AFTER IMPLEMENTING ELECTRONIC SYSTEMS, CUSTOMS ANNOUNCES A “HISTORIC” INCREASE IN ITS REVENUES
The General Authority of Customs announced today, Tuesday, achieving what it described as a historic increase in its revenue rate during the first quarter of this year, while it expected a doubling of revenues once the automation project is completed.
The head of the General Authority for Customs, Hassan Al-Ugaili, told the Iraqi News Agency (INA): “During the years 2022 and 2023, the General Authority for Customs achieved an increase in the percentage of its revenues, and last year it reached 28%.”
He added, “In the first quarter of this year, the Authority achieved an increase of 120% over the first quarter of last year, as the first quarter of this year is the highest revenue since the founding of the Customs.”
He continued, “The increase came as a result of a set of measures by the authority through simplifying procedures, in addition to monitoring and implementing some electronic systems,” pointing out that “the authority is in the process of generalizing the application of electronic systems in all ports of the Iraqi state, and we hope in the middle of next year to end automation in all Customs centers.
He pointed out that “the authority is looking forward to achieving an increase in revenues this year to more than 100% over the previous year,” expecting that “if automation is completed and fully disseminated, the increase may reach three times.”
Article: "IMF Executive Board Concludes 2024 Article IV Consultation with Iraq"
My preliminary review are the Article IV Consultation clearly emphasizes the urgency to diversify their economy in raising non-oil revenue...There's also significant discussion encouraging Iraq to continue to develop their banking system and remove excess liquidity
.
These comments from the IMF are obviously meant to encourage them that the opportunity is now to develop and accelerate economic growth...as well as to take significant steps forward with their banking system engaging with banks outside of Iraq.
From these documents, it is very clear that Iraq still has a lot of work to do. And I do not see in the near future any change in monetary policy until progress is made. Again, creating the conditions for economic growth appears to be the focus.
Iraq: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Iraq
Domestic stability has improved since the new government took office in October 2022. This has facilitated the passage of Iraq’s first three-year budget, which entailed a large fiscal expansion starting in 2023. The non-oil economy has rebounded strongly in 2023 after stalling in 2022 and was largely unaffected by the ongoing conflict in the region.
Nonetheless, Iraq remains highly vulnerable to oil price fluctuations, and private sector activity is hindered by the large state footprint—including as an employer of first resort—corruption, red tape, underdeveloped infrastructure, and poor access to credit. IMF
----
DTCC explores posting fund NAV data on blockchain with JPM, BNY Mellon, Chainlink - Ledger Insights
The Depository Trust and Clearing Corporation
DTCC just made public the result of a proof of concept (PoC) test exploring the posting of tokenized funds by setting net asset values (NAV) data onto a blockchain.
In order to reach a real value on an asset, the value of an asset is reached by deducting the asset's
liabilities from the market value of all of its shares. Then, you divide that number by the number of issued shares.
This is what happens in a reset when values across the board on the market have been inflated beyond their actual worth.
Until these calculations are completed across the board of the markets, it's hard to say we are going to have a crash or a rise in values of these new assets that are being tokenized and supported by gold and other commodities.
Forex will go into these equations as well finding representations of a real value for currencies giving them a Level Playing Field in the purchasing power of Global currencies around the world. This will give us a Global Currency Reset.
These correlated calculations will link themselves to the banking system causing the reformation of new values inside our new digital asset-based trading system.
This is the credit valuation adjustment we spoke of about a month ago that was going to start taking place. We are in the testing phase, but these assets will soon be interfaced onto the QFS reflecting new values in the new Financial System.
“I hope you guys are excited. ...A lot of things are happening... Bond Holders will probably get blessed this week. Remember, the bond holders go first, and then the currencies holders. Tier4B will actually be “golden” in a few days, in my own opinion, we are that close right now...
---
Wed. 15 May 2024 Wolverine
“I hope you guys are excited. I know it has been very stressful for all of us. Yesterday’s call was not the call I wanted to say to you, because I have been told not to say anything. But what I can tell you tell you thatBrazil was to go around 12 pm today, but unfortunately, the World Bank had it postponed, but they will go tomorrow Thurs. 16 May.
I will get the call when Brazil starts.
