DINAR REVALUATION

Wednesday, September 4, 2024

IRAQ PM CONFIRMS DINAR REVALUATION

DINAR REVALUATION REPORT: Switzerland Reopens Embassy in Baghdad to Strengthen Economic Ties, 4 SEPT

Switzerland Reopens Embassy in Baghdad to Strengthen Economic Ties

In a significant diplomatic move, Switzerland has reopened its embassy in Baghdad, the capital of Iraq, after a 33-year hiatus. 1 The embassy was originally closed in 1991 due to the outbreak of the Gulf War. 2 The reopening, announced on September 3, 2024, signifies Switzerland's commitment to enhancing bilateral relations with Iraq and deepening cooperation in various sectors, including economic, security, and migration matters. 3

A Step Towards Economic Development

Switzerland's decision to reopen its embassy in Baghdad is driven by the improved security situation in Iraq. 2 The country has emerged from long periods of internal conflicts, marking a new phase of economic development. 2 The reopening is also aligned with the Swiss Federal Council's MENA Strategy 2021–24, which seeks to foster closer ties with Middle Eastern and North African countries. 3

Bilateral Cooperation and Economic Prospects

Iraq's energy resources and diversified economy offer promising long-term export and investment opportunities for Swiss businesses. 3 The Swiss government views the reopening of the embassy as a strategic move to enhance bilateral cooperation and advance Switzerland's economic interests in Iraq. 3

Migration Cooperation

Bilateral cooperation in migration is another priority for Switzerland. The Federal Department of Justice and Police (FDJP) has been supporting migration-related projects in Iraq since 2020 and has recently increased dialogue with the Iraqi authorities. 3 A Swiss migration officer has been seconded to the new embassy to facilitate migration cooperation on the ground. 3

Diplomatic Presence and International Relations

The Swiss embassy in Baghdad joins over 50 embassies from other countries, including 18 European countries and the European Union, indicating a robust diplomatic presence in the city. 2 The reopening of the embassy was a key topic of discussion when Federal Councillor Ignazio Cassis visited Iraq in 2021, and the Swiss foreign affairs committees formally approved the reopening in late 2023. 2

The Role of Iraq in Regional Peace and Security

Iraq has played a significant role as a regional mediator, making efforts to promote peace and security in the region. 2 This strategic position further underscores the importance of Switzerland's diplomatic engagement with Iraq.

Initial Embassy Operations

Initially, the embassy will have a small staff, including the ambassador, Daniel Hunn, and two officers to support migration-related projects and dialogue with the Iraqi authorities. 2 The Swiss embassy in Amman, Jordan, will continue to manage consular services and process Swiss visa applications for Iraqi citizens. 2

Conclusion

The reopening of the Swiss embassy in Baghdad on September 3, 2024, marks a pivotal moment in the strengthening of economic relations and diplomatic ties between Switzerland and Iraq. It reflects Switzerland's commitment to deepening cooperation in economic, security, and migration matters, as well as the Federal Council's strategic vision for the region.

To strengthen economic relations. Reopening of the Swiss Embassy in Baghdad, 4 SEPT

Economy News – Follow-up

Switzerland today reopened its embassy in Iraq, after a 33-year hiatus.

This step, which comes within the framework of the strategy of the Federal Council for the Middle East and North Africa 2021-2024, aims to strengthen bilateral relations with Iraq and deepen cooperation in the fields of economy, security and migration.

The Swiss Federal Council confirmed in a statement followed by “Economy News” that “this step aims to strengthen bilateral relations with Iraq and deepen cooperation in the fields of economy, security and migration.”

He added that “the security situation in Iraq has witnessed a remarkable improvement in recent years, and has entered a new stage of economic development and strengthens its role as a regional mediator.

He said: “Iraq is making continuous efforts to promote peace and security in the region, and today includes more than 50 embassies from different countries in Baghdad, including Austria, France, Italy and Germany.

“The new embassy will focus on strengthening relations between Switzerland and Iraq, strengthening cooperation in the fields of economy, security and peace, and promoting Swiss interests.

Added 2024/09/03 – 12:52 PM

https://economy-news.net/content.php?id=47116

Evening News with MarkZ. 09/03/2024

DINAR REVALUATION REPORT: Iraq's Move Towards a Comprehensive Economic Agreement with the UAE as of September 2024, 4 SEPT

Iraq's Move Towards a Comprehensive Economic Agreement with the UAE as of September 2024

Iraq has embarked on a significant step towards strengthening its economic ties with the United Arab Emirates (UAE) by initiating discussions for a comprehensive economic agreement. 1 This move is part of Iraq's broader strategy to diversify its economy and reduce dependency on oil revenues. The negotiations between the two countries are aimed at fostering bilateral trade, investment, and economic cooperation.

