Wednesday, December 20, 2023
Foreign Ministers of Turkey and Iraq Discuss Accelerating ‘Development Road’ Project, 20 DEC
Foreign Ministers of Turkey and Iraq Discuss Accelerating ‘Development Road’ Project, 20 DEC
In a significant move for regional development, the Foreign Ministers of Turkey and Iraq, Mevlut Cavusoglu and Fuad Hussein respectively, convened in Ankara to discuss intensifying efforts on the ‘Development Road’ project. This ambitious initiative aims to construct an expansive network of road and rail routes stretching over 1200 kilometers, connecting the Iraqi port of Faw at the northern tip of the Persian Gulf to the Turkish border.
The ‘Development Road’ Project
Anchored in strategic connectivity, the project is often called Iraq’s ‘project of the future’. Upon completion, it will afford Iraq direct access to Europe, a milestone that is expected to significantly enhance the nation’s global standing. The venture involves comprehensive negotiations between Iraq, the United Arab Emirates, Turkey, and Qatar, underscoring its international significance.
With an estimated cost of $17 billion, the project includes a 745-mile railway and road network, set to be completed in three distinct phases. The target years for these phases have been marked as 2028, 2033, and 2050. Beyond its infrastructural implications, the project is a testament to the shared political will of Turkey and Iraq to strengthen bilateral ties and joint endeavors.
(Read Also: Turkey Extends Special Pension Bonus to More Retirees in Republic’s Centennial Year)
Addressing Regional Threats
Alongside discussions on infrastructural development, the ministers addressed the threats posed by the PKK terror group, emphasizing the importance of security cooperation. The meeting highlighted their joint commitment to enhancing Iraq’s political unity, sovereignty, and territorial integrity.
(Read Also: Turkey Implements Narcotics Case Analysis System Nationwide)
Implications for Iraq’s Economy
The ‘Development Road’ project is set to significantly impact Iraq’s economy. With non-oil GDP slated to grow by 5 percent in 2023, the new infrastructural connectivity could further fuel this growth. However, lower oil production due to the closure of the Iraq-Turkey pipeline and OPEC+ production cuts might pose challenges to overall GDP growth in 2023 and 2024.
The three-year budget approved in June 2023 signals a shift in Iraq’s budgeting practice. While the fiscal balance is expected to transition from a surplus in 2022 to a deficit in 2023, measures to ensure fiscal sustainability and strengthen public financial management are being considered. The project also aligns with the need for structural reforms to spur private sector-led economic diversification and job creation.
The meeting in Ankara was a significant stride towards the realization of the ‘Development Road’ project. This venture is not just about roads and railways, but about paving the path for a prosperous future of enhanced connectivity for Iraq and its partners.
When will smart contracts be on the Stellar network? BY GOLDILOCKS, 20 DEC
When will smart contracts be on the Stellar network?
Many assets will be merging together creating price action volatility in the first part of 2024. These fluctuations in prices will be seeking price stability that will never come until Protocol 20 comes into play on January 30th, 2024 if the vote to move forward with this new digital economy goes through.
The movement from a fiat system that has an artificial value to one that has standard values based upon digital assets supported by the commodity market will usher in the need for technological economic mechanisms to bring in real values to our Global Markets.
In January, we are going to see many transitions in the banking system and markets. Each of these are strong forces that will need direction solidified by Quantum Financial System mechanisms capable of bringing them into equanimity through artificial intelligence and smart contracts ensuring both sides of a trade are secure and efficiently processed inside cross border international trades.
Look for Soroban smart contracts to roll out the new digital asset based trading system. These new technological agreements between countries and companies from around the world will begin the process of layering numerous network connections across borders.
Look for new alignments to begin taking place never seen before in history to coordinate opportunities befitting countries that have never had the opportunity to engage on levels ever seen before. It is part of the Level Playing Field that will begin to create price pressures on all assets across all sectors of the Global Market.
These new technological mechanisms will bring the Banking System and the Global Markets into correlated values based upon standardized digital protocols.
© Goldilocks
Stellar Link
"BANK STORIES " BY MARKZ & FRANK26, 20 DEC
MarkZ [via PDK]
Bank Story: From a member "I went into my local Chase bank to withdraw some cash and the teller asked me if I would wait one moment. I asked her if everything was all right with my account and she said yes.
Moments later the bank manager approached me and introduced herself. She took me to her office and asked me if I still had the Vietnamese Dong that I had purchased. I told her yes…. She smiled and shook my hand and said she looks forward to doing business with me very soon.“ MarkZ: I’m sure the teller had a notice flash on her screen telling her this customer purchased foreign currency.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-markz-20-dec.html
Frank26
[Franklin Tennessee Bank Story]
BANK STORY PERSON: I'm a pastor south of Nashville...yesterday I thought I'm gonna do my due diligence and reach out to some of the banks in my area...The Franklin/Brentwood area south of Nashville is the richest county in the United States...The first bank was a Pinnacle Bank...the oldest bank in Nashville...I talked to the branch manager and she knew nothing...
