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Facilitating Iraq's WTO Accession Process
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Facilitating Iraq's WTO Accession Process
by claud39 Tue Nov 30, 2021 1:57 pm
Greetings forum members !!
As I notice that you are missing out on news, either real news and the reality of the country, your guru RamblerNash must have been feeling tired to miss this !!
Make your own opinion dear members, and not on the news of the gurus, good day everyone !!
Claud (Moose)
Facilitating Iraq's WTO Accession Process
29th November 2021 in Iraq Industry & Trade News
Iraq's National Committee on WTO Accession participated in a technical session organised in Baghdad on 23rd November.
The session provided a comprehensive overview of the accession process and highlighted the crucial role of the National Committee on WTO Accession in this process.
Iraq initiated its process to WTO Accession in 2004 but due to political and economic instability this was stalled until 2017 when Iraq expressed interest to reinstate their determination to join the WTO. Since then, Iraq has made considerable progress in this front including the recent submission of key technical documents to the WTO secretariat.
Representatives from various government institutions from Baghdad and the Kurdistan Region of Iraq including officials from the Ministry of Trade, Ministry of Agriculture, Ministry of Industry participated in the session. Various private sector institutions also attended.
The workshop was organized by the International Trade Centre (ITC) a joint agency of the World Trade Organization (WTO) and United Nations (UN), through the "Strengthening the Agriculture and Agri-food Value Chain and Improving trade policy in Iraq" (SAAVI) project.
Funded by the European Union (EU), the project is contributing to inclusive economic growth and job creation, particularly for youth, by improving Iraq's agriculture competitiveness and supporting trade development. It is also particularly focuses on providing support to Iraq in the process of acceding to the WTO.
Mr. Adel Al-Masoodi, Director General, Foreign Economic Relations Department, Ministry of Trade opened the day and reaffirmed Iraq's commitment to the accession to the WTO and assured the support of his team to the SAAVI project. In his opening remarks, Mr Al-Masoodi also recognised and congratulated the progress that has been made in Iraq's Accession progress through ITC's SAAVI project.
The delegation of the European Union to Iraq was also present at the event and was represented by Mr. Mauro Gioe, who stated that "becoming a member of the WTO will result in a reduction of trade barriers, predictability and transparency of international trade rules, and increased competitiveness, all of which will increase trade for Iraq" adding that "the advantages gained by a new WTO member are always greater than the potential losses that some economic actors may initially face. Overall, the whole country wins".
On behalf of ITC, Mr. Rajesh Aggarwal, the Director of the Division of Market Development opened the session. In his remarks, Mr. Aggarwal focused on the importance of a strong National Committee in place to progress on WTO Accession. The National Committee provides a platform for both the public and private sector to come together and to take key decisions in line with national priorities and domestic policy reform," he said.
The workshop provided an opportunity to reassemble members of the National Committee on WTO accession, created 2004 through a ministerial order. Participants were updated by the Ministry of Trade of Iraq about the recent development which occurred in relation to Iraq's accession process to the WTO. This was followed by a number of technical sessions aimed at building a common understanding of all members with respect to substantive and procedural matters of immediate relevance for Iraq's accession to the WTO.
This session is part of a series of capacity building sessions that will be organised through the SAAVI project to support Iraq to accede to the WTO.
(Source: UN)
https://www.iraq-businessnews.com/2021/11/29/facilitating-iraqs-wto-accession-process/?fbclid=IwAR0P3HgMY1uQTlwt3SGgCl_Y3z3dwbPf42y7gsjV4kHBSj-6GNLmgFhjMBk
Shafaq News/ The National Bank of Kuwait reported today, Tuesday, that Kuwait has received $1.47 billion in war compensation from Iraq.
The bank said that "Kuwait received compensation payments from the United Nations Committee from Iraq for the war, amounting to 1.47 billion dollars (0.4 billion dinars) in April, July and October of this year."
He added, "The remaining amount is 629 million dollars for final payment."
https://shafaq.com/ar/%D8%B9%D8%B1%D8%A8%D9%8A-%D9%88%D8%AF%D9%88%D9%84%D9%8A/%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA-%D8%AA-%D9%83%D8%AF-%D8%AA%D8%B3%D9%84%D9%85%D9%87%D8%A7-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-1-47-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%83%D8%AA%D8%B9%D9%88%D9%8A%D8%B6%D8%A7%D8%AA-%D8%A7%D9%84%D8%AD%D8%B1%D8%A8
As I notice that you are missing out on news, either real news and the reality of the country, your guru RamblerNash must have been feeling tired to miss this !!
Make your own opinion dear members, and not on the news of the gurus, good day everyone !!
Claud (Moose)
Facilitating Iraq's WTO Accession Process
29th November 2021 in Iraq Industry & Trade News
Facilitating Iraq's WTO Accession process in collaboration with Iraq's National Committee on WTO Accession.
Iraq's National Committee on WTO Accession participated in a technical session organised in Baghdad on 23rd November.
The session provided a comprehensive overview of the accession process and highlighted the crucial role of the National Committee on WTO Accession in this process.
Iraq initiated its process to WTO Accession in 2004 but due to political and economic instability this was stalled until 2017 when Iraq expressed interest to reinstate their determination to join the WTO. Since then, Iraq has made considerable progress in this front including the recent submission of key technical documents to the WTO secretariat.
Representatives from various government institutions from Baghdad and the Kurdistan Region of Iraq including officials from the Ministry of Trade, Ministry of Agriculture, Ministry of Industry participated in the session. Various private sector institutions also attended.
The workshop was organized by the International Trade Centre (ITC) a joint agency of the World Trade Organization (WTO) and United Nations (UN), through the "Strengthening the Agriculture and Agri-food Value Chain and Improving trade policy in Iraq" (SAAVI) project.
Funded by the European Union (EU), the project is contributing to inclusive economic growth and job creation, particularly for youth, by improving Iraq's agriculture competitiveness and supporting trade development. It is also particularly focuses on providing support to Iraq in the process of acceding to the WTO.
Mr. Adel Al-Masoodi, Director General, Foreign Economic Relations Department, Ministry of Trade opened the day and reaffirmed Iraq's commitment to the accession to the WTO and assured the support of his team to the SAAVI project. In his opening remarks, Mr Al-Masoodi also recognised and congratulated the progress that has been made in Iraq's Accession progress through ITC's SAAVI project.
The delegation of the European Union to Iraq was also present at the event and was represented by Mr. Mauro Gioe, who stated that "becoming a member of the WTO will result in a reduction of trade barriers, predictability and transparency of international trade rules, and increased competitiveness, all of which will increase trade for Iraq" adding that "the advantages gained by a new WTO member are always greater than the potential losses that some economic actors may initially face. Overall, the whole country wins".
On behalf of ITC, Mr. Rajesh Aggarwal, the Director of the Division of Market Development opened the session. In his remarks, Mr. Aggarwal focused on the importance of a strong National Committee in place to progress on WTO Accession. The National Committee provides a platform for both the public and private sector to come together and to take key decisions in line with national priorities and domestic policy reform," he said.
The workshop provided an opportunity to reassemble members of the National Committee on WTO accession, created 2004 through a ministerial order. Participants were updated by the Ministry of Trade of Iraq about the recent development which occurred in relation to Iraq's accession process to the WTO. This was followed by a number of technical sessions aimed at building a common understanding of all members with respect to substantive and procedural matters of immediate relevance for Iraq's accession to the WTO.
This session is part of a series of capacity building sessions that will be organised through the SAAVI project to support Iraq to accede to the WTO.
(Source: UN)
https://www.iraq-businessnews.com/2021/11/29/facilitating-iraqs-wto-accession-process/?fbclid=IwAR0P3HgMY1uQTlwt3SGgCl_Y3z3dwbPf42y7gsjV4kHBSj-6GNLmgFhjMBk
Kuwait confirms receiving $1.47 billion in war compensation from Iraq
2021-11-30 05:44
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Shafaq News/ The National Bank of Kuwait reported today, Tuesday, that Kuwait has received $1.47 billion in war compensation from Iraq.
The bank said that "Kuwait received compensation payments from the United Nations Committee from Iraq for the war, amounting to 1.47 billion dollars (0.4 billion dinars) in April, July and October of this year."
He added, "The remaining amount is 629 million dollars for final payment."
https://shafaq.com/ar/%D8%B9%D8%B1%D8%A8%D9%8A-%D9%88%D8%AF%D9%88%D9%84%D9%8A/%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA-%D8%AA-%D9%83%D8%AF-%D8%AA%D8%B3%D9%84%D9%85%D9%87%D8%A7-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-1-47-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%83%D8%AA%D8%B9%D9%88%D9%8A%D8%B6%D8%A7%D8%AA-%D8%A7%D9%84%D8%AD%D8%B1%D8%A8
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Ishtar Gate Company and Visa launch the first multi-currency platinum prepaid card in the Middle East and Africa
by claud39 Tue Nov 30, 2021 2:06 pm
[size=35]Ishtar Gate Company and Visa launch the first multi-currency platinum prepaid card in the Middle East and Africa[/size]
2021-11-28
[size=35]
[/size]
2,564 views
Ishtar Gate Company (Blue) is proud of being the first financial technology company (FinTech) in Iraq with its distinctive product, as it was able to provide a platinum card with new and unique services and make it accessible to all segments of Iraqi society as It simulates global financial progress and keeps pace with the aspirations of the Iraqi individual for a solid and advanced financial service that will enable him to It manages its financial accounts and payments electronically, and reduces its costs exceptionally, as the company was able, using modern technology, to make commissions for movements on sites free for users. The cardholder will also enjoy the features of multi-currency, which will enable him to transfer currencies through the “Blue Cardholder” application at competitive prices,
Ali Al-Saeed, founder and CEO of Ishtar Gate Company, said: “We are proud today to launch this product, which represents a quantum leap in the prepaid card markets in the region. Our focus is to meet and keep pace with the development in users' needs for payment cards using new technology, and for being the first FinTech company in Iraq; We bear a great responsibility and we must continue to develop in this field to raise the name of Iraq high in international forums. Soon, two other unique products will be launched in the region, the first targeting small and medium businesses inside Iraq and the second providing job opportunities for the unemployed.
Mr. Rami Ishaq Al-Ajarmeh, Founder, Head of Information Technology and Executive Vice President of Ishtar Gate Company, said: “This unique product was the summary of the work of a creative and distinguished team of Iraqi youth, creativity, innovation and modern technology were used, and currently the focus is on blockchain technology. Our goal is to lay the foundation stone for digital banks in Iraq and to supply banks that want to be distinguished with electronic and digital banking products and services.”
Mr. Mohanish Agni, General Manager of Visa for the Levant and Pakistan added: "Our partnership with Ishtar Gateway Company will provide digital solutions and capabilities in the field of payments, while promoting financial technology innovations and digital solutions to suit the needs of the local market to We trust the role of this partnership is in providing the latest services that meet the needs of customers, while providing competitive advantages that encourage electronic payment systems. to their services because it helps to distinguish the presence of their services on the scene and provide space for creativity, which helps provide new flows of digital experiences"For his part, Mr. Mario Makari, General Manager of Visa in Lebanon and Iraq, expresses his pride in the fruitful cooperation with Ishtar Gate Company, pointing to Visa's constant keenness to provide its customers with the latest in credit card technology and payment technologies in general. He added, “These new cards enhance the company's leadership in the world of payments and consolidate its presence as a reliable partner for financial institutions in the region, enabling them to serve their customers and provide them with benefits and services tailored to meet their needs. ”
It is noteworthy that Ishtar Gateway Company for Financial Systems and Services and its trademark (Blue) is an Iraqi company registered in Iraq, holding a license to conduct electronic payment business from the Central Bank of Iraq No. (14) based on the Central Bank of Iraq Law No. (56) of 2004. The company is licensed to implement and facilitate electronic payment business in all parts of Iraq, and its scope of work includes: issuing prepaid cards through international payment companies, owning and publishing payment points and the ATM network, as well as providing various services to banks and facilitating the process of paying and collecting bills.
The company operates from its headquarters located in Baghdad / Al-Jadriya. The company is managed by a professional cadre specialized technically, commercially and financially in the field of electronic payment and technology systems working around the clock to put the best international practices and securely in the field of payment in the hands of the Iraqi citizen and at his disposal to develop the sector like the countries of the region and the world .
https://www-alsumaria-tv.translate.goog/news/%D8%AA%D9%83%D9%86%D9%88%D9%84%D9%88%D8%AC%D9%8A%D8%A7/404069/%D8%B4%D8%B1%D9%83%D8%A9-%D8%A8%D9%88%D8%A7%D8%A8%D8%A9-%D8%B9%D8%B4%D8%AA%D8%A7%D8%B1-%D9%88%D9%81%D9%8A%D8%B2%D8%A7-%D9%8A%D8%B7%D9%84%D9%82%D8%A7%D9%86-%D8%A3%D9%88%D9%84-%D8%A8%D8%B7%D8%A7%D9%82%D8%A9-%D8%AF%D9%81%D8%B9-%D9%85%D8%B3%D8%A8%D9%82-%D8%A8?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=nui
2021-11-28
[size=35]
[/size]
2,564 views
Ishtar Gate Company and Visa have launched their cooperation by launching the Visa Platinum prepaid card "Blue Platinum", with services considered the first of its kind in the Middle East and Africa, at Visa's headquarters for the Middle East and North Africa in Dubai.
Ishtar Gate Company (Blue) is proud of being the first financial technology company (FinTech) in Iraq with its distinctive product, as it was able to provide a platinum card with new and unique services and make it accessible to all segments of Iraqi society as It simulates global financial progress and keeps pace with the aspirations of the Iraqi individual for a solid and advanced financial service that will enable him to It manages its financial accounts and payments electronically, and reduces its costs exceptionally, as the company was able, using modern technology, to make commissions for movements on sites free for users. The cardholder will also enjoy the features of multi-currency, which will enable him to transfer currencies through the “Blue Cardholder” application at competitive prices,
Ali Al-Saeed, founder and CEO of Ishtar Gate Company, said: “We are proud today to launch this product, which represents a quantum leap in the prepaid card markets in the region. Our focus is to meet and keep pace with the development in users' needs for payment cards using new technology, and for being the first FinTech company in Iraq; We bear a great responsibility and we must continue to develop in this field to raise the name of Iraq high in international forums. Soon, two other unique products will be launched in the region, the first targeting small and medium businesses inside Iraq and the second providing job opportunities for the unemployed.
Mr. Rami Ishaq Al-Ajarmeh, Founder, Head of Information Technology and Executive Vice President of Ishtar Gate Company, said: “This unique product was the summary of the work of a creative and distinguished team of Iraqi youth, creativity, innovation and modern technology were used, and currently the focus is on blockchain technology. Our goal is to lay the foundation stone for digital banks in Iraq and to supply banks that want to be distinguished with electronic and digital banking products and services.”
Mr. Mohanish Agni, General Manager of Visa for the Levant and Pakistan added: "Our partnership with Ishtar Gateway Company will provide digital solutions and capabilities in the field of payments, while promoting financial technology innovations and digital solutions to suit the needs of the local market to We trust the role of this partnership is in providing the latest services that meet the needs of customers, while providing competitive advantages that encourage electronic payment systems. to their services because it helps to distinguish the presence of their services on the scene and provide space for creativity, which helps provide new flows of digital experiences"For his part, Mr. Mario Makari, General Manager of Visa in Lebanon and Iraq, expresses his pride in the fruitful cooperation with Ishtar Gate Company, pointing to Visa's constant keenness to provide its customers with the latest in credit card technology and payment technologies in general. He added, “These new cards enhance the company's leadership in the world of payments and consolidate its presence as a reliable partner for financial institutions in the region, enabling them to serve their customers and provide them with benefits and services tailored to meet their needs. ”
It is noteworthy that Ishtar Gateway Company for Financial Systems and Services and its trademark (Blue) is an Iraqi company registered in Iraq, holding a license to conduct electronic payment business from the Central Bank of Iraq No. (14) based on the Central Bank of Iraq Law No. (56) of 2004. The company is licensed to implement and facilitate electronic payment business in all parts of Iraq, and its scope of work includes: issuing prepaid cards through international payment companies, owning and publishing payment points and the ATM network, as well as providing various services to banks and facilitating the process of paying and collecting bills.
The company operates from its headquarters located in Baghdad / Al-Jadriya. The company is managed by a professional cadre specialized technically, commercially and financially in the field of electronic payment and technology systems working around the clock to put the best international practices and securely in the field of payment in the hands of the Iraqi citizen and at his disposal to develop the sector like the countries of the region and the world .
https://www-alsumaria-tv.translate.goog/news/%D8%AA%D9%83%D9%86%D9%88%D9%84%D9%88%D8%AC%D9%8A%D8%A7/404069/%D8%B4%D8%B1%D9%83%D8%A9-%D8%A8%D9%88%D8%A7%D8%A8%D8%A9-%D8%B9%D8%B4%D8%AA%D8%A7%D8%B1-%D9%88%D9%81%D9%8A%D8%B2%D8%A7-%D9%8A%D8%B7%D9%84%D9%82%D8%A7%D9%86-%D8%A3%D9%88%D9%84-%D8%A8%D8%B7%D8%A7%D9%82%D8%A9-%D8%AF%D9%81%D8%B9-%D9%85%D8%B3%D8%A8%D9%82-%D8%A8?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=nui
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
The General Council decides to postpone the CM12 sine die
by claud39 Tue Nov 30, 2021 2:57 pm
[size=38]The General Council decides to postpone the CM12 sine die[/size]
The General Council agreed on the evening of Friday, November 26 to postpone the imminent holding of the Ministerial Conference following the spread of a particularly transmissible strain of the COVID-19 virus which has led many governments to impose significant restrictions of travel, which would have prevented many Ministers from going to Geneva.
NOVEMBER 26, 2021
The General Council agreed on the evening of Friday, November 26 to postpone the imminent holding of the Ministerial Conference following the spread of a particularly transmissible strain of the COVID-19 virus which has led many governments to impose significant restrictions of travel, which would have prevented many Ministers from going to Geneva.
NOVEMBER 26, 2021
The Twelfth Ministerial Conference (MC12) was scheduled to start on November 30 and run until December 3, but the announcement of travel restrictions and quarantine obligations in Switzerland and many other countries in Europe led the President of the General Council, Ambassador Dacio Castillo (Honduras), to urgently convene a meeting of all WTO Members to brief them on the situation.
“In view of these unfortunate developments and the uncertainty they engender, we see no other solution than to propose to postpone the Ministerial Conference and to reconvene it as soon as possible when conditions allow”, declared the Minister. 'Ambassador Castillo to the General Council. "I am convinced that you are fully aware of the gravity of the situation."
Director-General Ngozi Okonjo-Iweala said the travel restrictions meant that many high-ranking ministers and delegates would not have been able to participate in the negotiations in person at the Conference. This would make it impossible to participate on an equal footing, she added.
She noted that many delegations have long argued that virtual meetings do not provide the kind of interaction needed to conduct complex negotiations on politically sensitive issues.
“This recommendation was not easy to make… But as Director General, my priority is the health and safety of all participants in MC12 - ministers, delegates and civil society. It is better to err on the side of caution, ”she said, noting that this postponement would allow the WTO to remain in compliance with Swiss regulations.
WTO members were unanimous in their support for the recommendations of the Director-General and the Chairman of the General Council, and they committed to continue working to bridge their differences on key issues such as the WTO response. pandemic and negotiations to develop rules to reduce harmful fishing subsidies.
The Director-General and Ambassador Castillo urged delegations to maintain the negotiating momentum that has been gained in recent weeks.
“This does not mean that the negotiations have to stop. On the contrary, delegations in Geneva should be fully empowered to narrow as many gaps as possible. This new variant reminds us once again of the urgency of the work for which we are responsible, ”said the CEO.
Director-General Okonjo-Iweala said she had scheduled a series of discussions over the weekend with ambassadors and negotiators visiting Geneva and that she planned to move forward with these meetings. The Chairs of the negotiating groups have said the same thing.
This is the second time that the pandemic has forced the postponement of the Twelfth Ministerial Conference. The meeting was initially scheduled to be held in June 2020 in Nour-Soultan (Kazakhstan). Although the General Council decided to move the meeting to Geneva, Kazakhstan was chosen to chair the meeting and the country's President, Mr. Kassym-Jomart Tokayev, was scheduled to deliver a keynote address at the opening ceremony of the Conference on November 30.
The Director-General and the Chairman of the General Council, as well as many ambassadors who spoke, paid tribute to Kazakhstan for its support and commitment to the WTO and the multilateral trading system.
No date has been set for the rescheduling of the Ministerial Conference.
https://www.wto.org/french/news_f/news21_f/mc12_26nov21_f.htm
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Facilitating Iraq's WTO Accession Process
by claud39 Thu Dec 02, 2021 9:27 pm
OH!! my master gurus RamblerNash !!
You who know everything, and who is supposedly up to date in your news !! You must be so tired of not following the news for 2 days if I'm not wrong ??
What I do not understand as you are in the first box is the second right to gods, and I'm sure your motto should be !!
(gods you can go to bed now that I'm up, I'll put you back in today !!)
For you members of the forum, I will give you the latest news to help your guru take the time to recover his fatigue since his obsession is to seek opinions, and news from gurus !!
Good evening to all !!
Claud (Moose)
I will simply give my opinion !! For some time, that is to say for several months we see that the countries are ready to invest in Iraq !!
So let's be logical, look at the countries that are in the WTO !!
If you followed the meeting with the ambassador of each country, and the ministry of foreign affairs of Iraq which to meet the ambassador of each country a lot that we see that they are there to make the reconstruction, and of the trade !!
Now how do you market with other worthless countries ???
Claud (Moose)
[size=38]More than two-thirds of WTO members now participate in negotiations on investment facilitation[/size]
NOVEMBER 30, 2021
The announcement by eight WTO Members of their decision to participate in the negotiations for an agreement on the facilitation of investment for development brings the number of participants to more than 110. The decision taken by Albania , Georgia, Solomon Islands, Maldives, Uganda, Panama, Papua New Guinea and Zimbabwe was announced on November 30 during a Heads of Delegation meeting on this joint initiative chaired by Rodrigo Yáñez , Chilean Vice Minister of Commerce. Participants took stock of progress in the negotiations and pledged to finalize an agreement by the end of 2022.
Vice-minister Yáñez welcomed the new participants: “More than two-thirds of the WTO membership are now participating in these negotiations — a remarkable achievement. This reflects that, from the outset, this initiative has always been open to all and pro-multilateral.”
The Chilean Vice-minister exchanged views with members on the significant progress achieved in developing a pro-multilateral Agreement on Investment Facilitation for Development (IFD) and on how to move forward following the decision to postpone the 12th Ministerial Conference (MC12) amid new coronavirus variant concerns. Chile has steered the negotiations since their launch in September 2020, with Ambassador Mathias Francke in the role of coordinator.
The meeting was also the opportunity for members to consider an alternative “landing plan” for the proposed draft joint Ministerial Statement on Investment Facilitation for Development, which was going to be presented to ministers at MC12 in early December. Many participating members supported a proposal by China to work on an adjusted version of the Joint Statement that could be adopted at the level of ambassadors in Geneva in order to maintain the momentum that the joint initiative has achieved in the run-up to MC12, to highlight the progress achieved so far in the negotiations, and to provide further impetus to outreach efforts.
The draft Ministerial Statement included a target date to conclude text negotiations by the end of 2022 and reaffirmed the determination to further intensify outreach efforts towards other WTO members. The text also reiterated the importance of developing and least developed country (LDC) members' participation in global investment flows and the need for technical assistance and capacity building to help them implement the future IFD Agreement.
Vice-minister Yáñez underlined the importance of keeping up the positive momentum as well as the results-oriented and cooperative spirit in which these negotiations have been conducted. The so-called Easter Text is “the recognized foundation for the negotiations and the increased number of participants provides a major boost to the negotiations. Thus, end-2022 is an achievable target date for the conclusion of the text negotiations,” he stressed.
Although the text is not final — “nothing is agreed until everything is agreed” — Vice-minister Yáñez noted that substantive progress had been made in key sections of the negotiating document, including notably the sections on “Transparency of Investment Measures” and “Streamlining and Speeding-up Administrative Procedures”. Also, important provisions on special and differential treatment, including technical assistance and capacity-building support for developing and least developed countries, were well advanced.
Participants thanked Chile for its effort in coordinating this initiative and its ambition in aiming at achieving an agreement that eventually could be endorsed by the whole WTO membership.
Members shared the common view that a future IFD Agreement would create clear and consistent global benchmarks for investment facilitation, reducing regulatory uncertainty and making it easier for investors to invest. It would anchor domestic reforms in shared international commitments, sending a positive signal to investors. Also, it would allow developing and least-developed country members to receive the technical assistance and capacity-building support they need to implement and benefit from the future agreement, participants said.
Looking forward, a schedule of meetings for the first semester of 2022 has been agreed, as reflected in document INF/IFD/W/41. Eight two-day negotiating meetings will be held between January and July 2022, the first one scheduled for 26-27 January 2022.
Afghanistan; Albania; Argentina; Australia; Austria; Bahrain, Kingdom of; Barbados; Belgium; Benin; Brazil; Bulgaria; Burundi; Cabo Verde; Cambodia; Canada; Central African Republic; Chad; Chile; China; Colombia; Congo; Costa Rica; Croatia; Cyprus; Czech Republic; Denmark; Djibouti; Dominica; Dominican Republic; Ecuador; El Salvador; Estonia; European Union; Finland; France; Gabon; Gambia; Georgia; Germany; Greece; Grenada; Guatemala; Guinea; Guinea-Bissau; Honduras; Hong Kong, China; Hungary; Iceland; Indonesia; Ireland; Italy; Japan; Kazakhstan; Korea, Republic of; Kuwait, the State of; Kyrgyz Republic; Lao People’s Democratic Republic; Latvia; Liberia; Lithuania; Luxembourg; Macao, China; Malaysia; Maldives; Malta; Mauritania; Mauritius; Mexico; Moldova, Republic of; Mongolia; Montenegro; Morocco; Myanmar; Netherlands; New Zealand; Nicaragua; Nigeria; North Macedonia; Norway; Pakistan; Panama; Papua New Guinea; Paraguay; Peru; Philippines; Poland; Portugal; Qatar; Romania; Russian Federation; Saudi Arabia, Kingdom of; Seychelles; Sierra Leone; Singapore; Slovak Republic; Slovenia; Solomon Islands; Spain; Suriname; Sweden; Switzerland; Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu; Tajikistan; Togo; Turkey; Uganda; United Arab Emirates; United Kingdom; Uruguay; Vanuatu; Yemen; Zambia; Zimbabwe;
Participation in this Joint Initiative is open to all WTO members.
More information here.
https://www.wto.org/french/news_f/news21_f/infac_01dec21_f.htm
Envoyé à partir de Courrier pour Windows
Claud (Moose)
You who know everything, and who is supposedly up to date in your news !! You must be so tired of not following the news for 2 days if I'm not wrong ??
What I do not understand as you are in the first box is the second right to gods, and I'm sure your motto should be !!
(gods you can go to bed now that I'm up, I'll put you back in today !!)
For you members of the forum, I will give you the latest news to help your guru take the time to recover his fatigue since his obsession is to seek opinions, and news from gurus !!
Good evening to all !!
Claud (Moose)
I will simply give my opinion !! For some time, that is to say for several months we see that the countries are ready to invest in Iraq !!
So let's be logical, look at the countries that are in the WTO !!
If you followed the meeting with the ambassador of each country, and the ministry of foreign affairs of Iraq which to meet the ambassador of each country a lot that we see that they are there to make the reconstruction, and of the trade !!
Now how do you market with other worthless countries ???
