"IRAQ NEWS ANALYSIS" BY FRANK26, 15 NOV

 Frank26:  "OVERTIME FOR THE REFORMS!!!"............F26

The Minister of Finance directs the Accounting Department to continue working on Fridays and Saturdays until the end of the current year

11/14/2023  Baghdad - 

The Minister of Finance, Taif Sami, today, Tuesday, directed the Accounting Department to continue working on Fridays and Saturdays until the end of the current year.

The ministry said in a statement, a copy of which was received by Mawazine News, that “Minister of Finance, Taif Sami, directed the Accounting Department to continue official working hours on Fridays and Saturdays until the end of the current year.”

She added, "This came with the aim of accelerating the completion of financing procedures and the approaching end of the fiscal year."   LINK

************

Frank26:  "SUDANI & ALAQ ON THE MONETARY REFORM EDUCATION!!!"...........F26

A government source reveals a package of measures to address the difference in the exchange rate

11/14/2023

A government source revealed, today, Tuesday, a package of measures to address the difference in the exchange rate, noting that Prime Minister Muhammad Shiaa Al-Sudani directed the activation of a committee to hold serious discussions with the US Treasury Department regarding transfers.

The source explained, according to the official agency, that the package of measures included the following:

1- Organizing the import process and ensuring the entry of the largest number of merchants and importers to the foreign currency sales window by facilitating account opening procedures, deposit operations and other procedures related to issuing the importer’s identity, which would facilitate the requirements of (know your customer). ) for the category of merchants and importers.

2- The government and the Central Bank are conducting ongoing negotiations with the Iranian side to regulate trade between the two countries and make the best options regarding payment of dues and amounts, and discussions are taking place at a good pace.

3- The Prime Minister directed to work on a number of important projects to ensure that the poor and middle-income groups are not affected by the exchange rate difference, as the Ministries of Commerce and Health are working to import important materials and provide them in Iraqi dinars at stable prices, an example of which is the food basket project (supported by stable prices), the medicine basket and the basket. Construction and a basket of reserve materials for the transportation sector... some of which work began some time ago.

4- The government is now working on a project (an equal deal) to exchange trade and imports with some countries, such as China and India, and in their own currencies from the main trading partners of Iraq, such as India, China, and some neighboring countries.

5- The government is currently considering establishing a free zone to import materials and then market them to the private sector and ensure their delivery to the consumer at competitive prices and in the Iraqi dinar.

6- The government is currently studying a re-export project and there are important discussions in this regard.

7- The government issued a series of measures to develop electronic payment systems and reduce dependence on cash... and in the coming days a series of other decisions will be issued regarding the pricing and incentive policy for services provided through electronic payment.

8- The President directed the activation of a joint committee between the government, the central bank, and the private sector, under the supervision of his state office, to hold serious discussions with the US Treasury regarding transfers through the foreign currency selling window, and the committee began its meetings from now.

9- The government is holding ongoing discussions with the Central Bank of Iraq on a number of topics, including facilitating procedures related to Iraqi banks importing the dollar (cash). This process has already begun with some banks importing the dollar, and the process will expand to include other banks. Work is also underway to implement a contract. Agreements to supply the currencies of some countries to be provided through banks and banking companies to meet the needs of Iraqi tourists and pilgrims going to those countries without the dollar currency. LINK