KTFA Membrs "News and Views" Tuesday 3-5-2024

KTFA:

RE: Monday Night CC:  https://fccdl.in/MeTj1sVDZZ

DeepWoodz:  imo.. thanks for the call Frank. Just a heads up… The listing USD/IQD = 2.81 would mean $1 = 2.81 dinar. Not the other way around. Even if this is true, definitely an improvement worthy of praise.  If you want to see the value of the dinar, simply list it the other direction. i.e….IQD/USD. Which equals .355.    1 dinar =0.35$

Frank26:  TEAMWORK !!! ...........I APPRECIATE YOUR HELP DW !!! TY KINDLY

DeepWoodz:  Something else I’d like to mention since you’re talking. I’ve been using Google the same way for several years now. You can type usdiqd into the search and Google has what I assume is a public rate of around 1310. So I am used to typing it in without the forward slash. 

When I do that in forexlive, I get the 1310 there also. It is interesting that without the /, the Iraqi and American flags pop up beside the pair. With the /, nothing pops up with the pair but the rates are much different (better).   Like you said, something is going on, and I like it.     Imo

Moparman:  I have found two exchanges so far showing the wonky movement of the dinar: the Toronto Stock Exchange and the Chicago Board Options Exchange. The CBOE is explicitly for options contracts. Intercontinental Exchange is still showing the 'official' rate of 1310 (IQD:USD -- the standard notation for ForEx pairing.)

The CBOE (USD/IQD) is showing USDIQD at 2.73 -- this means 2.73 dollars equals 1 dinar. The TSX (IQD/USD) is showing the inverse of that, which means .366 of 1 dinar equals 1 dollar -- .366 equals $2.73 per 1 dinar. They're responding in real time in sync.

As an example, a 25,000 dinar note would be $59,250 at that current rate.

Just thought it might help to post. No, this isn't the rate of the dinar currently -- it's futures options, which can run anywhere from 1 day up to 6 months -- but it absolutely shows something is going on with the dinar skyrocketing.

Addendum (I forgot to mention this): USD/IQD means how many dollars equal a dinar. IQD/USD (notice the inverse, it's flipped) means how many dinars equal a dollar. The 2.73 IS a dollar amount -- the inverse is how you'd calculate the exchange rate ($1 divided by .366 -- which is $2.73.) Someone was mentioning earlier that's not a dollar amount, but the USD/IQD way IS a dollar amount.

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Clare:  Dinar and dollar

March 4, 2024   Mohammed Rashid

Most of the crises that accompanied us led to the collapse of our national currency (the dinar) were due to the wars that were forcibly imposed on Iraq by some major powers for many years, and the dollar was the final command that dominated the economic scene and contributed to destroying the value of the Iraqi dinar.

In 1970, a piece of land with an area of ​​(600) square meters in the most prestigious place in our city of architecture was worth (5) thousand dinars, and today the same piece is worth (one billion) and (500) million dinars. This is how playing with the fate of peoples was in order to weaken them and control them. Its human and oil resources.

Today, the economic world is witnessing a qualitative boom in awareness, and very soon it will overthrow the “dollar” and its name will be changed in the coming period to “the dinar” and after a while to “the dollar,” and in the end it will completely lose its value and its printing price will be equal to (a number of cents).

In a televised interview with the “”Iraqi President, Engineer Muhammad Shiaa Al-Sudani””, he uttered a very important phrase (keep the dinar). Today, through my humble vision, I bear witness that the “”Iraqi dinar will return to its lofty economic value””, away from wars and violence, through a new era that imposes its cultural will in the region and the world.   LINK

DallasDude:  Well, this is as good as it gets as far as articles go...for some reason I am feeling a little more pep in my STEP today..

Moparman:  I believe when forex hits the desired number, we as investors go to the bank. This guy talking is just more proof that we will soon celebrate

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Clare:  Saleh confirms Iraq's monetary sovereignty and reduces the effects of speculation in the parallel market

3/5/2024

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, ruled out any effects on the exchange market due to “speculation” of the dollar in the parallel market.

Saleh told Al-Furat News Agency, “The effects on the exchange market no longer represent the real price operations of the basic market forces.”

He stated, “Parallel market operations are nothing but illegal speculative acts that profit from accidental profits on individual or marginal transactions and are undertaken by forces of speculators working against the law. This irregular parallel market has become isolated from the power of the official or regular market since the end of the legalization of economic transactions and the prohibition of... Any transactions in dollars in clearing debts within the national economy between natural and legal persons, as today any internal contracts, transactions or obligations concluded in foreign currency and denominated in a currency other than the national currency are not legally valid.”

Saleh noted that "this confirms the monetary sovereignty of our country through the stability of the national currency and dealing in it alone without the participation of foreign currencies in internal economic operations."

Raghad Dahham    LINK

Clare:  The Sudanese advisor details Iraq's financial situation and addresses exchange rates

3/5/2024   Baghdad

Today, Tuesday, the Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih, stated the real growth rate in Iraq’s non-oil gross domestic product, while referring to Iraq’s financial situation.

