Saturday, October 14, 2023
"RV UPDATE" BY KAPERONI, BREITLING & TISHWASH, 15 OCT
Kaperoni
The only way for Iraq to raise the value would be to do so gradually over time based on the success and growth of the economy. Doing so would allow them to withdraw the large quantities of currency as the economy prospers. It also would allow them to float the currency based on the economic success and diversification.
BreitlingAl-Sudani: The customs automation project is a starting point for implementing financial and banking reforms, 14 OCT
Al-Sudani: The customs automation project is a starting point for implementing financial and banking reforms, 14 OCT
Baghdad – On Saturday, Prime Minister Muhammad Shiaa Al-Sudani ordered the government to fulfill all financial commitments necessary to complete the first phase of customs automation and networking. He emphasized the importance of the project as a crucial step towards implementing financial and banking reforms.
The office of Prime Minister Muhammad Shia’ Al-Sudani issued a statement reporting that a meeting was held on Saturday morning to discuss the progress of automating customs and networking. The Prime Minister chaired the meeting and representatives from the United Nations Conference on Trade and Development (UNCTAD) were present.
The statement mentioned that Al-Sudani reviewed a detailed report explaining the progress of work in implementing the first phase of the global system for automating and modernizing customs (ASYCUDA). He also highlighted the most prominent problems and challenges and suggested ways to overcome them, leading to the implementation of a single window for foreign trade. This will be achieved through a comprehensive application of information technology, which will help in unifying customs procedures, issuing electronic declarations, and exchanging data.
In accordance with the statement, Al-Sudani has instructed the completion of all financial obligations to finalize the requirements of the first phase. He also directed the provision of necessary infrastructure to ensure the success of the project. Additionally, he ordered the implementation of technical workshops to introduce this significant project, which will support the government’s efforts in developing economic structures based on the principles of integrity and transparency.
Al-Sudani emphasized that the customs automation project is a vital aspect of the government’s economic reform priorities. It serves as a fundamental basis for implementing financial and banking reforms as per the government’s vision to promote legitimate trade and combat corruption.
"RV UPDATE" BY FRANK26 & FIREFLY, 14 OCT
Frank26
Nobody used to touch the Iraqi dinar. Nobody used to any Iraqi stocks. They wouldn't touch [Iraqi's] currency. It was worthless. But the whole world now knows thanks to Sudani the potential of your currency...
[Iraq boots-on-the-ground report]
FIREFLY: The television is saying the oil and gas law is still with the government technical committees and is being reviewed.
FRANK: See! Where did I tell you the HCL is at? In a little box in the top shelf of Sudani's desk...It is being reviewed? I agree, because it will require a new exchange rate. What are they going to do pay you $0.30 a month?
We study this investment that is moving forward unless for some reason Sudani and Alaq are not what we think they are. I'm not giving up on them. I'm not seeing anything that tells me to give up on them except, What the hell are you waiting for?
FIREFLY: Sudani came on the news and he's saying Iraq is ready to join the BRICS...
FRANK: ...That's highly possible that might be the basket they will eventually float in because even the Iranian currency is in that basket and it is logical to consider this because this is the next step in the monetary reform process.
Your currency does not need a new exchange rate, it needs to float internationally without any restrictions. It has no restrictions. It is about to float internationally.
Expert: Linking Iraq with the Arab Gulf countries will enhance its electrical reality, 14 OCT
Expert: Linking Iraq with the Arab Gulf countries will enhance its electrical reality
On Friday, economic expert Omar Al-Halbousi stated that Iraq’s electricity crisis could be resolved with the help of an important step taken by connecting Iraq’s electrical grid with the Arab Gulf countries.
Al-Halbousi stated in a press release that the decision to connect Iraq with the Gulf electrical market platform aims to resolve the energy crisis in Iraq and increase the number of hours of electricity supply to citizens. Furthermore, the supply prices are more reasonable than Iranian electricity prices, and there are no obstacles standing in the way of fulfilling obligations.
