Al-Sudani sets “next September” as the date for moving to the electronic system in customs, 27 JUNE

Al-Sudani sets “next September” as the date for moving to the electronic system in customs

Shafaq News/ Iraqi Prime Minister Muhammad Shiaa Al-Sudani stressed on Wednesday the importance of networking between border ports and continuing to complete the automation system for customs.

His media office said in a statement received by Shafak News Agency that Al-Sudani chaired a meeting today to follow up on the implementation of the network connection between border crossings, and to complete the implementation of the customs automation system (ASYCUDA).

During the meeting, several topics were discussed, including the summary of the implementation of the second phase of the ASYCUDA system, the first phase of the border ports management system and the completion of network connectivity, in addition to the system for monitoring trucks and their weights on the roads without stopping them.

Al-Sudani stressed the importance of this file in various economic, administrative, supervisory and technological aspects, and its implications for maximizing non-oil treasury revenues, activating sectors and simplifying procedures, all of which represent an essential part of the economic reform priorities contained within the government program.

The meeting witnessed the approval of next September as a date to stop dealing with the paper system and work with the electronic system at customs, in addition to directing the Prime Minister to hold a workshop to follow up and draft the customs law, as well as follow up on the link between the Central Bank of Iraq and private banks, and support the networking system and management of border crossings.

The meeting also decided to strengthen the work of the General Authority of Customs with expertise through specialists and technicians from the Ministry of Higher Education and Scientific Research, in the field of computers and e-government.

https://shafaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D8%A7%D9%84%D8%B3%D9%88%D8%AF%D8%A7%D9%86%D9%8A-%D9%8A%D8%AD%D8%AF%D8%AF-%D9%8A%D9%84%D9%88%D9%84-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84-%D9%85%D9%88%D8%B9%D8%AF%D8%A7-%D9%84%D9%84%D8%A7%D9%86%D8%AA%D9%82%D8%A7%D9%84-%D9%84%D9%89-%D8%A7%D9%84%D9%86%D8%B8%D8%A7%D9%85-%D8%A7%D9%84-%D9%84%D9%83%D8%AA%D8%B1%D9%88%D9%86%D9%8A-%D9%81%D9%8A-%D8%A7%D9%84%D8%AC%D9%85%D8%A7%D8%B1%D9%83

"ABOUT THE IQD TO FLOAT FREELY.." BY FRANK26, 27 JUNE

 Frank26 

 The float is to get to the cap.  If I'm Sabibi I got a quagmire here.  I'm in a catch 22, damned if I do, damned if I don't.  If I allow the Iraqi dinar to float freely, it's going to gain in value and everybody outside is going to make some money with my money but I don't know if I want it to float for a long time.  But then again I have a lot of favors, a lot of contracts, a lot of people out there, there's a lot of reserves with a lot of our currency in there.  I've got to be careful, they're counting on it...I don't know what he's going to do...

  I strongly believe the rate is contained in "a" budget not "the" budget, but "a" budget because you got three of them that we're dealing with.

 My teams and I are looking for more...for the budget, anything about it.  I'm looking for the HCL...speaker of the house to be selected...pictures and videos to be released.  I'm looking for more than the soldiers/CBI representatives at the ATM machines with more explanation about them and what's in them. I'm looking for the lower notes...new exchange rate.  That's what we're looking for...and I hope you are too.

🔥 Iraqi Dinar 🔥 Dinar Reinstatement Timeline🔥 Today News Guru Intel Valu...

Iraqi Cabinet Approves Measures to Enhance Electricity Supply, 27 JUNE

Iraqi Cabinet Approves Measures to Enhance Electricity Supply

In its most recent meeting, the Iraqi Bureau has endorsed a few measures to address the power needs during top summer periods and to foster the nation’s power framework.

The most important choices are:

Agreement with Mass Holdings Corporation:

Contracting with Mass Holding Company to supply electricity specifically to the northern region and the national grid has been granted to the Ministry of Electricity. Due to the need for a steady supply of electricity and the peak summer demand, this contract is crucial. Depending on financial viability, the contract will last for three months.

Contract with Kar Gathering:

Additionally, approval has been granted for the Ministry of Electricity to enter into a contract with Kar Company for the supply of Turkish electricity. This agreement is three months long and adheres to a reduced price formula that has been approved by the Ministry of Electricity. It also addresses the ministry’s financial capabilities and the peak summer demand.

