What Is The Mathematically Estimated State Revenue As A Result Of Selling The Dollar?
What Is The Mathematically Estimated State Revenue As A Result Of Selling The Dollar?
12/03/2022 | 3:28 PM
Khalil Ibrahim Al-Obaidi.
Since the occupation, the Central Bank of Iraq has been selling the dollar to private banks in order to preserve the price of the Iraqi dinar, and as a contribution from it, as it promotes in the process of regulating import, and that the sale process takes place daily to strengthen bank balances abroad. The number of private banks operating in Iraq are (27) Islamic banks, (25) private commercial banks, (2) foreign Islamic banks, (10) foreign commercial banks, (2) foreign bank representative offices, total (66) private banks and (7) Governmental banks, if we assume that the average daily sales of the Central Bank of dollars, according to the lowest statistics announced by the Central Bank, is (160) million dollars and an average of 20 working days, then the total sales per month will be the result of multiplying 20 days by 160 million (the least estimate). ) 3,
First: What the Central Bank obtained from the proceeds of granting the establishment license, and the taxes and fees obtained by the concerned government departments as a result of the transaction of this establishment, or as a result of fines on banks that violate the instructions of the Central Bank, and this is what the Central Bank and related departments can answer.
Second..The Ministry of Finance has the right to collect income tax on the activities of these 66 private banks and according to their circulation of currency and the profits and interests obtained as a result of this purely commercial activity. It will be 3.072 billion dollars annually, which is equivalent to 4.485 trillion dinars,
Thirdly, the returns of customs duties, if it were actually done, as the Central Bank administration imagines, that the amounts transferred to bank accounts are all allocated for import, then the average fees on goods of all kinds that are expected to be obtained are 12%, then the total of these fees will be 4.608 billion dollars, i.e. It is equivalent to 6.728 trillion dinars annually. Thus, the total state revenue, according to this modest statistic, is 11,213 trillion dinars. Except for the returns of the central bank indicated in the first paragraph.
From the foregoing, and through our follow-up, the actual annual imports amount to more than 70 billion dollars, and they result from the interaction of returning the stolen government funds in the form of goods and services in order to carry out a process of laundering them by appearance or semi-complete secrets, or through transfers in Iraqi dinars or through in-kind exchange Commodity, and many experts and economists have pointed out staggering numbers of imports that are not subject to customs duties or commodity trading taxes. Which passes through the fake border crossings or the official ports sealed with the stamp of administrative corruption.
The circulation of the dollar in this disturbing scene was behind the decline in the nominal price of the Iraqi dinar, and the Central Bank’s reduction in the exchange rate of the dinar had the direct effect of the decrease in the real price of this dinar, which caused a rise in the rate of inflation, and that reduction was behind all the daily exchange rate fluctuations, and was behind the catastrophe of the rise Poverty levels and rising unemployment rates.
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