He stated that the timing of this connection is perfect since Iraq has been facing an electricity crisis for years, especially during the summers. The lack of a national electricity system burdens the Iraqi citizens, and the country has been depending on Iranian electricity, which is sold at high prices and not fulfilling the obligations to Iraq, causing huge losses. The connection will help Iraq to get rid of this dependency and ensure a reliable source of electricity for its citizens.
During a recent statement, Al-Halbousi emphasized that Iraq is being blackmailed through the supply of electricity. Iran is pressuring Iraq to act as a mediator with America to release some of the financial amounts in dollars owed to Iran. As a result, Iraq has become a victim of the American-Iranian conflict.
Al-Halbousi emphasized the need for the Iraqi government to leverage the country’s resources to establish a robust national electricity system. Iraq has the potential to achieve self-sufficiency and even export electricity, but the government lacks the will and work ethic necessary to make it a reality. Currently, Iraq is spending money on importing electricity from neighboring countries, which could be saved by establishing a self-sufficient electricity system.
Zimbabwe wants new IMF staff-monitored programme by April | The Zimbabwean, 14 OCT
Zimbabwe wants new IMF staff-monitored programme by April | The Zimbabwean (10/13/23)
HARARE (Reuters) - Zimbabwe hopes to agree a new staff-monitored programme with the International Monetary Fund (IMF) by April next year, with an IMF team due to visit later this month for initial talks, its finance minister said on Thursday.
“Our intention is that by the time we go for the Spring Meetings in April 2024 we should have signed off on a staff-monitored programme,” Mthuli Ncube told reporters in Marrakech at the IMF and World Bank Annual Meetings.
“It will focus on maintaining discipline on the fiscal front and continue fine-tuning our exchange rate system and maintaining a tight monetary policy.”
An IMF staff-monitored programme is an informal agreement under which Fund staff keep tabs on a member country’s economic programme. If successful it could lead to a financial arrangement in the future.
Zimbabwe’s economy has been scarred by successive bouts of hyperinflation.
https://www.thezimbabwean.co/2023/10/zimbabwe-wants-new-imf-staff-monitored-programme-by-april/
Zimbabwe to reintroduce local currency | TSA , 14 OCT
Zimbabwe to reintroduce local currency | TSA (10/14/23)
Zimbabwe is set to once again have its own local currency and will enforce the use of this in its attempt to restore economic growth.
Thus, the annoying practice of paying in one currency and receiving change in another (or in a handful of several others) is expected to come to an end in that country.
Mnangagwa said that Zimbabwe will bring back a national currency as its legal tender since the country cannot develop using several foreign currencies.
Mnangagwa stated this when speaking at the ceremony where he was sworn into office for a second term.
BASKET OF CURRENCIES
Zimbabwe adopted a multi-currency regime in February 2009 to combat spiking inflation. It has been using a basket of different currencies as legal tender since 2009 when the country saw economic instability.
“In 2009 our currency collapsed and former President Mugabe appointed a committee of five people, which I chaired, to look into the currency issue. We agreed that for us to survive we had to create a basket of currencies and to allow our own currency to die.” Mnangagwa said, per The Chronicle.
The arrangement which allows the use of several foreign currencies is guaranteed until December 2025, under Statutory Instrument (SI) 118A of 2022.
NATIONAL CURRENCY
During his recent swearing-in ceremony, Mnangagwa said that Zimbabwe will put into place measures that will entrench the use of a single currency.
This is because using a single national currency will help to bring sustainable growth and development to the independent country which was known as the “Breadbasket of Africa”.
Through the use of a sole currency, a government has control over its monetary policy. It is also better able to manage capital flows. Ultimately, this enables a state to protect its own interests.
ECONOMIC BENEFITS
Using a national currency enables a state to respond to the challenges it faces and to design policies that meet its specific needs.
Mnangagwa said that using multiple currencies is not in the country’s best interests as this does not enable sustainable growth.
