Mnt Goat
Article: “AL-NUSAIRI: EXPLAINS THE NEW MECHANISM FOR EXTERNAL TRANSFERS AFTER THE PLATFORM IS CLOSED”
...the best part of the article is the CBI is telling us that this new strategy is normal and is working so far.
I quote: “This means that the Central Bank has achieved a basic objective of monetary policy.”
Currency smuggling.. Central Bank punishes 10 Iraqi banks due to foreign transfer violations
MP Baqir Al-Saadi confirmed today, Sunday, that the Central Bank of Iraq issued penalties against ten Iraqi banks due to violations related to the foreign transfers file, which has become a direct threat to the local economy.
Al-Saadi said in a statement to Al-Maalouma Agency, “The file of smuggling hard currency outside Iraq is still a source of great concern, amidst multiple question marks about the mechanisms for implementing these operations, especially with the ongoing investigations into the commission of serious violations by exchange offices and banks in foreign transfers.”
He added that "the penalties issued by the Central Bank against 10 banks so far come within the framework of reducing violations related to foreign transfers, which are considered one of the most prominent methods used to smuggle currency out of the country. "
Al-Saadi pointed out that “currency smuggling has serious effects on the local economy and causes an increase in financial crises in the country,” noting that “most of the transfers made for the purpose of smuggling go to one of the Gulf countries, which "Requires serious reconsideration and the implementation of strict measures to stop this ongoing bleeding."
The representative stressed that "the Iraqi Financial Institution is working seriously to address this problem by setting new criteria and re-evaluating the tools used in financial transactions, with the importance of revealing the results of the investigations to public opinion." link
NADER FROM MID EAST CC HIGHLIGHTS NOTES
In a recent announcement, Iraqi Minister for Financial Affairs Mzar Mohammad Sali underscored the significance of adopting the ASYCUDA (Automated SYstem for CUstoms DAta) system within the Iraqi Customs Administration.
This system, developed by the United Nations Conference on Trade and Development since the 1980s, utilizes modern digital technologies to streamline and expedite customs processes.
Sali highlighted that Iraq is now implementing the second generation of this system, leveraging cloud technology for comprehensive automation of customs operations, including data recording, fee assessment, customs clearance, and records management.
The initiative aligns with the Iraqi government’s objective to enhance non-oil revenues to account for 20% of total public revenues. In collaboration with the United Nations, the aim is to improve customs control and collection systems while optimizing import and export operations based on best digital practices. The minister noted that the General Authority of Customs and the Board Reports Authority successfully implemented the ASYCUDA system in the past year, establishing a high-quality digital infrastructure set to further develop customs operations by 2025.
Sali emphasized that the ASYCUDA system is instrumental in mitigating corruption by minimizing human interactions and transitioning to full automation, which enhances transparency and supports operational efficiency. Moreover, the system is poised to boost international trade by accelerating the customs clearance process and decreasing administrative hurdles. The creation of a comprehensive database will further assist in economic and trade policymaking. The ASYCUDA system also improves border security by enabling more accurate tracking and inspection of shipments, thus combating smuggling and other illegal activities. Sali concluded by noting that Iraq is joining a group of Arab nations, including Jordan, the United Arab Emirates, Saudi Arabia, and Egypt, that are implementing the ASYCUDA system in their customs processes.
📉 Reduction in Delays: The ASYCUDA system is set to drastically reduce delays at border crossings, which has been a significant bottleneck for trade in Iraq. By automating customs operations, the system allows for faster processing of shipments, which can lead to increased trade volume and improved economic activity. This efficiency can position Iraq as a more attractive destination for international business and investment.
🔍 Improved Customs Control: The collaboration with the United Nations aims not only to enhance revenue collection but also to improve the overall control of customs operations. This aligns with global best practices, ensuring that Iraq’s customs administration meets international standards. This improvement in governance can potentially restore confidence among international traders and investors.
🌍 International Trade Facilitation: By streamlining customs processes and reducing administrative hurdles, ASYCUDA plays a pivotal role in facilitating international trade. The ability to clear goods more quickly can enhance Iraq’s competitiveness in the global market, enabling local businesses to reach international customers more effectively and at a reduced cost.
📅 Future-Proofing Customs Operations: The commitment to developing a high-quality digital infrastructure by 2025 indicates a forward-thinking approach. This infrastructure will not only support current customs operations but also allow for future enhancements and scalability as trade volumes grow and technology evolves.
📉 Combating Corruption: The reduction of human interaction through automation is a critical component in the fight against corruption within customs processes. By decreasing opportunities for corrupt practices, the ASYCUDA system promotes a more transparent and fair trade environment. This can lead to increased trust from both citizens and businesses in the integrity of the customs administration.
🔄 Economic and Trade Policymaking: The comprehensive database generated by ASYCUDA provides valuable insights that can inform economic and trade policies. Policymakers can leverage this data to make evidence-based decisions, enhancing the effectiveness of trade regulations and economic strategies.
🌐 Regional Integration: Iraq’s adoption of ASYCUDA places it within a framework of regional cooperation among Arab countries. This integration can lead to more synchronized customs operations across borders, improving trade relations and reducing complications for businesses that operate in multiple countries.
In summary, the adoption of the ASYCUDA system in Iraqi customs represents a significant step forward in modernizing trade processes, enhancing revenue collection, and fostering a more secure and efficient trading environment. The government’s commitment to integrating advanced technology into customs operations aligns with broader goals of economic development and regional collaboration, ultimately benefiting both the Iraqi economy and its international trade relationships.
Central Bank Renews Directive to Spread and Expand Financial Services and ATMs
The Central Bank of Iraq renewed, on Sunday, a directive to banks and non-banking financial institutions to spread and expand their financial services in areas that lack the presence of various services for bank card holders.
The Central Bank said in a statement received by "Al-Eqtisad News" that "the bank is working within its strategy to provide various services to bank cardholders, by expanding the spread of cash delivery outlets and through all available channels, including ATMs and POC cash payment devices, as well as authorized exchange companies, electronic payment company outlets, and POS electronic payment devices spread throughout Iraq."
The statement added, "The Central Bank confirms in its circulars that included directing banks and non-banking financial institutions to spread and expand their financial services in areas that lack the aforementioned services.
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He continued, "The bank seeks to develop these services by establishing the latest infrastructure for financial products and services in Iraq, and improving them continuously," calling for "submitting inquiries and complaints, if any, through the following link: https://complaint.app.cbi.iq/."link
Frank26
[Discussing photo of an unknown lower note sent to Frank]
SENDER: What's that [note] underneath it [photo of the known 250 and 500 dinar notes]?
FRANK: I don't know what that is. Where did you get this?
SENDER: It's from a contractor in Iraq...
FRANK: It's not just because of the color I see there, it's the packaging that attracts my attention.
SENDER: My buddy said he got the pictures from his interpreter friend who goes out on patrols with him daily. The interpreter's brother works in a very small bank...He had to pay the brother three bottles of Old Spice cologne in order to get this picture to him.
SENDER: I guess they can't get it over there, pretty valuable. The brother said they have pallets of the smaller bills there in the vault but they haven't released them yet to anyone. I guess he could get in serious trouble if they found out he took this picture.
FRANK: So I'm understanding this correctly, your friend who's a contractor, his interpreter has a friend at a bank and he took a picture and he smuggled them out and he gave them to your friend and your friend gave them to you?
SENDER: Exactly.
FRANK: It had three qualifications but the one that got me was the packaging.
KTFA FRANK26: "FROM YOUR MOUTH TO GOD'S EARS TO SUDANI'S SIGNATURE".......F26 2025 budget is on the verge of legislati...