Iraq Is In Final Preparation Into WTO Membership.

[Luigi1]

Here's some articles of Dinarian interests...

Iraq Is In Final Preparations Into WTO Membership.

Treat as rumors.  Not verified.  Your opine.

 

 

TNT:  Tishwash:  A US Delegation Hosted By The Minister Of Oil To Discuss Energy Cooperation.

ARTICLE:  Today, Monday, Oil Minister Hayan Abdul-Ghani discussed with US Under Secretary of Energy James Danley & Chargé d'Affaires Joshua Harris joint cooperation between the two countries in the oil, gas & energy sectors.

 

Today, Monday, Deputy Prime Minister for Energy Affairs and Minister of Oil, Eng. Hayan Abdul-Ghani Al-Sawad, received the US Under Secretary of Energy, Mr. James P. Danly & the Chargé d'Affaires of the US Embassy, Mr. Josh Harris.

 

During the meeting, prospects for joint cooperation between the two countries in the fields of oil, gas & energy were discussed.

 

The meeting was attended by the Undersecretary of the Ministry for Gas Affairs, Mr. Ezzat Saber Ismail, and the Director General of the Technical Department, Mr. Hassanein Abdel Latif.  

 

Tishwash:  Al-Karawi: WTO Membership Will Grant Iraq Broad Economic & Trade Privileges.

ARTICLE:  The Director General of the General Company for Grain Trade at the Ministry of Trade, Haider Nouri Al-Karawi, confirmed on Sunday that Iraq has completed the vast majority of its WTO accession files & is close to completing the remaining files after nearly twenty years of efforts.

 

 He pointed out that membership will grant the country extensive economic & trade privileges, contribute to reducing customs duties & attract int'l companies to invest in the Iraqi market.

 

Al-Karawi told Al-Iraqiya News, as reported by the Iraqi News Agency (INA), that “the process of joining the WTO requires a long period of time & Iraq began working on this file in 2003 under the direct supervision of the Department of Foreign Economic Relations & the Minister of Trade.”

 

He added, "Iraq has completed the vast majority of the required files & is currently completing the final stages in preparation for formal membership in the organization," noting that "some countries have taken more than twenty years to complete this process, so the period of time required by Iraq is no exception."

 

Al-Karawi explained that "Iraq's accession to the organization will grant it significant economic & trade privileges, most notably the protection of the rights of domestic & imported products, and the provision of joint mechanisms to facilitate trade, tax & customs exchange with member states, which will positively impact the reduction of customs duties & the facilitation of import & export operations."

 

He pointed out that "membership will help attract int'l companies by ensuring the protection of their products from counterfeiting & encouraging them to invest in the Iraqi market.  It will also have a positive impact on lowering prices for consumers by strengthening legitimate competition & regulating markets."

 

Al-Karawi explained that "Iraq is committed to implementing more than fifteen technical and legislative files as part of the accession requirements, including the file on product protection & global trademarks, which ensures that no party will imitate or market products similar to those of int'l companies."

 

He added, "Completing these commitments gives foreign companies confidence in entering the Iraqi market.

 

Tishwash:  The Oil & Gas Law Returns To The Forefront & Parliament Faces A Test Of Political Will.

ARTICLE:  As the 5th legislative session draws to a close & the country enters the electoral phase, the federal oil & gas law returns to the forefront of the political scene in Iraq as one of the most sensitive pieces of legislation postponed since 2007, amid warnings that its continued obstruction will deepen the economic crisis & keep the country hostage to political disputes.

 

The oil & gas law is one of the most contentious issues between the federal government, the Kurdistan Regional Government & the oil-producing provinces, as it stands at a crucial crossroads that determines the future of oil wealth management, which constitutes more than 90 percent of state revenues.

Amid repeated calls from the presidency and parliament to pass it before the end of the current session, fears are growing that its continued obstruction will disrupt the investment environment and weaken the unity of oil decision-making.

 

Energy expert Mohammed Hawrami believes that the continued absence of the law represents an economic and legislative failure that has had direct repercussions on oil wealth management & the General Budget, as well as declining attractiveness for foreign investment in the energy sector.

