DINAR REVALUATION REPORT: Iraq's Parliamentary Committee Announces Plan to Amend Economic Laws for Trade Facilitation, 30 AUGUST

 Iraq's Parliamentary Committee Announces Plan to Amend Economic Laws for Trade Facilitation

The Parliamentary Economic Committee of Iraq revealed on August 30, 2024, its intention to amend approximately 10 economic laws. 1 The objective of these amendments is to enhance trade facilitation, simplify customs and tax procedures, support both the public and private sectors, and create a strategic roadmap for economic reform.

Enhancing Iraq's Economic Landscape

The committee's initiative aims to address and improve the current economic landscape, which has been challenged by various factors such as political dynamics and the country's reliance on oil revenue. 1 Iraq has struggled to diversify its economy and modernize its financial and banking sectors, with the private sector and foreign direct investments (FDIs) remaining underdeveloped. Corruption and the lack of basic services have also been widespread issues.

Digital Customs and Revenue Growth

In a recent move to boost trade and government revenue, Iraq launched ASYCUDAWorld, a customs automation software, in October 2023. 2 This software has been instrumental in digitalizing customs clearance processes, reducing risks of fraud, and streamlining cross-border commerce. Since its implementation, customs revenue at Baghdad International Airport has increased by over 215% between January and May 2024, compared to the same period the previous year. Import transactions also rose significantly, hitting a decade-long high.

Expansion of Digital Customs

ASYCUDAWorld is currently operational in Iraq's nine largest customs offices, which together account for 81% of the nation's international trade by volume. 2This includes customs operations on the borders with Kuwait, Jordan, and Saudi Arabia, as well as at the port of Umm Qasr leading to the Persian Gulf.

Long-term Partnership and Political Backing

The agreement to implement ASYCUDAWorld was initiated in May 2021, as part of Iraq's partnership with the Automated System for Customs Data (ASYCUDA) programme, a major technical cooperation project run by UN Trade and Development across over 100 countries. 2 The collaboration has received top-level political support, which is crucial for its success and sustainability.

Parliamentary Committee: We intend to amend 10 economic laws to facilitate trade and customs procedures, 30 AUGUST

  Parliamentary Committee: We intend to amend 10 economic laws to facilitate trade and customs procedures

 The Parliamentary Economic Committee announced today, Thursday, the existence of a project to amend about 10 economic laws, explaining that the goal is to enhance trade, facilitate customs and tax procedures, support the public and private sectors, and develop a real map for economic reform.  

Committee member Yasser Al-Hussaini said, “There is a new project that includes amendments to approximately 10 economic laws,” indicating that “the proposed amendments came after holding intensive workshops with the Businessmen’s Union and the Iraqi Businessmen’s Council, in addition to representatives from various economic sectors.” 

He explained that "these workshops aimed to absorb all visions and requirements from various economic sectors, including commercial and industrial sectors, in order to develop a comprehensive vision that achieves the required reform." 

Al-Hussaini pointed out that "the proposed project includes amendments to 10 laws aimed at enhancing trade, facilitating customs and tax procedures, and supporting the public and private sectors." 

The MP stressed that "the proposed percentage of amendments is still less than the desired level of comprehensive economic reform." 

He explained that "the committee hopes to expand the scope of the amendments to include more economic laws, reflecting the true vision of economic reform, which is not limited to meeting the requirements of the government or the private sector, but aims to develop a comprehensive vision that achieves the interests of all." 

He explained that "the law was read for the first time, and the second reading is scheduled to take place after the final vision matures through the ongoing workshops, after which the committee's report will be submitted and the law will be voted on." 

He pointed out that "this approach aims to draw a real roadmap for the long-awaited economic reform, and to ensure its compatibility with all the aspirations of the concerned parties, whether at the government or private sector level."   link

DINAR AND DONG RATES IN THE REDEMPTION CENTERS VS. BANKS, BY BRUCE, 30 AUGUST

Thurs. 29 Aug. Bruce

• On Thurs. 29 Aug. 2024 there were solid but lower bank screen rates on the Redemption Center gray screens.
• On Thurs. 29 Aug. 2024 the Global Financial System was fully implemented and ready to go.
• All the banks have been totally integrated.
• The Dinar rate was three times higher at a Redemption Center than it was at a bank.
• The Dong rate was twice as high at the Redemption Center than it was at a bank.
• Zim has to be redeemed at a Redemption Center, not a bank.
• Tier4b should be notified to set appointments on Mon. 1 Sept.
• Mortgages and credit card debt elimination was starting Wed, Thurs, Fri, 4,5,6 Sept. and will run to Sun. 15 Sept.
• R&R should kick in the first week of September.
• Global arrests are taking place right now.
• The Forex comes up Sun. at 5pm EST with the new rates.
• If you are a Zim Holder the Redemption Center will give you a coupon for a Q phone.