“We must bite the bullet. Whether it gives us some suffering for a period, we shall proceed to have our own currency – not a situation where the economy has a regime of currencies in use. We want a single currency and we are going there.” Mnangagwa said.
"RV UPDATE" BY WALKINGSTICK, PIMPY AND CLARE, 14 OCT
Walkingstick
HCL payments are all over the world where Iraqi citizens live, where they qualify for these funds.
Pimpy
People always go, 'You're so negative.' No, I'm grounded. What's been happening lately I'm feeling really good about. There's got to be some consistency there. The seem to be making all the right moves and that's exactly what you want in this investment...
Iraq can't do anything without permission of the United States. They're on sanctions. The only reason why I know that is because I actually read...
Clare
Article: "The Central Bank in Nineveh: We are subject to Washington’s sanctions and we are waiting for them to be lifted to open the dollar auction"
"RV UPDATE" BY MILITIAMAN, 14 OCT
Militia Man
Article: "Parliamentary Energy: Work is continuing towards passing the oil and gas law" This is going to be a big deal and it needs the same thing everyone else needs and that is the international acceptable currency exchange rate. The way they are talking on this gives me the impression they are ready for the rate, so that they can discus, read and vote on it. Who wouldn't vote for it when it is for all Iraqi people. I am sure the priority is going to be toward a yes vote...A unanimous one at that!
Al Sudani was in Russia...one of the things he said is they're going to be doing business between the Iraqi dinar and the Russian ruble in commercial dealings...
Article VIII implicitly states no member may impose without the Fund's approval restrictions on the performance of payments and transfers related to international commercial transactions ... Article 14 implicitly indicates if the member is prepared to accept the obligations (which we haven't quite seen yet)...contained in sections 2, 3 and 4 of Article VIII it says thus the agreement encourages the free movement of capital between countries and the transfer of balances between other members...
to facilitate the performance of international payments and work to create a stable exchange rate system which provides the appropriate foreign investments...Article VIII...is the freedom of movement of capital. If you don't have it and you're not released to get it, you're not going anywhere.
Iranian President Raisi discusses regional developments and Gaza crisis with Iraqi Prime Minister, 14 OCT
Iranian President Raisi discusses regional developments and Gaza crisis with Iraqi Prime Minister, 14 OCT
Shafaq News/ In a phone call today, Iraqi Prime Minister Mohamad Shia Al-Sudani and Iranian President Ibrahim Raisi discussed the current regional and international developments.
According to Al-Sudani’s media office, the “two leaders expressed deep concern over the deteriorating humanitarian situation in the Gaza Strip, a consequence of the ongoing aggression against the Palestinian people by Zionist forces.
During the call, both sides emphasized the critical need for the international community to take decisive action against the “severe violations targeting civilians in the occupied territories.”
They underscored the urgency of “lifting the unjust siege on Gaza City” and stressed the necessity of establishing safe civilian passages. Additionally, they emphasized the importance of facilitating the swift passage of essential humanitarian aid to the Palestinians, highlighting the urgent nature of this assistance.
Escalating Conflict in Israel and Palestine: A Ripple Effect Across the Region, 14 OCT
Escalating Conflict in Israel and Palestine: A Ripple Effect Across the Region, 14 OCT\
The Israeli-Palestinian conflict has taken a deadly turn, with clashes erupting in multiple locations and a rising death toll. The unrest is not isolated to these two regions but is causing ripples of tension throughout the Middle East.
(Also Read: Devastating Train Derailments in Turkey and India Highlight Need for Enhanced Railway Safety)
Mounting Tensions and Violence
The Israeli military has ordered the evacuation of nearly half the population of Gaza, while Hamas has called for Palestinians to rise up in protest. According to the Palestinian Ministry of Health, the death toll in Gaza has spiked to 1,900, including many women and children. In the West Bank, clashes between Palestinian protesters and Israeli security forces have resulted in the deaths of at least 46 Palestinians in the past six days.
