KTFA Members "News and Views" 11-2-2020
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Samson: Al-Rafidain launches lucrative offers for Iraqis to deposit their money in the bank
1st October 2020
The Rafidain Bank announced, on Sunday, that it will continue to open accounts for Iraqis of all classes to deposit their money in the bank in exchange for financial benefits described as positive
The bank’s media office said in a statement received by "Al-Eqtisad News", that the bank continues to open accounts (savings and current) for citizens and deposit their money in exchange for interest
The statement called on citizens to visit bank branches for the purpose of viewing the special instructions and placing their money in the bank and not hoarding it in homes in light of the positive benefits set by the bank in return for that
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Samson: Includes self-financing companies .. Financial stops launching salaries of all employees
1st November 2020
A source in the Ministry of Finance stated, on Sunday, that the salaries of all employees for the month of October will be suspended in state institutions.
The source said in an interview with (Mawazine News) that "Finance has issued instructions to stop the release of salaries for the month of October, until further notice."
He added, "The decision also includes self-financing companies that are supposed to be financially independent according to Companies Decision 21-22." LINK
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DELTA: AWESOME NEWS... AMAZING SAMSON THANK U ......FAMILY ....CBI GETTING READY TO GO INTERNATIONAL AND OPEN MARKET ECONOMY.....
Samson: The Central Bank opens an account with Euroclear to develop the performance of foreign reserves
2nd November, 2020
With unremitting efforts by the administration of the Central Bank of Iraq in developing the management of foreign reserves, this bank opened an account with (EuroClear Foundation), which is the most important custodian institution that provides securities custody services as well as other services, including the ease of conducting investment operations without the need for a contract Agreements with issuer of securities, low cost of custody and ease of tracking.
This bank indicates that soon, the process was carried out by central banks and correspondent banks that impose additional commission on keeping these papers as well as the limited investment due to the multiplicity and complexity of procedures in the presence of the intermediary.
This step is important in the work of the Central Bank of Iraq, as it simulates international practices in the process of investing foreign reserves, and is an important achievement that this bank adds to its set of achievements in reserve management and international transactions.
The Central Bank of Iraq, the second of November 2020 LINK
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Samson: The Central Bank Issues New Standards For The Classification Of Iraqi Banks
1st November, 2020
The Central Bank of Iraq announced that it would take a new step in updating its policy by issuing new standards for the classification of banks operating in Iraq.
And the Central Bank issued a package of administrative reforms that included classifying banks into 4 categories, and this would be the control and criterion for entering the window of currency sale, as well as forcing banks to improve the quality of customer services and participate in the real development of the national economy.
And the Central Bank has approved 13 new standards for the sake of controlling and improving banks, and by applying this classification, the bank will be able to diagnose the default and faltering banks, and study the wrong policies for the sake of advancing the banking and financial sector in general.
Experts in economic affairs indicated that this step is complementary and congruent with the plan drawn up by the governor, Mustafa Ghaleb, to draw up the central bank’s policy, after the bank’s management took it over.
And the experts whose views were surveyed considered that, a change in the pattern of the work of the Central Bank of Iraq in front of the economic reality and in line with the requirements of the current circumstances and find solutions to them. LINK
Don961: The three presidencies receive an "alternative plan" for the white paper that addresses the financial crisis and saves $ 23 billion annually .. A "huge" tax package and deductions
2020-11-02 Yes Iraq: Baghdad
The Iraq Center for Legal Development (ICLD) presented 11 solutions to the current financial crisis to the three presidencies, including the imposition of a tax on the salaries of two groups, the sale of state buildings and lands, as well as taxes on telecommunications companies, airport departure fees for citizens, and an auction for the sale of currency, which is considered an alternative For the white paper, which the center described as containing paragraphs difficult to apply.
"These proposals deal with solutions and beneficial treatments for the current financial crisis that the country is going through as a result of low oil prices and the contraction of the global economy as a result of the continuing threat of the Corona pandemic and the negative impact of all of this on Iraq," the center said in a statement.
