Shafaq News/ On Sunday, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, announced that the country's foreign trade reached 1.4 trillion dirhams in the first half of 2024, marking a significant increase from pre-pandemic levels.
In a statement posted on X, Sheikh Mohammed revealed that the “UAE’s exports over the past six months equaled the annual total of 2019,” noting, “While global foreign trade grew by approximately 1.5%, the UAE’s trade increased by 11.2% year-on-year.”
“Non-oil exports saw a substantial rise of 25%, with the UAE aiming for 3 trillion dirhams in non-oil foreign trade by year-end.”
Moreover, Sheikh Mohammed highlighted a notable increase in trade with various countries, “10% with India, 15% with Turkiye, and 41% with Iraq, now the top destination for UAE exports, followed by India and Turkiye.”
The Vice President reiterated the UAE's long-term economic goals, stating that “the country aimed to reach 4 trillion dirhams in annual foreign trade by 2031.”
Community Comment: Just informed that lower denoms are being released to the streets right now. ...It’s on the way.
RayRen98
THE WORLD COURT RECEIVES DISPUTES (AND SEEKS RESOLUTION) BETWEEN NATIONS. THE DETAILS ARE INSIGNIFICANT, THE RV IS SLATED TO MOVE FORWARD NOW.
I'M BEING TOLD THE WORLD COURT "CLEARED" A FORMAL COMPLAINT TODAY AND TOMORROW IS A DEFINITE POSSIBILITY.
RayRen98
[via Babysmom]
I'M HEARING THAT A TECHNICAL ISSUE PREVENTED LIVE RATES ON YESTERDAY. THAT ISSUE IS EXPECTED TO BE RESOLVED TODAY...IF WHAT THEY ARE TELLING ME IS TRUE...SOME OF YOU ARE GONNA GO TO SLEEP WEALTHY $$$$$$...
RayRen98
...SOURCES ARE SAYING THAT THE RV WAS SUPPOSED TO HIT THE BANKS ON SATURDAY...THE CURRENT STATUS IS "HIGH ALERT" AND SOME HAVE REPORTED TO WORK EARLY THIS EVENING. TIME WILL TELL
RayRen98
3 LETTERS ARE "TALKIN" BUT I AIN'T "LISNIN" UNTIL I SEE SOME RESULTS! LOL THEY ARE LOOKING AT TONIGHT.
RayRen98
[via Babysmom] "SOME BANKS ARE SEEING A HIGH SELL RATE ON THE DINAR BUT SAY THEY CAN'T SELL IT YET...WAITING ON APPROVAL/CLEARANCE"
RayRen98
WAS JUST INFORMED BY A 3 LETTER... IF NOTHING CHANGES, BANKS WILL SEE LIVE RATES IN THE MORNING. TIME WILL TELL.
RayRen98
IT IS BEING REPORTED THAT AN "ATTEMPT TO RELEASE" WAS UNSUCCESSFUL EARLIER TODAY
... STANDBY...WHEN WE HEAR MORE, SO SHALL YOU.
Al-Sudani announces the success of the Arbaeen visit plan and reveals 37 service projects for the upcoming visit
8/25/2024
Prime Minister Mohammed Shia Al-Sudani announced the success of the security and service plans for the Arbaeen pilgrimage, during a press conference he held in Karbala Governorate, today, Sunday.
Al-Sudani appreciated the efforts of the Supreme Security Committee headed by the Minister of Interior, and all officers and members in ensuring the smooth flow of the visit, which extended over vast areas and thousands of kilometers of roads leading to the holy Karbala, as well as the efforts of the local service and administrative institutions in the governorates, and the formations of the various ministries, as more than 53 ministries and agencies participated, in addition to local governments, governors and governorate councils.
Al-Sudani expressed his thanks to the Governor of Karbala and the members of the provincial council for their continuous efforts that complemented the efforts of the ministries and provinces, extending his thanks to the visitors, the Husseini processions and the social activities for their cooperation and partnership with the security and service agencies. He also thanked the Husseini, Abbasi, Kadhimiya and military shrines for their important role, praising the role of the national media in this visit, which represents an opportunity to re-sharpen the spirit of all service teams and review the work and improve the provision of service to the citizen in the upcoming visits.
In order to establish an integrated infrastructure that facilitates the visit, the Prime Minister announced during the conference 37 diverse service projects that will be initiated by the Supreme Committee for Millions of Visits, and more than (3.5) trillion dinars have been allocated for them, distributed among the budgets of ministries and governorates, and include the construction and rehabilitation of ring roads, intersections, bridges, pedestrian bridges and squares, the construction of water complexes and cities for visitors, and service complexes, and they will be initiated in a few weeks.
He pointed out that since the end of the Arbaeen pilgrimage last year, work has begun on rehabilitating the border crossings in Zurbatiyah, Al-Mundhiriyah and Al-Shaib, establishing large exchange yards to facilitate the transportation of visitors, and projects related to rehabilitating the roads linking Karbala to other governorates. The government has also made progress in the Karbala-Najaf Metro project, while the Karbala International Airport project has reached advanced stages and will be opened next year.
