Customs: a surge in the volume of imports after the implementation of the automation system
Today, Friday, the General Customs Authority expected that the revenue ceiling would rise, after implementing the automation system, to 50%.
The Director-General of the authority, Sadiq Huwaidi, said, in a statement to the official agency and followed by “Nas” (18 June 2021):
“The automation contract was signed with the United Nations, which will have a positive impact on the national economy, maximizing revenues, ensuring the conduct of the customs process in a transparent and clear manner, and reducing cases of corruption and waste. and combating smuggling,” noting that “it will create an advanced Iraqi cadre in managing global systems and help Iraq join the global economic systems as 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% of the revenues, as most countries have achieved this figure after applying it as a minimum. link
Parliamentary Planning: The government’s financial confusion will lead to the collapse of the currency
The Strategic Planning and Follow-up Committee of the Governmental Program in the House of Representatives warned, on Saturday, of the consequences of continued government confusion in the financial and economic field, indicating that the local currency is threatened with collapse.
Deputy Chairman of the Committee, Muhammad Al-Baldawi, said in a statement to “Al-Maalouma” that “the current government and its Finance Minister Ali Allawi submitted a reform paper and dozens of reform items that were not implemented by the same government, which reflects the extent of the government’s financial confusion.”
Al-Baldawi added, “The rise in dollar prices in Iraq is threatening the purchasing power of the citizen and the local currency, which has begun to decline and is also threatened with collapse.”
He pointed out that “sending money to Kurdistan without agreeing on the implementation mechanisms for the budget dispels all hopes for economic reform and the adoption of a transparent financial policy.”
Government official confirms Iraqi central control over exchange rate stability
June 18, 2021 2:35 PM
Live: Iraqi Prime Minister Mazher Mohammed Saleh’s financial advisor confirmed Friday that the central bank’s monetary policy is capable of controlling exchange rate stability.
“The Central Bank of Iraq’s monetary policy and its sufficient foreign reserves have the capacity to intervene in the exchange market by meeting legitimate demands for foreign currency, both in cash dollars and foreign exchange transfers, and to account for bank customers from private sector traders seeking to finance their foreign trade of various goods, services and benefits,” Saleh told The Iraqi News Agency (INA).
The Prime Minister’s adviser pointed out that this policy also has the capacity to meet small business demands in foreign currency itself, which are also one of the important windows in the stability of the exchange rate at its official borders, all of which lead to the stability of the overall level of prices.
He added that controlling local liquidity levels by sustaining local excess liquidity sterilizations to balance the exchange market and in accordance with the objectives set by the Central Bank of Iraq Act No. 56 of 2004 will remain the practical path in correcting emergency price deviations and controlling stability and sustainability.”
The Central Bank of Iraq had earlier confirmed the stability of the dollar’s exchange rate and the absence of any intention to change it.
“What is being traded is not correct, as the price chosen at the end of 2020 to exchange the dollar was based on in-depth studies of the requirements of the economic and financial situation and monetary policy objectives,” the central bank said in a statement received by the Iraqi News Agency (INA).
“Its foreign exchange sales are based on the stability of its foreign reserves at excellent levels, as those sales have been increased to meet all legitimate demands,” the bank said, stressing that “the price will stabilize as a result of the recent actions taken by the central bank.”
Source: Dinar Recaps
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