On Tuesday, Trade Minister Atheer Daoud Salman chaired the negotiating team for Iraq’s accession to the World Trade Organization in Geneva, while noting the further accession of Iraq to the World Organization.
The Ministry of Commerce said in a statement received by the Iraqi News Agency (Waa): “Trade Minister Athir Daoud Salman arrived on Tuesday in Geneva at the head of the Iraqi negotiating team for Iraq’s accession to the World Trade Organization to attend the third meeting of the working group on Iraq’s accession 16 years after the second meeting.”
She added that “Iraq is continuing, through the National Committee on its accession to the World Organization, which is chaired by the Minister of Trade, to complete its procedures to complete the required files and support reforms and legislation in line with the market system and enhance the country’s economic capabilities to complete the requirements of the next phase of the accession process,” explaining that “the preparatory meetings of the Iraqi negotiating team are continuing at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group on the accession of Iraq, which will be held during this week.”
Question about the dinar 3-zeros video from 7-17-2024 below: "As I watch the video, it seems their illustration hints on deleting from the currency in such a way that appears they would not recognize the existing zeros and only accept larger denominations with the thought in mind that the additional 3 zeros are no longer recognized."
The CBI will remove 3 zeros off .00076 (1310 IQD: $1USD.) This makes the exchange rate $.76. But almost at the exact same time, they will reinstate their currency internationally to $3.22 (and possibly add inflation for 20 years to it — 20%) up to $3.86. Reinstating it means we can exchange the dinar internationally just like any other currency.
Think of removing three zeros as literally ‘removing the old currency from circulation.’ That’s all it means.How they do it is entice you and me and Iraqi citizens with an attractive amount. After a certain amount of all that old currency is removed, CBI will up the exchange rate in increments until it hits the rate they want. This is called a dirty float. Most likely after awhile, the CBI will change this to a pure float which is like what you see on regular ForEx, like the dollar does, the Euro does, the pound does, etc. But that won’t matter to you and me because we will have already gotten rid of our dinars and exchanged them for dollars (or whatever currency your own country uses.)
Today, Thursday, economic expert, Bassam Raad, called on the Iraqi government to delay Iraq’s accession to the World Trade Organization.
Raad said in an interview with Al-Eqtisad News, “Iraq, which has observer status in the World Trade Organization, seeks to join it after the removal of political restrictions that prevented this, including its exit from Chapter VII procedures of the United Nations Charter.”
He added, “This endeavor has positive effects, including expanding economic partnerships and integrating it into the global economy, but on the other hand it represents a problem, especially since the demands of the World Trade Organization are to allow the access of its members’ trade to the markets and to free trade from all restrictions, as it is an organization of producing and manufacturing countries, which means opening the Iraqi local markets to imports, and thus negatively affecting any attempt to rebuild the productive, industrial and agricultural sectors and leaving the economic horizon dependent on consumer imports coming from abroad.”
The economic expert explained that “since Iraq depends on oil exports and oil is not subject to customs barriers by importing countries, it should be cautious before seeking to join the World Trade Organization and work towards economic reform and begin implementing plans to diversify local production and build industrial capabilities that support the trend towards exporting abroad, which contributes to enhancing the positive effects of the accession process.”
It's no secret. The world knows about the monetary reform of the Iraqi dinar. The international world knows about a new exchange rate that is about to come out of this. It's no secret, everybody knows the Iraqi dinar is about to go up in value.
[Response to the recent video below and articles coming out about Iraq's monetary reform] That's how it's supposed to work. The monetary reform education to the citizens.
There's going to be a slew of articles that are still coming. This is just the beginning.
Notice how everything is lining up for the monetary reform? That's how you know it's not BS.
Rafidain Bank Director Ali Karim Hussein Al-Fatlawi confirmed on Thursday the introduction of many products and services that are compatible with economic development, while pointing to a movement to implement a strategic vision aimed at enhancing the banking experience and expanding the customer base.
The General Manager of Rafidain Bank, Ali Karim Hussein Al-Fatlawi, said in an interview with Al-Shabaka Magazine, which was followed by “Al-Eqtisad News”, that “Rafidain Bank is one of the main pillars in providing services to citizens and introducing modern technologies in line with international systems, in addition to adopting the comprehensive banking system to keep pace with the advanced information technology revolution in international banks in the confidentiality of completing transactions and simplifying procedures, away from bureaucracy and routine in work.”
He explained that “the bank has succeeded in offering many banking products and services to customers in a manner that is consistent with and in harmony with the economic development in the country, including:
– Opening savings and current accounts.
– Accepting all types of fixed deposits.
– Financing loans for investment projects.
– Granting loans of all kinds.
– Personal advances.
– Issuing letters of guarantee.
– Opening documentary credits.
– Internal and external transfers.
– Certified instruments.
– Localization of salaries.
– Electronic card for employees and citizens.
– Paying salaries to employees and retirees.
He pointed out that “the bank has recently witnessed a tremendous transformation in the way it deals with customers, banking operations, and commitment to innovation and continuous improvement,” noting that “the achievements made came as a result of the bank’s commitment to excellence in providing financial services and effective contribution to supporting the local economy and enhancing economic growth.”
Regarding future plans, Al-Fatlawi stated that “the bank intends to work on implementing an innovative strategic vision aimed at enhancing the banking experience and expanding the customer base. This in turn reflects the bank’s commitment to providing high-quality and innovative banking services that meet the aspirations of its customers.”
He added, “The bank has implemented, within the framework of the process of stimulating the economy and the labor market, many financing projects for a wide range of development and commercial projects in Iraq, which contributed to enhancing the country’s economic growth, in addition to providing the necessary financing for small and medium enterprises, which reflects its commitment to enhancing the spirit of leadership and innovation.”
He added, “All the bank’s departments are committed to social responsibility, through a variety of initiatives and programs, in which Rafidain Bank has contributed to enhancing the welfare of society,” noting that “the bank has been able to bring about a huge digital transformation in its operations, which has led to a significant improvement in the customer experience and scientific efficiency.”
He pointed out that “the main tasks carried out by the bank come within the government program and with direct support from Prime Minister Mohammed Shia Al-Sudani,” stressing that “the tasks included:
– Responding to the requirements of the Central Bank of Iraq regarding financial inclusion and payment systems.
– Complying with the credit inquiry system and uploading data to the Central Bank of Iraq’s platform.
– Implementing the ticking system for the purpose of providing support and assistance services to users of electronic payment systems.
– Uploading money laundering data to the Anti-Money Laundering Office platform Go Aml
– Working on the legal reserve platform
– Implementing the electronic inquiries system CAR, provided by the Central Bank of Iraq, for inquiries about customers’ financial obligations (individuals-companies).
He stressed that “Rafidain Bank has demonstrated a strong commitment to ethical and legal standards, which has given confidence to customers and investors alike,” noting that “the bank follows strict policies to prevent money laundering and terrorist financing, and to comply with local and international standards.”