CBI's Educational Campaign on Currency Reforms in Iraq

Iraq’s banking system heavily dependent on oil revenues, says PM’s economic advisor, 22 SEPT

 Mudhhir Mohammed Saleh, the economic advisor to Iraqi Prime Minister Mohammed Shia Al-Sudani, referred to the country’s banking system as “highly reliant on oil revenues” and demanded extensive structural reforms.

In an explanation to , Saleh made sense of, “The Iraqi financial area is rentier in nature, paying little mind to proprietorship. It relies intensely upon oil incomes and government liquidity, both straightforwardly and in a roundabout way.”

He further explained, “The financial framework gets its exercises from government spending, showing an absence of monetary freedom and a powerlessness to prepare wanted reserve funds inside society from surplus monetary powers towards the speculations required for high supporting of manageable development and improvement.”

Saleh focused on the requirement for “a thorough change cycle to make market foundations,” noticing that this would permit Iraq’s financial area to coordinate with the worldwide monetary and banking frameworks, making it appealing to global banks.

Prior, Head of the state Al-Sudani reported the development of a significant level board pointed toward adjusting Iraqi banks to global monetary guidelines. He additionally trained private banks to lay out offset associations with monetary establishments, Bedouin banks, and financial backers.

IRAQ BOOTS ON THE GROUND REPORT BY FIREFLY

 Frank26  

 [Iraq boots-on-the-ground report]  

 FIREFLY:Alaq on TV now.  He says even with the low oil prices we are stable and inflation in our county is low because we have strong reserves and we have non-oil revenues efficient enough now to also contribute...Then he talked again that the oil price drops have nothing to do with a high exchange rate... 

 FRANK:  ...He's trying to reassure you that the American dollar is not coming back in any shape or form into your country...Your currency is the future and its new exchange rate has been a success.  That's why you're about to explode with your economic reforms...

[Iraq boots-on-the-ground report] 

  FIREFLY:They're going to the streets with Sadr on the 25th.  We will hit the streets in millions.  We do this weekly until we are paid, starting on the 25th.  Sadr has organized this and we will back him for our constitutional rights.  

FRANK:  Sadr is a good leader.  He will not do anything violent.  Make sure you don't protest because you will retard the whole monetary process for you.  

FIREFLY:  We know there's got to be a new rate coming and we going to help speed this up...

----

Frank26 

  [Iraq boots-on-the-ground report]  

 FIREFLY:On November the 20th to the 21st we have a curfew for the very first census in the last 27 years.

  FRANK: ...It looks like Sudani ordered for this new census to occur for your HCL benefits as Iraqi citizens.  It seems to me the only reason he's doing it now is because you have a new exchange rate that they can work with.  If not...there wouldn't be a new census...as they determine the fair amount everyone is supposed to get.  This new census IMO screens that there is a new exchange rate...

FIREFLY: ALAQ SAD THAT AT THE END OF THIS YEAR THEY WILL IMPLEMENT THE INITIAL PLAN TO COMPLETE THE REFORMS FOR THE BANKING SYSTEM, 18 SEPT

Frank26 

 [Iraq boots-on-the-ground report]   

FIREFLY:Alaq is on TV and he's singing like a bird with information.  

He's talking to us an awful lot every day about what they're going to do with this reform.  He gives speech about how much money is in the digital system already.  It's growing.  He said at the end of this year we will implement the initial plan to complete the reforms for the banking system... 

FRANK:  The digital information is one of the main key parts of the monetary reform.  It will allow your money to float freely not only inside of your country but outside...You are going to be internationally recognized.  This is extremely exciting.

https://dinarevaluation.blogspot.com/2024/09/firefly-alaq-sad-that-at-end-of-this.html

https://dinarevaluation.blogspot.com/2024/09/firefly-first-curfew-in-iraq-franks.html

Dinarland Highlights: Central Bank Decisions & Market Shifts!

Escalating Demands To Expose Corruption In Iraqi Ports: A Threat To The National Economy, 22 SEPT

 Escalating Demands To Expose Corruption In Iraqi Ports: A Threat To The National Economy

Posted On 2024-09-21 By Sotaliraq  The Iraqi arena is witnessing increasing demands to uncover corruption files in Iraqi ports, as these ports are among the most important vital facilities for the Iraqi economy.