The Region on Edge
These clashes are fueling unrest and tensions across the region, with protests erupting in Jordan, Bahrain, and Lebanon. The conflict threatens to destabilize not just Israel and the Palestinian territories, but also neighboring countries such as Egypt, Iraq, and Jordan. The international community has called for a halt to the violence and an end to the blockade of Gaza to allow for humanitarian aid to reach the civilians in need.
(Also Read: Global Tensions Rise Amid COVID-19 and Economic Downturn)
The Broader Implications
This situation is a setback for efforts to ease regional tensions and focus on domestic development in countries like Saudi Arabia and the United Arab Emirates. The conflict comes at a time when many of the underlying problems that fueled the Arab Spring uprisings, such as economic woes, corruption, and political repression, are still unresolved. The war in Israel has sparked fears of wider unrest and is causing concern among officials, scholars, and ordinary people across the region.
Future Uncertain
While the international community calls for peace, the future remains uncertain. What is clear, however, is that the escalating conflict is not confined to the borders of Israel and Palestine, and its effects are being felt across the region. The world watches on as leaders grapple with this complex and deeply rooted conflict, hoping for a resolution that brings peace and stability to the region.
Central Bank of Iraq Records Surge in Hard Currency Sales, 14 OCT
In a week marked by significant financial movement, the Central Bank of Iraq (CBI) has reported a sharp increase in its sales of hard currency, with total sales exceeding $801 million. This marks an increase compared to the previous week’s sales, indicating a heightened economic activity in the region.
Surge in Currency Sales
The sales were conducted over five days, with an average daily sale amounting to $160,226,899. The most substantial sales were recorded on Thursday, with a staggering total of $208,387,458, emphasizing the robust demand for hard currency in the Iraqi market.
Foreign remittances for the week were not far behind, reaching $854,800,397, showing a significant increase compared to cash sales. This surge in remittances reflects the increasing globalization and interconnectedness of the Iraqi economy.
(Read Also: Solidarity in Baghdad: Iraqis Rally in Support of Palestinians Amid Israel-Hamas Conflict)
Exchange Rates and Market Dynamics
The exchange rate for documentary credits and international settlements was pegged at 1,305 IQD for every US dollar. Meanwhile, the rate for foreign remittances and cash sales was slightly higher, standing at 1,310 IQD for every US dollar.
Economic expert Abdul Rahman Al Mashhadani attributed the rise in dollar prices to the parallel market, which meets trade requests with countries sanctioned by the US. He further pointed out that financing the drug trade also contributes to the rise in dollar prices.
(Read Also: Massive Demonstration in Iraq Shows Solidarity with Palestine Amid Ongoing Conflict)
Proposed Solutions and Future Outlook
Al Mashhadani highlighted the need for a cultural shift towards relying on the banking system for financial transactions and emphasized the potential of investing in tourism in Iraq. Another expert, Safwan Qusay, underscored the importance of attracting Russian investments to Iraq and diversifying sources of investments.
In related news, Al Rafidain Bank announced the launch of an online dollar reservation system for travelers, a move aimed at facilitating currency exchange for those traveling outside Iraq.
Conclusion
The Central Bank of Iraq’s substantial sales of hard currency point to an active economy with robust demand for foreign currency. The bank’s initiatives to facilitate currency exchange and the call for more reliance on the banking system and diversified investments underscore the evolving financial landscape in Iraq.
https://bnn.network/finance-nav/central-bank-of-iraq-records-surge-in-hard-currency-sales/
JUDY NOTES, 14 OCT
Judy Note: Bank closures and runs have begun across Europe and the US.
Bank Runs & most severe US Bond Sell Off in history continues.
Global Currency Reset:
Fri. 13 Oct. TNT Tony Tweet: “It won’t happen tonight (Fri. 13 Oct.), but rather tomorrow night by midnight (Sat. 14 Oct.). They wanted it done before ForEx came back up.”
