Wednesday, December 18, 2024
Industrial Fraud Threatens The Local Economy And Undermines National Industries, 18 DEC
Industrial Fraud Threatens The Local Economy And Undermines National Industries
Published on: December 18, 2024: Al-Mada/Follow-up Regulating the control of goods is an essential step to support local factories and limit excessive imports, which contributes to strengthening the national economy and its ability to withstand and grow. However, the phenomenon of industrial fraud represents a major challenge facing the Iraqi industrial sector, as it negatively affects the reputation of local products and undermines efforts to increase local production.
Industrial Fraud And Its Consequences
Counterfeit products are increasingly prevalent in local markets, where low-cost goods are imported from neighboring countries and then repackaged and sold as local products. These goods are often of lower quality, eroding consumer confidence and causing significant damage to national industries.
Mohammed Hassan Jabr, a local shop owner, explained that the weak production capacity of Iraqi factories is pushing many traders to import counterfeit goods. He added that this embarrasses traders in front of customers who notice a clear difference in price and quality.
For his part, economic expert Mustafa Akram confirmed that industrial fraud appears largely in products such as cigarettes, chicken, and table eggs, where imported products are repackaged to appear as Iraqi. He pointed out that these practices lead to the deterioration of the local market and increased reliance on imports instead of enhancing local production.
Legal And Regulatory Challenges
Despite the existence of Consumer Protection Law No. 1 of 2010, its implementation faces major challenges, according to legal expert Jamal Al-Asadi.
Al-Asadi explained that the penalties imposed on industrial fraud, such as imprisonment and financial fines, are difficult to implement due to the lack of effective oversight in the markets.
Recommendations To Combat Industrial Fraud
To address this phenomenon, Hussein Abbas, from the Economic Crime Directorate, recommended taking firm measures, including:
1. Strengthening oversight: Increasing cooperation between relevant ministries to ensure the application of Iraqi specifications to local and imported products.
2. Reissuing import licenses: Imposing strict control over all imported goods by issuing new import licenses.
3. Activating border testing laboratories: Approving testing laboratories at border crossings to ensure the quality of imported products.
4. Implementing a goods tracking system: Adopting a goods tracking system to ensure their compliance with standards.
5. Organizing follow-up teams: Forming field teams to reduce market manipulation and control violations.
The phenomenon of industrial fraud poses a major challenge to the Iraqi economy, as it negatively affects the confidence of consumers and local industries. While oversight and enforcement of laws are essential tools to combat this phenomenon, current efforts need to be intensified and coordinated more among the relevant authorities to ensure the provision of high-quality products that enhance the status of national industries. Source: Agencies https://almadapaper.net/389139/#hathalyoum
HERNAN: THE IQD HAS BEEN RV'D IN THE COUNTRY AT $3.49, 18 DEC
Wednesday December 18, 2024
Hernán: He says
The oil-backed Iraqi Dinar has been revalued in the country, with exchange rates confirmed at USD$3.49 DOLLARS x 1 IQD in IRAQ 🇮🇶 and USD$3.28 DOLLARS x 1 IQD in KURDISTAN.
The VIETNAM DONG 🇻🇳 is rumored to have followed suit, with classified exchange rates already circulating.
Note: IQD AND DONG exchanges, for the moment inform us that they are classified and only in the countries corresponding to the currency.
Greetings
Hernan
TRANSLATION IN SPANISH
Miércoles 18 Diciembre 2024
Hernán : Dice
Se rumorea que el DONG DE VIETNAM 
ha seguido su ejemplo, y ya circulan tipos de cambio clasificados.
ha seguido su ejemplo, y ya circulan tipos de cambio clasificados.Nota: Los intercambios de IQD Y DONG, por el momento nos informan que son clasificados y solo en los países correspondientes a la moneda.
Saludos
Hernán
Iraq Out Of The List Of Major Countries Holding US Bonds, 18 DEC
Iraq Out Of The List Of Major Countries Holding US Bonds
Money and business Economy News - Follow-up The US Treasury announced on Tuesday that Iraq is no longer a major foreign holder of US bonds.
According to the Treasury report for September, which showed that Iraq was not among the top 20 countries holding US bonds, after it was ranked among the top holders last year with holdings of $32.6 billion.
The report indicated that "Japan topped the list of major countries in holding US bonds, with holdings amounting to $1.123 trillion, followed by China in second place with holdings amounting to $772 billion, while the United Kingdom came in third with $764 billion, the Cayman Islands in fourth place with $420 billion, Luxembourg in fifth place with $417 billion, and Canada in sixth place with $370 billion."
]The report explained that Saudi Arabia was the only Arab country that maintained its position among the 20 largest holders of US bonds, as its holdings amounted to $143.9 billion.
The report indicated that the total holdings of US bonds by countries around the world in September amounted to 8 trillion and 872 billion dollars.
US bonds are a type of debt instrument issued by the US government to raise money, and many countries buy them as a safe investment.
In the past years, many Arab and foreign countries, including Iraq, owned large amounts of these bonds, and over time, Iraq's holdings of US bonds decreased until it left the list of the 20 largest countries holding these bonds. Views 25 12/18/2024 - https://economy-news.net/content.php?id=51026
TIDBITS FROM FIREFLY, 18 DEC
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Secretary of State Blinken who just left Baghdad after meeting with Sudani said he was amazed at what's going on here in Iraq. He's been over here off and on for the last 20 years and never seen the new construction and airport updates and the movements of cars like we now have. He left very impressed.
FRANK: Who cares what Blinken has to say. I only care what Trump and Sudani are about to do.
FIREFLY:We are hearing another gazette is missing from the publication. They say it's number 485. They say it was completed but it is not published publicly yet. We thinking it's because it has the article 12 items related to it
...
FRANK: Article 12 is the introduction of a restricted free currency with no sanction to the international world. It does not mean it has to have value but it means that it can leave your borders and gain value in an international basket. Everything is set up so perfect.
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🚨BREAKING: New Iraq Dinar = New Rate ( IN-COMING )
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