Suspicions have increased about financial and administrative irregularities in import and export operations, which have negatively affected government revenues.

Political and parliamentary parties are demanding transparent investigations to uncover those involved and hold them accountable, considering that corruption in these institutions contributes to the deterioration of the economic situation and hinders development and reform plans.

This comes at a time when Iraq is seeking to strengthen financial oversight and achieve transparency in government institutions.

Independent MP Yasser Al-Hussaini says, “The most dangerous corruption file in the Iraqi government is the file of the General Company for Iraqi Ports, where there is a waste of money and a lack of engagement with the voices calling for stopping this corruption.”

He added, "The government has ignored the ports corruption file, although the ministerial program stipulates combating corruption, as there are corruption files that will not be investigated even with the end of the current government's term, especially in the General Ports Company. "

Al-Hussaini calls on the government to “pay attention to the voices calling for withdrawing the current management of the aforementioned company, and to open a fair judicial investigation to look into the number of identified violations.”

For his part, the head of the Parliamentary Security and Defense Committee, Karim Aliwi Al-Muhammadawi, revealed suspicions of corruption in the manipulation of types of cars and customs clearance at ports and border crossings.

Al-Muhammadawi says, “There is a lack of oversight operations and a lack of coordination between the security and oversight agencies within the Iraqi ports and border crossings, as the competent oversight agencies are required to play their role in reducing suspicions of corruption and preserving public money.”

In this context, MP Alaa Al-Haidari, a member of the Iraqi Ports Corruption Investigation Committee, said: “We were surprised to find a shipment of about 20,000 tons of yellow corn that was rotten and spoiled inside a ship coming from Australia. There were approvals from some government agencies to unload this shipment, so we were surprised to find about 6,000 tons of yellow corn unloaded in the warehouses of a Turkish factory used to receive cooking oil in the port of Umm Qasr.”

He added: “We found that the contract included that the yellow corn coming from Australia was used for oil, and after it was spoiled, its quality was changed to animal feed because it was exposed to rot. After examining this material, it became clear that it was not suitable for animal feed, nor was it suitable as cooking oil.”

He explained: “The opinion of the Parliamentary Order 160 Committee to investigate port corruption was to reserve and inform the Director of the Southern Ports and the Customs Administration not to unload the remaining shipment from these warehouses,

but the information received indicates that approximately 14 thousand tons of this damaged shipment were unloaded from these warehouses,” stressing that “every party that gave approval to unload this shipment will bear responsibility for negligence, and an investigation will be opened into this dangerous file.”

It is noteworthy that the Ministry of Finance and the Customs Authority are seriously seeking to make new progress in implementing the “ASYCUDA” system in the Grand Welcome Square at Basra Ports in rapid procedures to generalize information technology and limit commercial transactions electronically as is happening in more than 80 countries around the world.

At the beginning of 2024, the Iraqi General Customs Authority announced that its revenues during the past year amounted to one trillion, 33 billion, 765 million, 697 thousand, 521 Iraqi dinars, an increase of 28 percent, compared to 2022, expressing its hope to maximize its revenues during 2024 after completing the implementation of electronic systems in all customs centers.  LINK

LATEST FROM SANDY INGRAM, 22 SEPT

 Sandy Ingram 

  If the IQD were revalued to $0.25 to 1 Iraq dinar, based on 1 million IQD you would profit $250,000.  Your tax liability just on the $250,000 would place you at a 35% tax rate... Your tax would be $83,188 [Single/No Dependents]...You would only receive $166,812...

Let's say the IQD readjusts to $0.80 to 1...That would be a profit of $800,000 minus the fees to exchange...You would be taxed at 37%...

This would be $284,901 owed in taxes.

  You would only receive $515,000.  This does not include your state taxes...This is not a game...No one said it was fair.

 [I] do not want to hear about what a new president will do because if this happens within the next year a new president cannot help you.  Congress has to vote on new tax laws

Iraq's Oil and Gas Law: What's Next?