 

Hawrami explained that postponing the approval of the law during this session means postponing the decision to a new session, along with the accompanying new tensions over powers and revenue sharing, making any further disruption costly to the nat'l economy.

 

He added that the absence of a legal framework has created a state of administrative and financial chaos between the central government, the region & the producing provinces & has deprived Iraq of the ability to formulate a unified production & investment policy.

 

This has negatively impacted the confidence of foreign companies awaiting stable legislation that guarantees the sustainability of their operations.

 

He pointed out that Iraq needs annual investments exceeding $15 billion to develop the oil and energy sector & improve refining and export capacities.  However, the absence of legal regulation of contracts & financial distribution makes the investment environment risky & limits the entry of major companies into the market.

 

Emphasized that the current parliament's window of opportunity is almost running out, requiring urgent action to adopt the law before the end of the session, as continued disruption means postponing any real economic transformation towards diversification & sustainable development.

For his part, Bassem Nughmish, a member of the Parliamentary Oil & Gas Committee, emphasized that the continued suspension of the law keeps the Iraqi economy mired in a cycle of rents & limits its ability to achieve balanced development.

 

Naghamish explained that the absence of the law means the absence of a regulatory framework for managing nat'l wealth, which confuses financial planning, leads to disparities in the distribution of revenues between the center and producing provinces & limits the state's ability to implement a stable fiscal policy.

 

 

He pointed out that political disputes over powers & revenue-sharing mechanisms hinder the implementation of vital projects in the oil & energy sector & create an unstable environment for foreign investors seeking clear and stable legislation.

 

Naghamish added that delaying the enactment of the law deprives Iraq of billions of dollars in investment opportunities annually & weakens the state's ability to transfer oil revenues into productive & development projects in the provinces.  He stressed the need for the law to include clear mechanisms for financial governance, management of joint fields & the establishment of a national fund for the development of producing provinces.

 

Naghamish concluded by saying that the next phase requires a comprehensive political and economic settlement that removes the oil issue from tensions & ensures a unified law that balances the powers of the central government & the rights of the regions, transforming oil wealth from a source of contention into a lever for development & stability. 

[Luigi1]

Here's MZs two cents worth...Someone hit the ignite button...

 

Some highlights by PDK-Not verbatim.

THREAD:    Someone Hit The Ignite Button!

Member: Happy Terrific Tuesday.

Member: Good Morning to everyone.

Member: Let’s go RVing.

Member: This week in history -Stock market crashed.

Member: Hoping Mark has heard something great today.

MZ: On the bond side my last check-in was late in their day yesterday. Before their banks closed. Their accounts were still showing “pending”. They told me that their attorney had told them not to be worried & with transfers of that amount- it is not unusual for them to make sure everything is ok at all levels-before releasing.

MZ: That was my last update & then they disappeared. I do not have an answer yet.  

Member: Maybe “no answer” Means they got paid.

MZ: I’m hoping it means they are busy.

Member: IMO-bonds got paid cause they are busily quiet.

Member: In reference to your bond contact. Whenever I have a significant amount of money being moved into my account -I have “pending” for at least 3 days.

MZ: And imagine a deposit for billions. I am not to worried because transfers under our existing system do take longer. But I am impatient right now.

Member: Is there a checklist of things you were told to expect before the RV occurs?

MZ: I do not have a written checklist & many things we were told needed to be done have already been completed.

Member: Per Frank26 hearing from Parliament contact they are scheduled to vote on HCL next week & they have the rate. Which I think next week means this week.

MZ: I think there is a good chance. Especially with all the chatter and Barzani saying “looks like they have to pay HCL within days of the election” to me they are trying to throw off timing & mean to do it before.

Member: So tired of all the HCL BS. HCL is like a carrot on a stick for the last few years.

Member: Enough talk. We need some action on the HCL.

MZ: There.

Member: My Credit Union said Bigger Banks will do the Currency Exchanges not them.

Member: Navy Federal Credit Union has changed over to new system as their new mobile app doesn't work on my old phone.

MZ: Bank story. I am editing to not give away any names. “ A friend in Florida went to a Chase bank. They asked if there was any updates on the dinar & dong. The teller said “That is a scam” & my friend replied…”Oh really, guess I will call my attorney.  Because I bought my currency here.” Within minutes the manager & his 2 bosses came out & ushered my friend into an office. My friend explained the situation & they all rushed to assure her that is was not a scam.”

