DINAR REVALUATION REPORT: Enhancing Non-Oil Revenues: A Strategic Focus for the Parliamentary Finance Committee, 5 SEPT

Enhancing Non-Oil Revenues: A Strategic Focus for the Parliamentary Finance Committee

In a significant move to diversify and strengthen the economy, the Parliamentary Finance Committee convened a crucial meeting in September 2024 with the heads of the General Commission for Taxes and the General Authority for Customs. 6 The objective was to explore strategies for enhancing non-oil revenues, a critical step toward reducing economic vulnerability and fostering sustainable growth.

The Urgency for Diversification

Chairman Atwan Al-Atooni emphasized the pressing need for the economy to move beyond its reliance on oil, a dependency that has left the country's financial stability susceptible to global market fluctuations. 6 Highlighting the risks associated with a rentier economy, Al-Atooni underlined the importance of broadening revenue streams to include robust non-oil sectors.

Strategies for Revenue Enhancement

The meeting served as a platform for in-depth discussions on expanding non-oil revenues, with a particular focus on tax and customs reforms. Recognizing the pivotal role of these institutions in revenue generation, the committee aimed to outline joint procedures for maximizing income.  6

The Role of Tax and Customs Authorities

With the Central Bank selling over $200 million daily, the tax and customs authorities were identified as key actors in capitalizing on this financial flow. The committee's decision to meet with these entities underscored the potential for tapping into untapped revenue sources and optimizing existing ones. 6

Ongoing Efforts and Collaboration

Building on previous engagements with the Deputy Prime Minister, the Minister of Finance, the Minister of Electricity, and the Minister of Oil, the committee's continued meetings with ministries and agencies underscore the systematic approach to revenue enhancement. 6 This collaborative effort is crucial for aligning strategies across different sectors and ensuring a comprehensive approach to economic diversification.

In conclusion, the Parliamentary Finance Committee's proactive stance on enhancing non-oil revenues through strategic meetings with key authorities reflects a commitment to economic resilience and diversification. By focusing on tax and customs reforms, the committee is paving the way for a more stable and diversified economy, lessening the impact of global oil market volatility.

Parliamentary Finance Committee Discusses With Heads Of Customs And Tax Authority Enhancing Non-Oil Revenues, 5 SEPT

 Parliamentary Finance Committee Discusses With Heads Of Customs And Tax Authority Enhancing Non-Oil Revenues

Tuesday 03 September 2024 13:36 | Economic Number of readings: 198   Baghdad / NINA / The Parliamentary Finance Committee held a joint meeting today, Tuesday, with the heads of the General Customs and Tax Authority, to discuss enhancing non-oil revenues.

The head of the committee, MP Atwan Al-Atwani, said in a statement to journalists, including the correspondent of the National Iraqi News Agency / NINA /, that "the meeting will study expanding non-oil revenues and discussing the financial situation in light of monetary policy and data on the global oil market."

He added, "The Finance Committee recently met with the Deputy Prime Minister and the Ministers of Finance, Electricity and Oil to discuss the issue of various revenues, including non-oil revenues, and decided that the committee would proceed with holding meetings with the ministries and agencies concerned with those revenues whose obligations were mentioned in the General Budget Law."

He explained, "The Parliamentary Finance Committee decided to meet with the head of the Tax Authority and the head of the Customs Authority to clarify what procedures we will proceed with," indicating that "taxes and customs are important institutions capable of increasing and maximizing non-oil revenues." / End 5    https://ninanews.com/Website/News/Details?key=1151518

IRAQI DINAR UPDATE: A SUMMARY HIGHLIGHTS BY PIMPY, 5 SEPT

  IRAQI DINAR UPDATE BY PIMPY

Summary

Iraq’s plans to remove zeros from its currency are currently halted, focusing instead on stabilizing the exchange rate and improving banking regulations.

Highlights

• 🚫 No removal of zeros: The government ruled out removing three zeros from the Iraqi dinar.
• 💵 Currency stability: Emphasis is on stabilizing the exchange rate rather than changing it.
• 🏦 Banking improvements: Iraqi banks are enhancing compliance with international standards.
• 🌍 International relations: Iraq is expanding its network with international correspondent banks.
• 📈 Economic transformation: Achievements in foreign transfers and cash sales regulations are noted.
• 🛡️ Sanctions lifted: Collaboration with Oliver Wyman aims to help banks understand and navigate sanctions.
• 🎵 Same as it ever was: The situation remains consistent in the Iraqi dinar landscape.

Key Insights

• 🚫  No Change in Currency Structure: The Iraqi government has confirmed that removing zeros from the currency is not a priority, indicating a focus on other economic reforms. This decision is crucial to maintaining the current value of the dinar.
• 💵 Stabilizing Exchange Rates: The Central Bank is working towards stabilizing exchange rates without immediate changes. This reflects a cautious approach to avoid market volatility while improving economic conditions.
• 🏦 Banking Sector Enhancement: Efforts to enhance banking compliance and governance are underway, which is vital for restoring investor confidence and facilitating international transactions.
• 🌍 Strengthening International Ties: The expansion of relationships with international correspondent banks signifies Iraq’s commitment to integrating into the global financial system, which can attract foreign investments.
• 📈 Economic Progress: The recognition of Iraq’s improvements in banking regulations and foreign transfer processes indicates positive strides towards a more stable economy and a desire to meet international standards.
• 🛡️ Navigating Sanctions: Engaging with a reputable consulting firm like Oliver Wyman demonstrates Iraq’s proactive approach to mitigating the effects of sanctions while improving its banking structure.
• 🎵 Continuity in Economic Patterns: The phrase “same as it ever was” highlights that while some progress is being made, fundamental challenges in the Iraqi economy persist, necessitating ongoing vigilance and adaptation.

