Frank26: “WTO MEMBERSHIP DOES NOT REQUIRE A HIGH EXCHANGE RATE… BUT IT CERTAINLY REQUIRES AN INTERNATIONAL EXCHANGE RATE… ARTICLE 8.”………. F26
Government movement to complete the requirements for Iraq’s accession to the World Trade Organization
1/04/2023
Baghdad – Conscious – Nassar Al-Haj
Today, Wednesday, the Ministry of Commerce detailed its plan to complete the requirements for Iraq’s accession to the World Trade Organization.
The media center in the ministry stated, to the Iraqi News Agency (INA), that “the committee concerned with Iraq’s accession to the World Trade Organization, headed by the Minister of Commerce and membership of representatives of ministries and agencies, as well as representatives from the private sector, is working to complete the requirements for Iraq’s accession to the organization.”
He explained, “The ministry’s plan during the current year includes completing technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the agreements of the multilateral organization.”
He pointed out that “the plan includes holding official meetings in the organization in Geneva, and that there be high coordination
With the member states that carry economic weight in the organization to mobilize support and speed up accession procedures and make Iraq an active member and partner in making economic decisions and drawing trade policies that enhance Iraq’s integration into the global economy.
He pointed out that “the Minister of Trade confirmed – within the prepared plan – the preparation of the Iraqi negotiating team, which will engage in negotiating rounds with the member states of the organization by strengthening the negotiating capabilities of the members and benefiting from the experiences of the countries.” LINK
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Frank26: IT’S BEEN YEARS KTFA FAMILY… BUT HERE IT IS, WHAT WALKINGSTICK & I CALLED THE 2ND ARTICLE FROM THE CBI!!!”……… F26
Central Bank Governor: The dollar exchange rate crisis is temporary and the monetary situation is at its best
1/08/2023
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, confirmed that the bank has taken a series of measures that enhance monetary stability and push for the return of exchange rates to normal, while noting that the bank has sufficient reserves until February 2024, “which is a very sufficient period to correct imbalances in the balance.” Payments in case Iraq’s imports are exposed to any imbalances.
“The dollar exchange rate crisis is a temporary crisis resulting from internal and external factors that coincided with the end of the year,” Makhaif said in an interview with “Al-Jazeera Net” and followed by “Al-Iqtisad News”, speaking about the causes of the dollar crisis that Iraq recently witnessed and the measures taken by the bank to reduce it.
He added, “The Iraqi Central Bank has taken a series of measures that enhance monetary stability and push for the return of exchange rates to normal, including: allowing banks to participate in the window for buying and selling foreign currency to be used for external transfer, and working to facilitate procedures for obtaining dollars through banks, and facilitating Financing private sector trade and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies.
He pointed out that “a series of measures to limit this crisis went to reduce the selling price of the dollar to the beneficiary (the card holder) who uses it while traveling or pays his purchases via the Internet at a price of 1465 dinars per dollar.”
He went on to say, “The monetary situation in Iraq is at its best, and there is no need for that crisis that has caused fears of public opinion, just as the situation in Iraq is much better than that of other countries.”
He spoke about the repercussions of the rise in the reserves of the Central Bank of Iraq and its arrival to more than 97 billion dollars on the Iraqi economy, saying that “there are several repercussions, including: defending the national currency exchange rate against foreign currencies and maintaining coverage of imports for a period of more than 6 months, as he was able to The central bank has built a cover for imports for a period of more than 17 months at the end of the third quarter of 2022, meaning that the central bank has sufficient reserves until February 2024, which is a very sufficient period to correct imbalances in the balance of payments in the event that Iraq’s imports are exposed to any imbalances.
He continued, “The foreign reserves index to money supply in the broad sense is high and reached 81%, which is an indicator that enhances confidence in the Iraqi dinar as a store of value, as well as preserving the value of the national currency by ensuring the stability of the exchange rate as a nominal stabilizer for inflation.”
He added, “There are other benefits that come from increasing the volume of reserves with the central bank, including: an indicator of the strength and flexibility of monetary policy, and the reserves can also contribute to raising the indicators of creditworthiness of Iraq with international rating institutions.”
The Governor of the Central Bank touched on the reasons for issuing a new denomination of the local currency, saying, “The issuance of the new denomination is a procedure to modify the structure of banknotes and introduce an intermediate denomination that facilitates daily transactions, reduce the presence of old versions of currency denominations in circulation, and adopt modern security specifications in designing the denomination.” new technologies to reduce counterfeiting, especially since counterfeiting methods have developed thanks to technological development. LINK
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Henig: 20,000 dinars denomination.. The Central Bank talks about issuing a new currency: counterfeiting is a “development”
Baghdad today-Baghdad
The Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed today, Sunday, that there are 4 benefits for issuing a new denomination of the Iraqi currency, indicating that the methods of counterfeiting the currency have developed.
