Day: May 29, 2023

The economist, Safwan Qusai, called for opening a window to receive the farmers’ deposits in Iraqi dinars, in exchange for linking them to the dollar in the parallel market, to hedge against any fluctuation in the value of the dinar later.

Qusai said in a statement to the National Iraqi News Agency (NINA): “It is clear that the fluctuation of the value of the Iraqi dinar in the parallel market has led to a kind of anxiety among those who hold the dinar, especially the farmers, some of whom fear the weakness or fluctuation of the value of the dinar later.”

He called for opening a window to receive the farmers’ deposits in Iraqi dinars in exchange for linking them to the dollar in the parallel market, so that any fluctuation in the value of the dinar later could compensate the owner of the dinar by the amount of decline.

He pointed out, “With this procedure, we create a kind of reassurance for those who hold the Iraqi dinar, because the value of the dinar is preserved and is not exposed to any threat as a result of these transactions,” stressing: “The Iraqi banks opening a hedge window with the value of the Iraqi dinar will contribute to increasing reassurance and keeping the dinar away from converting to other currencies, and there can also be a review of interest for these deposits in order to encourage the farmer to deal and keep the dinar during this stage.

Source: National Iraqi News Agency

The Pension Commission and the State Employees Pension Fund discussed, with the International Monetary Fund, in Amman, the Pension Authority’s plans for administrative and financial reform.

A statement by the Pension Commission stated that the Chairman of the Commission, Maher Hussein Rashid, and the Director General of the Pension Fund, Haider Jassim Hamzah, attended the periodic meeting called by the International Monetary Fund to discuss the progress made for the retirement sector in Iraq and to listen to the plans of the Pension Commission regarding administrative and financial reform.

The statement added, “The Chairman of the Pension Commission reviewed the vision and mission of the Commission and the State Employees Pension Fund, the strategic priorities for the coming years, and the most important problems and obstacles that the Commission seeks to address.”

The representatives of the International Monetary Fund, according to the statement, expressed their satisfaction with the strategic priorities, which represent a clear road map, which can be transferred into work programs with specific timelines in order to achieve financial sustainability.

Source: National Iraqi News Agency

The expert in economic affairs, Salam Sumaisem, criticized the imposition of taxes on mobile phone recharge cards, describing it as an “improper government measure”, while she indicated that it would increase the recharge fees for phones and reduce the citizen’s welfare.

Sumaisem said in a statement to the National Iraqi News Agency / NINA /: “Because of the general budget deficit, the state is always thinking of increasing the revenue, and resorting to imposing taxes as it is the most important component of revenue financing, so it works to increase it.”

She stressed that “there is no tax policy that contributes to reducing the differences between the rich groups and the poor groups, on the contrary, it will increase them,” indicating: “There are taxes imposed on high incomes that can provide resources for the state and reduce class differences.”

She continued: “Imposing a tax on recharge cards will increase the recharge fees for phones and reduce the citizen’s welfare, and therefore the mobile phones becomes, with time, a luxury that is not possible for citizens.”

Source: National Iraqi News Agency