WTO Accession of Iraq 2024 BY DINAR REVALUATION, 16 AUGUST

WTO Accession of Iraq 2024

The World Trade Organization (WTO) accession of Iraq has been a long-standing process, with the country first applying for membership in 2004. After a 16-year hiatus, Iraq resumed its accession talks in 2024, with the aim of becoming a full-fledged member of the WTO.

Background

Iraq's accession process was put on hold due to various challenges, including the country's dual customs regime, which had different tariff rates in Federal Iraq and the Kurdistan Region of Iraq (KRI). This dual system created complications for trade and challenges in ensuring a transparent and predictable business environment.

Recent Developments

In 2024, Iraq made significant progress in its accession process. The country harmonized its customs regimes, aligning tariff rates and customs procedures across all regions. This was a key requirement for WTO membership, and the harmonization was achieved with the support of the International Trade Centre (ITC) and the European Union.

Current Status

Iraq has resumed its accession talks with the WTO, with the aim of becoming a full-fledged member. The country has made significant progress in recent years, including the harmonization of its customs regimes and the implementation of consistent policies nationwide.

ChallengesAhea

Despite the progress made, Iraq still faces challenges in its accession process. The country needs to continue to implement consistent policies nationwide, including aligning tariff rates and customs procedures across all regions. Additionally, Iraq needs to address issues related to intellectual property rights and trade facilitation. Conclusion

Iraq's accession to the WTO is an important step towards the country's economic development and integration into the global economy. While challenges remain, the progress made in recent years is a positive sign, and the country is moving closer to becoming a full-fledged member of the WTO.

https://tradelawdaily.com/news/2024/07/23/WTO-Holds-Meeting-on-Iraqs-Accession-to-Trade-Body-After-16Year-Break-2407220012

LATEST FROM FIREFLY, 16 AUGUST

  Frank26 

 [Iraq boots-on-the-ground report]  

 FIREFLY: Television show...the topic was about dropping the zeros from our currency and the introduction of a new currency and the issues of the implementation of this new currency.  They had on there a doctor of economics.  We don't know him but he is being sent by Sudani...He said...we have low inflation so we can delete the zeros.  They talked about how we will be obtaining purchasing power with this move.  

FRANK:  It's exciting to see the monetary reform education now on a daily basis teaching you on your television what you are about to be given...This is the third week in a row they talk to you about lifting the three zeros and about a new currency coming to you and now on the process of how they're going to implement that new currency to you...They continue to reaffirm purchasing power is coming to your currency...

----

 FIREFLY: CBI spokesman on television talking about the advantages and the different types of floating our currency is going to go through.  He said there are two types of float.  Free float and managed float.

  FRANK: ...You are in the monetary reform phase that is educating you on your new currency...new exchange rate...lower notes.  This campaign is pounding the information about the next step of the monetary reform...Why are you floating your currency?  Because they're adding value to it...Be ready at any moment.

Iraqi Dinar Guru News Highlights (8/15/24)

Removing Zeros from the Iraqi Currency: Possibility of Implementation BY DINAR REVALUATION, 16 AUGUST

Removing Zeros from the Iraqi Currency: Possibility of Implementation

Removing zeros from a currency is a procedure undertaken by some countries in order to revalue the national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

One of the possible reasons for deleting zeros is to combat inflation. When a currency suffers from high inflation, the nominal values ​​can become very high and impractical to be offered in large quantities in daily transactions. Deleting zeros can contribute to enhancing confidence in the national currency, facilitating accounting operations and financial transactions; this may contribute to improving the country’s image before investors and the international community.

Potential challenges of deleting zeros include printing new currency, modifying accounting systems, and training on how to use the new currency. It may initially cause some confusion among residents and consumers, and if the deletion process is not implemented well, it may lead to economic disruptions.

Examples of countries that have taken this action include Turkey in 2005 when it removed six zeros from its currency, Brazil on several occasions in the 1980s and 1990s, Zimbabwe, which removed twelve zeros from its currency in 2009, and Venezuela, which removed five zeros in 2018.

