Samson: Barzani announces agreement on joint management of the border crossings in Kurdistan
5th October, 2020
The President of the Kurdistan Regional Government, Masrour Barzani, announced, on Monday, the agreement with the federal government to jointly manage the border crossings in the region, while affirming his government’s commitment to handing over the region’s oil revenues to the federal government.
Barzani said, while attending the Kurdistan Parliament session, that “the regional government is committed to handing over the region’s exported oil imports to the federal government,” indicating that “the region will commit to reducing oil production.”
He added, “He agreed with Prime Minister Mustafa Al-Kazemi to increase security coordination and dialogues between the Peshmerga forces and the Federal Ministry of Defense, in addition to an agreement to form 6 joint security points.” He stressed, “linking the border crossings with a unified electronic system, with the formation of a special committee to combat smuggling at the border crossings,” expressing his “optimism in agreement with Baghdad on a joint management of border crossings.”
On financial reforms, the regional government head said, “11 industrial zones will be established in the region to revitalize the industrial sector, in addition to activating taxes on all companies operating in the region, especially mobile phone companies, in addition to other measures to overcome the financial crisis.”
He explained, “The government was able to increase the hours of supplying electric power to 21 hours a day, and that the crisis we are going through is the Corona pandemic crisis, which is a global crisis.” LINK
DeepWoodz: Kurds and Baghdad are in agreement! Awesome imo and MM will like this…
He stressed, “linking the border crossings with a unified electronic system,” imo
MilitiaMan: Fairly sure they are ready to roll now. They implemented the first step today. (See articles below) Buna was launched in Feb, 2020.. CBI has warned banks with fines to no be short from the looks of it in the small categories notes. Why? They’ll be needed, as they will be considered to be large in the future.. Make sure you have accurate accounts.. imo..
Yes, the borders will need to be linked accordingly for payments, taxes, tariffs, etc.. All neighbor countries are apparently interconnected by BUNA electronically..
The first steps was in classify the banks or imo interlink. They can talk to each other with the platform. They can use clear and settle multi – currencies.. It doesn’t get much better than this now.
They cat is out of the bag now..
The CBI and the AMF are in kahoots.. lol Love it.. The reform paper has been completed. The are now implementing the steps by interlinking.. Oh ya!!
What’s the next step? Well if they can talk to each other in culti- currencies, well they need to know what the rates for pairing them.. imo ~ MM
MilitiaMan: FINAL ARTICLE #279
The central bank imposes a fine on the shortage of small groups
Saturday 03 October 2020
The Central Bank of Iraq decided to re-impose a shortage fine on banks on the small categories of (1,000,500,250) dinars, starting from the date of October 1, 2020, according to the instructions of the standards for circulation and replacement of banknotes and the mechanisms of counting and sorting.
In a statement followed by Al-Sabah, the bank stated that this came, based on the minutes of the Currency Affairs Committee meeting No. (6) for the year 2020 held on 9/23/2020.
The Central Bank had earlier addressed all licensed banks regarding instructions and standards for the circulation and replacement of banknotes and the mechanisms of counting and sorting.
“Due to lack of commitment to the instructions and standards for the circulation of banknotes, their replacement and the counting and sorting mechanisms, we confirm what was stated in the book of the Department of Issuance and Treasury / Department of Banking and Conformity Follow-up / Banking Follow-up Division numbered 12/8/1470 and dated 10/4/2018, noting that The extent of your banks’ compliance with the above will be monitored through inspection bodies and on-site inspection.
On the other hand, the Central Bank of Iraq participated in the meetings of the Board of Directors of the Arab Monetary Fund, and the Board of Directors of the Arab Trade Financing Program, each separately.
The bank discussed with the member states of the Arab Monetary Fund’s board of directors issues that support joint Arab action, most notably the “Arab Payments and Clearing System” Buna “and its importance in facilitating inter-Arab payments and financial transfers.
While the meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms for re-arranging funding priorities for the national agencies organizing the program, in a manner that helps mitigate the effects of the Corona pandemic on Arab trade. LINK
“Buna” which is a multi-currency payment platform, provides clearing and settlement services, in Arab and international currencies that meet the eligibility criteria related to the clearing and settlement of inter-Arab financial transactions, as well as transactions between Arab countries and their main trading partners.
5th October, 2020
The Central Bank begins implementing steps to reform the banking sector
Today, Monday, the Central Bank of Iraq began implementing its first reform steps for the banking sector, as it finished classifying private, commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank LINK:
DELTA: FROM IRAQI TV
An informed source reported that the reform paper promised by the government of Prime Minister Mustafa Al-Kazemi, regarding the economic situation that Iraq is going through, has been completed”
“the reforms included in the paper included radical solutions to gradually save the country and stabilize its financial and economic situation.”
“white paper will be presented to Al-Kazemi during this week and after that to the House of Representatives.”
Saleh stresses the need to strengthen the country’s financial position and maintain the independence of the Central Bank LINK
Samson: Al-Kazemi reformatory paper is completed
5th October, 2020
An informed source stated that the reform paper promised by the government of Prime Minister Mustafa Al-Kazemi, related to the economic situation that Iraq is going through, has been completed. The source said that “the white paper consists of two parts, and includes reforms to the financial situation in the country and will be presented to Al-Kazemi during this week and after that to the Council. Representatives
He added that “the reforms included in the paper included radical solutions to gradually save the country and stabilize its financial and economic situation.”
The Minister of Finance, Ali Abdul-Amir Allawi, confirmed that Iraq will move from the traditional budget to the program budget within a year and a half, indicating that the tax rate will not be high, but the citizen will not accept it for not providing the necessary services.
Allawi said in a statement to the official agency, that “the budgets for the years 2021-2023, we started working on them now, but they will not be the main ones, because the Ministry of Finance is currently unable to implement it in a complete way, but it may be hindered for a year and a half so that we can move from the method of drawing the budget. Traditional to balance programs”.
He pointed out that “citizens will not respond to taxes, and they may have a justification, because the state does not provide them with the necessary services, so the level of taxes must be linked to services and their quality.” He added, “Tax revenues constitute a very small percentage of the state’s resources, which are not high if compared to any other country, as the tax structure is reasonable in Iraq.” He explained, “It is assumed that we get 8 trillion dinars from taxes, while we are currently getting less than one trillion, because there are large exemptions and exemptions.” He stated, “Iraq contains a kind of state seizure, as it is not necessary for this seizure to be by the parties, but it may be from all parties that have an influence and influence on the decision-making.” LINK
Iobey777: Great news!! IMO, now SHOW IT TO THE CITIZENS!!…and the WORLD!
KTFA Monday Night CC 10-5-2020
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