 

NADER FROM MID EAST: Accelerating financing private sector Iqd

DINAR REVALUATION REPORT: Central Bank of Iraq Delegation Visits US to Discuss Banking Sector Challenges, 30 AUGUST

 Central Bank of Iraq Delegation Visits US to Discuss Banking Sector Challenges

A high-level delegation from the Central Bank of Iraq (CBI), led by Governor Ali al-Alaq, has arrived in the United States to engage in crucial discussions regarding the state of Iraq's banking sector. The visit, which commenced on August 26, aims to address the evolving challenges within the industry, particularly the restrictions imposed on the use of the US dollar by numerous private Iraqi banks.

Background and Context

Iraq's banking sector has faced significant challenges in recent years, including a shortage of liquidity, limited access to credit, and a lack of confidence in the banking system. The country's economy has also been impacted by the COVID-19 pandemic, which has exacerbated existing issues. The CBI has been working to implement reforms and strengthen the banking sector, but the restrictions on using the US dollar have posed a significant obstacle.

Key Issues to be Discussed

The CBI delegation is expected to discuss several key issues with US officials, including:

• Restrictions on US dollar usage: The delegation will likely seek to address the restrictions imposed on private Iraqi banks, which have limited their ability to conduct transactions in US dollars. This has had a significant impact on trade and commerce in the country.
• Banking sector reforms: The CBI has been working to implement reforms aimed at strengthening the banking sector and improving its stability. The delegation may discuss these reforms with US officials and seek guidance on best practices.
• Anti-money laundering and combating the financing of terrorism (AML/CFT): Iraq has been working to improve its AML/CFT framework, and the delegation may discuss progress in this area with US officials.

Implications and Expectations

The visit by the CBI delegation is seen as a positive step towards addressing the challenges facing Iraq's banking sector. The discussions with US officials are expected to provide valuable insights and guidance on how to overcome these challenges. The outcome of the visit may have significant implications for the Iraqi economy, including:

• Improved access to credit: Easing restrictions on US dollar usage could improve access to credit for Iraqi businesses and individuals.
• Increased confidence in the banking system: Strengthening the banking sector and improving its stability could increase confidence in the system and encourage more people to use banking services.
• Enhanced economic growth: A stronger banking sector could contribute to enhanced economic growth in Iraq, which has been impacted by years of conflict and instability.

The visit by the CBI delegation is a crucial step towards addressing the challenges facing Iraq's banking sector. The discussions with US officials are expected to provide valuable insights and guidance on how to overcome these challenges and promote economic growth in the country.

Source: Central Bank of Iraq delegation visits US to discuss banking sector, 30 AUGUST

 Shafaq News/ A delegation from the Central Bank of Iraq (CBI) is currently in the United States to review the state of Iraq's banking sector, a source disclosed on Thursday. 

Led by Central Bank Governor Ali al-Alaq, the delegation arrived on August 26 and included several senior officials. The talks focus on the evolving situation within Iraq's banking industry and the restrictions placed on using the US dollar by numerous private Iraqi banks.

"The discussions include the potential elimination of the current currency platform at the start of next year, with a shift towards relying on correspondent banks. 

This change could impose additional constraints on private Iraqi banks and potentially reduce competition in favor of Jordanian banks with established American correspondent relationships." The source explained.

The Central Bank of Iraq is also nearing a contract with Oliver Wyman, a consulting firm, to conduct a study aimed at reforming the Iraqi banking sector. The findings of this study are expected to guide future reforms, he added.

"THERE WILL BE NO LOP!" BY FNU LNU, 30 AUGUST

 Fnu Lnu  

...Crazy rumor is that the Dinar will be constant or fixed "In Country", but will float for the rest of the world. This is not true. The species of note in country will be the smaller denomination ONLY. 

However, the species of note for the rest of the world will include the three zero notes which will bear the same exchange rate. The only difference is that it will be multiplied by the thousands. (Three Zeros) 

There will be NO LOP! 

 It has been repeatedly stated that both species will co-exist for a period of ten years. Nothing has changed since I was told this 14 years ago.

 Why these rumors start to surface periodically, usually when the RV seems to be imminent,  is a mystery to me.