PM's Office: ASYCUDA global system for automating customs operations, 1 JAN

 PM's Office: ASYCUDA global system for automating customs operations

INA - BAGHDAD

In line with the directives of PM Muhammed S. Al-Sudani regarding administrative and financial reform, which is among the priorities of the government program, a special meeting was held on Tuesday at the PM’s Office. 

The meeting was chaired by the PM’s Advisor for Customs and Border Crossings Affairs, focusing on the management of border crossings and customs systems, according to a statement by the PM's Media Office - received by the Iraqi News Agency - INA.

During the meeting, the necessary infrastructure to connect all border crossings with the latest technologies was announced to have been completed, and the use of modern automation systems to facilitate and centrally monitor the entry of goods at border crossings has begun. 

It was agreed to implement the global ASYCUDA system for automating customs operations, supported by electronic payment services, starting January 1st, 2025.

"This initiative will contribute to the automation of ministries and institutions, including the e-government project, and provide electronic payment services. It aims to enhance transparency and accountability, simplify procedures, facilitate services, reduce bureaucratic obstacles, establish good governance, and combat corruption," added the statement.

NADER FROM MID EAST CC HIGHLIGHTS NOTES: THE SMALL NOTES ARE COMING!!, 1 JAN

 NADER FROM MID EAST CC HIGHLIGHTS NOTES

Highlights

Summary

The video focuses on the essential mechanisms implemented by banks for the counting, sorting, and packaging of banknotes. It emphasizes the importance of setting up dedicated counting and sorting centers equipped with modern machinery to handle the volume of deposits efficiently. 

The process includes counting and sorting cash deposits, isolating damaged notes, and ensuring that all banknotes are properly packaged for security and identification. The video also highlights key regulatory requirements, such as notifying the Central Bank about deposits and facilitating the exchange of damaged banknotes for the public. The video underscores the necessity for banks to maintain a robust infrastructure, employ qualified personnel, and ensure the careful handling of currency to enhance operational efficiency and promote public trust in the banking system.

• 🏦 Modern Machinery: Banks must invest in modern machines for efficient counting and sorting of banknotes.
• 📦 Secure Packaging: Proper packaging of banknotes is vital, including the use of identification cards and strong sewing techniques.
• 🔍 Quality Control: Damaged notes are isolated and managed separately to ensure the integrity of deposits.
• 📈 Regulatory Compliance: Banks are required to notify the Central Bank of deposit activities to maintain transparency and accountability.
• 👥 Qualified Personnel: Employing skilled workers is crucial for the effective operation of counting and sorting centers.
• 💡  Promotion of Small Denominations: Encouraging the circulation of small denomination banknotes is essential for public convenience.
• 📊 Detailed Record Keeping: Accurate records must be kept for discrepancies, ensuring accountability and traceability in financial transactions.

Key Insights

• 🏦 Investment in Technology: The need for banks to invest in modern machinery cannot be overstated. The efficiency of counting and sorting operations is significantly enhanced with state-of-the-art technology. This not only speeds up the process but also reduces human error, ensuring that the financial institution maintains a high standard of accuracy in handling cash. Regular updates and maintenance of these machines are also critical to accommodate changing banking needs and volumes.

• 📦 Importance of Secure Packaging: The process of packaging banknotes goes beyond mere containment. It involves using specialized sewing machines to ensure that bags are securely sealed and labeled accurately. The identification cards and seals bearing the bank’s name contribute to a system of accountability, which is essential for tracking deposits and managing assets. This meticulous approach to packaging helps to prevent loss and fraud.

• 🔍 Regulatory Framework and Accountability: Banks are mandated to maintain transparency by notifying the Central Bank of all deposit activities. This regulatory requirement fosters trust in the banking system and ensures that banks are held accountable for their transactions. By maintaining open lines of communication with the Central Bank, banks can contribute to a stable financial environment.

