Samson: The dollar is falling in parallel with the US tax reform

11th November, 2017

The dollar fell against a basket of currencies , heading towards its biggest weekly decline in a month due to the disappointment of investors caused by the possibility of postponing part of a large tax reform in the United States until 2019 , which curb the gains made by the US currency in recent times.

The dollar index, which tracks the performance of the greenback against six major currencies, fell 0.08 percent to 94.37. On a weekly basis, the index fell 0.6 percent on its worst weekly performance since the week ending October 13.

The dollar also lost 0.5 percent against the Japanese currency this week. Republicans in the US Senate have accelerated a tax plan that differs from the House version on several fronts, including tax deductions.

The senators said they wanted to cut corporate tax rates to 20 percent from 35 percent but in 2019.  The dollar index has risen 3 percent since mid-September and until the end of last week, backed by tax-cut hopes. The British Pound ended the week higher, jumping half a percent against the dollar as the British currency received support from better-than-expected data on the British industry and increased confidence in the progress made on Britain’s secession talks.  Sterling was up 0.37 percent at $ 1.3197.   LINK


JesusLovesBaseball: 6 tons of gold intervened monthly through the airports of Baghdad and Najaf


The organization has achieved new financial revenues for the Iraqi Treasury

Baghdad / Hussein Thugb

A financial adviser stressed the importance of the decision of the Council of Ministers to allow the introduction of gold through the airports of Baghdad and Najaf, and the role in supporting the federal budget of the new revenue through customs taxes and customs accepted by all parties.

Financial Advisor to the Prime Minister Dr. The appearance of Mohammed Saleh said: “The adoption of a new mechanism for the entry of gold to the local markets through the airports of Baghdad and Najaf bears the benefit and magnifies national wealth and protects the market of unmarked gold and unidentified, as well as the collection of customs tariff rights, an important sovereign revenue.

Mineral Resources said the “morning” that ” the flow of gold inside represents the exchange of assets of monetary wealth with assets of mineral wealth and precious, and this requires the control of the movement of gold , and make sure the quality of real gold and Aaarath, and this measure will enable the Central Agency for quality control of gold examination of pure And the conduct of marking operations and the issuance of certificates of marking in order to preserve the national wealth, as well as the customs tariff and apply uniformly through the two ports mentioned.

Transport risks

“The entry of gold through the airports of Baghdad and Najaf holds a lot of pros for all workers in this field, where the delivery of gold to the local market with a high flow away from the transport risks that were accompanying this process from Erbil to Baghdad and the provinces” .

The gold was entering Iraq through the gate of Erbil airport where the fees and taxes were specific and suited to the wishes of the workers in this area, but the great suffering due to the transfer of large quantities to Baghdad and the provinces, which leads to raise the cost.
Al-Khafaji pointed out that “the meetings of the private sector on this matter with the Commission advisers resulted in the approval of the entry of gold through the airports of Baghdad and Najaf and regulate the entry process and all joints according to mechanisms to benefit the gold traders and the economy of the country.”

Fees Rates

Between “the new list of prices of fees of different sets of 250 thousand dinars per kilogram of gold after it was 1800 dollars, and 150 thousand dinars tax instead of 1200 dollars and 50 thousand dinars fee marking instead of 200 dollars,” confirming that “these prices the outcome of intensive meetings between Private sector, consultants, tax and customs authority, and the Central Organization for Standardization and Quality Control “.

Seventy percent of Dubai’s gold traders are Iraqis, and 80 percent are in Istanbul.

“The importance of working to create the appropriate climate to make these traders return to work in Iraq, and return the country to be a gold bourse in the region as before when he was supplying the regional markets with the types of yellow metal.” Iraq’s need

Al-Khafaji said that “the quantities of gold that enter through the airports of Baghdad and Najaf range between 5-6 tons, 2 tons of which cover the need of Baghdad and the provinces of Iraq and the other quantity, issued to the regional countries,” noting that “duties, taxes and tag achieve funds to the treasury of countries estimated (500) million dollars a month. ”

He added that “cooperation between the Prime Minister and the private sector has yielded positive results for all, and now saves time and effort and high flow in the arrival of quantities of gold safely to various cities.”

Al-Khafaji pointed out that “the reality of the gold market will see a development after there is a great cooperation between the government and the private sector market, especially that the acquisition of gold is important for a large segment of Iraqis, which requires that this market is renewed and follow the market International “.

He pointed out that “the future of the gold market in the growth and needs to be more imports to the country or to markets that pass through Iraq, and with all the money that brings new amounts to the treasury of the state.”     LINK