The number of cases in the world in which currency zeros were removed is estimated at 70 cases witnessed by the world, according to the International Monetary Fund.

https://bti-project.org/en/reports/country-report/IRQ

LATEST FROM MILITIAMAN, 16 AUGUST

  Militia Man

  Article quote:  "Federal Integrity Commissioner...says we discussed the development in the integrity file and the government's efforts to recover funds into the Iraqi state treasury." 

 There's some people out there that have stolen a lot of money and that money is still floating around the world...If you stole it you're probably going to have a knock on the door...If you're playing by the rules you shouldn't have a problem.  Depends on who writes the rules of course...

 There are a lot of things that are rough and tumble out there.  On a good note, everything  we're seeing is still focused and still on track and I think we're going to be in good shape.   If they launched this over a year ago, we're coming to a close.  I firmly believe it, they're coming to a close and they're getting ready to do what they have to  do...

 Saleh, financial advisor to the prime minister, has a really good report.

 "Government Signal:  High Export Capacity Boosts Currency Value" 

 He's giving reasoning why certain things will boost value...They're talking about floating and fixed prices...He gives his opinion - Floating seems too aggressive, fixed prices work but a managed float I think is what he's talking about...

🔥 Iraqi Dinar 🔥 RV ON 21 AUG 🔥 Today IQD Value to Dollar RV News Guru Up...

Iraq's Monetary Policy Shifts in Relation to the Reinforcement of the Iraqi Dinar BY DINAR REVALUATION, 16 AUGUST

Iraq's Monetary Policy Shifts in Relation to the Reinforcement of the Iraqi Dinar

Iraq's monetary policy has undergone significant changes in recent years, particularly in relation to the reinforcement of the Iraqi Dinar. The country has been working to strengthen its economy and reduce its reliance on the US dollar.

Background

Iraq's economy has been heavily dependent on oil exports, which has made it vulnerable to fluctuations in global oil prices. The country has also struggled with corruption, inefficiency, and a lack of economic diversification. In recent years, the Iraqi government has implemented various reforms aimed at improving the business environment, reducing corruption, and promoting economic growth.

Monetary Policy Changes

One of the key monetary policy changes in Iraq has been the introduction of a new exchange rate system. In 2022, the Central Bank of Iraq (CBI) introduced a new exchange rate system, which allows for a more flexible exchange rate and aims to reduce the gap between the official and parallel exchange rates. The CBI has also increased its efforts to combat money laundering and terrorist financing, and has implemented stricter regulations on banks and financial institutions.

Reinforcement of the Iraqi Dinar

The reinforcement of the Iraqi Dinar has been a key objective of the Iraqi government's monetary policy. The government has implemented various measures to support the currency, including increasing the minimum capital requirements for banks and introducing stricter regulations on currency trading. The CBI has also increased its foreign exchange reserves, which has helped to stabilize the currency.

Impact of Monetary Policy Changes

The monetary policy changes in Iraq have had a positive impact on the economy. The introduction of the new exchange rate system has helped to reduce the gap between the official and parallel exchange rates, and has increased the attractiveness of the Iraqi Dinar as an investment currency. The stricter regulations on banks and financial institutions have also helped to reduce corruption and improve the overall stability of the financial system.

Challenges Ahead

Despite the progress made, there are still challenges ahead for Iraq's monetary policy. The country's economy remains heavily dependent on oil exports, and the government needs to continue to diversify the economy and reduce its reliance on oil. The government also needs to continue to implement reforms aimed at improving the business environment and reducing corruption.

Conclusion

In conclusion, Iraq's monetary policy has undergone significant changes in recent years, particularly in relation to the reinforcement of the Iraqi Dinar. The introduction of a new exchange rate system, stricter regulations on banks and financial institutions, and increased foreign exchange reserves have all helped to support the currency and improve the overall stability of the financial system. However, there are still challenges ahead, and the government needs to continue to implement reforms aimed at improving the business environment and reducing corruption.

https://www.bloomberg.com/news/articles/2024-07-13/iraq-in-talks-with-us-treasury-over-banks-dollar-restrictions