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Iraq joins the World Federation of Free Economic Zones (FEMOZA). , 22 MARCH

 Iraq joins the World Federation of Free Economic Zones (FEMOZA). , 22 MARCH

2024-03-21 00:24   Shafaq News/ The Industrial Estates Authority, one of the formations of the Iraqi Ministry of Industry and Minerals, announced on Thursday its joining the World Federation of Free Economic Zones (FEMOZA) in cooperation with the United Nations Industrial Development Organization (UNIDO).

The Director General of the Authority, Hamid Awad Muhammad, explained in a statement that

the Authority is a vital entity charged with advancing industrial cities and their prosperity throughout Iraq, indicating that the

joining came due to the importance of international partnerships in achieving the objectives of the Authority in light of economic changes and the movement of markets, shipping lines, and global land and railway transport, and in order to Interact with it professionally, taking advantage of Iraq's strategic geographical location.

He pointed out that the FEMOZA organization is considered an internationally known union committed to promoting sustainable economic zones and has links with (200) countries in the world.

The Director of the Authority added that this affiliation confirms the objectives of the Industrial Estates Authority in creating an environment conducive to

     investment,

     innovation and

     economic diversification by benefiting from the organization and its global network, as well as

     attracting foreign investment to Iraq and

     enhancing the Authority’s ability to establish and manage industrial zones that help in sustainable development and international business participation.

     Accelerating industrial growth within Iraq by benefiting from the expertise of specialized international organizations. https://shafaq.com/ar/اقتصـاد/العراق-ينضم-لى-ال-تحاد-العالمي-للمناطق-ال-قتصادية-الح-ـرة-FEMOZA    

"RV UPDATE" BY JEFF, 22 MARCH

Jeff 

  The next big step in this is we want to see when Iraq will be amending their budget...They can amend it before or after the rate changes...

 This weekend coming up would be the historical anniversary date of when Kuwait reinstated their currency - March 24, 1991

 Iraq technically does not need to amend the budget if they're not changing their rate.  

The budget already covers their operating expenses.  But they would need surplus funds to cover the reforms.  The reforms are contingent upon the rate changing.  They can't bring these reform package forward if the rate does not change.  The only reason they're amending the budget is because the rate is changing...The step of amending the budget can happen either before or after the rate changes  ... They will probably announce Thursday or Friday as to when they plan to amend the budget, which they'll probably do around this weekend...

🔥 Iraqi Dinar 🔥 WOW WOW WOW This is amazing🔥 Guru Updates News Currency ...

🔥 Iraqi Dinar 🔥 This is Good 🔥 Guru Updates News Currency Value Exchange...

Adviser to the Prime Minister: The decline of the dollar is an indicator of the strength of the dinar and a tangible success of economic policy , 21 MARCH

 Adviser to the Prime Minister: The decline of the dollar is an indicator of the strength of the dinar and a tangible success of economic policy

3/21/2024

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the strength of the dinar against the dinar after a relative decline in the exchange rate.

Saleh told {Al-Furat News} agency, “We indicate the strength of the Iraqi dinar, expressed in the decline in the parallel market rates of exchange in favor of the official exchange rate, a tangible success in the cohesion of the country’s economic policy in its three aspects: monetary, financial, and commercial, in providing a coherent climate of stability in the general level of prices.” And containing seasonal price fluctuations for high-demand items, specifically providing basic food commodities that have low price elasticities of demand because they are necessary commodities associated with consumption and daily living.”

He noted "the importance and speed of customs procedures, which were represented by (reducing customs tariffs and diversifying imports without quantitative limits for necessary goods) as part of the performance of the financial policy in supporting price stability and ensuring the supply of food and essential goods and production supplies at the official exchange rate and in accordance with the requirements of the national economy."

The Parliamentary Finance Committee had expected a continued decline in dollar prices as the results of the measures taken by the Central Bank of Iraq to limit the rise in the foreign currency began to appear.

The dollar exchange rate a few days ago was about 1,500 or 1,490 thousand dinars to the dollar.

From.. Raghad Dahham LINK

"RV UPDATE" BY PIMPY, 21 MARCH

  Pimpy    

If they're going to do a re-denomination and a reevaluation at the same time then I guarantee the notes they're going to use are going to be the lower denominations.  So instead of getting $3 per dinar for a 25000 note, you're going to get $3 per dinar for a 25 dinar note.  You can jump up and down and have a fit all you want.  I've been telling you guys this is what's going to happen [If they re-denominate].   This is great for the Iraqi people...They'll be happy about the change in their wealth but the western people will not even have a taste of it...I keep warning you guys about this..

  The official exchange rate, that's the one we want to change but surely wouldn't want it to change with new re-denominated currency with the deletion of the zeros.  I want a nice fat $3.00 to 1 Iraqi dinar exchange rate with the currency we have now.