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Saleh: The proceeds of small trades constitute 70% of the total import units
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Economy News - Baghdad
On Thursday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, put forward two proposals to ensure the stability of the national market, while indicating that small businesses need time to adapt to the new financing mechanism.
Saleh told the official news agency, "The proceeds of small trades constitute about 70% of the total import units to the Iraqi market, as they deal with highly diversified specialized trade clauses, and these trades previously directed their requests through parallel financing tasks undertaken by exchange companies and mediated by a large trader."
He added, "Therefore, the adaptation of small trade and its direct entry into the world of foreign trade at once is an issue that needs time to adapt to the use of new financing mechanisms based on the (facilitated) opening of documentary credits, which requires only the submission of minimal documents, including freezing a license. Importing and being satisfied with the identity of the Chamber of Commerce as a natural person instead of a commercial company as a legal person, which are requirements that were previously imposed, in addition to customs and tax collection facilities.
Saleh continued, "Nevertheless, it is inevitable for the state to enter as a large trader at the present time to help balance the market with the goods supplied at the official exchange rate of 1450 dinars per dollar, in addition to allowing cooperatives of all kinds to enter the import trade as an additional pattern that helps the stability of the national market in general and the exchange market in general." in particular.”
Views 115
Added 01/26/2023 - 5:02 PM
Updated 01/27/2023 - 12:10 PM
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Economy News - Baghdad
On Thursday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, put forward two proposals to ensure the stability of the national market, while indicating that small businesses need time to adapt to the new financing mechanism.
Saleh told the official news agency, "The proceeds of small trades constitute about 70% of the total import units to the Iraqi market, as they deal with highly diversified specialized trade clauses, and these trades previously directed their requests through parallel financing tasks undertaken by exchange companies and mediated by a large trader."
He added, "Therefore, the adaptation of small trade and its direct entry into the world of foreign trade at once is an issue that needs time to adapt to the use of new financing mechanisms based on the (facilitated) opening of documentary credits, which requires only the submission of minimal documents, including freezing a license. Importing and being satisfied with the identity of the Chamber of Commerce as a natural person instead of a commercial company as a legal person, which are requirements that were previously imposed, in addition to customs and tax collection facilities.
Saleh continued, "Nevertheless, it is inevitable for the state to enter as a large trader at the present time to help balance the market with the goods supplied at the official exchange rate of 1450 dinars per dollar, in addition to allowing cooperatives of all kinds to enter the import trade as an additional pattern that helps the stability of the national market in general and the exchange market in general." in particular.”
Views 115
Added 01/26/2023 - 5:02 PM
Updated 01/27/2023 - 12:10 PM
[You must be registered and logged in to see this link.]
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