Objectives of the Economic Agreement

The proposed economic agreement between Iraq and the UAE is expected to cover a wide range of sectors including trade in goods and services, investment, intellectual property, government procurement, and economic cooperation. The goal is to eliminate trade barriers, increase market access for businesses from both countries, and facilitate economic growth. 4

Potential Benefits

For Iraq

Increased Trade: The agreement could lead to a substantial increase in bilateral trade, with a focus on sectors such as agriculture, food production, logistics, and advanced technologies. Economic Diversification: Encouraging trade in goods and services other than oil will help Iraq diversify its economy and reduce its vulnerability to fluctuations in oil prices. Investment Opportunities: The deal could attract more UAE investors to Iraq, particularly in areas that are key to the UAE's economic drive towards sustainability and innovation.

For the UAE

Market Expansion: The agreement offers the UAE an opportunity to expand its market reach in Iraq, particularly in sectors where the UAE has competitive advantages such as logistics and advanced technologies. Strategic Partnership: Strengthening economic ties with Iraq could enhance the UAE's strategic position in the region, fostering closer cooperation on various fronts.

Challenges and Considerations

While the economic agreement presents numerous opportunities, there are also challenges that both countries will need to address. These include differences in economic structures, potential resistance from local businesses, and the need to ensure that the agreement benefits all sectors of society. 1

Conclusion

The comprehensive economic agreement between Iraq and the UAE, if successfully negotiated and implemented, has the potential to significantly enhance bilateral trade and investment. It could also contribute to Iraq's economic diversification and the UAE's expansion into new markets. Both countries will need to carefully consider the terms of the agreement to ensure that it supports their respective economic goals while addressing any potential challenges.

Iraq is moving towards signing a comprehensive economic agreement with the UAE, 3 SEPT

Economy News _ Baghdad

Prime Minister Mohammed Shia Al-Sudani stressed on Tuesday the importance of continuing bilateral efforts towards the signing of a comprehensive economic agreement between Iraq and the UAE.

His media office said, in a statement received by “Economy News”, that “the Sudanese received, today, the new Ambassador of the United Arab Emirates to Iraq, Abdullah Matar Al Mazrouei.”

The statement added that “the meeting witnessed a discussion of bilateral relations between the two countries that are moving forward at various levels, and ways to enhance distinguished cooperation in many fields, and in a way that achieves the common and mutual interests between the two brotherly countries.”

Al-Sudani pointed to “the efforts exerted by the UAE in strengthening its cooperation with Iraq, especially in the strategic development path project, which is a link for Iraq’s neighbors and the countries of the region, as well as its long-term economic importance.”

He stressed “the importance of continuing bilateral efforts towards the signing of a comprehensive economic agreement between the two countries.”

Added 2024/09/03 – 12:50 PM

https://economy-news.net/content.php?id=47115

THE LATEST UPDATES ON THE IRAQ DINAR'S REVALUATION, 4 SEPT

Summary

The latest updates on the Iraq Dinar’s revaluation, emphasizing significant economic developments and a giveaway opportunity.

Highlights

🚀 RV Announcement: Everything is reportedly ready for the RV to occur soon.
💰 Financial Growth: Iraq’s financial revenues have surpassed 54 trillion dinars in five months.
🔗 Strategic Partnerships: Collaboration with US financial institutions aims to improve economic oversight.
🔍 Dinar Insights: Experts anticipate an increase in the Iraqi dinar’s value through diverse currencies.
⛽ Gas Investments: Upcoming discussions in the US to attract investment in Iraq’s gas sector.
🌍 Global Integration: All bank tiers are reportedly integrated and prepared for distribution.

Key Insights

📈 Economic Readiness: The anticipation for the RV indicates a significant shift in Iraq’s economic landscape, suggesting readiness for international participation.
🌐 Currency Diversification: The Central Bank’s efforts to diversify currency usage may stabilize the dinar, reducing reliance on the dollar and enhancing its value.
🏦 Banking Integration: The integration of all bank tiers demonstrates a strategic push to facilitate smoother financial transactions within Iraq and globally.
⚡ Oil and Gas Potential: Iraq’s vast gas reserves position the country as a future energy exporter, potentially boosting its economy and the dinar’s value.
📊 Financial Transparency: Partnerships with major US financial institutions reflect a commitment to improving transparency and trust in Iraq’s financial system, fostering investor confidence.
💼 Investment Opportunities: The focus on attracting international investments, especially in gas, could lead to substantial economic growth and increased foreign interest in the dinar.