ERBIL (Kurdistan24) – In a significant step towards improving customs operations and border management, the Kurdistan Regional Government (KRG) and the Iraqi government held their second joint committee meeting. The primary focus was on unifying customs policies and addressing border-related issues within the framework of existing laws and the constitution.
The meeting was chaired by Mohammed Tamim, Deputy Prime Minister and Minister of Planning for Iraq.
Key attendees included Rebar Ahmad, KRG Minister of Interior; Awat Janab Noori, KRG Minister of Finance and Economy; and the Director General of Customs for the Kurdistan Region. Representatives from Iraqi Higher Education and the Border Gates Board also participated in the discussions. The talks centered on tackling ongoing challenges in customs procedures and border point management between the two governments.
A significant outcome of the meeting was the agreement to implement a unified customs policy across Iraq and the Kurdistan Region. Both sides emphasized the need for enhanced coordination to safeguard domestic production and enforce agricultural regulations. To ensure these goals are met, the delegations committed to continuing their coordination and holding further meetings until a final agreement is achieved.
there are some things out of Iraq that should make us feel good today...“The President of Iraq approves the 2024 budget schedules” Rashid approves a number of laws including the 2024 budget tables. My contacts over there are saying they got the budget tables posted in the Gazette…but did not get a new rate. They let us know that they figured the budget of 2024 on an average price of a barrel of oil at $80 USD. This is progress.
Something fun popped into the news yesterday...both from banks and exchange locations in Iraq. There was a notice that they are expecting distribution of lower denomination bills in July.
Both of the confirmations I received this morning from contacts on the ground inside of Iraq used the same words that they were told to expect them to distribute/disperse lower denominations in July. That tells us how stinking close we are...Why would they need theses lower denominations unless the currency is worth more? ...
..I do not believe there is a new rate in the Gazette this morning. I am not expecting one till Wednesday. I have heard that Sudani has signed off on the budget and it is supposed to be headed to the Gazette. There was some hope it would be printed this morning.
The economist, Qusay Safwan, identified the reasons for the expectations of reaching economic growth in Iraq to more than 5% in 2026.
Safwan {Euphrates News} said: “The expectations of the International Monetary Fund went towards the external outlook of the Iraqi economy in light of the success of the Sudanese government of Mohammed Shiaa by reducing foreign debts from 20 million dollars to 9 million dollars, which gives a sloom to the situation of the Iraqi economy for the coming years, considering that the benefits of those debts will be low.” He added,
“There are also projects initiated by the Sudanese government at the level of stopping the burning of gas and the associated gas investment in the supply of electricity in the sense of reducing cash outflows to reduce the import of electricity and gas, as well as completing the port of Al-Faw in mid-2025 and entering the stage of operating experiments to link it with the European Union.”
“This means adding non-oil revenues and these indicators indicate a positive outlook that can contribute to the reclassification of Iraq’s credit from the level of C3 Plus to the level of PEMinas,” Safwan continued, noting “the possibility of increasing Iraq’s GDP to 5% if initiatives are added by the Central Bank in the payment of small and medium enterprises and is currently at a rate of 270 billion dollars annually.”
He added, “Iraq is currently considered a partner with the International Finance Corporation as it is trying to rebuild Iraqi airports and there are two billion dollars that will be pumped to develop and expand Baghdad International Airport, and this indicates that Iraq’s ability to operate these amounts and return them to lenders.”
Safwan stressed that “the process of developing the energy sector at the level of gas and oil through licensing rounds will contribute to increasing Iraq’s future revenues, as it looks at 6 million barrels for export purposes, meaning that there is a possibility to increase the spending capacity of oil revenues on investment projects,” noting “the importance of turning understandings into a studied reality in the field of foreign investment.” The World Bank predicted that Iraq will achieve economic growth of more than 5% in 2026, noting that the recovery in the oil sector in 2025 will contribute significantly to boosting this growth. In its report, the bank reported that Iraq’s economic growth for 2022 was 7.6%, and in 2023 it fell to -2.9. The report also predicted that Iraq’s economic growth in 2024 will decline to -0.3%, and achieve growth in 2025 to 3.8%, and in 2026 to reach 5.3%. The report noted that non-GCC oil exporting countries, such as Iraq and Algeria, will benefit from the expected recovery in the oil sector in 2025, which will help boost economic growth in these countries.
Article: "Customs complete the first phase of the automation project and reveals its revenues within 5 months" They've been kept in the dark ages for a long time. Everybody was doing everything by paper and pencil and it was kept that way for a reason...Banking and other institutions are seeing their companies change with this new technology are going to be excited.
It's going to make their work a lot more efficient...it's only going to get better for Iraq. This is one of those way they can generate revenue other than from oil. This is exactly what they need to diversify. Quote "revenue rate will raise by the end of this year to 200% from what it was in 2022." That's a hell of an increase...it's going to boom over there..
--
I'm going to tell you the truth. Here's the truth, Iraq has taken major strides and getting their crap together. Is the Iraqi dinar going to go up in value? Yes it will. Is it going to happen tomorrow? Is is happening over in Europe? Is it happening over in Brazil or China?
No, no it's not. There is no in-county/out-country rate. No one group of people has had dinar exchanged. Nobody's got their blessing...
--
Article: "Expert likely to keep exchange rates within their current rates" It's not going to happen that quickly. There's so many more hurdles for Iraq to jump through.
--
I challenge any content creators out that's making videos about the dinar...to...a debate...Bring your receipts. Bring your proof that I'm wrong and I'll bring my proof why I say I'm right. That's all you have to do. It's not that hard...Remember that I challenged people out there...I would give them $5,000 if they could...have a debate with me and prove me wrong about anything that I'm saying...How many people showed up?
Zero.
When you hear somebody tell you that, 'Hey in one country you cannot move forward and rebuild with huge projects with an exchange rate of 1,320 of your currencies for $1' just say, 'Oh yeah?
Look at Vietnam who has 26,000 of their currencies for every $1 and they continue to move forward.'
Baghdad – Mawazine News The Central Bank of Iraq decided, on Monday, to grant dollars exclusively to airport passengers starting on July 14. According to a document issued by the bank, Rafidain, Al-Rashid and Iraqi Trading Banks, exchange companies currently operating at airports and exchange companies have directed Class A and B. In order to ensure that travelers receive cash dollars and avoid exchange companies to passing improper transactions, it was decided to set on 14/7/2024 as the final date for the start with the said mechanism.
The aforementioned banks and exchange companies operating at the airport are entitled to a commission cut in the amount of (15,000 dinars) from the customer for each transaction and are collected by exchange companies outside the airport for the benefit of companies and banks operating at the airport in accordance with a mechanism that is determined between the parties, companies operating at the airport and exchange companies outside the airport.
She added that the above-mentioned banks have the right to charge exchange companies no more than 2 dinars for every one dollar for the amounts of the window received on behalf of the exchange companies, and the Rashid and Rafidain bankers open outlets for them at airports (Baghdad, Basra, Najaf) and the Iraqi Trade Bank opened its outlets at airports (Baghdad Al-Najaf, Basra, Sulaymaniyah, Erbil).
The document confirmed that exchange companies should transfer their transactions to one of the above-mentioned banks no later than 11/7/2024, and the continuation of the work of exchange companies currently operating at the airport Al-Rayyan, Al-Anjan, Sama Baghdad, Al-Qand) in addition to the above-mentioned banks with the possibility of other exchange companies contracting with them.