Claud (Moose)
[size=38]More than two-thirds of WTO members now participate in negotiations on investment facilitation[/size]
NOVEMBER 30, 2021
The announcement by eight WTO Members of their decision to participate in the negotiations for an agreement on the facilitation of investment for development brings the number of participants to more than 110. The decision taken by Albania , Georgia, Solomon Islands, Maldives, Uganda, Panama, Papua New Guinea and Zimbabwe was announced on November 30 during a Heads of Delegation meeting on this joint initiative chaired by Rodrigo Yáñez , Chilean Vice Minister of Commerce. Participants took stock of progress in the negotiations and pledged to finalize an agreement by the end of 2022.
Vice-minister Yáñez welcomed the new participants: “More than two-thirds of the WTO membership are now participating in these negotiations — a remarkable achievement. This reflects that, from the outset, this initiative has always been open to all and pro-multilateral.”
The Chilean Vice-minister exchanged views with members on the significant progress achieved in developing a pro-multilateral Agreement on Investment Facilitation for Development (IFD) and on how to move forward following the decision to postpone the 12th Ministerial Conference (MC12) amid new coronavirus variant concerns. Chile has steered the negotiations since their launch in September 2020, with Ambassador Mathias Francke in the role of coordinator.
The meeting was also the opportunity for members to consider an alternative “landing plan” for the proposed draft joint Ministerial Statement on Investment Facilitation for Development, which was going to be presented to ministers at MC12 in early December. Many participating members supported a proposal by China to work on an adjusted version of the Joint Statement that could be adopted at the level of ambassadors in Geneva in order to maintain the momentum that the joint initiative has achieved in the run-up to MC12, to highlight the progress achieved so far in the negotiations, and to provide further impetus to outreach efforts.
The draft Ministerial Statement included a target date to conclude text negotiations by the end of 2022 and reaffirmed the determination to further intensify outreach efforts towards other WTO members. The text also reiterated the importance of developing and least developed country (LDC) members' participation in global investment flows and the need for technical assistance and capacity building to help them implement the future IFD Agreement.
Vice-minister Yáñez underlined the importance of keeping up the positive momentum as well as the results-oriented and cooperative spirit in which these negotiations have been conducted. The so-called Easter Text is “the recognized foundation for the negotiations and the increased number of participants provides a major boost to the negotiations. Thus, end-2022 is an achievable target date for the conclusion of the text negotiations,” he stressed.
Although the text is not final — “nothing is agreed until everything is agreed” — Vice-minister Yáñez noted that substantive progress had been made in key sections of the negotiating document, including notably the sections on “Transparency of Investment Measures” and “Streamlining and Speeding-up Administrative Procedures”. Also, important provisions on special and differential treatment, including technical assistance and capacity-building support for developing and least developed countries, were well advanced.
Participants thanked Chile for its effort in coordinating this initiative and its ambition in aiming at achieving an agreement that eventually could be endorsed by the whole WTO membership.
Members shared the common view that a future IFD Agreement would create clear and consistent global benchmarks for investment facilitation, reducing regulatory uncertainty and making it easier for investors to invest. It would anchor domestic reforms in shared international commitments, sending a positive signal to investors. Also, it would allow developing and least-developed country members to receive the technical assistance and capacity-building support they need to implement and benefit from the future agreement, participants said.
Looking forward, a schedule of meetings for the first semester of 2022 has been agreed, as reflected in document INF/IFD/W/41. Eight two-day negotiating meetings will be held between January and July 2022, the first one scheduled for 26-27 January 2022.
Participation
Over 110 WTO members participate in the Joint Initiative on Investment Facilitation for Development, namely:Afghanistan; Albania; Argentina; Australia; Austria; Bahrain, Kingdom of; Barbados; Belgium; Benin; Brazil; Bulgaria; Burundi; Cabo Verde; Cambodia; Canada; Central African Republic; Chad; Chile; China; Colombia; Congo; Costa Rica; Croatia; Cyprus; Czech Republic; Denmark; Djibouti; Dominica; Dominican Republic; Ecuador; El Salvador; Estonia; European Union; Finland; France; Gabon; Gambia; Georgia; Germany; Greece; Grenada; Guatemala; Guinea; Guinea-Bissau; Honduras; Hong Kong, China; Hungary; Iceland; Indonesia; Ireland; Italy; Japan; Kazakhstan; Korea, Republic of; Kuwait, the State of; Kyrgyz Republic; Lao People’s Democratic Republic; Latvia; Liberia; Lithuania; Luxembourg; Macao, China; Malaysia; Maldives; Malta; Mauritania; Mauritius; Mexico; Moldova, Republic of; Mongolia; Montenegro; Morocco; Myanmar; Netherlands; New Zealand; Nicaragua; Nigeria; North Macedonia; Norway; Pakistan; Panama; Papua New Guinea; Paraguay; Peru; Philippines; Poland; Portugal; Qatar; Romania; Russian Federation; Saudi Arabia, Kingdom of; Seychelles; Sierra Leone; Singapore; Slovak Republic; Slovenia; Solomon Islands; Spain; Suriname; Sweden; Switzerland; Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu; Tajikistan; Togo; Turkey; Uganda; United Arab Emirates; United Kingdom; Uruguay; Vanuatu; Yemen; Zambia; Zimbabwe;
Participation in this Joint Initiative is open to all WTO members.
More information here.
https://www.wto.org/french/news_f/news21_f/infac_01dec21_f.htm
Envoyé à partir de Courrier pour Windows
Claud (Moose)
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Negotiations on domestic regulation in services culminate in Geneva
by claud39 Thu Dec 02, 2021 9:45 pm
OH!!! Master gurus, I just want to help you, since you are not up to date on today's news !!
Good evening to all !! get tired of replacing your master who knows everything !!
Claud (Moose)
[size=38]Negotiations on domestic regulation in services culminate in Geneva[/size]
DECEMBER 2, 2021
On 2 December, the heads of the Geneva-based delegations of the 67 WTO Members participating in the Joint Initiative on Domestic Regulation in Services announced the conclusion of negotiations aimed at reducing administrative costs and establishing a more transparent environment for service providers wishing to establish themselves in foreign markets.
(temporarily in English)
The virtual event was attended by WTO Director-General Ngozi Okonjo-Iweala, ICC Secretary General John Denton, ITC Secretary General Pamela Coke-Hamilton and Ambassador Jose-Luis Cancela, Coordinator of the Informal Working Group on MSMEs.
DG Okonjo-Iweala said: "Going online has allowed many MSMEs to survive during the COVID-19 pandemic. Those that did best were digitally prepared and had strategies for making their product offerings digitally accessible or deliverable by post. But many MSMEs could not make the transition, whether for want of infrastructure or because they lack the necessary understanding of e-commerce."
She added: "We need to do more to make the digital economy accessible for all businesses, of all sizes. And that is exactly what this Digital Champions for Small Business initiative is about."
The winners of the initiative are the Economic Chamber of North Macedonia, the Lima Chamber of Commerce (Peru), TAITRA (Chinese Taipei) and TofaraOnline (Zimbabwe). They will receive training on the use of digital technologies from the initiative's partner organisations, including Zoom and Google.
The Economic Chamber of North Macedonia aims to make business processes digital and to issue certified, legally binding e-documents related to exports and international trade, with plans to scale up the project across south-eastern Europe.
The Economic Chamber said: "With this project, we are facilitating international trade by helping businesses to go digital and to cope with the difficulties imposed by COVID-19. Next year, we celebrate the 100th anniversary of the Chamber so this award is very important to us. It affirms our commitment to help our members keep up with the latest developments in the business world in areas such as digitalization."
The Lima Chamber of Commerce intends to help MSMEs in Latin America digitalize their business processes by providing them with access to training and a technology platform that allows interactions with current and potential clients.
The Lima Chamber of Commerce said: "Our project uses digital technologies to convert our business services from face-to-face to digital or virtual, helping small businesses break down technological barriers. The competition was an opportunity to share our proposal, which will benefit a great number of small businesses through their digital transformation."
TAITRA aims to create a digital trade platform to help MSMEs and start-ups in Asia increase their capacity to make use of e-commerce. This includes training on creating virtual showrooms and the display of goods online. It will also establish an online Digital Trade Academy.
TAITRA said: "MSMEs are at the forefront of innovation, and they are the world’s best hope of building a better tomorrow. TAITRA looks forward to enabling more MSMEs to team up with digital technology start-ups so that they can reach global markets and unlock the immense opportunities in the new digital economy."
TofaraOnline is a digital marketing and innovation organization in Africa. Its "Tech-driven Entrepreneur" project will offer training and workshops on developing effective digital marketing campaigns. The workshops will cover a variety of marketing topics in a three-week training period.
TofaraOnline said: "I believe MSMEs have a huge potential to create decent work and to contribute immensely to economic growth. However, lack of digital skills and information on how they can grow businesses online has led to the closure of businesses and the loss of jobs. The Digital Champions for Small Business initiative is an opportunity for MSMEs to learn the digital skills required to survive in this digital economy."
https://www.wto.org/french/news_f/news21_f/msmes_02dec21_f.htm
I just want to help you, since you are not up to date on today's news !! Good evening to all !! get tired of replacing your master who knows everything !!
Claud (Moose)
[size=38]Negotiations on domestic regulation in services culminate in Geneva[/size]
DECEMBER 2, 2021
On 2 December, the heads of the Geneva-based delegations of the 67 WTO Members participating in the Joint Initiative on Domestic Regulation in Services announced the conclusion of negotiations aimed at reducing administrative costs and establishing a more transparent environment for service providers wishing to establish themselves in foreign markets.
(temporarily in English)
The virtual event was attended by WTO Director-General Ngozi Okonjo-Iweala, ICC Secretary General John Denton, ITC Secretary General Pamela Coke-Hamilton and Ambassador Jose-Luis Cancela, Coordinator of the Informal Working Group on MSMEs.
DG Okonjo-Iweala said: "Going online has allowed many MSMEs to survive during the COVID-19 pandemic. Those that did best were digitally prepared and had strategies for making their product offerings digitally accessible or deliverable by post. But many MSMEs could not make the transition, whether for want of infrastructure or because they lack the necessary understanding of e-commerce."
She added: "We need to do more to make the digital economy accessible for all businesses, of all sizes. And that is exactly what this Digital Champions for Small Business initiative is about."
The winners of the initiative are the Economic Chamber of North Macedonia, the Lima Chamber of Commerce (Peru), TAITRA (Chinese Taipei) and TofaraOnline (Zimbabwe). They will receive training on the use of digital technologies from the initiative's partner organisations, including Zoom and Google.
The Economic Chamber of North Macedonia aims to make business processes digital and to issue certified, legally binding e-documents related to exports and international trade, with plans to scale up the project across south-eastern Europe.
The Economic Chamber said: "With this project, we are facilitating international trade by helping businesses to go digital and to cope with the difficulties imposed by COVID-19. Next year, we celebrate the 100th anniversary of the Chamber so this award is very important to us. It affirms our commitment to help our members keep up with the latest developments in the business world in areas such as digitalization."
The Lima Chamber of Commerce intends to help MSMEs in Latin America digitalize their business processes by providing them with access to training and a technology platform that allows interactions with current and potential clients.
The Lima Chamber of Commerce said: "Our project uses digital technologies to convert our business services from face-to-face to digital or virtual, helping small businesses break down technological barriers. The competition was an opportunity to share our proposal, which will benefit a great number of small businesses through their digital transformation."
TAITRA aims to create a digital trade platform to help MSMEs and start-ups in Asia increase their capacity to make use of e-commerce. This includes training on creating virtual showrooms and the display of goods online. It will also establish an online Digital Trade Academy.
TAITRA said: "MSMEs are at the forefront of innovation, and they are the world’s best hope of building a better tomorrow. TAITRA looks forward to enabling more MSMEs to team up with digital technology start-ups so that they can reach global markets and unlock the immense opportunities in the new digital economy."
TofaraOnline is a digital marketing and innovation organization in Africa. Its "Tech-driven Entrepreneur" project will offer training and workshops on developing effective digital marketing campaigns. The workshops will cover a variety of marketing topics in a three-week training period.
TofaraOnline said: "I believe MSMEs have a huge potential to create decent work and to contribute immensely to economic growth. However, lack of digital skills and information on how they can grow businesses online has led to the closure of businesses and the loss of jobs. The Digital Champions for Small Business initiative is an opportunity for MSMEs to learn the digital skills required to survive in this digital economy."
https://www.wto.org/french/news_f/news21_f/msmes_02dec21_f.htm
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
The World Trade Organization has reached an agreement to regulate trade in services at the international level
by claud39 Fri Dec 03, 2021 9:56 am
OH MASTER guru !!
I see that you are so focused on your new friends who are the other gurus, especially following the news of your new friends more than focusing on the reality of the country, so members of the forum I send you this article, and make your own opinion on the subject of dinars !!
Claud (Moose)
The World Trade Organization has reached an agreement to regulate trade in services at the international level
December 03, 2021 12:25 AM
Riyadh - Mubasher: The World Trade Organization, the United States, the European Union and 65 other countries agreed today, Thursday, on a new treaty to ease restrictions on trade in services between countries.
The Organization for Economic Cooperation and Development indicated that the agreement aims to increase the transparency and efficiency of international rules regulating the work of service providers, especially in the areas of financial services, communications and transportation, according to the Saudi News Agency, "SPA".
According to the organization, the agreement could reduce the cost of trade in services in the world by up to 150 billion dollars annually.
It is noteworthy that the signatory countries to the agreement together represent about 90 percent of the total trade in services in the world, and non-member countries will also benefit from the agreement because it is implemented according to the rule of the most favored countries.
https://www.mubasher.info/news/3884430/%D9%85%D9%86%D8%B8%D9%85%D8%A9-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D8%AA%D8%AA%D9%88%D8%B5%D9%84-%D9%84%D8%A7%D8%AA%D9%81%D8%A7%D9%82-%D9%84%D8%AA%D9%86%D8%B8%D9%8A%D9%85-%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%88%D9%89-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/
I see that you are so focused on your new friends who are the other gurus, especially following the news of your new friends more than focusing on the reality of the country, so members of the forum I send you this article, and make your own opinion on the subject of dinars !!
Claud (Moose)
The World Trade Organization has reached an agreement to regulate trade in services at the international level
December 03, 2021 12:25 AM
Riyadh - Mubasher: The World Trade Organization, the United States, the European Union and 65 other countries agreed today, Thursday, on a new treaty to ease restrictions on trade in services between countries.
The Organization for Economic Cooperation and Development indicated that the agreement aims to increase the transparency and efficiency of international rules regulating the work of service providers, especially in the areas of financial services, communications and transportation, according to the Saudi News Agency, "SPA".
According to the organization, the agreement could reduce the cost of trade in services in the world by up to 150 billion dollars annually.
It is noteworthy that the signatory countries to the agreement together represent about 90 percent of the total trade in services in the world, and non-member countries will also benefit from the agreement because it is implemented according to the rule of the most favored countries.
https://www.mubasher.info/news/3884430/%D9%85%D9%86%D8%B8%D9%85%D8%A9-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D8%AA%D8%AA%D9%88%D8%B5%D9%84-%D9%84%D8%A7%D8%AA%D9%81%D8%A7%D9%82-%D9%84%D8%AA%D9%86%D8%B8%D9%8A%D9%85-%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%88%D9%89-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
IMF Staff Concludes Virtual Visit to Iraq
by claud39 Sat Dec 04, 2021 10:20 am
OH!!!! MASTER GURU !!
you and your disciple who can not find real news on the reality of the country !!
Does your know-how and your knowledge on the subject of Iraq go beyond your knowledge?
When you spend your time doing research with your friends or the guru, it seems that you are forgetting the essentials about the reality of the country !!
Just for your members I will show you 2 other very interesting news, have a nice day everyone, and make your own opinion !!!
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.
Washington, DC: A staff team of the International Monetary Fund (IMF) led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities during November 28 - December 2 to discuss recent economic developments and outlook as well as policy priorities in the period ahead.
At the end of the mission, Mr. Mirzoev issued the following statement:
“The Iraqi economy is recovering from last year’s sharp contraction, helped by the increase in oil revenues and easing of the COVID-19 containment measures. In recent weeks, new COVID-19 infections have declined significantly, and the vaccination rate has been gradually improving. Real non-oil GDP is expected to expand by 12 percent in 2021 and oil output is projected to gradually increase in line with the OPEC+ agreements. Inflation has reached 7.2 percent in September and is projected to ease in the coming months. The fiscal and external current account balances are expected to improve significantly in 2021 from double-digit deficits in 2020, mainly due to higher oil prices. The recovery is expected to continue in the medium term albeit subject to considerable downside risks, most notably related to the oil market volatility and the COVID-19 pandemic.
“Higher oil revenues present an important opportunity to tackle Iraq’s significant underlying vulnerabilities, strengthen resilience to future climate and other challenges, and advance key socio-economic priorities. Achieving these goals will require strengthening public finances, while creating the fiscal space for much-needed investment and social safety nets and promoting private sector development. To this end, key priorities include a civil service reform aimed at increasing public sector’s efficiency and containing the wage bill, reducing inefficient energy subsidies, diversifying fiscal revenues, stemming losses in the electricity sector, strengthening governance. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. And restructuring large state-owned banks and strengthening their governance will be critical to revitalizing the financial sector and ensuring private sector’s access to finance. The IMF stands ready to support Iraq in these endeavors.
“The IMF staff team would like to thank the authorities for candid and productive discussions during this mission.”
IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: WAFA AMR
PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG
@IMFSpokesperson
https://www.imf.org/en/News/Articles/2021/12/03/pr21357-iraq-imf-staff-concludes-virtual-staff-visit
you and your disciple who can not find real news on the reality of the country !!
Does your know-how and your knowledge on the subject of Iraq go beyond your knowledge?
When you spend your time doing research with your friends or the guru, it seems that you are forgetting the essentials about the reality of the country !!
Just for your members I will show you 2 other very interesting news, have a nice day everyone, and make your own opinion !!!
IMF Staff Concludes Virtual Visit to Iraq
December 3, 2021End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.
- The economy is recovering from last year’s sharp contraction, helped by higher oil prices and easing of the containment measures.
- Non-oil real GDP is expected to rebound by 12 percent in 2021 while the fiscal and current account balances are expected to improve significantly.
- Higher oil revenues present the opportunity to tackle Iraq’s significant vulnerabilities, strengthen resilience, and achieve durable and more inclusive growth. The IMF stands ready to support Iraq toward these ends.
Washington, DC: A staff team of the International Monetary Fund (IMF) led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities during November 28 - December 2 to discuss recent economic developments and outlook as well as policy priorities in the period ahead.
At the end of the mission, Mr. Mirzoev issued the following statement:
“The Iraqi economy is recovering from last year’s sharp contraction, helped by the increase in oil revenues and easing of the COVID-19 containment measures. In recent weeks, new COVID-19 infections have declined significantly, and the vaccination rate has been gradually improving. Real non-oil GDP is expected to expand by 12 percent in 2021 and oil output is projected to gradually increase in line with the OPEC+ agreements. Inflation has reached 7.2 percent in September and is projected to ease in the coming months. The fiscal and external current account balances are expected to improve significantly in 2021 from double-digit deficits in 2020, mainly due to higher oil prices. The recovery is expected to continue in the medium term albeit subject to considerable downside risks, most notably related to the oil market volatility and the COVID-19 pandemic.
“Higher oil revenues present an important opportunity to tackle Iraq’s significant underlying vulnerabilities, strengthen resilience to future climate and other challenges, and advance key socio-economic priorities. Achieving these goals will require strengthening public finances, while creating the fiscal space for much-needed investment and social safety nets and promoting private sector development. To this end, key priorities include a civil service reform aimed at increasing public sector’s efficiency and containing the wage bill, reducing inefficient energy subsidies, diversifying fiscal revenues, stemming losses in the electricity sector, strengthening governance. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. And restructuring large state-owned banks and strengthening their governance will be critical to revitalizing the financial sector and ensuring private sector’s access to finance. The IMF stands ready to support Iraq in these endeavors.
“The IMF staff team would like to thank the authorities for candid and productive discussions during this mission.”
IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: WAFA AMR
PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG
@IMFSpokesperson
https://www.imf.org/en/News/Articles/2021/12/03/pr21357-iraq-imf-staff-concludes-virtual-staff-visit
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Trade Bank of Iraq joins IBBC
by claud39 Sat Dec 04, 2021 10:39 am
OH MASTER GURU !!
I don't understand why the IBBC is going to deal with the IRAQ
They tell us this:
Wider use of cross-border electronic payments, and the development of strategic partners for investment inside and beyond Iraq !!
Why do this given that they trade across the world according to you master guru, especially without having a value on the dinars?
Especially where I do not understand why to have meetings, that is to say a lot of meetings which are being done at present for the return on the WTO for Iraq, they already trade between them, that is to say 164 countries in the WTO according to you master guru !!
Claud (Moose)
Trade Bank of Iraq joins IBBC
3rd December 2021 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News
e Bank of Iraq joins IBBC
I don't understand why the IBBC is going to deal with the IRAQ
They tell us this:
Wider use of cross-border electronic payments, and the development of strategic partners for investment inside and beyond Iraq !!
Why do this given that they trade across the world according to you master guru,
especially without having a value on the dinars?Especially where I do not understand why to have meetings, that is to say a lot of meetings which are being done at present for the return on the WTO for Iraq, they already trade between them, that is to say 164 countries in the WTO according to you master guru !!
Claud (Moose)
Trade Bank of Iraq joins IBBC
3rd December 2021 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News
The Trade Bank of Iraq (TBI) has re-joined the Iraq Britain Business Council (IBBC).
TBI were original founding members of IBBC and we are delighted to say they are now back in full participation mode, with President Dr Salem Chalabi taking a lead role at the recent IBBC Autumn conference Dubai. At the conference Dr Chalabi announced some key strategic changes to the bank's strategy and delivery.
TBI have significant plans to evolve their operations not only in terms of extending branches to overseas locations, but also within Iraq, to enable corporate online banking and wider use of cross-border electronic payments, and the development of strategic partners for investment within and beyond Iraq. Key areas include investment in infrastructure and renewable energy.
Christophe Michels, MD of IBBC said:
"We are really delighted to see the return of TBI to IBBC and know that our members in Iraq and internationally will welcome a modern Iraqi bank capable of cross-border and online banking in particular.
"We also recognise the importance of TBI as founder members of IBBC and the elevation of Dr Chalabi as CEO, with whom we foresee a productive and supportive engagement with IBBC and expanding the private sector in Iraq."
(Source: IBBC)
https://www.iraq-businessnews.com/2021/12/03/trade-bank-of-iraq-joins-ibbc/
e Bank of Iraq joins IBBC
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Sat Dec 04, 2021 9:50 pm
Economist: The return of the dollar exchange rate to the previous is unlikely.. for this reason
Saturday 04 December 2021 10:26
Baghdad / NINA / - The specialist in economic affairs, Maitham Laibi, ruled out the return of the dollar exchange rate to the previous exchange rate against the dinar, attributing this to the fact that this measure would prejudice the credibility of the central bank and monetary policy.
Laibi said in a statement to the National Iraqi News Agency / NINA /: “It is unlikely that the central bank or the government will return the dollar exchange rate to the previous one, and if it does, this will greatly prejudice the credibility of monetary policy, meaning that the private sector; and the public in general, has confidence in the government’s actions from In order to achieve its goals, such as targeting inflation and achieving stability.
He stressed: "The Central Bank's retreat from its decisions will shake confidence with the public and make the public build its decisions on the basis of the imbalance of the rules of the game between the two parties and turn stability into a series of actions and their negative responses, especially since the private sector in a country depends on a managed exchange rate, making it subject and receiving signals. From the central bank and the government, not the market.”
He continued, "The "manipulation" of the exchange rate counters from time to time will further complicate this already critical relationship, especially since the Central Bank, in its previous announcement, after which the exchange rate was changed, made it clear that this amendment is final and for one time. / End 8
https://ninanews.com/Website/News/Details?key=942745
https://www.dinardaily.net/t102636-economist-the-return-of-the-dollar-exchange-rate-to-the-previous-is-unlikely-for-this-reason
Saturday 04 December 2021 10:26
Baghdad / NINA / - The specialist in economic affairs, Maitham Laibi, ruled out the return of the dollar exchange rate to the previous exchange rate against the dinar, attributing this to the fact that this measure would prejudice the credibility of the central bank and monetary policy.
Laibi said in a statement to the National Iraqi News Agency / NINA /: “It is unlikely that the central bank or the government will return the dollar exchange rate to the previous one, and if it does, this will greatly prejudice the credibility of monetary policy, meaning that the private sector; and the public in general, has confidence in the government’s actions from In order to achieve its goals, such as targeting inflation and achieving stability.
He stressed: "The Central Bank's retreat from its decisions will shake confidence with the public and make the public build its decisions on the basis of the imbalance of the rules of the game between the two parties and turn stability into a series of actions and their negative responses, especially since the private sector in a country depends on a managed exchange rate, making it subject and receiving signals. From the central bank and the government, not the market.”
He continued, "The "manipulation" of the exchange rate counters from time to time will further complicate this already critical relationship, especially since the Central Bank, in its previous announcement, after which the exchange rate was changed, made it clear that this amendment is final and for one time. / End 8
https://ninanews.com/Website/News/Details?key=942745
https://www.dinardaily.net/t102636-economist-the-return-of-the-dollar-exchange-rate-to-the-previous-is-unlikely-for-this-reason
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RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
Re: Facilitating Iraq's WTO Accession Process
by claud39 Sun Dec 05, 2021 9:55 am
At least you are waking up now, news of the day, proud of you my master guru !! 
Claud (Moose)
Claud (Moose)
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Mon Dec 06, 2021 1:39 am
An Economist Reveals The Date Of Launching The General Budget For Next Year
Author: AhadNA3 on 12/6/2021 - 9:01 am
The Economic Expert, Wissam Al-Tamimi, Said That The Exchange Rate Of The Dollar Against The Iraqi Dinar Will Remain At The Figure Currently Circulating During The Next Year, Warning Against Taking Advantage Of Some Weak-Minded People To Go Towards Raising The Price Of Fuel And The Power Of Electricity.
Al-Tamimi Said, "The General Budget For Next Year Will Not See The Light Of Day Before The Formation Of The New Government, Which Will Take Approximately Six Months To Be Born After The Approval Of The Election Results."
He Added, "The Current Government, Which Prepared The 2022 Budget, Has Not Developed Any Plans To Reduce The Exchange Rate After The Benefits It Achieved From Raising It At The End Of Last Year, And Therefore The Exchange Rate Will Remain Unchanged Without Any Change In The Next Year's Budget."
And He Indicated That "The Inflation Rate For The Current Year Rose By Only 7.4%, After Raising The Exchange Rate Of The Dollar, But It Will Rise Significantly And Quickly Also In The Event That The Government Raises Fuel Prices, In Addition To The Generator Owners Raising The Price Of Amps, Taking Advantage Of The Lack Of Control Over Their Wor
LINK
https://www.dinardaily.net/t102659-an-economist-reveals-the-date-of-launching-the-general-budget-for-next-year
Author: AhadNA3 on 12/6/2021 - 9:01 am
The Economic Expert, Wissam Al-Tamimi, Said That The Exchange Rate Of The Dollar Against The Iraqi Dinar Will Remain At The Figure Currently Circulating During The Next Year, Warning Against Taking Advantage Of Some Weak-Minded People To Go Towards Raising The Price Of Fuel And The Power Of Electricity.
Al-Tamimi Said, "The General Budget For Next Year Will Not See The Light Of Day Before The Formation Of The New Government, Which Will Take Approximately Six Months To Be Born After The Approval Of The Election Results."
He Added, "The Current Government, Which Prepared The 2022 Budget, Has Not Developed Any Plans To Reduce The Exchange Rate After The Benefits It Achieved From Raising It At The End Of Last Year, And Therefore The Exchange Rate Will Remain Unchanged Without Any Change In The Next Year's Budget."
