Digital platform for financial efficiency books, financing plans and their controls
August 28, 2024
Based on the Central Bank of Iraq Law No. (56) of 2004, as the sectoral body supervising the work of all licensed financial institutions, and within the framework of this bank’s orientation towards automating the work of the banking sector, as well as supporting government efforts in implementing its contracts, a digital platform was created that includes establishing a new mechanism for issuing (financial efficiency books, and financing plan books) from all licensed banks, and their controls ..
Article: "Government advisor explains the possibility of using the dinar instead of the dollar in oil sales"
Interesting quote from Salih in that article...
Quote: "The strength and stability of the Iraqi dinar will remain linked to the factors of real growth and diversity in the national economy,"
Kaperoni
Article 1: "Is it time to remove the zeros?
"Article 2: "Is Iraq heading towards printing new paper currency?"
These articles discuss a LOP...Iraq is converting to digital currency over time removing the paper money.
Kaperoni
The discussion in Iraq is not an RV but a currency exchange LOP. Symposiums were held last fall to educate many of the citizens on such an event. There would be little to no gain, in fact, based on the numbers published it would be a loss if they did so.
Kaperoni
Community Comment: "Seems like there's some good news & some so not good. I have the feeling we aren't close, by a long shot."
I pointed out a few months ago that Iraq was ending the currency auction at the end of this year. Nothing is going to happen with the dinar until after that and they begin to diversify their economy.
Kaperoni
The Iraqi dinar is a currency of a country it's not a lottery ticket. There is no magical RV...Owning dinar is risky, which may strengthen over time, but it's a long-term investment.
Article: "Iraq speeds up steps to join WTO" Those that follow me know that we posted information that stated the Central Bank of Iraq planned to end the currency auctions at the end of this year, joining the WTO sometime next year would also benefit them.
Kaperoni
Seems to be a lot of hype lately that people are getting excited for some Dinar RV. Not how currencies work. Iraq has a lot of work to do...If and when the dinar goes up in value it will be based on the success and growth of Iraq's economy.
Kaperoni
Community Comment: "Does this have a negative, positive or neutral effect on our investment?"
Article: "Mazhar Muhammad Salih: Our cash reserves are the highest and there are no fears of the dollar rising"This is good news.
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Kaperoni
Question: "So the RV tomorrow 3:00? Lol" You need to change your thinking. There is no RV, never will be one. The only way that dinar can go up in value is 'gradually' over time based on the success and growth of Iraq's own economy.
Kaperoni
Article: "Establishment of the Commercial Arbitration Center in Iraq" Article quote: "the importance of commercial communication with various countries around the world and organizing relations in a way that achieves mutual benefit for all parties, especially as Iraq is on the verge of rejoining the World Trade Organization (WTO). He explained
that this project comes as one of the achievements within the file of Iraq's accession to the International Chamber of Commerce (ICC)." WTO requirement. Establishment of the Commercial Arbitration Center in Iraq
Including Iraq.. Three countries have the highest number of investment contracts signed during the month
8/28/2024
A report by the British magazine "MEED" stated on Wednesday that three countries, including Iraq, had the highest number of investment contracts signed in July.
The magazine stated in a report, which Shafak News Agency reviewed, that "the Middle East and North Africa region witnessed the signing of investment deals worth $23.9 billion in July."
The report explained that "Saudi Arabia ranked first among the Arab countries by signing investment contracts worth 14.3 billion, while the UAE came in second place by signing contracts worth 4.2 billion dollars, while Iraq came in third place by signing investment contracts worth 2.5 billion dollars."
He pointed out that "Egypt awarded contracts worth $2.1 billion, Kuwait $515 million, Oman signed contracts worth $140 million, Bahrain $33 million, and Qatar $27 million." LINK
A lot of people calling for it to start within 24 hours. There is a whole lot of chatter with groups who are expecting money movement at any moment or over the weekend.
The rumors out of the groups are everybody will be working this weekend. Group leaders are all charged up and ready...we hear Al Alaq (Governor of the CBI) is to go from New York to DC today. We are hopeful it means something…. Comment: Slowly, Slowly, SUDDENLY.
