Money and business Economy News – Baghdad Prime Minister Mohammed Shia al-Sudani sponsored, today, Thursday, the signing ceremony of a comprehensive petroleum memorandum of understanding between the Ministry of Oil and the British Petroleum Company (BP) to develop Kirkuk fields for oil and gas production.
According to a statement, the Iraqi side was signed by Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, while the BP CEO Murray Auchincloss signed on behalf of the company.
The statement added, “The memorandum includes the rehabilitation and development of the four fields of the North Oil Company in Kirkuk, which are the Kirkuk field with its two domes (Baba and Avana), the Bai Hassan field, the Jambur field and the Khabbaz field,
as well as the possibility of agreeing on other fields or exploration areas by agreement of the two parties, in light of the government’s efforts to optimally invest in promising opportunities in the energy sector, with the aim of increasing and enhancing oil production and gas and solar energy investments in this region.”
The news from the Middle East has gone haywire. There appears to be consistent and organized misinformation coming out of the Middle East. [I] will do everything in [my] power to report correct and confirmed news reports...
Sandy Ingram
Iraq did not follow Kuwait's revalue path. The Untied States pulled back on financial support for Iraq's revalue shortly after the invasion was over when they made the decision that were not in alignment with economic growth for Iraq. It's been 20 years and the currency still has not been revalued...
We are learning more about why including issues like the IMF will not support a currency adjustment until the county has more income streams outside the oil industry, implementing banking reform that ties into international banking standards and providing housing for the hundred of thousands of people who have been misplaced due to decades of war, not to mention...corruption.
Sandy Ingram
Question: "How is Iraq going to do business in the international market with such a low currency rate?"
This is why Iraq will need to increase the value of its currency. Currency values... act as a silent force influencing a country's global competitiveness. When a country's currency value is low it can impact it's ability to compete...Iraq's top trading partners are China, India, South Korea and on the sidelines Iran. However things are about to change and fast. The development road project places Iraq right in the middle of the global financial markets. [We] have little doubt the Iraqi dinar will increase in value but we don't know when or how much.
A major financial change in Vietnam...Decree 52 regulates non-cash payment in Vietnam and will significantly alter Vietnam's financial landscape...Decree 52 marks a significant milestone in Vietnam's journey towards a cashless economy. If you have VND bank notes you will need to find out how you can comply with Decree 52 as a foreigner. [We] will research the topic and report back as soon as we understand the procedure. According to the news report the banks have 24 months to comply...
Banks Economy News – Baghdad The Iraq Stock Exchange announced on Thursday that it will hold 21 trading sessions in July 2024, at a rate of five sessions per week. The sessions will not be held on the first and tenth of Muharram, which falls during the month.
According to the trading indicators for the month of July, the number of traded shares reached (61,327,427,127) shares, an increase of (80%) over the month of June, with a financial value of (60,199,416,955) dinars, an increase of (76%) over the month of June.
According to the index, the number of executed contracts reached (11,309) contracts, an increase of (26%) over the month of June.
The ISX60 index closed at 896.25 points in the last session of July 2024, up 1.6% from its June closing of 882.03 points.
The ISX15 free float index closed at (1008.30) points in the last session of July 2024, achieving an increase of (0.2%) from its closing in June (1005.49) last. 218 views Added 2024/08/01 - 11:31 AM https://economy-news.net/content.php?id=45822
Community Comment: "Why do you think Iraq has been dragging its feet?
It's because Iraq has been FIGHTING to RAKE IN all the dinar that is OUTSIDE THE COUNTRY! Once they got, let's say 95% of it, then they are ready to reinstate the value of the dinar to its old glory days."
Why? They don't have to do that. There's no sense in doing that. They could just do it anyways after they delete the zeros. So no they don't have to wait to do that. They can just reinstate it anytime they want to.
The news continues to be good for Iraq. This is what we want to hear. We love that they're continuing with the reforms as well as aiming to improve the quality of life for the Iraqi people...Are you guys starting to get numb to the good news? Seriously. It seems every day there's something good happening to the point where it's almost being taken for granted.
OpenEden introduces the tokenization of US Treasury Bills (T-bills) to the XRP Ledger (XRPL).
A Treasury bill (T-bill) is a short-term debt obligation backed by the U.S. Department of the Treasury with a one-year maturity or less.
OpenEden's TBILL tokens will offer short-term US Treasury Bills and reverse repurchase agreements.
Moody's recently gave an "A" rating to this new venture. At this time, users will be able to mint TBILL tokens using stablecoins. This includes the up and coming Ripple USD.
Ripple has carved out its place in history for sure. It is going to touch every aspect of the new digital economy. The continued expansion of this tokenized asset shows it's organizing power to move the new system in a way no other coin can.
In October 2023, the country launched ASYCUDAWorld – a premier customs automation software supported by UN Trade and Development (UNCTAD) to digitalize customs clearance processes, reduce fraud risks and ease cross-border commerce.
The software, in compliance with international standards, aims to replace Iraq’s manual, paper-based customs clearance processes, enabling traders to complete all necessary paperwork online for time and cost savings.
Baghdad International Airport, where ASYCUDAWorld debuted in Iraq, saw customs revenue grow by more than 215% between January and May 2024, compared to the same period a year earlier.
Between January and March, import transactions at the airport were up 120% from the first quarter of 2023, reaching their highest levels in a decade.
The business community also responded effectively to comply with new procedures and regulations. Since October 2023, over 2,800 declarants have submitted around 65,600 declarations to customs through ASYCUDAWorld.
Currently, the software is up and running in Iraq’s nine largest customs offices which combined account for 81% of the nation’s international trade by volume.
The implementation of a national electronic Single Window for international trade is considered one of the most effective measures to enhance trade facilitation in a country – a view recognised by its inclusion as an obligation under the WTO Trade Facilitation Agreement.
A core element of any national electronic Single Window for international trade is an automated customs system. Any country operating a standards-based automated custom system, such as ASYCUDA, enabling the submission of electronic customs declarations, is well placed to start the process of developing an electronic Single Window for trade.
The purpose of this roadmap is to help countries that already use ASYCUDA software, or other standards-based automated custom systems, to design, build and implement a tailor made electronic Single Window system based on existing capacities. This approach helps countries to leverage their existing investment, and reduce both the time and cost of establishing an electronic Single Window.
The two articles above give you an indication of what Iraq has been going through these past couple of years in integrating the new electronic system in their trading ports.
These requirements will allow them to join the World Trade Organization and qualify for trade on the international level and new exchange rates among other nations using the WTO.
