Wednesday Morning Iraq Economic News Highlights 8-30-23
Wednesday Morning Iraq Economic News Highlights 8-30-23
Oil Smuggling Threatens The Economy Of Iraq
Sumerian special 2023-08-29 | Source: Sumerian Oil smuggling threatens the country's economy directly, as it has been, over the past years, one of the major challenges facing successive governments.
The smuggling of oil and its derivatives greatly burdens the country's economy. It can be considered as a continuous demolition process.
The file of oil smuggling is one of the biggest challenges facing the Iraqi economy, and it is economically considered one of the biggest crimes that threaten economic policy, and it is like a hole in the wall of the national economy.
These smuggling operations may not be closely related to security issues as much as they are linked to some political disputes, and perhaps the deterrent laws that have been put in place may play a role in limiting these operations.
Until now, there are no official statistics indicating the volume of oil smuggled from Iraq, but there are estimates that say that the volume of smuggled quantities is not small. LINK
National Security Reveals The Outcome Of Its Operations Against The File Of Oil Smuggling
Economy News-Baghdad On Wednesday, the National Security Agency announced the continuation of its strikes against the smuggling networks, revealing the outcome of its operations against the oil smuggling file.
A statement by the Iraqi National Security Service, which was received by "Al-Iqtisad News", stated that its detachments in Baghdad and the provinces managed, during the past four months, to seize more than "two million" liters of oil derivatives before they were smuggled.
She explained that the agency's detachments arrested (124) accused of smuggling according to judicial arrest warrants, in addition to seizing (15) dens that were used for storage and smuggling purposes.
The National Security Agency affirmed the continuation of its "painful" strikes against smuggling and organized crime networks, warning against harming or tampering with the national economy by participating in smuggling crimes or covering them up.
And that this comes as a continuation of the intelligence and field efforts and qualitative operations carried out by the National Security Apparatus in pursuing oil smuggling networks, the threat and destruction they pose to the citizen's economy.
Views 35 08/30/2023 https://economy-news.net/content.php?id=36046
Specialists Call For A Review Of The Iraqi Financial System
The first 2023/08/30 Baghdad: Hoda Al-Azzawi The Integrity Commission thwarted two new attempts to steal tax secretariats in the governorates of Maysan and Muthanna, which were not recorded as final revenue for the state, similar to the famous "theft of the century" that took place in Baghdad. Specialists in the parliamentary and financial fields indicated that the repetition of such operations is due to the lack of transparency of the Iraqi financial system.
And the head of the “National Approach” bloc and a member of the Parliamentary Integrity Committee, Ahmed Al-Rubaie, stated in an interview with “Al-Sabah” that “the main reason that makes tax secretariats vulnerable to theft is the weakness of the procedures of the Ministry of Finance, the first concerned party that bears full responsibility, because these departments are affiliated with It has,” pointing out that “the deficiencies are clear, especially that the tax authority must deliver the final revenues after five years, but it keeps them exceeding this period.”
He noted that "the failure of the Ministry of Finance is clear in terms of not activating (electronic automation) and not using modern technologies, which provided an opportunity for the repetition of such thefts similar to the (theft of the century)."
He stressed that "the Integrity Committee will follow up this file seriously in light of the repeated theft of tax secretariats in more than one province, and therefore we will have a follow-up with the Integrity Commission and the General Tax Commission in Baghdad and the provinces to ensure that the waste of public money and funds that remain for more than five years in the custody of the departments are not repeated."
the aforementioned without handing them over to the state treasury and not applying the laws,” calling on “the Financial Supervision Bureau to carry out its work and follow-up for the purpose of knowing the accounts accurately and ensuring that they are not tampered with, and to make recommendations to the concerned authorities to take the necessary measures.”
The Federal Integrity Commission had announced, earlier in two separate statements, that an amount exceeding 3 billion dinars had been allocated for the benefit of the Muthanna Tax Authority in the Treasury Directorate in the governorate, which exceeded a period of 5 years, and statements of more than 2.5 billion dinars in the Maysan Tax Authority since 2015 were requested by the Governorate Treasury Directorate. For the purpose of matching and obtaining a final revenue for the state.
