Iraq enforces unified customs tariff at all border crossings, including Kurdistan

 Shafaq News/ Iraq’s Ministry of Finance, through the General Commission of Customs, has begun implementing a new, unified customs tariff across all border crossings and customs centers, including those in the Kurdistan Region.

The Commission stated that the revised valuation system is based on Cabinet Resolution No. 270 of 2023 and recommendations from the Economic Ministerial Council. The update is designed to standardize procedures and curb manipulation in customs valuations—particularly for imported vehicles and goods entering through northern borders.

"We provided the Ministry of Trade with a digital copy of the reference pricing lists to help synchronize implementation across all entry points."

Implementation will follow jointly approved price lists agreed with the Kurdistan Region on December 19, 2023, using reference tables from 2022 and 2024. In cases of discrepancy between invoice values and average international prices listed in the ASYCUDA system, the higher value will be applied.

A source from the Northern Customs Directorate told Shafaq News that the tariff took effect on Monday, June 2, 2025. Customs checkpoints in Kirkuk, particularly at Jemen and Darman, have tightened inspection protocols in line with the new regulations.

The recent visit of Border Crossings Authority Director Omar al-Waeli to these checkpoints was aimed at reinforcing compliance with the updated system.

Economic analyst Abdullah Hussein described the unification of tariffs between the federal government and the Kurdistan Region as a significant reform. He noted that previous inconsistencies in valuation created vulnerabilities in the national economy, and that the new approach is expected to close gaps and ensure fairer trade practices.

TIDBIT FROM MNT GOAT: what has been preventing this revaluation to the TRUE rate of the dinar?

 Mnt Goat 

  We know about what the TRUE rate of the dinar should currently be based on its assets.

 The IMF is going to a strict asset-based evaluation of currency values. This is a Basel requirement. 

So, what has been preventing this revaluation to the TRUE rate of the dinar? 

 ...it was mostly the AML [Anti-Money Laundering] issue...i.e. banking reforms... efforts were put on warp speed to complete the AML reforms as acceleration began in early January 2023..

.we now get a sense of a real change...a sound transition away from those sanctioned days of Iraq since 1990’s. It is a new Iraq and it is here now...

So, it puzzles me as to why the currency also does not NOW reflect this change. But I assure you it will, and it won’t be long until it does...

The AML efforts is sprouting great benefits to Iraq and allowing them to move ahead quickly now. 

WALKINGSTICK :This [Forex] memo confirms the IIQD is fully armed for public rate visibility at $4.81

 

Masour Barzani: We have begun a strategic partnership with the United States to transform Kurdistan into an energy and innovation center

   Masour Barzani: We have begun a strategic partnership with the United States to transform Kurdistan into an energy and innovation center. 

6/1/2025

The Prime Minister of the Kurdistan Regional Government and Chairman of the Board of Trustees of the American University of Kurdistan, Masrour Barzani, affirmed on Sunday evening that his recent visit to the United States marked the beginning of a new phase of strategic partnership. He also indicated that efforts will continue to secure permanent electricity in the Kurdistan Region.

Speaking at a graduation ceremony for a new batch of students at the American University in Duhok, Barzani said, "We in the Kurdistan Regional Government have embarked on a series of comprehensive reforms that are not just theoretical ideas, but have tangible and direct impacts on improving the lives of the people of Kurdistan. Through these reforms, we aim to provide a prosperous life and sustainable economic growth."

He noted that his recent visit to the United States "marked the beginning of a new phase of strategic partnership, with agreements signed with a number of leading American companies in the energy sector, which will contribute to creating quality job opportunities and stimulating the innovation and investment environment in the region."

Barzani added, "For the first time in its history, the Kurdistan Region is witnessing an economic transformation that is not solely dependent on oil, but rather based on diversifying vital sectors such as agriculture and banking services." He pointed to "important infrastructure projects, including improving the water distribution system and establishing a special fund to protect the future of future generations."

He also announced "continued work on the Ronahi project to provide sustainable electricity, in addition to launching the Hesabi initiative, the first of its kind in the region, which aims to consolidate financial inclusion through digital banking services and enhance transparency."

Regarding digital transformation and artificial intelligence, Barzani continued, saying, "Artificial intelligence and digital transformation are no longer futuristic concepts; they have become a pivotal reality. We encourage investment in innovation centers and strengthen cooperation between universities and the technology sector, and we call on our youth to engage in this global revolution."

The Prime Minister of the Kurdistan Regional Government also addressed the health sector, commending the graduation of the first batch of nursing students from the American University of Kurdistan, who received comprehensive support through scholarships.

He described them as "a promising hope for a healthier and more prosperous Kurdistan," stressing "the government's continued support for the development of advanced professional programs in this field."

Barzani also emphasized the importance of education as the foundation upon which all forms of progress are based, saying, "We are implementing radical reforms in the education sector to build a transparent and accountable education system, with a special focus on the quality of education from primary to higher education, and instilling a culture of lifelong learning."  LINK

ARIEL: Fed Chair Jerome Powell to Officially Resign

 From Yahoo: President Donald Trump on Thursday met with Federal Reserve Chair Jerome Powell for the first time in his second term, scolding him for not lowering borrowing costs. Powell maintained that any decisions won’t be based on the president’s demands.

The meeting, which comes after months of unrelenting attacks from Trump against the Fed chief, took place at the White House and was at Trump’s request.

“Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,” the Fed said in its statement. End quote.

Now as we can see Jerome Powell is trying to maintain a alpha position by putting on a front that if anything happens it would be on his own accord and not a the request or demand from Donald Trump. He has been wearing this poker face since D. Trump took office. Do I believe he will step down eventually? Yes. Will it be tomorrow? Not likely but ofcourse very welcomed if this so happens to be the case.

IQD STATUS:The revaluation rate of $4.8101 USD/IQD is injected across backend trading infrastructure

 

Under a government decision, Forex and cryptocurrency companies in Kurdistan are closed

  Under a government decision, Forex and cryptocurrency companies in Kurdistan are closed. 

6/1/2025

The Kurdistan Regional Government (KRG) decided on Sunday to form a special committee within the Ministry of Interior, with the participation of relevant authorities, to shut down cryptocurrency and digital currency companies.

According to a letter issued by the Presidency of the Kurdistan Regional Government's Council of Ministers, No. 6640, dated May 27, and seen by Shafaq News Agency, the Ministry of Interior was notified, based on instructions issued by the Central Bank of Iraq, regarding the ban on dealing with electronic trading companies (forex) and digital currencies.

The Court's presidency stressed the need to take the necessary measures to form a committee with the relevant authorities to close down all companies operating in this field under various names.   LINK