Ministry of Commerce: the middle of next month, the date for the application of the electronic payment system

Mawazine News: The Ministry of Trade confirmed, on Thursday, that mid-January will be the date for the application of the electronic payment system for exporters and importers, while it indicated the reasons for the obstacles to the export process.
The general manager of the General Company for Fairs and Iraqi Commercial Services, Sarmad Taha Saeed, said, according to the official agency, that “the company has signed a contract with the Central Bank regarding electronic payment, as it will be the middle of next month to implement the electronic payment system, which will allow exporters and importers to pay with any card. Available”.

He added that “attractive offers were made to the exporters, by giving ten percent of the invoice value without charge, in support of the Iraqi exporter, as our goal is not only to export, but rather to be the transfer in Iraqi banks, and to provide hard currency.”
He pointed out that “the Council of Ministers previously issued a decision to make the export absolute, but we were surprised to stop exporting most of the materials due to the presence of laws that contradict the decision.”

He explained that, “when traders started exporting, they were surprised to stop exporting gravel, aluminum industries, etc., as we must take sectoral approvals, after which export is allowed, in addition to the existence of laws issued in previous years that prevent the export process, and therefore we must present a proposed law to the Council of Ministers and ratify it.” And it is sent to the House of Representatives and presented for the first reading and the second after which a decision is issued. ”Ended 29 / A43

Mawazin.net

The Kurdistan government calls for the implementation of the financial agreement between Baghdad and Erbil

Baghdad – On Thursday, the President of the Kurdistan Regional Government of Iraq, Masrour Barzani, expressed his hope for the implementation of the recent agreement between Erbil and Baghdad regarding the 2021 budget .

Barzani said in a press statement, that the Kurdistan Region and the whole world have faced a difficult year in light of the outbreak of the Corona epidemic and its difficult economic consequences, and the federal government’s refusal to send financial dues to the Kurdistan Region, which created a financial crisis and a difficult situation that, in turn, formed a heavy financial burden on our dear citizens in the Kurdistan Region. .

He added, “We have reached an agreement with the federal government regarding the draft federal budget for the year 2021, we hope that the agreement will be implemented in full, and we ask the political parties in Iraq, and from now on, not to accept the use of Kurdistan Region’s dues and rights as a political pressure card against the people of Kurdistan who do not.” His rights are still being denied, affirming at the same time that we will never compromise our constitutional rights . ”

Economy-news.net

Iraq and Iran are discussing signing the draft economic agreement and raising the level of trade exchange

Baghdad – Trade Minister Alaa Ahmad al-Jubouri and Iranian Energy Minister Reza Ardakanian discussed, on Tuesday, the signing of the draft economic agreement and raising the level of trade exchange between the two countries.

“Al-Jubouri received the Iranian Minister of Energy and during the meeting discussed a preliminary meeting for the Iraqi-Iranian joint committee, discussing raising the level of trade exchange between the two countries and conducting negotiations on the signing of the draft economic and trade agreement between the two countries,” the Ministry of Commerce said in a statement. .

The statement added, “Ardakanian’s visit to Iraq came to discuss with Iraqi officials about preparations for the meeting of the joint economic committee between the two countries to be held soon in Tehran.”

He pointed out that “the Iranian Minister of Energy and his accompanying economic delegation will discuss during the visit the energies and means of developing economic and commercial cooperation between the two countries, cooperation in the fields of agriculture, industry, health, transportation and a number of other projects.”

Economy-news.net

13 private banks are facing court for entering the currency auction without customs permits

Baghdad / Al-Masala: The Rusafa Investigation Court, which is competent to look into issues of integrity, money laundering and economic crime, decided, Thursday, December 24, 2020, to take legal measures against thirteen banks for violations of entering the currency auction without submitting customs permits that support entry of goods, tax accounting, and suspicions of fraud Related documents.

The Media Office of the Supreme Judicial Council stated in a statement received by Al-Masala that the aforementioned court decided to bring in the authorized directors of the violating banks due to their breach of the due diligence procedures imposed by the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015.

Almasalah.com

The Iraqi judiciary takes measures against 13 private banks, following violations of the currency auction

Shafaq News / The Rusafa Investigation Court, which is competent to look into issues of integrity, money laundering and economic crime, decided on Thursday to take legal measures against thirteen banks for violations of entering the currency auction without submitting customs permits that support the entry of goods, tax accounting, and suspicions of falsifying documents related to this.

The Media Center of the Supreme Judicial Council stated in a statement today that the aforementioned court decided to bring in the authorized directors of the violating banks due to their breach of the due diligence procedures imposed by the Anti-Money Laundering and Terrorism Financing Law No. (39) of 2015.

On Wednesday, the Supreme Judicial Council directed uncles issued by it to all investigation courts to take legal measures against everyone who caused damage to the national economy, whether from foreign currency dealers or monopolistic merchants of goods, food commodities and essential commodities that people need daily.