Saleh said, in an interview followed by “Al-Iqtisad News,” that “the basis comes from the strength of the foreign asset reserves that Iraq possesses, which exceed 100 billion dollars, and they are the cover of the national currency, which means that there is complete coverage of the national currency issued in foreign currency, which provides "Ideal stability for the Iraqi dinar exchange rate, in addition to the fact that these foreign reserves embody Iraq's commercial efficiency, as these reserves cover more than 15 commercial months, while the global standard is only three months."

He added, "We must not forget that the surplus in the current account of the balance of payments relative to the gross domestic product also did not fall below (positive 8%), which is a high indicator that reflects the strength of the external sector in the national economy, that is, its stability and growth."  

He pointed out that "the real growth rate in Iraq's non-oil gross domestic product has touched (6%), and it expresses the growing activities of important sectors, most notably the reconstruction, construction and housing movement, and the development of the transport and digital communications sector, and there is a continuing movement in developing the agricultural sector thanks to government support for crops." We expect Iraq’s grain production in the next few months to reach 6 million tons.”    LINK

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Clare:  Official: The issue of Iraq’s accession to the World Trade Organization is coming soon

3/5/2024

Undersecretary of the Minister of Commerce, Sattar Al-Jabri, considered on Tuesday that the issue of Iraq’s accession to the World Trade Organization was imminent, while he stressed that the current federal government would achieve self-sufficiency and not depend on the importer.

This came during his hosting of a discussion session on the sidelines of the seventh session of the activities of the third day of the Al-Rafidain Forum 2024 - Baghdad, under the title “Humanizing the Global Economy.”

Al-Jabri said during the hosting that the governmental curriculum developed by the Iraqi government is based on a strategy to keep pace with the development taking place in the global economy, as the government signed bilateral international memorandums of understanding in the field of trade and economics.

He stressed that "Iraq is seeking to enter the World Trade Organization, and the issue is coming soon."

The Iraqi government official spoke about the issue of import and export, saying: There is no trade balance between exported and imported materials, as the monetary mass was going to other countries, and this is what the current government seeks to address by relying on self-sufficiency.

 At the beginning of 2024, the Kingdom of Saudi Arabia announced its support for Iraq’s accession to the World Trade Organization, especially after the political obstacles that prevented it were removed.   LINK

KTFA Monday Night CC: "FRANK26….3-4-24…….FOREXLIVE.COM"

KTFA

Monday Night Conference Call

FRANK26….3-4-24…….FOREXLIVE.COM

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=L69tLJTL0ZU

Staff Concluding Statement of the 2024 IMF Article IV Mission

KTFA:

Clare: Staff Concluding Statement of the 2024 IMF Article IV Mission

March 3, 2024

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. 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. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

March 3, 2024: An International Monetary Fund (IMF) mission, led by Mr. Jean-Guillaume Poulain, met with the Iraqi authorities in Amman during February 20–29 to conduct the 2024 Article IV consultation. The following statement was issued at the end of the mission:

Economic growth is projected to continue amid fiscal expansion. Meanwhile, medium-term vulnerabilities to oil price volatility have increased significantly. Reducing oil dependence and ensuring fiscal sustainability while protecting critical social and investment spending will require a significant fiscal adjustment, focused on controlling the public wage bill and increasing non-oil tax revenues. In parallel, higher economic growth will be needed to absorb the rapidly expanding labor force, boost non-oil exports and broaden the tax base.

The authorities should therefore seek to enable private sector development, including through labor market reforms, modernization of the financial sector and restructuring of state-owned banks, pension and electricity sector reforms, and continued efforts to improve governance and reduce corruption.     

Economic Outlook and Risks

Growth in the non-oil sector has rebounded strongly in 2023 while inflation receded. Supported by increases in public expenditure and solid agricultural output, real non-oil GDP is estimated to have grown by 6 percent in 2023 after stalling in 2022. Headline inflation declined from a high of 7.5 percent in January 2023 to 4 percent by year-end, reflecting lower international food and energy prices, and the impact of the February 2023 currency revaluation. The current account is expected to have recorded a surplus of 2.6 percent of GDP and international reserves increased to US$ 112 billion.

These positive developments were supported by the normalization of trade finance and the stabilization of FX market. After some initial disruptions following the introduction of new anti-money laundering and combating financing of terrorism (AML/CFT) controls on cross-border payments in November 2022, the improved compliance with the new system and the Central Bank of Iraq (CBI)’s initiatives to cut processing time led to a recovery in trade finance in the second half of 2023. This ensured private sector access to foreign exchange at the official rate for imports and travel purposes.

In the meantime, the fiscal position worsened. Although the expansionary budget was under-executed due to delayed Parliamentary approval, the fiscal balance still declined from a surplus of 10.8 percent of GDP in 2022 to a deficit of 1.3 percent in 2023, due to lower oil revenues and an increase in expenditures by 8 percentage points of GDP, of which salaries and pensions contributed 5 percentage points as the authorities started hiring in line with the budget law.

