Thursday, October 31, 2024
The Arab Accounting Dinar: A Strategic Tool For Arab Economic Integration, 31 OCT
The Arab Accounting Dinar: A Strategic Tool For Arab Economic Integration
October 30, 2024 Last updated: October 30, 2024
Hussein Al-Falluji* In light of the growing economic challenges facing Arab countries, the role of the Arab Accounting Dinar is emerging as an important strategic tool that may contribute to enhancing economic integration and providing effective solutions to common Arab problems.
Perhaps many followers of Arab affairs are unaware of the existence of the Arab Accounting Dinar, this important economic tool that can play a vital role in promoting economic integration and providing effective solutions to common problems among Arab countries.
Some people wonder about the reasons for not activating this vital project optimally, despite the great opportunities it provides for achieving financial stability and economic prosperity.
The Arab Monetary Fund relies on the Arab Accounting Dinar as the official base currency, which differs from the currencies circulating in Arab and international markets.
The arithmetic exchange rate of the Arab dinar was fixed at the equivalent of three units of Special Drawing Rights specified by the International Monetary Fund.
Special Drawing Rights are an international reserve asset created by the International Monetary Fund in 1969 to supplement the official reserves of member states.
The value of these rights is determined based on a basket of five major international currencies: the Chinese yuan, the US dollar, the European euro, the Japanese yen, and the British pound.
This link to a basket of strong currencies gives the Arab Accounting Dinar relative stability and reduces the risk of global exchange rate fluctuations, enhancing confidence in it as an instrument of financial exchange.
The use of the Arab Accounting Dinar can contribute to facilitating commercial and financial operations between Arab countries, as
it provides a common monetary unit for settling transactions, which may reduce currency conversion costs and increase the efficiency of financial systems.
This unification helps promote intra-regional trade, opens new horizons for economic cooperation, and stimulates growth by expanding markets and facilitating the movement of goods and services.
In addition, the Arab Accounting Dinar represents a step towards greater financial independence for Arab countries.
By reducing dependence on foreign currencies, Arab countries can better control their monetary policies and mitigate the negative effects of global economic fluctuations.
This enhances the ability to plan financial and investment with greater confidence, supporting sustainable development and investment in vital projects and infrastructure.
The widespread use of the Arab Accounting Dinar may also open new opportunities for joint investment among Arab countries.
It facilitates the financing of major regional projects and enhances cooperation between Arab financial institutions.
By providing a stable and unified financial environment, Arab countries can coordinate their financial and investment policies, which enhances the competitiveness of Arab economies at the international level.
Moreover, the Arab Accounting Dinar reflects a collective commitment by Arab countries to achieving integration and unity.
It is not just an economic tool, but a symbol of cooperation and solidarity in facing common challenges.
This commitment strengthens confidence among member states and paves the way for further cooperation in other areas such as education, health and culture.
Although there may be challenges to promoting the use of the ABD, such as the need to modernize financial infrastructure and coordinate monetary policy, the potential benefits make it an essential investment for the future.
Political will and joint cooperation are the basis for achieving success in this endeavor and overcoming obstacles to achieve the desired economic integration.
In conclusion: Activating and adopting the Arab Accounting Dinar represents a real opportunity for Arab countries to enhance economic integration and achieve common prosperity.
By expanding the use of this unit of account and activating the proposals supporting it, Arab countries can build a more stable and prosperous future for their people, based on economic cooperation, solidarity and unity.
* Independent politician
https://www.xe.com/currencyconverter/convert/?Amount=1&From=XDR&To=USD
1.00 IMF Special Drawing Rights = 1.3302209 US Dollars
1 USD = 0.751755 XDR
https://mustaqila.com/الدينار-العربي-الحسابي/
EXCERPT FROM MARKZ, 31 OCT
EXCERPT FROM MARKZ
MZ: Bond are starting to see some excitement again.
Member: I hope bonds are getting paid and not just punted to next week again
MZ: Some really cool bond paperwork hitting bond holders yesterday. My big whale that was supposedly fully liquid yesterday is still MIA. Most of my contacts are still expecting their payments between the 2nd and 9th of Nov.
MZ: But, a number of facilitators are hearing they could get their 1% payment before the 2nd. I am very excited about the news overnight and early this morning.
Prime Minister's Advisor: Iraq is moving towards strengthening partnership with foreign companies and stimulating investment, 31 OCT
Prime Minister's Advisor: Iraq is moving towards strengthening partnership with foreign companies and stimulating investment
The Prime Minister's Representative, Technical Advisor and Head of the Sovereign Loans Initiative, Mohammed Sahib Al-Daraji, confirmed today, Thursday, that the private sector is a fundamental pillar in the government's new economic plan, while pointing to the government's efforts to reduce the transfer of hard currency and support national projects.
Al-Daraji conveyed, in his speech during the first Iraqi Economic Forum, which was attended by the correspondent of the Iraqi News Agency (INA), "the greetings of Prime Minister Mohammed Shia al-Sudani and his support for this conference," explaining that "the Iraqi government has begun taking real steps to support the Iraqi economy, as it has changed the philosophy of the economy that suffered from a lack of clarity in the economic vision for more than twenty years."
He pointed out that "the government is working on a new approach that considers the private sector a fundamental pillar and seeks to integrate its outputs into the national product," noting that "the government provides special support to the investment and business environment sectors, as it seeks to separate direct investment and provide an appropriate environment for the private sector to participate in projects. The government also encourages partnerships with foreign companies to demonstrate developments in the customs and tax system, such as unifying taxes and customs tariffs across regions, and exempting foreign companies from some special taxes."
He pointed out that "Iraq has begun to guarantee the private sector before international financial institutions through the Sovereign Guarantees Initiative, and has moved towards establishing an international market for carbon bonds to support project financing."
He pointed out the "three priorities of the Iraqi economy: localizing industries, integrating with global financial institutions, and developing competencies for the public and private sectors," adding that "the Iraqi market is open to global companies, especially in the construction and clean energy sectors, and that there is a trend to support the private sector through new legislation such as laws to protect intellectual property and partnerships between the public and private sectors."
He added, "The government supports the economy based on partnership with the private sector, with a focus on reducing the transfer of hard currency abroad.
He expressed his "hope that these conferences will produce outcomes that support the current government's orientations, which is the most attentive to the private sector and the most involved in decisions," noting "the presence of representatives from the private sector on the Development Fund's Board of Directors and within the Prime Minister's official delegations as a message of support for businessmen link
JUDY NOTES, 31 OCT
JUDY NOTES
Wed. 30 Oct. 2024: Tier4b funds released in Brazil.
On Fri. 1 Nov. 2024 Texas, the possible site of the new US Republic Capitol, was going to gold-backed currency.
On Wed. 30 Oct. 2024 Joanna Morning Star: “I was on the phone with Chief Fast Horse and his guest, Robert. Chief Fast Horse was driving to a private plane hangar they have in Santa Barbara to then fly over to the Hopi reservation in Sedona, Arizona. So yeah, this is cool. Humanitarian work is commencing. Chief says the RV would never work when the US was a corporation. He says they are now dispersing the funds because we are in the new Republic. Wanted to share the good news.”
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