Tuesday, January 30, 2024
During 2023.. 30% of Iraq’s imports “evaded the tax” and were financed by the “parallel market”, 30 JAN
During 2023.. 30% of Iraq’s imports “evaded the tax” and were financed by the “parallel market”
Al-Sumaria News – Special
Throughout the past year, economic experts suggested that the rise in the dollar exchange rates in the parallel market was due to merchants buying dollars from the parallel market for the purpose of importing, because they could not obtain the dollar from the Central Bank of Iraq to finance their trade.
The reasons for their inability to do so vary for several reasons, including that the countries from which they import are banned from the dollar, led by Iran, or that merchants do not want to submit papers and proofs to the Central Bank of Iraq in exchange for obtaining the dollar at the official rate, because that will force them to pay taxes to the country in which they are. Basically, they evade it, especially with regard to the trade in cigarettes and alcoholic beverages, whose taxes are double and large.
From this standpoint, “Al-Sumaria News” conducted a digital review of the difference between the volume of Iraq’s imports during 2023 compared to the volume of the Central Bank’s transfers from the dollar.
Financial data for buying and selling foreign currency show that the Central Bank of Iraq bought $64 billion in foreign currency from the Iraqi Ministry of Finance, and in return sold only $33.5 billion of it.
Total sales were divided into $25.1 billion in foreign transfers, compared to $8.4 billion in cash sales for the purpose of travel, which means that 75% of dollar sales went as foreign transfers for the purpose of import.
But what is striking is that external transfers for the purpose of importing are much less than the value of what Iraq actually imported in 2023, as external transfers from the Central Bank are equivalent to only 70% of the volume of what Iraq actually imported in 2023.
As global import data tracked by “Al-Sumaria News” shows, In 2023, Iraq imported more than $36 billion, while the Central Bank transferred only $25.1 billion abroad.
This means that approximately 11 billion dollars of imports last year were not made through the Central Bank, but rather from the parallel market, which is equivalent to 30% of Iraq’s imports were made through parallel market dollars. In other words, 30% of Iraq’s imports are not subject to tax during 2023.
alsumaria.tv
"CONNECT THE DOTS AND WATCH THE PROCESS" BY TRUTH TELLER VIA TELEGRAM CHAT, 30 JAN
GOLDILOCKS HIGHLIGHTS
Iraq Banking Announcement:
"The Central Bank of Iraq has decided to restore the mechanism of financing Iraq’s foreign trade, starting next March."
Look what we have here. Iraq is planning to move forward with financing their foreign trade mechanism.
March 1st, 2024 is the day they expect to begin this process. They are telling their banks that they expect to do this with all currencies.
Iraq has been working with Governmental Agencies and Technological Developers to get them to this point.
They have tested their money and in process of testing their money this month on electronic mechanisms that will help them to move forward in the new Digital asset-based Trading System.
We are on the verge of witnessing them move into a global implementation stage of their currency.
© Goldilocks
https://search4dinar.wordpress.com/2024/01/28/the-central-bank-of-iraq-decides-to-restore-the-mechanism-of-financing-foreign-trade-for-iraq-starting-next-march/
TRUTH TELLER
🔰Some may have missed this article yesterday by GOLDilocks regarding IRAQ 🇮🇶
❇️IRAQ announced that on March 1, 2024 they will restore the financing mechanism for their foreign trade. SEE ATTACHED link ABOVE 👆
🌐The CBI sent an official memo to their banks informing them it will be for ALL currencies. SEE ATTACHED link ABOVE 👆
🟡Remember Iraq is testing their international system through UPI this month (January)?
🟡Remember Iraq is meeting with the IMF next month to discuss the launch of their “economic reforms”? FEBRUARY
🟢CONNECTED DOTS AND WATCHING THE PROCESS
A parliamentary committee announces the final touches to the investment law, 30 JAN
A parliamentary committee announces the final touches to the investment law
Information/private..
Member of the Parliamentary Investment Committee, Hussein Ali, revealed today, Monday, that the final touches have been put in place to approve the Industrial Investment Law in the House of Representatives, while confirming that the upcoming sessions will witness a vote on the second reading and then a full vote on it.
Ali said in an interview with the Maalouma Agency, “Approval of this law will support investment and provide many facilities to investors,” noting that “it is necessary to move to stimulate investment in the industrial sector, which lacks many basics.”
He continued, “The law contains many articles and legislation that will contribute to the success of the industrial investment sector, which Iraq lacked during previous years,” pointing out that “approval of this law will be consistent with the government program and the steps that the current government is taking.”
He added, “The Investment Committee worked to add paragraphs that will contribute to creating a qualitative breakthrough in the investment sector in Iraq,” noting that “the final touches have been put in place to approve the Industrial Investment Law in the upcoming Parliament sessions.”
In previous years, Iraq lacked the adoption of such laws that would create an attractive environment for investment and advancement of this sector.
almaalomah.me
"RV UPDATE" BY SANDY INGRAM, 30 JAN
Sandy Ingram
The financial World buzzing... Iraq is now making headlines with its own investment fund the AFC Iraq fund managed by Asia Frontier Capital limited has emerged as the top performing long only unleveraged actively managed generalist Equity Fund in the world in 2023 boasting a net performance of over 110%.
This remarkable feat can be attributed to the funds investment strategy that focuses on long-term drivers of the transformation of the Iraqi economy...Iraq's investments in streams of income outside of the oil industry goes a long way in helping the country to gain economic stability and to increase the value of their currency.
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