She knew zero about it...I walked over to the Wells Fargo...I said I'm curious if you guys verify and exchange foreign currency her eyes lit up. She said, which currency have you got? I said the Iraqi dinar. She said, sir we do not and the reason we do not is because there have been several times Wells Fargo has got burned by bad currency...
I thanked her for her time and I thought ok two strikes let's try Chase which is 50 yards away. I walk into Chase in Franklin, Tennessee, asked for the branch manager...I said sir do you do anything with foreign currency? He said yes we do. He said which currency have you got. I said the Iraqi dinar. He said absolutely yes. He was very excited about it. We were standing right there in the middle of the lobby and he didn't try to hold back his facial expression,
language or anything. He said, yes, we would love to do business with you.
FRANK: Did he say anything else like yeah, we know or we're in preparation, we're getting ready?
Bank Story Man: I said, how are you aware of that. He said, we've been waiting for this to transpire...
I said, depending on the amount dinar our group brings in to you, can you work with us on the transaction fee or even eliminate it? He said sorry sir we are not...The way Chase has got it established...they have it baked in. That was his exact words, baked in transaction fee into the rate...He can't change it. I said so no matter what outlet...location or the amount of dinar? He said that's right, it will not change.
FRANK: What was that fee did he say?
BANK STORY MAN: He said around 4%.
FRANK: Wow, I've always said a fair rate is anything like 1%, 2% or 3%. I guess they decided to go one more percent. That's a lot of money.
BANK STORY MAN: He said I also I want you to be aware of something. He said when you come in to do your exchange, he said realize we can only do $5,000 increments at a time.
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Iraqi Government Paves Way for Local Governance Reform, 20 DEC
Iraqi Government Paves Way for Local Governance Reform, 20 DEC
The Prime Minister of Iraq, Nadhir Al-Arbaoui, chaired a pivotal government meeting that centered on the initial analysis of legislative projects related to municipal and provincial laws. This significant assembly aims to construct a robust legal structure at the local government level, thereby enhancing the administrative framework of municipalities and provinces.
Transforming Local Governance
In a series of legislative reforms, the government is actively working towards improving local governance. The tweet by Prime Minister Nadhir Al-Arbaoui amplifies the importance of this meeting in shaping the legal structure at the municipal and provincial levels. This development indicates a forthcoming change in the administrative framework, with the government taking proactive steps to augment the legislative system.
(Read Also: Foreign Ministers of Turkey and Iraq Discuss Accelerating ‘Development Road’ Project )
Stepping Towards Administrative Reformation
The focus on municipal and provincial laws signifies a movement towards administrative reformation. The agenda of these legislative projects is to provide a more structured and efficient governance model at the local level. The significance of these reforms lies in their potential to facilitate better public service delivery, increase transparency, and promote accountability.
(Read Also: Turkey and Iraq Foster Cooperation with Development Road Project)
The Impact on Municipalities and Provinces
The proposed legislative changes aim to significantly influence the administrative framework of municipalities and provinces. By enhancing the legal structure, the government intends to create a more efficient and effective governance system that can better respond to the needs of its citizens. These changes are expected to have a profound impact on the way local governments operate, ultimately leading to improved public services and a more accountable administration.
https://bnnbreaking.com/politics/iraqi-government-paves-way-for-local-governance-reform/
"RV UPDATE" BY PIMPY, 20 DEC
Pimpy
Article: "IMF expresses optimism about non-oil financial growth in Iraq" This is a major must for Iraq. They need... non-oil financial growth...They can't get to this fast enough. They can't get this to grow quick enough. The fact they rely so much on oil is going to hurt them instead of benefit them...If oil prices fall, they're back to square one and they'll start devaluing the Iraqi dinar if they can't find alternative to generate revenue for the state.
I get it there are people out there telling you it's going to happen overnight because they have an electric payment system. No, no they're not going to change your exchange rate just because of the electronic payment system. The electronic payment system will help influence it once it's up and fully implemented but it has nothing to do with being reinstated. It'll keep increasing in increments just like I said...
Question: "Is Iraq part of any currency basket?"
No...They have not been invited to be part of any currency basket. Iraq is part of the currency basket that makes up the Arab accounting dinar but that's local, regional...There are no other currency baskets, I mean zero, that Iraq is part of at all. Nothing in trade. Nothing in business. Nothing internationally. That don't have stable currency.
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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...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...