After the exchange volume exceeded one billion dollars.. an Iraqi-Syrian move to adopt currencies other than the dollar, 27 FEB

 After the exchange volume exceeded one billion dollars.. an Iraqi-Syrian move to adopt currencies other than the dollar

The head of the Iraqi-Syrian Business Council, Hassan Sheikh Zaini, revealed that the volume of trade exchange between Iraq and Syria has exceeded the billion-dollar barrier, while pointing out that there is a mechanism to adopt currencies other than the dollar in this exchange.

Sheikh Zaini said, “The joint committees between the two countries are looking for a mechanism for trade exchange away from the dollar, since Syria currently exchanges in the European currency (the euro),” according to the official newspaper.

He added, "There are other platforms and currencies that Syria exchanges with other countries, and Iraq may benefit from them in the event of trade with them, especially with the volume of exchange between the two countries reaching more than a billion dollars annually."

He stated that "the two countries may use the Russian ruble, the Japanese yen, the Chinese yuan, the Emirati dirham, or other currencies to sustain trade exchange between them," calling for "the establishment of banks for commercial exchanges to enable the possibility of abandoning the dollar and creating another platform in this regard."

He pointed out that "the use of other currencies in trade exchange between Iraq and Syria reveals the two countries' need for each other, by benefiting from products of various types, industrial and agricultural."

He explained, "There are joint Iraqi-Syrian committees at most levels, such as agriculture, industry, trade, transportation, customs, and everything related to food and medicine. They supervise the entry routes for goods and seek to overcome many obstacles that may hinder joint trade between the two countries." link

"ANALYSIS OF IRAQ NEWS" BY GOLDILOCKS, 27 FEB

 Goldilocks 

  Article quote:  “Iraq is participating for the first time since 2004 in the Ministerial Conference of the World Trade Organization, which is held in... The capital, Abu Dhabi,”  Iraq is currently participating in the World Trade Organization. 

Their potential membership is moving forward. As a full member of the WTO, they will need a rate to fully participate in this inclusion.  

This is truly a monumental achievement for Iraq and something the world has been waiting for for a long time.  ...There are high expectations that full acceptance into the WTO for Iraq will happen during this meeting taking place...

Vietnam Currency Revalue Exact Time & Date | World Bank & W.T.O | Iraqi ...

House of Representatives: {Oil and Gas} is technical and can be passed, 27 FEB

 House of Representatives: {Oil and Gas} is technical and can be passed

The Parliamentary Oil and Gas Committee pointed out that the oil law is one of the important laws that concerns all of Iraq and not the Kurdistan region alone, noting that its draft contains controversial points that need to be stopped, and despite this, the law can be passed.

Committee member Ali Al-Mashkoor explained, in an interview with Al-Sabah, that “there are seven points of contention regarding the oil law, some of which are administrative, some of which are professional, and the law cannot be proceeded with without being cleared by both parties,” indicating that “one of the administrative disputes in the law is the desire to The Kurdish side should have the right to veto the issuance of decisions.”

Al-Mashkour added, “The region’s percentage in the budget came from the export value of oil, and now there is no export of the region’s oil, not even production,” noting that “the financial share is an entitlement separate from the oil entitlement that the region is supposed to pay, but it will constitute a future obstacle in the budget.” Although it is a fixed share, as it is the right of the Kurdish citizen.”

Al-Mashkoor expressed his optimism in passing the oil and gas law, and said that “the draft can be legislated within an understanding and complementary process, but imposing opinions is incorrect,” explaining that “the law was returned to the government without revision or amendment, even if there were disagreements on some of its points.” ". Al-Mashkoor stated that “the oil law guarantees the rights of all governorates in the available proportion,” pointing out that “some governorates are demanding an increase in their share, whether the request is professional or administrative.” link

"TALKING ABOUT THE PROJECT OF DELETE ZEROS " BY FRANK26, 27 FEB

 Frank26 

  Article:  "Does deleting the currency’s zeros affect its value? An economist explains"  

THE CBI IS SENDING TRUSTED ECONOMISTS TO EXPLAIN THE MONETARY REFORM EDUCATION OF DELETING THE ZEROS FROM THE EXCHANGE RATE!  IMO they're about to give the citizens a new exchange rate with new lower notes to match...They already told them that process will then take that exchange rate, which will be at least 1 to 1 but I think is going to be higher, to float in the basket internationally. 

 Article:  "The dinar and its three zeros - is it time to symak the dinar and return to the dinar 1980"   IMO [symak means make]

  What's so big about 1980?  

So you want to return the dinar to the 1980's?  By 1971, '72, '73, the Iraqi dinar on the international market was $3.778.  Then...it was reduced on purpose to $3.2169 in 1980.

 Iraq is one step ahead of us.  The Iraqi citizens...are already taking their 3-zero notes and taking  them to the bank and opening accounts because they know the monetary reform has educated them...All of a sudden bank accounts just  exploded in Iraqi banks...

Mot News Woow lov it BY NADER FROM MID EAST

Parliamentary Finance calls on the World Bank to develop the Iraqi banking system, 27 FEB

 Parliamentary Finance calls on the World Bank to develop the Iraqi banking system, 27 FEB

Economy News _ Baghdad

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, on Tuesday, called on the International Monetary Fund and the World Bank to provide the necessary support to Iraq in the areas of exchanging experiences and training national cadres, to develop the Iraqi banking system.

The media office of the Presidency of the Parliament said in a statement received by “Economy News”, that “the head of the Finance Committee, Atwan Al-Atwani, participated through a closed-circuit television, in the deliberative meeting of the International Monetary Fund on the financial and economic situation in Iraq.”

The office added that “Al-Atwani provided a briefing on the financial and economic situation and the provisions and programs included in the Triennial Budget Law (2023 _ 2025) in line with the government program to promote various sectors, activate the private sector, encourage investment and support investors, in order to achieve sustainable development.”

According to the statement, Al-Atwani stressed that “the adoption of the tripartite budget gave the government great comfort in terms of contracting, implementing projects and attracting foreign companies to implement major projects,” pointing out that “the Finance Committee, through monitoring spending, financing and implementing plans and programs, seeks integration between the legislative and executive authorities, because we want this government to succeed, especially as it is taking steady steps towards achieving the aspirations of the people.”

The head of the committee pointed out that “the national service government is serious about moving the wheel of the economy and development and has ambitious programs to promote various productive sectors and maximize non-oil revenues, to leave the state of excessive dependence on oil in the formation of the general budget.”

Al-Atwani called on the International Monetary Fund and the World Bank to “provide the necessary support to Iraq in the fields of exchanging experiences and training national cadres, to develop our banking system, especially as we are moving towards activating the digital financial transaction system, tax automation, customs and other service sectors that generate financial revenues for the country.”

https://economy-news.net/content.php?id=40915