Overall growth is projected to rebound in 2024 and risks are tilted downwards amid heightened uncertainty. Non-oil growth momentum will continue in 2024. Larger declines in oil prices or extended OPEC+ cuts could weigh on fiscal and external accounts. If regional tensions escalate, a disruption of shipping routes or damage to the oil infrastructure could result in oil production losses that could outweigh the potential positive impact of higher oil prices.

 In case of a deterioration in domestic security conditions, this could lead to a decline in business sentiment and suspension of investment projects. Over the medium term, non-oil growth is projected to stabilize around 2.5 percent given existing hurdles to private sector development. Furthermore, vulnerability to oil price declines has increased as higher expenditures are projected to push the fiscal break-even oil price above $90 in 2024. Absent new policy measures, the fiscal deficit is expected to reach 7.6 percent in 2024 and widen further thereafter as oil prices are projected to gradually decline over the medium term. As a consequence, public debt would almost double from 44 percent in 2023 to 86 percent by 2029.

Policy Priorities

An ambitious fiscal adjustment would be required to help stabilize debt in the medium term and rebuild fiscal buffers, while protecting critical capital spending. Most of the fiscal adjustment would have to come from reducing current expenditure, especially controlling the wage bill by limiting mandatory hiring and gradually introducing an attrition rule. The authorities should also seek to increase non-oil revenues by broadening the personal income tax base and making it more progressive, reviewing the customs tariff structure, and considering new taxes on luxury items.

In parallel, efforts to make revenue and customs administration more efficient should continue. Further savings could be obtained through better targeting social support and increasing cost recovery within the electricity sector. These adjustment measures should provide room for the expansion of the targeted social safety net.

The authorities should also strengthen public financial management and limit fiscal risks. The mission welcomes initial steps towards the establishment of a Treasury Single Account (TSA), which is crucial to improve cash management. Further progress is needed and close cooperation between the CBI and Ministry of Finance will be essential. The next steps are to define TSA design options and complete the bank account census. In future years, overall ceilings on the issuance of guarantees should be specified in the budget law and be enforced. The mission advise against the use of extrabudgetary funds and highlights potential fiscal risks associated with their use. As a second best, it would be important to ensure the Iraq Fund for Development has appropriate governance arrangements, including governing board independence while ensuring transparency of the Fund’s activities including by publishing its investment plans in the annual budget documentation and restricting its ability to borrow. 

The mission encourages the authorities to build on the CBI welcomed efforts to reduce excess liquidity. The CBI appropriately raised the policy interest rate and reserve requirements, introduced a 14-day CBI bill facility last summer, and scaled back its subsidized lending to the real estate sector. However, monetary policy pass-through has been muted, hampered by large excess liquidity and lack of market incentives in financial intermediaries, especially at state-owned banks. The CBI’s ongoing efforts should be supported by consolidating idle government deposits in a TSA, refraining from procyclical fiscal policy, reducing the reliance on monetary finance, and improving public debt management. In parallel, efforts to develop an interbank market with the help of IMF technical assistance should continue. The mission also welcomes the authorities’ steps to speed up the digitalization of the economy, reduce the reliance on cash and enhance financial inclusion.

Wide-ranging structural reforms are needed to foster private sector development and economic diversification. Iraq needs higher and more sustainable non-oil growth to absorb the rapidly growing labor force, increase non-oil exports and government revenue, and reduce the economy’s vulnerability to oil price shocks. Key reform priorities include:

• Adopting a comprehensive employment strategy aimed at phasing-out mandatory hiring in the public sector, leveling the playing field between public and private jobs, addressing mismatches between educational curricula and the skills needed in the private sector, and strengthening labor market institutions. The strategy should also aim at reducing informality and addressing legal, social, and cultural impediments to women’s participation in the workforce.

• Accelerating financial sector reform to improve access to credit. The authorities are committed to modernizing the banking sector and supporting banks’ ability to secure correspondent banking relationships and have taken steps towards consolidation of small private banks. Efforts to restructure the two largest state-owned banks should intensify, including by expediting certification of past financial statements and implementation of core banking systems, and enhancing corporate governance in line with best practices.

• Implementing a comprehensive pension reform. This is urgently needed to reduce the overall projected fiscal costs of the public pension scheme, better align the benefits and rules across the public and private schemes, ensure adequacy of pensions and intergenerational equity, and increase the ratio of workers participating in the private pension scheme.

• Combating corruption and improving governance, particularly by strengthening the institutional and legal frameworks needed to ensure the independence of the Integrity Commission and the Board of Supreme Audit, enhancing the publication of assets and conflicts of interests declarations for top level officials, and adopting an updated anticorruption strategy. Further, public procurement and business regulations should also be enhanced. The authorities should also continue to strengthen the AML/CFT framework and its effectiveness, including in the banking sector, guided by the priority actions identified in the MENAFATF Mutual Evaluation that will be concluded in May 2024.

