Parliamentary Moves to Oust Central Bank Governor: What's Happening?

 

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DINAR REVALUATION REPORT: Parliamentary Moves to "Withdraw the Hand" of the Central Bank Governor, 7 SEPT

Parliamentary Moves to "Withdraw the Hand" of the Central Bank Governor

Recent developments in the political landscape have led to significant discussions regarding the role and responsibilities of the Central Bank Governor. As of September 6, 2024, there have been parliamentary moves to challenge the position of the Governor. This move is primarily driven by concerns over the Governor's performance and policies, leading to a debate on the legality and implications of such actions [2].

The Legal Implications of Nature-Related Risk for Central Banks

In a related context, legal experts are exploring the impact of nature-related risk on central banks and financial institutions. Frank Elderson, Member of the Executive Board of the ECB, has emphasized the importance of assessing and managing risks associated with nature degradation, which can significantly affect the economy and financial sectors [1].

Main Reason Behind the Move

The Parliamentary Finance Committee has confirmed the existence of a parliamentary move to withdraw the hand of the Governor of the Central Bank, citing the main reason as the Governor exceeding the legal age for the position [2].

Increasing Pressure on the Governor

Criticism directed at the Governor has been increasing, with economic experts questioning his financial policies and management of foreign exchange and reserves. The Governor, Ali Al-Alaq, is facing pressure regarding his handling of the dollar price fluctuations, with many calling for his dismissal [2].

Spain's New Central Bank Governor

In contrast, Spain is set to name Jose Luis Escriva, the current minister for digital affairs, as the new Bank of Spain governor. This appointment follows a vacancy that has lasted almost three months, with Escriva's experience at the ECB expected to give him an edge in the role [3].

Poland's Central Bank Independence

Meanwhile, in Poland, the top court has ruled that the central bank head cannot be questioned in parliament, leading to a clash between the government and judges. The decision was made to protect central bank independence, with the government arguing for reforms to the Constitutional Tribunal [4].

Turkish-Saudi Central Bank Cooperation

In a positive development for central banking cooperation, the central banks of Türkiye and Saudi Arabia have signed a Memorandum of Understanding (MoU) to enhance collaboration. The agreement aims to foster cooperation and corporate technical activities in the field of central banking [6].

Concluding Thoughts

The recent moves to challenge the position of the Central Bank Governor highlight the complex relationship between politics and central banking. As central banks navigate legal implications, personnel changes, and international cooperation, their roles in managing economic stability and financial risks remain crucial.

Parliamentary moves to "withdraw the hand" of the Central Bank Governor, 6 SEPT

   Parliamentary moves to "withdraw the hand" of the Central Bank Governor

9/5/2024

The Parliamentary Finance Committee confirmed, today, Thursday, the existence of a parliamentary move to withdraw the hand of the Governor of the Central Bank, while specifying the main reason behind that.

Finance Committee member Mohammed Nouri told Sumaria News, "We submitted a set of oral and parliamentary questions regarding the withdrawal of the Central Bank Governor Ali Mohsen Al-Alaq for exceeding the legal age."

Nouri pointed out that "so far, things have not gone as we wish, and in the coming days we may go to the Federal Court to challenge the legality of the age of the Central Bank Governor and request his direct dismissal through the legal age."

 At the beginning of last year, Al-Sudani reappointed Al-Alaq as head of the Central Bank, nearly two years after he was dismissed from his post, amid questions about the feasibility of reappointing him, as he had caused several financial failures over the previous six years (between 2014 and 2020) of his management of the financial institution, according to his critics.

There is much criticism directed at the performance of the Governor of the Central Bank of Iraq, Ali Al-Alaq, who is facing increasing pressure regarding his financial policies and his management of foreign exchange and reserves, in addition to his failure to control the file of dollar price fluctuations, according to economic experts.  LINK

DINAR REVALUATION : KEY INSIGHTS : "INTEL SUGGESTS IMMINENT PAYMENT & EXCHANGES" , 6 SEPT

Summary

Iraq’s Dinar exchange updates highlight potential currency revaluation and economic reforms.

Highlights

🚨 Breaking News: Iraq Dinar updates 
indicate progress in currency exchange.

• 💰 Currency Revaluation: Discussions on 

investment law amendments may boost Dinar 
value.

• 🔄 Ripple/XRP: Integration of smart contracts in currency exchanges involves new digital finance opportunities.
• 🏦 Central Bank Talks: Positive negotiations with the US Federal Reserve could enhance Iraq’s banking market.
• 📈 Economic Stability: Iraq maintains a stable credit rating, indicating potential for financial growth.
• 📊 Speculations around currency changes spark interest among investors.