And He Indicated That "The Inflation Rate For The Current Year Rose By Only 7.4%, After Raising The Exchange Rate Of The Dollar, But It Will Rise Significantly And Quickly Also In The Event That The Government Raises Fuel Prices, In Addition To The Generator Owners Raising The Price Of Amps, Taking Advantage Of The Lack Of Control Over Their Wor
LINK
https://www.dinardaily.net/t102659-an-economist-reveals-the-date-of-launching-the-general-budget-for-next-year
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RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Mon Dec 06, 2021 1:50 am
Cougar: Al-Kazemi's government received an almost empty treasury and boosted the cash reserve by about 10 billion
2021.12.06 - 09:34
Baghdad - people
A former member of the Parliamentary Finance Committee, Jamal Cougar, said on Monday that the current government was able to boost foreign exchange reserves by nearly $10 billion in less than a year, even though the treasury was "almost empty."
Cougar said in a statement to the official newspaper, followed by "Nass" (December 6, 2021), that "the government of the current Prime Minister, Mustafa Al-Kazemi, has suffered a financial crisis, but during the last four months there has been a breakthrough," noting, "But we cannot say that the state treasury is full." The economic conditions are comfortable for a variety of reasons."
He added, "In the 2022 budget, Iraq will have passed the severe deficit stage, but this does not mean that we are in a state of economic recovery."
He continued, "There are two types of empty treasury, the first is that there is no money in it, the bank reserve has decreased, debts have increased, and resources have decreased, and the second is that the state treasury in all cases remains empty, because all financial resources are supposed to be transformed into a budget, and this is the policy of the state." And a few countries have sums that are not included in the budget, so most of the resources are supposed to be transferred to the budget,” noting that “it is natural for the budget to be delivered empty, but with better bank reserves than it was in the time of Mr. Adel Abdul-Mahdi’s government and with higher resources, because Al-Kazemi is He fought corruption - to some extent - and border crossings were controlled better than in an earlier time, in addition to the high oil prices.
He pointed out that "during this year, the bank reserve was strengthened by more than ten billion dollars, and this is a positive point that is calculated for the current government," noting that "the deficit included in the current budget was originally a planned deficit, so we will be facing the absence of a deficit, and in In this case we will turn into abundance, but this abundance is not in such large numbers.”
He explained that "the bank reserve was on the edge, and there were warnings to the Iraqi government that if the bank reserve decreased, the Iraqi currency would lose its purchasing power, so it was strengthened, and now we have overcome the problem of strengthening the bank reserve to some extent, and there remain debts for some Iraqi banks that must be addressed." ".
https://www.nasnews.com/view.php?cat=75522
https://www.dinardaily.net/t102660-cougar-al-kazemi-s-government-received-an-almost-empty-treasury-and-boosted-the-cash-reserve-by-about-10-billion
2021.12.06 - 09:34
Baghdad - people
A former member of the Parliamentary Finance Committee, Jamal Cougar, said on Monday that the current government was able to boost foreign exchange reserves by nearly $10 billion in less than a year, even though the treasury was "almost empty."
Cougar said in a statement to the official newspaper, followed by "Nass" (December 6, 2021), that "the government of the current Prime Minister, Mustafa Al-Kazemi, has suffered a financial crisis, but during the last four months there has been a breakthrough," noting, "But we cannot say that the state treasury is full." The economic conditions are comfortable for a variety of reasons."
He added, "In the 2022 budget, Iraq will have passed the severe deficit stage, but this does not mean that we are in a state of economic recovery."
He continued, "There are two types of empty treasury, the first is that there is no money in it, the bank reserve has decreased, debts have increased, and resources have decreased, and the second is that the state treasury in all cases remains empty, because all financial resources are supposed to be transformed into a budget, and this is the policy of the state." And a few countries have sums that are not included in the budget, so most of the resources are supposed to be transferred to the budget,” noting that “it is natural for the budget to be delivered empty, but with better bank reserves than it was in the time of Mr. Adel Abdul-Mahdi’s government and with higher resources, because Al-Kazemi is He fought corruption - to some extent - and border crossings were controlled better than in an earlier time, in addition to the high oil prices.
He pointed out that "during this year, the bank reserve was strengthened by more than ten billion dollars, and this is a positive point that is calculated for the current government," noting that "the deficit included in the current budget was originally a planned deficit, so we will be facing the absence of a deficit, and in In this case we will turn into abundance, but this abundance is not in such large numbers.”
He explained that "the bank reserve was on the edge, and there were warnings to the Iraqi government that if the bank reserve decreased, the Iraqi currency would lose its purchasing power, so it was strengthened, and now we have overcome the problem of strengthening the bank reserve to some extent, and there remain debts for some Iraqi banks that must be addressed." ".
https://www.nasnews.com/view.php?cat=75522
https://www.dinardaily.net/t102660-cougar-al-kazemi-s-government-received-an-almost-empty-treasury-and-boosted-the-cash-reserve-by-about-10-billion
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RamblerNash- GURU HUNTER
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Re: Facilitating Iraq's WTO Accession Process
by claud39 Mon Dec 06, 2021 7:38 pm
This is the fun master guru it looks like you have to defend yourself on your opinion, and this is very correct, this is an Idea debate !!
Now the Minister of Finance indicates his rate in his budget, but it is the central banks which decides the exchange rates !!
The real question that decides the exchange rate between each country to trade between them ???
Claud (Moose)
Currency (currency)
Strictly speaking, a currency is a monetary unit accepted by a foreign country, while the “currency” is that of its country.
It is most often issued under the control of a central bank (but can also be issued from a collective backplane in multiple currencies, managed by an international organization backed by several independent central banks where these funds are guaranteed by the deposit of reserves).
Each country has an official currency on its territory, broken down into legal tender means . However, several countries can:
For practical reasons, a currency often has subdivisions, legal or traditional: 1/1000 (the millimes of the Tunisian dinar ), 1/100 (the eurocents of the euro ), 1/20, 1/10, 1/8 , 1/4 (the American quarter ) ...
https://fr.wikipedia.org/wiki/Devise_(monnaie)
Measures taken by a government to regulate the buying and selling of foreign currencies by its nationals. It was following the great economic and financial imbalances caused by the First World War that many States were led to limit or even eliminate the freedom of transactions in foreign currencies. These restrictions serve several purposes.
- On the financial level: prevent excessive purchases of foreign currency from contributing to the depreciation of the national currency and worsening the balance of payments deficit .
- On the economic level: hamper imports of products likely to compete with national industry, and reserve foreign currency purchases for the payment of imports deemed to be the most useful and most urgent (capital goods, raw materials, for example) .
- In terms of taxation: prevent the escape of capital and taxable income.
Exchange control is exercised by several methods:
- prohibition or limitation of any purchase of foreign currency which is not justified by the regulation of an authorized import;
- presentation to the competent authority of the documents establishing the reality of the importation; after verification, the importer makes the payment in his own currency, and necessarily in a bank which will then ensure the transfer to the foreign seller;
- obligation for the exporter, or for the creditor of all other income coming from abroad, to "repatriate" the funds, that is to say to have them paid to a bank which will settle them in local currency;
- prohibition or limitation of any export of banknotes, and obligation to sell to a bank, on returning to the country, the foreign notes that one holds;
- restrictions or conditions imposed on the export of income from investments made in the country by foreigners.
These regulations relating to "exchange" or "currencies", that is to say, paper payment instruments (banknotes, letters of credit , commercial paper , coupons), are most often accompanied by relative restrictions. the holding, exporting and importing of gold, minted or not. They also combine their effects with those of regulations on the import or export of certain goods.
Foreign exchange controls are exercised mainly through the intermediary of the banks, whose intervention is essential for the accomplishment of any foreign exchange transaction. The general administration of exchange control is entrusted either to a specialized body of the Ministry of Finance (this is the case in France) or to the central bank (as in Great Britain). At the borders and at the airports, control is exercised by customs officers.
Around 1960, one can hope that the exchange control systems, with all the obstacles they bring to international trade and tourism, could be abandoned in favor of a return to free convertibility of currencies, within the framework organized by the International Monetary Fund. But the monetary crises which followed one another from 1970 reduced this hope. We must wait for the internationalization and globalization of financial activities to encourage the public authorities to abandon regulations that have become obsolete and whose effectiveness (France, 1981-1983) left much to be desired. Effective in Great Britain since 1979, the disappearance of exchange controls was officially achieved in Europe with the establishment of the Single Market, which provided, from July 1990, for complete freedom of movement of capital between the main members of the European Union. European Community. France resolved to do so in January 1990, six months in advance. Germany, for its part, had enjoyed such freedom since 1949. The system of exchange control seems today
https://www.universalis.fr/encyclopedie/controle-des-changes/
it looks like you have to defend yourself on your opinion, and this is very correct, this is an Idea debate !! Now the Minister of Finance indicates his rate in his budget, but it is the central banks which decides the exchange rates !!
The real question that decides the exchange rate between each country to trade between them ???
Claud (Moose)
Currency (currency)
Strictly speaking, a currency is a monetary unit accepted by a foreign country, while the “currency” is that of its country.
It is most often issued under the control of a central bank (but can also be issued from a collective backplane in multiple currencies, managed by an international organization backed by several independent central banks where these funds are guaranteed by the deposit of reserves).
Each country has an official currency on its territory, broken down into legal tender means . However, several countries can:
- use the same currency (case of the euro with the member countries of the European Monetary Union , or even of Liechtenstein in a monetary union with Switzerland - with the Swiss franc );
- adopting a foreign currency as legal currency: Case Panama and the Equator (the US dollar) or the Vatican , of San Marino , of Monaco and Andorra , and de facto of Kosovo and Montenegro ( with the euro).
For practical reasons, a currency often has subdivisions, legal or traditional: 1/1000 (the millimes of the Tunisian dinar ), 1/100 (the eurocents of the euro ), 1/20, 1/10, 1/8 , 1/4 (the American quarter ) ...
https://fr.wikipedia.org/wiki/Devise_(monnaie)
[size=30]CHANGES CONTROL OF[/size]
Measures taken by a government to regulate the buying and selling of foreign currencies by its nationals. It was following the great economic and financial imbalances caused by the First World War that many States were led to limit or even eliminate the freedom of transactions in foreign currencies. These restrictions serve several purposes.
- On the financial level: prevent excessive purchases of foreign currency from contributing to the depreciation of the national currency and worsening the balance of payments deficit .
- On the economic level: hamper imports of products likely to compete with national industry, and reserve foreign currency purchases for the payment of imports deemed to be the most useful and most urgent (capital goods, raw materials, for example) .
- In terms of taxation: prevent the escape of capital and taxable income.
Exchange control is exercised by several methods:
- prohibition or limitation of any purchase of foreign currency which is not justified by the regulation of an authorized import;
- presentation to the competent authority of the documents establishing the reality of the importation; after verification, the importer makes the payment in his own currency, and necessarily in a bank which will then ensure the transfer to the foreign seller;
- obligation for the exporter, or for the creditor of all other income coming from abroad, to "repatriate" the funds, that is to say to have them paid to a bank which will settle them in local currency;
- prohibition or limitation of any export of banknotes, and obligation to sell to a bank, on returning to the country, the foreign notes that one holds;
- restrictions or conditions imposed on the export of income from investments made in the country by foreigners.
These regulations relating to "exchange" or "currencies", that is to say, paper payment instruments (banknotes, letters of credit , commercial paper , coupons), are most often accompanied by relative restrictions. the holding, exporting and importing of gold, minted or not. They also combine their effects with those of regulations on the import or export of certain goods.
Foreign exchange controls are exercised mainly through the intermediary of the banks, whose intervention is essential for the accomplishment of any foreign exchange transaction. The general administration of exchange control is entrusted either to a specialized body of the Ministry of Finance (this is the case in France) or to the central bank (as in Great Britain). At the borders and at the airports, control is exercised by customs officers.
Around 1960, one can hope that the exchange control systems, with all the obstacles they bring to international trade and tourism, could be abandoned in favor of a return to free convertibility of currencies, within the framework organized by the International Monetary Fund. But the monetary crises which followed one another from 1970 reduced this hope. We must wait for the internationalization and globalization of financial activities to encourage the public authorities to abandon regulations that have become obsolete and whose effectiveness (France, 1981-1983) left much to be desired. Effective in Great Britain since 1979, the disappearance of exchange controls was officially achieved in Europe with the establishment of the Single Market, which provided, from July 1990, for complete freedom of movement of capital between the main members of the European Union. European Community. France resolved to do so in January 1990, six months in advance. Germany, for its part, had enjoyed such freedom since 1949. The system of exchange control seems today
https://www.universalis.fr/encyclopedie/controle-des-changes/
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
PAYMENTS BALANCE
by claud39 Mon Dec 06, 2021 7:50 pm
[size=30]PAYMENTS BALANCE[/size]
For a In a given country, a balance of payments tracks all transactions between residents and non-residents (the “rest of the world”). We consider as residents the natural persons who have an economic activity in a country for more than one year, and the companies as soon as they are represented in this national economy. Like transactions with non-residentsare generally made in foreign currencies (currencies accepted by all), we can assimilate the balance of payments to a document which traces the inflows and outflows of currencies in an economy.
The overall logic of the balance of payments
A simple example of a balance of payments
Suppose an economy whose only transactions with the rest of the world during a given period are imports (for an amount of 120 in the currency unit of the country) and exports (100), a loan (80) and the repayment of previously borrowed capital [amortization in the financial sense] (70). The balance of payments of this economy will be presented according to the example of Table 1.
Balance of payments: example
In this fictitious balance of payments example, exports (100) and borrowing (80), on the resources side, exceed imports (120) and amortization (or loan repayment, 70) by 10 on the uses side. This means that 10 had to be drawn from the reserves, hence the variation in ...
Credits: Encyclopædia Universalis France
The amount of resources is equal to that of uses, since all currencies "received" (including those drawn from reserves) have been used for something (including those which have been placed in reserves). Here, the amount of exports and loans not being sufficient to cover jobs,it was necessary to draw on reserves to pay non-residents; this is why the change in reserves is shown in resources.
The information provided by the balance of payments
The first information that this balance of payments gives us is therefore that reserves are decreasing; which amounts to saying thatthe overall balance (the balance of all transactions except the change in reserves) is negative (- 10). If this economy has a large foreign exchange reserve, this situation may last for some time. If the reserves run out,the exchange rate will have to be changed (if it is set by the authorities) because the central bank will no longer be able to provide foreign currency at the official rate. If exchange rates are flexible, we will see the exchange rate depreciate, as currencies will become more scarce in the foreign exchange market.
When reserves are found to be increasing or decreasing, reading the balance of payments is used to determine the causes. To do this, a distinction is made between non-financial transactions and financial transactions (those which cause changes in assets, receivables or debts). In the example, the balance of non-financial transactions(the "current" balance, which is also in this simplified example the trade balance) is a deficit of 20 (exports minus imports), while net financing (resources at the level of financial operations minus uses) is equal to +20. Net financing is necessarily equal (and of opposite sign) to the current account balance, since the amounts of resources and that of uses are equal. Net financing measures the change in the indebtedness of the economy during the period considered (by considering the reserves as an “asset” over other economies).
Readings and diagnostics
Reading the balance of payments is used to provide a diagnosis. The goal is not obvious: what is a good balance of payments situation? Accumulating surpluses protects against the risks associated with sudden reflows of capital, which can trigger a devaluation or a sudden change in the exchange rate. But in general,foreign exchange reserves are placed in sterile (gold) or low-risk, and therefore low-paying jobs. This makes it difficult to view the balance of payments surplus as an objective in itself. Conversely, however, the equilibrium of the balance of payments over the long term appears desirable.In diet fixed exchange rate, the central bank must have foreign exchange reserves to meet the demands for conversion of the national currency. In a flexible exchange rate regime, it is theoretically no longer necessary to hold reserves, if one accepts that the exchange rate fluctuates freely. However, it is possible that the exchange rate is not always at its equilibrium level (especially in the event of "overreaction", if financial flows adjust faster than flows of goods and services). Moreover, the instability linked to exchange rate variations can be seen as harmful in itself.
There are several ways to "read" balances of payments. Traditionally, we speak of a current account deficit (goods, services, income and transfers) financed by a net borrowing (borrowing less amortization) and by the change in reserves. It is thus suggested that the country borrowed to find the currency necessary to cover its "real" deficit.
Nevertheless, it is possible that the country has borrowed from abroad and that this results in a "real" imbalance (of the current account). The borrowed money allows the country to spend more, which increases imports. In developing countries, for example, borrowing for investment results in imports of capital goods. The difficulty arises from the existence of links between the different posts. In addition, the emphasis placed on the financial part of the balance may lead to a shift from a traditional approach in terms of flow to an approach in terms of outstanding amounts. Indeed, a large part of current financial flows results from reallocations within the portfolios of large international investors (pension funds, speculative funds, sovereign funds, etc.). The capital movements observed then result from the modification of the trade-offs of these investors between risk and profitability, rather than annual flows such as savings .
A third interpretation is possible, which makes the link between internal and external imbalances. We know, in fact, that the resource-use balance in goods and services in an open economy can be written (by denoting Y the GDP, M the imports, C the consumption, S the savings, I the investment and X exports):
Y + M = C + I + X.
By reorganizing, we obtain:
Y – C – I = S – I =X – M
On the left thus appears the nation's financing need (savings less investment) and on the right the deficit in the balance of goods and services (of the current account if we replace the GDP by the gross national disposable income ).Thus, the current account deficit can be attributed to a "lack" of savings - compensated by a contribution that allows residents [...]
https://www.universalis.fr/encyclopedie/balance-des-paiements/
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Tue Dec 07, 2021 2:25 am
No wonder why you are all screwed up Claud.claud39 wrote:This is the fun master guru
Now the Minister of Finance indicates his rate in his budget, but it is the central banks which decides the exchange rates !!
The real question that decides the exchange rate between each country to trade between them ???
Claud (Moose)
Currency (currency)
Strictly speaking, a currency is a monetary unit accepted by a foreign country, while the “currency” is that of its country.
It is most often issued under the control of a central bank (but can also be issued from a collective backplane in multiple currencies, managed by an international organization backed by several independent central banks where these funds are guaranteed by the deposit of reserves).
Each country has an official currency on its territory, broken down into legal tender means . However, several countries can:
- use the same currency (case of the euro with the member countries of the European Monetary Union , or even of Liechtenstein in a monetary union with Switzerland - with the Swiss franc );
- adopting a foreign currency as legal currency: Case Panama and the Equator (the US dollar) or the Vatican , of San Marino , of Monaco and Andorra , and de facto of Kosovo and Montenegro ( with the euro).
For practical reasons, a currency often has subdivisions, legal or traditional: 1/1000 (the millimes of the Tunisian dinar ), 1/100 (the eurocents of the euro ), 1/20, 1/10, 1/8 , 1/4 (the American quarter ) ...
https://fr.wikipedia.org/wiki/Devise_(monnaie)[size=30]CHANGES CONTROL OF[/size]
Measures taken by a government to regulate the buying and selling of foreign currencies by its nationals. It was following the great economic and financial imbalances caused by the First World War that many States were led to limit or even eliminate the freedom of transactions in foreign currencies. These restrictions serve several purposes.
- On the financial level: prevent excessive purchases of foreign currency from contributing to the depreciation of the national currency and worsening the balance of payments deficit .
- On the economic level: hamper imports of products likely to compete with national industry, and reserve foreign currency purchases for the payment of imports deemed to be the most useful and most urgent (capital goods, raw materials, for example) .
- In terms of taxation: prevent the escape of capital and taxable income.
Exchange control is exercised by several methods:
- prohibition or limitation of any purchase of foreign currency which is not justified by the regulation of an authorized import;
- presentation to the competent authority of the documents establishing the reality of the importation; after verification, the importer makes the payment in his own currency, and necessarily in a bank which will then ensure the transfer to the foreign seller;
- obligation for the exporter, or for the creditor of all other income coming from abroad, to "repatriate" the funds, that is to say to have them paid to a bank which will settle them in local currency;
- prohibition or limitation of any export of banknotes, and obligation to sell to a bank, on returning to the country, the foreign notes that one holds;
- restrictions or conditions imposed on the export of income from investments made in the country by foreigners.
These regulations relating to "exchange" or "currencies", that is to say, paper payment instruments (banknotes, letters of credit , commercial paper , coupons), are most often accompanied by relative restrictions. the holding, exporting and importing of gold, minted or not. They also combine their effects with those of regulations on the import or export of certain goods.
Foreign exchange controls are exercised mainly through the intermediary of the banks, whose intervention is essential for the accomplishment of any foreign exchange transaction. The general administration of exchange control is entrusted either to a specialized body of the Ministry of Finance (this is the case in France) or to the central bank (as in Great Britain). At the borders and at the airports, control is exercised by customs officers.
Around 1960, one can hope that the exchange control systems, with all the obstacles they bring to international trade and tourism, could be abandoned in favor of a return to free convertibility of currencies, within the framework organized by the International Monetary Fund. But the monetary crises which followed one another from 1970 reduced this hope. We must wait for the internationalization and globalization of financial activities to encourage the public authorities to abandon regulations that have become obsolete and whose effectiveness (France, 1981-1983) left much to be desired. Effective in Great Britain since 1979, the disappearance of exchange controls was officially achieved in Europe with the establishment of the Single Market, which provided, from July 1990, for complete freedom of movement of capital between the main members of the European Union. European Community. France resolved to do so in January 1990, six months in advance. Germany, for its part, had enjoyed such freedom since 1949. The system of exchange control seems today
https://www.universalis.fr/encyclopedie/controle-des-changes/
If you are going to rely on a wiki article, at least use one that's not a work in progress and has references. Yours does not and has lots of errors.
Is this what you are calling research?
Here's a wiki that's more complete and has references. Do you see the difference?
Wiki's aren't the only sources of information...
~~~~~~~~~~
Currency
From Wikipedia, the free encyclopedia
[ltr]For other uses, see Currency (disambiguation).[/ltr]
A currency[a] in the most specific sense is money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins.[1][2] A more general definition is that a currency is a system of money(monetary units) in common use, especially for people in a nation.[3] Under this definition, U.S. dollars (US$), euros (€), Indian rupee (₹), Japanese yen (¥), and pounds sterling (£) are examples of currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies.[4] Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance.
Other definitions of the term "currency" appear in the respective synonymous articles: banknote, coin, and money. This article uses the definition which focuses on the currency systems of countries.
One can classify currencies into three monetary systems: fiat money, commodity money, and representative money, depending on what guarantees a currency's value (the economy at large vs. the government's physical metal reserves). Some currencies function as legal tender in certain political jurisdictions. Others simply get traded for their economic value.
Digital currency has arisen with the popularity of computers and the Internet. Whether digital notes and coins will be successfully developed remains dubious.[5] Decentralized digital currencies, such as cryptocurrencies are not legal currency, strictly speaking, since they are not issued by a government monetary authority (although one of them, Bitcoin, has become legal tender in El Salvador). Many warnings issued by various countries note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism.[6] In 2014 the United States IRS issued a statement explaining that virtual currency is treated as property for Federalincome-tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency.[7]
[...]
Control and production
In most cases, a central bank has the exclusive power to issue all forms of currency, including coins and banknotes (fiat money), and to restrain the circulation alternative currencies for its own area of circulation (a country or group of countries); it regulates the production of currency by banks (credit) through monetary policy.
An exchange rate is a price at which two currencies can be exchanged against each other. This is used for trade between the two currency zones. Exchange rates can be classified as either floating or fixed. In the former, day-to-day movements in exchange rates are determined by the market; in the latter, governments intervene in the market to buy or sell their currency to balance supply and demand at a static exchange rate.
In cases where a country has control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. The institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them. A monetary authority is created and supported by its sponsoring government, so independence can be reduced by the legislative or executive authority that creates it.
Several countries can use the same name for their own separate currencies (for example, a dollar in Australia, Canada, and the United States). By contrast, several countries can also use the same currency (for example, the euro or the CFA franc), or one country can declare the currency of another country to be legal tender. For example, Panama and El Salvador have declared US currency to be legal tender, and from 1791 to 1857, Spanish dollars were legal tender in the United States. At various times countries have either re-stamped foreign coins or used currency boards, issuing one note of currency for each note of a foreign government held, as Ecuador currently does.
Each currency typically has a main currency unit (the dollar, for example, or the euro) and a fractional unit, often defined as 1⁄100 of the main unit: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound, although units of 1⁄10 or 1⁄1000 occasionally also occur. Some currencies do not have any smaller units at all, such as the Icelandic króna and the Japanese yen.
Mauritania and Madagascar are the only remaining countries that have theoretical fractional units not based on the decimal system; instead, the Mauritanian ouguiya is in theory divided into 5 khoums, while the Malagasy ariary is theoretically divided into 5 iraimbilanja. In these countries, words like dollar or pound "were simply names for given weights of gold".[18] Due to inflation khoums and iraimbilanja have in practice fallen into disuse. (See non-decimal currencies for other historic currencies with non-decimal divisions.)
[...]
https://en.wikipedia.org/wiki/Currency <--- There is more in the complete article
~~~~~~~~~~
claud39 wrote:Now the Minister of Finance indicates his rate in his budget, but it is the central banks which decides the exchange rates !!
No. The CBI sets the rate. There is only one rate that everybody uses.
claud39 wrote:The real question that decides the exchange rate between each country to trade between them ???
Since you said country, it's the IMF. The WTO, WB, AMF. etc. use the rates from the IMF.
If you are looking elsewhere, it's the markets. That's where the conversions (exchange) are done.
Iraq is a pegged currency. It's pegged to the USD. The CBI sets the value of the Dinar based on the ratio of money supply to reserves. The CBI intervenes when necessary.
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RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
Iraq will leave “Chapter VII” in early 2022
by claud39 Wed Dec 08, 2021 10:10 pm
[size=30]OH!! Master guru you are so right !![/size]
[size=30]
[/size]
[size=30]Except that I do not understand why everything is settled according to you, and that we are talking about the end of chapter 7 according to this article, in my opinion after that they will be able to concentrate better on the WTO, they respect what the un to ask !! [/size]
[size=30] But as you are always right, you are the master on the matter, thank you for making us understand your logic !! [/size]
[size=30] [/size]
[size=30]Claud (Moose)[/size]
[size=30]Iraq will leave “Chapter VII” in early 2022[/size]
December 09, 2021
Baghdad: Fadel Al-Nashmi
The Chairman of the Committee of Financial Experts, Dr. Abdul Basit Turki, expected that Iraq will get rid, early next year, of the risk of falling under Chapter VII of the Charter of the United Nations after fulfilling its financial obligations related to compensating the State of Kuwait for the losses it incurred as a result of Iraq’s invasion of it in August 1990. .
according to Turki, who oversees the committee on Iraqi funds derived from the production and export of petroleum and petroleum products shall be deposited in a sub - account with the reserve Bank Fed in New York, the «Iraqi Central Bank will repay the full remaining amount of compensation directly, after turning off the automatic deduction». In an interview with Asharq Al-Awsat, Turki called for "the Ministry of Foreign Affairs and the concerned authorities to urge the formulation of a draft resolution that includes removing Iraq from the provisions of Chapter VII of the United Nations Charter completely."
The Iraqi government intends to pay the last batch of compensation for the Kuwait war, before the end of this year, after depositing, the day before yesterday (Tuesday), more than 207 million US dollars, with the Federal Reserve; As a prelude to removing Iraq from Chapter VII. Turki explained that the Federal Reserve, two days ago, specifically hours after paying the penultimate payment, stopped the “automatic deduction” from the account of the Iraqi Ministry of Finance with it, in the interest of the Kuwait War Compensation Fund, following a request made by the Central Bank of Iraq.
He noted the need for the forthcoming decision to provide for "protecting Iraq from any claims related to the Kuwait war compensation, whether it is individual claims or filing lawsuits related to compensation," calling for "the annulment of all decisions that resulted from the Kuwait war."
The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.