• 📈 Handling Damaged Currency: The protocol for dealing with damaged or spoiled banknotes is an integral part of the banking process. Banks must not only isolate these notes but also provide a convenient exchange system for the public. This policy not only protects the integrity of the currency in circulation but also enhances customer satisfaction by providing easy solutions for individuals holding damaged notes.

• 👥 Role of Skilled Workforce: The significance of employing qualified personnel in counting and sorting centers is essential for operational success. Trained workers can effectively manage complex tasks associated with cash handling, thus minimizing errors. This also includes the ability to identify discrepancies and address them promptly, which is vital for maintaining the bank’s credibility and financial health.

• 💡 Circulation of Small Denominations: Promoting small denomination banknotes is crucial for facilitating everyday transactions for the public. Banks must ensure that they provide adequate supplies of these denominations to meet consumer demand. This practice not only encourages the use of cash but also supports local economies by making transactions more accessible.

• 📊 Comprehensive Record-Keeping Practices: The video emphasizes the necessity of maintaining detailed records for all banking operations, particularly in cases of discrepancies. A systematic approach to documentation ensures that all transactions can be traced back to their origin, thereby enhancing financial accuracy and accountability. This practice is especially important in a banking environment where large volumes of cash are handled daily.

In conclusion, the video provides valuable insights into the operations of banks concerning the handling of cash deposits. The emphasis on modern technology, secure packaging, regulatory compliance, and skilled personnel illustrates the multifaceted approach required to maintain an efficient and trustworthy banking system. By adhering to these practices, banks can enhance their operational effectiveness and foster public confidence in their services.

AJ: "Here we are Jan 2nd 2025 done" @DINARREVALUATION #iraqidinar

 

President Rashid: We hope that the new year will be full of achievements, 1 JAN

 President Rashid: We hope that the new year will be full of achievements

 Today, 17:52

+A -A

INA - BAGHDAD

President of the Republic Abdul Latif Jamal Rashid congratulated Iraqis and the whole world on the New Year, on Tuesday, indicating his aspiration that the new year will be full of achievements and the fulfillment of the aspirations of our people.

"With the advent of the new year, we extend our warmest congratulations and blessings to our honorable people inside and abroad, and the whole world," said Rashid on X - followed by the Iraqi News Agency - INA.

He wished that "the Iraqi people and the world a peaceful, prosperous and happy New Year as we welcome 2025." 

"This is a time to come together, unite and commit to building a better future for all Iraqis. Through collective effort, we can meet the needs of our communities, improve living standards and ensure a safer, more stable country for everyone," added the President of the Republic.

EXCERPTS FROM MARKZ : from the Central Bank of Iraq today. 1 DEC

 EXCERPTS FROM MARKZ

MZ: from the Central Bank of Iraq today…..has us excited. I think it tells us a lot about timing.

MZ: “In continuation of circular # 3449 dated 1-15-2024 regarding the unification and updating of controls and instructions related to the standards for circulation and replacement of bank notes. We attach to you the principal standards and instructions for that will be adopted in the counting, sorting , receipt and delivery of bank notes. To be implemented starting from 1-2-2025 with appreciation That is supposed to continue and be completed 1-15-2024 (2025?)

MZ: they are saying they will be issuing the instructions related to the standards of circulation and the replacement of banknotes….. which has folks excited. .

Member: hopefully the replacement notes mean lower denominations.

Member: So did auctions stop at the CBI?

MZ: They are getting ready to move auctions from the CBI to the banks…We are very close.

MZ” “Iraq to end currency auctions by start of 2025” over the next few days we are going to see so many changes…buckle up

MAJEED: “the CBI has canceled It’s 20 years controversial auction!! @DINARREVALUATION #iraqidinar

 

Al-Hassan in New Year's greetings: Iraqis can draw a better future, 31 DEC

 Al-Hassan in New Year's greetings: Iraqis can draw a better future

INA - BAGHDAD

The Representative of the Secretary-General of the United Nations in Iraq, Muhammed Al-Hassan, stressed in a message on the occasion of the New Year, on Tuesday, that the Iraqi people have the ability to draw a better future.

