Iraq Economic News and Points To Ponder Late Thursday Evening 8-22-24

Parliamentary Finance Committee Confirms That There Is No Intention To Print New Paper Currency

economy | 08/22/2024 Mawazine News – Baghdad   The Parliamentary Finance Committee confirmed, on Thursday, that there is no intention to print a new paper currency.

Committee member Moeen Al-Kazemi said, "There is no intention to print new paper currency at the Central Bank," noting that "the Ministry of Finance began funding ministries and governorates with salaries two days ago."

He added that "the cash mass required monthly to pay employees' salaries is estimated at four million employees, four million beneficiaries of the Retirement Authority, and two million social care, which is approximately 7 trillion and 500 billion dinars."

He continued, "This amount is prepared monthly and there is no shortage in this aspect, considering that the current export is approximately 3 million and 400 thousand barrels of oil at a price of more than $ 75 per barrel."

He explained that "the provision of the necessary liquidity is done by the Central Bank and delivered to the Ministry of Finance, which in turn delivers these numbers and the cash mass to the ministries and governorates, and there is no acute problem regarding cash liquidity.  https://www.mawazin.net/Details.aspx?jimare=253717   

16 Billion Dinars Is The Value Of Weekly Trading On The Stock Exchange

Stock Exchange  Economy News – Baghdad   The Stock Exchange announced, on Thursday, that it traded tens of billions of shares with a financial value exceeding 16 billion dinars during the organization of five trading sessions in the third week of August.

According to the stock exchange indicators, the number of shares traded during this week amounted to more than (30) billion shares, with a value of more than (16) billion dinars.

The ISX60 index closed the first session of the week at (868.31) points, while the index closed at the end of the week at (853.38) points, achieving a decrease of (1.75%) from its closing at the beginning of the session.

The ISX15 index closed the first session of the week at (972.21) points, while the index closed at the end of the week at (963.47) points, achieving a decrease of (0.91%) from its closing at the beginning of the session.

During the week, (3317) purchase and sale contracts were executed on the shares of companies listed on the market.

84 views  Added 08/22/2024 - https://economy-news.net/content.php?id=46634

Demands For The Formation Of A Parliamentary Committee To Investigate The Difference In Budget Schedules Amounting To 8 Trillion
 
Political |  01:11 - 08/21/2024  Mawazine News – Baghdad  Today, Wednesday, a member of the House of Representatives, Representative Sarwa Abdel Wahed,
 
called for the formation of a parliamentary committee whose results will be presented to the House of Representatives regarding the difference in the budget schedules, which amounts to 8 trillion dinars.

Abdel Wahed said in a statement received by Mawazine News,
 
“After talking about the difference in the budget schedules, which amounts to 8 trillion, it became necessary for the Presidency of the Council to respond to the letter from the Council of Ministers that was sent on the first of last July, and as a result, the Chairman of the Finance Committee instructed Forming a committee to find out the facts.”  Abdel Wahed explained,
 
 “It seems like there is a delusion in the matter, so we demand the formation of a parliamentary committee whose results will be presented to the House of Representatives to find out the facts.
 
If the Cabinet’s letter is accurate and there is tampering with the schedules, then this is a disaster that must not be tolerated, and that
 
Parliament must not allow it to be a bridge for the corrupt.” https://www.mawazin.net/Details.aspx?jimare=253691   

Central Bank Sells Over $278 Million in Auction Today

Economy  | 03:46 - 08/22/2024  Mawazine News – Baghdad  The Central Bank announced today, Thursday, its sales of hard currency, which amounted to more than $278 million in today's transactions.

The bank's data showed that the total internal cash withdrawals amounted to $10,400,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $267,861,086, while the total sales amounted to $278,261,086.   https://www.mawazin.net/Details.aspx?jimare=253749

Al-Sudani: Government Reform Raised Tax Revenues By 22% In 8 Months

Money and business  Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani said on Thursday that the government had taken reform measures that contributed to raising tax revenues by 22% during the current year.

The Prime Minister's Media Office stated in a statement, seen by "Al-Eqtisad News", that "Al-Sudani chaired a meeting of the Supreme Committee for Monitoring the Implementation of Tax Reform, during which what has been accomplished according to the relevant Cabinet decisions packages, or the steps undertaken by the Supreme Committee, and the most prominent digital indicators were reviewed,

including the increase in tax revenues by (22%) for the current year until the beginning of August, compared to the same period last year, after the government took a series of reform measures that contributed to increasing growth indicators and its sustainability."

Al-Sudani stressed, according to the statement, that “the economic reform adopted by the government as part of its program, understood the importance of implementing tax reform as a strategic option, within a comprehensive development vision for the non-oil economy, and for managing the state’s public funds and resources,

 indicating that it is a mistake to consider it an outlet that the government resorts to whenever oil prices are disturbed, or the revenues of the oil economy decline.”

The statement explained that "the meeting discussed what was implemented within the framework of expanding the tax base, including economic activities using the self-assessment method, and within exemptions approved by Cabinet decisions. It also discussed implementing steps to address the problems of taxpayers and the accounting of private banks."

He pointed out that "the meeting presented to the Prime Minister the efforts to prepare a new draft law for income tax in Iraq with the German Cooperation Organization (GIZ), and by adopting international standards that are friendly to the business environment and supportive of the private sector,  

in order to achieve tax justice, as well as the steps to prepare a new draft law for sales tax in Iraq, and prepare a draft amendment to the law on the transfer of real estate ownership tax, in addition to what has been accomplished in the field of tax accounting for extr active oil companies within the licensing rounds, and establishing a mechanism for collecting income tax from their activities." 55 views  Added 08/22/2024 - https://economy-news.net/content.php?id=46636

The Dollar Exchange Rate Continues Above The 150 Thousand Threshold

Economy  | 02:40 - 08/22/2024   Mawazine News – Baghdad    Mawazine News publishes today, Thursday, the exchange rates of the dollar against the Iraqi dinar in local markets.   The prices are as follows:

- Selling 150,500 dinars for every 100 dollars.

- Buying 148,500 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=253739

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/