Iraq stopped making payments in 2014 during the war on ISIS, which controlled large parts of the country, but it resumed payments in 2018.
according to Turki, who oversees the committee on Iraqi funds derived from the production and export of petroleum and petroleum products shall be deposited in a sub - account with the reserve Bank Fed in New York, the «Iraqi Central Bank will repay the full remaining amount of compensation directly, after turning off the automatic deduction». In an interview with Asharq Al-Awsat, Turki called for "the Ministry of Foreign Affairs and the concerned authorities to urge the formulation of a draft resolution that includes removing Iraq from the provisions of Chapter VII of the United Nations Charter completely."
The Iraqi government intends to pay the last batch of compensation for the Kuwait war, before the end of this year, after depositing, the day before yesterday (Tuesday), more than 207 million US dollars, with the Federal Reserve; As a prelude to removing Iraq from Chapter VII. Turki explained that the Federal Reserve, two days ago, specifically hours after paying the penultimate payment, stopped the “automatic deduction” from the account of the Iraqi Ministry of Finance with it, in the interest of the Kuwait War Compensation Fund, following a request made by the Central Bank of Iraq.
He noted the need for the forthcoming decision to provide for "protecting Iraq from any claims related to the Kuwait war compensation, whether it is individual claims or filing lawsuits related to compensation," calling for "the annulment of all decisions that resulted from the Kuwait war."
The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.
Iraq stopped making payments in 2014 during the war on ISIS, which controlled large parts of the country, but it resumed payments in 2018.
The former Iraqi Foreign Minister, Hoshyar Zebari, announced in June of the year 2013 that “the Security Council decided to remove Iraq from under Chapter VII, and the resolution became No. 2108,” and considered this a “historic day.” But Turki described Zebari's statement as "inaccurate and misleading." Because "the council's resolution stipulated stopping the use of force against Iraq only."
Contrary to reality, and Turki's words, Zebari said that after the resolution was issued, Iraq became "liberated from the regime of sanctions and isolation."
Turki said, “The restrictions are still in force; Because Iraq has not completely escaped the provisions of Chapter VII, despite Zebari's assertion at the time that "Iraq has returned to occupy its natural financial and banking position."
In a related context, according to the financial advisor to the Iraqi Prime Minister Mazhar Muhammad Salih, "Iraq will end Kuwait's compensation file in early 2022."
Saleh said in a press statement earlier, that “Iraq has finally paid 490 million dollars of the compensation amounts approved by the United Nations Compensation Committee, and will work to pay the remaining amount of the total compensation, estimated at 629 million dollars, at the beginning of 2022, to close the compensation file. Permanently".
Yesterday, the Central Bank of Iraq received a notification from the General Secretariat of the United Nations in Geneva, indicating that the remaining amount of compensation is 43 million US dollars.
It is noteworthy that the Committee of Financial Experts headed by Dr. Abdul Basit Turki, a former head of the Financial Supervision Bureau and the Central Bank, was established based on a decision of the Council of Ministers, and began its work in early April 2007; To be an alternative supervisory body for the International Advisory and Monitoring Board, which is currently supervising the expenditure of Iraqi public funds derived from the production and export of oil and petroleum products, which are deposited in an opening account at the Federal Reserve Bank in New York, based on Security Council resolutions issued after the overthrow of the President’s regime The late Saddam Hussein, on behalf of the "Development Fund for Iraq". This account has been granted international immunity so that it is not subject to seizure or confiscation as a result of decisions of international courts, which may be issued by lawsuits and claims against the former regime.
The “Development Fund for Iraq” and another account was established by Security Council Resolution 1483 in May 2003 to manage the revenues of crude oil and oil products exported from Iraq, the remaining balance of the “oil for food” program and receipts from frozen assets from the former regime.
It is expected that the Central Bank of Iraq will pay the last installment, before the end of this year. Thus, Iraq has paid $52.38 billion in compensation for the repercussions of its invasion of Kuwait.
https://aawsat.com/home/article/3349156/%D8%A7%D9%84%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF-%D8%A7%D9%84%D8%A3%D9%88%D8%B1%D9%88%D8%A8%D9%8A-%D8%B9%D8%A7%D8%B2%D9%85-%D8%B9%D9%84%D9%89-%D9%85%D8%B9%D8%A7%D9%82%D8%A8%D8%A9-%D9%85%D8%B9%D8%B1%D9%82%D9%84%D9%8A-%D8%A7%D9%84%D8%A7%D9%86%D8%AA%D8%AE%D8%A7%D8%A8%D8%A7%D8%AA-%D9%81%D9%8A-%D9%84%D8%A8%D9%86%D8%A7%D9%86
claud39- Elite Member
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Join date : 2018-11-04
Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Thu Dec 09, 2021 1:02 am
So...You no longer want to discuss the exchange rate, and how it's determined, but now want to side track the conversation to the WTO and Chapter VII sanctions? LOL
Your funny Claud!
How does Iraq pay Iran for the electricity they import?
How do they pay for all the tomatoes they import?
How about all the wheat, sugar, chickens, table eggs?
They export dates, honey, and most importantly...Oil! How to they get paid?
If you do not understand, then you are not "following the news" as you claim.
Maybe you should also read what the WTO is, and most importantly, does. It has nothing to do with the exchange rate.
claud39 wrote:Except that I do not understand why everything is settled according to you
Your funny Claud!
How does Iraq pay Iran for the electricity they import?
How do they pay for all the tomatoes they import?
How about all the wheat, sugar, chickens, table eggs?
They export dates, honey, and most importantly...Oil! How to they get paid?
If you do not understand, then you are not "following the news" as you claim.
Maybe you should also read what the WTO is, and most importantly, does. It has nothing to do with the exchange rate.
*****************
>>>TNTBS's YouTube Channel<<<
RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
Re: Facilitating Iraq's WTO Accession Process
by claud39 Thu Dec 09, 2021 1:24 pm
RamblerNash wrote:So...You no longer want to discuss the exchange rate, and how it's determined, but now want to side track the conversation to the WTO and Chapter VII sanctions? LOLclaud39 wrote:Except that I do not understand why everything is settled according to you
Your funny Claud!
How does Iraq pay Iran for the electricity they import?
How do they pay for all the tomatoes they import?
How about all the wheat, sugar, chickens, table eggs?
They export dates, honey, and most importantly...Oil! How to they get paid?
If you do not understand, then you are not "following the news" as you claim.
Maybe you should also read what the WTO is, and most importantly, does. It has nothing to do with the exchange rate.
Good by the way !! OH MY MASTER !!
I don't know where you live, but in Quebec the winter to begin, and as I lost my father recently, I have to clear snow at home, then at the family home !!
OH !! I forget my sister has just separated, so I have her house also now to come in !!!
So you see that I am currently occupying my family long before our master guru !!
As you know Master guru !!!
I am going to send you 2 articles that I send to the private group, and by the way I sent the message that you send me on the group, say that they have a good laugh at you !!!
You know I do not know if you found this article, I have not been to see the forum yet, I clicked directly on the link because of your message !!
So link the articles, and that gives you where are at for their return on the WTO !!
to you dear members to make your opinion !!!
Claud (Moose)
[size=30]Iraq will leave “Chapter VII” in early 2022[/size]
December 09, 2021
Baghdad: Fadel Al-Nashmi
The Chairman of the Committee of Financial Experts, Dr. Abdul Basit Turki, expected that Iraq will get rid, early next year, of the risk of falling under Chapter VII of the Charter of the United Nations after fulfilling its financial obligations related to compensating the State of Kuwait for the losses it incurred as a result of Iraq’s invasion of it in August 1990. .
according to Turki, who oversees the committee on Iraqi funds derived from the production and export of petroleum and petroleum products shall be deposited in a sub - account with the reserve Bank Fed in New York, the «Iraqi Central Bank will repay the full remaining amount of compensation directly, after turning off the automatic deduction». In an interview with Asharq Al-Awsat, Turki called for "the Ministry of Foreign Affairs and the concerned authorities to urge the formulation of a draft resolution that includes removing Iraq from the provisions of Chapter VII of the United Nations Charter completely."
The Iraqi government intends to pay the last batch of compensation for the Kuwait war, before the end of this year, after depositing, the day before yesterday (Tuesday), more than 207 million US dollars, with the Federal Reserve; As a prelude to removing Iraq from Chapter VII. Turki explained that the Federal Reserve, two days ago, specifically hours after paying the penultimate payment, stopped the “automatic deduction” from the account of the Iraqi Ministry of Finance with it, in the interest of the Kuwait War Compensation Fund, following a request made by the Central Bank of Iraq.
He noted the need for the forthcoming decision to provide for "protecting Iraq from any claims related to the Kuwait war compensation, whether it is individual claims or filing lawsuits related to compensation," calling for "the annulment of all decisions that resulted from the Kuwait war."
The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.
Iraq stopped making payments in 2014 during the war on ISIS, which controlled large parts of the country, but it resumed payments in 2018.
The former Iraqi Foreign Minister, Hoshyar Zebari, announced in June of the year 2013 that “the Security Council decided to remove Iraq from under Chapter VII, and the resolution became No. 2108,” and considered this a “historic day.” But Turki described Zebari's statement as "inaccurate and misleading." Because "the council's resolution stipulated stopping the use of force against Iraq only."
Contrary to reality, and Turki's words, Zebari said that after the resolution was issued, Iraq became "liberated from the regime of sanctions and isolation."
Turki said, “The restrictions are still in force; Because Iraq has not completely escaped the provisions of Chapter VII, despite Zebari's assertion at the time that "Iraq has returned to occupy its natural financial and banking position."
In a related context, according to the financial advisor to the Iraqi Prime Minister Mazhar Muhammad Salih, "Iraq will end Kuwait's compensation file in early 2022."
Saleh said in a press statement earlier, that “Iraq has finally paid 490 million dollars of the compensation amounts approved by the United Nations Compensation Committee, and will work to pay the remaining amount of the total compensation, estimated at 629 million dollars, at the beginning of 2022, to close the compensation file. Permanently".
Yesterday, the Central Bank of Iraq received a notification from the General Secretariat of the United Nations in Geneva, indicating that the remaining amount of compensation is 43 million US dollars.
It is noteworthy that the Committee of Financial Experts headed by Dr. Abdul Basit Turki, a former head of the Financial Supervision Bureau and the Central Bank, was established based on a decision of the Council of Ministers, and began its work in early April 2007; To be an alternative supervisory body for the International Advisory and Monitoring Board, which is currently supervising the expenditure of Iraqi public funds derived from the production and export of oil and petroleum products, which are deposited in an opening account at the Federal Reserve Bank in New York, based on Security Council resolutions issued after the overthrow of the President’s regime The late Saddam Hussein, on behalf of the "Development Fund for Iraq". This account has been granted international immunity so that it is not subject to seizure or confiscation as a result of decisions of international courts, which may be issued by lawsuits and claims against the former regime.
The “Development Fund for Iraq” and another account was established by Security Council Resolution 1483 in May 2003 to manage the revenues of crude oil and oil products exported from Iraq, the remaining balance of the “oil for food” program and receipts from frozen assets from the former regime.
It is expected that the Central Bank of Iraq will pay the last installment, before the end of this year. Thus, Iraq has paid $52.38 billion in compensation for the repercussions of its invasion of Kuwait.
according to Turki, who oversees the committee on Iraqi funds derived from the production and export of petroleum and petroleum products shall be deposited in a sub - account with the reserve Bank Fed in New York, the «Iraqi Central Bank will repay the full remaining amount of compensation directly, after turning off the automatic deduction». In an interview with Asharq Al-Awsat, Turki called for "the Ministry of Foreign Affairs and the concerned authorities to urge the formulation of a draft resolution that includes removing Iraq from the provisions of Chapter VII of the United Nations Charter completely."
The Iraqi government intends to pay the last batch of compensation for the Kuwait war, before the end of this year, after depositing, the day before yesterday (Tuesday), more than 207 million US dollars, with the Federal Reserve; As a prelude to removing Iraq from Chapter VII. Turki explained that the Federal Reserve, two days ago, specifically hours after paying the penultimate payment, stopped the “automatic deduction” from the account of the Iraqi Ministry of Finance with it, in the interest of the Kuwait War Compensation Fund, following a request made by the Central Bank of Iraq.
He noted the need for the forthcoming decision to provide for "protecting Iraq from any claims related to the Kuwait war compensation, whether it is individual claims or filing lawsuits related to compensation," calling for "the annulment of all decisions that resulted from the Kuwait war."
The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.
Iraq stopped making payments in 2014 during the war on ISIS, which controlled large parts of the country, but it resumed payments in 2018.
The former Iraqi Foreign Minister, Hoshyar Zebari, announced in June of the year 2013 that “the Security Council decided to remove Iraq from under Chapter VII, and the resolution became No. 2108,” and considered this a “historic day.” But Turki described Zebari's statement as "inaccurate and misleading." Because "the council's resolution stipulated stopping the use of force against Iraq only."
Contrary to reality, and Turki's words, Zebari said that after the resolution was issued, Iraq became "liberated from the regime of sanctions and isolation."
Turki said, “The restrictions are still in force; Because Iraq has not completely escaped the provisions of Chapter VII, despite Zebari's assertion at the time that "Iraq has returned to occupy its natural financial and banking position."
In a related context, according to the financial advisor to the Iraqi Prime Minister Mazhar Muhammad Salih, "Iraq will end Kuwait's compensation file in early 2022."
Saleh said in a press statement earlier, that “Iraq has finally paid 490 million dollars of the compensation amounts approved by the United Nations Compensation Committee, and will work to pay the remaining amount of the total compensation, estimated at 629 million dollars, at the beginning of 2022, to close the compensation file. Permanently".
Yesterday, the Central Bank of Iraq received a notification from the General Secretariat of the United Nations in Geneva, indicating that the remaining amount of compensation is 43 million US dollars.
It is noteworthy that the Committee of Financial Experts headed by Dr. Abdul Basit Turki, a former head of the Financial Supervision Bureau and the Central Bank, was established based on a decision of the Council of Ministers, and began its work in early April 2007; To be an alternative supervisory body for the International Advisory and Monitoring Board, which is currently supervising the expenditure of Iraqi public funds derived from the production and export of oil and petroleum products, which are deposited in an opening account at the Federal Reserve Bank in New York, based on Security Council resolutions issued after the overthrow of the President’s regime The late Saddam Hussein, on behalf of the "Development Fund for Iraq". This account has been granted international immunity so that it is not subject to seizure or confiscation as a result of decisions of international courts, which may be issued by lawsuits and claims against the former regime.
The “Development Fund for Iraq” and another account was established by Security Council Resolution 1483 in May 2003 to manage the revenues of crude oil and oil products exported from Iraq, the remaining balance of the “oil for food” program and receipts from frozen assets from the former regime.
It is expected that the Central Bank of Iraq will pay the last installment, before the end of this year. Thus, Iraq has paid $52.38 billion in compensation for the repercussions of its invasion of Kuwait.
https://aawsat.com/home/article/3349156/%D8%A7%D9%84%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF-%D8%A7%D9%84%D8%A3%D9%88%D8%B1%D9%88%D8%A8%D9%8A-%D8%B9%D8%A7%D8%B2%D9%85-%D8%B9%D9%84%D9%89-%D9%85%D8%B9%D8%A7%D9%82%D8%A8%D8%A9-%D9%85%D8%B9%D8%B1%D9%82%D9%84%D9%8A-%D8%A7%D9%84%D8%A7%D9%86%D8%AA%D8%AE%D8%A7%D8%A8%D8%A7%D8%AA-%D9%81%D9%8A-%D9%84%D8%A8%D9%86%D8%A7%D9%86
claud39- Elite Member
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Join date : 2018-11-04
THE ARAB MONETARY FUND HOLDS THE SIXTH “REMOTELY” MEETING OF THE EXECUTIVE COMMITTEE OF THE FINANCIAL INCLUSION INITIATIVE FOR THE ARAB REGION
by claud39 Thu Dec 09, 2021 1:26 pm
THE ARAB MONETARY FUND HOLDS THE SIXTH “REMOTELY” MEETING OF THE EXECUTIVE COMMITTEE OF THE FINANCIAL INCLUSION INITIATIVE FOR THE ARAB REGION
2021-12-08
2021-12-08
Tuesday 7 December 2021
The meeting discusses:
Support efforts to build financial inclusion strategies and develop available data
Promoting the digitization of financial services that support financial inclusion in the Arab countries
Strengthening the role of loan guarantee mechanisms in supporting financing and micro, small and medium companies
Supporting the development of the microfinance sector
Supporting financial services that take into account the social responsibility of micro, small and medium companies in the Arab countries
Today, Tuesday, the sixth “remotely” meeting of the Executive Committee of the Financial Inclusion Initiative for the Arab Region, launched by the Arab Monetary Fund in September 2017, will be held with the participation and cooperation of the German Development Agency (GIZ), the Global Alliance for Financial Inclusion (AFI) and the World Bank Group. Under the umbrella of the Board of Governors of Arab Central Banks and Monetary Institutions. The initiative aims to support the efforts of Arab countries to improve access to finance for all economic sectors and social groups in Arab countries, in a way that contributes to supporting comprehensive economic and social development opportunities.
The initiative is based on a number of activities, the most important of which are: providing technical assistance to Arab authorities in relation to adopting national strategies for financial inclusion, developing the digital financial services system, enhancing financial awareness and education in Arab countries, improving access opportunities for women, youth and low-income people, and micro, small and medium enterprises for financing and financial services. official in the Arab countries, through the exchange of expertise and experience, and benefiting from modern financial technologies, to support the achievement of financial inclusion.
The meeting will discuss the progress in implementing the initiative's programs and activities during 2021, as well as developing an action plan for the initiative for the next year 2022. The discussion revolves around reviewing the priorities and topics proposed by the regional working group to enhance financial inclusion in Arab countries and ways to respond to them. The proposals are based on five main axes: supporting efforts to prepare a financial inclusion strategy and data development, enhancing the digitization of financial services that support financial inclusion in Arab countries, enhancing the role of loan guarantee mechanisms and programs in supporting the access of micro, small and medium enterprises to financing and financial services, and supporting building a financing sector Smaller, more comprehensive and solid, in addition to supporting the construction of financial services that take into account the social responsibility of micro, small and medium companies.
On this occasion, His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, expressed his appreciation for the existing cooperation with partner institutions in this initiative, as this has a positive impact on indicators of financial inclusion and supports the efforts of Arab countries in achieving sustainable development goals by encouraging Youth, women, entrepreneurs and micro, small and medium enterprises, and support opportunities for innovation and creativity to create job opportunities. His Excellency also indicated that the Fund and the partner institutions in the initiative welcome the participation of other regional and international institutions, which helps to coordinate and unify efforts in order to achieve the desired goals.
https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D8%B9%D9%82%D8%AF-%D8%A7%D9%84%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9-%D8%A7%D9%84%D8%B3%D8%A7%D8%AF%D8%B3-%D8%B9%D9%86-%D8%A8%D8%B9%D8%AF-%D9%84%D9%84%D8%AC%D9%86%D8%A9-%D8%A7%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0%D9%8A%D8%A9-%D9%84%D9%85%D8%A8%D8%A7%D8%AF%D8%B1%D8%A9-%D8%A7%D9%84%D8%B4%D9%85%D9%88%D9%84-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A-%D9%84%D9%84%D9%85%D9%86%D8%B7%D9%82%D8%A9
claud39- Elite Member
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(The Central Bank of Iraq announces the suspension of the automatic deduction for Kuwait’s compensation)
by claud39 Thu Dec 09, 2021 1:48 pm
(The Central Bank of Iraq announces the suspension of the automatic deduction for Kuwait’s compensation)
December 09, 2021
(The Central Bank of Iraq announces the suspension of the automatic deduction for Kuwait’s compensation)
The Central Bank of Iraq announces that it has terminated all necessary banking arrangements with the US Federal Reserve to stop the automatic deduction of Kuwait’s compensation from Iraqi crude oil export revenues, and confirms the possibility of paying the entire remaining amount of compensation before the end of the current year 2021 to end this file.
Central Bank of Iraq
information Office
December 9, 2021
https://cbi.iq/news/view/1891
claud39- Elite Member
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Join date : 2018-11-04
Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Thu Dec 09, 2021 10:10 pm
So...You do not want to talk about how Iraq has been doing trade, paying for, and getting paid for their imports and exports, but still want to side track away from how the exchange rates are determined?
The articles you just posted do not mention the WTO, but if you had read the article, and did some research, the majority of the sanctions were lifted in 2003 and moved to Chapter VI.
Did you even read the one you posted from the AMF, or just pluck some keywords thinking it has to do with the WTO or an exchange rate?
Still thinking that the last payment to Kuwait has some magic to it? All the other sanctions were removed long ago...You just posted it.
It's nothing more than a long over due milestone, and has nothing to do with the exchange rate.
There is no economist jumping for joy over any of this, or indicating that the exchange rate will spike knowing how detrimental it will be for the country.
The articles you just posted do not mention the WTO, but if you had read the article, and did some research, the majority of the sanctions were lifted in 2003 and moved to Chapter VI.
Did you even read the one you posted from the AMF, or just pluck some keywords thinking it has to do with the WTO or an exchange rate?
The meeting discusses:
Support efforts to build financial inclusion strategies and develop available data
Promoting the digitization of financial services that support financial inclusion in the Arab countries
Strengthening the role of loan guarantee mechanisms in supporting financing and micro, small and medium companies
Supporting the development of the microfinance sector
Supporting financial services that take into account the social responsibility of micro, small and medium companies in the Arab countries
Still thinking that the last payment to Kuwait has some magic to it? All the other sanctions were removed long ago...You just posted it.
It's nothing more than a long over due milestone, and has nothing to do with the exchange rate.
There is no economist jumping for joy over any of this, or indicating that the exchange rate will spike knowing how detrimental it will be for the country.
*****************
>>>TNTBS's YouTube Channel<<<
RamblerNash- GURU HUNTER
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Join date : 2015-02-19
Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Thu Dec 09, 2021 10:16 pm
This should some things up for you Claud...
~~~~~~~~~
Harvest monetary policy for 2021 in support and stimulation of the national economy
Samir Al-Nusairi
09/12/2021
Sameer Al-Nusairi *
The year 2021 is approaching its end in complex, cumulative and complex political and economic conditions due to the many challenges facing our beloved country. Which stands as an obstacle to the implementation of the plans of the government and the private sector in the economic and financial reform, which were mentioned in the white paper. In addition to this are the effects of international economic variables, the slowdown in global economic growth, indicators of the economic conflict between America and China, the instability in global oil prices, ups and downs, and the repercussions of the Corona pandemic.
All of these subjective and objective repercussions did not prevent the Central Bank administration during the year 2021 from implementing its ambitious reform plan in overcoming the challenges of stability in the financial and monetary system and stimulating the economy with the aim of achieving economic stability. The Central Bank started its reform measures and initiatives in 2021 as follows: ‐
First - by launching its second strategy for the years (2021-2023) in conjunction with the strategy for economic and financial reform that the government adopted in the white paper. The new strategy drew a clear roadmap of goals and policies for a period of three years, and set the main goals as 15 goals and the sub-objectives at 75 goals, and charted the way for banking reform in accordance with the following main goals:-
1- Supporting and achieving monetary and financial stability.
2- Enhancing and strengthening the banking sector and financial institutions.
3- Enhancing digital transformation in the central bank and the banking sector.
4- Developing the organizational structure and human resources of the Central Bank.
5- Activating and integrating the internal and external relations of the Central Bank.
Secondly - the focus was also on controlling the new exchange rate of the Iraqi dinar and fixing it as a clear goal during the year through several measures, most notably issuing new instructions for buying and selling foreign currency for the year 2021, which are new instructions to banks and exchange companies and mediating the sale and purchase of authorized foreign currencies. The instructions are based on Central Bank Law No. 56 of 2004 amended and aims to strengthen the role of the banking system and non-bank financial institutions in securing foreign currency to the beneficiaries and controlling its movement internally and externally, leading to control and maintaining the stability of the exchange rate and compliance with the requirements of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015
The Central Bank took many measures and initiatives to stimulate the economy and revitalize the economic cycle, which contributed during the year to controlling the target exchange rate for the public, which is (1470) dinars against the US dollar. Therefore, the new instructions regulate the process of selling foreign currency in the currency window, through which it will be implemented to maintain the stability of the exchange rate, control the movement of foreign currency locally and internationally, and abide by international standards for compliance rules and combating money laundering and terrorist financing.
And let us not forget here how the US dollar devoured the local currencies of neighboring and regional countries, which suffered from a circumstance similar to that of Iraq, such as Iran, Turkey, Lebanon and Syria
Where the local currency collapsed in very large proportions.
While the Iraqi dinar exchange rate stabilized within the target rate of the Central Bank, which was specified in its statement in December 2020, despite the speculation in the market.
In which the reasons for the decision to amend the exchange rate were clearly indicated, which are as follows:-
1- It is the structural distortions in the Iraqi economy that have impoverished public finances and restricted the reform capacity that the government and the Ministry of Finance are seeking.
It is no coincidence that the financial situation is so bad, but it took root more than a decade and a half ago due to the political leadership of the economy, the priority of political thinking over economic thought, development priorities and the rules of the relationship. Thus, fiscal policy failed to perform its roles, and monetary policy was preoccupied with restoring the confused financial policy outcomes.
2- The dependence of the economic and financial policy on the ambitions and concerns of politicians has led to the latest accepted models of financial management in Iraq, and the role of that administration has been limited to distributing oil resources to life-sustaining requirements such as salaries and operational requirements.
3- Because of these combined conditions, the Central Bank had no choice but to intervene on more than one occasion to support public finances and save critical public spending requirements.
4- The Central Bank understands the difficulties facing the government’s intentions of reform, but this does not prevent it from pledging any steps that the monetary authority can take to effective steps to carry out reforms that inevitably affect the financial authority’s institutions, especially the effective collection institutions, customs and tax institutions, and the financial institutions. The other public levying, and that spending be streamlined and rationalized, and all of this depends on the political will of the higher state institutions that support the financial authority’s directions to achieve this.
This requires the government's direction to support the vulnerable groups, who will inevitably be directly affected, especially by any measure to change the exchange rate.
5- The legislative authority will have an important role in supporting the Central Bank’s direction to adjust the foreign exchange rate, as failure to take such a decision may make us obliged to take difficult decisions that may put Iraq in a situation similar to what neighboring countries have been exposed to.
It should also be emphasized here that this change (devaluation) in the value of the Iraqi dinar will be for one time only and will not be repeated.
6- The financial crisis that Iraq was exposed to due to the Corona pandemic and the resulting deterioration in oil prices and the decline in oil revenues, this led to a large deficit in the general budget and the Ministry of Finance was forced to borrow from banks and re-discount them with the Central Bank in large amounts, for the purpose of paying salaries. And meet other spending needs related to services provided to citizens.
Third ‐ The Central Bank also issued several initiatives to revitalize the national economy and support citizens, as
Indicators and official data indicate the success of the Central Bank’s economic and lending initiatives, which are a number of reform measures planned and put into practice by the Central Bank, which were accompanied by the decision to reduce the exchange rate of the dinar in order to alleviate the burdens that citizens with low incomes are expected to suffer and for the purpose of creating monetary balance in the market Trading and facing the repercussions that can occur as a general situation facing countries that reduce the exchange rate of their local currency and investing in positive cases to strengthen the financial position of the government, reduce the budget deficit and overcome the causes of internal and external borrowing, in addition to protecting and supporting the local product. Governmental and private banks have contributed to the implementation of the aforementioned Central Bank initiatives In the above, with all care and accuracy, which led to achieving good results regarding activating, facilitating and simplifying procedures to increase financing and loans for small, medium and housing projects, individuals and companies.
Where 10,000 small and medium projects were financed, with up to (12,000) unemployed workers, and an amount of (850) billion dinars was disbursed, at a rate of 85% of the one trillion dinars initiative allocated to private banks, and (5) trillion dinars and (2.6) trillion other dinars were allocated to finance Housing projects, in addition to the (6) trillion dinars that were allocated in 2016, while continuing to grant employees whose salaries are less than one million dinars and whose residence is with banks, loans amounting to (15) million dinars without interest and without a sponsor, in addition to the continuation of government banks specialized in lending industrial projects Agriculture and housing are part of the five trillion dinars initiative, which constitutes an advanced lending rate, especially housing loans.
