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“New Era of Money” – Mon. PM KTFA Thoughts, News w/ MilitiaMan 10-17-22

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Samson » October 17th, 2022

A new era of money

6th October, 2022 by Eswar Prasad

With electronic bytes replacing the dollar, the euro, and the yuan, some changes — but not others — would be welcome.

Money brought about radical changes in human society, as it opened the way for trade and all commercial activities, even among geographical locations far apart. It allows wealth and resources to move across different regions and times. But throughout most of human history, it has been the subject of greed and robbery.

Today, money is on the brink of a transformation that could reshape banking and financial activities, and perhaps even society.

More importantly, the era of physical currency, or cash, is coming to an end, even in low- and middle-income countries; The era of digital currencies has begun. A new round of competition between official and private currencies in both local and international forums is looming on the horizon. The proliferation of digital technology that is giving this transformation its impetus can encourage the creation of beneficial innovations and expand access to basic financial services. But there is a possibility that technological advances will intensify the concentration of economic power and allow large corporations and governments to interfere more in our financial and private lives.

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Traditional financial institutions, especially commercial banks, face challenges with their business models in light of technological developments resulting from the emergence of electronic banks that can reach a greater number of customers and the emergence of electronic platforms via the Internet, such as Prosper Bank, which can deliver Borrowers direct savers. 

These new institutions and online platforms increase competition, encourage innovation, and reduce costs. Savers will have access to a wider range of savings, credit and insurance products, while small entrepreneurs will be able to secure their financing needs from sources other than banks, which often have strict loan guarantee and collateral requirements. Domestic and international payments are getting cheaper and faster, benefiting consumers and businesses.

Stability concerns

The emergence of cryptocurrencies such as Bitcoin initially had the potential to revolutionize payments. Cryptocurrencies do not depend in conducting transactions on the funds of central banks or trusted intermediaries such as commercial banks and credit card companies, which limits the inefficiencies and added costs involved in these intermediaries. However, the volatile prices of cryptocurrencies, restrictions on their transaction sizes, and the time taken for transactions made them ineffective as mediums of exchange.

 New forms of digital currencies known as stablecoins are gaining more effectiveness as a payment method, although ironically most of them get their stable value from being backed by large amounts of central bank money and government bonds. Blockchain technology is Underpinning these currencies are stimulating far-reaching changes in money and finance that can powerfully affect households, businesses, investors, central banks, and governments. This technology, by providing secure ownership of purely digital objects, encourages the emergence of new digital assets, such as non-fungible tokens (NFTs).

At the same time, central banks are concerned about the repercussions on financial and economic stability if decentralized payment systems (Bitcoin forks) or private stablecoins replace cash and traditional payment systems operated by regulated financial institutions. The infrastructure of a fully private-sector payment system may be efficient and low-cost, but some parts of it may cease to function if confidence is lost during periods of financial turmoil. Without an efficient payment system, any developed economy will end up in a sudden stop.

In response to such concerns, central banks are currently considering issuing digital forms of central bank money for use in retail payments – ie central bank digital currencies (CBDCs). Central banks’ motives range from expanding financial inclusion (allowing even those without bank accounts to benefit from a free digital payment system) and raising the efficiency and stability of payment systems by creating a public payment option as a back-end (a role that cash plays at the same time). Present).

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But a central bank digital currency has other potential advantages. It will impede illicit activities such as drug deals, money laundering and terrorist financing operations that depend on anonymous cash transactions. It will encourage more economic activities to leave the shadow economy and enter the formal economy, making tax evasion more difficult. Small businesses will benefit from lower transaction costs and avoid the hassles and risks of handling cash.

Dangers of mass clouds

But digital central bank currency also has its drawbacks. Including that they pose risks to the banking system. Commercial banks play a vital role in creating and distributing credit that keeps economies running smoothly. But what would happen if households moved their money from regular bank accounts to digital wallets at central banks, believing they were safer even if they were not paying any interest? If the commercial banks are deprived of deposits, the central bank may find itself in an undesirable position of having to undertake the business of distributing credit, deciding which sectors and companies are eligible for the loans. In addition, having a central bank operate a retail payments system would eliminate private sector innovations aimed at making digital payments cheaper and faster.

Another concern of equal importance is the potential loss of privacy. Even with the safeguards put in place to ensure confidentiality, a central bank will want to keep a verifiable record of transactions to ensure that its digital currency is used only for legitimate purposes. 

