Iraqi Customs: The digitization system will increase revenues by 50%
The General Customs Authority in the State of Iraq confirmed, today, Friday, that the digitization system will raise the revenue ceiling to 50 percent
The Director-General of the Commission, Sadiq Huwaidi, told the Iraqi News Agency (INA), that “signing the automation contract with the United Nations will have a positive impact on the national economy, maximizing revenues, ensuring the transparent and clear conduct of the customs process, reducing cases of corruption and waste, and combating smuggling
Howeidi pointed out that it will create an advanced Iraqi cadre in managing global systems, and help Iraq to join the global economic systems; It uses modern systems, speeds up completion, simplifies procedures, and protects customs from corruption and public waste.
He added that “revenues will be known during its application, and it will achieve approximately 50 percent of revenues, as most countries achieved this figure after applying it as a minimum.
Earlier, Finance Minister Ali Allawi signed a customs automation system contract with the United Nations Conference on Trade and Development. link
BUDGET TRANSFERS FROM BAGHDAD TO ERBIL TO BEGIN SOON, PREDICTS KDP MP
Rapporteur for the Council of Representatives’ Finance Committee Ahmed Safar said on Thursday (June 17) that cash transfers from Baghdad to Erbil are expected to begin in the next few days.
Safar told the Kurdistan Democratic Party’s (KDP) official media outlet that the transfers are in return for the Kurdistan Region making commitments to honor its financial obligations under the budget law.
On Tuesday night, Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani said that the KRG has reached a deal with the federal government that will allow budget transfers to the Kurdistan Region to resume, with payments backdated to January 2021.
Later, KRG Minister of State and member of the KRG’s negotiating delegation Khalid Shwani said in a post on Facebook that the federal Council of Ministers authorized monthly transfers of 200 billion Iraqi dinars ($137 million) to the Kurdistan Region, including for the backdated months.
Safar said that talks and negotiations between the two sides, which are mostly technical, are ongoing and are going well.
“As a sign of goodwill, Baghdad will send a stipend to the Region monthly and sending the money is in the framework of the agreement of the Kurdistan Region’s share of Iraq’s budget law,” he added.
Safar said that he is optimistic that the agreement between Erbil and Baghdad will be implemented as it is in the near future. link
Source: Dinar Recaps
A new statement from the financial advisor on exchange rates and central bank policy
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Friday, that the central bank’s monetary policy is able to control the stability of the exchange rate.
Saleh said, to the official agency, and followed by “Nass” (June 18, 2021), that “the monetary policy of the Central Bank of Iraq and its sufficient foreign reserves has the ability to intervene in the exchange market by meeting legitimate demands for foreign currency, in both its two forms, the cash dollar and foreign transfers in foreign exchange and for the account of customers.”
Banks are private sector merchants seeking to finance their foreign trade of goods, services and various benefits.
He pointed out that “this policy also has the ability to meet small commercial requests in the same foreign currency, which is being met additionally, which is also one of the important windows in the stability of the exchange rate at its official borders, all of which leads to the stability of the general level of prices.”
He added that “controlling the levels of local liquidity by sustaining the operations of sterilizing the surplus of local liquidity to achieve balance in the exchange market and in accordance with the objectives set by the amended Central Bank of Iraq Law No. 56 of 2004 will remain the practical course in correcting emergency price deviations and controlling and sustaining stability.”
The Central Bank of Iraq had confirmed, earlier, the stability of the dollar exchange rate and the absence of any intentions to change it.
A statement by the Central Bank stated that “what is being circulated is not true, as the price chosen at the end of the year 2020 for the dollar exchange was based on in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy.”
The bank indicated that “its foreign currency sales are based on the stability of its foreign reserves at excellent levels, as those sales have been increased to meet all legitimate requests,” stressing that “the price will stabilize as a result of the measures taken by the Central Bank recently and that it will take.”
Tony has often said that at the end everyone is trying to negotiate for a larger piece of the pie.
As long as this pie has been on the counter and everyone slicing and dicing please everyone be thankful that you get a bite.
Yes, I know we’re all waiting to lick the pie plate. All we need is a lick a very small lick.
So, you big boys get your slice and allow the rest of yes to lick and smile and be thankful.
Source: Dinar Recaps
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