Fourth ‐ At the level of developing banking work and increasing it
The percentage of financial inclusion, where a growth of up to 50% was achieved in the new opened accounts, and the number of accounts reached 6 million.
It also implemented the second central bank strategy regarding the development of electronic payment systems and the transition to the cashless society. The number of ATMs operating in our banks reached (1,170) tellers and points of sale with up to (4) thousand points of sale, and the number of activated bank cards reached (12) million cards and activated electronic wallets With a limit of (3) million and (500) thousand portfolios, and the other important aspect that was achieved in 2021 is the commitment to international rules and standards for compliance, anti-money laundering, financial reporting and risk management.
Fifth- At the level of external banking relations and building banking cooperation and coordination relations with banks of Arab and regional countries based on continuous and permanent communication with the governors of banks and financial and banking institutions in these countries based on drawing a road map and reaching agreements and understandings with the Saudi Central Bank and financial institutions in a way that enhances transactions Banking relations between the two sides and benefit from the successful experiences in both countries and to enhance and activate cooperation with the Central Bank of Turkey to discuss the development of banking and financial relations and the development of banking relations between the two countries, and support the opening of branches of Iraqi banks in Turkey and the opening of mutual accounts, which contributes to the development of commercial relations between the two countries on the basis of transaction Likewise.
Inviting the Turkish Central Bank to provide facilities to Iraqi banks to facilitate the settlement of the trade balance between the two countries and the transfer of funds belonging to Iraqis residing in Turkey.
All of the above measures that the Central Bank accomplished in extremely complex economic conditions are considered important achievements that were achieved in 2021, and the Bank is moving at a steady pace to implement its new strategic goals until 2023 to achieve overcoming the challenges of the financial system and the monetary system on the path to achieving complete economic stability.
* Advisor to the Association of Iraqi Private Banks
https://economy-news.net/content.php?id=26914
https://www.dinardaily.net/t102711-harvest-monetary-policy-for-2021-in-support-and-stimulation-of-the-national-economy
~~~~~~~~~
Harvest monetary policy for 2021 in support and stimulation of the national economy
Samir Al-Nusairi
09/12/2021
Sameer Al-Nusairi *
The year 2021 is approaching its end in complex, cumulative and complex political and economic conditions due to the many challenges facing our beloved country. Which stands as an obstacle to the implementation of the plans of the government and the private sector in the economic and financial reform, which were mentioned in the white paper. In addition to this are the effects of international economic variables, the slowdown in global economic growth, indicators of the economic conflict between America and China, the instability in global oil prices, ups and downs, and the repercussions of the Corona pandemic.
All of these subjective and objective repercussions did not prevent the Central Bank administration during the year 2021 from implementing its ambitious reform plan in overcoming the challenges of stability in the financial and monetary system and stimulating the economy with the aim of achieving economic stability. The Central Bank started its reform measures and initiatives in 2021 as follows: ‐
First - by launching its second strategy for the years (2021-2023) in conjunction with the strategy for economic and financial reform that the government adopted in the white paper. The new strategy drew a clear roadmap of goals and policies for a period of three years, and set the main goals as 15 goals and the sub-objectives at 75 goals, and charted the way for banking reform in accordance with the following main goals:-
1- Supporting and achieving monetary and financial stability.
2- Enhancing and strengthening the banking sector and financial institutions.
3- Enhancing digital transformation in the central bank and the banking sector.
4- Developing the organizational structure and human resources of the Central Bank.
5- Activating and integrating the internal and external relations of the Central Bank.
Secondly - the focus was also on controlling the new exchange rate of the Iraqi dinar and fixing it as a clear goal during the year through several measures, most notably issuing new instructions for buying and selling foreign currency for the year 2021, which are new instructions to banks and exchange companies and mediating the sale and purchase of authorized foreign currencies. The instructions are based on Central Bank Law No. 56 of 2004 amended and aims to strengthen the role of the banking system and non-bank financial institutions in securing foreign currency to the beneficiaries and controlling its movement internally and externally, leading to control and maintaining the stability of the exchange rate and compliance with the requirements of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015
The Central Bank took many measures and initiatives to stimulate the economy and revitalize the economic cycle, which contributed during the year to controlling the target exchange rate for the public, which is (1470) dinars against the US dollar. Therefore, the new instructions regulate the process of selling foreign currency in the currency window, through which it will be implemented to maintain the stability of the exchange rate, control the movement of foreign currency locally and internationally, and abide by international standards for compliance rules and combating money laundering and terrorist financing.
And let us not forget here how the US dollar devoured the local currencies of neighboring and regional countries, which suffered from a circumstance similar to that of Iraq, such as Iran, Turkey, Lebanon and Syria
Where the local currency collapsed in very large proportions.
While the Iraqi dinar exchange rate stabilized within the target rate of the Central Bank, which was specified in its statement in December 2020, despite the speculation in the market.
In which the reasons for the decision to amend the exchange rate were clearly indicated, which are as follows:-
1- It is the structural distortions in the Iraqi economy that have impoverished public finances and restricted the reform capacity that the government and the Ministry of Finance are seeking.
It is no coincidence that the financial situation is so bad, but it took root more than a decade and a half ago due to the political leadership of the economy, the priority of political thinking over economic thought, development priorities and the rules of the relationship. Thus, fiscal policy failed to perform its roles, and monetary policy was preoccupied with restoring the confused financial policy outcomes.
2- The dependence of the economic and financial policy on the ambitions and concerns of politicians has led to the latest accepted models of financial management in Iraq, and the role of that administration has been limited to distributing oil resources to life-sustaining requirements such as salaries and operational requirements.
3- Because of these combined conditions, the Central Bank had no choice but to intervene on more than one occasion to support public finances and save critical public spending requirements.
4- The Central Bank understands the difficulties facing the government’s intentions of reform, but this does not prevent it from pledging any steps that the monetary authority can take to effective steps to carry out reforms that inevitably affect the financial authority’s institutions, especially the effective collection institutions, customs and tax institutions, and the financial institutions. The other public levying, and that spending be streamlined and rationalized, and all of this depends on the political will of the higher state institutions that support the financial authority’s directions to achieve this.
This requires the government's direction to support the vulnerable groups, who will inevitably be directly affected, especially by any measure to change the exchange rate.
5- The legislative authority will have an important role in supporting the Central Bank’s direction to adjust the foreign exchange rate, as failure to take such a decision may make us obliged to take difficult decisions that may put Iraq in a situation similar to what neighboring countries have been exposed to.
It should also be emphasized here that this change (devaluation) in the value of the Iraqi dinar will be for one time only and will not be repeated.
6- The financial crisis that Iraq was exposed to due to the Corona pandemic and the resulting deterioration in oil prices and the decline in oil revenues, this led to a large deficit in the general budget and the Ministry of Finance was forced to borrow from banks and re-discount them with the Central Bank in large amounts, for the purpose of paying salaries. And meet other spending needs related to services provided to citizens.
Third ‐ The Central Bank also issued several initiatives to revitalize the national economy and support citizens, as
Indicators and official data indicate the success of the Central Bank’s economic and lending initiatives, which are a number of reform measures planned and put into practice by the Central Bank, which were accompanied by the decision to reduce the exchange rate of the dinar in order to alleviate the burdens that citizens with low incomes are expected to suffer and for the purpose of creating monetary balance in the market Trading and facing the repercussions that can occur as a general situation facing countries that reduce the exchange rate of their local currency and investing in positive cases to strengthen the financial position of the government, reduce the budget deficit and overcome the causes of internal and external borrowing, in addition to protecting and supporting the local product. Governmental and private banks have contributed to the implementation of the aforementioned Central Bank initiatives In the above, with all care and accuracy, which led to achieving good results regarding activating, facilitating and simplifying procedures to increase financing and loans for small, medium and housing projects, individuals and companies.
Where 10,000 small and medium projects were financed, with up to (12,000) unemployed workers, and an amount of (850) billion dinars was disbursed, at a rate of 85% of the one trillion dinars initiative allocated to private banks, and (5) trillion dinars and (2.6) trillion other dinars were allocated to finance Housing projects, in addition to the (6) trillion dinars that were allocated in 2016, while continuing to grant employees whose salaries are less than one million dinars and whose residence is with banks, loans amounting to (15) million dinars without interest and without a sponsor, in addition to the continuation of government banks specialized in lending industrial projects Agriculture and housing are part of the five trillion dinars initiative, which constitutes an advanced lending rate, especially housing loans.
Fourth ‐ At the level of developing banking work and increasing it
The percentage of financial inclusion, where a growth of up to 50% was achieved in the new opened accounts, and the number of accounts reached 6 million.
It also implemented the second central bank strategy regarding the development of electronic payment systems and the transition to the cashless society. The number of ATMs operating in our banks reached (1,170) tellers and points of sale with up to (4) thousand points of sale, and the number of activated bank cards reached (12) million cards and activated electronic wallets With a limit of (3) million and (500) thousand portfolios, and the other important aspect that was achieved in 2021 is the commitment to international rules and standards for compliance, anti-money laundering, financial reporting and risk management.
Fifth- At the level of external banking relations and building banking cooperation and coordination relations with banks of Arab and regional countries based on continuous and permanent communication with the governors of banks and financial and banking institutions in these countries based on drawing a road map and reaching agreements and understandings with the Saudi Central Bank and financial institutions in a way that enhances transactions Banking relations between the two sides and benefit from the successful experiences in both countries and to enhance and activate cooperation with the Central Bank of Turkey to discuss the development of banking and financial relations and the development of banking relations between the two countries, and support the opening of branches of Iraqi banks in Turkey and the opening of mutual accounts, which contributes to the development of commercial relations between the two countries on the basis of transaction Likewise.
Inviting the Turkish Central Bank to provide facilities to Iraqi banks to facilitate the settlement of the trade balance between the two countries and the transfer of funds belonging to Iraqis residing in Turkey.
All of the above measures that the Central Bank accomplished in extremely complex economic conditions are considered important achievements that were achieved in 2021, and the Bank is moving at a steady pace to implement its new strategic goals until 2023 to achieve overcoming the challenges of the financial system and the monetary system on the path to achieving complete economic stability.
* Advisor to the Association of Iraqi Private Banks
https://economy-news.net/content.php?id=26914
https://www.dinardaily.net/t102711-harvest-monetary-policy-for-2021-in-support-and-stimulation-of-the-national-economy
*****************
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Re: Facilitating Iraq's WTO Accession Process
by claud39 Fri Dec 10, 2021 6:50 pm
As currently I don't have time to focus on you OH MASTER GOUROU !!
Here is a nice article to read with Algeria, good reading dear members of the forum, and the last article, it is very positive, I will discuss it later OH MASTER GOUROU !!
Claud (Moose)
[size=35]
[/size]
[size=38]Definitions
[size]
Cash
[/size]
Monetary Policy
[/size]
Exchange rate
[/size]
The foreign exchange market
[/size]
Monetary policy in Algeria
The monetary policy defined by the Bank of Algeria has for ultimate objective the internal and external stability of the national currency as it is stipulated in its article 35 of the ordinance number 03-11 of August 26, 2010 modifying and supplementing the ordinance number 03-11 of August 26, 2003.
How is the external value of the Algerian dinar determined?
[/size]
Go into detail
Discover the dedicated file
[/size][size]
How does this official interbank market work?
[/size]
Dollars
Euros
20002003200620092012201520182019150.00120.0090.0060.0030.000.00
[/size][size]
[/size]
Problems posed by the parallel market
[/size]
Characteristics of the informal foreign exchange market
[/size]
Volume of transactions
[/size]
Supply and demand dynamics
[/size]
[size]
Euros officiel
Euro parallèle
2010201120122013201420152016201720182019undefined240.00210.00180.00150.00120.0090.00
2014
Euro parallel: 204.00
[/size]
[size]
Arguments of the Bank of Algeria
According to the arguments of the Bank of Algeria, the latter is obliged to adjust the nominal exchange rate of the dinar so that the real exchange rate is at its equilibrium level which is determined by the fundamentals of the national economy, which are the price of oil, the differential in inflation and productivity between Algeria and its foreign partners.
Faced with the decline in external revenues, the Bank of Algeria is seeking a balance between two contradictory objectives: to curb imports and preserve the purchasing power of citizens.
The government which seeks to "break the frantic rise in purchases abroad" will ask the Bank of Algeria to change its policy on the dinar which would still be "overvalued". The purpose of the maneuver is to automatically increase the cost of imported goods and services: indeed, a weaker dinar no longer allows the purchase of the same quantity of products. Thus, the government hopes to reduce the import bill and curb household (over) consumption.
The fall in the dinar and the purchasing power of Algerians is not without negative effects. The inflationary risk weighs heavily on the country's economy. Especially since the Bank of Algeria does not have the leverage of key interest rates, inoperative, to regulate inflation. However, the latter can turn out to be a real poison for the country's economy.
[/size][size]
2020, February 20. El Watan
[url=https://www.elwatan.com/pages-hebdo/sup-eco/la-montee-de-la-dette-publique-interieure-en-algerie-reflet-de-la-profonde-crise-budgetaire-et-precurseur-dune-crise-bancaire-possible-23-11-2020#:~:text=Pour ce qui est de,des garanties du gouvernement central.][/url]
[url=https://www.elwatan.com/pages-hebdo/sup-eco/la-montee-de-la-dette-publique-interieure-en-algerie-reflet-de-la-profonde-crise-budgetaire-et-precurseur-dune-crise-bancaire-possible-23-11-2020#:~:text=Pour ce qui est de,des garanties du gouvernement central.][/url]
2020, July 20. Freedom
2019, November 10. Freedom
The fight against the parallel market
[/size]
As indicated above, there is voluntarily in Algeria until today a global foreign exchange market where two compartments coexist. The official one, administratively managed by the Central Bank, where prices do not obey the law of supply and demand and whose quantities are “rationed”. The other, unofficial, is closer to a market where supply and demand are balanced by price and quantity.
https://www.algeriabusiness.info/le-marche-de-la-devise-officiel-et-parallele/
Here is a nice article to read with Algeria, good reading dear members of the forum, and the last article, it is very positive, I will discuss it later OH MASTER GOUROU !!
Claud (Moose)
[size=101]Exchange Rate[/size]
[size=35]
[/size]
This document will begin by clarifying a number of basic concepts about the exchange rate, the foreign exchange market, devaluation, depreciation. Then review the situation of the foreign exchange market in Algeria, official and parallel, and finish with analyzes on the rise of the latter and projections on future developments.
[size=38]Definitions
&
concepts[/size]
Cash
[/size]
Money is a pillar of the economy and one of the most used instruments in our daily life, it fulfills a triple function of economic calculation, payment and store of value.
International monetary relations are organized within the framework of an International Monetary System "IMS" according to a set of rules which serve to ensure the exchange and circulation of currencies and the stability of the exchange rate and the convertibility of currencies. This system has seen a shift from a fixed exchange system (Gold Standard and the Britten Woods system) to the floating exchange system which generalizes currencies.
[size]Monetary Policy
[/size]
The objective of monetary policy is to control the liquidity of the economy through the supply of money. The application of monetary policy must limit the expansion of credit during the advent of the oil bonanza. The central bank regularly intervenes in the money market in order to control inflation and exchange rates.
The exchange rate is one of the elements of monetary policy, in fact, the monetary authorities use monetary instruments to achieve a certain level of exchange of the national currency on the foreign exchange market.
[size]Exchange rate
[/size]
The exchange rate of a currency (denomination of a currency that is accepted abroad) is the rate, that is to say the price, of this currency in relation to another currency.
You cannot assess the value of a currency in absolute terms; this is why it is always expressed relative to another currency by an exchange rate, and by observing the variations of this rate over time. Each currency therefore has an exchange rate vis-à-vis each of the other currencies. We speak of bilateral exchange rate to designate the exchange ratio between two currencies and effective exchange rate when we consider all bilateral exchange rates. To establish it, each bilateral exchange rate is generally weighted by the share of the country's international trade carried out in this currency.
[size]The foreign exchange market
[/size]
The foreign exchange market is the market in which all participants find themselves wishing to sell or buy one currency against another. In financial jargon, Forex is often referred to as the foreign exchange market; contraction of the English terms FOReign EXchange.
The forex markets are made up of banks, trading companies, central banks, investment management companies, hedge funds, brokers and investors.
The forex markets are interconnected in a vast electronic network of banks, intermediaries, institutions and brokers (who undertake transactions through traders eventually). The foreign exchange market determines the value of currencies in pairs, which value is called the nominal exchange rate. Foreign exchange transactions take place either in the spot market which is very volatile, or in futures where the determinants are fundamental factors such as relative interest rates and economic growth.
For Algeria, the foreign exchange market has been characterized by a duality of compartments (official and parallel) for many years.
[size=38]Foreign exchange policy in Algeria[/size]
Monetary policy in Algeria
The monetary policy defined by the Bank of Algeria has for ultimate objective the internal and external stability of the national currency as it is stipulated in its article 35 of the ordinance number 03-11 of August 26, 2010 modifying and supplementing the ordinance number 03-11 of August 26, 2003.
Monetary policy is therefore part of the government's overall approach which aims to achieve full employment and balance the balance of payments, while preserving the stability of prices and the exchange rate of the national currency. The exchange rate is therefore one of the elements of monetary policy in Algeria.
The determination of the external value of the Algerian dinar has evolved in the direction of greater flexibility to make the exchange rate policy a lever for macroeconomic management.
[size]How is the external value of the Algerian dinar determined?
[/size]
Until December 1973, the dinar exchange rate was fixed against the dollar because of the preponderance of oil in Algeria's foreign trade. From January 1, 1974 and to guard against the volatility of the dollar, the exchange rate was fixed in relation to a basket of currencies which reflected the structure of the country's trade and which were subject to occasional adjustments. From October 1, 1994, the Bank of Algeria set up a flexible management system for the dinar through daily fixing sessions with the participation of commercial banks.
On January 2, 1996, the system was replaced by an interbank currency market. The fixing sessions and the interbank market which followed them are part of the reforms implemented as part of the country's adjustment plans supported by the IMF (in the context of the stand-by agreements from May 1994 to May 1995 and extended credit facility from May 1995 to May 1998), the World Bank, the African Development Bank, the European Union and the Paris and London Clubs. These reforms took place in the context of the liberalization of the country's foreign trade and the transition to a flexible exchange rate system.
These reforms paved the way for the authorities' decision to:
(i) make the Algerian dinar convertible by accepting the obligations set out in article VIII, sections 2, 3 and 4 of the articles of the IMF, with effect from September 15, 1997. This means that the government undertakes to refrain from '' impose restrictions on payments and transfers for current international transactions or engage in discriminatory foreign exchange agreements or multi-currency practices without IMF approval; and
(ii) accept the opening of exchange offices.
But in reality, the government at the time rightly requested a waiver to limit access to foreign exchange for households due to the country's low foreign exchange reserves in 1998. However, even when the country had accumulated levels high currencies after the spectacular rise in the price of oil, the exclusion of households from the official currency market was surprisingly maintained.
The transfer of currencies has evolved in the direction of a certain liberalization. Until the end of 1994, foreign exchange transactions had been subject to many restrictions and administratively conducted, with an arsenal that over the years included a system of multiple exchange rates, import licenses and quotas. of currencies to the 5 primary banks of the time which in return made them available to the public enterprises which were domiciled at their level.
[size][size=36]The Monetary Instruments Of The Bank Of Algeria[/size]
Go into detail
Discover the dedicated file
[/size]
[size=38]The official market[/size]
How does this official interbank market work?
[/size]
The Interbank Foreign Exchange Market (MIC) in Algeria, instituted by regulation number 95-08 of December 23, 1995, is a market between banks and financial institutions where all spot and forward exchange transactions between the national currency and freely convertible foreign currencies, thus constituting the place of determination of the exchange rates of currencies by the interplay of supply and demand.
The main source of the currency supply on the official market is the Bank of Algeria, which is the exclusive buyer of hydrocarbon export earnings. Other exports generate only very small amounts (around $ 1 billion), half of which can be retained by exporters ($ 500 million). However, even if this structure represented progress in the direction of determining the price of the dinar in terms of foreign currencies, the fact remains that it is asymmetrical and is characterized by a limited number of participants. In addition, Algerian households have limited access which does not allow them to acquire sufficient amounts of foreign currency to finance their medical care needs, their children's studies and their travels,
[size][size=30]Evolution of the currency market[/size]
Dollars and euros 2000-2019Dollars
Euros
20002003200620092012201520182019150.00120.0090.0060.0030.000.00
[/size]
[size=38]Parallel market[/size]
[/size]
Originally born following the exchange controls instituted in the mid-1960s due to the weakness of external means of payment and the administrative management of the exchange rate at the time, the parallel market continued to coexist with the official market with changes in terms of volume and premium (difference between the official exchange rate and parallel exchange rate) according to the reforms undertaken in the direction of a transition to a liberal economy, macroeconomic policies implemented work and the volatility of oil prices, the dominant source of the country's foreign exchange reserves. The rise in oil prices since 2000 and the accumulation of significant foreign exchange reserves combined with a more active exchange rate policy have not contributed to the elimination of this parallel market.
Since the oil shock of 2014, it has even gained depth and has become more sophisticated, far from the parallel market of the first years of independence or that of the 1980s and 1990s. This state of affairs - surprising at first glance - continues to reflect classic factors such as the persistence of restrictions, unjustified moreover, weaknesses in macroeconomic management (budget, currency and exchange rate) and unfinished structural reforms relating to the decline in tariff protection and diversification of exports.
It also reflects extra-economic factors, including:
(i) the sophistication of economic agents and their need to find a safe haven in the face of the continued erosion of the national currency, which has depreciated by 57% since the 2014 oil shock;
(ii) the stranglehold of powerful rentiers controlling this market and blocking any reform.
The existence of such an entrenched parallel market poses serious macroeconomic management problems.
It contributes to the fall in tax and customs revenues, disrupts price formation, accentuates inflationary pressures and weakens the transmission channels of monetary policy. In addition, the use of resources from the Bank of Algeria since 2017 to cover the budget deficit, bail out public enterprises and cover the financing needs of the national investment fund help boost demand for foreign currency and accentuate the erosion of the value of the national currency, thus leading to the appreciation of the real exchange rate and ultimately to the deterioration of the country's external competitiveness.
It also allows the recycling of resources obtained from tax evasion. Not without surprise, at the end of January 2020, the difference between the official exchange rate and the rate on the parallel market of the dinar against the US dollar is significant with a premium of 50%. The parallel market is at the intersection of the country's macroeconomic, structural and sectoral policies.
In this sense, it is a major challenge, because it is impossible to restart the country's economy on solid and healthy foundations without taking measures to combat this market. At the same time, the necessary unification of the parallel market with the official market must be part of a medium-term strategy aimed first at reducing the premium significantly before focusing on the unification itself, which implies complete the liberalization of the current account of the balance of payments (de jure in force since 1997) and with the liberalization of the capital account of the balance of payments.
In the following lines, we will analyze the causes of the duality of the foreign exchange market in Algeria, underline the macroeconomic impacts and, given the structural nature of this market, propose measures for its gradual unification. Indeed, this objective is a medium and long term objective.
[size]Problems posed by the parallel market
[/size]
The existence of such an entrenched parallel market poses serious macroeconomic management problems.
It contributes to the fall in tax and customs revenues, disrupts price formation, accentuates inflationary pressures and weakens the transmission channels of monetary policy. In addition, the use of resources from the Bank of Algeria since 2017 to cover the budget deficit, bail out public enterprises and cover the financing needs of the national investment fund help boost demand for foreign currency and accentuate the erosion of the value of the national currency, thus leading to the appreciation of the real exchange rate and ultimately to the deterioration of the country's external competitiveness.
It also allows the recycling of resources obtained from tax evasion. Not without surprise, at the end of January 2020, the difference between the official exchange rate and the rate on the parallel market of the dinar against the US dollar is significant with a premium of 50%. The parallel market is at the intersection of the country's macroeconomic, structural and sectoral policies.
In this sense, it is a major challenge, because it is impossible to restart the country's economy on solid and healthy foundations without taking measures to combat this market. At the same time, the necessary unification of the parallel market with the official market must be part of a medium-term strategy aimed first at reducing the premium significantly before focusing on the unification itself, which implies complete the liberalization of the current account of the balance of payments (de jure in force since 1997) and with the liberalization of the capital account of the balance of payments.
In the following lines, we will analyze the causes of the duality of the foreign exchange market in Algeria, underline the macroeconomic impacts and, given the structural nature of this market, propose measures for its gradual unification. Indeed, this objective is a medium and long term objective.
[size]Characteristics of the informal foreign exchange market
[/size]
The informal foreign exchange market is the result of many factors of order;
(I) legal with the restrictions - albeit lightened in recent years - weighing on economic agents who wish to access currencies on the official market, in particular households and strong tariff protection;
(II) economic, namely the inconsistent economic policies implemented until 1993 in the context of the centralized model of administrative management of the economy, the end of reforms during the oil boom (1999-2014) and the lack of recovery policies to cope with the 2014 oil shock;
(III) Administrative reference to the cumbersome procedures for opening and enliven the foreign currency accounts of residents with banking institutions;
(IV) sociological in view of the new rational behavior of economic agents who seek in the currency a safe haven to protect themselves from the continuous erosion of the Algerian dinar or simply to finance the studies of their children in foreign universities. To complete this, let us add the weakness of economic governance which has favored corruption and significant tax evasion which feeds the parallel market.
[size]Volume of transactions
[/size]
The volume of transactions and the premium (difference between the official rate and the parallel rate) will vary over the years.
In the 1960s and 1970s, the market was small and not tolerated by the authorities, exposing participants to the risk of sanctions. In addition, the transactions were done discreetly between the members of the families representing the sellers (in residence in France) and the lenders. The volume of trade was small and estimated at around $ 2-3 million. The difference between the official and parallel rate was between 1 and 2.
Between 1980 and 1993, the limits of the self-centered model in place and the oil shock of 1986 caused significant imbalances and generated various shortages, further strengthening the informal economy and leading many economic agents to turn to the parallel market to acquire foreign currencies. As a result, the volume of transactions increased to an estimated level of around $ 40-50 million with a premium of 5. The market was more or less tolerated.
The 1993 foreign exchange crisis and the state of insolvency in which the country found itself plunged led the authorities to seek assistance from donors, in particular the Bretton Woods institutions, the European Union and the United Nations. African development bank. The reforms undertaken to stabilize and liberalize the economy have had a significant impact on reducing the gap between the official rate and the parallel rate, going from 5 in 1993 to 1 in 1998. On the other hand, the volume of transactions recorded surged to a level of around $ 1-1.5 billion. The market was tolerated by the authorities.
The oil boom, which spanned from 2000 to 2014, allowed the authorities to rake in $ 800 billion in oil export earnings and to accumulate significant foreign exchange reserves which reached $ 198 billion. in 2014, or 5 years of imports of goods and services. However, due to the maintenance - unexplained and inexplicable - of certain restrictions for households, the parallel foreign exchange market continued to coexist with the official market. Although the premium fell sharply to between 20-25%, the volume was up significantly to an estimated around $ 5 billion.
Since the 2014 oil shock, the parallel market has taken off again with an increasing volume of transactions (around 10 billion dollars) and a premium of over 50%.
[size]Supply and demand dynamics
[/size]
In terms of supply, the market is supplied by several channels:
(I) the pension channel for former Algerian emigrant workers, especially those from France;
(II) the diaspora remittance channel, the size of which has grown considerably in recent decades;
(III) the import overcharging channel;
(IV) the channel of under-invoicing of non-oil exports;
(V) the channel for the repatriation of funds from companies created abroad by Algerian businessmen to collect part of the payments for their imports; and
(IV) the channel of income from the rental of real estate for the benefit of certain chancelleries and foreign companies and that of tourism.
These funds do not pass through the banking system, which remains obsolete.
