KTFA – News, Rumors and Opinions Sunday AM 3-3-2024


Frank26:  “SO IS THE WHOLE WORLD!!!”……………F26

 Iraq is looking forward to joining the World Trade Organization

3/1/2024   Baghdad

Today, Friday, the Ministry of Commerce confirmed the government’s aspiration to join the World Trade Organization, especially after the Saudi representative in the organization, Saqr Al-Muqbel, was named to manage Iraq’s accession file, noting that his recent visit to Baghdad contributed to addressing a number of important files.

The ministry’s official spokesman, Muhammad Hanoun, told the official media and followed by “Al-Ghad Press” that“Iraq joined as an observer in the World Trade Organization from 2004, and until 2023. This accession facedmany problems and challenges, the most recent of which was the failureto pay dues to join the observer organization

But after… The announcement of the government program by Prime Minister Muhammad Shiaa Al-Sudani began work again on the possibility of Iraq joining this organization, as two sessions took place and a dialogue was held with the organization by the Iraqi negotiating team headed by the Minister of Commerce, Atheer Al-Ghurairi, which included all the relevant Iraqi ministries and bodies. 

Hanoun added, “The World Trade Organization assigned the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation that the Iraqi economic reform team in the Prime Minister’s Office would carry out.” By addressing it within the frameworks and legislation within which the World Trade Organization operates.” 

He continued, “Joining will achieve many things for Iraq, most notably that it will support the file of Iraqi goods and facilitate their entry into global markets, and secondly, the harmonization of Iraqi laws and regulations with international laws and regulations,” pointing out thatIraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws.” . 

He stressed, “Minister of Trade Atheer Al-Ghurairi attended the third session of the World Trade Organization, which was held in the Emirate of Dubai in the UAE, and met with the Assistant Director-General of the organization. We believe that the meeting will achieve progress in achieving the government’s aspirations regarding accession in an accelerated manner,” appreciating “the Saudi efforts in overcoming many special obstacles.” Iraq’s accession to the World Trade Organization.   LINK



The Iraqi Central Bank confirms to Shafaq News the provision of five foreign currencies as an alternative to the dollar for merchants


 The Central Bank of Iraq confirmed, on Saturday, that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank.

Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee).

He added, “These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency.”

Last week, the Central Bank of Iraq’s total sales of hard currency in US dollars amounted to more than one billion dollars.

Shafaq News Agency correspondent stated that the Central Bank sold during the past week, and for a period of five days during which the auction was opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, lower than what it recorded the previous week, when it amounted to one billion and 62. One million 587 thousand and 198 dollars.   LINK


Courtesy of Dinar Guru:  https://www.dinarguru.com/

Frank26  Question ‘Will 25000 [dinar note] still be worth the same if it’s 1 to 1?’  Yes.  A 25000 Iraqi note at a rate of 1 to 1 is equal to $25,000. 

Frank26    Question:   “Will they make a formal announcement in Iraq just prior to letting the RI go?”  No.  There won’t be any announcement.  It’s actually going to be snuck up on them.  One day the Iraqi citizens will wake up and they’ll get a text or ping or whatever and they’ll be notified to get your butts into the banks and they will be given what will be given to them…

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