MarkZ: I think we are finally at the suddenly part.
Comment: Wealth manager sent out memo saying the dinar is a scam.
MarkZ: Well if it is a scam - Trump invested in it, Warren Buffet invested in it…the US treasury has invested in it. I believe even George Soros has invested in it…and almost every central bank around the world has invested in it. So if it is a scam…well, all the smartest people in the world fell for it.
Tuesday 27 August 2024 17:51 | Politics Number of readings: 75 Baghdad / NINA / National Security Adviser Qasim Al-Araji reiterated the Iraqi government's confirmation that NATO's mission in Iraq is an advisory mission and not a combat mission.
The National Security Advisory said in a statement: "Iraq and NATO held, today, Tuesday, the first session of the High-Level Partnership Dialogue at the alliance's headquarters in the Belgian capital, Brussels."
According to the statement, a high-level official Iraqi delegation headed by National Security Adviser Qasim Al-Araji participated in the dialogue, while the side representing NATO was headed by Assistant Secretary-General for Operations and Special Coordinator for Counter-Terrorism Tom Govas, and the Secretary-General's Representative for Southern Neighborhood Affairs Javier Colomina.
The dialogue, which came at the invitation of NATO, discussed ways to enhance the partnership between Iraq and the alliance, including completing the capacity building of Iraqi security forces and other issues related to border security, combating drugs and terrorism, and the file of the Syrian Al-Hawl camp.
During the dialogue, Al-Araji reiterated the Iraqi government's emphasis that NATO's mission in Iraq is an advisory mission and not a combat mission, stressing: "The long-term partnership with NATO is to achieve Iraq's interests, fight terrorism, and develop and rehabilitate the capabilities of the Iraqi forces," stressing the importance of continuing dialogue and partnership with NATO, to achieve Iraq's interests, security and stability.
In a speech on the sidelines of the dialogue, the National Security Advisor referred to Iraq's position rejecting the killing and starvation taking place in the Gaza Strip, and that there is no security or safety except with the existence of an independent Palestinian state, stressing the importance of adopting the principle of dialogue and diplomatic channels as a way to resolve international crises and conflicts.
For their part, NATO representatives praised Iraq's pivotal role and its importance in enhancing the security and stability of the region, expressing the alliance's readiness to increase cooperation and enhance the defense capacity building package agreed upon between the two sides.
Al-Araji also extended an official invitation to NATO representatives to hold the second session of the High-Level Partnership Dialogue in the capital, Baghdad, next year. /End9 https://ninanews.com/Website/News/Details?key=1150108
So, I wanted to share that good news and the next part is about the lower denominations. So, there's been rumors going around that there's lower denominations have been released. That was the key word that the gurus said, “released,” and this information I'm bringing you is coming from two people that are Liberty Loungers extraordinaire that have family inside Iraq.
One of them has a family member who is a part of the parliament in the financial committee that's rolling out the Iraq financial reforms.
And as of Friday, and Saturday when she reached out to me, she said, I'm going to be a part, out to him, they could not confirm, there was no official release of lower denominations. And she went on to say, “You know, TNT likes to be ahead of everyone else, so maybe he's making it educated, guess I'll let you know more as soon as I hear.”
Then I got another message today, confirming from another friend who has family inside Iraq. She said, “From my source, and then yesterday Mark Z was saying the same thing, that they are seeing old lower denominations that were used years ago, those are in play.
But not the new ones yet. People are getting confused on this. Mark even showed us a lower denomination that he had last year, and some of those are still out there in Iraq. So that's probably what people are seeing, and they're mistaking for the new notes, which have indeed already been printed, and they've been seen as far as,
you know, people are aware that they're out as far as they're printed and they're in the ATMs, but they are not out as far as released to my knowledge,” she said. And Mark, of course, agreed with that they've not been officially released but we know that is going to be the step when the official RV happens. So, I thought that was pretty encouraging just to get the facts on that to avoid confusion.