For the request, it is the act of:
(I) households seeking resources to finance travel, studies and / or medical care;
(II) economic agents wishing to acquire import goods subject to special restrictions;
(III) citizens conducting illegal transactions;
(IV) economic agents with local resources generated by tax evasion and wishing to acquire foreign currency to buy assets abroad and / or build up a store of value; and
(V) speculators who bet on expected fluctuations in official and parallel exchange rates
[size=38]Evolution of the informal currency[/size]
[size=30]Evolution of the foreign exchange market[/size]
Formal and informalEuros officiel
Euro parallèle
2010201120122013201420152016201720182019undefined240.00210.00180.00150.00120.0090.00
2014
Euro parallel: 204.00
[/size]
2014
[size=38]Analyzes[/size]
Arguments of the Bank of Algeria
According to the arguments of the Bank of Algeria, the latter is obliged to adjust the nominal exchange rate of the dinar so that the real exchange rate is at its equilibrium level which is determined by the fundamentals of the national economy, which are the price of oil, the differential in inflation and productivity between Algeria and its foreign partners.
Faced with the decline in external revenues, the Bank of Algeria is seeking a balance between two contradictory objectives: to curb imports and preserve the purchasing power of citizens.
The government which seeks to "break the frantic rise in purchases abroad" will ask the Bank of Algeria to change its policy on the dinar which would still be "overvalued". The purpose of the maneuver is to automatically increase the cost of imported goods and services: indeed, a weaker dinar no longer allows the purchase of the same quantity of products. Thus, the government hopes to reduce the import bill and curb household (over) consumption.
The fall in the dinar and the purchasing power of Algerians is not without negative effects. The inflationary risk weighs heavily on the country's economy. Especially since the Bank of Algeria does not have the leverage of key interest rates, inoperative, to regulate inflation. However, the latter can turn out to be a real poison for the country's economy.
[/size]
[size=38]Expert advice[/size]
2020, February 20. El Watan
[url=https://www.elwatan.com/pages-hebdo/sup-eco/la-montee-de-la-dette-publique-interieure-en-algerie-reflet-de-la-profonde-crise-budgetaire-et-precurseur-dune-crise-bancaire-possible-23-11-2020#:~:text=Pour ce qui est de,des garanties du gouvernement central.][/url]
Abdelrahmi Bessaha, IMF expert
[/size]The existence of the parallel market poses serious macroeconomic management problems and represents a major obstacle to better economic governance and to relaunching the economy on a sound and inclusive basis. To put an end to the duality of the foreign exchange market in Algeria, the authorities are encouraged to articulate a general reform program which would include reform of the currency market and which would be spread over the long term. This program would be structured around 3 main axes:
- (I) a first short-term axis aimed at reducing the gap between the official rate and the parallel rate;
- (II) a second axis in the medium term to strengthen the functioning of the official foreign exchange market;
- (III) a third axis is to dry up the sources of supply on the parallel market; and
- (IV) a fourth long-term axis aimed at the long-term unification of the two markets by means of a liberalization of the capital account of the balance of payments to allow the country to benefit from inflows of external resources.
The first axis would be spread over 12 months, and the measures to be implemented would include:
- (I) a gradual adjustment of the official exchange rate to bring it closer to its equilibrium value of 150 DA for 1 dollar (the exchange rate on the parallel market is not the equilibrium rate), a measure which must be consistent with the macroeconomic stabilization program;
- (II) an increase in the indicative ceilings for travel allowances;
- (III) the opening of exchange offices to strengthen market forces in determining the price of foreign currencies and integrate the foreign exchange resources that circulate outside the financial system;
- (IV) relaxation of import restrictions; and
- (V) the expansion of participants in the interbank foreign exchange market.
Second axis (medium term): macroeconomic and structural reforms. On the macroeconomic level, it is necessary to take measures:
- (I) on the budgetary level to fight against fraud, improve revenue collection, restore budgetary savings and preserve foreign exchange reserves; and
- (II) on the monetary level to improve the transmission channel of monetary policy in order to better manage liquidity and thereby establish active management of the exchange rate and maintenance of competitiveness. Structurally, among other things, attention must be paid to export diversification and trade openness.
Third axis (medium term): the demonetization of the Algerian dinar. This measure is complex and can have negative macroeconomic effects if it is not well prepared and carried out in secrecy to achieve maximum effectiveness. The operation carried out in 1982 can give us a roadmap. In terms of objectives, the demonetization to be undertaken must focus on three objectives, in particular
- (I) adjust the means of payment to the volumes of transactions, because current denominations were mostly issued in the early 1980s when the GDP was $ 50 billion against a GDP in 2019 of $ 180 billion. Or a three-fold higher volume of transactions;
- (II) fight inflation;
- (III) fight the informal economy and tax evasion: tax evasion is important and feeds the parallel market and increases the gap with the official exchange rate. We can roughly estimate tax evasion at roughly 6% of GDP, or $ 10 billion. Greater banking access would be welcome, because demonetization will force economic agents to open their stockings, allowing the authorities to drain liquidity out of economic circuits; and
- (iv) drying up the parallel foreign exchange market.
Fourth axis (long term): gradual liberalization of the capital account of the balance of payments to promote the movement of capital towards Algeria and therefore have more external resources. This liberalization implies a certain number of conditions which we do not meet for the moment.
[size][url=https://www.elwatan.com/pages-hebdo/sup-eco/la-montee-de-la-dette-publique-interieure-en-algerie-reflet-de-la-profonde-crise-budgetaire-et-precurseur-dune-crise-bancaire-possible-23-11-2020#:~:text=Pour ce qui est de,des garanties du gouvernement central.][/url]
2020, July 20. Freedom
Souhil MEDDAH
[/size]The black market for currencies
Financial inclusion in this area requires the opening up of regulated structures that will operate under the same free market rules. And this with a parity of the dinar which must not, in any case, impose a logic of subsidy or an overvaluation of the national currency.
The question of the informal sector is an element which concerns fiscal discipline and, consequently, the budgetary aspect of economic policy.
If we consider that this vision will be able to give a boost to the dinar for its readjustment, it will become a slightly offbeat vision which will divert our attention from the real criteria for regulating the currency.
In this approach and whatever the nature of the fiscal or banking issue, the money supply will not change. On the other hand, the assignments will change according to the acts provoked by a large part of the economic actors.
In this approach and whatever the nature of the fiscal or banking issue, the money supply will not change. On the other hand, the assignments will change according to the acts provoked by a large part of the economic actors.
In other words, the question of the informal will play out in the fiscal sphere as well as in the banking of certain activities. As such, the management of the currency will arise much more within a macroeconomic framework which must watch over the balances of monetary resources and uses. However, fiscal policy will play its role of accelerator, controller and regulator of other financial flows.
[size]2019, November 10. Freedom
Omar Berkouk
[/size]The dual foreign exchange market
The dual foreign exchange market is the solution that the Algerian authorities have put in place to relax without giving up control of the foreign exchange market. This “tolerance” is prohibited by multilateral trade or finance organizations to which Algeria is a member or candidate. This illegal parallel market operates every day in full view of all the authorities (Central Bank, police, justice, etc.).
It owes its existence to its usefulness. It is flexibility in the bureaucracy and the rigidity of the national economy. This parallel market determines the dinar exchange rates closest to the reality of the country's economic performance. It is not the rates of this market which are aberrant but those of the Central Bank which seem attractive but not freely accessible to operators and citizens! In this context of crisis, one of these two markets will have to disappear and it is difficult to say which!
The disappearance of the parallel market by strengthening controls and drying up the volume of currencies or the abandonment of exchange controls with the introduction of convertibility of the dinar which would be accompanied by a convergence of exchange rates from the official market to the unofficial market . This would establish a devaluation of 50% of the dinar against the euro. It is the only devaluation which would make sense from a macroeconomic point of view but its social consequences would be devastating (equivalent to an intervention of the IMF !!!!).
[size]The fight against the parallel market
[/size]
Foreign exchange control violations are criminal matters. The Bank of Algeria has a legal monopoly on currency management; if it is true that it does not have police powers, it can file a complaint against illegal operators. In the same way, you cannot exercise the profession of banker without the agreement of the Bank of Algeria. If so, she would intervene immediately.
It is therefore a masquerade that has been useful to everyone. But the central bank is on the verge of whistling the end of the game amidst the attrition of foreign exchange reserves. To do this, it will find all the police force necessary to fight against this “scourge”. The forex traders in Port Saïd Square will experience unemployment! When the volume of currencies shrinks, there are no quick fixes. Management is done either by prices (lower dinar) or quantities (rationing).
Possible alternatives to the informal currency market
Possible alternatives to the informal currency market
As indicated above, there is voluntarily in Algeria until today a global foreign exchange market where two compartments coexist. The official one, administratively managed by the Central Bank, where prices do not obey the law of supply and demand and whose quantities are “rationed”. The other, unofficial, is closer to a market where supply and demand are balanced by price and quantity.
There is a desire of the Algerians to access freely and as much as necessary to the exchange rates administered by the Central Bank. To do this, we must abolish exchange controls and remove the monopoly of the BCA on currency management. Some people get lost in discussions about the usefulness of bureaux de change and their low commissions. This is a pointless discussion as long as the BCA has a monopoly on currency management and foreign exchange controls are rife in Algeria.
Is it opportune today to make the dinar convertible? And from what rate? The economic context does not lend itself to this! The governance of the country for 60 years has been content to manage day to day and evoke structural reforms in times of crisis when it has lost all room for maneuver. In conclusion, access to foreign currency for Algerians will become more and more difficult and expensive. Legal foreign currency bank accounts are in jeopardy. If the attrition of foreign exchange reserves accelerates, currency account holders will no longer have access to them at their discretion!
[size=38]Resources and bibliography[/size]
- The parallel foreign exchange market in Algeria: The causes and measures for its eventual elimination. eAbdelrahmi Bessaha, El Watan on February 20, 2020
- One of the two foreign exchange markets will have to disappear ”. OMAR BERKOUK, ECONOMIST AND FINANCIAL EXPERT. November 2019. Freedom
https://www.algeriabusiness.info/le-marche-de-la-devise-officiel-et-parallele/
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
THE ARAB MONETARY FUND HOLDS AN INTERACTIVE WORKSHOP ON THE STRATEGIC COMPATIBILITY BETWEEN THE WORK OF THE BUNA PLATFORM FOR ARAB PAYMENTS AND THE ROAD MAP DEVELOPED BY THE GROUP OF TWENTY TO PROMOTE CROSS-BORDER PAYMENTS
by claud39 Fri Dec 10, 2021 8:19 pm
As you should know !! do not forget all the signings they made to return to the international scene !!
Either customs security, the electronic system, the follow-up of the white paper accepted by the UN, Gaffi, ect ..
Do not forget the electronic system, 50 years behind us, so to avoid fraud they mounted financial inclusion, as everywhere in the Arab monetary fund with ATMs !!
They are currently moving up the ranks for the return to the free market, or the return to the WTO !!
So continue master guru, you will always be right, except that apart from me, you have no discussion of the members of the forum on your site !!
I understand them !!
Claud (Moose)
THE ARAB MONETARY FUND HOLDS AN INTERACTIVE WORKSHOP ON THE STRATEGIC COMPATIBILITY BETWEEN THE WORK OF THE BUNA PLATFORM FOR ARAB PAYMENTS AND THE ROAD MAP DEVELOPED BY THE GROUP OF TWENTY TO PROMOTE CROSS-BORDER PAYMENTS
2021-12-10
Either customs security, the electronic system, the follow-up of the white paper accepted by the UN, Gaffi, ect ..
Do not forget the electronic system, 50 years behind us, so to avoid fraud they mounted financial inclusion, as everywhere in the Arab monetary fund with ATMs !!
They are currently moving up the ranks for the return to the free market, or the return to the WTO !!
So continue master guru,
you will always be right, except that apart from me, you have no discussion of the members of the forum on your site !!I understand them !!
Claud (Moose)
THE ARAB MONETARY FUND HOLDS AN INTERACTIVE WORKSHOP ON THE STRATEGIC COMPATIBILITY BETWEEN THE WORK OF THE BUNA PLATFORM FOR ARAB PAYMENTS AND THE ROAD MAP DEVELOPED BY THE GROUP OF TWENTY TO PROMOTE CROSS-BORDER PAYMENTS
2021-12-10
Experts from the Financial Stability Board, the International Committee on Payment Systems and Financial Infrastructure of the Bank for International Settlements, and MasterCard International will speak at the workshop.
The workshop will host more than 200 participants from representatives of central banks, regional and global financial and banking institutions
Today, Thursday, December 9, 2021, the Arab Monetary Fund will hold a "remote" workshop that will review the strategic importance of the road map developed by the Group of Twenty to enhance cross-border payments, and highlight the effective contribution of the "Buna Platform for Arab Payments" to the international efforts exerted in This area, and its success in forming a model that reflects the main directions of the G20 roadmap in the field of cross-border payments.
In the workshop, a number of senior managers from the Financial Stability Board, the International Committee on Payment Systems and Financial Infrastructure of the Bank for International Settlements, and the global company “MasterCard” will talk about the pivotal role of the G20 roadmap in drawing a guiding framework for the development of cross-border payments activities at the global level. international level, in addition to the progress made in achieving the goals of the Road Map.
The speakers also highlight the success of the Buna platform for Arab payments in keeping pace with the goals set for the roadmap set by the Group of Twenty to bring the cross-border payments sector to a high level of effectiveness, trust, transparency and spread. This success is a mirror of the strategic approach adopted by the Arab payments platform "Buna", whether in terms of its keenness to provide innovative solutions in the field of payments and the emphasis on the highest levels of compliance with sound international standards and practices and to ensure integrity and efficiency, or in terms of its effective cooperation with a wide range of payment systems and companies regional and global.
More than 200 participants representing central banks, financial and banking institutions, payment service providers and financial services from the Arab region and abroad will participate in the workshop, to learn about these important and vital topics and follow up on the development of the business of the Buna platform and its future plans.
On this occasion, Mr. Mahdi Manea, CEO of the Regional Institution for Arab Payments Clearing and Settlement (Bunna Platform for Arab Payments), said: “As an integrated system specialized in providing cross-border payments services, the Buna platform for Arab payments is an ideal application of the directions of the G20 roadmap in the field of Also, Buna actively contributes to the efforts of the Financial Stability Board and the International Committee on Payment Systems and Financial Infrastructure of the Bank for International Settlements, which aim to improve the quality and reach of cross-border payments, as a result of its ability to provide inter-currency payments services. Quickly, safely, cost-effectively and highly-effectively. Added blocker: "Our success in achieving interoperability with regional and global payment systems and other international actors in the payments sector is clear evidence of Buna's ability to respond effectively to the G20's call for cooperation among all international actors to increase the efficiency and effectiveness of cross-border payment services."
Manea added : "Our cooperation with MasterCard constitutes a major achievement in the framework of the implementation of "Buna" for its strategic plan aimed at contributing to supporting the growth of Arab economies, in addition to developing inter-trade and strengthening investment links between Arab countries and with trading partners around the world. The partnership aims to enable institutions participating in the “MasterCard” and “Bunna” networks to send and receive payments through their system efficiently, in a strategic step that is in line with the guidelines of the G20 roadmap in terms of stimulating the interconnection between payment service providers.”
It is worth noting that the "Buna" platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-payments throughout the Arab region and abroad in a safe, reliable, affordable and highly effective manner. Buna offers participants state-of-the-art payment solutions that comply with international standards and principles and international compliance requirements. "Buna" contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in various continents. It is noteworthy that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost of which are the standards and procedures for compliance aspects.
https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D8%B9%D9%82%D8%AF-%D9%88%D8%B1%D8%B4%D8%A9-%D8%B9%D9%85%D9%84-%D8%AA%D9%81%D8%A7%D8%B9%D9%84%D9%8A%D8%A9-%D8%AD%D9%88%D9%84-%D8%A7%D9%84%D8%AA%D9%88%D8%A7%D9%81%D9%82-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A-%D8%A8%D9%8A%D9%86-%D8%B9%D9%85%D9%84-%D9%85%D9%86%D8%B5%D8%A9-%D8%A8%D9%8F%D9%86%D9%89-%D9%84%D9%84%D9%85%D8%AF%D9%81%D9%88%D8%B9%D8%A7%D8%AA?fbclid=IwAR0NF4OAQpOVk3AIa9Ifwa3Yx0bO-T3HxmYANecqbYJl3ja5hvV3zalyx7c
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Sat Dec 11, 2021 1:34 am
So...You still do not want to talk about how Iraq has been doing trade, paying for, and getting paid for their imports and exports, and still want to side track away from how the exchange rates are determined?claud39 wrote:As you should know !! do not forget all the signings they made to return to the international scene !!
They are not returning to the "international scene", they are joining it. The words matter Claud.
Either customs security, the electronic system, the follow-up of the white paper accepted by the UN, Gaffi, ect ..
"Gaffi" Claud? https://gaffi.org/
Don't you mean GATT? Words matter Claud.
Do not forget the electronic system, 50 years behind us, so to avoid fraud they mounted financial inclusion, as everywhere in the Arab monetary fund with ATMs !!
50 years behind? You are making that up! They have all the modern conveniences the rest of the world has, just not throughout the country.
The IQD is not a settlement currency in the BUNA PLATFORM yet.
They are currently moving up the ranks for the return to the free market, or the return to the WTO !!
They aren't returning. They are ascending. Words matter Claud.
So continue master guru,
I understand them !!
Claud (Moose)
THE ARAB MONETARY FUND HOLDS AN INTERACTIVE WORKSHOP ON THE STRATEGIC COMPATIBILITY BETWEEN THE WORK OF THE BUNA PLATFORM FOR ARAB PAYMENTS AND THE ROAD MAP DEVELOPED BY THE GROUP OF TWENTY TO PROMOTE CROSS-BORDER PAYMENTS
2021-12-10Experts from the Financial Stability Board, the International Committee on Payment Systems and Financial Infrastructure of the Bank for International Settlements, and MasterCard International will speak at the workshop.The workshop will host more than 200 participants from representatives of central banks, regional and global financial and banking institutionsToday, Thursday, December 9, 2021, the Arab Monetary Fund will hold a "remote" workshop that will review the strategic importance of the road map developed by the Group of Twenty to enhance cross-border payments, and highlight the effective contribution of the "Buna Platform for Arab Payments" to the international efforts exerted in This area, and its success in forming a model that reflects the main directions of the G20 roadmap in the field of cross-border payments.
[...]
Now you want to compare the Algeria's monetary policy with Iraq's monetary policy. Did you read it?
It describes the reasons why Iraq had to devalue it's currency. Did you miss it?
You do realize that the AMF is not much more than a clearing house that's specific to the Arab region?
It doesn't make any changes to the countries exchange rate.
https://www.amf.org.ae/en/page/objectives-and-means
*****************
>>>TNTBS's YouTube Channel<<<
RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
Re: Facilitating Iraq's WTO Accession Process
by claud39 Sat Dec 11, 2021 7:23 pm
RamblerNash wrote:So...You still do not want to talk about how Iraq has been doing trade, paying for, and getting paid for their imports and exports, and still want to side track away from how the exchange rates are determined?claud39 wrote:As you should know !! do not forget all the signings they made to return to the international scene !!
They are not returning to the "international scene", they are joining it. The words matter Claud.
Either customs security, the electronic system, the follow-up of the white paper accepted by the UN, Gaffi, ect ..
"Gaffi" Claud? https://gaffi.org/
Don't you mean GATT? Words matter Claud.
Do not forget the electronic system, 50 years behind us, so to avoid fraud they mounted financial inclusion, as everywhere in the Arab monetary fund with ATMs !!
50 years behind? You are making that up! They have all the modern conveniences the rest of the world has, just not throughout the country.
The IQD is not a settlement currency in the BUNA PLATFORM yet.
They are currently moving up the ranks for the return to the free market, or the return to the WTO !!
They aren't returning. They are ascending. Words matter Claud.
So continue master guru,
I understand them !!
Claud (Moose)
THE ARAB MONETARY FUND HOLDS AN INTERACTIVE WORKSHOP ON THE STRATEGIC COMPATIBILITY BETWEEN THE WORK OF THE BUNA PLATFORM FOR ARAB PAYMENTS AND THE ROAD MAP DEVELOPED BY THE GROUP OF TWENTY TO PROMOTE CROSS-BORDER PAYMENTS
2021-12-10Experts from the Financial Stability Board, the International Committee on Payment Systems and Financial Infrastructure of the Bank for International Settlements, and MasterCard International will speak at the workshop.The workshop will host more than 200 participants from representatives of central banks, regional and global financial and banking institutionsToday, Thursday, December 9, 2021, the Arab Monetary Fund will hold a "remote" workshop that will review the strategic importance of the road map developed by the Group of Twenty to enhance cross-border payments, and highlight the effective contribution of the "Buna Platform for Arab Payments" to the international efforts exerted in This area, and its success in forming a model that reflects the main directions of the G20 roadmap in the field of cross-border payments.[...]
Now you want to compare the Algeria's monetary policy with Iraq's monetary policy. Did you read it?
It describes the reasons why Iraq had to devalue it's currency. Did you miss it?
You do realize that the AMF is not much more than a clearing house that's specific to the Arab region?
It doesn't make any changes to the countries exchange rate.
https://www.amf.org.ae/en/page/objectives-and-means
Sincerely, MASTER GOUROU !!
I don't understand what's going on, it looks like the Iraqi finance minister doesn't think like you !!
Impossible that the Minister of Finance of the IRAQ is right about the exchange rates, since our master guru is the knowledge of everything to be true !!
For all members this should be fake news !!
Especially according to our master guru !!
Claud (Moose)
[size=36]Allawi: The White Paper is a 100% Iraqi project, and we need alternative resources for oil[/size]
Baghdad - Mawazine News
Finance Minister Ali Allawi stressed, today, Saturday, that Iraq needs a radical reform of the economic management system to meet the challenges, including the decline in oil prices, warning that many industrialized countries have begun planning to use alternative energy instead of oil, and this is a dangerous matter for the Iraqi economy over time if it is not available. alternative oil resources.
Allawi said, "There was financial abundance between the years 2009-2013, but on the other hand, there were no clear economic policies, as financial resources were transferred from oil sales to government appointments."
He added, "The increase in employee salary entitlements and contracting due to the financial abundance, put pressure on the state's finances due to the decline in oil prices."
He added that "investment spending in Iraq is large after 2003, but it was not in accordance with the regulations, and most projects were motivated by personal or sectoral motives, not economic projects."
He pointed out that "there is a great waste and misuse of resources more than theft or corruption, and incompetent people presented projects and managed by unqualified people, and there are huge resources spent on projects, but their economic impact is small."
He pointed out that "there are hospital projects that were approved after the year 2011, but were not completed, and some of them did not have allocations, and the specialists withdrew and some benefited, and structures remained," noting as well that "small projects in most cases are more beneficial to the economy than major projects."
Regarding the white paper on economic reform, Allawi explained that "the white paper is a 100% Iraqi project, the goal of which is to strengthen the capabilities of the state, that the white paper began with reforming the state's public administration and then reforming the country's finances."
And on the available capabilities and how to invest them, Allawi said, "Iraq can benefit from its geographical situation to be a crossing through the implementation of ports and highways linked to railways, and industrial projects, and Iraq needs a radical reform of the economic management system to face challenges, including the decline in oil prices."
And he warned that "the Iraqi economy is based entirely on oil revenues at a rate of 95 percent, and in the last two years the economies of the major and industrialized countries began looking for an alternative to oil, and this is a danger to us, and alternative sources of oil must be found to counter this decline. The Gulf countries have financial investments worth two trillion dollars to face the risk of decline." Oil prices.
He pointed out that "the state's spending is large, but in return it needs additional resources, for example, not paying electricity bills by citizens costs the state 15 trillion dinars annually."
He stressed that "Iraq possesses economic human capabilities and a vision that diagnoses challenges and lays down the means for economic stability."
He added, "The increase in employee salary entitlements and contracting due to the financial abundance, put pressure on the state's finances due to the decline in oil prices."
He added that "investment spending in Iraq is large after 2003, but it was not in accordance with the regulations, and most projects were motivated by personal or sectoral motives, not economic projects."
He pointed out that "there is a great waste and misuse of resources more than theft or corruption, and incompetent people presented projects and managed by unqualified people, and there are huge resources spent on projects, but their economic impact is small."
He pointed out that "there are hospital projects that were approved after the year 2011, but were not completed, and some of them did not have allocations, and the specialists withdrew and some benefited, and structures remained," noting as well that "small projects in most cases are more beneficial to the economy than major projects."
Regarding the white paper on economic reform, Allawi explained that "the white paper is a 100% Iraqi project, the goal of which is to strengthen the capabilities of the state, that the white paper began with reforming the state's public administration and then reforming the country's finances."
And on the available capabilities and how to invest them, Allawi said, "Iraq can benefit from its geographical situation to be a crossing through the implementation of ports and highways linked to railways, and industrial projects, and Iraq needs a radical reform of the economic management system to face challenges, including the decline in oil prices."
And he warned that "the Iraqi economy is based entirely on oil revenues at a rate of 95 percent, and in the last two years the economies of the major and industrialized countries began looking for an alternative to oil, and this is a danger to us, and alternative sources of oil must be found to counter this decline. The Gulf countries have financial investments worth two trillion dollars to face the risk of decline." Oil prices.
He pointed out that "the state's spending is large, but in return it needs additional resources, for example, not paying electricity bills by citizens costs the state 15 trillion dinars annually."
He stressed that "Iraq possesses economic human capabilities and a vision that diagnoses challenges and lays down the means for economic stability."
And on the history of the Iraqi currency, Allawi confirmed that "the dinar currency was adopted in Iraq at the beginning of the twenties of the last century, and each dinar was equivalent to 4.80 dollars, the dinar was backed by gold."
Ended 29 / p. 87
https://www.mawazin.net/Details.aspx?jimare=178101&fbclid=IwAR1ADd6XEDWQqx6R5Z_rrXM0Sqyi5SbBeybXUf6jKWhtQJAohxcCcvzaL-I
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Border crossings and electronic work mechanism
by claud39 Sat Dec 11, 2021 7:44 pm
OH !! MASTER GURU !!
I don't understand why they insist on the customs system !! The electronic system to avoid fraud !!
Claud (Moose)
[size=36][rtl]Border crossings and electronic work mechanism[/rtl][/size]
I don't understand why they insist on the customs system !! The electronic system to avoid fraud !!
Claud (Moose)
[size=36][rtl]Border crossings and electronic work mechanism[/rtl][/size]
Suha Al Sheikhly
Customs affairs specialists have made proposals to review the area of customs exemptions and their impact on the volume of revenue that the state collects for the value of annual actual imports, and they suggested conducting an objective review of the exemptions in force in order to rationalize them in line with the prevailing standards in the countries of the region.
Customs revenues represent an important source of budget financing in light of the expansion of the volume of imports of goods and merchandise.
imported goods
The official spokesman for the Iraqi Ministry of Planning, Abdul-Zahra Al-Hindawi, told {Al-Sabah}: {The weakness of the mechanisms for applying customs duties imposed on imported goods during the past years has caused a decrease in non-oil revenues and undermined local industrialization initiatives}.
Government policies in this area were in accordance with what was included in the five-year development plan
2018-2022 is moving towards imposing customs duties on luxury goods to enhance the revenue proceeds of the treasury, as well as working on regulating the process of imports for state institutions.
He pointed to the "necessity to reduce the phenomenon of random import and the phenomenon of economic exposure."
customs clearance
In the same regard, the customs director, Hayat Abdel-Zahra, expressed her “hope to organize the reality of customs revenues and to collect revenues in an accurate manner,” noting “there are percentages deducted that go to the governorate and the relevant institutions, and this affects the amount of accurate revenue that reaches the state treasury.”
