Saturday, March 9, 2024
"ANALYSIS OF IRAQ NEWS:"AND WHAT IS THE RESULT OF THAT... A NEW EXCHANGE RATE TO ADD VALUE TO THE NATIONAL CURRENCY"BY FRANK26, 9 MARCH
KTFA:
Frank26: "AND WHAT IS THE RESULT OF THAT... A NEW EXCHANGE RATE TO ADD VALUE TO THE NATIONAL CURRENCY"............F26
A government advisor to Al-Ghad Press: Dollar prices in the markets will gradually decline
3/4/2024
The financial affairs advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Monday, that the dollar exchange rates in local markets will gradually decline .
Saleh said in an interview with Al-Ghad Press, “The demand for foreign currency to finance Iraq’s foreign trade for the private sector and government trade amounts annually to approximately 60 billion dollars .”
He added, "More than 95% of Iraq's foreign trade is financed through the compliance platform in accordance with international standards, and accordingly goods and merchandise flow into the country through the official exchange rate of 1,320 dinars per dollar ."
He continued, "Foreign trade depends on the parallel market at a rate of 5%," pointing out that "the percentage referred to will not affect the local market, especially after the decline in the general level of prices, which does not exceed 4 percent annually ."
He pointed out that "the current monetary and trade policy will provide a gradual reduction between the official and parallel exchange rates, especially after the banking system adapted to the rules of international trade and the principles of financing foreign trade, all of which began to serve the interest of the stability of the national economy ."
Today, Monday, the capital, Baghdad, witnessed a decline in dollar exchange rates with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 149,850 Iraqi dinars against 100 dollars. LINK
"AMERICA AS AN OBSTACLE TO THE GROWTH OF THE IRAQI ECONOMY" BY MNT GOAT, 9 MARCH
PARLIAMENTARY BLOC: AMERICA PREVENTS IRAQ FROM JOINING THE CHINESE AGREEMENT
Information / Baghdad… The head of the Al-Sadiqoun parliamentary bloc, Habib Al-Halawi, confirmed today, Sunday, that America is pushing to prevent Iraq from joining the Belt and Road Initiative.
Al-Halawi said in an interview with the Maalouma Agency, “The United States of America is pushing to prevent and obstruct Iraq’s association with the Silk Road Economic Project, adding that Iraq’s association with the Chinese initiative represents a strategic opportunity to activate Iraq’s role within the Belt and Road Initiative.”
He pointed out that “America stands as an obstacle to the growth of the Iraqi economy and does not allow Chinese companies to invest in Iraq, stressing that there is a desire among the Iraqis to consolidate bilateral relations with China.”
"RV UPDATE" BY MILITIAMAN, 9 MARCH
Militia Man
Ministerial Council of Economics... Ministry of Planning, Industry, Trade, Central Bank of Iraq, Prime Minister, Deputy Prime Minister, advisers, all of those folks that are involved...have been knocking it out of the park themselves and showing why they are bringing Iraq to be the financial savior...The world expectations are Iraq is going to be a key component into the global financial system...When they say it's imminent that's a broadcast to the world...
I got a lot of blowback from me using the word imminent. I didn't use those words, that wasn't me talking. It's not me telling you - They are telling us.
Article: "Iraq announces its imminent accession to the World Trade Organization"
I didn't say it other than reiterating what the quote is... They said that.
Article "The dinar and the dollar""ANALYSIS OF IRAQ NEWS: The Ministry of Finance issues a new statement regarding the application of “automation” of customs and clarification regarding the Grand Square" BY CLARE, 9 MARCH
The Ministry of Finance issues a new statement regarding the application of “automation” of customs and clarification regarding the Grand Square
3/8/2024
Her statement, which {Al-Furat News} received a copy of, stated, “her emphasis on establishing clear work standards consistent with the adoptions of the government program approved by the House of Representatives and related to modernizing the financial policy strategy, including customs performance, in addition to what the program approved of the necessity of moving towards... Diversifying and maximizing the state’s financial resources outside of oil revenues. Accordingly, the Ministry embarked on adopting an integrated vision towards improving the reality of customs work similar to the rest of the developed countries, which was represented by the recent application of customs automation in accordance with the global ASYCODA system at the Great Welcome Square Customs Center, which includes the Basra Gate Center and Umm Qasr Customs. "The system will be opened in both the southern and central Umm Qasr areas."
She indicated that "earlier, the system was opened at the air cargo customs at Baghdad International Airport and the dry port, in addition to that work is continuing at an increasing pace to complete the system in each of the customs centers in the western region (Ramadi / Trebil / Al-Qaim / Arar), and the same is true for the centers." Customs in the Central Region, and accordingly, all incoming goods, shipments, and materials are subject to smooth and simplified processing and auditing processes that reduce time and effort in completing them, unlike previous procedures.”
She explained, "Regarding the news reported in some media circles about allowing the entry of a number of goods into the Customs Customs of the Grand Welcome Square in Umm Qasr Port, as the permit to enter these shipments relates exclusively to the goods and materials that have been audited and processed in accordance with the customs procedures that preceded the start of the recently applied electronic automation." As well as those that have been completed according to the electronic system, the shipments and materials received will be entered before 6-3, which is the date on which the involved parties commit to entering their data into the system.”
The Finance Ministry affirmed its "continue to adopt modern methods and systems in accordance with international standards, including the electronic automation system in customs work that is currently implemented as a first step to include all centers and ports of land, sea, and air alike."
LINK
Friday, March 8, 2024
" RV UPDATE" BY PAULETTE, 9 MARCH
Paulette
Question: "When is Iraq supposed to be in the WTO?" Not before they pass needed legislation, eliminate the MCP [Multiple Currency Practices] and are recognized as having accepted IMF Article 8 obligations. Accession Committee next meeting with Iraq is planned for the "middle of the year".
"RV UPDATE: " FREEDOM OF MOVEMENT OF CAPITAL" IS IMPORTANT" BY PAULETTE, 8 MARCH
PAULETTE
IMO......All the articles say they have legislation that needs to be passed and the next meeting is in the "middle of the year......
My understanding is that Frank has also said that the rate doesn't matter but "freedom of movement of capital" is important. That is Article 8 compliance. They cannot be Article 8 compliant if the country is functioning under a MCP. A MCP includes a parallel rate of greater than 2% of the official rate by IMF definition. Saleh said last year that the parallel rate is "REQUIRED" to be 2% or less of the official rate. We were taught here years ago that this 2% or less needs to be maintained for a period of 90 days. The parallel rate is still around 14% difference.
While Iraq appears to be on the way to a full RI, I believe there will be an interim step very soon. If they make the move I anticipate the MCP will be quickly eliminated and they can proceed to a full RI.
A RI is full Article 8 compliance and a return to the rate that reflects the True Value. In 2009, the MOP/MOF stated move to 1.14-1.17USD/IQD and monitor for inflation up to 3 years and then move the rate to reflect the True Value of 3.208USD/IQD. This was the plan of Dr S and it appears they are back on track following that plan. Keep in mind that Ernst & Young stated $1.30 in 2010 and the SIGIR report stated that had the project to Delete the Zeros not been postponed, the IQD would have been brought on par with the USD.
I hope that helps
https://dinarevaluation.blogspot.com/2024/03/rv-update-freedom-of-movement-of.html
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