The Center addressed “the three presidencies in an official book explaining solutions to financial problems and their implications for the various state facilities in accordance with legal and constitutional visions,” stressing “the typical white paper for economic and financial reform, and the difficulty of implementing many of its paragraphs at the present time and the need for most of the consequences of implementing its paragraphs to long time".
The center recommended, according to its statement, to “deduct 10% of the sums transferred through private banks resulting from the auction selling the currency, as tax and customs guarantees, and to take advantage of the price difference by selling the dollar to banks by (1250) dinars to the dollar, and following up imports of oil derivatives sold by The Ministry of Oil for public and private fuel stations, imposing an airport departure fee of $ 100 per person, imposing tax insurances on mobile phone companies at a rate of 20% in advance, and on oil companies at a rate of 10%, and privatizing all companies of the Ministry of Industry, ”indicating that“ the sum The state's savings as a result of the above measures amount to more than (23) billion dollars annually.
Below are the proposals presented by the Iraqi Center to the three presidencies
1- The currency auction carried out by the Central Bank is the only window to provide liquidity in the national currency, and despite the many observations that accompany this process, which we are not dealing with now, and despite the new management of the bank addressing some of the problems, we suggest that a 10% be deducted Tax and customs guarantees for the sums transferred through private banks, and after reviewing the approximate estimates that the aforementioned bank sells through this window, it will reach the state treasury up to six billion dollars annually.
2- To prevent speculation in hard currency and the state benefiting from the difference in price, we suggest that the dollar be sold to banks at a rate of (1,200) dinars per dollar, thus providing the state up to three billion dollars annually.
3- Follow up on imports of oil derivatives (gasoline and gasoline) sold by the Ministry of Oil through public and private petrol stations, whose fate has not been known for many years, and many former Iraqi representatives and officials have warned of this, and those imports are estimated at up to five billion dollars annually.
4- Imposing a tax on the salaries of employees and retirees whose salaries exceed (500) five hundred thousand dinars at a rate of 10%. This measure is expected to save the state treasury five billion dollars annually.
5- Imposing a fee to leave the airport, and this is what is applied in most countries of the world at the rate of (100) one hundred dollars, which increases the state’s imports up to five hundred million dollars annually.
6- Imposing tax insurances on mobile phone companies at a rate of 20%, paid in advance, and settled at the end of the fiscal year, and according to the data available to us, it will enter the state treasury one billion dollars annually.
7- Imposing tax insurances on oil companies at a rate of 10%, and according to the data available to us, it will enter the state treasury up to three billion dollars annually.
8- The privatization of all the companies of the Ministry of Industry through investment or participation with exclusively Chinese companies, as it is the only one operating in Iraq in such circumstances, and thus it is possible to employ idle labor on one side, and to preserve hard currency after issuing a decision preventing the import of goods produced on the other side.
9- Preventing the import of all agricultural products, thus encouraging Iraqi agriculture and its prosperity and preserving hard currency.
10- The use of human resources for all ministries, especially the defense, the interior and the popular crowd, to build roads, bridges, irrigation projects and residential complexes, and the experience of the Republic of Egypt is the best proof of this, especially as everyone knows that the surplus of these resources reaches at least 50% in each ministry.
11- Selling all state buildings and lands that are not utilized by the state within cities, especially commercial ones. LINK
Samson: Parliament Renews Its Refusal To Pass The Borrowing Law And Confirms The Deficit Of 11 Trillion Dinars
2nd November, 2020
The Parliamentary Legal Committee renewed, on Monday, its refusal to pass the financial borrowing law, indicating that the budget deficit in the past months amounted to 11 trillion dinars, while the government estimated during the next two months more than 40 trillion dinars.
A member of the committee, Hussein Al-Aqabi, said in a press statement, "The borrowing law cannot be passed easily in the House of Representatives because it contains many inaccuracies and suspicions of corruption."
"The financial deficit amounted to about 11 trillion dinars during the last 10 months of the year, while the government estimates the fiscal deficit for the next two months at about 41 trillion dinars," Al-Uqabi added.