In addition, the rapporteur of the Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, said in an interview with "Al-Sabah": "The file on tax secretariats is one among dozens of files in which an abuse of public money occurs and is not discovered, due to the lack of transparency in the Iraqi financial system." In light of the lack of accountability and accountability of the tax system.
And he indicated, "The financial system of the Iraqi state is old and dilapidated, so the tax revenues that enter the state treasury are less than 10 percent of the real amounts, starting with customs taxes, income tax, real estate, and the rest of tax financial collections, as a result of the lack of scientific and technological development in digital finance." .
He pointed out that "the financial and administrative system in Iraq needs to be restructured, and the need to introduce new tools and mechanisms in dealing with it to keep pace with the global financial system, in light of the lack of control over non-oil revenues," and noted that "the financial authority is not serious about accessing these revenues, As the current government is supposed to turn to digital finance to access the real financial revenues of the state. Edited by: Muhammad Al-Ansari https://alsabaah.iq/83410-.html
The Central Bank Announces Sales Of The Dollar Today, Wednesday
2023.08.30 - Baghdad - Nas The Central Bank of Iraq announced the proceeds of selling the dollar through the electronic currency window on Wednesday (August 30, 2023).
Transfer sales: 156,191,636 Cash sales: 39,180,000 Total sales: 195,371,636 https://www.nasnews.com/view.php?cat=113528
Iran's Exports To Iraq Amounted To 3 Billion And 500 Million Dollars In 5 Months
Money and business Economy News _ Baghdad During the past five months, Iran exported about 55,900,000 tons of goods to foreign countries, at a value of $19,300,000,000,000.
ILNA news agency quoted Iranian customs as saying that the amount of goods imported into the country within 5 months amounted to a total of 14,400,000 tons of goods worth $24,200,000,000,000, which grew by 2.17% in terms of weight and 7.49% in terms of volume. the value.
This report adds about the rate of changes in commodity exports during the past five months: The amount of non-oil commodity exports, with the exception of crude fuel oil, kerosene and luggage trade, witnessed a decrease of 8.55% in terms of value and an increase of 26.56% in terms of weight.
The customs expert's investigation shows that the main reason for the decline in the value of exports is the drop in the global price of petrochemical exports.
According to this report, the average customs value per ton of exported goods was $346, and the average customs value per ton of imported goods was $1,677 during the mentioned period.
Regarding the main destinations for Iranian exports, this report states that the value of exports to China amounted to 5 billion and 600 million dollars, Iraq 3 billion and 500 million dollars, the UAE about 2 billion and 300 million dollars, Turkey 2 billion and 200 million dollars, and India 845 million dollars. These five countries were the main destinations for Iranian merchandise exports.
The share of these countries in the total value of exports and weight during the past five months amounted to 74.77% and 75.13%, respectively.
According to this report, the value of imports during this period was as follows: UAE with 7 billion and 300 million dollars, China with 7 billion and 100 million dollars, Turkey with 2 billion and 500 million dollars, Germany with 879 million dollars, India with 813 million dollars .
The share of these countries in the total value of imports and weight during the past five months amounted to 76.60% and 62%, respectively.
The report referred to the value of importing various types of mobile phones to Iran during that period, which amounted to $913 million, which is equivalent to 3.77% of the total value of the country's imports.
According to this report, foreign transit weight through Iran increased by 5.4% to reach 6.2 million tons.
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The Decline In Dollar Prices In The Local Markets
WED, 08-30-2023, TAYSEER AL-ASADI The decline in dollar prices in the local markets 9-1693383609
Today, Wednesday, the prices of the US dollar decreased in the markets of Baghdad and Erbil, the capital of the Kurdistan Region.
Dollar prices recorded a decrease with the opening of the Kifah and Harthiya stock exchanges, 153,100 dinars, compared to 100 dollars, while the prices for yesterday, Tuesday, were 153,700 dinars, compared to 100 dollars.
As for the selling prices in exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 154,000 Iraqi dinars, while the buying price reached 152,000 dinars for every 100 dollars.
In Erbil, the dollar also recorded a decrease, as the selling price reached 153,650 dinars against the dollar, and the purchase price reached 153,550 dinars against 100 dollars.