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Monday, December 28, 2015

DINAR IRAQ & DONG VIETNAM UPDATE, 28 DEC

Forthcoming meeting between Baghdad and Erbil for the application of the customs tariff law
The economic and investment commission parliamentary announced a joint meeting, soon, between the federal government and representatives of the Kurdistan region to apply the law of customs tariff in all border crossing points.
Said committee member Rep. Najiba Najib said in a statement seen by corrosive of our economy news that “the Parliamentary Committee in connection with a joint meeting of the ministries of planning and finance, industry and the interior of the central government and the Kurdistan Regional Government to implement the collection of customs tariffs and increase fiscal revenue for the state.”
She noted that “2016 general budget approved by Parliament includes commit the government to apply the customs tariff as one of the laws in force and applicable.”
She added: “The main problem encountered in the collection of customs tariffs according to the law, relating to non-state control of all border crossings.”
He continued: “The most traders importers resort for the supply of goods to the local market through these ports.”
She noted that “there are border ports under the control of the government are not taken to the application of the customs tariff in the absence of political will.”
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Here are a few things I am being told have happened or are in the works – things are moving quickly! *
2016 Budget Passed <-- Confirmed *
HCL Passed <-- we are confirming if this is done or will be done in the next day or two * I
IMF Signs With Iraq to Control Their Economy <-- Confirmed *
Activation of Customs Tariffs Announced <-- Confirmed *
More troops from US and Italy deployed to Iraq to finish clean-up of Mosul and Ramadi <-- Confirmed. *
December 14th -- To / all licensed banks and money transfer companies and exchange companies (off dollar processing) – stop using the USD <-- Confirmed and huge news *
December 15th -- To / banks approved to exercise all banking (sale and purchase of foreign currency instructions) <-- Confirmed and huge news *
December 16th -- Companies that have been shut off from the sale and purchase of foreign currencies window – Message from CBI to all 72 currency exchange <-- Confirmed and huge news
*Businesses in Iraq to stop trading foreign currency. They did not mention banks on this list, only currency exchange businesses. <-- Confirmed and huge news *
CBI announces it is replacing the currency auction <-- Confirmed
* Conference in London to discuss investment in the Iraqi stock market <-- Confirmed.
Now another note that was brought to my attention is that there must be some time frame for the CBI restrictions on the money exchangers. These are business that are currently in business and if these restrictions did not have some short time limit on them, then these business would go out of business.
It is also my understanding that the ISX will be closed sometime around the 28th of December to January 3rd 2016. So let's see what happens and how all of this plays out. I have also been informed that Iraq has a very good handle on the ISIS issues.

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