A lot of things are happening. A huge, huge whale in Zurich whom I spoke of is looking fine, and I got the Green Light from that person, and it is looking phenomenal.Bond Holders will probably get blessed this week. Remember, the bond holders go first, and then the currencies holders.
Tier4B will actually be “golden” in a few days, in my own opinion, as soon as Bond Holders are paid, the Tier4B should go straight away. I have a feeling that this is what’s happening. I think this will be sporadic with no announcement – Just going to happen. The announcement will come from your platform, from your whale, or maybe lawyers you are working with, saying you need to go to a redemption center.
In terms of the public -there will be no public announcement. It all depends on what the notifications actually tell you, if they tell you to be quiet or whatever else there is. All is discrete right now. After signing NDAs no one will know who has been paid. I think that is the best way to go, so no one knows who got paid, this way we are protected.
There are a lot of bad apples out there waiting to know if people they DO know got paid or not, and obviously, they do not want people to get harmed. This in my opinion of course. I have not received real confirmation on that. If this is the case, I cannot release the opera as it would be seen as an announcement by me. The main thing is that we all want the blessing and the Med Beds.
And, if it is that way, I will sing the opera for you all at the get together. I might be wrong, remember, I am just a messenger. This may be a shotgun and we go at the same time – we are that close right now, and I hear wonderful news coming from certain people I know in Zurich and Miami. I am praying that this tine Bruce gets it right today. I feel sorry for Bruce – He works hard. It is a roller coaster ride for all of us. I have been wrong so many times. We do not do this on purpose. All Intel providers work hard. Things keep changing – Today, We thought Brazil would happen, and now it is tomorrow. Take care guys, Wolverine.”
Iraqi and Bahraini Ministers Discuss Economic Cooperation in Manama
On Monday, Iraqi Minister of Commerce Atheer Dawood Al-Ghurairi met with Bahraini Minister of Trade and Industry Abdullah bin Adel Fakhro in Manama, Bahrain, to discuss joint economic cooperation and investment opportunities between the two countries. The meeting focused on aspects of collaboration in economic, trade, and investment fields, as well as activating the work of the joint Iraqi-Bahraini committee.
Why this matters: The strengthening of economic ties between Iraq and Bahrain can have a significant impact on regional trade and investment, potentially leading to increased economic growth and stability in the Middle East. Furthermore, this cooperation can also pave the way for other countries in the region to follow suit, fostering a more integrated and prosperous economic landscape.
During the discussions, Al-Ghurairi emphasized the Iraqi government's keenness to open up its economic, trade, and investment relations with all countries, including Bahrain. He highlighted the significant investment opportunities available in Iraq, particularly in the aluminum and food manufacturing industries. "There are great investment opportunities in Iraq, and Bahraini companies can benefit from these opportunities by concluding partnerships between the Iraqi and Bahraini private sectors, which will have an impact on the localization of Bahraini industry on Iraqi territory, especially in the field of aluminum and food manufacturing industries, in a way that serves the joint interests," stated Al-Ghurairi.
The Iraqi Minister also stressed the necessity of activating the joint committee and holding its meetings soon to stimulate trade movement between the two countries. He extended an invitation to the Bahraini side to participate in the upcoming 48th session of the Baghdad International Fair.
In response, the Bahraini Minister expressed his country's desire to open up its economic and commercial relations with Iraq, supporting the interests of both brotherly peoples and exploiting opportunities in the Iraqi market. The two ministers agreed to hold joint committee meetings soon, consistent with the interests of both countries.
The meeting between Al-Ghurairi and Fakhro is part of Iraq's ongoing efforts to strengthen its economic ties with neighboring countries and boost its economy. By fostering partnerships and identifying investment opportunities, Iraq aims to promote trade, attract foreign investments, and drive economic growth in various sectors. The activation of the joint Iraqi-Bahraini committee and the participation of Bahraini companies in the Baghdad International Fair are expected to further enhance the economic cooperation between the two nations.
Key TakeawaysIraq and Bahrain discuss joint economic cooperation and investment opportunities.
Strengthening ties can boost regional trade, investment, and economic growth.
Iraq highlights investment opportunities in aluminum and food manufacturing.
Joint committee meetings to be held soon to stimulate trade movement.
Bahrain invited to participate in the 48th Baghdad International Fair.
