Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday AM 2-28-24


Iraq Economic News and Points to Ponder Wednesday AM 2-28-24

Tlm724 Administrator Bondlady’s Corner

What Is The Impact Of Iraq’s Joining The BRICS Group?

 Today Information / private..Former member of the Foreign Relations Committee in the House of Representatives, Khaled Al-Assadi, confirmed on Tuesday that the  Sudanese government’s request to join the BRICS economic group is an extremely important step to organize the relationship with the Russian side politically, economically and security-wise, noting that

Russia announced its support for the Iraqi request. Al-Asadi told Al-Maalouma, “The  Iraqi government’s request to join the BRICS economic group is an extremely important step for the Sudanese government to diversify its relations with various countries of the world, especially Russia and the countries organizing the group.

” He added, “Iraq will actually participate in the group’s meetings until it gains full membership after completing the membership requirements procedures,” noting that “Russia announced its support for the Iraqi request.”

The Russian ambassador to Baghdad, Elbrus Kutrashev, affirmed Russia’s position in support of Iraq’s accession to the BRICS economic group, expressing Russia’s readiness to generously assist Iraq if it joins the group.ما-تأثير-انضمام-العراق-لمجموعة-بريكس

It Will Be Influential.” Iraq Completes Its Preparations To Join The World Trade Organization

Translated reports | Baghdad Today – Translation Today, Tuesday (February 27, 2024), the BNN network, which specializes in economic affairs, revealed that the  Iraqi government has completed the requirements for joining the World Trade Organization after its internal economic and trade conditions “improved,” in addition to improved investment conditions.

The network said, according to what Baghdad Today translated, that

Iraq has completed all preparations within the timetable set for it by the organization to integrate its commercial operations with its businesses around the world, stressing that

Iraq is now able to enter the global trade market through the organization on a large scale.

It is noteworthy that Iraq submitted an application to enter the organization in 2004, and

the application remained pending until the conditions for entry into the international organization were met, which have now ended. The network says that

Iraq “will return to becoming an influential member in terms of international trade and economics through the role it enjoys geographically and economically among the countries of the organization.”سيكون-مؤثراً.-العراق-ينهي-استعدادته-للانضمام-الى-منظمة-التجارة-الدولية.html

Financing Foreign Trade  

 Economical 02/28/2024  Muhammad Sharif Abu Maysam  Banking institutions and other financial institutions, such as insurance companies, play a prominent role in financing foreign trade, as  their role is not only limited to providing services for financial transfers in the field of foreign trade and reducing payment risks,

but also applies to the applications of the concept of financing as a tool to support competitiveness and facilitate business management.

Trade to include all large, medium, small and micro projects that contribute to achieving self-sufficiency in goods, and thus  stimulating trade and the ability to export, meaning that the concept of  “foreign trade financing” involves a financial activity based on providing direct or indirect support to trade as

As a result of a good business environment. Hence,  what is being said about canceling the currency auction in the Central Bank as the approved tool for organizing the financing of foreign trade in hard currency over a period of more than twenty years, and  moving to the first stages of managed flotation, by transferring the responsibility for financing to banks directly through the foreign currency they own.

It is, in fact, a financial activity that involves a privilege that must be conditional, as

banks that have qualified for electronic financial exchanges with correspondent banks abroad are usually characterized by accuracy and compliance with international banking standards after they gained the trust of those in charge of monetary policy in the country through the standards of successful banking work.

Foremost among these is the advantage of working in a comprehensive banking system, as

a bank that reaches the level of opening documentary credits and conducting external transfers electronically cannot be achieved unless it enjoys what any international bank enjoys, such as      providing all available electronic payment services, and  ensuring the presence of an electronic mechanism for auditing invoices and transfer operations.

With the Money Laundering Office at the Central Bank, in addition to the importance of the bank’s capital approaching a level that exceeds the volume of transactions, or at least 450 billion dinars before the end of the year 2024, as stated in the Central Bank’s instructions in this regard, and that

the bank is committed to the legal reserve and to the instructions of the Money Laundering Office.

He had never witnessed such delay before In paying public deposits.0 In view of this, there must be a real evaluation of credit rates, as they are the most important pillar of banking work,

which makes a serious contribution to supporting the sustainable development that everyone demands,      through a fair circulation of the monetary mass issued between deposits and credit rates, and    supporting economic projects in the business environment, in a way that     contributes to financing. Internal and external trade.

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Provoking Points To Ponder on Deception:

You k’n hide de fier, but what you guine do wid de smoke?  – Joel Chandler Harris

Deep versed in books and shallow in himself.  – John Milton

Half the work that is done in the world is to make things appear what they are not.  – E. R. Beadle

What we need is a rebirth of satire, of dissent, of irreverence, of an uncompromising insistence that phoniness is phony and platitudes are platitudinous.  – Arthur Schlesinger

If the world will be gulled, let it be gulled.  – Robert Burton