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6ly410

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Posts posted by 6ly410

  1. 14 minutes ago, 6ly410 said:

    He added that "these currencies have become available to traders and the purpose of financing foreign trade, where the trader can now when he imports goods from China pay the Iraqi dinar to the Iraqi bank and through the bank the amount is paid to the Chinese company and factory in Chinese currency.

     

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  2. Iraq completes requirements to join WTO

    Iraq completes requirements to join WTO

    Part of the Iraqi capital, Baghdad. Photo: Shafaq News

    Baghdad (IraqiNews.com) – The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq fulfilled the conditions necessary to become a member of the World Trade Organization (WTO) following the completion of economic reforms and the enhancement of the investment climate.

    Al-Ghurairi told the Emirates News Agency (WAM) that Baghdad finalized issues related to goods and services in accordance with the deadlines set for integration into the international trade system.

    The remarks of the Iraqi Trade Minister took place during his participation in the 13th Ministerial Conference of the WTO held in the UAE capital, Abu Dhabi.

    The Iraqi government expressed interest in joining the WTO after submitting a request to do so in 2004. Iraq needed to be a member of the multilateral international trade system in order to regain its place as a major player in the global economy.

    Al-Ghurairi mentioned that an Arab-level gathering would be held to hear about their experiences prior to joining the organization and how to take advantage of its benefits.

    In addition to debating the future of the global trade movement in light of current challenges, Al-Ghurairi said that the conference sends a strong message to the countries of the world about the value of joining this organization.

    The Iraqi official added that Iraq is attempting to expand its commercial and economic connections around the world in order to create new opportunities for collaboration.

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  3. The Central Bank of Iraq confirms to Shafaq News the provision of five foreign currencies alternative to the dollar for traders

    The Central Bank of Iraq confirms to Shafaq News the provision of five foreign currencies alternative to the dollar for traders
    2024-03-02 07:54

     

    Shafaq News / The Central Bank of Iraq confirmed on Saturday that it has provided five alternative currencies to the dollar, for the use of traders to buy their goods from other countries using the currency of each country through the bank.

    Deputy Governor of the Central Bank Ammar Hamad told Shafaq News Agency that "the Central Bank provided other foreign currencies to Iraqi traders, namely (euro, Chinese yuan, Turkish lira, UAE dirham and Indian rupee).

    He added that "these currencies have become available to traders and the purpose of financing foreign trade, where the trader can now when he imports goods from China pay the Iraqi dinar to the Iraqi bank and through the bank the amount is paid to the Chinese company and factory in Chinese currency.

    The Central Bank of Iraq's total sales of hard currency to the US dollar last week amounted to more than one billion dollars.

    The correspondent of the Shafaq News Agency said that the Central Bank sold during the past week, and for five days in which the auction 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, down from the previous week, as it amounted to one billion and 62 million and 587 thousand and 198 dollars.

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  4. Iraq.. Expectations of a decline in the dollar spread and a return to the official rate

    Iraq.. Expectations of a decline in the dollar spread and a return to the official rate
      

    {Economic: Euphrates News} Economist, Safwan Qusay, expected today, Saturday, the decline in the dollar difference in Iraq and return to the official rate after a series of financial and economic measures taken by the government of Mohammed Shia Sudanese.

     

    Safwan said {to Euphrates News} that: "The mechanisms of the Central Bank previously did not know who requests the dollar from the irregular market and after legitimizing the process of financial transfer began to demand for dollars in the irregular market enters the electronic platform."

    "Gradually, with the control of border crossings and the facilitation of the task of demanding, I think the difference will recede and return to the official price," he added.

    "The Central Bank is now investing in spreading financial inclusion and investment by Iraqi banks and spreading (POS) at the level of the sector and the private," Qusai said, stressing that "all government units are currently required to issue credit cards and that the procurement committees buy from their economic units (POS)."

    He explained, "Controlling the movement of the dinar and knowing where it comes from and where it moves will help in commercial regulation and enhance the increase in the level of international investor confidence in financial procedures, as we have the file of money laundering and terrorist financing, and currently with the expansion of the circle of financial inclusion, we will be able where the dinar goes."

    "There are 70 trillion Iraqi dinars outside the banking system, and when it enters this system, it will turn into a productive dinar, which is what the Sudanese government seeks to achieve," he concluded.

    According to its sales table, the Central Bank of Iraq set the cash selling price (1305) dinars per dollar.

    Wafaa Alfatlawi

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  5. IMF Promises to support Iraq's Digital Transformation
    Economic News Agency - IMF promises to support digital transformation in Iraq (economy-news.net)
    42644.jpg
       

    The Iraqi delegation, headed by Finance Minister Taif Sami, concluded on Thursday its talks with the Article IV mission of the International Monetary Fund (IMF) staff in Amman.

    The Ministry of Finance said in a press statement that "during the talks, they reviewed the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development structure, financial sustainability and maximizing non-oil revenues."

    According to the statement, the Iraqi delegation stressed that "the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement and customs sectors, and to enhance efforts to participate in the private sector through investment incentives, infrastructure and reconstruction," noting "its intention to continue discussions and consultations during the Fund's periodic annual meetings."

    The IMF mission praised "the good progress achieved in many financial and monetary aspects, in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the return of growth in the non-oil sector strongly during 2023 with a noticeable decline in inflation rates, and its reflection on the decline in food and energy prices."

    The mission noted "the positive developments from the return of trade finance operations to normal and the stability of the foreign exchange market following the implementation of anti-money laundering and combating the financing of terrorism controls on cross-border payments," welcoming "government plans aimed at strengthening public financial management, including welcoming the steps taken by the government towards establishing a unified treasury account, improving cash liquidity management and increasing the tax base, as well as reviewing the tariff structure and achieving further targeting in the country." Social support and care."

    The mission also expressed optimism that "the level of understanding and progress achieved with the Iraqi government and the steps of coordination and joint consultations that will be completed in the near term will contribute to addressing the financial problems posed by the circumstances of international conflicts and their accompanying economic impacts," explaining that "structural reforms aimed at stimulating economic diversification and creating jobs led by the private sector are pivotal to achieving sustainable and inclusive growth."

    According to the statement, priorities include creating equal opportunities for the private sector through banking and electricity sector reforms, reducing distortions in the labor market, and continuing efforts to strengthen governance and reduce the spread of corruption.

    Article IV consultations are bilateral meetings held annually between the IMF and member states, after which a team of IMF staff meets with the member country and conducts formal consultations with IMF officials.

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    Added 2024/02/29 - 4:43 PM

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