Hence, central bank digital currency poses the risk of eventually eliminating residual anonymity and privacy features in commercial transactions. However, a carefully designed central bank digital currency, taking advantage of rapidly evolving technical innovations, would mitigate many of those risks. Nevertheless, for all its advantages, the prospect of digital central bank currency eventually replacing cash should not be tolerated.

New technologies would make it more difficult for the central bank to carry out its main tasks – keeping unemployment and inflation low by controlling interest rates. When a central bank such as the US Federal Reserve changes its key interest rate, it affects the interest rates on commercial bank deposits and loans understandably to a reasonable extent. But if the proliferation of digital lending platforms reduces the role of commercial banks in intermediating between savers and borrowers, we do not know whether or how this mechanism for transmitting monetary policy effects can continue to function.

Currency competition

The basic functions of central bank money are on the cusp of imminent change. As recently as a century ago, private currencies competed with each other and with the currencies issued by governments, also known as trust money. The emergence of central banks has shifted the scales forcefully in favor of the legal release currency or trust money, which acts as a unit of account, a medium of exchange, and a store of value. With the emergence of various forms of digital currencies, and the technology that underpins them, it has become possible to separate the functions of money and direct competition with legal release currencies has arisen in some aspects.

Central bank currencies are likely to retain their importance as stores of value, for countries that issue them in digital form, and as mediums of exchange. However, the importance of privately brokered payment systems is likely to increase, intensifying competition between various forms of private money and central bank money regarding their role as mediums of exchange. If we let market forces run on their own, some money issuers and payment technology providers could dominate the scene. Some of these changes may affect the nature of money itself – how it is formed, what it looks like, and its role in the economy.

If we allow market forces to act on their own, it is possible that some money issuers and payment technology providers will dominate the scene.

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International money flows

Innovative forms of money and new channels for moving money between and within economies will reshape international capital flows, exchange rates, and the structure of the international monetary system. Some of these changes will have significant benefits, while others will pose new challenges.

International financial transactions will become faster, cheaper, and more transparent. These changes will be a boon for investors seeking to diversify their investment portfolios, companies seeking to mobilize money in global capital markets, and economic migrants who send money back home. Faster and cheaper cross-border payments will boost trade as well, which will particularly benefit emerging market and developing economies that depend on export earnings for a large portion of their GDP.

However, the emergence of new entities to transact with cross-border money flows will facilitate not only international trade but also illicit flows, creating new challenges for regulators and governments. It will increase the difficulties faced by governments in controlling cross-border flows of legitimate investment capital. This poses specific challenges to emerging market economies, which have suffered from periodic economic crises as a result of foreign capital inflows suddenly and in large quantities. These economies will be more exposed to the risks of monetary policy actions by the world’s major central banks, which could lead to these capital outflows.

The strength and credibility of digital central bank money is only to the extent of the strength of the institution that issues it and the degree of its credibility.

Neither the emergence of digital central bank currencies nor the reduction of barriers to international financial flows alone will be able to achieve significant progress towards realigning the international monetary system or the balance of power between major currencies. The cost of direct transactions between any emerging market currency pair is decreasing, reducing the need for “intermediate currencies” such as the dollar and the euro. 

But the major reserve currencies, especially the dollar, will likely retain their dominance as stores of value because that dominance is based not only on the economic size of the issuing country and the depth of its financial market, but also on the strength of the institutional foundation necessary to maintain investor confidence. Technology cannot be a substitute for an independent central bank and the rule of law.

Similarly, central bank digital currencies will not be able to solve fundamental weaknesses in the central bank’s credibility or other problems, such as the government’s undisciplined fiscal policies, affecting the value of the national currency. And when the government suffers from a large budget deficit, the hypothesis that the central bank receives directives to issue more money to finance this deficit often leads to higher inflation and a decrease in the purchasing power of the central bank’s money, whether physical or digital. In other words, the strength and credibility of digital central bank money is only as strong and credible as the institution issuing it.

The role of the government

In the coming years, central banks and governments around the world face the challenge of making important decisions about whether to resist new financial technology, passively accept private-sector-led innovation, or be satisfied with the potential efficiency gains that new technology presents. 

