Mon. AM TNT News Articles from Iraq 4-10-23




This is in Iraq’s news

BRICS is in the process of launching an alternative common currency to the US dollar

The BRICS group of countries announced, on Monday, that it is about to launch a common currency, an alternative to the US dollar.

And “BRICS” is an abbreviation of the initials in the Latin language BRICS, which make up the names of the countries with the fastest economic growth in the world, namely: Brazil, Russia, India, China and South Africa. And media reported that Türkiye, Egypt and Saudi Arabia are expected to join the group.

It is noteworthy that the first summit between the heads of the four founding countries was held in Yekaterinburg, Russia, in June 2009, which included announcing the establishment of a bipolar world order.

Recently, Kenya signed two deals with Saudi Arabia and the UAE to buy oil in its local currency, the Kenyan shilling, and Ghana in gold instead of the US dollar.

The US dollar is the official currency in the United States and has become an important global reserve currency. It is the most widely used currency in global transactions. America manages the dollar’s financial policy and controls it in global international trade.




Some countries, including Russia, are trying to dispense with the US dollar in their oil sales with exporting countries, given that America uses its national currency to impose sanctions on Russia after the latter’s war on Ukraine.

A few days ago, the Russian Ministry of Finance announced that it would change the structure of the National Welfare Fund within a month, as it would dispense with the dollar and replace the US currency with gold and other currencies.

Many countries, including Russia, find it difficult to dispense with the US dollar because the primary commodities are the most traded in the world, with a trade volume estimated at $14 trillion annually, 99% of which is traded in dollars, which is the most important source of income in Russia, in addition to that the dollar is more A currency on which countries rely for monetary reserves.   link

The President of the Republic: Iraq has come a good way in consolidating its security and stability

The President of the Republic, Abdul Latif Jamal Rashid, affirmed that Iraq has come a good way in consolidating its security and stability.

He said during his meeting today with the Minister of Interior of the Republic of Sudan, Lieutenant General Anan Hamid Muhammad, and his accompanying delegation, in the presence of the Minister of Interior, Lieutenant General Abdul Amir Al-Shammari, according to a presidential statement, that the region suffered from security and stability problems, stressing the importance of security cooperation between the countries of the region.

The President indicated that Iraq has come a long way in consolidating its security and stability, and there are understandings between the political parties.




In turn, Lieutenant General Anan Hamid expressed his country’s desire to deepen relations with Iraq, stressing the importance of enhancing cooperation and joint coordination in a way that achieves the aspirations of the two brotherly peoples for progress and prosperity.

The statement indicated that preparations for the regional conference on drug control, which is expected to be held soon, were discussed.  link

Iraq is on the way to achieving the second rank in the Arab world with the largest GDP growth in 2024

Today, Monday, the World Bank expected that Iraq would achieve the second rank in the Arab world, with the largest growth of gross domestic product, during the year 2024.

And the bank stated in a report, followed by (Baghdad Today), that “Iraq’s gross domestic product is expected to grow during the current year 2023 by 2.8%, after it achieved a growth during the year 2022 of 7.9%.”

The report added, “It is hoped that Iraq will achieve a growth in the domestic product in 2024 by 4.4%, to rank second after Djibouti, in which the growth will reach 5.4%,” noting that “the growth of the GDP of Qatar for the same year will be 2.9%, the Emirates 3.4%, and Saudi Arabia 3.3 %, while growth will reach 4% for Egypt, 2.4% for Jordan and 3% for Tunisia.

The World Bank report indicated that it is expected that “the growth of per capita GDP in Iraq will also increase during the year 2024, by 2%, after it was 0.4% in 2023,” explaining that “the highest growth in per capita GDP The total in the Arab countries for the year 2024 will go to Djibouti at a rate of 4.2%, followed by the UAE at a rate of 3.4%.

According to the report, the bank’s experts suggested that “the growth of the Middle East and North Africa region in 2023 will increase by 3%, or 3.1% in 2024, as the World Bank expected, that the growth rate in per capita GDP in the region would increase in 2023.” to 1.6% and by 1.7% in 2024.

The “gross domestic product” gives a general idea of the economic growth of a country, and this growth is usually accompanied by an increase in employment opportunities and an increase in wealth, but this criterion does not include whether the growth is sustainable or temporary, and whether it will cause economic damage in the medium term or the long.

The gross domestic product is a purely physical indicator, and it is not possible to measure the quality of life in a particular country, or the extent of happiness and comfort of the population, just as this indicator does not take into account the environmental standard and the negative consequences of economic activity that will cost a lot of money in the future  link




Source: Dinar Recaps


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