• Removing other hurdles to private sector development by reforming the electricity sector to improve efficiency, cost recovery, and reliable access; simplifying procedures for business registration; and upgrading critical infrastructure.

The IMF staff team stands ready to support the authorities in their reform efforts and would like to thank them for constructive and productive discussions during this mission.

IMF Communications Department
https://www.imf.org/en/News/Ar.....iv-mission

KTFA Sat. Night CC: "FRANK26….3-2-24……IMO…SOMETHING IS GOING ON"

KTFA

Saturday Night Conference Call

FRANK26….3-2-24……IMO…SOMETHING IS GOING ON

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

https://www.youtube.com/watch?v=zaXtkcR-lzA

KTFA Thursday Night CC: "FRANK26….2-29-24……CALM DOWN"

KTFA

Thursday Night Conference Call

FRANK26….2-29-24……CALM DOWN

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

https://www.youtube.com/watch?v=1h8DQ25D26g

Some "Thursday Iraq News" Posted by Clare at KTFA 2-29-2024

KTFA:

Clare:  Iraq signs a memorandum of understanding with the Japanese company Toyota

2/29/2024- Baghdad

The Minister of Electricity, Ziyad Ali Fadel, sponsored today, Thursday, the signing of a memorandum of understanding with the Japanese company Toyota. To develop the networks and capabilities of the electrical system.

A statement from the ministry, received by Mawazine News, said: “The memorandum was signed in the presence of the Japanese ambassador and stipulates that the Japanese company will finance and implement a number of special projects in the production, transportation and distribution sectors, and joint committees will be formed between the two parties to determine the list of projects proposed for implementation and their priorities.”

The statement continued, “After concluding the memorandum of understanding, the Minister of Electricity expressed his great appreciation for Japan’s role in supporting Iraq and the contribution of Japanese companies to its reconstruction operations, especially in the energy sector,” reiterating his “call on foreign companies to seize the available investment opportunities and implement various projects in the electricity sector.”   LINK

Clare:  The launch of the Erbil International Motor Show with the participation of 120 international companies (photos)

2/29/2024

Today, Thursday, the city of Erbil witnessed the opening of the ninth edition of the Erbil International Motor Show, while 120 companies participated, half of them Chinese and eight international companies, most notably Mercedes-Benz, Ford and BMW.

Shafaq News Agency correspondent said, today, the ninth Erbil International Exhibition for cars, spare parts and accessories was opened with the participation of 120 car companies, and it specializes in spare parts and includes 200 brands.

He added that 60 companies from China and eight major international companies such as Ford and Mercedes-Benz are participating, consisting of 13 brands, and the event will continue until the 3rd of next month.

The reporter added that the exhibition opens daily from 11-7 p.m., and provides the possibility of buying and selling cars, spare parts, and registering commercial car agencies.  LINK

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Clare:  The International Monetary Fund promises to support digital transformation in Iraq

2/29/2024

Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman.

The Ministry of Finance said in a press statement, “During the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” ".

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .

The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.   LINK

Clare:  Al-Sudani: The investment environment in Iraq has become promising, welcoming and open

2/29/2024

On Thursday, Prime Minister Muhammad Shiaa Al-Sudani described Iraq’s investment environment as “promising, welcoming and open after the financial, administrative and banking reforms carried out by the government he heads.”

This came during his reception of a delegation from the Turkish company Limak, which specializes in transportation and construction projects, headed by the company’s founder Nihat Ozdemir, according to a statement issued by the Presidency of the Council of Ministers.

At the beginning of the meeting, Al-Sudani pointed out the investment and development opportunities that the company can contribute to in Iraq, especially in the areas of infrastructure and transportation projects, and what is related to the development road projects and the Grand Al-Faw Port, as well as road, bridge and industrial city projects in various governorates.

The Iraqi Prime Minister reiterated the government's welcome of companies with high technical and operational experience, explaining that the investment environment in Iraq has become a promising, welcoming and open environment, especially after the financial, administrative and banking reforms took their course, and the private sector was qualified to conclude fruitful partnerships with international companies.     LINK

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Clare:  The International Monetary Fund indicates a decline in inflation rates and the stability of the foreign exchange market in Iraq

2/29/2024

The International Monetary Fund indicated a “significant decline” in inflation rates, which was reflected in the decline in food and energy prices, in addition to the stability of the foreign exchange market in Iraq, as announced by the Ministry of Finance.

The ministry stated in a statement that an Iraqi delegation headed by Finance Minister Taif Sami concluded today, Thursday, its discussions with the Article IV mission of International Monetary Fund experts in Amman, during which the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing... Non-oil revenues.

The statement quoted the delegation as confirming that the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction, indicating its intention to continue discussions and consultations during the Fund’s periodic annual meetings.

The statement added that the Fund's mission praised "the strong return of growth in the non-oil sector during 2023, with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices."