MZ: Bank story cont: “This same friend also visited a wealth manager at a WF Branch. She was visiting several banks to find a financial planner she was comfortable with. She had a good conversation with a financial planner at WF regarding currency & exchanging. The gal went as far as identifying which branch location will be handling the exchange for their bank in that city. She also indicated to my friend that we are very close.“

MZ: I think the Fed meeting tomorrow with an interest rate decision is going to be interesting. I think we will see a cut in interest rates. This should help the housing market.

MZ: After that decision we have Powell’s press conference.

Member: All good things come to those who have patience but sometimes it is the most difficult to wait.

Member: I believe this Weekend Is In Play.

Member: My bags are packed. We are sitting on the tarmac. Someone hit the ignite button!

Member: Is a massive push to get the HCL done right now. And we are hearing they could actually vote on the HCL this week.

Member: Iraq just signed the floating gas platform deal & has entered the global natural gas market.

MZ: “Iraqi banks need comprehensive reforms to free themselves from the restrictions of working with dollars” They have already made many reforms & are tweeking the last few to get all banks free from restrictions.

MZ: Their stated goal is to return the dinar to its former glory.

MZ: “Central Bank: Electronic trading rises to $60 Billion” They want us to know they are embracing these reforms & updating their banking system.

Member: I find it curious Trump is in Asia where the elders may possibly be (cough cough) this week.

MZ: And Trump is meeting Xi Jing Ping on Thursday.

Member: Trump/Xi meeting and October 30 seems to be big for the reset.

Member: The 3 largest credit unions in Mo are merging together. The new system is going in on the 31st. New system new sign on’s & new apps. Something is going on.

Member: My Credit Union said Bigger Banks will do the Currency Exchanges not them.

Member: Navy Federal Credit Union has changed over to new system as their new mobile app doesn't work on my old phone.

 

Member: Someone hit the ignite button!

 

 

[Luigi1]

 

Luigi's two cents worth...

Fnu Lnu contradicts himself by claiming everyone will get the same ER...a in-country LOP & a RV out of country is not the same ER...everyone will get exactly the same ER in or out of country...that's the way the system works...IMF guidelines...You cannot have one ER for some & another for others...IMHO.

 

 

Fnu Lnu:    Post 1 of  2.

ARTICLE:  There is still confusion on how the RV will work.  Some say with 100 Trillion Dinar in print, the RV will be very small. 

Some say the “Delete the Zeros” means a redenomination which equals a LOP.

I will explain it again.

I hope this helps. It is quite logical. 

They WILL redenominate / LOP the currency. A 25,000 note will become a 25 Dinar note.

This will then become the “In-Country” currency / folding money used for domestic commerce. The CBI will allow a very short  window for “In Country” residents to take the Dinar out of their mattresses & bring them to the bank lest they be cancelled after the grace period.

Either you bring them in & swap them out now, or they will be worthless tomorrow. 

Now for rates… [Post 1 of 2….stay tuned]

 

Fnu Lnu:   Post 2 Of 2.

ARTICLE:  The rate, for the sake of explanation, will be $3 per dinar.

That makes the 25,000 note which is now a 25 note, worth $75 USD instead of $25 USD.

There is the “Purchasing Power.“

The Iraqi’s will be elated.

This leaves the issue of “Out of Country” Dinar.  

All Dinar out of country will have the exact same value of $3 USD per Dinar. 

Remember the “Law of One Price”? 

This obeys that law so no laws are broken. 

Our 25,000 IQD will now be worth $75,000.00 USD. 

Everyone gets the same rate so this dispels the mythology of “A Contract Rate”.

There is a minuscule amount of Dinar held out of country so this dispels the myth of “Bankrupting the Bank” due to a high revaluation amount.  [Post 2 of 2]

[Luigi1]

Here's MMs two cents worth...MMs view of the ER is different from Fnu Lnu's views...

 

 

Militia Man:   The ER.

Removing three zeros from the currency doesn’t make any sense to me.

They’re not going to take off three zeros off the currency. 

But what they’ll do is they’ll take three zeros from the ER.