Shafaq News / Prime Minister Mohammed Shiaa Al-Sudani received, on Wednesday evening, a phone call from the Crown Prince of the Kingdom of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud.
A statement by the Sudanese office said that during the call, bilateral relations between the two countries and ways of their development and development in various fields were discussed, as well as the latest developments in the region.
The communication also dealt with a number of topics of common interest, especially in political, economic and development aspects, in a way that pushes towards achieving integration and mutual benefit between the two countries.
I keep telling people, the WTO will talk about the Iraqi exchange rate but not in the sense that they're forcing or telling Iraq they have to change their exchange rate. That's not what they do. They just talk about trade and any hurdles that are between them and trade members. They can point something out, they can make recommendations, but it's not up the WTO when it comes to the exchange rate...
I know people are telling you it's going to be on July 18th they're going to change the exchange rate. No they're not.
It's not the job of the World Trade Organization to handle Iraq's currency exchange rate. That's not what they're there for. It's called the World Trade Organization not the World Exchange Rate Organization.
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.”