According to the statement, the mission “noted the positive developments in the return of trade financing operations to their normal course and the stability of the foreign exchange market following the implementation of anti-money laundering and anti-terrorist financing controls on cross-border payments.”

It is noteworthy that the International Monetary Fund’s Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets with the member country and conducts formal consultations with its officials.   LINK

KTFA Wed. Night CC: " FRANK26….2-28-24……PEOPLE GET READY….."

KTFA

Wednesday Night Conference Call

FRANK26….2-28-24……PEOPLE GET READY…..

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=a3DNpeAh6x0

Some International Iraq News Posted by Clare at KTFA Tuesday 2-27-2024

KTFA:

Clare:  The Territory Commercial Bank announces financing Iraq's trade with India in rupees

2/27/2024  Baghdad

The Territory Commercial Bank announced financing trade between Iraq and India in the rupee currency.

The bank said in a press statement, “We announce the launch of a pioneering initiative to enhance trade exchange between Iraq and India, where trading partners can now conduct their financial transactions in the Indian rupee. This step aims to facilitate and accelerate commercial operations between the two countries by providing simplified and effective financial solutions.”

He added, "Within the framework of this initiative, the Territory Commercial Bank opened an account in Indian rupees with DBS Bank in New Delhi, which allows cross-border financial transactions to be carried out more easily and efficiently. This transformation aims to eliminate the challenges related to currency exchange and reduce transaction costs and the time required to complete them." “This will reflect positively on the efficiency of trade between Iraq and India.”

The bank indicated that we assure our customers that all transactions in the Indian rupee will be conducted in accordance with the laws and directives set by the Central Bank of Iraq, to ​​ensure complete safety and transparency in all operations.

The bank called on companies operating in the field of trade between Iraq and India to benefit from this service, which provides them with the opportunity to improve efficiency and reduce costs.   LINK

Frank26:   "THERE IT IS AGAIN & AGAIN!!!".........F26

 Al-Atwani calls on the International Monetary Fund and the World Bank to provide the necessary support to Iraq

2/26/2024  Baghdad – 

Chairman of the Finance Committee, Representative Atwan Al-Atwani, called on the International Monetary Fund and the World Bank to provide the necessary support to Iraq in the areas of exchanging experiences and training national cadres.

 The media office of the Chairman of the Finance Committee stated in a statement received by the Iraqi News Agency (INA), that “The Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, participated this evening, Monday, via closed-circuit television, in the deliberative meeting of the International Monetary Fund regarding the financial and economic situation in Iraq.”  

He added, "Al-Atwani provided a complete briefing on the financial and economic situation and the provisions and programs included in the tripartite budget law for the years (2023-2025) that are consistent with the government program to advance various sectors, activate the private sector, encourage investment, and support investors, in order to achieve sustainable development." 

Al-Atwani stressed, according to the statement, that “approving the tripartite budget gave the government great comfort in terms of contracting, implementing projects, and attracting foreign companies to implement major projects,” pointing out that “the Finance Committee, through monitoring spending and financing and implementing plans and programs, seeks integration between the legislative and executive authorities.” Because we want this government to succeed, especially since it is taking steady steps towards achieving the aspirations of the people.” 

Al-Atwani pointed out that “the National Service Government is serious about moving the wheel of the economy and development and has ambitious programs to advance various productive sectors and maximize non-oil revenues, to leave the state of excessive dependence on oil in forming the general budget.” 

Al-Atwani concluded his participation by calling on the International Monetary Fund and the World Bank to provide the necessary support. For Iraq in the areas of exchanging experiences and training national cadres, to develop our banking system, especially as we are moving towards activating the digital financial dealing system and automating taxes, customs and other service sectors that generate financial revenues for the state.  LINK

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Clare:  The World Trade Organization approves new rules to facilitate the exchange of services

2/27/2024

On Tuesday, the World Trade Organization approved new rules to facilitate the exchange of services between more than 70 of its member countries, despite initial objection from India and South Africa.

 The European Union said in a statement that the agreement will contribute, by facilitating administrative mechanisms and technical rules, to reducing the costs of global trade in services by more than $119 billion every year, according to Agence France-Presse.

 In turn, European Trade Commissioner Valdis Dombrovskis explained, during the thirteenth Ministerial Conference of the World Trade Organization held in Abu Dhabi, that “reaching this result and integrating it into the World Trade Organization was not an easy matter.”

He added, "We faced opposition from two members of the organization, but the 'spirit of compromise' removed the obstacles in the end," without naming the two countries.

For her part, the Director-General of the Nigerian organization, Ngozi Okonjo-Iweala, thanked “India and South Africa for finding a way forward.”

The value of global services exports is estimated at more than $6.5 trillion, representing 23% of total global trade, according to the European Union.

The new WTO agreement applies to the 71 member states that have signed it – representing 92% of global trade in services – but businesses from other member states can benefit from it too.

China, the United States, and the European Union are among the signatories to the agreement, while India and South Africa have not signed it.