Regarding the customs law, Abdel-Zahra confirmed that it is “approved in all ports, but its implementation varies from one port to another. }.
automation systems
And demanded: {by adopting advanced global experiences that adopt advanced automation systems that facilitate all operations and keep everyone away from the complexity that accompanies customs performance}, indicating that {the volume of imports to the Iraqi market is large and includes goods arriving from various global markets, and can achieve a large volume of revenue for the country, when It adopts sophisticated collection systems that do not allow it to be hacked.
National economy
Economic sources confirmed on more than one occasion that the imposition of customs tariffs has benefits on the national economy, as it leads to the operation of factories in all sectors, public, mixed and private, with their available capacities with the aim of reaching the design capabilities and in the sense that they are able to market their production locally and even it is possible to put The goal of exporting its products, especially for the production of new industrial projects that can be implemented with direct private investment or by participation, and lead to the improvement and support of local industrial capabilities technically and services in terms of increasing diversity in products, increasing productivity and maintaining quality, and taking into account the reduction of costs in a way that enhances
its competitiveness.
https://alsabaah.iq/58779/%D8%A7%D9%84%D9%85%D9%86%D8%A7%D9%81%D8%B0-%D8%A7%D9%84%D8%AD%D8%AF%D9%88%D8%AF%D9%8A-%D8%A9-%D9%88%D8%A2%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%B9%D9%85%D9%84-%D8%A7%D9%84%D8%A7%D9%84%D9%83%D8%AA%D8%B1%D9%88%D9%86%D9%8A%D8%A9
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Sun Dec 12, 2021 2:03 am
You are posting an article that shows what I've been telling you that they have been doing trade for decades?claud39 wrote:OH !! MASTER GURU !!
I don't understand why they insist on the customs system !! The electronic system to avoid fraud !!
Claud (Moose)
[size=36][rtl]Border crossings and electronic work mechanism[/rtl][/size]Suha Al SheikhlyCustoms affairs specialists have made proposals to review the area of customs exemptions and their impact on the volume of revenue that the state collects for the value of annual actual imports, and they suggested conducting an objective review of the exemptions in force in order to rationalize them in line with the prevailing standards in the countries of the region.Customs revenues represent an important source of budget financing in light of the expansion of the volume of imports of goods and merchandise.imported goodsThe official spokesman for the Iraqi Ministry of Planning, Abdul-Zahra Al-Hindawi, told {Al-Sabah}: {The weakness of the mechanisms for applying customs duties imposed on imported goods during the past years has caused a decrease in non-oil revenues and undermined local industrialization initiatives}.Government policies in this area were in accordance with what was included in the five-year development plan2018-2022 is moving towards imposing customs duties on luxury goods to enhance the revenue proceeds of the treasury, as well as working on regulating the process of imports for state institutions.He pointed to the "necessity to reduce the phenomenon of random import and the phenomenon of economic exposure."customs clearanceIn the same regard, the customs director, Hayat Abdel-Zahra, expressed her “hope to organize the reality of customs revenues and to collect revenues in an accurate manner,” noting “there are percentages deducted that go to the governorate and the relevant institutions, and this affects the amount of accurate revenue that reaches the state treasury.”Regarding the customs law, Abdel-Zahra confirmed that it is “approved in all ports, but its implementation varies from one port to another. }.automation systemsAnd demanded: {by adopting advanced global experiences that adopt advanced automation systems that facilitate all operations and keep everyone away from the complexity that accompanies customs performance}, indicating that {the volume of imports to the Iraqi market is large and includes goods arriving from various global markets, and can achieve a large volume of revenue for the country, when It adopts sophisticated collection systems that do not allow it to be hacked.National economyEconomic sources confirmed on more than one occasion that the imposition of customs tariffs has benefits on the national economy, as it leads to the operation of factories in all sectors, public, mixed and private, with their available capacities with the aim of reaching the design capabilities and in the sense that they are able to market their production locally and even it is possible to put The goal of exporting its products, especially for the production of new industrial projects that can be implemented with direct private investment or by participation, and lead to the improvement and support of local industrial capabilities technically and services in terms of increasing diversity in products, increasing productivity and maintaining quality, and taking into account the reduction of costs in a way that enhancesits competitiveness.https://alsabaah.iq/58779/%D8%A7%D9%84%D9%85%D9%86%D8%A7%D9%81%D8%B0-%D8%A7%D9%84%D8%AD%D8%AF%D9%88%D8%AF%D9%8A-%D8%A9-%D9%88%D8%A2%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%B9%D9%85%D9%84-%D8%A7%D9%84%D8%A7%D9%84%D9%83%D8%AA%D8%B1%D9%88%D9%86%D9%8A%D8%A9
How odd...
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UNCTAD and Iraq sign deal to modernize customs procedures
by claud39 Sun Dec 12, 2021 10:28 am
[size=36]UNCTAD and Iraq sign deal to modernize customs procedures[/size]
27 May 2021
A truck on route to Iraq's capital, Baghdad. The project is expected to halve clearance times for imports and exports. :copyright: Pascal Bierret
UNCTAD and Iraq signed an agreement on 27 May to help the country modernize and automate its customs procedures.
Acting UNCTAD head Isabelle Durant and Iraq’s finance minister Ali Abdul Ameer Allawi inked the deal to implement a project that will promote trade and development in Iraq.
“The agreement that we are signing today signals the beginning of one of the most ambitious projects in the region,” Ms. Durant said.
She said the project would place Iraq among the most advanced countries in the region in modernizing and automizing customs and improving its international business ratings.
The latest version, ASYCUDAWorld, uses and takes advantage of the latest open and web-based technology.
The project will also build a single window for international trade to facilitate compliance with import and export requirements.
This would lessen the cost and streamline the process at border control, reducing barriers to international trade.
Based on the ASYCUDA experience in other countries, Ms. Durant said, it is likely that customs revenues in Iraq will increase and that the release time at the border will be halved through the project.
“More customs revenue will mean more means for spending and investment, and hence more support for the people of Iraq,” she said.
“We selected ASYCUDA after a rigorous selection process,” Mr. Allawi said, “because the system has been implemented in nearly 100 countries and shown excellent results in all aspects of customs management and procedures.”
He said the system would dramatically improve the operations of the Iraqi customs authority and help reduce or eliminate many of the problems confronting the country’s international trade.
“Of course, the opportunities for corruption, extortion and malfeasance will also be radically reduced,” Mr. Allawi said.
He said increased revenues due to automation of customs operations would enable Iraq to plug gaps in finances for development. “Currently Iraq is losing a huge amount in uncollected customs revenue,” he said.
The system would generate timely, accurate and valuable data and information to support government planning, said director-general of the Iraqi customs authority, Sadiq Howeidi Abbas.
It will speed up customs clearance through the computerization and simplification of procedures, minimizing administrative costs to the business community and the Iraqi economy.
UNCTAD’s technology and logistics director, Shamika N. Sirimanne, said the project would be important for the economic development of Iraq.
“It will boost the efficiency of government services for trade and advance national digitalization strategies through introducing e-declarations and e-payments,” she said.
The project would bolster the implementation of economic reforms in Iraq and the government’s efforts to revive the country’s economy, make it more competitive and less dependent on oil revenues.
Ms. Sirimanne said Iraq would also benefit from the transfer of technology and skills as part of the project’s capacity-building activities.
https://unctad.org/news/unctad-and-iraq-sign-deal-modernize-customs-procedures
Claud (Moose)
27 May 2021
The ASYCUDA system is expected to be a game-changer in customs processing in Iraq and improve ease of doing business in the country.
A truck on route to Iraq's capital, Baghdad. The project is expected to halve clearance times for imports and exports. :copyright: Pascal Bierret
UNCTAD and Iraq signed an agreement on 27 May to help the country modernize and automate its customs procedures.
Acting UNCTAD head Isabelle Durant and Iraq’s finance minister Ali Abdul Ameer Allawi inked the deal to implement a project that will promote trade and development in Iraq.
“The agreement that we are signing today signals the beginning of one of the most ambitious projects in the region,” Ms. Durant said.
She said the project would place Iraq among the most advanced countries in the region in modernizing and automizing customs and improving its international business ratings.
ASYCUDA to reform customs clearance
The project will involve the implementation of UNCTAD’s Automated System for Customs Data (ASYCUDA) to reform and automate the customs clearance process.The latest version, ASYCUDAWorld, uses and takes advantage of the latest open and web-based technology.
The project will also build a single window for international trade to facilitate compliance with import and export requirements.
This would lessen the cost and streamline the process at border control, reducing barriers to international trade.
Based on the ASYCUDA experience in other countries, Ms. Durant said, it is likely that customs revenues in Iraq will increase and that the release time at the border will be halved through the project.
“More customs revenue will mean more means for spending and investment, and hence more support for the people of Iraq,” she said.
Committed to international standards
Minister Allawi said the Iraqi government is committed to ensuring its processes and procedures are automated in line with the best international standards.“We selected ASYCUDA after a rigorous selection process,” Mr. Allawi said, “because the system has been implemented in nearly 100 countries and shown excellent results in all aspects of customs management and procedures.”
He said the system would dramatically improve the operations of the Iraqi customs authority and help reduce or eliminate many of the problems confronting the country’s international trade.
“Of course, the opportunities for corruption, extortion and malfeasance will also be radically reduced,” Mr. Allawi said.
He said increased revenues due to automation of customs operations would enable Iraq to plug gaps in finances for development. “Currently Iraq is losing a huge amount in uncollected customs revenue,” he said.
The system would generate timely, accurate and valuable data and information to support government planning, said director-general of the Iraqi customs authority, Sadiq Howeidi Abbas.
Improving ease of doing business
The customs project is also expected to improve ease of doing business in Iraq.It will speed up customs clearance through the computerization and simplification of procedures, minimizing administrative costs to the business community and the Iraqi economy.
UNCTAD’s technology and logistics director, Shamika N. Sirimanne, said the project would be important for the economic development of Iraq.
“It will boost the efficiency of government services for trade and advance national digitalization strategies through introducing e-declarations and e-payments,” she said.
The project would bolster the implementation of economic reforms in Iraq and the government’s efforts to revive the country’s economy, make it more competitive and less dependent on oil revenues.
Ms. Sirimanne said Iraq would also benefit from the transfer of technology and skills as part of the project’s capacity-building activities.
https://unctad.org/news/unctad-and-iraq-sign-deal-modernize-customs-procedures
Claud (Moose)
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Facilitating Iraq's WTO Accession Process
by claud39 Thu Dec 16, 2021 1:25 pm
claud39 wrote:Greetings forum members !!
As I notice that you are missing out on news, either real news and the reality of the country, your guru RamblerNash must have been feeling tired to miss this !!
Make your own opinion dear members, and not on the news of the gurus, good day everyone !!
Claud (Moose)
Facilitating Iraq's WTO Accession Process
29th November 2021 in Iraq Industry & Trade NewsFacilitating Iraq's WTO Accession process in collaboration with Iraq's National Committee on WTO Accession.
Iraq's National Committee on WTO Accession participated in a technical session organised in Baghdad on 23rd November.
The session provided a comprehensive overview of the accession process and highlighted the crucial role of the National Committee on WTO Accession in this process.
Iraq initiated its process to WTO Accession in 2004 but due to political and economic instability this was stalled until 2017 when Iraq expressed interest to reinstate their determination to join the WTO. Since then, Iraq has made considerable progress in this front including the recent submission of key technical documents to the WTO secretariat.
Representatives from various government institutions from Baghdad and the Kurdistan Region of Iraq including officials from the Ministry of Trade, Ministry of Agriculture, Ministry of Industry participated in the session. Various private sector institutions also attended.
The workshop was organized by the International Trade Centre (ITC) a joint agency of the World Trade Organization (WTO) and United Nations (UN), through the "Strengthening the Agriculture and Agri-food Value Chain and Improving trade policy in Iraq" (SAAVI) project.
Funded by the European Union (EU), the project is contributing to inclusive economic growth and job creation, particularly for youth, by improving Iraq's agriculture competitiveness and supporting trade development. It is also particularly focuses on providing support to Iraq in the process of acceding to the WTO.
Mr. Adel Al-Masoodi, Director General, Foreign Economic Relations Department, Ministry of Trade opened the day and reaffirmed Iraq's commitment to the accession to the WTO and assured the support of his team to the SAAVI project. In his opening remarks, Mr Al-Masoodi also recognised and congratulated the progress that has been made in Iraq's Accession progress through ITC's SAAVI project.
The delegation of the European Union to Iraq was also present at the event and was represented by Mr. Mauro Gioe, who stated that "becoming a member of the WTO will result in a reduction of trade barriers, predictability and transparency of international trade rules, and increased competitiveness, all of which will increase trade for Iraq" adding that "the advantages gained by a new WTO member are always greater than the potential losses that some economic actors may initially face. Overall, the whole country wins".
On behalf of ITC, Mr. Rajesh Aggarwal, the Director of the Division of Market Development opened the session. In his remarks, Mr. Aggarwal focused on the importance of a strong National Committee in place to progress on WTO Accession. The National Committee provides a platform for both the public and private sector to come together and to take key decisions in line with national priorities and domestic policy reform," he said.
The workshop provided an opportunity to reassemble members of the National Committee on WTO accession, created 2004 through a ministerial order. Participants were updated by the Ministry of Trade of Iraq about the recent development which occurred in relation to Iraq's accession process to the WTO. This was followed by a number of technical sessions aimed at building a common understanding of all members with respect to substantive and procedural matters of immediate relevance for Iraq's accession to the WTO.
This session is part of a series of capacity building sessions that will be organised through the SAAVI project to support Iraq to accede to the WTO.
(Source: UN)
https://www.iraq-businessnews.com/2021/11/29/facilitating-iraqs-wto-accession-process/?fbclid=IwAR0P3HgMY1uQTlwt3SGgCl_Y3z3dwbPf42y7gsjV4kHBSj-6GNLmgFhjMBkKuwait confirms receiving $1.47 billion in war compensation from Iraq
2021-11-30 05:44A-AA+
Shafaq News/ The National Bank of Kuwait reported today, Tuesday, that Kuwait has received $1.47 billion in war compensation from Iraq.
The bank said that "Kuwait received compensation payments from the United Nations Committee from Iraq for the war, amounting to 1.47 billion dollars (0.4 billion dinars) in April, July and October of this year."
He added, "The remaining amount is 629 million dollars for final payment."
https://shafaq.com/ar/%D8%B9%D8%B1%D8%A8%D9%8A-%D9%88%D8%AF%D9%88%D9%84%D9%8A/%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA-%D8%AA-%D9%83%D8%AF-%D8%AA%D8%B3%D9%84%D9%85%D9%87%D8%A7-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-1-47-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%83%D8%AA%D8%B9%D9%88%D9%8A%D8%B6%D8%A7%D8%AA-%D8%A7%D9%84%D8%AD%D8%B1%D8%A8
For you Fosse, and to the members of the forum !!
Here are some real things happening right now !!
Have a nice day following guru news !
Claud (Moose)
Planning announces the launch of a project to strengthen agri-food value chains in partnership with the European Union and the International Trade Center
Thursday 16 December 2021
Baghdad / NINA / - The Ministry of Planning announced the launch of a project (Strengthening Agricultural Food Value Chains and Improving Trade Policies) in partnership with the European Union and the International Trade Center.
The Director General of the International Cooperation Department in the Ministry of Planning, Saher Abdul-Kazim Mahdi, said: "The project is funded by the European Union, and it is being implemented by the International Trade Center (ITC)."
He pointed out, according to a statement by the Ministry of Planning, that: "The goal of the project is to improve the value chains for the products of some agricultural crops and poultry by developing national strategies for products that have high potential, in addition to building productive and commercial alliances for agricultural value chains in order to enhance the competitiveness of small enterprises. and medium, as well as its contribution to preparing for Iraq's accession to the World Trade Organization and achieving a suitable environment for the growth of youth-owned commercial and agricultural businesses and upgrading the skills of entrepreneurs while strengthening the framework of trade policies.
Mahdi pointed out: "The project will focus on three main governorates, namely Baghdad, Nineveh and Basra, and seeks to meet the challenges and obstacles facing the business environment, and contribute to achieving economic recovery, in partnership with donors, relevant Iraqi ministries and project management."/ End 2
https://www.ninanews.com/Website/News/Details?key=945226
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Thu Dec 16, 2021 9:54 pm
Palm cultivation is booming again in Iraq, despite the challenges facing its farmers
12/16/2021
Economy News _ Baghdad
Iraq was at the forefront of the world's producers of dates decades ago, but today its production of this yield does not exceed 5% of global production, after its economy has become dependent on oil in the main.
After decades of decline and neglect in which palm orchards in several regions of Iraq were battlefields, palm cultivation is returning to flourish again.
The Iraqi Ministry of Agriculture recently announced the export of 200 thousand tons of dates last October to many countries; Among them are Egypt, Morocco, India, Italy and the Netherlands.
Ministry spokesman Hamid Al-Nayef indicated that there are about 18 million palm trees in Iraq currently, despite the continuation of the bulldozing operations of large areas of them in favor of building housing units; However, he stressed that the ministry compensated for this by planting new orchards and using modern methods of irrigation such as drip irrigation and the use of tissue cuttings, which is expected to lead to an abundance of production in the coming years, he said.
However, in an interview, Al-Nayef said that palm cultivation suffers from weak government support, pointing to the high prices of fertilizers, seeds, pesticides and vaccines, which puts a heavy burden on the farmer.
He pointed out that the private sector is the one who undertakes the task of exporting abroad, with the assistance of the government; By providing logistical support to find outlets for export, as he put it.
In a country whose economy is almost entirely dependent on oil; Al-Nayef asserts that agriculture currently constitutes between 4% and 5% of the Iraqi national product, and it is possible to work to raise it to the level of 20% with more government support and water provision.
Civil Efforts
Previous government figures indicate that the number of palm trees in Iraq at the beginning of the eighties amounted to approximately 30 million palm trees, annually producing more than 500 thousand tons of dates.
But the first and second Gulf wars, then the economic blockade and the armed conflicts that followed the invasion of Iraq and the extensive bulldozing; It clearly contributed to the decline of this cultivation, until the number of palm trees fell by almost half.
Then this cultivation revived again after civil attempts in recent years, as the State Agricultural Statistics Directorate estimated the production of dates for the past year 2020 at more than 735,000 tons, an increase of 15% over the previous year.
and in Basra; One of the oldest palm habitats in the world; Investors worked to establish private farms for the production of dates, especially in the southern regions of the governorate such as Safwan, Al-Faw and others, after most of the old cultivated areas were converted into residential plots.
Abdul Wahed Al-Shawi is one of them, as he owns a palm farm on a land of 70 dunums in the Safwan area, but he faces many problems, among them is that the lands on which his project resides belong to the Ministry of Oil, while contracts are signed with the Ministry of Agriculture that does not grant them as land investors. Except with the approval of the Ministry of Oil, and a pledge not to invest in anything other than seasonal crops.
Al-Shawi tells about his farm, which includes about 2,500 palm trees, producing 40 types of dates, but he is afraid of losing them at any moment, because the land officially belongs to the Ministry of Oil, like the rest of the desert lands in Basra.
He refers to a law issued in 1979 that stipulates that whoever plants 50 palm trees or trees per acre; The land becomes his property if these crops bear fruit, but today it is suspended despite the need to implement it.
The repercussions of the rentier economy,
although Iraq was at the forefront of global producers of dates decades ago; Today, its production of this yield does not exceed 5% of global production, after its economy has become almost entirely rentier, dependent on oil to the main degree.
Economist Mustafa Akram Hantoush said that before extracting oil, Iraq relied on agriculture and exporting its crops abroad, as the area of arable land in the country reached 23 million acres, this is not the land that was reclaimed.
However, agriculture today represents only 6% of the total national product, while it must depend on it by no less than 25%; According to him.
Hantoush points to another problem facing the agricultural sector in Iraq, which is that the initiatives to support and lend farmers money provided them with money, which was used to buy homes and cars, and was not used to develop and serve agriculture.
He adds that government support for agriculture has achieved some self-sufficiency in wheat and barley products, but it has not achieved sufficiency in vegetables, fruits, and agricultural-related commodities such as meat and poultry, of which Iraq still imports large quantities every year.
He notes that the experiences of neighboring countries were more successful, when they gave farmers support in the form of agricultural equipment and not money, and that the government should seek to use oil money to build other wealth such as agriculture and industry, to be able to face the fluctuations of the global economy and fluctuations in oil prices, he said.
Source: Al Jazeera Net
https://economy-news.net/content.php?id=26974
https://www.dinardaily.net/t102819-palm-cultivation-is-booming-again-in-iraq-despite-the-challenges-facing-its-farmers
12/16/2021
Economy News _ Baghdad
Iraq was at the forefront of the world's producers of dates decades ago, but today its production of this yield does not exceed 5% of global production, after its economy has become dependent on oil in the main.
After decades of decline and neglect in which palm orchards in several regions of Iraq were battlefields, palm cultivation is returning to flourish again.
The Iraqi Ministry of Agriculture recently announced the export of 200 thousand tons of dates last October to many countries; Among them are Egypt, Morocco, India, Italy and the Netherlands.
Ministry spokesman Hamid Al-Nayef indicated that there are about 18 million palm trees in Iraq currently, despite the continuation of the bulldozing operations of large areas of them in favor of building housing units; However, he stressed that the ministry compensated for this by planting new orchards and using modern methods of irrigation such as drip irrigation and the use of tissue cuttings, which is expected to lead to an abundance of production in the coming years, he said.
However, in an interview, Al-Nayef said that palm cultivation suffers from weak government support, pointing to the high prices of fertilizers, seeds, pesticides and vaccines, which puts a heavy burden on the farmer.
He pointed out that the private sector is the one who undertakes the task of exporting abroad, with the assistance of the government; By providing logistical support to find outlets for export, as he put it.
In a country whose economy is almost entirely dependent on oil; Al-Nayef asserts that agriculture currently constitutes between 4% and 5% of the Iraqi national product, and it is possible to work to raise it to the level of 20% with more government support and water provision.
Civil Efforts
Previous government figures indicate that the number of palm trees in Iraq at the beginning of the eighties amounted to approximately 30 million palm trees, annually producing more than 500 thousand tons of dates.
But the first and second Gulf wars, then the economic blockade and the armed conflicts that followed the invasion of Iraq and the extensive bulldozing; It clearly contributed to the decline of this cultivation, until the number of palm trees fell by almost half.
Then this cultivation revived again after civil attempts in recent years, as the State Agricultural Statistics Directorate estimated the production of dates for the past year 2020 at more than 735,000 tons, an increase of 15% over the previous year.
and in Basra; One of the oldest palm habitats in the world; Investors worked to establish private farms for the production of dates, especially in the southern regions of the governorate such as Safwan, Al-Faw and others, after most of the old cultivated areas were converted into residential plots.
Abdul Wahed Al-Shawi is one of them, as he owns a palm farm on a land of 70 dunums in the Safwan area, but he faces many problems, among them is that the lands on which his project resides belong to the Ministry of Oil, while contracts are signed with the Ministry of Agriculture that does not grant them as land investors. Except with the approval of the Ministry of Oil, and a pledge not to invest in anything other than seasonal crops.
Al-Shawi tells about his farm, which includes about 2,500 palm trees, producing 40 types of dates, but he is afraid of losing them at any moment, because the land officially belongs to the Ministry of Oil, like the rest of the desert lands in Basra.
He refers to a law issued in 1979 that stipulates that whoever plants 50 palm trees or trees per acre; The land becomes his property if these crops bear fruit, but today it is suspended despite the need to implement it.
The repercussions of the rentier economy,
although Iraq was at the forefront of global producers of dates decades ago; Today, its production of this yield does not exceed 5% of global production, after its economy has become almost entirely rentier, dependent on oil to the main degree.
Economist Mustafa Akram Hantoush said that before extracting oil, Iraq relied on agriculture and exporting its crops abroad, as the area of arable land in the country reached 23 million acres, this is not the land that was reclaimed.
However, agriculture today represents only 6% of the total national product, while it must depend on it by no less than 25%; According to him.
Hantoush points to another problem facing the agricultural sector in Iraq, which is that the initiatives to support and lend farmers money provided them with money, which was used to buy homes and cars, and was not used to develop and serve agriculture.
He adds that government support for agriculture has achieved some self-sufficiency in wheat and barley products, but it has not achieved sufficiency in vegetables, fruits, and agricultural-related commodities such as meat and poultry, of which Iraq still imports large quantities every year.
He notes that the experiences of neighboring countries were more successful, when they gave farmers support in the form of agricultural equipment and not money, and that the government should seek to use oil money to build other wealth such as agriculture and industry, to be able to face the fluctuations of the global economy and fluctuations in oil prices, he said.
Source: Al Jazeera Net
https://economy-news.net/content.php?id=26974
https://www.dinardaily.net/t102819-palm-cultivation-is-booming-again-in-iraq-despite-the-challenges-facing-its-farmers
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RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
Promoting Inclusive Economic Growth and Job Creation in Iraq
by claud39 Sun Dec 19, 2021 10:20 am
For you fosse, and to the members of the forum, you will have to find it quiet on your forum, no real news for 3 days !!
Here is a good day !!
Claud (Moose)
Promoting Inclusive Economic Growth and Job Creation in Iraq
19th December 2021 in Agriculture, Iraq Industry & Trade News
Here is a good day !!
Claud (Moose)
Promoting Inclusive Economic Growth and Job Creation in Iraq
19th December 2021 in Agriculture, Iraq Industry & Trade News
Project launched to promote inclusive economic growth and job creation in Iraq
A ceremony was held to formally launch the 'Strengthening the agriculture and agri-food value chain and improving trade policy' (SAAVI) project.
The five-year project worth EUR 22.5 million is funded by the European Union and is being implemented by the International Trade Centre (ITC) in close collaboration with the Government of Iraq and other local partners.
Representatives from public and private sector, innovators, farmers, and development partners attended the event that served as an occasion to discuss opportunities and present solutions to build more inclusive agri-food value chains in the country.
A fast-paced business breakfast opened the day. ITC presented the key findings from the nation-wide market analysis for high potential agri-products. Private sector representatives shared their experiences in the Iraqi market offering ideas to improve the competitiveness of agribusinesses in the country.
A plenary session brought together private sector actors, innovators, farmers, and development partners to discuss opportunities and present solutions to build more inclusive agrifood value chains from 'farm to fork'.
Participants experienced unique flavours and a live 'cooking demonstration' using ingredients from the local cuisine by a renowned chef. This was followed by a technical session dedicated to climate change risks and opportunities in Iraqi agrifood value chains concluded the event before the closing remarks.
SAAVI seeks to enhance the competitiveness of agriculture and related activities and improve trade policy in Iraq. It addresses farm and firm level challenges and strengthens the value chains in the agriculture sector. This is done through the elaboration of strategies for high potential products, by building productive and commercial agricultural value chain analysis, while introducing upgrades in the production and marketing systems through capacity building to farmers and firms, the provision of a wide range of business development services, and technical agriculture training, among others. By fostering more competitive food systems, SAAVI also makes a considerable difference in enhancing food security through the improvement of people's access to sufficient, safe, and nutritious food.
SAAVI also builds the capacities of micro, small, and medium enterprises and broadens the knowledge and skills base for youth including training on entrepreneurship and business skills. Through SAAVI, technical and vocational skills programmes are also strengthened to better match the needs of the private sector.
Support is given to policymakers and key institutions involved in the WTO accession process, including capacity building on trade negotiation, policy formulation, and coordination. WTO membership will help Iraq to complete domestic policy and reforms for the modernization of its business environment and achieve effective integration into global economy. Since the process of negotiation towards WTO accession is unique to each country, project activities will assist officials throughout the process.
Speaking at the ceremony, Ms. Barbara Egger, Head of Cooperation, European Union Delegation to Iraq said:
"The EU is proud to support the Iraqi government and its people in the development of the agricultural sector. SAAVI is a very important project that will provide an example of how public and private sector can work together in order to successfully promote diversification in Iraq by supporting agricultural value chains."
Dr Mahdi Al Jubori, Iraq's Deputy Minister for Agriculture and other high level government representatives participated in the launch ceremony.