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With the emergence of cryptocurrencies and the prospects for digital central bank currencies, important questions have arisen about the role that government should play in financial markets, that is, whether it is inserting itself into areas that it is best left to the private sector, and whether it can compensate for market failures. Especially the large number of families that do not deal enough with the banking system or do not deal with it at all in developing economies and even in advanced economies such as the United States.

As evidenced by recent cryptocurrency booms and busts, regulation of this sector will be essential to maintaining the integrity of payment systems and financial markets, ensuring adequate protection for investors, and encouraging financial stability. However, given the huge demand for highly efficient payment services at the retail, wholesale and cross-border levels, financial innovations led by the private sector could bring significant benefits to households and businesses. In this regard, the main challenge for central banks and financial regulators is to balance financial innovation with the need to mitigate risks to uninformed investors and to overall financial stability.

New financial technology holds the promise of facilitating access to a variety of financial products and services even for needy families, thereby democratizing finance. However, technological innovations in finance, even innovations that may give way to highly efficient financial intermediation, may have opposing repercussions on income and wealth inequality.

The wealthy could benefit greatly from the benefits of innovations in fintech, which they could use to increase financial returns and diversify risks, and existing financial institutions could adopt these changes for their own benefit. In addition, because the economically marginalized have a limited ability to participate in the digital society and lack financial awareness, some changes may tempt them to enter into investment opportunities that they are not fully aware of and cannot afford. Thus, the implications for income and wealth inequality – which have increased dramatically in many countries and are causing political and social tensions – are hard to understand.

Another major change is the increase in stratification at the national and international levels. Smaller economies and economies with weak institutions may see the end of their central banks and local currencies, increasing the concentration of economic and financial power in the hands of major economies. Meanwhile, big companies, such as Amazon and Meta, could gain greater power by controlling both trade and finance.

Even in a world dominated by decentralized finance activities based on the innovative blockchain technology used in Bitcoin (which is likely to be the true legacy of this technology), governments have important roles to play in the areas of enforcing contract and property rights, protecting investors, and ensuring financial stability. Ultimately, cryptocurrencies and innovative financial products also seem to work most efficiently when they are based on the trust derived from government oversight and control. Governments have a responsibility to ensure that their laws and procedures encourage fair competition, not favoring established institutions with strong positions, nor allowing large players to stifle their smaller competitors.

Centralized or fragmented curriculum?

Financial innovations will create new and hitherto unknown risks, especially if market participants and regulators place too much faith in the technology. Decentralization and its direct result, ie fragmentation, are a double-edged sword. They can increase financial stability by reducing central points of failure and increasing resilience by intensifying the level of redundancy. On the other hand, while fragmented systems can function efficiently in good times, trust in them can become fragile in bad times. If the financial system is dominated by decentralized mechanisms that are not directly backed (eg banks) by a central bank or other government agency, trust can all too easily erode. Thus, decentralization can bring efficiency in good times and quickly destabilize when economies are struggling.

It is also likely that major changes in the societal structure are imminent. Replacing cash with digital payment systems would eliminate any remnants of privacy in commercial transactions. Bitcoin and other cryptocurrencies have been intended to provide anonymity and privacy and de-reliance on governments and major financial institutions for commercial transactions, but they are spurring changes that could end up weakening privacy. Societies will struggle to rein in the power of governments at a time when individual freedoms are at greater risk.

* Eswar Prasad, Professor at Dyson College at Cornell University and a Senior Fellow at the Brookings Institution, is the author of The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance.

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https://www.imf.org  LINK

Source: Dinar Recaps


KandiG » October 17th, 2022

Wow – there sure seems to be a lot of “international” articles coming out since the announcement of a pres / PM.  China, Germany, EU, Australia, America and then throw a few acronyms out – IMF, WB, UST and you have a smorgasbord, potpourri or plethora of interest in our Iraqi girl. IMO

Samson » October 17th, 2022

Oil contracts with a Chinese company to develop the offshore patch in the Gulf

10/17/2022 16:06:56

The Undersecretary for Extraction Affairs affirmed the ministry’s keenness to develop onshore and offshore exploration blocks to increase the country’s oil and gas reserves. This came during his presence on behalf of the Oil Minister, Mr. Ihsan Abdul-Jabbar Ismail, the signing ceremony to prepare a study on the offshore exploratory patch between the Oil Exploration Company and CNOOC Middle East and Iraq China.