Fri. 13 Oct. MarkZ: “Militia Man reported that Western Union was shutting down the financial borders of Iraq by refusing to make international transfers of money. I think that shows how close we are to the finish line.
Wed. 11 Oct. Frank26: “If you are a student of Forex you will be able to see right now that the Iraqi dinar is trading in massive volumes. It is putting itself in position for the new exchange rate to come out.”
Thurs. 12 Oct. Holly on Frank26: “Frank has a team in Erbil who went to the bank. They’re telling the citizens the rate is coming. He told her the rate went up two days ago, and they’re about to use the new national currency. Alaq said the Board of Directors of the CBI is going to release a new exchange rate. The bank is saying there has been a rise in the rate internally. They will be joining the BRICS and that may be the basket that floats internationally!”
The Central Bank of Iraq has suspended Western Union service for international money transfer: https://search4dinar.wordpress.com/2023/10/12/central-bank-of-iraq-suspends-western-union-service-for-international-money-transfer/
Wed. 11 Oct. TNT Tony: “We are as close to a Global Currency Reset as we are to touching the Eye of the Storm. A takeover of the old SWIFT system by the Quantum Financial System (QFS) will totally divorce Central Banks and Governments from stealing our money and controlling our future.”
On Sun. 15 Oct. the IMF and World Bank could hold their last meeting.
Wed. 1 Nov. was the goal to have Currency Exchanges and Zim Bond Redemptions completed, although that date could vary.
Starting 1 Jan. 2024 the fiat US Dollar may be worthless, all currencies across the Globe could be on par 1:1 with each other, Social Security benefits will be much higher and the SS R&R payments start on a monthly basis.
In the next three to six months the Rodriguez Trust will begin to administer “universal basic income” for citizens of all GESARA-compliant countries. The amount per individual or family will depend on the status, needs, employment level and age of the person/family and will work to encourage people to work if they can.
54 Banks Closed/Scheduled To Close. Major US banks are continuing to close branches across the US, leaving an increasing number of Americans without access to basic financial services. Bank of America axed 21 branches in the first week of October, according to a bulletin published by the Office of the Comptroller of the Currency (OCC) on Friday. Wells Fargo shuttered 15, while US Bank and Chase reported closing 9 and 3 respectively. In total, some 54 locations had either closed or were scheduled to close between October 1 and October 7. Of the overall closures, 3 were in Louisville in Kentucky. Eight of the 21 Bank of America closures were in California. https://www.dailymail.co.uk/yourmoney/banking/article-12628627/Bank-America-Wells-Fargo-branches-shut-October.html
"RV UPDATE" BY SANDY INGRAM, 14 OCT
Sandy Ingram
Don't think you can come here [Online broker/bank etc] and at the last minute purchase Iraqi dinar as the currency is increasing in value because the first thing they are going to do is increase the cost of the currency as it changes. This old investing - meaning we are not using the Forex Market. We are purchasing currency, holding it until it increases in value against the US dollar and then we are seeing the currency for profit...
This money move by Iraq is to put an end to Iran wrapping itself around Iraq's finances...to control corruption and the illegal flow of money so they can get International investments. This money move by Iraq is to show favoritism to their own currency and their own government. Anytime the young girls decide to date or marry a man who has lots of US dollars rather than Iraqi dinars, then it is time to readjust the thought process. Make no doubt about it, this money move will help strengthen the Iraqi dinar and hopefully the value of the IQD against the USD. [
On the topic of Iraq's dedollarization plan starting in January 2024... Article: "BRICS: What Iraq's Cash Ban Means for the Global Status of USD" The BRICS people...are trying to say Iraq is abandoning the US dollar in favor of the BRICS' agenda. WRONG...Iraq has over $100 billion US dollars in a New York Federal Reserve Bank and they understand the consequences of crossing over their own wealth.
Evening News with MarkZ 10/13/2023
An expert reveals the importance of attracting Russian investments to Iraq.. What is America’s role?, 14 OCT
An expert reveals the importance of attracting Russian investments to Iraq.. What is America’s role?