"I extend to you all my sincere congratulations to the Iraqi people and the government of Iraq on the achievements made during the year 2024," said Al-Hassan in a video message on X - followed by the Iraqi News Agency - INA.





He added, "We have witnessed practical and tangible steps towards development and improving infrastructure."

"We have great confidence in Iraq, its people, and its institutions to draw a better future," he added.

MILITIAMAN CC HIGHLIGHTS NOTES, 1 JAN

 MILITIAMAN CC HIGHLIGHTS NOTES

Highlights

• 🔄 : The forthcoming suspension of the dollar auction system by the Central Bank reflects a significant shift in Iraq’s monetary policy. This change is designed to empower local banks and enhance the overall financial system’s health, ultimately leading to a more stable currency environment.

• 🔍 Importance of Regulatory Oversight: The implementation of strict regulatory measures aims to address issues of corruption and financial malpractice. By ensuring compliance with international standards, Iraq is taking crucial steps to restore investor confidence and improve its business environment.

• 🌱 Long-Term Development Goals: The preparation of a sustainable development report highlights Iraq’s commitment to transparency and accountability in its developmental initiatives. This report will serve as a benchmark for future progress and is expected to attract additional international support and investment.

• 📈 Global Financial Integration: Iraq’s efforts to align its banking practices with international standards demonstrate a commitment to transparency and modernization in its financial systems. By doing so, Iraq positions itself as a credible player in the global financial market, paving the way for further economic opportunities.

In conclusion, the video emphasizes a period of transformation and opportunity for Iraq, marked by significant economic developments and strategic initiatives aimed at enhancing the country’s global standing. The focus on historical significance, combined with forward-looking policies, sets the stage for a promising future as Iraq seeks to rebuild and grow in the coming years.

JEFF: The CBI would have to post and say, 'hey we're going to be ending the currency auctions #iqd

 

Iraq: Five-Year Plan to Attract Foreign Investments, 31 DEC

 Iraq: Five-Year Plan to Attract Foreign Investments

Baghdad - INA

The National Investment Commission announced, today, Saturday, a five-year plan to attract foreign investments, while indicating that amending the investment law ensures addressing the problems and obstacles of the investment process.

The spokeswoman for the commission, Hanan Jassim, told the Iraqi News Agency (INA): "The commission has developed a five-year plan to attract foreign investments by increasing exemptions, facilities and benefits stipulated in the legislation regulating investment, such as joining international agreements that protect foreign investors by allowing them to resort to international arbitration centers as a mediator to settle disputes arising from the implementation of investment contracts and proceeding with amending Investment Law No. (13) of 2006 as amended and the regulations issued according to the law that resulted from the second amendment to Investment Law No. 2 of 2009, which regulated the investment process and the powers of investment commissions."

She added, "The commission sought to establish regulatory controls for investment to ensure equality between foreign investors and local investors, and to activate the one-window system and investor services in a way that facilitates the work of investment companies and gives them the necessary fluidity in obtaining sectoral approvals for investment projects according to the periods stipulated in the law."

Regarding the third amendment to Investment Law No. (13) of 2006, as amended, Jassim explained that “this amendment would ensure that some of the problems and obstacles facing the investment process are addressed by increasing the powers of investment authorities in the governorates according to the constitution, in addition to increasing the benefits and guarantees granted to investors and facilitating the conclusion of investment contracts between the owners and investors.”

Regarding investment in the tourism sector, Jassim indicated that “Baghdad and a number of governorates are witnessing a remarkable growth in the number and type of completed hotels due to the increase in tourist movement and delegations, but the volume of investment in this sector is still average and does not meet the ambition set for it,”




 indicating that “the authority is proceeding in cooperation with the relevant authorities to establish major tourist investment cities in tourist areas such as (the city of Babylon, Ur, Nasiriyah, and the city of Mosul), in addition to encouraging religious tourism in the governorates of Najaf, Karbala, and Samarra.”

