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WHAT HAPPEN WHEN A COUNTRY APPLIES TO JOIN THE WTO BY GOLDILOCKS, 13 OCT

 GOLDILOCKS

When a country applies to join the World Trade Organization (WTO), it must describe how its exchange rate is determined. 

Applicants must also provide information on:

* Whether their currency is convertible

* Whether foreign exchange is freely available for trade and payments

* Any regulations related to retaining foreign currencies

* Repatriation or surrender requirements

* Their balance of payments situation 

 

The WTO promotes fair trade by setting global trade rules and enforcing them through its dispute settlement system. However, the WTO defers to the International Monetary Fund (IMF) for assessing exchange rates. 

The IMF has adopted standards for assessing exchange rates, but it has not officially used those standards to assess specific countries. Iraq will be determining their rate themselves.

 

The WTO's goal is free trade, which it achieves by binding its members to international commitments. These commitments include:

* Access to the goods and services markets

* Use of economic policy instruments that affect trade

* State support of agriculture 

As you can see, Iraq will be reaching its final stages of inclusion into the International markets in the first or second quarter of next year. 

© Goldilocks

https://www.wto.org/english/thewto_e/acc_e/cbt_course_e/c5s2p2_e.htm

"Autumn" Economic Recession In Iraq.. And A Government Advisor Explains The Reasons, 13 OCT

 "Autumn" Economic Recession In Iraq.. And A Government Advisor Explains The Reasons

Time: 2024/10/11 Read: 2,574 times   {Economic: Al Furat News} A government advisor revealed that Iraq is going through a “seasonal economic recession.”

The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, told {Al-Furat News}: "The fluctuation of the dollar exchange rate in the parallel market has nothing to do with the phenomenon of seasonal recession that the markets are currently witnessing."

He explained that "the recession in demand comes after the high peak of sales that preceded the current school season and the end of most major religious and social occasions, in addition to the entry of the fall season, which is the end of the summer season, that abundant season in agricultural production and marketing."

Saleh explained, "In all cases, there is a recession in demand or a recession in seasonal economic activity, which is a phenomenon that occurs when economic activity declines during a certain period of the year as a result of seasonal factors."

He continued, "This recession can occur in different sectors such as tourism, agriculture, or retail sales, and is often affected by natural factors such as weather, religious occasions and holidays, or changes in demand patterns from one season to another."

Saleh believed that this recession "will take such a seasonal change, a few weeks until the entry of winter for economic activity to begin interacting in this short-term economic cycle."Raghad  LINK

DINARLAND INSIGHTS FROM MNT GOAT, MARKZ AND FRANK26 @DINARREVALUATION

Upgrading the private sector through legislative and executive support, 13 OCT

 Mawazine News – Baghdad

The President of the Union of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, confirmed on Thursday that the private sector enjoys legislative and executive cover and keen attention from the government and has reached the stage of stability, which contributed to the process of building and attracting foreign investments.

Al-Zuhairi said in a statement to the official agency that “the private sector was able to build a strong name for it in recent years after the current government took responsibility, as it contributed to the process of building and attracting foreign investments.”

He pointed out that “the government paid remarkable attention that contributed to the continuation and excellence of this sector,” he said, noting that “the support included important sectors such as housing, energy and agriculture, by facilitating many measures such as financial support, simplifying systems and facilitating the entry of foreign investors.”

He pointed out that “the private sector now has a strong legislative and executive cover, which has contributed to its stability and growth.”

Al-Zuhairi stressed “the importance of controlling borders to prevent the entry of irregular goods and developing development banks that effectively support the private sector.”

“Recent years have witnessed a good start for the private sector, which is still in the beginning and needs time for growth and development,” he concluded. 

https://www.mawazin.net/Details.aspx?jimare=255846

IRAQI NEWS UPDATE BY ARIEL , 13 OCT

ARIEL

Iraqi News Update 🇮🇶

Recent historical moves in Iraq's financial sector indicate a significant stride towards modernizing banking operations.

According to the latest info. Iraq is poised to complete its transition to an advanced banking system, aligning with international financial standards. This overhaul, which is approximately 95% complete, aims to conclude by the end of 2024, marking a critical moment in Iraq's economic reform.

The core of this transformation involves moving away from the wire auction system to direct correspondent banking relationships. This shift aims to  not just an upgrade in operational efficiency but also aims at combating corruption and fostering transparency in financial transactions. Which will create Security & Stability in all Iraq. 

You all should be jumping around your home & office at this news. 

You were just told by the CBI that they only have 5% left to do and you will be able to cash in your currency. 

Do you know how long people have been waiting for this news? 

Can you imagine that on that day it will be your last time being broke? And you will have the opportunity to start the year off with a bang. 

This comprehensive banking reform is not just about operational changes but represents a broader vision for Iraq's economic renaissance. By integrating with the global financial network more seamlessly, Iraq is setting the stage for a future where its economy is not only resilient but also a key player in regional financial dynamics.