Progress

[coorslite21]

 

Oil Export & Tax Reform

An upcoming agreement with the Kurdistan Region and Turkey regarding oil exports is in the works.   Iraqi Oil Minister Hayan Abdul Ghani has announced an agreement with the Kurdistan Regional Administration, oil companies, and Ankara to resume oil exports from Iraq to Turkey. The Iraqi Ministry of Oil stated that the first step is to discuss resuming oil production with the Kurdistan Regional Government and companies there. The second phase will involve an agreement with Turkish authorities regarding oil exports via the Turkish-Iraqi pipeline. The cessation of oil exports caused financial damage to Iraq, which has incurred losses of around $5.5 billion.   The Tax System Reform Committee discussed the draft value-added tax law, its requirements, and the progress made in the field of electronic connection and electronic billing. The committee was directed to complete technical tax studies and present them to the committee in the next meeting before the end of this month. The meeting is part of the Syrian tax system reform project, which aims to transition towards two basic taxes: the unified income tax and the value-added tax. This shift aims to simplify and clear taxes, reduce tax evasion, and improve tax justice. The committee will also audit the draft legislative instrument and discuss the committee's observations. The next meeting will present the completed studies and discuss the committee's observations.   CL

 

[coorslite21]

https://new.thecradle.co/articles/baghdad-reveals-new-economic-package-to-further-de-dollarize-trade

 

[coorslite21]

 

 

Foreign currency deals bolster Iraqi banks amid no-confidence bid against central bank governor

Economy

Dana Taib Menmy

Iraq

13 November, 2023

ICB recently decided that Iraqi private banks can import foreign currencies via commercial flights.

Iraq imports almost 95 of its needs through foreign trade using foreign currencies. [Getty]

 

Iraq's Central Bank (ICB) struck deals with foreign nations to support Iraqi private banks in foreign currencies, coinciding with lawmakers' no-confidence efforts against ICB's governor amid currency pressure from the US dollar.

 

ICB and US officials have reached a deal to strengthen the reserves of 10 Iraqi banks with the US dollar after detailed discussions in Abu Dhabi, the state-run Iraqi News Agency reported on Sunday, 12 November, citing governmental sources within the meetings. 

"After recent discussions between the Iraqi Central Bank and American representatives, ten banks can now strengthen their reserves in US dollars—five through Citi Bank and five via JP Morgan," INA reported.

 

Iraq imports almost 95 of its needs through foreign trade using foreign currencies.

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"Furthermore, the number of banks allowed to enhance their reserves in the Chinese Yuan through the Singapore Development Bank will increase to 13 banks. Two banks have already fortified their accounts in Indian Rupees with the Singapore Development Bank," the agency added. 

 

It also clarified that several developments have unfolded in banking collaboration between Iraq and other countries; notably, issues with rejected transfers have been resolved. It also revealed a promising mechanism to boost balances in Emirati Dirhams for Iraqi banks is "imminent".

ICB also makes serious negotiations to enhance Iraqi bank balances in Euros, and more banks are reinforcing their balances in the Chinese Yuan and Indian Rupees for Iraqi banks, signalling a strategic move to finance imports, especially in pharmaceuticals and food items.

 

ICB recently decided that Iraqi private banks can import foreign currencies via commercial flights, a controversial step that backfired on its governor, as Iraqi lawmakers and legal experts considered it unconstitutional. 

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Dana Taib Menmy

Al-Alaq is facing a parliamentary motion to remove him from his position due to the decreasing value of the Iraqi dinar in exchange for the US dollar in the parallel markets.

 Since assuming office, economic experts believe that the ICB governor has failed to resolve the devaluation of the ID in exchange for the dollar crisis despite measures taken since his appointment.

Iraq's cabinet approved a currency revaluation on 7 February and set the exchange rate at 1,300 dinars per US dollar. The Central Bank of Iraq (CBI) also imposed several measures to boost the dinar and prevent the outflow of US dollars outside the country, especially to Iran and Syria, which are under US sanctions. 

Despite the official rate of the dinar, a US dollar still sold at around 1,620 in the currency exchange markets. The sharp drop in the dinar's value plunged local markets into further recession, with prices of every essential goods soaring daily.

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© 2023 The New Arab

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[md11fr8dawg]

Something seems like it is getting ready to happen and if all currencies go at once then I'm leading g the congo line. Let's dance!!

[coorslite21]

JPMorgan Bank has announced its intention to lend $257 million to Iraq.

Iraq's Finance Minister, Taif Sami, has signed an agreement with JPMorgan Bank to finance power plant repair projects, aiming to increase electricity generation. The bank has provided $257 million in loans to Iraq, reducing the country's energy shortage. The agreement is expected to positively impact manufacturing, services, and development sectors, boosting investment in Iraqi sectors.

[jaybake]

So they did revalue their currency 1300 dinar to a dollar, what are we waiting for? lol. 

[Bama Girl]

On 11/14/2023 at 11:11 PM, coorslite21 said:

Al-Alaq is facing a parliamentary motion to remove him from his position due to the decreasing value of the Iraqi dinar in exchange for the US dollar in the parallel markets.

I didn’t understand why Al-Alaq was reappointed Governor of the CBI in the beginning. Anyone associated with Maliki is suspect to me. 

[horsesoldier]

Back biting, back peddling, back sliding & just plain backwards thinking.

The only forwards thinking these criminals seem to do is how do they successfully plan their next Grand Theft Scheme.