Wednesday, May 8, 2024
Iraq And The United States Of America Hold Trade Meetings In Washington, 8 MAY
Iraq And The United States Of America Hold Trade Meetings In Washington
Tuesday 07, May 2024 12:42 | Economical Number of readings: 329
Baghdad / NINA / The Ministry of Commerce announced, today, Tuesday, the holding of meetings of the third session of the Trade and Investment Framework Agreement between Iraq and the United States of America in Washington, D.C., after a break that lasted more than nine years.
The ministry stated in a statement, "The meeting was chaired on the Iraqi side by the Economic Undersecretary of the Ministry and included the Director General of the Department of Foreign Economic Relations and the Commercial Attaché and representatives from the Ministries of Finance, Planning, Agriculture and Health, and on the American side the Commercial Representation Office."
The statement indicated, “The meeting discussed many topics, the most important of which are the agricultural sector, standardization and quality control, the financial system, customs, company registration, intellectual property rights, Iraq’s accession to the World Trade Organization, the health sector, and government contracts.”
He added, “It was confirmed during the meetings that the Iraqi government is open to All parties said that economic reform and diversification of the economy are considered among the priorities that are being worked on, and that Iraq is ready to discuss any proposal that leads to strengthening relations between the two countries.
For its part, the American side expressed its great interest in the topics at hand and its appreciation for the reform measures undertaken by the Iraqi government. https://ninanews.com/Website/News/Details?key=1125155
"RV UPDATE" BY KAPERONI, 8 MAY
Kaperoni
It is critical to understand that if the Central Bank of Iraq plans to end the auctions by the end of the year there must be a new mechanism in place or there would be no method to maintain stability of the dinar. So for the central bank to announce that they plan to end the auctions they are in essence announcing, that they plan to float the dinar. Floating the dinar provides the new tools for the central bank to maintain stability. Therefore, this announcement to end the auctions confirms (despite what some may say), Iraq will float their currency.
Article: "Al-Rayes: The path of development is the first gateway to sustainable economic advancement" If and when the Iraqi dinar begins to float supply and demand based on Iraq's economic success will take over. Only with the success and growth of Iraq's own economy can the dinar go up in value. How fast and the pace are determined by those factors.
Article: " The most difficult option.. Warnings of the danger of floating the Iraqi dinar without achieving an important condition” As I have mentioned numerous times, a float is coming for the Iraqi dinar. The question is.. when will they have sufficient diversification of the economy to support such an event?
A country's currency is not some random act. An exchange rate is based on many factors including: reserves, GDP, economic growth etc. Iraq has a long ways to go and must pass laws to encourage investment. Only with the success of Iraq's economy can the dinar rise in value.
[aka Kaperoni]
Article: "Advisor to the Association of Banks: The Central Bank is following a consistent approach to achieving banking reform"
Quote: "the management of the Central Bank of Iraq plans to gradually cancel the window for selling foreign currency during the year 2024, until it leaves it completely." ...this is huge news... Iraq cannot end the auctions unless they have an alternative to the auctions... which means they plan to float the dinar by the end of the year...floating the dinar will give them a new mechanism to maintain the dinar, the CBI will buy and sell blocks of dinar like other central banks do to maintain their currency...
They will also have to use dinar to pay for goods and services which will make the dinar internationally traded...they want the banks and Iraq to establish relationships around the world with International standards and full compliance which means that means IMF Article XIV...This seems pretty clear and excellent news. We very well see that Iraqi dinar float on the global market at the end of this year or early next year...I think it's very promising...it definitely is very good news.
https://dinarevaluation.blogspot.com/2024/04/analysis-of-iraq-news-by-kaperoni-11.htm
https://dinarevaluation.blogspot.com/2024/05/rv-update-by-kaperoni-7-may.html
Sudanese Advisor: The Oil Sector Is Witnessing A Rapid Renaissance, 8 MAY
Sudanese Advisor: The Oil Sector Is Witnessing A Rapid Renaissance
Money and business Economy News – Baghdad Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the positive effects resulting from the export boom of natural gas derivatives, while indicating that the oil sector is witnessing an accelerated development renaissance.
Saleh said, in a statement followed by Al-Iqtisad News, that “models of economic progress depend on export resources in order to advance the reality of development,” indicating that “work to diversify the economy is through diversifying exported raw material products within high value-added chains that reflect positively on Current account of the balance of payments.
He added, "The export launch of a specific type of natural gas derivatives and the development in this direction have two important effects, including the optimal exploitation of some aspects of natural gas resources that have been wasted by burning, especially the gas associated with oil production, in addition to the gradual reduction and compensation for the costs of gas currently imported for specific purposes and used."
As a fuel for operating electrical power plants that rely on natural gas derivatives itself.”
He pointed out that "the oil sector today is witnessing a rapid developmental renaissance, whether in diversifying products from crude oil, associated gas or natural gas, and generating high flexibility in allocating the country's financial resources, whether towards replacing imports of oil and gas products or promoting exports of them according to calculations of the balance between costs and benefits."
From the import and export activities of various types of oil and gas derivatives,” noting that it is “the optimal balance rule that will be in the interest of the national economy, especially maximizing the country’s financial revenues.” 05/07/2024 https://economy-news.net/content.php?id=43203
Tuesday, May 7, 2024
"RV UPDATE" BY MARKZ, 8 MAY
MarkZ
[via PDK]
I did have multiple bankers over the weekend get notified and are beginning training today. They are “Training to handle foreign currency exchanges”. Some of the currencies mentioned are exactly what we are holding...And they are being trained on them...They need to know the security features on the various bills in order to verify them on site. That is what they are training on... NOW - THIS WEEK-IMMEDIATELY!!! These are banking people who have never been trained before…these are some of the ones the banks had told them “No, this is never going to happen” and now suddenly the banks come to them and say “You have got to get trained now - this week - immediately”...Gave me a good warm and fuzzy feeling today.
There was interesting money movement over the weekend according to my best group contacts. It is clearly positioned to go...
Article: “Kuwaiti Dinar to US Dollar-Top 10 highest valued currencies in the world in 2024”
This article was in the Indian Express. And the Iraqi dinar used to have that number one spot. Comment: I would expect Iraq to be worth more that Kuwait. MarkZ: Absolutely. And when Iraq was the most valuable currency in the world they had not yet developed their natural gas reserves…and were not pumping nearly as much oil as they are now. Every part of Iraq is now in better shape than when they had the most valuable currency in the world.
-
Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...