July 18th is going to be good. They get to go there, meet with the World Trade Organization. There's going to be information and reforms and requests made by the WTO that they are going to hand off to Iraq.
Iraq is going to go over there and drop off additional materials that was requested from the last meeting and ask questions to make sure their accession into the World Trade Organization continues to go as smoothly as possible. As far as the exchange rate is concerned, no it's not going to be brought up there because that's not the job of the WTO.
Community comment: "July 18th is the next meeting [between WTO and Iraq], they need to RV before then"
No they don't have to RV. People keep associating the RV with the accession into the World Trade Organization...The World Trade Organization doesn't deal with the exchange rate. They deal with the regulation and transparency of trade between countries. That's it.
Alsumaria News-Economy Deputy Chairman of the Parliamentary Economy and Industry Committee, Representative Yasser Al-Husseini, considered today, Sunday, that the government and the Ministry of Industry are acting according to the “erroneous belief” that there are no Iraqi competencies to advance the industrial sector in Iraq,
which prompted them to offer production lines and factories, as well as underground mineral resources, to invest at high prices. meanness.
Al-Husseini told Al-Sumaria News, “The belief of the government and the Ministry of Industry that Iraqi competencies are unable to advance the industrial sector is completely false, and there are Iraqi experiences and capabilities capable of advancing the sector with the best products and may compete with global industries.”
He pointed out that "successive mismanagement of the industrial sector led to these bad fateful results for this sensitive, vital and economic sector, and led to the issuance of notorious joint operating contracts, according to which many industrial production lines were sold as piles of scrap."
He stated that "the government agreement not to buy local products from these government factories and not to supply them and to implement the Iraqi Product Protection Law are what led to these fateful and disastrous results for the Iraqi industry."
He pointed out that "the Ministry did not limit itself to offering above-ground factories for investment in the hands of companies,
but rather went underground according to decisions that faced strong opposition in previous years by heading to grant underground resources of precious metals and chemicals, and granting them to Jordanian and American companies at the cheapest prices."
He stated that "one ton of sulfur amounts to $400, while the government granted it to companies for $5 per ton, with quantities in Iraq amounting to more than 500 million tons as explored storage on only 16% of Iraqi territory."
He pointed out that this and other measures and trends cast a shadow over the failure of industry in Iraq and the lack of a true vision, to the point that they became losing companies built on a narrow partisan basis and these companies went on to obtain government contracts outside of what this ministry manufactures.
[via PDK] I’m expecting a lot of news throughout the week…i am expecting we will have an extremely busy 4-7 days right now. There are a number of groups with expectations for around the 12th. Everything appears to be lining up...I’m praying this is our week. I have extreme anticipation for this week.
“Unfolding structural economic transformation in Iraq”
This article...is talking about Iraq’s successes – especially in the digital banking world …and them coming up to speed “tech wise” with the rest of the world. They have made great strides digitizing their economy to be more efficient and faster. We are seeing the economic changes we need for them to change the rate.
... More and more sources are telling me that serious money movement and us moving towards the banks somewhere around the 12th-15th. Noone knows the exact timing but they are certainly preparing lots of bank contacts for that time period , so I think it may speak well to where we may be on that.
Parliamentary Finance Committee talks about a decision that "created a crisis" for the corrupt and thieves
Iraq is preparing to implement the latest decision of the Central Bank in about 6 days from now, which is to limit the delivery of dollars to travelers inside airports, a decision that the Parliamentary Finance Committee described as "a crisis for the corrupt and thieves."
"The decision will prevent corrupt people from exploiting other sales outlets to smuggle currency," said Jamal Koujar, a member of the Finance Committee, stressing that "limiting sales to the airport will ensure that the money reaches the actual travelers."
He pointed out that "this decision will not negatively affect citizens, but will besiege smugglers and corrupt people, as we discovered that millions of dollars are being stolen due to corruption, and the new decision will create a crisis for thieves and corrupt people who were exploiting the currencies that were supposed to go to travelers."
Koger stressed that stabilizing the dollar price in the markets requires strong security action on the borders to pursue smugglers, in addition to facilitating the Central Bank's exchange operations and increasing the quantities available in the currency auction to meet market needs.
Since Eid al-Adha until now, exchange rates have witnessed a "chronic" rise in dollar exchange rates until the selling prices in exchange offices reached 150,000 dinars for every 100 dollars.
The Financial Supervision Bureau revealed in a report that during the first half of 2023, there were more than 150,000 citizens who bought dollars for the purpose of traveling but did not travel, meaning they obtained 600 million dollars and sold them on the black market and benefited from the currency difference. link
If you remember earlier this year, we talked about the WTO stating that they would be working on exchange rates the second half of this year.
Once Iraq is reinstated into the Global Economy and joins the WTO, this will be a part of the process of developing International exchange rate values to level the playing field between countries.
Now, it makes sense to me why our CBI Banker contact that Dee and I speak to stated that Iraqi Dinar will not float.
It will be a revalued rate.
Iraq's "system paper" or "regulation paper" should go a long way in formulating a price for the WTO to evaluate.
