Central Bank of Iraq: We are studying removing zeros from the dinar and there are no restrictions on our balances in America
The Central Bank of Iraq reduced, on Sunday, its reliance on the US dollar in commercial transactions, adding that the project to remove zeros in Iraq is under continuous review and study.
Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.
In this context, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed that the Central Bank responded to global economic challenges such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.
Al-Alaq added that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to enhance the country’s financial position and stability, in order to enhance its ability to confront potential economic crises.
Clare:Erbil transfers 91 billion dinars to Baghdad
9/22/2024 Baghdad
The Ministry of Finance and Economy in the Kurdistan Regional Government announced today, Sunday, the transfer of more than 91 billion dinars to the account of its federal counterpart.
The ministry said in a statement that it had deposited an amount of 91 billion, 151 million, and 784 thousand dinars into the bank account of the Federal Ministry of Finance at the Central Bank of Iraq/Erbil branch.
She explained that this amount represents the federal treasury’s share of non-oil revenues in the region for the month of May 2024.
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Clare: Iraq participates in the “Future” summit at the United Nations in New York
The Chairman of the Communications and Media Commission, Ali Al-Muayyad, represents the Republic of Iraq in the “Future” Summit, which is being held over four days at the United Nations headquarters in New York City, before the start of the General Assembly.
The Communications and Media Commission said in a statement today that Iraq’s participation in this important international event comes to enhance its role in discussing major global issues and contributing to formulating the Charter of the Future.
The Future Summit is one of the most prominent events hosted by the United Nations, focusing on five main tracks including sustainable development and finance, peace and security, the digital future for all, youth and future generations, and global governance.
The summit also includes pivotal issues that intersect with all the work of the United Nations, such as human rights and the climate crisis.
The Authority’s delegation also held a number of side events and dialogues related to the summit topics, the formulation of the Charter of the Future, and working to play a pivotal role in its implementation, according to the Authority’s statement.
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Clare: Al-Sudani attends the opening of the Future Summit on facing future challenges
The Future Summit on facing future challenges began in New York on the sidelines of the 79th session of the United Nations General Assembly.
The government statement, a copy of which was received by {Euphrates News}, stated: “Prime Minister Mohammed Shia Al-Sudani is attending the opening of the Future Summit on Confronting Future Challenges, which is currently being held on the sidelines of the 79th session of the United Nations General Assembly in New York.”
“The Prime Minister will deliver Iraq’s speech at the summit,” he added.
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Clare: Kuwaiti Decree to Avoid Double Taxation and Prevent Financial Evasion with Iraq
Kuwait announced the issuance of a decree approving an agreement with Iraq aimed at avoiding double taxation and preventing financial evasion with regard to taxes on income and capital.
The Saudi “Argaam” Agency reported that the explanatory memorandum came out of a desire to strengthen mutual economic relations between the governments of Kuwait and Iraq, as the agreement was signed to avoid double taxation and prevent financial evasion.
Article (1) of the agreement indicated that it applies to persons residing in one or both of the contracting states, while Article (2) stipulated the taxes covered by this agreement.
The agreement includes a definition of dividends, which means income from shares, beneficial ownership, founders’ shares or other rights not representing debt claims, as well as participation in profits. It also includes income from other corporate rights, such as income from shares, according to the laws of the Contracting State of which the company distributing the income is a resident.
The agreement stipulated the necessity of exchanging confidential information between the competent authorities in the two countries, related to the implementation of the provisions of this agreement.
In addition, the agreement excluded income derived by a resident of a Contracting State as a theatre, cinema, radio, television, or musical artist, or as a sportsperson, as these categories may be subject to tax in the other Contracting State.
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Clare: Will Parliament resort to the courts to dismiss Al-Alaq?
Baghdad
Member of the Parliamentary Integrity Committee, MP Hadi Al-Salami, revealed today, Friday, that the Governor of the Central Bank, Ali Al-Alaq, refused the request to host him in Parliament, while threatening to resort to the courts to file a complaint against the negligent.
Al-Salami said in a statement, “We previously approached the Parliament Presidency and approval was obtained to host the Governor of the Central Bank to direct a parliamentary question.”
He added, “The Governor of the Central Bank refuses to attend, and we will resort to the competent courts to file a complaint against anyone proven to be negligent regarding the difference between the official and parallel dollar rates.”
He explained that “the difference between the official and parallel rates reaches 35 million dollars per day.”
