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 on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices inched higher on Friday as uncertainty around US President-elect Donald Trump's policies firmed demand for bullion, while investors awaited a key jobs report to assess the Federal Reserve's rate cut trajectory.
Spot gold edged 0.2% higher to $2,675.49 per ounce as of 0725 GMT. Bullion has gained more than 1% so far this week, set for its highest weekly jump since mid-November. US gold futures rose 0.3% to $2,698.30.
The US non-farm payrolls report is due at 1330 GMT. According to a Reuters survey, payrolls are expected to have increased by 160,000 in December, following a jump of 227,000 in November.
"We expect gold to drop a little in case the non-farm payroll report comes on a higher side," said Jigar Trivedi, senior analyst at Reliance Securities.
"Gold found support after a weaker-than-expected private employment report for December reinforced the notion that the Fed may need to adopt a less cautious approach to rate cuts," Trivedi said.
Kansas City Fed President Jeff Schmid on Thursday signaled a reluctance to cut rates again as the Fed faces a resilient economy and inflation that remains above its 2% target.
Trump's proposed tariffs and immigration policies may also prolong the fight against inflation.
Traders now expect the first Fed rate cut this year in either May or June, according to the CME FedWatch Tool.
Gold acts as a hedge against inflation, but higher interest rates reduce the appeal of holding the bullion.
Spot silver was up 0.3% to $30.2 per ounce and the COMEX contract was trading at $31.17, both near one-month peaks.
"Our view is that the incoming US administration will tailor economic and trade policy to promote national prosperity, and that silver will recover along with gold in the second half (of 2025) to $35 per ounce," Deutsche Bank said in a note.
Platinum shed 0.4% to $955.97 and palladium added 0.9% to $934.16. All three metals were also set for weekly gains.