Costa Rican Foreign Trade Minister Manuel Tover, whose country led the negotiations on the agreement, considered it an “important stage” for the member states of the organization.

"This is the first result achieved by the WTO in the field of services in more than 25 years. It is a real success story for this organization," he said.  LINK

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Clare:  The Minister of Commerce discusses with the Director of the International Trade Center the formula for joint action and support for Iraq to obtain membership in the WTO

2/26/2024

Today, Monday, in Abu Dhabi, the Minister of Commerce, Atheer Daoud Al-Ghurairi, discussed with Pamela Cook-Hamilton, Executive Director of the International Trade Center ITC in Geneva, the formula for joint action, supporting Iraq’s accession to the World Trade Organization, and strengthening the capabilities of the administrative staff on the economic and commercial tracks.

During the meeting, the Minister stressed the Iraqi government's desire to integrate into the global multilateral trading system to stimulate and revitalize the role of the Iraqi economy by supporting reforms and legislation to be consistent with the market system and enhancing the country's economic capabilities.

Minister Al-Ghurairi pointed out that we in Iraq need to focus support in intensifying training and capacity building to create models from a generation of trained employees who are aware of the vision of the principles and concepts of the market economy to be qualified to lead the next stage in light of the government’s approach to this aspect.

Al-Ghurairi continued by saying: We are happy to work with your team and the support provided to complete the files required for Iraq’s accession to the World Trade Organization, stressing the desire to benefit from the capabilities of the center and its training institute to train and create a diplomatic, commercial generation.

For her part, the Director of the Trade Center expressed readiness to provide more support to Iraq to fulfill the requirements of the next stage in building and strengthening the capabilities of the new generation in accordance with market standards to achieve sustainable development goals and develop the institutional capabilities of the relevant ministries, in addition to strengthening the capabilities of the private sector and small and medium enterprises and supporting youth projects.

And increase their skills, stressing the center’s commitment to Iraq in providing all the support and technical assistance it needs, along with the continuity of joint cooperation, in a way that serves the directions of the Ministry of Commerce in strengthening its work in formulating economic and trade policy. LINK

Clare:  The Minister of Commerce stresses the necessity of activating the joint committee between Iraq and Malta

2/27/2024   Baghdad

On Tuesday, Minister of Commerce Atheer Daoud Al-Ghurairi stressed the Iraqi government’s directions to expand and develop economic and trade relations at all levels with all countries of the world, while indicating the necessity of working to activate the joint committee emerging from the agreement signed between Iraq and Malta in 1985.  LINK

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Clare:  The Minister of Commerce discusses in Abu Dhabi with the World Trade Organization the completion of procedures for Iraq to join the organization

2/27/2024

The Minister of Commerce, Atheer Al-Ghurairi, met in Abu Dhabi with Assistant Director-General of the World Trade Organization, Zunk Shank Shank, and discussed with him the completion of Iraq’s procedures to complete the required files, support reforms and legislation to be consistent with the market system, and strengthen the country’s economic capabilities to complete the requirements of the next stage of the accession process.

The Minister stressed in a statement, “the keenness of the working group on accession to continue by strengthening cooperation with the organization’s accession department and the head of the working group, Saudi Ambassador Saqr al-Muqbel, whose recent visit to Iraq provided great support for the efforts and steps taken by the national committee concerned with accession, which he chaired, to complete all requirements in a way that achieves Iraq's integration into the multilateral trading system.

During the meeting, the minister stressed "the hope that the efforts of the organization's working group will focus on supporting the accession of important countries, including Iraq."

Al-Ghurairi continued, "The Iraqi government, within its government program and the measures it took to raise the level of draft laws and support the role of the private sector, recorded international signals of its endeavor and eagerness to return to the economic system due to its geographical and economic importance in the region."

For his part, the Assistant Director General of the organization confirmed, “The organization is looking forward to and following the steps for Iraq’s accession carefully, given that Iraq is one of the important and powerful economies that is still outside the organization, and that Iraq’s presence within the organization’s membership will be a great added value to the organization and to the global economy.”

He praised the advanced stages accomplished by the Ministry of Commerce in terms of completing and submitting the technical files on goods and services in trade, which will speed up the holding of the third round of negotiations, wishing for the continuity and continuity of momentum and work to complete the requirements for accession, amend the required laws and legislation, and complete the technical files within their specified timing, as the team will present We support him to complete his journey to join and we celebrate him in the next ministerial meeting of the organization.”   LINK

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Clare:  Parliamentary agreement with the European Union mission: European financial and banking institutions are preparing to invest in Iraq

2/27/2024

The Parliamentary Investment and Development Committee agreed, with the European Union mission in Iraq, on a number of economic files, while the European mission revealed new financial and banking projects to work in Iraq.