And the next bit of news is there was a little post, a screenshot that's been going around viral this weekend saying that, yeah, there's a cute post that says everything has to happen in duplicate, everything has to happen twice, I guess, for like validation for the White Hats setting the stage, and because of this delegation in the U.S.A., this means we're here, this has happened twice.
And I just wanted to, you know, just call fake news, because Iraq has been here at least four times, if not five times. To my knowledge from following this very, very, very closely, absolutely more than two, I actually remember the first time my jaw dropped when they were here, it was actually Nancy Pelosi, of all people, who celebrated and acknowledged Al-Sudani for Iraq regaining their sovereign status.
So, yeah, they've definitely been here more than twice in recent, very recent years. So, all is looking good, everything is positive. We were seeing Militiaman, TNT, and others quoting this whole D.C., you know, information that is just not true. But definitely they will be back in D.C. in October, and lots of good things happening. But we know that the, you know, the trip here to New York City is also beneficial.
So, there's nothing slowing this down. Everything is positive. Everything is encouraging. Keep your chin up. And, you know, all is well, and just wanted to just help confirm, you know, the truth of what's really going on, and it’s the 27th of August, of 2024, and this is Ginger of the Liberty Lounge signing out.
Due to this being an informative message only, there is no Q&A attached.
Minister of Finance Stresses Importance of Regulating Iraq's Government Banking Sector in 2024
In August 2024, Iraq's Minister of Finance, Taif Sami Mohammed, emphasized the critical need to complete plans aimed at regulating the work of the government banking sector. This move is part of a broader strategy to strengthen the private sector and attract foreign direct investment, which has been a recurring theme in Iraq's development strategies since 2006.
Background on Banking Reforms
The Iraqi government has intensified its efforts to reform the banking sector, recognizing the importance of addressing exchange rates and enhancing the overall efficiency of financial institutions.
These reforms are not only crucial for stabilizing the national economy but also for improving Iraq's international standing and investment climate.
Digital Banking Regulations
In line with global trends, the Central Bank of Iraq launched regulations governing the licensing of digital banks on March 28, 2024. These regulations are designed to foster innovation while ensuring a robust regulatory framework that protects consumers and maintains financial stability. Digital banking is viewed as a key component of modernizing Iraq's financial sector.
Partnership with European Bank
The Minister of Finance also highlighted the importance of partnering with international institutions, such as the European Bank for Reconstruction and Development (EBRD), to support the government's economic diversification plans. By leveraging foreign expertise and capital,
Iraq aims to strengthen its private sector and accelerate digital transformation in the financial infrastructure.
Challenges and Opportunities
Despite these positive steps, Iraq continues to face significant challenges, including institutional weaknesses, fiscal constraints, corruption, and governance issues. These factors have historically impeded development efforts. However, the government's renewed focus on banking sector reforms and international partnerships represents an opportunity to overcome these barriers and pave the way for a more prosperous and diversified economy.
In summary, Iraq's Minister of Finance is driving forward comprehensive plans to regulate the government banking sector, recognizing the critical role of financial stability in national development. By addressing regulatory frameworks, embracing digital banking, and forging strategic partnerships, Iraq aims to create a more resilient and dynamic economy.
Money and business Economy News – Baghdad Finance Minister Taif Sami stressed, on Tuesday, the importance of completing plans to regulate the work of the government banking sector.
A statement by the ministry, seen by Al-Eqtisad News, said that "Minister of Finance Taif Sami chaired a coordination meeting with the international auditing and oversight firm Ernst & Young to follow up on the ongoing technical plans to merge and organize the work of Rafidain and Rasheed banks and insurance companies."
It added, "During the meeting, which was attended by a number of the ministry's general managers and formations, a report was presented by the auditing firm on the final stages of its work regarding organizing the work of the government banking sector, in addition to discussing the proposed plans and final implementation stages in line with the priorities of reform and development."
The Minister of Finance stressed - according to the statement - "the importance of implementing these procedures to contribute to enhancing confidence in the banking system and providing a stable financial environment that supports economic growth, which is positively reflected on the national economy in general and achieving sustainable development and stimulating growth in various sectors."
