Friday, August 16, 2024
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.
Thursday, August 15, 2024
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.
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/IRQLATEST 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...
-
Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...