Iraq's Banking Revolution: From New York to Global Integration 🌍💼

DINAR REVALUATION REPORT: Boost in Confidence for Iraq's Banking System: A New Era of Global Integration, 5 SEPT

Boost in Confidence for Iraq's Banking System: A New Era of Global Integration

Recent discussions between Central Bank Governor Ali Al Alak and international stakeholders in New York have sent a wave of optimism through Iraq's banking sector. According to economic expert Osama Al Tamimi, these talks have significantly boosted confidence in the country's banking system and its international relations. This development is a crucial step towards Iraq's integration into the global banking system, paving the way for improved economic cooperation and stability.

Key Takeaways from the New York Meetings

• Boost in Confidence: The meetings have instilled a sense of confidence in Iraq's banking system, both domestically and internationally. This is a significant milestone, as it reflects the country's commitment to transparency and stability in its financial sector.
• Steps Towards Global Integration: Iraq is taking concrete steps towards joining the global banking system. This move is expected to enhance the country's economic ties with other nations, facilitating trade and investment.
• Improved Foreign Transfers and Dollar Sales: The discussions have led to the development of more efficient procedures for foreign transfers and dollar sales. This will simplify transactions, reduce costs, and increase the speed of international trade.
• Combatting Money Laundering: Efforts to develop robust systems to combat money laundering are underway. This is a critical step in ensuring the integrity of Iraq's financial system and aligning it with international standards.
• Future Cessation of Reliance on Foreign Correspondent Banks: Plans are in place to reduce reliance on foreign correspondent banks. This shift will enable Iraq to establish direct banking relations, enhancing its autonomy in international transactions.
• Direct Banking Relations: The eventual replacement of electronic transfer platforms with direct banking relations will streamline transactions, reduce costs, and increase the efficiency of international trade.
• Stability in the Exchange Rate: The local market is expected to experience stability in the exchange rate. This stability is crucial for attracting foreign investment, promoting economic growth, and reducing inflation.

Implications and Future Outlook

The outcomes of these discussions are far-reaching, with potential to transform Iraq's banking sector and its position in the global economy. By enhancing its banking system and integrating into the global financial framework, Iraq is poised to attract more foreign investment, promote economic growth, and improve the living standards of its citizens.

However, the success of these initiatives will depend on the effective implementation of the agreed-upon measures. Continuous dialogue and cooperation between Iraq's financial authorities and their international counterparts will be essential in navigating the complexities of global banking standards and practices.

As Iraq embarks on this new era of economic integration, it is clear that the country is committed to building a stable, transparent, and efficient banking system. This commitment is a promising sign for the future of Iraq's economy and its role in the global financial landscape.

NADER FROM MID EAST : INSIGHTS OF THE IRAQ NEWS !!, 5 SEPT

 NADER FROM MID EAST IRAQ NEWS INSIGHTS

Summary

Economic expert Osama Al Tamimi highlights that recent discussions by Central Bank Governor Ali Al Alak in New York boosted confidence in Iraq’s banking system and international relations.

Highlights

• Boost in confidence for Iraq’s banking system from US meetings. 💼
• Steps taken towards joining the global banking system. 🌍
• Improved procedures for foreign transfers and dollar sales. 💵
• Development of systems to combat money laundering. 🔒
• Future cessation of reliance on foreign correspondent banks. 🚫
• Direct banking relations replacing electronic transfer platforms. 🔗
• Stability in the exchange rate expected in the local market . 📈

Key Insights

• US Meetings Enhance Credibility: The discussions in New York have significantly increased trust in Iraq’s banking system among international stakeholders. 💬
• Global Integration Strategies: Iraq is making strides to integrate into the global banking framework, indicating long-term growth potential. 🌐
• Streamlined Foreign Transactions: Enhanced procedures will facilitate smoother foreign transfers and dollar transactions, vital for economic stability. 💳
• Anti-Money Laundering Initiatives: Focus on developing safeguards against financial crimes will strengthen the integrity of Iraq’s banking sector. 🛡️
• Reduced Dependence on Foreign Banks: By fostering local capabilities, Iraq aims to minimize reliance on foreign correspondent banks, retaining more economic control. 🔄
• Direct Banking Evolution: Transitioning to direct banking relations signifies a modernized and efficient banking landscape for Iraq. 📊
• Positive Exchange Rate Outlook: The anticipated stability in exchange rates reflects a strengthening economy and increased investor confidence. 📉

DINAR REVALUATION HIGHLIGHTS, 5 SEPT

 

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