Key Insights

• 🌍 Global Compliance: Iraq’s currencies align with international standards, facilitating Forex trading and enhancing investment attractiveness.
• ⚖️ Legal Amendments: The proposed changes to the Investment Law are crucial for Iraq’s economic integration and could expedite currency revaluation.
• 📅 Timely Developments: Intel suggests imminent payments and exchanges, hinting at a nearing opportunity for currency holders.
• 🔍 Due Diligence: Emphasis on personal research reinforces the importance of informed investment decisions amidst fluctuating intel.
• 🏦 Banking Reform: The conclusion of electronic platform transitions signals progress in Iraq’s monetary reform plans, promising more efficient banking operations.
• 🔒 Speculative Caution: The potential for misinformation highlights the need for investors to remain grounded and verify claims before acting.

September 2024: Tax Law Review & Collection System Overhaul

DINAR REVALUATION REPORT: Reviewing Tax Laws and Enhancing Collection Systems: Economic Priorities in September 2024, 6 SEPT

 Reviewing Tax Laws and Enhancing Collection Systems: Economic Priorities in September 2024

Economic discussions in September 2024 have increasingly centered around the need for a thorough review of existing tax laws and the development of more efficient tax collection systems. 1  3 These calls come from various sectors, influenced by the changing economic landscape and the desire for more streamlined governmental operations.

The Case for Tax Law Review

Addressing Immediate Concerns

The urgency to review tax laws stems from the need to address immediate concerns such as the expiration of certain tax provisions. 2 With many provisions from the Tax Cuts and Jobs Act of 2017 (TCJA) set to expire, there is a push for their extension, particularly those benefiting businesses and individuals, such as R&D amortization and accelerated bonus depreciation.

Preparing for Future Challenges

Reviewing tax laws is also seen as a strategic move to prepare for future challenges. The anticipation of expiring tax provisions, the impact of the Moore tax case, and the implementation of the global minimum-tax regime are among the issues that require careful consideration.  2 Ensuring that the tax system remains adaptable and responsive to economic changes is crucial for long-term stability.

Enhancing Tax Collection Systems

The Role of Government Efficiency

The call for enhanced tax collection systems is closely tied to discussions about government efficiency. Proposals include the creation of a government efficiency commission to audit the federal government and recommend reforms. 1 The commission would aim to identify areas of waste, fraud, and abuse, thereby saving money for the federal government.

Addressing Budgetary Pressures

The need to enhance tax collection systems is further driven by budgetary pressures. As the government faces challenges in managing its finances, improving the effectiveness of tax collection can help mitigate budget deficits. This includes ensuring that all due taxes are collected and that the tax system is fair and equitable for all taxpayers. 2

Conclusion

The economic calls to review tax laws and develop more efficient tax collection systems in September 2024 reflect a broader goal of ensuring fiscal health and economic resilience. By addressing immediate concerns, preparing for future challenges, and enhancing government efficiency, these measures aim to create a more robust and responsive tax system that benefits both the government and the taxpayers.

For this reason.. Economic calls to review tax laws and develop the collection system , 6 SEPT

  Prime Minister's Advisor: 70% of the grey market

9/5/2024 Baghdad

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, revealed the existence of a grey market that accounts for nearly 70% of the market or private sector activity, indicating that this percentage evades paying legal taxes.

Saleh said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "taxes constitute in total in developed countries about (25) percent of the gross domestic product, while in Iraq they do not exceed (4) percent due to tax evasion, as the gray market, which is not known to the tax authorities, constitutes a percentage close to (70) percent of the market or private sector activity, while negative taxes, which are aid from cash income paid to the poor class, constitute (5) percent of the annual gross domestic product, and this constitutes the tax defect that compensates for the difference between the type of tax with the revenues of oil rents."  LINK

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For this reason.. Economic calls to review tax laws and develop the collection system 9/5/2024  

Baghdad  

With the increase in the size of state expenditures in the general budget, there has been talk for years about maximizing non-oil revenues, reforming the tax system in Iraq, and raising the value of taxes on the wealthy, which actually requires addressing the current laws related to taxes, controlling import operations, and preventing the smuggling of goods through border crossings.

In this regard, economic and financial expert Safwan Qusay revealed the formation of a committee by the Prime Minister’s Office to review tax laws, especially the Income Tax Law issued in 1982, noting that the law needs to be reviewed to amend some allowances in line with current income rates and develop the tax collection system to reduce tax evasion.

He pointed out that "the proposed tax increase aims to stop manipulation of invoices related to import operations and reduce tax evasion."

Qusay also confirmed that “the committee is studying introducing amendments to property and real estate taxes, especially with regard to the transfer of property between individuals.”  LINK