Today, we celebrate the signing of a joint study contract for the land part of the offshore patch in the Gulf, between the Oil Exploration Company, one of the leading national companies in this field, and Cinoc Iraq and the Middle East, as this contract is an important step for the development of the patch, said Undersecretary for Extraction Affairs Karim Hattab. The marine exploratory study in the Gulf, which is the first joint exploratory study experience in the territorial waters.

The undersecretary added that the ministry is keen to develop and invest in common border fields, land or sea and in regional waters, despite the various challenges, stressing that the ministry has worked to attract international companies for cooperation, work and joint investment to develop the national oil industry.  He continued, that the ministry affirms its full confidence in the national effort and in the company Cinoc Iraq and the Middle East to complete this study and reach positive results, which contribute to strengthening the oil reserves of oil wealth.

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The Director General of the Oil Exploration Company, Ali Jassim, said that the Oil Exploration Company, which represents one of the arms of the national effort, was able to achieve important steps in the field of exploration through the spread of seismic teams in many areas of Iraq and conducting surveys for vast areas of our dear country, including the Western Desert in the governorate. Anbar and Tal Afar in Nineveh Governorate, Muthanna, Maysan, Basra and others. Referring to the ministry’s continuous support for the work of seismic teams, which work with the latest devices, equipment, mechanisms and advanced technology in this field, believing in maximizing the guaranteed reserves of oil and gas.

The general manager of Cinoc Middle East and Iraq, “Vincent Shih,” said that the contract for conducting a joint study of the Arabian Gulf region, which was signed, represents a start to build a new type of cooperative relations between Iraq and Cinoc. In this project, the Iraqi side is keen on close cooperation to achieve positive results and deepen exploratory operations, noting that this cooperative relationship will contribute to the development of the oil industry in Iraq, and create a new situation for cooperation in the field of oil and gas between China and Iraq in a way that achieves the common interests of both parties. “Futureful results have been achieved thanks to the joint efforts made by both parties, and we are proud today to announce the signing of a bilateral seismic survey services contract for the land part of the patch with the Oil Exploration Company, and SINOOC announces its readiness to deal with all difficult situations in cooperation with the The Ministry of Oil, Maysan Oil Company and all partners.

It is noteworthy that the joint research agreement for the Gulf region was signed in 2019 and included conducting exploratory operations for the land and sea parts, where the land part is 120 km² and the marine part is 530 km². This contract comes as a prelude to the comprehensive development operations of the onshore and offshore part of the offshore patch, which the Ministry aims to maximize oil and gas reserves.  LINK

Al-Sudani: Our government’s program has made poverty alleviation a priority

10/17/2022 13:42:11

Prime Minister-designate Muhammad Shia Al-Sudani announced today, Monday, that his government program has put poverty alleviation as a priority.

Al-Sudani said, on his Twitter page: “On the International Day for the Eradication of Poverty, it is necessary to draw attention to the high rate of poverty in Iraq. We would like to emphasize that our government’s program has made poverty alleviation a priority, in addition to improving health, education and housing services for these groups.” poor.”

The head of the National State Forces Alliance, Mr. Al-Hakim, called on the government and parliament to launch scientific programs that advance the service reality in the poorest areas of Iraq. LINK

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MilitiaMan » October 17th, 2022

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Poverty is a part of the US Chamber of Commerce’s Mission Statement. Well getting the HCL / Via Purchase Power will help alleviate that quickly.. imo We have been seeing a lot about these meetings in Washington DC this last week and today is adding to the list of support that Iraq is going international. Lets keep an eye out for the WTO and see if they are still pushing for Iraq to be international and, “As soon as possible”.. imo  ~ MM

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“Globally, American companies will continue to compete and lead the world through our work ethic, entrepreneurial spirit, respect for the rule of law, modern workforce, access to capital, and commitment to free markets—all of which are built into the culture of American Democracy. Strong U.S. engagement in markets around the world through trade will be essential to our own long-term growth and global stability. And the leadership and partnership of the American business community will be needed to seize major opportunities for global progress, from distributing vaccines worldwide and addressing climate change to solving food scarcity and lifting people out of poverty.”

https://www.uschamber.com/small-business/enduring-mission-and-vision-the-future

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The World Bank and the American Chamber of Commerce are discussing the electronic payment file in Iraq

17th October, 2022

Today, Monday, a delegation from the World Bank discussed with the American Chamber of Commerce the electronic payment file, while indicating efforts to develop it.

