment, and, most importantly, time. The international community's role in supporting Iraq through this transition cannot be overstated, offering expertise, investment, and market access to help steer Iraq towards a more prosperous and sustainable future.

The journey of economic diversification is a marathon, not a sprint. As Iraq takes its first steps towards reducing its reliance on oil, the road ahead is long and uncertain. But with strategic vision, international support, and a commitment to sustainable development, Iraq can transform its economy, ensuring a brighter future for its people.

https://bnnbreaking.com/world/iraq/iraqs-oil-revenue-dominance-persists-despite-diversification-efforts