Financial Expert To Nina: Iraq Must Take Several Steps To Transform Its Economy From A Rentier To A Multi-Revenue Economy, 24 OCT

 Financial Expert To Nina: Iraq Must Take Several Steps To Transform Its Economy From A Rentier To A Multi-Revenue Economy

Wednesday 23 October 2024 | Economic  Baghdad / NINA / Financial and economic expert Safwan Qusay confirmed today, Wednesday, that the transformation of Iraq's economy from a rentier oil economy to a multi-revenue economy requires several steps that must be followed by the authorities responsible for developing the Iraqi economy.

Qusay said in a statement to the National Iraqi News Agency / NINA / that "the current tax reform process must be consistent with the necessity for the investment law to be compatible with the tax law, indicating that Iraq inherited a set of tax laws related to the central economy, so the process of updating them is related to the requirements of global investment that will increase the ability to attract investments and requires stability in these laws."

He added that "Iraq does not need a process of reviewing the rates, but rather needs to comply with international financial reporting standards so that the values ​​appearing in the financial statements are the reality of income, and we need to expand the tax base and review tax allowances in a manner consistent with the purchasing power of the income earner..

We need a process of twinning between local and international laws with direct supervision of what the investor desires, which can restore the tax law sector so that Iraq has an attractive investment opportunity away from the process of subjecting these indicators to laws that are not characterized by sustainability."

He pointed out that "supporting the local product can be done by providing production subsidies and not by imposing taxes on the investment sector. We need to transform the informal market into a formal one because this will pave the way for building a non-oil economy." /End 8 https://ninanews.com/Website/News/Details?Key=1163877

RV UPDATE BY TEXAS SNAKE, 24 OCT

TEXAS SNAKE

• Wed. 23 Oct. 2024 Texas Snake: Still hearing by Friday to schedule appointments.

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TEXAS SNAKE

SEVERAL SOURCES ARE INDICATING THIS IS OUR MONTH SOME EVEN INDICATING  A SPECIFIC DATE BUT ASKING THAT I NOT REVEAL BUT I CAN ASSURE THE DATE  ENDS IN Y . GOD BLESS.

https://dinarevaluation.blogspot.com/2024/10/rv-update-by-texas-snake-11-oct.html

LATEST CBI INTEL FROM MNT GOAT @DINARREVALUATION #iraqidinar

Adam Smith International assists with Iraq Budget Prep, 24 OCT

Adam Smith International assists with Iraq Budget Prep

The Iraqi government has begun conversations on the design of the 2025 spending plan, with assumptions for its accommodation to Parliament right on time one year from now, as per Atwan Al-Atwani, top of the Parliamentary Money Advisory group.

According to dinaropinions.com, a state-run website, Al-Atwani hosted a delegation from Adam Smith International to talk about reforms to public financial management, including the tax, customs, public debt, and development fund sectors. Key monetary difficulties, especially the oil income reliance, were featured, as well as continuous endeavors to help non-oil incomes through legitimate changes.

The oil dispute with the Kurdistan region remains a major issue, which the committee is actively attempting to resolve through dialogue. Al-Atwani additionally demonstrated that changes are in progress, including corrections to the Overall Expert for Checking Government Income Distributions Regulation and new recommendations connected with Islamic securities and monetary market guidelines.

TIDBIT FROM SKYWALKER, 24 OCT

 SkyWalker  

Article Flashback:  “Abdul Hussein al-Yasiri, a member of the Iraqi parliamentary Finance Committee...

2014 will witness the deletion of zeros from the Iraqi currency. 

He noted that the deletion will occur in coordination with the CBI, and that as a result of the project, the number of banknotes in circulation will be reduced from 4 billion to 1 billion.”

 Opening of cash centers as planned is another method to reduce the note count as stated in this past delete the zeros article snippet.

INTEL FROM A FRIEND THAT WORKS WITH THE TREASURY CONTRACTOR BY GOLDEN ER...

Removing zeros and revaluing the Iraqi dinar, 24 OCT

  Removing zeros and revaluing the Iraqi dinar

Ali Daadoush

The concepts and scientific names in economics differ according to the specialization and the branches derived from it. When talking about the exact specialization, economic variables must be named by their scientific names. One of these names is the term redenomination, or as it is called (removing zeros from the currency).

Countries usually resort to it to address rampant inflation and the decline in the value of the local currency, as the old currency is replaced with a new currency at a fixed price by removing at least 3 zeros from the old currency.

Currency revaluation becomes necessary when it comes to hyperinflation because it takes a very large number of old banknotes to facilitate trade, especially in local markets, and small banknotes become useless, as an individual needs millions of banknotes to buy simple or necessary household or food needs, an example of this is what happened in 2006 when Zimbabwe renamed its currency at a rate of (1000 old Zimbabwe dollars) for a new Zimbabwe dollar.

In addition, deleting zeros from a currency can also happen when a country joins a monetary union, as happened in the eurozone, and begins using a currency like the euro instead of its local currency. When the euro was introduced in 1999, member states first used the new currency for electronic payments and accounting, then switched from their local banknotes and coins to the euro in 2002.

There are several reasons behind renaming the currency (removing zeros), and they can be summarized as (controlling inflation, facilitating trade and the economy, political factors such as a change in government, for example, in addition to technical considerations such as updating financial systems, which are usually part of a larger project to update the country’s financial systems, such as converting to new digital systems for dealing with the currency).

From what has been mentioned, we find that (deleting zeros) is not carried out randomly, but rather is implemented after a comprehensive study of the economy and the challenges it faces, and it must be accompanied by other economic and financial measures to protect the economy from financial fluctuations. Therefore, renaming the currency is a complex decision that requires a comprehensive study of the economy and politics in the country, and it must be implemented while minimizing the potential negative effects on the economy and citizens.   link