A source I followed (Al-Oula News) said, “The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, participated in the annual meetings held by the International Monetary Fund and the World Bank in the American capital, Washington.”

He added, “A delegation from the World Bank discussed with some officials of the International Monetary Fund, ways to cooperate with Iraq, and to provide the necessary support for the development of various economic sectors, especially the banking sector.”

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He continued, “The delegation discussed with the American Chamber of Commerce and a number of American companies the electronic payment file in Iraq, and the efforts of the Central Bank to develop it, which contributes to increasing the rate of financial inclusion.”  LINK

Samson » October 17th, 2022

Civil Aviation: Iraq will soon be free from international sanctions

17th October, 2022

Today, Monday, the Civil Aviation Authority announced that Iraq will soon be free of international sanctions

A spokesman for the Civil Aviation Authority, Jihad Al-Diwan, told the official news agency, “Iraq is among the five countries that have not passed the ICAO Global Safety Oversight Audit Program, known as (USOAP),” noting that “the Civil Aviation Authority is working to pass the test that is on the several stages

He pointed out thatduring 2019, Iraq reached the rate of passing about 75% of the testing and auditing,” stressing that “Iraq will pass the remaining percentage in the near future to get out of international sanctions

And the Ministry of Transport announced, earlier, that Iraq had taken action to complete the requirements for lifting the European ban on airlines   LINK

Humble1 » October 17th, 2022

A definite move in the right direction IMO

Source: Dinar Recaps


Samson » October 17th, 2022

A banking expert reveals a surprise in the stolen tax trillions… and important details

10/16/2022 20:43:31

The banking expert, Abdul Rahman Al-Sheikhly, revealed, on Sunday evening, a surprise in the trillions of stolen tax, amounting to “3 trillion and 700 billion dinars.”

Al-Sheikhly told Al-Furat News that: “The process of stealing money began since 2015 by collecting from merchants and those covered by the tax a rate of between (5-10%) of the money that is dealt with, as it is deposited as trusts in the Rafidain Bank at the expense of the General Authority for Taxes and continued. It escalates until it is revealed now.” 

He added, “This amount is assumed, after a year of this year has passed, the tax account will be made with the individual. The value of the amount due to be paid is calculated, and therefore it will be returned to him; for this reason, large sums have accumulated since 2015 until now, so this money has become almost loose because it did not enter the final accounts and public files, but rather put in a special file {Al-Amanat}”.

Al-Sheikhly emphasized, “More than 270 instruments were issued by the General Tax Authority of the Rafidain Bank, and the money withdrew in this way.” Al-Sheikhly cleared the responsibility of the Ministry of Finance and the Rafidain Bank from the accusation, saying, “The Ministry of Finance is the one who exposed the theft, but there is complicity from several sides in the implementation of the theft of money by issuing official documents, and the Rafidain Bank is not concerned with the theft and has no responsibility.”

Al-Furat News obtained a letter issued by the Ministry of Finance addressed to the Integrity Commission regarding allegations of theft of tax deposits deposited in Al-Rafidain Bank amounting to (3.7) trillion Iraqi dinars. And the caretaker prime minister, Mustafa Al-Kazemi, ordered the opening of an investigation into the loss of the huge amount. While the Prime Minister-designate, Muhammad Shiaa al-Sudani, commented on the incident and said, “We will never hesitate to take real measures to curb corruption that has so brazenly spread in the joints of the state and its institutions, and we will not allow the Iraqis’ money to be plundered, as happened with the funds of the General Authority for Taxation in the Rafidain Bank.”

Sunday, Al-Rafidain Governmental Bank distanced itself from the theft of the amount and confirmed, “It has nothing to do with any manipulation or theft that is being talked about, and that its mission was limited to disbursing the instruments of the General Tax Authority from its branches after verifying the validity of their issuance in official books between the bank.” and body.”

Al-Rafidain Bank stressed, “Not to steal any sums of money from its branches, and indicates that it is committed to the mechanisms related to the anti-money laundering and terrorist financing law, and that the whole issue is being examined by the judiciary, and that the bank continues to cooperate with the competent authorities to reveal the facts.”  LINK

Including officials.. Integrity arrests suspects red-handed for bribery in 5 governorates

17th October, 2022

The Iraqi Integrity Commission announced on Monday that a number of officials and employees had been caught red-handed in five Iraqi governorates.

