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Iraq has completed requirements to join WTO: Minister, 1 MARCH

 Iraq has completed requirements to join WTO: Minister

ABU DHABI, 27th February, 2024 (WAM) — Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.

In statements to the Emirates News Agency (WAM) on the sidelines of his participation the 13th Ministerial Conference of the WTO, Al Ghurairi pointed out that the trade in goods and services files have been finalised according to the set schedules for integration into the global trade system.

Al Ghurairi said that the interest of the Iraqi government in joining the WTO after Iraq submitted a request to join in 2004, in the belief that it is important to be part of the multilateral world trade system and for Iraq to return to an influential position in the global economy. He pointed out that there will be a meeting at the level of Arab countries to learn about their experiences before joining the organisation and ways to benefit from its advantages.

The Iraqi Minister of Commerce stressed the importance of the events of the conference held in Abu Dhabi, which is witnessing a successful organisation by the UAE. He stated the conference sends an important message to all countries of the world about the importance of joining this organisation, in addition to its role in discussing the future of the global trade movement according to current challenges.

Al Ghurairi mentioned Iraq’s plans to enhance economic and trade ties globally, aiming to establish new avenues for cooperation in these sectors.

https://www.bignewsnetwork.com/news/274139292/iraq-has-completed-requirements-to-join-wto-minister

"1 IQD = 1 IQD" BY HARLEQUINC3, 1 MARCH

 Harlequinc3  

Over the years, there's been many articles about the old currency retaining its 'nominal  value' -- the denomination remains the same, a 25,000 dinar note remains 25,000 one dinars. And the new 25 denomination remains 25  one dinars.

 1 dinar = 1 dinar. Denomination value just means 'name' not exchange rate. The confusion arises from people thinking  'value' means exchange rate, when it's just talking about the nominal value -- the 'named' value of the dinar, which in this  example is a '25,000 dinar' note -- that's its name, not its exchange rate.

 To an Iraqi, an exchange rate of pounds sterling to dinar is meaningless. 1 dinar is just 1  dinar. But what does that 1 dinar buy? That's what matters to an Iraqi...IMO, the latest article is explaining, the named value of  both notes don't change (it doesn't affect the 'nominal value.')

 It answers the question about a lop of the old dinar, explaining  you will exchange 25,000 old dinar for 25,000 new dinar (electronically) at a 1:1 value -- the named value remains the same. Of  course, for people outside Iraq they will be exchanging 25,000 dinar for their home country's national currency of 25,000 dinar at  an approved exchange rate.  

$25,000 US Dollars Equals to 25,000 Iraqi Dinar Get Ready RV Approved On...

Iraq concludes its discussions with the International Monetary Fund expert mission in Amman, 1 MARCH

Iraq concludes its discussions with the International Monetary Fund expert mission in Amman

Mawazine News – Baghdad
The Iraqi delegation, headed by Finance Minister Taif Sami, concluded today, Thursday, its discussions with the Article IV mission of International Monetary Fund experts in Amman, while the mission confirmed its continued support for the government’s reform steps.
The Ministry of Finance stated in a statement received by Mawazine News, that “during the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” “.

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .

The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.

https://www.mawazin.net/Details.aspx?jimare=242967

"RV UPDATE" BY BRUCE, 1 MARCH

 Bruce   

[via WiserNow]  ...we could get our notifications Thursday, which is the 29th of February...start exchange on first of March, which is Friday... Everything is moving in the right direction...So let's see what happens guys. 

[via WiserNow]  This is a non taxable event.  These exchanges that we're doing...they're not taxable  to you...It was designed to be tax free.  [Dinar Guru Note:  Some gurus feel the dinar is non-taxable, others feel capital gains and still other feel it will be taxed as ordinary income.  The only opinion that matters in the end is the IRS's.  At the appropriate time consult your tax advisors to determine the correct tax for your unique circumstances.]

 Prime minister of Iraq met with our President Trump for a couple of hours in an undisclosed location on Sunday afternoon and they were discussing the fact when Prime Minister, Sudani of Iraq was going to fly back to Iraq that afternoon...he was going to announce to the entire country of Iraq they were indeed a sovereign nation and had a  sovereign currency -  once that occurred...we would have simultaneous announcement here...

not quite sure who was going make it but was to be made to banks and to our redemption centers, and other institutions - with other officials dealing with currency exchanges...  once those announcements were made, we felt like we were good to go and get ready to get started...

 ...we haven't started yet. But we know that we've checked with certain banks...like Chase and Wells have the dinar, for example is one of our currencies on the front screens of the banks and ...they're rising in value.

 But there the last time we checked, the bank screens rates were flashing - ...when it's flashing on and off...it means that it's not quite ready...to be exchanged...So we're waiting according to the latest information that we have from redemption centers and banks, that they're waiting for the green light to come in the form of an email from Wells Fargo, corporate New York...When that email comes in to the redemption centers, they will know that it's time to go it's time to start...we're close.

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

WOW IRAQ'S Minister of Trade Decides Iraqi Dinar international RV tomorr...