Iraq Yields $100 Mn in Revenues after Expelling Militias from Frontier

Iraqi Prime Minister Mustafa al-Kadhimi at Mandali border crossing between Iraq and Iran (Reuters)
Iraqi Prime Minister Mustafa al-Kadhimi at Mandali border crossing between Iraq and Iran (Reuters)
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Iraq Yields $100 Mn in Revenues after Expelling Militias from Frontier

Iraqi Prime Minister Mustafa al-Kadhimi at Mandali border crossing between Iraq and Iran (Reuters)
Iraqi Prime Minister Mustafa al-Kadhimi at Mandali border crossing between Iraq and Iran (Reuters)

Iraq's Border Ports Authority announced record financial revenues from customs duties as a result of the measures taken by the government of Prime Minister Mustafa al-Kadhimi at all border crossings to combat customs corruption, impose order and expel armed factions from the country's frontier.

Head of Iraq's Border Ports Authority Omar al-Waeli said the revenues amounted to $100 million in July despite customs exemptions on several goods and closure of the outlets due to the coronavirus pandemic.

He indicated that the revenues came from seven or eight crossings out of Iraq’s 21, stressing that the authority intends to achieve more revenues to support the state treasury in light of the country’s financial issues.

During his visit to Mandali crossing with Iran last month, Kadhimi vowed to pursue the “ghosts” who were transporting cargo trucks across the border without paying customs fees.

He ordered a team from the Emergency Response Division to take over the crossing, saying they are authorized to use live fire to stop anyone from attacking people working at the border.

Meanwhile, an informed source at the Ports Authority confirmed that the measures taken by the government have made a total difference in terms of increasing the financial revenues achieved and imposing the law.

Speaking to Asharq Al-Awsat, the source said that units of the armed factions were present at the ports under the pretext of supervising religious groups arriving from Iran during the pilgrimage season, but their presence became permanent.

They used the ports for trade operations, customs clearance, and illegally imposing fees and royalties, he added.

The source said that the government recently expelled all the factions and groups working outside the customs area, and dismissed several employees cooperating with those groups.

He also said he expects the revenues to increase in the coming months compared to previous years, noting that over half of the border ports are shut due to the COVID-19, and operating crossings are not at full capacity.



Gold Slips as US Bond Yields Rise, Investors Assess New Tariffs

Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
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Gold Slips as US Bond Yields Rise, Investors Assess New Tariffs

Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo

Gold prices eased on Tuesday, weighed by higher US Treasury yields as US President Donald Trump announced new tariff proposals on trading partners, including Japan and South Korea.

Spot gold was down 0.2% at $3,328.67 per ounce, as of 1207 GMT. US gold futures fell 0.1% to $3,338.20.

The yield on benchmark US 10-year notes rose to a two-week peak, making the non-yielding bullion less attractive.

"Gold is stuck between a rock and a hard place," said UBS commodity analyst Giovanni Staunovo, Reuters reported.

"Negative for the gold price is the US decision to extend the deadline for a trade deal for many trade partners, positive for the gold price is the fact that key US trading partners in Asia might have to deal with higher tariffs in the near future, weighing on economic growth prospects."

On Monday, Trump told 14 countries that sharply higher tariffs would start on August 1, marking a new phase in the trade war he launched in April, with levies between 25% and 40%.

The new deadline was firm, Trump said, adding that he would consider extensions if countries made proposals for a trade deal.

"Reciprocal tariffs" were to be capped at 10% until July 9 to allow for negotiations, but so far, agreements have been reached only with Britain and Vietnam. In June, Washington and Beijing agreed on a framework covering tariff rates.

Meanwhile, China has warned the Trump administration against reigniting trade tensions and threatened to retaliate against nations that strike deals with the US to exclude it from their supply chains.

Trump's tariffs have stoked inflation fears, further complicating the US Federal Reserve's path to lower interest rates.

Investors await minutes of the Fed's June meeting, due on Wednesday, for more clues into the bank's policy outlook.

Spot silver fell 0.1% to $36.71 per ounce, platinum rose 0.2% to $1,372.51, and palladium rose 0.6% to $1,117.33.