Regarding the most important sectors targeted for investment in Iraq, she pointed out that "there are a number of sectors that have had the greatest share in the number of investment licenses granted, including (transportation, oil industry, electricity, health, education, housing, communications, agriculture, youth and sports), which will contribute to implementing the objectives of the government program and the national development plan."

Regarding the implementation of the Authority's axes in the government program, she explained that "the Authority is working to approach ministries, sectoral bodies and all governorates regarding the provision of lands suitable for investment; to announce them as real investment opportunities, in addition to starting to approach investment agencies in the governorates based on the approval of the Council of Ministers on the importance of defining the economic and administrative identity of each governorate in a manner that is consistent with its population, needs and components and helps attract capital and global companies."

AJ: TODAY IS THE LAST DAY FOR THE AUCTIONS IN IRAQ, 31 DEC

 AJ

Today is the last day for the auctions in Iraq.

The road blocks have been removed for Iraq to come back onto the world stage. 

This is thanks to all the hard work the CBI has done over the last 8 years to get to this exciting point. 

Hat's off to you. Can't wait to see your next move.

EXCERPTS FROM MARKZ : from the Central Bank of Iraq today!! @DINARREVALUATION #iraqidinarinvestor

 

Development Bank announces the opening of its 31st branch in Baghdad, 31 DEC

 Development Bank announces the opening of its 31st branch in Baghdad

Baghdad-INA  

The International Development Bank announced today, Sunday, the opening of the bank's 31st branch in the Al-Amiriya area in Baghdad.
 
The bank stated in a statement received by the Iraqi News Agency (INA), that "this opening of the new branch of our bank in the Al-Amiriya area is the 31st branch, which is a step that reflects our aspirations for continuous growth and expanding the scope of our banking services to reach more of our valued customers."
 
 According to the statement "The opening of the new branch comes within the International Development Bank's plan for 2024, and embodies our commitment to providing the highest standards of quality and banking service, which meet the growing needs of our customers, and contribute to supporting local economic development."

TNT UPDATE, 31 DEC

 TNT

Mon. 30 Dec. 2024 TNT

The Green Light has been given. On Fri. 27 Dec. people were being paid. Chase Bank said window opened at 5pm on Sat. 28 Dec. and Event is supposed to occur between 4 and 5 on Sun. 29 Dec. On Mon. 30 Dec. they said the countries got their monies. 

The banks have not finished their internal transfers. Iraq won’t have any US Dollars after Jan. 1 2025 so they have to release the rates internationally before then.

 In the Iraqi News everyone is saying that this is over on Tues. 31 Dec.

FIREFLY: They are celebrating along with the US Treasury delegation here on a visit

 

Exchange Rates Rise In Baghdad, Stabilize In Erbil With Closure, 31 JAN

 Exchange Rates Rise In Baghdad, Stabilize In Erbil With Closure

Economy  | 12/30/2024  Mawazine News - The US dollar rose against the Iraqi dinar in Baghdad markets on Monday, while it stabilized in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.

The dollar also rose with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 151,750 dinars per 100 dollars, while it recorded 151,600 dinars per 100 dollars this morning.

Selling prices rose in exchange shops in local markets in Baghdad, where the selling price reached 152,000 dinars per 100 dollars, while the purchase price reached 151,000 dinars per 100 dollars.

In Erbil, the dollar recorded stability, where the selling price reached 151,700 dinars per 100 dollars, and the purchase price reached 151,600 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=258060

MAJEED: " THE CBI ON JAN 2 WILL CHANGE THE OLD NOTES WITH THE NEW ONE!!" , 31 DEC

MAJEED

 By CBI Jan 2 people in iraq will change the old note with the new one 

5:35 PM · Dec 30, 2024

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352.4K

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Yes, Mr. Donald J freaking Trump.. We will January 1, 2025 Iraq will launch the new 

digital payment system