He pointed out that "the estimates indicate the government's inability to provide a trillion and a half trillion during the payment of salaries, and it does not need huge sums of such a large amount." LINK
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Samson: The discovery of a surprise regarding the "normalization" of Iraq with Israel
2nd November, 2020
The Iraqi politician close to the US administration, Mithal Al-Alusi, revealed on Monday new details, which carried a surprise, regarding the discussions held by an Iraqi government delegation during its recent European tour regarding normalization between Baghdad and Tel Aviv.
Al-Alusi told Shafaq News, "The official Iraqi delegation, which recently conducted a European tour, listened and discussed the issue of normalization between Iraq and Israel." He added, "This matter is surrounded by high secrecy, especially after this matter was revealed before it happened through the media."
Al-Alusi revealed a surprise in this regard, saying, "The official Iraqi delegation sent a message to the world that we want normalization between Baghdad and Tel Aviv, but the time is early for this, especially with the financial and security crisis and the electoral crisis in Iraq." He concluded by saying, "This normalization may soon see the light."
The Iraqi government delegation headed by Mustafa Al-Kazemi conducted a European tour last month that included France, Germany and Britain.
Shafaq News Agency revealed from its own sources that the Iraqi delegation will discuss normalization with Israel before the start of the tour. And Israel concluded agreements to normalize the situation with each of the Emirates, Bahrain and Sudan in the past few weeks. Iraq considers these agreements a "domestic affair" for these countries. LINK
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Samson: Eleven solutions to the current financial crisis in Iraq ... What?
2nd November, 2020
The Iraq Center for Legal Development, icld, on Monday morning presented eleven proposals in which it addressed solutions and beneficial treatments to the current financial crisis that the country is going through as a result of low oil prices and the contraction of the global economy as a result of the continuing threat of the Corona pandemic and the negative impact of all this on Iraq.
The Center addressed the three presidencies in an official book seen by Mawazine News, in which he explained solutions to financial problems and their repercussions on various state facilities in accordance with legal and constitutional visions, stressing the model of the white paper for economic and financial reform, and the difficulty of implementing many of its paragraphs at the present time and the need for most of the consequences. On the implementation of its paragraphs for a long time.
The Center recommended “deducting 10% of the sums transferred through private banks and resulting from the auction selling the currency, as tax and customs guarantees, and taking advantage of the price difference by selling the dollar to banks at the rate of (1250) dinars to the dollar, and following-up on imports of oil derivatives sold by the Ministry of Oil.
For public and private fuel stations, imposing an airport departure fee of (100) dollars per person, imposing tax insurances on mobile phone companies at a rate of 20% to be paid in advance, and on oil companies at a rate of 10%, and privatizing all companies of the Ministry of Industry, indicating that the sum provided to the state As a result of the aforementioned measures, it has reached more than (23) billion dollars annually.” LINK
DeepWoodz: Ok. We are in the process of weeding out bogus salaries which in the last couple years has grown to such a level as to literally break the bank. Next, the ports are beginning to pay off big time with all the imports being taxed. Speaking of taxes, there is fixing to be income taxes when salaries are re-instated.
Soon, instead of flaring, Iraq is working on a plan to use their massive amounts of natural gas for profit and power production. Also, they have consolidated their licensing for businesses and projects and are making revenues from that.
Also, agriculture is making big gains, especially with soybeans. Also, just using their airspace is now a source of revenues. Also, diversifying their oil by-products. Also, mining and phosphates. Also, phone company fees. Etc, etc, etc....
Finally to quote Frank and tonight’s call....article 62 is ELECTRIFYING!!! Yet another source of income. You know everyone is looking at salaries,,,,maybe just maybe that is the distraction and new sources of income is the REAL NEWS!!! If so, things are looking GREAT!
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Don961: Iraq's budget is 5 times bigger than the UAE! .. Manar Al-Obeidi
2020-11-01
The economist Manar Al-Obaidi wrote:
The UAE approves the 2021 budget at a value of 58 billion dirhams, equivalent to 16 billion dollars
Iraq's proposed budget for 2021 will not be less than $ 85 billion
Iraq's budget is 5 times larger than the UAE budget
The UAE is the highest Arab country in terms of economic competitiveness and ranked 25th in the world, and Iraq was not mentioned in the global competitiveness reports
The problem is not the amount of the budget. The problem is in managing the budget for building developed countries