The head of the committee, Representative Hassan Al-Khafaji, said in a joint press conference today, Tuesday, “We hosted the European Union ambassador to discuss a number of files related to new legislation. We also agreed to cooperate to combat corruption, and to work together to allow European companies to enter the Iraqi local market, exchange economic and commercial experiences, and open new European factories.” In Iraq and refining the capabilities of Iraqi competencies in various fields.

He added, "We asked the European side to open a permanent office and headquarters inside Iraq because they currently have no headquarters except inside the British Embassy. We also asked to open banking branches in Iraq that finance industrial and investment projects, with full support provided by the government and the House of Representatives in matters of reconstruction, investment, and loans." He pointed out that there are currently joint projects in Baghdad, Babylon, and Karbala, where the European Union is interested in infrastructure. He

continued to say, “We requested funding for many projects, especially with Iraq’s accession to the International Arbitration Organization and the vote on the partnership law between the private and public sectors, which allows foreign companies to enter.” And to work in Iraq and participate with the private sector for reconstruction and building the new Iraq. We also agreed on unified action to bring in reputable companies similar to companies operating in the Middle East and international companies that contributed to building Iraq’s factories during the era of the eighties and seventies.

In turn, Ambassador Thomas Seller said, “We met with Parliamentary Investment and Development Committee: As a European Union mission, we concluded that the European Union must make more efforts for European companies to invest in Iraq, and we must work together to provide the conditions that enable Europe to invest more in Iraq.”

He added, "We discussed the legislative necessities in order to achieve economic stability in Iraq, as well as investment stability, and these are steps that must be taken by the Iraqi parliament, and there are many laws that support this, including the investment law, the partnership law between the public sector and the private sector, and others, and all of this is part of the trend." The government aims to combat corruption and support investment and the economy.”

He added, "We discussed many issues and details, and all of these are part of Europe's interest in the stability of Iraq, because we see that Iraq can play an important central role in the region politically and economically, and in order to achieve this we must talk about developing the European Union's investment programs, especially the financial and banking institutions, which are The European Bank for Reconstruction and Development, which we expect will soon come to work in Iraq, as well as the European Investment Bank, which is concerned with providing loans and expertise to support infrastructure projects.”

He explained, "This matter requires a lot of continuous work, but we have committed ourselves to working in this aspect for the benefit of the Iraqi citizen, and we will cooperate with the local authorities to achieve this." LINK

KTFA Monday Night CC: " FRANK26….2-26-24……THERE IT IS AGAIN"

KTFA

Monday Night Conference Call

FRANK26….2-26-24……THERE IT IS AGAIN

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=osvPrxhzv44

KTFA Sunday Night CC: "FRANK26……2-25-24……THIS IS IT"

KTFA

Sunday Night Conference Call

FRANK26……2-25-24……THIS IS IT

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

https://www.youtube.com/watch?v=bTJy_6Jx5Eg

Is it time to delete zeros from the Iraqi dinar ?

KTFA:

Clare:  Ziad Al-Hashemi, a researcher in international economy (Cambridge/UK) writes to Iraq Observer: Is it time to delete ?zeros from the Iraqi dinar

February 24, 2024 Opinions / Iraq Observer

The dinar and its three zeros - is it time to symak the dinar and return to the dinar 1980 Since the beginning of 2010, the talk within the Iraqi economic community has expanded about the zeros that burdened the dinar for nearly two decades, and the need to deal with them, and to rid the dinar and free it of the burden of heavy zeros.

The goal is (return to the value of 1980 dinar), like the issues and topics discussed and interacted by Iraqis, opinions have varied and differed between an enthusiastic supporter of deleting zeros and a hesitant and rejecter, and the .state of disparity continues to this day

The process of deleting zeros is related to replacing the old currency with multiple zeros with a new currency free of zeros.

In the case of the Iraqi dinar, for example, the prevailing proposal is to replace every thousand dinars of the current currency with one dinar of the new currency, and as is traded among economists in general and cashians in particular, the deleting zeros can achieve many benefits, the most important of which is getting rid of high inflation pressures on the economy and restoring confidence in the national currency and the monetary system as a whole, facilitating accounting processes and cash exchange between citizens, and reducing the cost of managing and maintaining the monetary block by reducing its .volume under circulation

These and other benefits have encouraged some countries to adopt the process of deleting zeros from their zero-sweaden currencies, in an attempt to get rid of the burdens of inflation, or to start a new economic page, going beyond the mistakes of the past.

According to some statistics, dozens of countries have tended to delete zeros, including countries in South America, Iran, Turkey and other countries in Africa and East Asia, and in total, we have 70 deletions of currency .zeros since 1960 until today Returning to the Iraqi situation, the huge accumulations over the past decades were the main and direct reason for the loss of the dinar of its value that it enjoyed during the seventies and eighties of the last century.