In a statement, the Council requested the Ministry of the Interior to instruct the competent police directorates to conduct inspection tours of wholesale stores and places of sale of foreign currency to catch those who violate the law.

The statement noted that the investigation court specialized in combating money laundering began several days ago to conduct an investigation regarding the auction of selling foreign currency and violations of the law by some private banks to participate in the auction of selling foreign currency.

The competent judge stated that the investigation had reached advanced stages and revealed illegal operations, fraud and fraud to participate in the auction of selling currency and smuggling foreign currency outside the country.

These uncles come after the Central Bank of Iraq decided to reduce the dinar against the foreign currency, especially the dollar, which led to an increase in imported goods and commodities, especially food, medicine and other necessities of life.

The Ministry of the Interior had deployed detachments to combat economic crime in the markets to monitor prices and prevent manipulation of them, while stressing that some merchants would not allow monopoly of materials.

“The role of the Ministry of the Interior is limited to monitoring the prices set by the relevant authorities,” said the ministry’s spokesman, Major General Khaled Al-Muhanna, in statements reported by official government media, explaining that it “will not allow monopolization of materials.”

He added that “the monitoring process is through the Economic Crime Control Directorate of the Ministry of Interior.”

And Interior Minister Othman Al-Ghanimi had confirmed earlier, that detachments were moved in all governorates to implement the law against those trying to tamper with prices, taking advantage of the crisis.

Shafaq.com

Representative Finance: Determining the exchange rate of the dollar is a government matter and it is its exclusive powers

Today, Thursday, the Parliamentary Finance Committee issued a clarification regarding the exchange rate of the dollar, indicating that determining the exchange rate of the dollar is a governmental matter and one of its exclusive powers.

The committee said in a statement issued by the Information Department of the House of Representatives that “determining the exchange rate of the dollar is a governmental matter and one of its exclusive powers is that it is the one who designs and implements the financial and monetary policy,” indicating that “the inclusion of that price in the draft Federal Budget Law for 2021 is to calculate the value of oil revenues and loans.” International, which is calculated on a dollar basis and converted into Iraqi dinars depending on the exchange rate. ”

She pointed out that “that price was mentioned in the budget, and it is not intended to acknowledge or not, but to approve it in the calculation of revenues and expenditures only, as mentioned above.”

Dijlah.tv

Al-Sumaida’i: The currency auction is a smuggling of the dollar and its corruption goes beyond simple sales

Baghdad: Al Furat News – An independent politician, Ibrahim Al-Sumaidaie, described the auction of selling the currency as “smuggling.”

Al-Sumaida’i said {to the Euphrates News} that “the currency auction is a smuggling of currency and is based on covering the sale of the dinar for the purpose of import and credit.”

He pointed out that “the latest statistics of the Central Statistics Agency revealed differences in the currency auction that exceeded the $ 26 billion without basis, even in the amount of $ 19 million for the purpose of import. Most of its invoices are forged and the Central Bank evades responsibility.”

Al-Sumaidaie added, “The only solution to stop the bleeding of currency selling is to inject the dollar in real terms and go to savings accounts,” noting that “the problem of this auction has been in place since 2010.”

The independent politician concluded, “The Central Bank of Iraq deluded the people that there is no alternative to the currency auction, and he admitted that there were 45 trillion dinars outside the monetary policy of Iraq, and the corruption of the auction went beyond simple direct sales to specialization.”

The deputy of the parliamentary wisdom bloc affiliated with the coalition of Iraqis, Khaled Al-Jushami, revealed that Iraq had lost 240 million dinars per month in the currency auction.

Al-Ghashami said in a press statement, that the Central Bank of Iraq sells 4 billion dollars a month, even if we divide it by 200 in 5 working days, it equals one billion dollars in four weeks, and if we multiply the 4 billion dollars by 6, the result is 240 billion dinars per month for the Iraqi state from the auction selling the currency.

He added that the profit goes to people in private banks, not to government banks, in order to return to the state treasury.

It is noteworthy that a member of the Parliamentary Finance Committee, Faleh Al-Sari, collected signatures to submit a request to question the Governor of the Central Bank of Iraq regarding suspicions in the currency auction.

In the year 2019, the Central Bank sold $ 44 billion of hard currency in the currency auction, mostly intended to cover the import of materials and goods that the country needs, stabilize the price of the Iraqi dinar and prevent inflation, according to bank data.
However, as economists say, the volume of Iraqi imports reached 18 billion dollars, and they warn of “currency leakage” outside Iraq due to “corruption” in the currency auction in the country.

In light of this, the Supreme Judicial Council announced that it would initiate the investigation of the documents of the joint banks in the foreign currency sale window.
A statement to inform the judiciary stated that the investigation court competent to combat money laundering and economic crime crimes responds to the request of the Central Bank and conducts the investigation with documents and documents submitted by the participating banks in the foreign currency sale and purchase window to verify its validity and compliance with the law.