Sami explained, "The importance of benefiting from the expertise of solid international companies such as Ernst & Young in the field of regulating and restructuring financial institutions, as the ministry aims to make Iraqi banks internationally and locally acceptable to provide better services to citizens.
The auditing company's expertise will also contribute to improving the efficiency and effectiveness of financial institutions, as it is expected that merging and regulating financial institutions will improve the quality of banking services provided and enhance investor confidence in the Iraqi economy."
The statement continued, "Iraq is witnessing transformations in the government banking sector through the adoption of ambitious work programs to restructure government banks, aiming to enhance the efficiency of these banks and improve their services provided to citizens and companies and strengthen financial suitability by increasing capital and diversifying sources of income,
in addition to improving governance by applying high standards of transparency and accountability and adopting the latest banking technologies to provide more efficient services, as well as increasing confidence in the banking sector and thus attracting foreign investments." 32 views 08/27/2024 - https://economy-news.net/content.php?id=46822
So, my friend, who is a member of the Liberty Lounge family, she loves the channel and it's her go-to spot for the news of the day and to stay in tune with all of the “Camper News”, that's what we like to call the RV around here, and she's a lovely lady and just happens to be from my home state, Virginia. She is in government. She's asked me to keep her name and role anonymous, but she does rub shoulders with folks in government. She's a true patriot, a true conservative, and a lover of freedom.
APRIL MEETING WITH AL-ALAQ
Well, she had the privilege of meeting Al Alaq back in April when the
delegation was last here. And they absolutely hit it off. As soon as she met
them, she said, “Now when you go home to Baghdad, you need to drop those
zeros,” and they laughed. And she also mentioned, you know, the rate,
knowing what the rate was going to be, and they were like,
“What? How did you know that?”, they were so intrigued by her awareness and
understanding of the financial reforms with Iraq.
They were super impressed, so they had a really beautiful and genuine connection. They even were talking about the new notes that were to come out, etc., and had a very
pleasant conversation. To which Al Alaq said to her, “Wow, if I wasn't hopping on a plane right now, we would love to take you out to dinner to discuss this some more.”
AL-ALAQ IS IN NEW YORK
They had a really nice conversation. She sent me a picture taken with Al Alaq and this was in D.C. and she was wearing a beautiful green dress and he had on a dark, dark gray suit with a sky blue tie and a beautiful warm smile. And she sent me some helpful information. Our friend listens to the same news that you and I listen to, so she wanted, you know, to just reach out to me just to correct some misinformation that has been going on. It seems that TNT, Militiaman, were saying that there's a delegation in D.C. going on right now.
Much love to everybody who's sharing information, I know we're all just trying to do the best we can to have the most reliable info, so you know, no slam on these gentlemen at all, I love and respect all of these folks, what they're doing, but just wanted to let you know that they're not in D.C. at all. She actually sent a message to Al Alaq, and they are in New York.
So, she said, “I spoke with Al Alaq, the CBI Director, he goes by Ali, he's not in D.C. this time, but he will be back in October and hopefully I'll be able to have dinner with him then if I'm not out of the country. Sending some Virginia love,” and she signed her name.
So, they did confirm that they are in New York though, so she went on to say yeah, “TNT is saying that he's in D.C., I don't know where he's getting his information from,” but she said his source is full of it or they're not letting anyone know the truth about, you know, the developments this week.”
She went on to say she met Al Sudani, she met the military attaché’ that travels with them, she also met the personal advisor to Al Sudani, and the ambassador.
She reached out to the ambassador today and sent me a screenshot of his response to her just a confirmation that there is not a delegation in D.C. at all. The ambassador is reaffirming that they are in New York.
And the cool news is when he, Al Sudani, or sorry Al Alaq comes back to the U.S. to D.C., more specifically, in October, he's invited her to connect for dinner and she's invited me to join them for a special dinner with the Iraq delegation since I'm in Virginia and not too terribly far away and I thought that was just super-duper exciting..............TO BE CONTINUED
Iraq's Imminent Launch of New Tax Reform Packages in 2024
In a significant development for Iraq's fiscal policy, the Prime Minister's Advisor has announced the upcoming implementation of new tax reform packages in August 2024. These reforms are anticipated to address critical issues within the tax system and align with Iraq's broader economic goals.