The economic expert, Safwan Qusay, confirmed today, Friday, that Iraq is trying to be in the region of economic balance by attracting investments from countries of the East or West, including Russia.
Qusay said in a statement followed by Mawazine News, “Russia represents a giant industrial country, and Iraq’s openness to the Russian system can be exploited by attracting investments in the agriculture, livestock, and transportation sectors. Especially if we manage the investment file in the iron and steel sector to create complementary industries at the train level.” And ships.”
He added, "Iraq is looking forward to investing in its geographical location and it needs to establish an industrial zone for strategic industries that complement the path of development and the presence of economic powers such as Russia that can contribute to these sectors. I believe that establishing a nuclear reactor to generate electrical energy will support the process of establishing this industrial city and that we will have diversity." In sources of investments
.
He pointed out that "Iraq is looking forward to increasing the capacity of financial transactions with the Russian side outside the SWIFT system, so that it has trade with the East through this system and this reduces the pressure on financial bottlenecks in some cases." He continued, saying: "Russia is a country currently present in Iraq.
" It has investments in the energy and petrochemicals sector, and it may be ready for Russian investments. In return, there can be a link to the production of the continent of Asia through Russia, and to link the continent of Asia through the Al-Faw crossing and through border crossings with Iran for the crossing of goods from Russia to the continent of Africa via the Kingdom of Saudi Arabia. And Jordan.”
Regarding Iraq’s orientation towards a number of economic poles and the possibility of its exit from American influence as a result of this orientation, Qusay said: “Iraq does not have a region of attraction without others, but it must build a sectoral investment map so that there is competition in every sector, and I believe that the advantage of the economy is The return is what will determine the preference. For example, integration with the Russian economy at the level of agriculture, iron and steel industries, and nuclear energy. This could be the path.” He added
: “With the United States, for example, we need a technological city established by American companies at home .” The Iraqi and the British believe that British insurance companies are able to guarantee global investment in Iraq, and I believe that the division of regions and commercial and economic dealings with countries of the world are what will contribute to determining the path of investment in Iraq, and Iraq is not against any investment.”
Russian President Vladimir Putin and Iraqi Prime Minister Muhammad Shiaa Al-Sudani participated in the activities of the "Russian Energy Week" forum, which was held in Moscow.
In his speech at the opening of the forum, Putin stressed that "the global economy is moving to a multipolar model that has several growth centers."
For his part, Al-Sudani spoke at the forum about Russian development in the gas, oil, and electricity sectors, in addition to the Iraqi government’s priority in economic diversification through integrated energy, petrochemical, and integrated projects. link
"RV UPDATE" BY BRUCE & TISHWASH, 14 OCT
Bruce
[via WiserNow] So we believe our start is imminent...and we've been told to keep specifically to keep an eye on and watch for the emails for us...
I'm excited about us getting started...We're looking very seriously for what should be occurring according to our best sources between now and midnight...Friday night. Let's see what happens.
We have been told to be ready at any moment for notifications to come out. ...we are just right on the edge of it. We've been told this thing is imminent. it's right there. Everything's done. ...we're looking...for our notifications and start of our exchanges within the next three days. Let's see what manifests. Let's see what happens.
Tishwash
Article: "Economic praise for Iraq and Russia's agreement to deal in dinars and rubles: a masterstroke"
Quote: “In light of the agreement, Iraq will open new horizons of openness with important countries to deal with in the local currency. Therefore, the demand for the dollar will decrease and the value of the Iraqi dinar will rise against the dollar."
Parliamentary committee reveals PM's plan for ministerial performance assessment, 14 OCT
Parliamentary committee reveals PM's plan for ministerial performance assessment, 14 OCT
Shafaq News / The Parliamentary Federal Strategic Planning and Service Committee unveiled on Saturday the details and steps of the Prime Minister's plan to assess the performance of ministers, following the completion of performance evaluation plans for general managers.