Ms. Irena Vojáčková-Sollorano UN Deputy Special Representative of the Secretary-General for Iraq, Resident and Humanitarian Coordinator also participated.
Ms. Pamela Coke Hamilton, Executive Director of the International Trade Centre in her message on the occasion said:
"Together with the EU and the government of Iraq, ITC is excited to work with MSMEs in Iraq to increase their competitiveness. We see improved food production as a pathway to diversify the economy and create jobs. This can also support Iraq's accession to the WTO. In this way, SAAVI is contributing to inclusive, sustainable, and resilient growth in Iraq."
In his speech, Mr. Eric Buchot, who leads the SAAVI project highlighted that:
"SAAVI builds the capacities and brings together key economic and institutional actors across the agrifood industry to enable Iraqi producers and firms to compete and connect to their own market".
(Source: UN)
https://www.iraq-businessnews.com/2021/12/19/promoting-inclusive-economic-growth-and-job-creation-in-iraq/?fbclid=IwAR0C8uu2PvywQ_CrNetQ2QLkiXWfiZbi9KjdRY9E7gso1BsRrgLs6UncQY0
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Saleh: The Central Bank Has A Comfortable Reserve That Helps It Impose Stability In Exchange Rates
by claud39 Sun Dec 19, 2021 12:46 pm
Just for you still fosse, and to the members of the forum !!
I feel sorry for you that you do not see the real news of the country !! here are 2 news that I shared with you today !!
Well I return to my land, and make your own opinion on the subject and in addition I advise you to do your own research on Iraq, more advantageous than following the guru !!
Claud (Moose)
[size=38]Saleh: The Central Bank Has A Comfortable Reserve That Helps It Impose Stability In Exchange Rates[/size]
12/19/2021
information / special
The economic expert and financial advisor to the government, Mazhar Muhammad Salih, confirmed today, Sunday, that the Central Bank currently possesses a comfortable cash reserve of foreign currencies, pointing out that there is a direct correlation between the current account surplus of the Iraqi balance of payments and the development of foreign reserves.
Saleh said in a statement to the "Information" agency, that "the monetary policy of the Central Bank of Iraq has today, a strong foreign reserve tool that can maintain the purchasing power of the Iraqi dinar and face inflationary expectations with a high capacity due to the surplus in the current account of the balance of payments."
He added that "the Central Bank of Iraq's dollar reserves can be exploited through the power of intervention to impose stability in the exchange market through open market operations exercised by the monetary authority to achieve the operational goals of monetary policy with ease and flexibility."
He pointed out that “there is a positive indicator of the accumulation of the foreign reserves of the Central Bank of Iraq during the year 2021 with a change in the direction of increase by more than 20% compared to the levels of the year 2020. .
And the Central Bank of Iraq revealed, earlier, the rise in the Iraqi hard currency reserves to 64 billion dollars.
International reserves, or foreign exchange reserves - deposits and bonds of foreign currencies held by central banks and monetary authorities - are important to support the currency and pay debts owed by the state.
https://almaalomah.me/2021/12/19/571753/
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Re: Facilitating Iraq's WTO Accession Process
by Claudia1 Sun Dec 19, 2021 1:58 pm
Iraqi Dinar Scam (November 2021) Learn The Truth Here!
Marifilmines TeamNovember 24, 2021no commentNo tags
Marifilmines TeamNovember 24, 2021no commentNo tagsThe guide shares details about the Iraqi Dinar Scam that is regaining its former popularity amongst investors.
Every individual, even the government employees in the United States, Canada, and the United Kingdom, is focused on the new Iraqi Dinar Investment Scam, believing that they would get millionaires by investing in the scam.
This guide will help you explore more about the scam and prevent getting duped by scammers if you are also amongst those people. For those new investors, it is essential to understand that the unsophisticated financial scheme called Iraqi Dinar Scam is a scam, plain and straightforward. Please continue reading to know why it has been considered a scam.
Table of Contents- What is Iraqi Dinar Investment Scam?
- Is Iraqi Dinar Scam or Legit?
- How is the Scam Committed?
- Conclusion
What is Iraqi Dinar Investment Scam?
Iraqi Dinar Investment Scam is the new financial scheme scamming the victims and making them believe that the Iraqi Dinar is undergoing a revaluation, resulting in higher returns. So, scammers are encouraging them to invest in the currency using the US dollar and expect higher returns in the future.
The scammers are hyping the scheme via different scam websites and attracting investors to the scam. They urge the investors to hold the Iraqi Dinar until the value of the currency increases, but it doesn’t seem to happen.
Is Iraqi Dinar Scam or Legit?
The Iraqi Dinar Investment Scheme is a scam as it is considered a Ponzi scheme targeting many people worldwide. There are many reasons to support the claim, and some of these reasons are mentioned below.
- The financial scheme is promoted and supported by individual fraud agents, not by any financial firm, broker, or entity.
- The financial scam has several unofficial promotions via fake websites, emails, and marketing calls rather than fair and open marketing.
- The promoters are promising hard-to-believe returns from the scheme.
- Many reputed banks and financial institutions are abstaining from providing FOREX trading in Iraqi Dinar. Plus, many states are warning the residents about Iraqi Dinar Scam.
- There is also a book by John Jagerson that explains the scheme and considers it a scam.
So, based on these factors, the financial scheme seems to be a scam, and investors must avoid investing in the scheme for the sake of making a quick and high income.
How is the Scam Committed?
As you know now that Iraqi Dinar Investment is a scam, let us know how the scammers are targeting the investors and urging them to invest in the scheme for higher returns.
The Iraqi Dinar Investment Scheme has been in existence for many years, and recently the scheme is recapturing its popularity again. The Iraqi Dinar Scam is promoted to make a higher profit when the Iraqi Dinar value increases in the future.
Scammers promise to offer millions of dollars as a profit to investors when they buy the Iraqi Dinar in today’s value and exchange it back for US dollars at a later date once the exchange value heightens.
Conclusion
How Iraq’s economy and the exchange rate of Iraqi Dinar flourished in the past few years is the long-term, uncertain bet! Besides, financial schemes promising higher returns and profits are risky as it is challenging to predict and control the future value.
You must use particular caution before investing in Iraqi Dinar Scam until you trade with regulated agents in a regulated market. Plus, ensure learning the tips on How to Protect Yourself from a Scam to avoid unnecessary hassles later.
Link
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Re: Facilitating Iraq's WTO Accession Process
by claud39 Sun Dec 19, 2021 8:11 pm
Very big respect Claudia1 I respect your opinion, and it is correct like that, and I am really sincere what I say to you !!
Now why should Iraq work to return to the WTO, if they are already trading between the world, that is the planet, their trade is between the Arab world, they can change their money according to the value of the means -orient, but not in dollar value like on the OMC !!
Now my question why take so much energy to be so sure that it is a scam, if I took your opinion, you must have sold everything your dinar, since it is a scam according to you !!
Claud (Moose)
Now why should Iraq work to return to the WTO, if they are already trading between the world, that is the planet, their trade is between the Arab world, they can change their money according to the value of the means -orient, but not in dollar value like on the OMC !!
Now my question why take so much energy to be so sure that it is a scam, if I took your opinion, you must have sold everything your dinar, since it is a scam according to you !!
Claud (Moose)
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Re: Facilitating Iraq's WTO Accession Process
by claud39 Sun Dec 19, 2021 8:56 pm
claud39 wrote:Very big respect Claudia1 I respect your opinion, and it is correct like that, and I am really sincere what I say to you !!
Now why should Iraq work to return to the WTO, if they are already trading between the world, that is the planet, their trade is between the Arab world, they can change their money according to the value of the means -orient, but not in dollar value like on the OMC !!
Now my question why take so much energy to be so sure that it is a scam, if I took your opinion, you must have sold everything your dinar, since it is a scam according to you !!
Claud (Moose)
THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND WILL HOLD ITS TWO HUNDRED FIRST MEETING ON THURSDAY, DECEMBER 16, 2021
2021-12-17
The Fund organized a number of "remote" meetings and workshops, during the fourth quarter of 2021, on regional and global economic developments, and priorities in the post-pandemic phase, to support the return of the economic, financial and banking sectors to the usual paths of growth.
The Fund offered 17 "remote" training courses for official Arab cadres
Issuing 3 new issues of a series of introductory booklets to increase economic and financial awareness among Arab youth
Successful completion of the first-of-its-kind joint experiment of interconnection between the “Bunna” platform for Arab payments and the European Instant Payment Settlement System to carry out instant payment settlement business in multiple currencies
The Fund has issued a number of studies and working papers on the current developments at the regional and international levels
And its repercussions on Arab economies
The eighth meeting of the Technical Committee of the Arab Statistics Initiative “Arabstat” discussed several priority topics for Arab countries, including sustainable development statistics, government finance and public debt statistics, foreign investment statistics, and the quality of statistics.
The Sixth Public Finance Forum, discussed the procedures and measures for recovery in the Arab countries in the post-pandemic stage,
Fiscal policy issues, prospects for economic and financial developments, and digital transformation in public finance
Today, Thursday, December 16, 2021, the two hundred first meeting of the Board of Executive Directors of the Arab Monetary Fund was held, headed by Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors. The meeting reviewed the developments of the fund's activities, and the most important things it did in its various fields of work during the fourth quarter of 2021, within the framework of its five-year strategy (2020-2025).
With regard to lending activity , the Council was informed of the position of loan requests submitted by Arab member states to benefit from the Fund's resources, as well as the Fund's follow-up to the agreed reform programs, supported by loans to support the efforts of Arab countries in strengthening the economic, financial and monetary conditions.
On the other hand, the board's agenda included a review of the developments in the investment activity of the fund, including the activity of accepting deposits from central banks and Arab monetary institutions, the performance of investment portfolios, developments in the global financial markets, and the measures taken to implement the fund's investment strategy.
The Board was also briefed on the Fund's initiatives to develop the Arab financial and banking sector and financial markets, which comes among its top priorities, as the Fund organized a number of consultative events on the most important developments related to the role of the financial and banking sector in supporting economic activities during the recovery phase from the Covid-19 pandemic.
The esteemed council was also briefed on the fund's activities within the framework of financial inclusion initiatives, developing bond markets in Arab countries, enhancing Arab countries' capabilities in the field of using modern financial technologies, and other initiatives.
The Board was also briefed on the Fund's activities in the field of enhancing cooperation with regional and international financial organizations and institutions . On October 10, 2021, the Fund organized the International Conference on "Promoting Digital Innovation and Cross-Border Payments", in cooperation with the Digital Monetary Institute of the Official Forum of Monetary and Financial Institutions ( OMFIF ). , to discuss the opportunities offered by digital innovations to develop financial services and capital markets, and enhance financial inclusion. The Board was also briefed on the Fund's participation in the sixth periodic meeting at the level of heads of regional financial arrangements institutions and the International Monetary Fund, on the current situation of the global economy, and ways to strengthen the global financial system and the global financial safety net.
In the context of its role as a technical secretariat for the Board of Governors of Central Banks and Arab Monetary Institutions and its committees and work teams, the Board was briefed on the Fund’s “remotely” organization, the twenty-first meeting of the Regional Working Group to Promote Financial Inclusion in the Arab Countries, where a number of topics were discussed, most notably “ Ways to develop the microfinance sector in the Arab region, and the role of the micro-insurance sector in supporting financial inclusion, by enhancing insurance awareness and diversifying and promoting products, especially for micro, small and medium enterprises, which contributes to developing activity, supporting investment and contributing to economic growth . The Honorable Council was also informed of the Fund's organization of the thirty-sixth meeting of the Arab Committee on Banking Supervision, and the sixth meeting of the Regional Working Group for Modern Financial Technologies in the Arab Countries.
During the meeting, the Board was also briefed on the most important developments with regard to the "Buna" platform for Arab payments, which included the Fund's completion of all requirements related to the establishment of the institution, and the joint announcement at the end of September (September) 2021 with the Italian Central Bank on the success of completing the joint experiment of consensual interdependence between Buna and the European Instant Payments Settlement System (known as TIPS ), to carry out instant payments settlement business in multiple currencies.
The establishment of the Fund for the technical system and data centers, the continuation of progress in the development of applications related to the functions and services of instant payment, as well as the holding of technical workshops with banks interested in instant payments that have the initial technical [size=32]readiness to launch[/size] this innovative service, to start developing its infrastructure to match the requirements of connectivity with "Bunni" instant payment system.
Within the framework of its role as the secretariat of the Council of Arab Finance Ministers, the honorable Council was informed that the Fund organized a workshop on “Improving the Efficiency of Public Debt Management in Arab Countries”, at the level of public debt managers and senior technicians concerned with public debt issues in Arab countries, where the workshop dealt with the repercussions of the pandemic crisis. Corona on public debt and its trends, and the policies and methodologies used to support the sustainability of public debt after the pandemic.
The Board was also informed of the Fund's latest publications of reports, research, bulletins, books and working papers, since the previous meeting of the Board in September 2021.
https://www.amf.org.ae/ar/content/%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D8%B9%D9%82%D8%AF-%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9%D9%87-%D8%A7%D9%84%D8%A3%D9%88%D9%84-%D8%A8%D8%B9%D8%AF-%D8%A7%D9%84%D9%85%D8%A6%D8%AA%D9%8A%D9%86-%D9%8A%D9%88%D9%85-%D8%A7%D9%84%D8%AE%D9%85%D9%8A%D8%B3-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D9%81%D9%82-16-%D8%AF%D9%8A%D8%B3%D9%85%D8%A8%D8%B1
Have a good evening !!
Claud (Moose)
claud39- Elite Member
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Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Sun Dec 19, 2021 10:11 pm
It can't be a scam because you have Dinar? LOLclaud39 wrote:Very big respect Claudia1 I respect your opinion, and it is correct like that, and I am really sincere what I say to you !!
Now why should Iraq work to return to the WTO, if they are already trading between the world, that is the planet, their trade is between the Arab world, they can change their money according to the value of the means -orient, but not in dollar value like on the OMC !!
Now my question why take so much energy to be so sure that it is a scam, if I took your opinion, you must have sold everything your dinar, since it is a scam according to you !!
Claud (Moose)
https://www.dinardaily.net/t94913-opinion-on-the-subject-of-dinars
That's one of your best ones to date Claud...
*****************
>>>TNTBS's YouTube Channel<<<
RamblerNash- GURU HUNTER
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Re: Facilitating Iraq's WTO Accession Process
by Claudia1 Mon Dec 20, 2021 3:07 pm
Both Wells Fargo & BOA have issued warning about investing in Iraqi Dinar. Why? Because it's a SCAM!
https://www.wellsfargo.com/foreign-exchange/
https://www.bankofamerica.com/foreign-exchange/currency-exchange-faq/
https://www.wellsfargo.com/foreign-exchange/
https://www.bankofamerica.com/foreign-exchange/currency-exchange-faq/
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Iraq Completes The Last Remaining Batch Of Kuwait Compensation
by claud39 Tue Dec 21, 2021 5:33 pm
"It Is Hoped That Ending The Payment Of Compensation Will Contribute To Removing Iraq From Chapter VII, As Well As Its Impact On Reintegrating The Iraqi Banking System Into The Global Banking System And Benefiting From The Financial Abundance That Will Be Achieved."
WELL !!! Looks like our guru is cheating, normally according to you Iraq was part of the trade, and works with other countries countries for trade.
But if I look at this last paragraph, they are hoping for their return which will have Its Impact On The Reintegration Of The Iraqi Banking System Into The World Banking System, so how do they do banking transactions if they hope for their reintegration of the Iraqi banking system with the world banking system? !!
By spending 2 days no news on Iraq, what is happening master guru, we decide what to choose as news to be absolutely right !!
Claud (Mosse)
[size=40]Iraq Completes The Last Remaining Batch Of Kuwait Compensation[/size]
12/21/2021
The Central Bank Of Iraq Announced The Completion Of The Last Remaining Installment Of Kuwait's Compensation, Amounting To 44 Million Dollars.
And The Bank Stated In A Statement Received By Al-Ahed News, Today, Tuesday, That “The Payment Of The Last Remaining Installment Of The State Of Kuwait’s Compensation Amounting To 44 Million US Dollars Has Been Completed, And Thus Iraq Has Completed The Payment Of The Full Amounts Of Compensation Approved By The United Nations Compensation Committee Of The UN Security Council. According To Resolution (687) For The Year 1991, A Total Of (52.4) Billion US Dollars For The State Of Kuwait.
He Added, "It Is Hoped That Ending The Payment Of Compensation Will Contribute To Removing Iraq From Chapter VII, As Well As Its Impact On Reintegrating The Iraqi Banking System Into The Global Banking System And Benefiting From The Financial Abundance That Will Be Achieved."
https://alahadnews.net/2021/12/21/%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D9%83%D9%85%D9%84-%D8%A7%D9%84%D8%AF%D9%81%D8%B9%D8%A9-%D8%A7%D9%84%D8%A3%D8%AE%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D8%AA%D8%A8%D9%82%D9%8A%D8%A9-%D9%85/
claud39- Elite Member
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Re: Facilitating Iraq's WTO Accession Process
by claud39 Tue Dec 21, 2021 5:46 pm
Claudia1 wrote:Both Wells Fargo & BOA have issued warning about investing in Iraqi Dinar. Why? Because it's a SCAM!
https://www.wellsfargo.com/foreign-exchange/
https://www.bankofamerica.com/foreign-exchange/currency-exchange-faq/
Bank of America, N.A. does not buy or sell Iraqi dinar banknotes or Vietnamese dong banknotes, and currently has no plans to offer this service in the future. You may have read on the internet or heard from friends that Bank of America, N.A. buys and sells these banknotes, or has plans to offer this service. This information is not correct.
We urge you to seek the advice of a competent, professional investment advisor before making any investment. You should treat with extreme caution any investment schemes you read about on the internet, in chat rooms or hear about from friends or acquaintances.
Several state agencies, major financial institutions, and consumer protection groups have cautioned that this is a scam. Currently the Federal Bureau of Investigations and the Internal Revenue Service are investigating.
He Added, "It Is Hoped That Ending The Payment Of Compensation Will Contribute To Removing Iraq From Chapter VII, As Well As Its Impact On Reintegrating The Iraqi Banking System Into The Global Banking System And Benefiting From The Financial Abundance That Will Be Achieved."
Claudia1 you know they were in restriction on the whole banking system, and they had to pay all the compensation due to Kuwait at the request of the UN, they finished this phase, and now here is what they say now
Claud (Moose)
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Re: Facilitating Iraq's WTO Accession Process
by Claudia1 Tue Dec 21, 2021 7:45 pm
Claude, You silly moose! Don't you realize that there won't be an RV of the Iraqi dinar - no matter what banking system they are operating in? As of last August, Iraq had 135,577 billion IQD. https://tradingeconomics.com/iraq/money-supply-m2
Right now 1 IQD = .00069 USD. How is any substantial appreciation even possible & where would all that money come from? Date farming?
The reason why Wells Fargo, BOA, Chase, etc. quit selling Iraqi Dinars is to protect the gullible dinarians that have been duped by the likes of Tony, Frank, Okie, Bruce, MarkZ & others. This scam has been going on for years. There have been "newshounds" posting Iraqi news for years & trying to spin it as heralding in the RV. Think BondLady. They were just as wrong as the above mentioned gurus.
https://www.forbes.com/sites/johnwasik/2012/02/24/dinar-doubts-multiply/?sh=389331d06c72
Merry Christmas to you Claude and all the other forum members. In the spirit of Christmas, I would ask everyone to refrain from snarky comments (this is directed at you, Claude), towards other forum members.
Right now 1 IQD = .00069 USD. How is any substantial appreciation even possible & where would all that money come from? Date farming?
The reason why Wells Fargo, BOA, Chase, etc. quit selling Iraqi Dinars is to protect the gullible dinarians that have been duped by the likes of Tony, Frank, Okie, Bruce, MarkZ & others. This scam has been going on for years. There have been "newshounds" posting Iraqi news for years & trying to spin it as heralding in the RV. Think BondLady. They were just as wrong as the above mentioned gurus.
https://www.forbes.com/sites/johnwasik/2012/02/24/dinar-doubts-multiply/?sh=389331d06c72
Merry Christmas to you Claude and all the other forum members. In the spirit of Christmas, I would ask everyone to refrain from snarky comments (this is directed at you, Claude), towards other forum members.
Claudia1- Active Member
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Re: Facilitating Iraq's WTO Accession Process
by claud39 Tue Dec 21, 2021 8:31 pm
Claudia1 wrote:Claude, You silly moose! Don't you realize that there won't be an RV of the Iraqi dinar - no matter what banking system they are operating in? As of last August, Iraq had 135,577 billion IQD. https://tradingeconomics.com/iraq/money-supply-m2
Right now 1 IQD = .00069 USD. How is any substantial appreciation even possible & where would all that money come from? Date farming?
The reason why Wells Fargo, BOA, Chase, etc. quit selling Iraqi Dinars is to protect the gullible dinarians that have been duped by the likes of Tony, Frank, Okie, Bruce, MarkZ & others. This scam has been going on for years. There have been "newshounds" posting Iraqi news for years & trying to spin it as heralding in the RV. Think BondLady. They were just as wrong as the above mentioned gurus.
https://www.forbes.com/sites/johnwasik/2012/02/24/dinar-doubts-multiply/?sh=389331d06c72
Merry Christmas to you Claude and all the other forum members. In the spirit of Christmas, I would ask everyone to refrain from snarky comments (this is directed at you, Claude), towards other forum members.
You know Claudia, if you look at the number of messages sent on this site since 2018, every day until I had a lot of ass to persist with your guru !!
Why do you insist on negativity if you don't believe that they will have a change in the value of the dinar?
Have you had the chance to get rid of your dinars, if this is not positive for you ??
I'm sure everyone still has dinars, so if you are so negative about this situation, why not respect your honor, or have respect in your conscience, and say I get rid of dinars, it's just of fraud !!
You should respect yourself in your beliefs !!
They had an international value before the war with kuwait, now they have to respect the request of the un on chapter 7 !!
Blank page now, as meaning before the end of the year to pay Kuwait compensation !!
Now thanks to this, they hope to return to the global banks, and to do business with them, and with the electronic system (which is the international monetary fund's project for financial inclusion by 2030 all over the planet! !) To avoid fraud, such as customs, for example, money transfers for the people, here is the importance of counting in the country in Iraq to avoid fraud to give checks to those who have died !!
I wish you to be positive in your life !! And this is nothing sacarstic in my answer !!
Continue to follow your negative guru, and I wish you good evening to the members of the forum, and make your own opinion on the subject !!
Claud (Moose)
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Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Tue Dec 21, 2021 11:20 pm
claud39 wrote:"It Is Hoped That Ending The Payment Of Compensation Will Contribute To Removing Iraq From Chapter VII, As Well As Its Impact On Reintegrating The Iraqi Banking System Into The Global Banking System And Benefiting From The Financial Abundance That Will Be Achieved."
WELL !!! Looks like our guru is cheating, normally according to you Iraq was part of the trade, and works with other countries countries for trade.
But if I look at this last paragraph, they are hoping for their return which will have Its Impact On The Reintegration Of The Iraqi Banking System Into The World Banking System, so how do they do banking transactions if they hope for their reintegration of the Iraqi banking system with the world banking system? !!
By spending 2 days no news on Iraq, what is happening master guru, we decide what to choose as news to be absolutely right !!
Claud (Mosse)
[size=40]Iraq Completes The Last Remaining Batch Of Kuwait Compensation[/size]
12/21/2021
The Central Bank Of Iraq Announced The Completion Of The Last Remaining Installment Of Kuwait's Compensation, Amounting To 44 Million Dollars.
And The Bank Stated In A Statement Received By Al-Ahed News, Today, Tuesday, That “The Payment Of The Last Remaining Installment Of The State Of Kuwait’s Compensation Amounting To 44 Million US Dollars Has Been Completed, And Thus Iraq Has Completed The Payment Of The Full Amounts Of Compensation Approved By The United Nations Compensation Committee Of The UN Security Council. According To Resolution (687) For The Year 1991, A Total Of (52.4) Billion US Dollars For The State Of Kuwait.He Added, "It Is Hoped That Ending The Payment Of Compensation Will Contribute To Removing Iraq From Chapter VII, As Well As Its Impact On Reintegrating The Iraqi Banking System Into The Global Banking System And Benefiting From The Financial Abundance That Will Be Achieved."
https://alahadnews.net/2021/12/21/%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D9%83%D9%85%D9%84-%D8%A7%D9%84%D8%AF%D9%81%D8%B9%D8%A9-%D8%A7%D9%84%D8%A3%D8%AE%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D8%AA%D8%A8%D9%82%D9%8A%D8%A9-%D9%85/
claud39 wrote:WELL !!! Looks like our guru is cheating, normally according to you Iraq was part of the trade, and works with other countries countries for trade.
If you are referring to me, in your snarky way, you seem to refuse to see the elephant in he room. 95% of Iraqi trade is oil, and to many countries. You yourself have posted many articles on Iraq's petroleum and petroleum products.
claud39 wrote:But if I look at this last paragraph, they are hoping for their return which will have Its Impact On The Reintegration Of The Iraqi Banking System Into The World Banking System, so how do they do banking transactions if they hope for their reintegration of the Iraqi banking system with the world banking system? !!
You wrote: "...which will have Its Impact On The Reintegration...", but the article states: "...As Well As Its Impact On Reintegrating...". Those don't have the same meaning. Words matter claud.
Iraq was "impacted", but re-read the article that you posted above. They moved almost everything to Chapter VI years ago.
If you need a real world example, let's just use Western Union as one of the many.
https://location.westernunion.com/iq?country=IQ&q=Iraq
How many Banks to you see in Iraq where you can receive Dinars or send using Dinars in almost every country?
claud39 wrote:By spending 2 days no news on Iraq, what is happening master guru, we decide what to choose as news to be absolutely right !!
More snarkyness? LOL The news I post is general news on Iraq and their economy that debunks the Gurus. We have covered this before claud. Is your memory starting to fail you?
What's up with the complaining about "2 days" all the time?
Since you also keep posting about the BUNA Platform being so special, why have only 3 of the 22 members of the AMF become part of it? LOL
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Re: Facilitating Iraq's WTO Accession Process
by RamblerNash Tue Dec 28, 2021 10:06 pm
Iraq officially joins the Asian Investment Bank
Tuesday, December 28, 2021 8:39 AM
Baghdad/National News Center
The Asian Infrastructure Investment Bank agreed to Iraq's formal accession to it.
Today, Tuesday, the Iraqi ambassador to China, Shorsh Khaled Saeed, said in a statement received by the “National News Center”, that “the Iraqi embassy in Beijing received a letter from the Vice President of the Asian Investment Bank for Infrastructure Ludger Schuknecht, which included obtaining the approval of the Bank’s Board of Governors on Iraq’s request to join. to the Asian Infrastructure Investment Bank.
He added that "the bank, which is headquartered in the Chinese capital, Beijing, provided dozens of loans to its members from countries inside and outside Asia with the aim of establishing infrastructure projects," noting that "the number of countries joining it from all countries of the world reached 104."
https://nnciraq.com/111808/
Tuesday, December 28, 2021 8:39 AM
Baghdad/National News Center
The Asian Infrastructure Investment Bank agreed to Iraq's formal accession to it.
Today, Tuesday, the Iraqi ambassador to China, Shorsh Khaled Saeed, said in a statement received by the “National News Center”, that “the Iraqi embassy in Beijing received a letter from the Vice President of the Asian Investment Bank for Infrastructure Ludger Schuknecht, which included obtaining the approval of the Bank’s Board of Governors on Iraq’s request to join. to the Asian Infrastructure Investment Bank.
He added that "the bank, which is headquartered in the Chinese capital, Beijing, provided dozens of loans to its members from countries inside and outside Asia with the aim of establishing infrastructure projects," noting that "the number of countries joining it from all countries of the world reached 104."
https://nnciraq.com/111808/
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RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
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