Iraq Economic News And Points To Ponder Tuesday Afternoon 5-27-25
Customs Is About To Recover More Than 17 Billion Dinars From Violating Companies, Projects, And Factories
Tuesday, May 27, 2025 12:37 | Economic Number of reads: 178 Baghdad / NINA / The General Authority of Customs announced, on Tuesday, that it is in the process of recovering more than 17 billion dinars from companies, projects and factories that violate customs exemption controls.
It stated in a statement, "The Customs Exemptions Follow-up Team has begun following up on the legal measures taken against companies, projects and factories and the extent of their compliance with controls and instructions, in cooperation with the Customs Affairs and Tariff Audit Departments and the Exemptions Audit Team formed by Cabinet Resolution No. 27037 of 2023."
It added, "The Customs Exemptions Follow-up Team made surprise visits to (74) projects, including (41) investment projects and (33) industrial development projects within each of the governorates of (Baghdad, Mosul, Kirkuk, Karbala, Babil, Najaf, Basra, Sulaymaniyah, Anbar, and Muthanna)."
She explained that "the team was able to record violations of the controls and instructions for customs exemptions, as a result of which the total amounts that were calculated for the purpose of collecting them from the violating companies amounted to more than (17) billion dinars." / End https://ninanews.com/Website/News/Details?key=1229248
Al-Lami Stresses The Importance Of Activating Diplomacy To Recover Smuggled Funds And Extradite Wanted Persons
Money and Business Economy News – Baghdad Federal Integrity Commission Chairman Mohammed Ali al-Lami stressed on Tuesday the importance of activating diplomatic channels to recover smuggled funds and extradite wanted individuals.
During his visit to the Iraqi Embassy in the Hashemite Kingdom of Jordan and meeting with its staff, Chairman of the Federal Integrity Commission, Mohammed Ali Al-Lami, said in a statement seen by Al-Eqtisad News, "The recovery file is important for the Republic of Iraq.
Through it, smuggled funds are returned to the public treasury and used in development projects, as well as the extradition of wanted persons and their referral to the judiciary to receive their just punishment."
He indicated that "this enhances citizens' confidence in state institutions and makes them more serious about cooperating with oversight agencies to submit complaints and reports."
Al-Lami pointed to "the difficulty of the recovery field and the complex and thorny procedures that confront it internationally and regionally," expressing his "hope that the Embassy of the Republic of Iraq in Amman will provide the necessary support and cooperation to follow up on this file with the authorities in the Hashemite Kingdom of Jordan."
He explained that "States Parties to the United Nations Convention against Corruption must comply with the provisions and articles of the Convention, particularly those contained in Chapter V, which considers asset recovery a fundamental principle of this Convention, and that countries must provide each other with the greatest possible assistance and support in recovering smuggled funds, extraditing wanted persons, and preventing the transfer of proceeds derived from criminal acts."
https://economy-news.net/content.php?id=55905
Al-Sudani Discusses With The British Ambassador Strengthening Economic Partnership And Cooperation In Infrastructure Development.
Prime Minister Mohammed Shia Al-Sudani received the British Ambassador to Iraq, Irfan Siddiq, on Monday. They discussed ways to enhance the economic partnership between the two countries in light of bilateral agreements and understandings.
A statement issued by the Prime Minister's Office stated that the meeting addressed the openness that Iraq is witnessing in the fields of development and infrastructure reconstruction, in addition to expanding the state's capacity to provide services, with an emphasis on opportunities for cooperation between the public and private sectors, and British companies, within various investment activities.
For his part, the British Ambassador expressed his country's government's desire to consolidate cooperation relations with Iraq and work together to enhance stability in the region. https://www.radionawa.com/all-detail.aspx?jimare=41915
When The Central Bank Abandons Its Basic Duties - Hussein Ismail Al-Taie
May 26, 2025 The Central Bank carries out its basic tasks, which are:
-Issuance of local currency
- Creating monetary balance
However, what is observed in Iraq during this period is that the Central Bank is unable to issue the local currency according to the requirements of the local market and monetary circulation.
The reason is that influential parties are printing and issuing counterfeit local currency in India, as is available from circulating information, converting it to dollars and smuggling it to Iran.
This threatens and prevents the Central Bank from carrying out one of its basic tasks, as flooding the local market with original and counterfeit local currency will result, firstly, in an increase in the monetary mass of the local currency and a decrease in its real value against foreign currency.
Secondly, it will lead to the smuggling of dollars to Iran for the purpose of helping it activate its economic activities in the international trade market.
The result of this process is the inability of the Central Bank to perform its second task, which is to create a balance between the original and counterfeit local currency offered for circulation in the local market and the available foreign currency. This will lead to a decline in the real strength of the local currency.
Therefore, the financial and economic authorities are paralyzed and unable to perform their basic duties in leading the country's economic activity. Professor of International Finance LINK
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/