Addressing Complexities and Ensuring Compliance
The tax system in Iraq has historically faced challenges, including complex legislation, tax evasion, and a lack of tax awareness among taxpayers. The reforms aim to simplify tax laws, enhance transparency, and improve the overall efficiency of tax collection. By addressing these issues, the government hopes to increase tax compliance and reduce the instances of tax evasion.
Enhancing Tax Administration
Iraq's General Commission for Taxes is undergoing a significant modernization process.
The reforms focus on expanding the revenue base, which had experienced a decline in recent years. By prioritizing reforms and implementing an integrated capacity development plan, the government is committed to enhancing the effectiveness of tax administration.
Impact on Economic Recovery
These reforms come at a critical juncture for Iraq's economy, which is recovering from the dual shocks of the oil price slump and the COVID-19 pandemic. With real GDP estimated to have edged up by 1.3% in 2021, following a sharp contraction of 11.3% in 2020, the reforms are expected to support economic growth by promoting a stable and predictable tax environment.
Legislative Amendments and Reporting Requirements
The proposed amendments also address the enhanced trust
reporting requirements for express trusts, which have been deemed cumbersome by many trustees. By expanding and clarifying relieving exceptions to the requirements, the reforms aim to reduce the administrative burden on trusts and improve the overall tax compliance experience.
Conclusion
The new tax reform packages in Iraq 2024 represent a comprehensive effort to modernize the tax system, enhance compliance, and support economic recovery. By addressing the complexities of tax legislation, improving tax administration, and streamlining reporting requirements, these reforms are poised to play a critical role in shaping Iraq's fiscal landscape in the coming years.
Balsam Hameed Today, Monday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, announced the most prominent government steps in maximizing non-oil revenues, while indicating the imminent launch ofnew tax reform packages.
Saleh said, to the official agency followed by (Al-Oula News): “One of the basic principles that came in the government’s approach to financial reform and which was approved by the House of Representatives in October 2022 is to maximize non-oil resources in the general budgets of the Republic of Iraq, for which goals were set.”
An amount in order for its contribution to the total revenues generated by
non-oil economic activity to increase to 20 percent instead of its historical rates, which do not exceed 10 percent in the best cases.”
He added, “Diversifying sources of non-oilrevenues and maximizing them in public budgets is one of the biggest reform challenges in the financial and economic fields in the country.”
He pointed out, “These challenges come from two main factors:
The first is the degree to which diversification of budget resources is linked to the success of diversification in the country’s gross domestic product, especially the three agricultural, industrial, and
service sectors.”
He stated, “The oil production sector still dominates a percentage of the components of that gross domestic product, which sometimes reaches 60 percent, which gives the national economy a rentier character and direct coexistence on the financial flows provided by the oil resource mostly alone.”
He added, “The second factor among these challenges is related to non-governmental activity in generating gross domestic product, and we specifically mean market activity or the private sector.”
He continued, “The majority of the economic forces that generate income and wealth within market activity carry out their economic activities within the framework of the so-called (shadow economy), which are (gray) markets that are irregular and not known to the regulatory, tax and banking bodies as is known, and their percentage amounts to about 70 percent.” Of the total private sector activity in the country.
He stressed that “gray or shadow markets are one of the most important basic factors causing the decline in non-oil revenues in the country’s general budget.”
He pointed out that “the first step taken by the current government in maximizingnon-oilrevenues began by adopting a new approach totax reform,” noting that
“the Council of Ministers approved earlier this year 8 new packages to reform the tax system in the country, led by the principle of expanding tax bases.”
HHe stressed by saying: “Two tax reform packages have been launched, and the
rest of the packages will be launched sequentially and gradually within the government’s reform policy in the financial field and maximizing the state’s resources from sources of income and wealth from outside the oil sector, as this is accompanied by administrative and legislative reform and high-precision digital governance of tax institutions in areas of appreciation and collection with high transparency and efficiency.” https://www.awla.news/مستشار-رئيس-الوزراء-يعلن-قرب-إطلاق-Øزم/