KTFA (MilitiaMan & Samson)

  In KTFA

MilitiaManThey know what is coming to a land nearby.. To get liquidity, one needs trade and equitable exchange amongst traders, etc.. imo..  MM

Samson:  Opening a branch of Al-Rafidain Bank at the Arar port

19th November, 2020

Al-Rafidain Bank announced, on Thursday, the opening of a branch at the Arar border crossing to expand the trade exchange process between Iraq and Saudi Arabia

The bank’s media office said in a statement, which Al-Eqtisad News received a copy of, that “the Arar border branch was opened with the Saudi side in the presence of the Director General of Al-Rafidain Bank, the Minister of Interior, Othman Al-Ghanimi, the Deputy Commander of Joint Operations, Lieutenant General Abdul Amir Al-Shammari, Chairman of the Border Ports Authority Omar Al-Waeli and the governors of Anbar. Karbala, the leaders of the Anbar and Border Police and other officials

He added, “The opening of the branch will contribute significantly to revitalizing and revitalizing the economic and trade movement, developing the national economy, providing cash liquidity and increasing investment cooperation   LINK

Samson:  Baghdad governorate announces the completion of the October and second salary funding for the departments associated with it

11/19/2020 16:31:42

The governorate of Baghdad announced, on Thursday, the completion of the salary financing for the months of October and November.

In a statement, Al-Furat News received a copy, the governorate stated that “the salaries of the months of October and November 2020 have been completed for the employees of the governorate office and the departments and departments associated with it.”

The departments and directorates called forfollowing up with the banks, in order to complete the process of paying salaries to all employees.  LINK

MilitiaMan:  They haven’t completed the process of paying them it says.. imo.. The completed the financing. There is  difference.. imo.. I like this.. If they completed financing, then there should be a rate at which they were able to finance the salaries.. They don’t say what that is and if there is a change or not. But, interestingly enough the can is still in motion.. imo ~ MM

************

Samson:  The Association of Iraqi Private Banks supports central bank reforms

19th November 2020

The Iraqi Private Banks Association announced its support for the reforms undertaken by the Central Bank of Iraq directed at banks and monetary policy that will contribute to the development of the Iraqi economy and the banking sector, which will positively affect economic development

“The Central Bank of Iraq is currently working on major and influential reforms, which will lead to the development of the banking sector and the Iraqi economy, especially in the difficult financial crisis that Iraq is currently experiencing as a result of low oil prices,” the Association of Private Banks said in a press release

The association added, “The Central Bank of Iraq is taking a wise policy, during this stage under its new management, which is represented by increasing confidence between the banking sector and citizens, increasing monetary and pledging credit by supporting small, medium and large enterprises in addition to the successful experience that the Central Bank has undertaken in launching a special platform.” Letters of guarantee

The association noted that it “appreciates the great steps taken by the Central Bank in increasing financial inclusion and supporting banks in their work to diversify banking services, in addition to international cooperation between the central bank and its counterparts from international central banks, which leads to the development of relations between Iraqi and foreign banks, and that these policies and procedures” It will lead to an increase in banking services provided by banks to the aspiration of the Iraqi citizen   LINK

MilitiaMan:  They haven’t completed the process of paying them it says.. imo.. The completed the financing. There is  difference.. imo.. I like this.. If they completed financing, then there should be a rate at which they were able to finance the salaries.. They don’t say what that is and if there is a change or not. But, interestingly enough the can is still in motion.. imo ~ MM

Samson:  Finance begins automating the customs and tax system and submits its project to the Council of Ministers

11/19/2020 14:26:01

The Ministry of Finance presented, today, Thursday, a customs automation project through a program presented by the United Nations Conference on Trade and Development.

The information office of the ministry stated in a statement that the Euphrates News received a copy of it, that “the automation system will strengthen the management of the financial situation in light of the current financial crisis, and develop the necessary solutions to achieve financial reform, and improve the performance of financial institutions in a way that strengthens the restructuring of the Iraqi economy in the face of future challenges and will contribute to solving Economic problems in Iraq.”

The statement added, “The Ministry of Finance, in cooperation with the United Nations Conference on Trade and Development UNCTAD, sought to implement the (ASYCUDA electronic customs data system) for the purpose of implementing automation and simplifying procedures in customs as part of its development and improvement of its performance that achieves rational and effective management as well as achieving financial sustainability. And the diversification of the economy according to the principles of integrity, transparency and combating corruption, and the ministry seeks to make it one of the most important sources of support for the state treasury after oil revenues. The statement pointed out that “the Ministry of Finance has started submitting the customs automation project to the Council of Ministers, which authorized the Minister of Finance to negotiate and contract with UNCTAD to automate the customs work, as the ASYCUDA system is one of the global customs regulations and is applied in more than (90) countries in the world.” 

The Ministry of Finance disclosed the objectives of the program presented by the United Nations Conference on Trade and Development, which is applied to more than 90 countries in the world, as follows:

Simplifying and improving customs procedures, speeding work completion, shortening time and dispensing with paper mail.

The program enjoys high transparency as it is from an international organization and according to international standards specialized in customs procedures.

Calculating and collecting customs duties and other taxes at a rate of 100% and counting the unknown expenses related to customs operations.

Modern customs control that contributes to protecting the national economy.

Reducing the clearance time for goods in addition to contributing to combating customs and tax smuggling by relying on the selective system by specifying the data path and eliminating corruption.

Draw up the economic plan for the trade exchange process according to the reliable and accurate commercial and financial data provided by the electronic system.

Providing customs entries and their management with fast and accurate information on time and extracting foreign trade statistics.

The program will be managed by Iraqi hands after being trained on the program by international experts, which enhances the improvement of the performance of human resourcesLINK

MilitiaMan:  Looks like they are going international, as things are in motion now. This system has about 90 countries that use it. Trading partners of Iraq, too.. Looks the Central Bank is in line too. I recall the CBI is to be asked a question this weekend.. Gets even more interesting. Salaries are in limbo? We shall see. But all things point international now..  imo..  ~ MM

https://unstats.un.org/unsd/trade/WS%20AddisAbaba04/Presentations%20of%20resource%20persons/ASYCUDApresentationatIMTSworkshop.pdf