“Tidbits From TNT” Thursday 7-11-2024

TNT:

Tishwash:   Al-Sudani reviews Rafidain Bank reform procedures with Ernst & Young

Prime Minister Mohammed Shia Al-Sudani held a special meeting on Wednesday to develop the work of government banks , in the presence of representatives of Ernst & Young for auditing and financial consulting.

Al-Sudani was briefed, according to a statement published by his media office, on the "technical and administrative procedures related to the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."

Al-Sudani stressed, "The need to continue intensive meetings between the Supreme Committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."

The statement indicated that "the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank's work, and implementing structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transition to automated work, which helps the bank's ability to meet global banking requirements." link

Tishwash:  A representative accuses America of obstructing Iraq's economic openness to the countries of the world

Today, Wednesday, Deputy Chairman of the Parliamentary Economics Committee, Yasser Al-Husseini, accused the United States of America of obstructing Iraq's economic openness to the countries of the world. 

Al-Husseini said in an interview with the Maalouma Agency, “The United States of America stands against Iraq's economic openness to the countries of the world, indicating that America has contributed greatly to preventing international companies from coming to Iraq.” 

He added, "America stands as a stumbling block in the way of the growth of the Iraqi economy," noting that "what Iraq has reached is due to American interference in internal affairs."

He continued, "America does not want Iraq to be at the forefront of economically developed countries."  link

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Tishwash:  Economic: The ambiguity of the Central Bank's dealings serves the Americans

Today, Wednesday, economic expert Mustafa Hantoush revealed the existence of ambiguity in the Central Bank's dealings, behind which there are intentions that serve American interests. 

Hantoush said in a statement to the Maalouma Agency, “The absence of weekly bulletins on the distribution of the dollar from the Central Bank has made the process of selling the dollar more ambiguous,” noting that “the ambiguity in the Central Bank’s recent dealings regarding the file of distributing the dollar.” 

He continued, "The confusion in the work of the Central Bank enabled the American side to eliminate Iraqi banking by introducing foreign banks and granting them privileges in the country," pointing out that "80% of the dollar is distributed to foreign banks operating in Iraq in a step called presenting banking work on a platter." Who went to America and foreign banks? 

It is noteworthy that the Central Bank authorized the work of three exchange companies inside airports, neglecting hundreds of companies in a decision that many considered a flop, which resulted in the decision increasing the US exchange rate against the Iraqi dinar to more than 150 thousand dinars . link

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Tishwash: For the first time, the Iraqi state's non-oil revenues record an increase of 11%

The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations announced on Thursday that for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier.

A report issued by the institution today stated that non-oil revenues for the first five months of the current year amounted to 6.24 trillion Iraqi dinars, while oil revenues for the same period of the current year amounted to 48.4 trillion Iraqi dinars.

According to the report, tax revenues on income and wealth increased by 118%, while revenues from commodity taxes and production fees increased by 285%.

The institution's report indicated that fee revenues increased by 50%, while oil revenues increased by 6.4%.

The continued reliance of the Iraqi state on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.   link

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Tishwash:  Revealing the volume of trade exchange between Iraq and Saudi Arabia

 The Saudi-Iraqi Business Council estimated the volume of trade exchange between the two countries at 5 billion riyals, with an annual growth of 12%, according to the head of the council, Mohammed Al-Khorayef.

The council stated in a report that the council is working to develop Saudi investments in Iraq, in conjunction with the interest of the private and governmental sectors in the Kingdom in investing in Baghdad.

It indicated that Iraq is preparing to propose a law to protect Saudi-Iraqi investment and discuss it before Parliament in preparation for its approval in the coming few months, to enhance economic cooperation between the Kingdom and Iraq, according to a statement issued by the Federation of Saudi Chambers.

In December of last year, Saudi Arabia and Iraq signed a partnership agreement in the field of private sector industrial investments, at a time when the Kingdom’s ambassador at the time confirmed that there were many investment opportunities being studied.

Last November, Saudi Minister of Investment Khalid Al-Falih also announced that the Kingdom is studying the launch of the first free economic zone with Iraq, in the border area in Arar, expressing his hopes that the zone would be the first free economic zone with a neighboring country without taxes, fees or entry visas to serve investors in both countries.

5 billion Saudi Riyals equals 1,333,082,700.00 US Dollars  link

Mot:  ... Lets go Deep Sea Diving!! -- It will beeeee Fun they Said!!!! 

Mot:  .. the Patient Fisherman!!!