Good Monday Morning to everyone, you survived another weekend of “OH MY GOSH IT’S GONNA HAPPEN” and then nothing, as usual, but there is some good news…
Let’s jump in on the good stuff first before we get to the nonsense. 9-8-2024 Clare Article: “Passing the investment law within two weeks.. What are the positives?“ This would be a huge positive if true, but again, it’s just an article and what the source is could be misleading, but let’s look at what the outcome would be if true. The investment law was a major sticking point for the WTO ascension committee, so for that to be resolved “should” clear the way for Iraq’s admission into the organization. A closer look provides these main points:
A – Qualified investments are exempt from taxes for 10 years.
B – Foreign investors can own land for residential projects, and co-own land for industrial projects with an Iraqi partner.
C – National Commission for Investment, creates national policy and guidelines for investment, and monitoring of their implementation.
D – Iraq permits free trade zones.
E – Bilateral free trade agreements with Algeria, Egypt, Jordan, Lebanon, Oman, Qatar, Sudan, Syria, Tunisia, Yemen and the UAE.
F – Iraq and US implement the Trade and Investment Framework Agreement signed in 2005 to increase investment flow.
G – International arbitration allows disputes to be settled by international arbitors.
This was all created in 2005-2006 but could never pass. One of the biggest words that impressed me was in item C with the use of the word IMPLEMENTATION. This has been Iraq’s biggest problem since the war, they pass a lot of things, but never implement them. You don’t have to look any farther than the budget for that concern. Also, this IS the framework for increasing the non-oil revenue which has already been growing by leaps and bounds over the last few years. If this is true and does get passed, this will be a huge win to move things forward. A lot can happen in Iraq in 2 weeks.
9-8-2024 Samson Article: “100% complete.. A government advisor announces the completion of the development road designs“ This would be another big win for things going forward, the only concern I have with this is, is the word “designs”, this doesn’t mean anything if it’s not implemented. So hopefully that something that we can see moving forward as well.
Now to some of the nonsense and sketchy things: 9-8-2024 RayRen98 YOO HOO!! BANK STAFFERS ARE EXCITED, SAYING ALL HANDS ON DECK FOR MONDAY… SEEING DINAR RATE OF $3.81, DONG RATE OF .47 CENTS… Yet another example of, “the banks don’t know anything,” I don’t know how many times I can reiterate this when you see so many people fall into the trap of posting it over and over. And if you want to prove me wrong, show me a pic of those rates you’re seeing. In other words, you missed again with information that is false.
9-9-2024 MarkZ PM Sudani – in the news this week was asked if they are planning on revaluing the Iraq currency…and he answered yes they were…during his administration. Not sure how much longer he has got…but this is a huge one. He is telling us the goal during his administration is adding value and removing the zeros from the Iraqi dinar. This isn’t what he stated from anything that I read, there were implications of change, but nothing that I saw that flatly stated a “revaluing of the Iraqi currency” so I write this off as just saying something you know people want to hear.
All in all, a good start to the week with some information. More Q&A upcoming, so stay tuned and keep sending those questions to [email protected].
BWM