In a statement received by Shafaq News Agency, the authority said that the field team of the Muthanna Investigation Office moved to the Treasury Directorate in the governorate, and was able to arrest the director of the financial department in flagrante delicto; While receiving the bribe from the service employee in the department.

She added that the staff of the Diyala Investigation Office arrested the file officer in the Baqubah Execution Directorate, while taking bribes from the auditors. in exchange for performing her functional duties,” pointing out that “the accused blackmailed the auditors and obstructed the progress of their transactions; to force them to pay bribes.

In Babil Governorate, the office team followed up and seized the Hilla municipality property registry investigator who requested a sum of money from a citizen in exchange for agreeing to rent a store owned by the Hilla Municipality Directorate, where the accused was caught red-handed while receiving the bribe.

The commission indicated that the staff of the Karbala Investigation Office, which moved to the real estate bank in the governorate, arrested an employee in the bank in flagrante delicto upon receiving the amount of four million and 500 thousand dinars from one of the auditors applying for a loan from the bank, pointing to the agreement of the accused with the auditor to receive Another amount after the approval of the loan transaction.

She explained that the staff of the Commission’s investigation office in Diwaniyah arrested an employee of the Medical Committees Division in the governorate red-handed receiving a sum of money from a citizen. In return for completing the transaction of his sister, indicating that the accused admitted to receiving the bribery amount that was seized in his possession; Transaction completion meeting.

The commission confirmed that fundamentalist seizure records were organized and presented, along with the accused, to the judges of the investigation courts specialized in integrity issues in the governorates of Muthanna, Diyala, Babil, Karbala and Diwaniyah, who decided in turn to arrest the accused in accordance with the provisions of Article 307 of the Penal Code and Resolution 160 of 1983.

LINK

Fake factories drain public money in Iraq: another face of corruption

17th October, 2022

The Iraqi Border Ports Authority revealed the seizure of a number of fake factories, saying that their owners had obtained customs and tax exemptions in amounts amounting to billions of dinars, in one of the new corruption files being raised in the country, confirming that an investigation had been opened into the file

Corruption is one of the most dangerous files in the country, as it is often intractable to the authority of the state and the law, especially as it is linked to parties that dominate the political scene in the country, and have armed arms that threaten even state institutions

And the Iraqi Border Ports Authority said in a statement, yesterday evening, Sunday, that it “was able to seize fake factories and factories whose owners had previously obtained customs and tax exemptions in violation of the controls,” noting that “the process of controlling factories took place after obtaining a judicial decision that includes approval to move to The location of a group of alleged factories to reveal the truth of their existence

 She added that “it turned out that these factories are fake, and they are small shops that do not rise to being a factory or a factory that requires granting exemptions from fees,” stressing that “this is a fraud on the state institutions specialized in granting exemptions, which bear full responsibility as a result of their lack of auditing.” Factories and factories before granting exemption books, as well as their lack of seriousness in following up on the arrival of those exempted materials to the beneficiaries

She pointed out that “the owners of these factories and factories located in Basra Governorate have used the materials that were exempted from customs and tax duties for other than the purpose for which the exemptions were granted and in very large quantities, amounting to billions of dinars, which caused a waste of public money

Confirming that “a fundamentalist seizure report was organized and the method was presented before the investigation judge, who in turn issued a decision to refer the file to the Basra Integrity Investigation Directorate for investigation according to jurisdiction, and under the supervision of the integrity judge in the province to hold accountable all those associated with these suspicious acts targeting the Iraqi economy in the core. The owners of factories and factories obtain some customs and tax exemptions, in a step adopted in the country to encourage investment in the private sector and local production

This is taking place at a time when the Iraqi authorities announced, today, Sunday, the start of an investigation into the case of theft of 3 trillion and 700 billion Iraqi dinars; The equivalent of $2.5 billion from the state treasury, hours after Oil Minister Ihsan Abdul-Jabbar, who had submitted a request to be relieved earlier from the position of acting finance minister, admitted that the money was stolen from the state-run Rafidain Bank, which is tax revenue money

The rampant corruption in the country has dragged it into serious economic and financial crises from which it is not easy to get out, which included all aspects of life such as electricity, water, the health system, job opportunities, and others   LINK

Source: Dinar Recaps

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