Makhaif said, in statements to Arab media followed by (Baghdad Today), that “the issuance of the new denomination is a procedure to modify the structure of banknotes and introduce an intermediate denomination that facilitates daily transactions, reduce the presence of old versions of currency denominations in circulation, and adopt modern security specifications in designing the new denomination to limit of counterfeiting operations,” noting that “counterfeiting methods have evolved thanks to technological development.”
Last September, the Central Bank announced its intention to issue a new currency of the category of 20 thousand dinars. LINK
Clare: Al-Janabi: The Central Bank is able to restore confidence in the Iraqi dinar soon
2023-01-07
Representative Ziyad Al-Janabi confirmed, on Saturday, that the Central Bank of Iraq is able to restore confidence in the value of the dinar soon, while indicating that the bank lent the government and saved it from going into the unknown.
Al-Janabi said in an interview with Alsumaria News We appreciate the position Central Bank of Iraq Who supported the Iraqi government with a cash loan of more than 30 billion dollars and saved it from going into the unknown at the time.
Al-Janabi referred to “the ability Central Bank of Iraq to overcome the current crisis facing the dollar in the local market,” stressing that “the central bank has taken successful strategic steps to end the current crisis.”
And Al-Janabi indicated that “this problem, which confused the state of the Iraqi market, will soon be resolved, and the central bank is able to restore confidence in the value of the Iraqi dinar and adjust technical matters in the near future,” stressing by saying that “the central bank has been able to raise the value of the dollar and gold reserves to a strategic amount, including a safe maneuver.” Good for the Iraqi government.” LINK
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Henig: Iraq drops part of Somalia’s debts for its difficult circumstance
Baghdad today – follow-up
The Director of the Department of the Horn of Africa and Sudan at the League of Arab States, Zaid Al-Sabban, confirmed that Iraq had informed the League of an official memorandum stating that part of Somalia’s external debt owed to Iraq had been forgiven.
Al-Sabban said, in press statements followed by (Baghdad Today), that “the successive Arab summit decisions asked Arab countries and funds to exempt Somalia from its foreign debts, given the exceptional circumstances that faced the Somali state over the past decades.”
He pointed out that Egypt has allocated a number of planes loaded with humanitarian aid to Somalia to confront the Corona crisis and the drought crisis.
He stressed that there is a huge work being done by many Arab member states of the League, such as Saudi Arabia, Qatar, Kuwait and the UAE, and that there is material and financial support provided by these countries and their development funds in favor of Somalia, which helped a lot in facing some challenges such as drought and food crisis and facing the repercussions of the war against terrorism, which greatly affected millions of Somalis and led to their displacement away from their villages and homes.
And Iraq had called, in March of last year 2022, on Somalia to pay off the debts incurred by it, while it issued an official invitation to the foreign and finance ministers of this country to visit the capital, Baghdad. LINK
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Henig: Kurdish deputy to / NINA /: The budget will reach Parliament during the current week.. and it will be legislated as soon as possible
08 January 2023
A member of the House of Representatives for the Kurdistan Democratic Party, Sabah Sobhi, confirmed: The budget will reach Parliament during the current week.. and it will be legislated as soon as possible.
He told the National Iraqi News Agency / NINA /: There is a serious move by the political blocs in order to pass the budget as soon as possible, despite the existence of some outstanding issues.
Sobhi added: We will vote on the budget before oil and gas because it is more important than it, as this law can be delayed.
And a member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said that the budget may be completed during the current week.
Al-Kazemi said in a televised statement yesterday evening: There is a political consensus regarding passing the 2023 budget, which may reach 140 trillion dinars.
He added: The investment sector will have 60% of the budget, and the proportion of the region in it will be more than 13% LINK
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Henig: The legislative recess ends tomorrow.. The House of Representatives reporter to / NINA /: We await the arrival of the general budget during the current month to proceed with its approval
08 January 2023
The Parliament will officially end its legislative recess tomorrow, Monday, while the parliamentary committees and circles are still awaiting the arrival of the draft federal budget law 2023, which the Council of Ministers has not decided to approve, pending the ministerial committees’ completion of drafting the final amendments.
Parliament Rapporteur, Representative Beida Khader, stated, in a statement to the National Iraqi News Agency / NINA /, that “the general budget 2023 is still with the Ministry of Finance, and the legislative recess for the House of Representatives ends tomorrow, Monday, and then the beginning of the new legislative term, and therefore we are awaiting the completion of the draft budget law.” during the current month and send it to parliament quickly for approval by a vote.
And she explained, “The House of Representatives proceeded with presenting and approving important legislation. The Presidency of the Council also decided to extend the parliament’s work for a month at that time, pending the arrival of the general budget from the government, but so far it is still incomplete.”
And she added, “If the general budget reaches the House of Representatives, there is supposed to be a special session to read and discuss it by the Finance Committee and other concerned committees, to proceed with presenting it to a vote.”
And the Presidency of the House of Representatives decided, on the eighth of last November, to extend the second legislative term / the first legislative year / the fifth electoral cycle, by one month, based on the provisions of Article (58 / second) of the constitution; This is to complete a number of necessary tasks and legislation. LINK