He stressed that the government took the initiative to establish the Supreme Committee for Million-Pilgrim Visits, to be the permanent organizer and supervisor of this great effort, indicating that this occasion is no longer merely ideological, but rather a national epic that witnessed the presence of our people from all religions and sects in more than 50 processions providing services to the visitors. LINK
Article: "Iraq and America to resume negotiations on the banking sector next Monday"
ALAQ'S VISIT IS ON IRAQI BANKS... IRAQI BANKS ONLY CARE ABOUT A NEW EXCHANGE RATE.
Frank26
I don't care about the WTO and HCL because it only waits for one thing, the new exchange rate. The only mechanism that everyone is waiting for is the new exchange rate.
That is the simple fact. This fact is real because Sudani is constantly reinforcing that idea...by constantly coming out on TV and
talking to you [Iraqi citizens] about you're going to get purchasing power.
We found out the 3 zero notes are going to coexist with the lower notes for 10 years.
Do you understand the power behind that?
That means we're going to be able to participate in not only the float but the Real Effective Exchange Rate (REER)
Frank26
The goal is what? Retrieve those [Three zero notes].
How?
As soon as we raise the value, give them purchasing power, as soon as we drop the 3 zeros, they're going to bring in all that 80 something percent [still in Iraqi mattresses]...The monetary reform plan is brilliant...It is moving at a very fast pace.
DINAR REVALUATION
ANALYSIS OF WHAT EDDIE TOLD TO FRANK26:
"Then Saleh talking about oil being sold in dinars instead of dollars."
Economist back on tv saying it’s time to drop the zeros."
---It sounds like there's a couple of interesting economic discussions happening in Iraq right now!
Saleh and Oil Sales in Dinars: Saleh's suggestion to sell oil in dinars instead of dollars could be aimed at strengthening the Iraqi dinar and reducing dependence on the US dollar. This move could potentially stabilize the local economy and improve national financial sovereignty. However, it would also require significant adjustments in international trade agreements and currency exchange systems.
Dropping Zeros from the Dinar: The economist's call to drop zeros from the dinar is a common monetary policy strategy known as "currency redenomination." This involves introducing a new unit of currency that is worth a thousand or more times the old unit. It's often done to simplify transactions and improve the currency’s image after periods of high inflation or economic instability. For Iraq, this could be a step towards stabilizing the currency and restoring confidence in its value.
Both of these measures reflect efforts to address economic challenges and enhance the stability of Iraq's financial system. The success of these strategies will depend on how they are implemented and their impact on the broader economy.
SEEMS THAT WE ARE REALLY CLOSE TO OUR DESIRED RV!!!
FRANK26:"THE SOLUTION IS THE NEW EXCHANGE RATE!!!"...........F26
An economic expert indicates a “solution” that will “reduce” the dollar exchange rate
8/22/2024
Today, Thursday (August 22, 2024), the expert in economic and financial affairs, Mustafa Akram Hantoush, commented on the reasons for the fluctuation of the dollar exchange rate in Iraqi markets.
Hantoush told "Baghdad Today" that "the parallel market needs to be dismantled in order for the exchange rate to decrease.Previously, there were solutions to the issue of cigarettes and gold, and the tax was reduced and the merchant was returned to buying through the platform, and the exchange rate stabilized at 145 thousand dinars.”
He added, "We have small merchants and there is no easy mechanism for them, and we have trades such as gold and cleaning materials that have not been processed, and we have huge trade with Iran and Syria worth millions of dollars, and these can be processed by giving them currency or gold," stressing, "Most countries have resolved the problem of trade with Iran, despite the American sanctions imposed on them, and solving the problem of travel to those countries.”
The exchange rate of the dollar in the parallel markets rose again, as the markets recorded prices approaching 150,000 dinars for every 100 dollars, despite the fact that the Central Bank of Iraq sells it for 1,320 dinars for every 1 dollar.
With the government's efforts to control prices in the parallel markets, the commercial markets witnessed a decline in the exchange rate in recent weeks, but it rose again, which indicates an economic problem that is still present in the country.
As a result of this, parliamentarians sparked a movement to interrogate the Governor of the Central Bank within the legislative dome, as the Finance Committee in the House of Representatives, on Sunday (August 4, 2024), sent a request to the Presidency of Parliament to interrogate the Governor of the Central Bank .
It was stated in a document appended with the signature of the members of the Finance Committee, which was received by “Baghdad Today”: “We are the members of the Finance Committee listed below who are signatories for the purpose of hosting the Governor of the Central Bank due to a major defect in the management of the bank .”
The document added: “Therefore, we demand that the Governor of the Central Bank be interrogated at the earliest session and in accordance with the applicable articles of the Constitution and internal regulations.”