Committee member Mohammed Karim Al-Baldawi told Shafaq News Agency that "the phase of assessing ministerial performance began after the budget was approved, which is a legitimate constitutional right for the ministries, and it is approaching its end within a predetermined period of six months."
He added, "The Prime Minister will issue an assessment of ministerial performance, accompanied by the assessment of the Federal Strategic Planning and Service Committee regarding ministerial performance to take the necessary actions, following the plan that began in stages according to the procedures previously taken against the general managers."
Regarding summoning and interrogating ministers in Parliament, Al-Baldawi stated that "summoning and interrogating are constitutional procedures currently being implemented, and we are waiting for the end of the ministerial evaluation period to take the necessary actions."
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 14 OCT
Frank26 (KTFA)
[Iraq boots-on-the-ground report]
FIREFLY: The television said the dinar will be replacing the dollar and the auctions will come to an end, then the CBI can control the exchange rate totally and we will be no black market anymore…The television says the Federal Reserve is still in control of the financial budgets but expects this to end in two weeks...
FIREFLY: Sudani came on the news and he’s saying Iraq is ready to join the BRICS…
FRANK: …That’s highly possible that might be the basket they will eventually float in because even the Iranian currency is in that basket and it is logical to consider this because this is the next step in the monetary reform process.
Your currency does not need a new exchange rate, it needs to float internationally without any restrictions. It has no restrictions. It is about to float internationally.
We study this investment that is moving forward unless for some reason Sudani and Alaq are not what we think they are. I’m not giving up on them. I’m not seeing anything that tells me to give up on them except, What the hell are you waiting for?
PM approves funding a project to connect Iraqi customs to a global system, 14 OCT
PM approves funding a project to connect Iraqi customs to a global system, 14 OCT
Shafaq News/ Prime Minister Mohammed Shia al-Sudani on Saturday issued a directive to disburse the financial requirements of the first phase of customs automation and network integration project.
This directive came during a meeting he headed to monitor the progress of customs automation and network integration, in the presence of representatives from the United Nations Conference on Trade and Development (UNCTAD).
According to a press release by his bureau, al-Sudani reviewed a detailed report explaining the progress in implementing the first phase of the global ASYCUDA (Automated System for Customs Data), the challenges facing its implementation, and ways to overcome them.
The ultimate aim of the project, according to the statement, is to establish a single window for foreign trade that utilizes new information technology in a bid to regulate customs procedures, electronic declaration issuance, and data exchange.
Approving a proposal to funs this project, the premier emphasized the importance of conducting technical workshops to introduce this significant project, which will support the government's efforts in developing a transparent economic infrastructure.
Al-Sudani affirmed that the customs automation project stands as one of the key pillars of the economic reform embraced by the government as a top priority in its governmental program.
"It serves as a vital foundation for implementing financial and banking reforms, in line with the government's vision and approach to facilitating legitimate trade and combating corruption," the statement said.
The Automated System for Customs Data (ASYCUDA) is a computerized system designed by the United Nations Conference on Trade and Development (UNCTAD) to administer a country's customs. In 2004 there were more than 50 operational projects with expenditures exceeding US$7 million. It is the largest technical cooperation programme of the UNCTAD, covering over 80 countries and 4 regional projects.
There are three generations of ASYCUDA in use: ASYCUDA version 2.7, ASYCUDA++, and ASYCUDA World. ASYCUDA World is the most recent version. Cape Verde adopted use of ASYCUDA World in January 2016.
UNCTAD's aim was to build a computer system to assist customs authorities (or their local equivalents) all over the world to automate and control their core processes and obtain timely, accurate and valuable information to support government projections and planning.
CHELLA CC HIGHLIGHTS NOTES, 22 DEC
CHELLA CC HIGHLIGHTS NOTES Summary CH Smith hosts a live news update on Iraq, covering the stock exchange, banking reforms, and tourism deve...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...