REINALDO JC
Iraq Dinar
Guys, the main source & the first place to look at when the Iraq Dinar rate changes is directly from the CBI website cbi.iq thereafter;
it’ll be on the forex officially for you to exchange your currency. #in2024
REINALDO JC
Iraq Dinar
Guys, the main source & the first place to look at when the Iraq Dinar rate changes is directly from the CBI website http://cbi.iq thereafter;
it’ll be on the forex officially for you to exchange your currency. #in2024
Economist Warns Of The Danger Of Currency Counterfeiting Mafias
Posted on 2024-10-25 by sotaliraq 2024/10/23 Mustafa Fleih Economic expert Safwan Qusay warned of the danger of currency counterfeiting mafias, and while explaining the mechanism to confront them, he stressed the need to move to financial inclusion to protect the Iraqi economy from these mafias, whether internal or external.
Qusay said in an interview that the process of investigating the source of the counterfeit dinar is backed by parties trying to harm the reputation of the Iraqi dinar and trying to launder dirty money and obtain goods in exchange for this money.
He pointed out that the Central Bank is keen to track such networks, and the security services are trying to reconsider any source that could enter Iraq from abroad or to print such counterfeit money inside it.
He stressed that the issue is related to the ability to develop a device to track the movement of the Iraqi dinar in the market and there is a “Serial Number” for each category of the currency and the process of transitioning to financial inclusion and introducing money into the banking system and Iraqis dealing with credit cards will prevent counterfeiters and counterfeiters of this currency from pumping the counterfeit category into the market.
He explained that the more quickly and immediately we switch to dealing with credit cards at the private sector level, given that the government apparatus in many ministries has begun to apply such technologies in credit cards, ATMs and revenue receipt cards, it can deprive anyone who thinks of counterfeiting or forgery from entering the Iraqi market.
He explained that when the value of the currency increases, the process of counterfeiting and forgery becomes economically fragmented, and the Iraqi dinar is now fully covered, and certainly a large part of the countries in the region have been harmed, and the fluctuations in their currency prices may lead to the emergence of such mafias that print this counterfeit currency outside Iraq and pump it into the local market. In addition to educating those who receive the dinar about its type, we need to have an investigation system linked to the Internet to detect counterfeit currency.
He stressed that the seller should not only refuse to receive the counterfeit currency, but also ask the holder of this counterfeit currency to know where he got it from so that the security services can investigate the source of this counterfeit currency mass, whether it is locally printed or internationally.
He pointed out that the Central Bank is keen to compensate the holder of the counterfeit dinar if he is unaware of such distinction, and the more we encourage citizens to report with financial rewards, the more we can reach the party behind the counterfeiting.
He added that counterfeiting tends towards the higher value, i.e. at the level of large denominations such as the large currency denominations of 50 thousand and 25 thousand, and we must encourage those who receive the Iraqi dinar to examine it and not only reject the counterfeit currency but also report the holder of this counterfeit currency to reach the perpetrator.
He noted that the dollar is counterfeited by international mafias and can be pumped into the informal market, so it is not detected by dealers, and dealers in the informal market may exploit it because they are unaware that there is a counterfeit dollar from countries that carry out counterfeiting at the international level.
He stressed the need to move towards financial inclusion to protect the Iraqi economy from these mafias, whether internal or external. LINK
Calls To Accelerate 2025 Budget And Boost Non-Oil Revenues
Posted on 2024-10-24 by sotaliraq A number of MPs called on the government to expedite the submission of the 2025 budget, warning of the delay that could affect the implementation of development projects and economic reform programmes.
They stressed the importance of enhancing non-oil revenues, calling for the adoption of financial and economic policies that contribute to diversifying sources of income and improving resource management.
The representatives stressed the need to develop clear plans for investment in the oil sector, with the aim of increasing productivity and achieving additional revenues to support the budget, in light of the ongoing fluctuations in global oil prices and the economic pressures facing the country.
This comes amid emphasis on the need to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, said: “We expect the 2025 budget to reach the House of Representatives early next year,” indicating that “the government has begun meetings to restructure the budget items.”
For his part, the member of the Finance Committee, Mustafa Al-Karawi, stated that “the current year’s budget stipulated the necessity of providing Parliament with the financial schedule before the end of the fiscal year, and any delay in this will cause a delay in the start of implementing the budget and its schedules,” noting that “the non-oil revenues targeted in the budget are estimated at 27 trillion dinars, while what has been achieved so far does not exceed 8 trillion dinars only.”
Al-Karawi added, “The Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.”
The MP stressed that “the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy,” noting that “it discusses from time to time ways to increase government revenues by developing the tax and customs system.”
The MP noted that “there is a government plan that depends on automating and modernizing the work systems in these institutions, and it is expected that its implementation will be completed by the end of this year, which will contribute to enhancing revenues and ensuring better efficiency in collecting them.”
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, discussed with the delegation of the Adam Smith International Foundation a set of laws related to developing the financial and banking system.
The two sides discussed important draft laws, including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments.
Al-Atwani also reviewed with the delegation the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy by diversifying sources of income and not relying excessively on oil to feed the state budget.
He stressed that "the Parliamentary Finance Committee, within the framework of its permanent movement and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues." LINK
Thus. 24 Oct. 2024 Bruce:
Walkingstick The stopping of the auctions is the biggest clue you could have in your possession right now ... That's the bullseye...