Wednesday, January 1, 2025

INA - BAGHDAD

The Border Guard Command announced, on Tuesday, the full security of the common border with Iran.

"The common border areas with Iran have been fully covered and any smuggling or border violations have been prevented. The Iraqi Border Guards are ready to cooperate with the Border Guards of the Islamic Republic of Iran to ensure the protection of the border and facilitate the movement of visitors during the days of the Arbaeen commemoration of Imam Hussein (peace be upon him)," said the Border Guard Commander, Lieutenant General Muhammed Abdul Wahab Sikar, during his meeting with the Border Guard Commanders of the Islamic Republic of Iran, according to a statement received by the Iraqi News Agency - INA.

This meeting, attended by the Border Guard Commanders from the provinces of Kermanshah, West Azerbaijan, Khuzestan, Kurdistan, and Ilam, aims to "enhance the level of cooperation, study border and security issues between the two countries, and protect the common border.

In turn, the commander of the Iranian Border Guards, Major General Ahmad Ali Goudarzi, explained that "the border guards of Iran and Iraq work side by side to ensure the security of the people of the two countries."

Goudarzi pointed out "the good cooperation and excellent border relations between the border guards of Iran and Iraq," noting that "Iran has 1609 kilometers of common border with Iraq, and this common and wide border is monitored and managed well thanks to the excellent relations and cooperation between the border guards of the two countries."

EXCERPTS FROM MARKZ, 1 JAN

EXCERPTS FROM MARKZ

MZ: What I am getting from my bond contacts ….I spoke to two who say they will settle their bond contracts between the 2nd and 9th of January. They expect to have money in hand before the 9th.

Member: I think notifications this week- Wednesday night into Thursday morning!!!!!

WOLVERINE: "ITS COMING!!!" @DINARREVALUATION #iraqidinar #iraqidinarinvestor

Tuesday, December 31, 2024

PM's Office: ASYCUDA global system for automating customs operations, 1 JAN

PM's Office: ASYCUDA global system for automating customs operations

INA - BAGHDAD

In line with the directives of PM Muhammed S. Al-Sudani regarding administrative and financial reform, which is among the priorities of the government program, a special meeting was held on Tuesday at the PM’s Office.

The meeting was chaired by the PM’s Advisor for Customs and Border Crossings Affairs, focusing on the management of border crossings and customs systems, according to a statement by the PM's Media Office - received by the Iraqi News Agency - INA.

During the meeting, the necessary infrastructure to connect all border crossings with the latest technologies was announced to have been completed, and the use of modern automation systems to facilitate and centrally monitor the entry of goods at border crossings has begun.

It was agreed to implement the global ASYCUDA system for automating customs operations, supported by electronic payment services, starting January 1st, 2025.

"This initiative will contribute to the automation of ministries and institutions, including the e-government project, and provide electronic payment services. It aims to enhance transparency and accountability, simplify procedures, facilitate services, reduce bureaucratic obstacles, establish good governance, and combat corruption," added the statement.

NADER FROM MID EAST CC HIGHLIGHTS NOTES: THE SMALL NOTES ARE COMING!!, 1 JAN

NADER FROM MID EAST CC HIGHLIGHTS NOTES

Highlights

Summary

The video focuses on the essential mechanisms implemented by banks for the counting, sorting, and packaging of banknotes. It emphasizes the importance of setting up dedicated counting and sorting centers equipped with modern machinery to handle the volume of deposits efficiently.

The process includes counting and sorting cash deposits, isolating damaged notes, and ensuring that all banknotes are properly packaged for security and identification. The video also highlights key regulatory requirements, such as notifying the Central Bank about deposits and facilitating the exchange of damaged banknotes for the public. The video underscores the necessity for banks to maintain a robust infrastructure, employ qualified personnel, and ensure the careful handling of currency to enhance operational efficiency and promote public trust in the banking system.

🏦 Modern Machinery: Banks must invest in modern machines for efficient counting and sorting of banknotes.
📦 Secure Packaging: Proper packaging of banknotes is vital, including the use of identification cards and strong sewing techniques.
🔍 Quality Control: Damaged notes are isolated and managed separately to ensure the integrity of deposits.
📈 Regulatory Compliance: Banks are required to notify the Central Bank of deposit activities to maintain transparency and accountability.
👥 Qualified Personnel: Employing skilled workers is crucial for the effective operation of counting and sorting centers.
💡 Promotion of Small Denominations: Encouraging the circulation of small denomination banknotes is essential for public convenience.
📊 Detailed Record Keeping: Accurate records must be kept for discrepancies, ensuring accountability and traceability in financial transactions.

Key Insights

🏦 Investment in Technology: The need for banks to invest in modern machinery cannot be overstated. The efficiency of counting and sorting operations is significantly enhanced with state-of-the-art technology. This not only speeds up the process but also reduces human error, ensuring that the financial institution maintains a high standard of accuracy in handling cash. Regular updates and maintenance of these machines are also critical to accommodate changing banking needs and volumes.
📦 Importance of Secure Packaging: The process of packaging banknotes goes beyond mere containment. It involves using specialized sewing machines to ensure that bags are securely sealed and labeled accurately. The identification cards and seals bearing the bank’s name contribute to a system of accountability, which is essential for tracking deposits and managing assets. This meticulous approach to packaging helps to prevent loss and fraud.
🔍 Regulatory Framework and Accountability: Banks are mandated to maintain transparency by notifying the Central Bank of all deposit activities. This regulatory requirement fosters trust in the banking system and ensures that banks are held accountable for their transactions. By maintaining open lines of communication with the Central Bank, banks can contribute to a stable financial environment.
📈 Handling Damaged Currency: The protocol for dealing with damaged or spoiled banknotes is an integral part of the banking process. Banks must not only isolate these notes but also provide a convenient exchange system for the public. This policy not only protects the integrity of the currency in circulation but also enhances customer satisfaction by providing easy solutions for individuals holding damaged notes.
👥 Role of Skilled Workforce: The significance of employing qualified personnel in counting and sorting centers is essential for operational success. Trained workers can effectively manage complex tasks associated with cash handling, thus minimizing errors. This also includes the ability to identify discrepancies and address them promptly, which is vital for maintaining the bank’s credibility and financial health.
💡 Circulation of Small Denominations: Promoting small denomination banknotes is crucial for facilitating everyday transactions for the public. Banks must ensure that they provide adequate supplies of these denominations to meet consumer demand. This practice not only encourages the use of cash but also supports local economies by making transactions more accessible.
📊 Comprehensive Record-Keeping Practices: The video emphasizes the necessity of maintaining detailed records for all banking operations, particularly in cases of discrepancies. A systematic approach to documentation ensures that all transactions can be traced back to their origin, thereby enhancing financial accuracy and accountability. This practice is especially important in a banking environment where large volumes of cash are handled daily.

In conclusion, the video provides valuable insights into the operations of banks concerning the handling of cash deposits. The emphasis on modern technology, secure packaging, regulatory compliance, and skilled personnel illustrates the multifaceted approach required to maintain an efficient and trustworthy banking system. By adhering to these practices, banks can enhance their operational effectiveness and foster public confidence in their services.

DINAR REVALUATION