Saturday, October 14, 2023
Al-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.
-
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...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...