Prime Minister Muhammad Shiaa Al-Sudani confirmed that Iraq has become a safe and attractive environment for capital from international companies. But his words are also backed up with what the advisor to the Prime Minister for Transport Affairs, Nasser Al-Asadi, who confirmed that the Iraqi government has adopted the latest legal systems to provide safety for the investor, pointing to the importance of the Singapore Agreement on Mediation for developing and resolving commercial disputes.
Don’t you think that if global capital is going to flow/invest into Iraq as they invest in the dinar they would need all these safeguards for their investment?
Making this point let me say this – If they screw us very long-term investors in the speculative purchases of their dinar, this would be a monumental mistake, a disaster for Iraq and they would suffer and never recover from it. Get it?
Also, the Central Bank will have to collect these dinars from us, “currency speculators” from around the globe and they will have to put some sort of criteria on them for time spans as to when they will no longer exchange them or it will be much harder to exchange them. These 3 zeros notes will not be valid currency forever. The CBI already told us around 10 years for inter-banking use not our holdings. So, get to the bank as soon as you can once you can exchange. Do not hold on these notes thinking they are going to be a long-term investment. Once it RVs and gets reinstated the long-term part is over. Get it?
The “Singapore Agreement” on Mediation, and that this is an important step in developing and resolving commercial disputes in Iraq. The aforementioned agreement was approved on December 20, 2018 and opened for signature in August 2019. It represents an international category that aims to facilitate international trade and promote mediation as an alternative and effective method for settling commercial disputes. So, we see this is also needed for the WTO accession. Why would it not be? We can also see that it was approved way back in 2018 and so here is yet another example of the quite progress among other things too, that has already taken place during phase 1 and 2 of the three-phase strategic plan.
The office of Prime Minister Muhammad Shia Al-Sudani announced today, Wednesday, the approval of next September as the date to stop dealing with the paper system and work electronically at customs.
The Prime Minister’s Media Office said, in a statement received by Al-Youm Al-Akhbariya, that “the Prime Minister chaired a meeting to follow up on the implementation of networking between border crossings, and to complete the implementation of the Customs Automation System (ASYCUDA).
Yes, we heard all about the ASYCUDA system and I talked about how this will increase revenues from the Customs and Tariffs. No longer will they be able to steal these revenues or not collect them all, but now they will be tracked and collected electronically. This is an internationally used system and it ties into FOREX for currency conversion of payments to dinar. Oh.. but wait the dinar is not yet on FOREX. Okay so they did put a link on FOREX linking back to the “fixed” official rate of the dinar on the ISX. But the dinar is not yet on a float and so this is to come and with full FOREX reinstatement. Remember they told us in many past articles that if they can control and properly manage the Customs and Tariff revenue they could rival the oil revenues. WOW! They are doing it!
