Bondlady’s Corner – Iraq Economic News and Points to Ponder Thursday Evening 3-7-24


 Iraq Economic News and Points to Ponder Thursday Evening 3-7-24

Tlm724 Administrator Bondlady’s Corner

Exposing The Reasons For The Failure Of Electronic Transformation In Financial Transactions

  Information/Private..  Today, Sunday, the economic expert, Safwan Qusay, revealed the reasons for not applying the electronic system in financial transactions,

while confirming that the Central Bank has concluded many contracts with international companies to automate financial transactions.

Qusay said in an interview with Al-Ma’louma Agency,  “K2 Company is working to coordinate with all local banks in order to implement the electronic system gradually,” noting that “according to the cumbersome procedures, it is still too early to talk about fully implementing the electronic system.”

 He continued, “The file requires the application of modern technical procedures in all institutions and places where the electronic financial system is implemented,” pointing out that “the Central Bank has concluded many contracts with international companies to automate financial transactions.”

 He added, “The process of fully disseminating electronic culture to individuals and companies requires a long time to implement all the points on the ground,” noting that “the Central Bank continues to implement the steps of the electronic transformation program in financial transactions in general.”

The Council of Ministers for the Economy had confirmed the activation of the electronic payment service, as the decision stipulated that the system enjoys a high level of protection and security, reduces time and effort, and  contributes to stimulating the movement of the economy, facilitating the procedures for granting a license to collect bank cards, and  exempting all electronic payment transactions (POS) from… Taxes. Ended 25/Jكشف-أسباب-تعثر-التحول-الإلكتروني-بالتعاملات-المالية

Accurate Government Detail On Three Benefits Of “ASYCUDA” In Iraq

Time: 03/07/2024 17:50:32 Read: 988 times   {Economic: Al-Furat News} The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, announced today, Thursday, three benefits of activating the “ASYCUDA” system in Iraq.

Saleh said {to Al-Furat News} that: “The ASYCUDA system will undoubtedly provide our country with three benefits. The first is reducing evasion of customs and tax duties. This is due to the availability of the ability and accuracy to know the details of imported materials and their conformity with the certificate of origin and purchase invoices, which maximizes public revenues, specifically customs revenues or so-called taxes.” indirect”.

He added, “As for the second, it will lead to the availability of detailed information about the import content through the accuracy of the digital system in tracking and detection, which provides the required basic elements of qualitative and commodity control and avoiding the entry of prohibited goods into our country. The third is to limit human interference in the processes of control, evaluation, demarcation, and the consequences.” It sometimes includes violations that contradict the legal system between the parties to the relationship.”

Saleh continued, “It also provides the digital system with a detailed statistical information base on our country’s foreign trade in terms of quantity and quality with greater accuracy, in addition to providing speed in completing customs transactions and collecting fees after making estimates through the applications of the ESCODA system, which will reduce the costs of commercial transactions and reflect positively.” To stabilize the value of goods and merchandise in our country’s markets.”

He added, “The staff of the General Authority for Customs and Border Ports have been qualified to operate the ASYCUDA system and the relevant annexed digital system in preparation for the automation of customs and border ports for all our countries.”   LINK

The Rate Of Inward Investments Into Iraq Increased By 60% Within 3 Years

    March 2 12:05     Information/Baghdad  Representative and member of the Parliamentary Services Committee, Baqir Al-Saadi, confirmed on Saturday that the rate of incoming investments into Iraq has increased by 60% over the past three years. Al-Saadi told Al-Maalouma,

 “There are reasons that create successful investments, most notably  security and  political stability, and the provision of  attractive opportunities for capital with flexibility in dealing with procedures,” pointing out that “Iraq represents an important opportunity for many Arab and foreign investors.”

 He added,    “The rate Incoming investments, Arab or foreign, have increased by 60% in the past three years, amounting to hundreds of millions of dollars, especially in the housing sector.

He stressed the government’s efforts to “create pioneering investment contracts with the start of laying the foundation stone for the construction of several new cities.” He pointed out that   “investments It leads to  economic recovery and the provision of   job opportunities, noting that  “in the coming months, investments will be at higher levels with the start of implementation of the first phase of the strategic development path.”

Several governorates witnessed an influx of Arab and foreign investments in various sectors, most notably housing, medicine, and industry.ارتفاع-معدل-الاستثمارات-الوافدة-للعراق-بنسبة-60-خلال-3-سنوات

Stability Of Dollar Exchange Rates In Local Markets

Economy |  03/07/2024  Mawazine News – Baghdad  The exchange rates of the dollar against the dinar recorded stability today, Thursday, in the local markets in the capital, Baghdad,

and the central Kifah and Harithiya stock exchanges recorded an exchange rate of 151,500 Iraqi dinars against 100 US dollars.

Dollar exchange rates in banking shops and local markets, where the selling price reached 152,500 dinars, while the purchasing price reached 150,500 dinars for every 100 dollars.

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Provoking Points to Ponder on Decisions 

There comes a time when you’ve got to say, “Let’s get off our *****and go …” I have always found that if I move with 75 percent or more of the facts I usually never regret it. It’s the guys who wait to have everything perfect that drive you crazy.  – Lee Iacocca

Conditions are never just right. People who delay action until all factors are favorable do nothing.  – William Feather

Common sense does not ask an impossible chessboard, but takes the one before it and plays the game. – Wendell Phillips

He who postpones the hour of living is like the rustic who waits for the river to run out before he crosses.  – Horace

If you wait for inspiration you’ll be standing on the corner after the parade is a mile down the street. – Ben Nicholas

Nothing at all will be attempted if all possible objections must first be overcome. – Samuel Johnson