“Tidbits From TNT” Thursday Morning 9-19-2024

TNT:

Tishwash:  Central Bank: From now on, the dollar is subject to strict supervision

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that all transfers are subject to auditing, noting that the decline in oil prices has nothing to do with the rise in the exchange rate.

Al-Alaq said in a press comment, “The Central Bank provides the dollar at the official price to all commercial and personal channels, travelers, and all types of operations that represent legitimate activities, operations, and requests.”

He explained, "Any price outside the country is a price that only indicates the presence of abnormal operations that are trying to get out of the official and legal system and the correct fundamental channels."

He stressed the importance of focusing on the amount of sales made by the Central Bank at the official price and those seeking the dollar, whether they are traders, importers, individuals or travelers. He explained that “the decline in the price of oil has nothing to do with the rise in the exchange rate.” link

Cutebwoy:  CBI Governor: We have mechanisms in place to guarantee dollar provision and are closely monitored

INA-  BAGHDAD

Ali Al-Alaq, the governor of the Central Bank of Iraq (CBI), declared on Wednesday that all financial transfers are auditable, but he also pointed out that the increase in exchange rates is unrelated to the drop in oil prices.  

"The Central Bank provides dollars at the official rate for all commercial and personal channels, travellers, and all types of operations that represent legitimate activities, operations, and requests," Al-Alaq said to the Iraqi News Agency (INA).

He emphasized the need to "focus on the amount of sale carried out by the Central Bank at the official rate and dollar seekers, whether they are traders, importers, individuals or travellers," noting that "any price outside the country is a price that only indicates abnormal operations that try to deviate from the official and legal system and the correct fundamentalist channels." 

"This is a major shift in external transfers where they were previously audited at a later stage and today all transfers are not carried out and are not implemented until after undergoing the audit process," he said, pointing out that "methods have been developed for each channel that secure the provision of dollars on the one hand and a very large amount of control to verify the safety of prior operations before their implementation."

"The decline in the price of oil has nothing to do with the rise in the exchange rate because Iraq has foreign currency reserves, which enables it to defend the exchange rate," he said

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Tishwash:  Economist: The free mass is estimated at 70 trillion dinars and can be invested electronically

Economic expert Dr. Safwan Qusay confirmed today, Sunday, that there are about 70 trillion dinars of free money supply, pointing out the possibility of investing it through the transition to the electronic system in financial transactions.

Qusay told Al-Maalouma, “Focusing on investing in financial inclusion is accompanied by many benefits, the most prominent of which is withdrawing the free cash flow outside the banking system, which is estimated at about 70 trillion dinars, or an average of 2 million dinars for every Iraqi citizen.”

He added, "This amount could lead to an increase in liquidity in banks and increase their ability to grant through small and medium income-generating projects or by increasing the capacity for long-term strategic investment financing."

He pointed out that "Iraqi banks have the qualifications to switch to the electronic system, noting that "the transformation of the financial sector to the electronic system with credit cards will pave the way for attracting international investments and increasing confidence in the Iraqi economy."   link

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Tishwash:  Parliamentary moves to increase state financial revenues

The Parliamentary Finance Committee revealed that it held a meeting with the Ministry of Planning to present proposals to maximize the state's non-oil revenues.

The committee's vice-chair, Ikhlas Al-Dulaimi, said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "the committee met with the Ministry of Planning and had some proposals regarding maximizing the state's non-oil financial resources, indicating that these proposals need support from the Finance Committee, which will meet with a delegation from the Ministry of Planning to exchange views and proposals that would maximize the state's non-oil revenues."

Al-Dulaimi added that "the tax rate set by the government is very small and does not match the volume of imports, which amounts to approximately 20 trillion dinars. Therefore, this volume of imports should be accompanied by taxes commensurate with its size, but due to the old legislation that is not consistent with the state's vision and does not match the work of other bodies, the need calls for us to review and study the laws."

The MP pointed out that "the Finance Committee is adopting this issue, by submitting a comprehensive study aimed at maximizing non-oil revenues, especially taxes and customs."
It is noteworthy that the Finance Committee held a meeting the day before yesterday, Monday, which discussed the activation of non-oil revenues.

The head of the committee, Atwan Al-Atwani, stressed during the meeting the need for a representative from the committee to attend all meetings of the other parliamentary committees, to express an opinion on the joint laws, while the committee decided to conduct a field visit to the Kurdistan Region and the ports to follow up on the related control procedures.

The committee also discussed the possibility of legislating a special law on collection and taxation for all economic sectors, or including them in the economic reform law, in addition to discussing the proposal to establish a sovereign fund for the country, and forming a team to review government procedures related to revenues and estimate financial returns according to spending units. link

Mot: . As They Say!! -- Stupid Is -- Stupid Does!!!!

Mot:   .... Its Been Proven!! -- My goodness, the earth is flat 🤣