More News, Rumors and Opinions Monday PM 9-16-2024
KTFA:
Clare: Iraqi government moves to impose taxes on social media sites
9/16/2024
Financial expert Nabil Al-Marsoumi revealed on Monday that the Iraqi government is planning to impose taxes on social media sites in Iraq, among the people covered by these taxes.
Al-Marsoumi told Shafaq News Agency, "The Iraqi government is studying a proposal to impose taxes on content creators on social media sites in the country, not users of those sites. This process came in order to enhance non-oil revenues, especially in light of the decline in oil prices and the deterioration in oil revenues. These taxes will provide good financial revenues, and for this reason the percentage will be 15% of the profits of content creators, especially since some of their profits are estimated in the millions on a daily basis."
He added, "This decision does not require a vote by the House of Representatives, as this is a decision within the authority of the Council of Ministers to expand the tax base, and does not require a law, but it is still under study, and may come into effect at the beginning of next year, as it requires months of work and study." LINK
Clare: Private Banks Association: The number of electronic payment points in Iraq increased from 7 thousand to 30 thousand
9/15/2024 Baghdad
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, confirmed on Sunday that "the number of electronic payment points in government institutions and shops has increased from 7,000 to 30,000."
Tariq said, in a statement reported by the "Rudaw" media network, and reviewed by "Al-Eqtisad News", that "the financial and banking sector, electronic payment companies and other financial institutions in Iraq need to have a greater impact on the lives of citizens in terms of financing or using electronic payment tools and developing them."
He added that "the Central Bank of Iraq is currently working on a major plan to reform the banking sector in general, whether governmental or private."
He noted that "the focus in the next phase will be on developing and improving these services to strengthen the Iraqi banking sector, protect depositors' money and develop the electronic payment system, which contributes significantly to reducing the risks of using cash, whether from damage or forgery, as well as protecting the financial system from money laundering and financing terrorism."
As for deposits, he confirmed that they are "continuously increasing, whether in government or private banks, and that lending and loans are also continuously increasing."
Regarding the use of electronic payment tools, he said that "in the last two years the percentage has been very high, in the last year alone about two million electronic payment cards were issued in Iraq, increasing the number to 20 issued cards."
Regarding the payment devices that we see in shops and government institutions, he pointed out that "they have increased from 7,000 payment points to more than 30,000, and the total transfer of funds via electronic payment last month between financial institutions reached nearly 2 trillion Iraqi dinars."
The Executive Director of the Iraqi Private Banks Association confirmed that reliance on the banking sector, especially in light of the transfer system to finance foreign trade, "was organized differently than before, and at the end of this year there will also be a shift in the external transfer process to rely more on correspondent banks than the platform in its current state."
Regarding the collection of government services, he said that "recently there has been a very large acceleration and doubling in the level of government collection."
He added that "before June 2023, there were about 50 government institutions with their departments that had at least one electronic payment window, but today the number has exceeded 600 payment windows, which makes it easier for citizens to pay faster."
In the context, he stressed that "many banks rely on digital services and applications throughout Iraq and the Kurdistan Region, which has witnessed significant development in terms of the use of digital services."
Regarding transferring money abroad, he explained that if "the issue is related to personal transfers, there are specific outlets or ceilings for these transfers."
In this regard, he said that "the transfer process will be more organized and monitored by correspondent banks in which Iraqi banks have accounts to ensure real transfers and monitoring that facilitates the process of transferring money for merchants outside Iraq." LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
Television is telling us they are completing digitization at all of our ports. We know it means that the real value of the dinar will soon be given to us for our food...transportation...housing...the whole world. FRANK: You see every day there's more and more exciting news being given to the Iraqi citizens and they all piece it together...When you see prices of your food...market... housing...cars, start to change, it's because they will introduce a new exchange rate very soon to you...
Militia Man They're talking about Iraq as going global and to the international financial system. With that has responsibility and that responsibility will be defended by the central bank. That responsibility is to have a stable exchange rate and to provide commerce throughout the country in and out and across borders, with efficiency and transparency. That's what they're going to have and that's what they're doing. There's looking to be no stopping it. It's brilliant.
Market Crash or Massive Rally this Week? What a Fed Pivot will do to Tech Stocks
David Lin: 9-15-2024
In the world of finance, few events stir as much speculation and debate as the Federal Reserve’s monetary policy decisions. This week, as Wall Street braces itself for the possibility of a Fed pivot—an abrupt shift in monetary policy—investors and analysts are torn between two starkly different outcomes: a market crash or a massive rally. To delve deeper into this conundrum, we turn to insights from Bradley Tusk, Founder and CEO of venture capital powerhouse Tusk Ventures, known for backing successful tech companies like Ripple, Coinbase, and Lemonade.
The Federal Reserve has a dual mandate: to maximize employment and stabilize prices. In times of economic uncertainty, these objectives often come into conflict. With persistent inflation and slower-than-expected economic growth feeding concerns across markets, many are speculating that the Fed may pivot towards a more dovish stance, potentially cutting interest rates or slowing the pace of rate hikes.
So, what would such a pivot mean for tech stocks? Tusk paints a mixed picture. On one hand, lower interest rates generally create a favorable environment for growth stocks, especially in the tech sector, where future earnings are often heavily discounted in present valuations. On the other hand, there’s the reality of inflated expectations.
With the market at a crossroads, one thing is certain: the decisions made this week will likely echo in the investment community for years to come.