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KTFA
Frank26 » March 3rd, 2024
“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 that “Iraq 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
“EXAMPLE OF THE CURRENCIES FOR THE BASKET”………..F26
The Iraqi Central Bank confirms to Shafaq News the provision of five foreign currencies as an alternative to the dollar for merchants
3/2/2024
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.
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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
Source: Dinar Recaps
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Clare » March 3rd, 2024
The Interbank Market: What It Is and How It Works
By Adam Hayes
Updated December 23, 2023
SNIPPET OF ARTICLE:
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- What Is the Interbank Market?
- The interbank market is a global network used by financial institutions to trade currencies and other currency derivatives directly between themselves.
Some interbank trading is done by banks on behalf of large customers, but most interbank trading is proprietary. It takes place on behalf of the banks’ own accounts
Banks around the world use the interbank market to manage their own exchange rate and interest rate risk as well as to take speculative positions based on research. The interbank market is a subset of the interdealer market, an over-the-counter (OTC) venue where financial institutions can trade a variety of asset classes among one another and on behalf of their clients. This is often facilitated by interdealer brokers (IDBs).
KEY TAKEAWAYS
The interbank market is a global network used by financial institutions to trade currencies and other currency derivatives directly between themselves.
Banks use the interbank market to manage their own exchange rate and interest rate risk.
They can also use the market to take speculative positions based on research.
Most transactions within the interbank network are for a short duration, anywhere from overnight to six months.
Understanding the Interbank Market
The interbank market for foreign exchange (forex) serves commercial turnover of currency investments as well as a large amount of speculative, short-term currency trading. The typical maturity term for transactions in the interbank market is overnight or six months.
The forex interdealer market is characterized by large transaction sizes and tight bid-ask spreads. Currency transactions in the interbank market can be either speculative (initiated with the sole intention of profiting from a currency move) or for the purposes of hedging currency exposure.
It may also be proprietary but it’s customer-driven to a lesser extent by an institution’s corporate clients. These might include exporters and importers.
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https://www.investopedia.com/t…..market.asp
Iraqi Customs begins implementing the automation system “ASYCUDA” in the port of Umm Qasr
3/3/2024
On Sunday, Iraqi Customs began implementing the Customs Automation and Modernization System (ASYCUDA) in the Grand Welcome Square in Umm Qasr Port, south of the country.
She said in a statement, received by Shafaq News Agency, that the Minister of Finance gave the signal to implement the program during a ceremony held in the Grand Welcome Square, attended by United Nations representative Nizar Amari, and a number of officials and heads of departments operating in the port.
The statement quoted the Minister of Finance in her speech as saying that implementing this system in the port of Umm Qasr comes within the strategic plan adopted by the government in the field of using modern techniques and technology, noting that implementing the automation system will achieve a set of goals, the most important of which are financial discipline, reducing errors and achieving efficiency. Effectiveness in using government resources, in addition to providing accurate data and information.
The Minister confirmed that this step is one of the steps that the government put in its curriculum and was adopted by the General Authority of Customs to apply technology and keep pace with the countries of the world.
For his part, the Director General of Customs, Counselor Hassan Al-Ugaili, said in his speech during the ceremony that the authority is committed to its duties, which revolve around three main axes, the first of which is facilitating legitimate trade and the axis of protection by implementing government decisions in the field of restriction and prevention, which provide protection for the consumer and society from the entry of prohibited materials, in addition to The collection and revenue axis, which will be controlled through the application of the customs modernization and automation system (ASYCUDA).
The Authority stated that it had previously implemented this program at Baghdad International Airport/Air Cargo Customs, stressing that steps are being accelerated to implement it in all regions, customs centers and the rest of its departments.
She added that the system of automating and modernizing customs through the application of the ASYCUDA program, which is in effect in more than (100) countries, which came after the signing of a partnership contract by the Ministry of Finance with the United Nations Conference on Trade and Development (UNCTAD) in 2021, where an international team was sent.
A specialist from UNCTAD supervises the implementation of the program in cooperation with a work team from the Iraqi customs. Preparing the requirements for its implementation began, and the employees were trained to work on its management and gain experience from the international team, as well as introducing them to training workshops inside and outside Iraq. LINK
Source: Dinar Recaps
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