Alforatnews.com

“It will create thousands of jobs” .. Iraq aspires to be the “main stop” on the Silk Road

Transport Minister Nasser Hussein Al-Shibli confirmed, Saturday, that Iraq will be the “main station” in the international land and maritime road project, the “Silk Road” linking the two continents of Asia and Europe. The company implemented.

The official Al-Sabah newspaper quoted Al-Shibli as saying, “If a port is completed The FAO, Will be Iraq Center (Silk Road) You are working on China To connect Europe with Asia, “noting that” the completion of the project will follow the implementation of the dry canal to connect a port The FAO BTurkey, And thus completing the connecting line of China to me Pakistan And port The FAO By sea, and by rail to Europe. ”

Al-Shibli added that “the implementation of (Silk Road) Through Iraq It will provide thousands of jobs and a great economic return to the country, equivalent to oil financial revenues, and is linked to the completion of a port The FAOAl-Kabeer. ”

He continued that his ministry would complete the first phase of the portThe FAO Early next year, explaining that “the sum of the allocated contract is two billion and 650 thousand dollars, and the ministry continues to negotiate with the Korean company to agree on this price and reduce the value of the contract,” pointing out that “Port The FAO It includes five large projects and a completion period of three and a half year.

Mentioned that China In 2013, it announced its initiative to create (Silk Road The new), which is a network of ports and railways that will connect nearly 65 countries around the world.

Alsumaria.tv/news

Parliamentary Finance issues a package of reforms that includes imposing a value-added tax and reviewing the dollar exchange rate

Economy News – Baghdad: The Parliamentary Finance Committee issued proposals to address the financial crisis in Iraq, which included reviewing the exchange rate of the dollar against the dinar, establishing a national telecommunications company and imposing a value-added tax.

The reforms presented by Parliamentary Finance included, from three axes, the first entitled Maximizing Revenues and Rationalizing Expenditures and included the immediate activation of compulsory collection of services provided to government, commercial, industrial, agricultural and household institutions, such as electricity, water, sewage, landlines and their deduction from grants and salaries, in addition to reviewing crude oil prices The provider of the refineries, and the unutilized government assets such as real estate and land flow through selling them by public auction, imposing a value-added tax of 12%, and obligating all institutions to send the Ministry of Finance’s share of the total revenues up to date.

It also included stopping the work of embassies and attachés in countries where Iraq does not have any diplomatic, commercial or cultural exchange, negotiating to postpone the dues of oil companies or paying them in kind outside the OPEC quota, and allowing the export of gravel and sand and the investment of mineral resources such as phosphates, sulfur and uranium.

On taxes, it included the formulation of the tax withholding ladder by supporting the low-income segments by raising the minimum tax level, adjusting the tax price of the people concerned to a price close to the price of neighboring countries, and imposing annual taxes on all cars according to their type.

As for the second axis related to reforming the financial and monetary policies, it included the imposition of comprehensive insurance on cars, expatriates, cars, fuel stations, imported materials, companies, crude oil, building permits, residential units, etc. Rationing, medicines, water stations, and the educational and educational process only.

The reform paper also focused on the Ministry of Finance, in coordination with the Central Bank, to issue an electronic dinar for the purpose of collecting government revenues and deserved tags, reviewing the exchange rate against the dollar, deleting zeros, freeing banks from the hands of the Ministry of Finance and forming an independent financial body that includes banks, money transfer companies and insurance companies, and reducing The interest rate on investment projects.

As for the third axis, it includes restructuring public and losing companies, establishing a national telecommunications company, and presenting disabled government factories and factories to the private sector. Click here to download the 12-page reforms launched by Parliament.

Economy-news.net

Al-Samarrai Calls For The Restructuring of the Central Bank

Former House Speaker Iyad al-Samarrai called for the restructuring of the central bank in line with the structures of international central banks, with the unification of the exchange rate in all banks.

“The exchange rate is very important, and any major change in the exchange rate and the float will be a disaster for the economy and its consequences will be complex and the economy will not recover for decades, an example of this is what happened in Jordan, Egypt and many other countries,” Al-Samarrai said in an article.

He pointed out that “gradual change is very important if it is necessary, as the local currency and its stability are among the most important tributaries of the economy’s strength.”

He stressed that “first the central bank must be reconfigured in line with the structures of global central banks and have a committee of experts who do not interfere in executive matters only, specializing in setting and monitoring policies, and is not subject to the government and does not interfere in its policies.”

He also stressed that “the exchange rate must be the same in the banks, as for the black market and the cancellation of exchange companies specialized in taking hard currency from the central bank and selling it in the market and the resulting great corruption.”

He called for the price to be the same in the bank and at the cashier, “taking into account the sale and purchase commission, canceling the auction of selling the currency and making it available to all banks and exchange companies and for legitimate dealings of import and export and the needs of citizens, and it is not a reason for smuggling money, especially the money of corrupt deals.”

Mustaqila.com