Some statistics indicate that the Iraqi dinar lost by 400,000% of its value between the years 1990- 2007, meaning that the commodity that the citizen bought for 100 dinars in 1990 became buying it for 400 thousand dinars in 2007, and this is a huge huge increase, which cast a shadow on the Iraqi markets and the Iraqi commercial movement, increased the pressure on public money, and ate from the value of the citizens' cash savings, or in other words, greatly weakened the purchasing power of consumers

Accompanied by this Continuing to print the currency and increasing the cash mass in circulation, which until 1980 did not exceed 25 billion dinars, to rise in the 1990s to 40 billion, then the huge jump came in 2003 to reach the cash mass to 6 trillion dinars and exceed 27 trillion dinars in 2010 until we reached the level of more than 100 trillion dinars, and the number is able to increase, and the 25 dinars note was the largest banknote in 1990

But today we have the categories of .25,000 and 50,000 dinars Because of the achievement of a kind of security and economic stability in Iraq supported by a strong financial position due to the large oil revenues that generated huge reserves of hard currency, a group of financial and economic experts believe that it is time to start to scalate the dinar and delete its three zeros, where the process (in their opinion) will achieve a lot of positives that the Iraqi economy needs, the first of which is the return of the dinar as a store of value, restore confidence in the monetary system, reduce the demand for hard currency and get rid of the phenomenon of dollarization that has caused the economy and squandered huge financial wealth.

With the process of of flining the dinar, the issued cash mass can be reduced from 100 trillion to 100 billion and this is a number that can be managed more Efficient and .less expensive Despite the validity and opponence of this opinion in many aspects, there are some issues that must be taken into account before making such a decision.

The process of deleting zeros will not provide a magic solution alone through which the Iraqi monetary system can get rid of inflation and cover behind a young currency without zeros. Experience has shown that many countries have not benefited sufficiently from the process of deleting zeros, as the value of currencies have deteriorated in some cases, and the new currencies have returned to accumulate zeros again, in an undoubted confirmation that the fight against inflation requires other more effective solutions that are applied in parallel with the process of deleting zeros

And from those experiences, the experience of Brazil Which has been deleting zeros seven times since 1930 and with a total of 18 zeros, and this country succeeded only in the attempt in 1993, when the process of deleting zeros was associated with an economic reform process targeting the roots and .causes of inflation

 With a quick look, we find that the Iraqi economy still suffers from serious structural and structural problems, including the issue of high rent, the fragility of the non-oil sectors and the deterioration of their domestic product, and the lack of sufficient discipline in monetary and financial policies and the ambiguous relationship between the two policies, not to mention the obsolescence of administrative and banking systems and the penetration of corruption all joints and sectors of the economy, and other negatives, and until the process of deleting zeros is achieved,

it is important to precede the implementation of an effective economic reform program that re-engineers and structures economic sectors, accompanied by a review and evaluation of both monetary and financial policies and adjusting the relationship between them, and developing appropriate plans to manage the transitional smoothly from an old currency burdened with zeros.

To a nascent currency that needs care and good management, so that the country can actually achieve the maximum benefit from the process of .deleting zeros and sinarg In addition, carefully choosing the appropriate timing for the implementation of the process of deleting zeros is one of the most important success factors that must not be absent from the monetary decision-maker.

 The wrong timing in implementation may negatively affect the behavior of consumers, confusing the markets (including financial markets), hitting the reputation of the new dinar, returning to the state of dollarization, fleeing capital, providing new ways and paths for money laundering operations, supporting irregular and illegal operations.

This may lead to further rises in prices and inflation rates, and this means complete failure of the dinar flighting process. This process is considered a double-edged weapon that requires a high level of carefulness, planning and good execution, away from speed In the implementation to search for rapid economic or political gains

So I say in conclusion, that Iraq still needs more time, effort and work to study this process in a deep and extensive manner and prepare the necessary conditions and tools that the country needs to reach the stage of the ability to implement the process of faltering the dinar effectively and successfully, and then reap its fruits and benefit from it according to the plans set, then we can say with reassuringly that Iraq has become a strong dinar that maintains its value, comparable to other strong currencies around the world, and may be even stronger .than the 1980 dinar

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Henig:  The goal is (return to the value of 1980 dinar), like the issues and topics discussed and interacted by Iraqis, opinions have varied and differed between an enthusiastic supporter of deleting zeros and a hesitant and rejecter, and the .state of disparity continues to this day The process of deleting zeros is related to replacing the old currency with multiple zeros with a new currency free of zeros.

In the case of the Iraqi dinar, for example, the prevailing proposal is to replace every thousand dinars of the current currency with one dinar of the new currency, and as is traded among economists in general and cashians in particular, the deleting zeros can achieve many benefits, the most important of which is getting rid of high inflation pressures on the economy and restoring confidence in the national currency and the monetary system as a whole, facilitating accounting processes and cash exchange between citizens, and reducing the cost of managing and maintaining the monetary block by reducing its .volume under circulation

Henig:  THAT'S what I'm talkin' about!!!!   Outstanding find, Miss Clare!!! Well done!!!

DallasDude:  And furthermore the Iraqi Dinar in 1980,
1,980 dinars = $1.51 USD..IMO   Good stuff Claire..