Developmental and Financial Approvals:

Authority for the Loan Contract: The Minister of Finance or an authorized delegate has been given permission by the Cabinet to sign the loan agreement that will fund the project to supply and install five 132 KV substations. The Ministry of Electricity will gain from these substations, which will be situated in South Khalidiya, Al-Suwaira, Al-Rumaitha, North Kirkuk, and Al-Rifai. The Federal Budget Law for the fiscal years 2023-2025 is in line with this approval.

Endorsement of Supporting Terms: The financing conditions outlined in the Ministry of Finance’s letter dated June 23, 2024 have received Cabinet approval.

These measures, as stated in a press release issued by the Prime Minister’s office, are a part of the overall strategy implemented by the government to advance the country’s electrical infrastructure and guarantee a consistent supply of power, particularly during times of high demand.

"SUMMARY OF RV UPDATES " BY KAPERONI, 27 JUNE

 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

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Article quote: "new pipeline project at an amount estimated at approximately 6.5 billion Iraqi  dinars ($4.9 billion)" Community Comment "The mathematical 'mistake' basically equals 1.32. This seems very very coincidental to  the deletion of the zeros."  Referencing the exchange rate in billions rather than trillions is an easy mistake to make. It happens  all the time and everyone thinks there's something to it.  Wrong.  

 Question: "What happens now that the auctions are soon to be over?

  What does this mean for the  Dinar holders out there Kap?"  It means monetary policy is changing after 20 years to reflect the economic changes in Iraq. We'll  have to wait and see what happens.    

---

Floating the currency is the best option but only once they have created a diverse economy that is not dependent solely on oil.

...New currencies coming out in Iraq. Not true, the Iraqi dinar is the currency of Iraq. As far as any new smaller denominations, they will be introduced only as needed if and when the value increases and warrants so. There is no significant RV!

--

...The dinar to float at well over a dollar. Unlikely, the dinar when it floats will be whatever the current exchange rate is and could rise gradually accordingly.

  Community comment: "Today the cbi says there are no new printing of bills"  

That is correct.  The Central Bank does not randomly print currency unless it's to replace damaged or worn out notes. There is no need for a new currency unless it is warranted.  Moving to digital will eventually reduce physical notes.

 Question: ----"They have a very largebudget ,without an increase in rate how do they meet the projects that is lined up?"

  External expenses are paid in dollars since their primary revenue is dollars. Dinar is used to pay salaries, etc. in country.

 CCommunity Comment: "Hopefully in the next 5 yrs we will see an appreciation of the currency  price, based on the last year of progress."  I agree!  Iraq has an excellent opportunity now to diversify their economy and develop  the banking system.  

 Much of the float articles that we have seen have concerns about speculators that is because they are referencing dealers speculating within the country.   That will not happen.

 All of these changes that they're talking about pertain to monetary policy. They have nothing to do with the exchange rate. Whether or not the exchange rate goes up or not is directly related to the economic success thereafter.

By the end of the year when the Central Bank of Iraq ends the currency auction, only transfers  amongst established Iraqi banks and regional or International banks will occur.  In other words, the float of the dinar and  transfer of funds will be institutional.

 What this means for us is the future of the dinar exchange rate is directly tied to the  capital flowing through the CBI, economic growth, and success of Iraq. As Iraq prospers, so will the dinar!  Though we may not see  the dinar exchange rate improve initially. This is a significant change in monetary policy for the Central Bank of Iraq. Some 20  years in the waiting.  

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-kaperoni-25-may.html

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-kaperoni-26-may.html

Iraqi Dina | Massive Exchange Of Iraqi Dinar Revealed | Iraqi Dinar New...

Basrah crudes surge following global oil rise, 26 JUNE

Basrah crudes surge following global oil rise

Shafaq News/ On Wednesday, Basrah crude oil increased alongside a surge in global oil prices. 

Basrah Heavy crude edged higher by $0.84 to $82.24, while Basrah Medium also rose by $0.84 to $84.99.

Oil prices rose despite an unexpected jump in US inventories, driven by geopolitical risks stemming from the Middle East conflict and expectations of eventual inventory drawdowns during the peak demand season in the third quarter.

Brent crude oil futures rose 40 cents, or 0.5%, to $85.41 a barrel by 0406 GMT. US West Texas Intermediate crude futures gained 43 cents, or 0.5%, to $81.26 per barrel.