WOTS MON JUN 21 21
Deleting three zeros from the currency is an option
These are the articles I discussed on the My FX Buddies Podcast
Al-Kazemi’s financial advisor: Deleting three zeros from the currency is an option
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, on Sunday, June 20, 2021, two conditions for deleting 3 zeros from the currency, while stressing that the deletion option is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.
Saleh told the Obelisk, “The Central Bank of Iraq developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago, after looking at about 54 An international experience from the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world, in which the monetary payment systems were reformed and made to work with better efficiency, the last of which was the Islamic Republic of Iran and before that, Turkey.
He added that “the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unruly waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance.” .
And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market.
He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools Accountability, after two conditions are met.
He continued, “The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming currencies Cash comes because of its role in the sustainability of calculating huge numbers of financial values that are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions, which means that one number in front of it has 12 decimal places.
Saleh believed that “the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to a thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor.
He added, “In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency in order to equalize the new currency with lower numbers but with the same value. Let’s say, for example, that one new dinar is equal to 1000 old dinars without change in value or rights. The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy, and countries consider that slimming the currency system facilitates the circulation of mathematical numbers and helps to issue smaller cash denominations for very small transactions whose monetary values have been destroyed by historical inflation in our country such as the dirham and others.
He concluded by saying, “The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.
The government sets new conditions for an important measure regarding the national currency
Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set two conditions for deleting 3 zeros from the currency, while stressing that the option to delete is proposed as part of the strategies to reform the .currency and cash payments system in Iraq
Saleh said to the official news agency, and I followed him (Baghdad Today), "The Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened by the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago." This is after reviewing about 54 international experiments since the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world in which the monetary payment systems were reformed and made to work more efficiently, the last of which was the Islamic Republic of Iran and before that, Turkey
He added that "the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unruly waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash . ".issuance
And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover .transactions and exchanges of high monetary value in the market
He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools.” Accountability, after two conditions are met
He continued, "The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming currencies Cash comes because of its role in the sustainability of calculating huge numbers of financial values, which are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially .dealing in trillions, which means that one number in front of it has 12 decimal places
Saleh believed that "the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to one thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in .circulation today, which raised the cost of micro-transactions that mostly affect the poor
He added, "In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency to equalize the new currency with lower numbers, but with the same value. Let's say, for example, that one new dinar is equal to 1000 old dinars without change in value or rights. Also, accounting books, statistics, numbers and computer systems are modified with the value of the new currency within an easy and easy reform strategy, and countries believe that slimming the currency system facilitates the circulation of mathematical numbers and helps to issue smaller cash denominations for very small transactions whose monetary values have been destroyed by historical inflation in our country such as the .dirham and others
He concluded by saying, "The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate .conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq
The Economic Committee of the House of Representatives for the previous session, put forward earlier, a bill to delete .zeros from the currency and did not see the light because of political differences around it
Al-Rasheed Bank identifies a new category of military who can apply for advances
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Al-Rasheed Bank confirmed, on Sunday, that the military who received the “Nakheel” smart cards can now apply for the advances provided by it electronically.
And the bank’s media office said in a statement that it followed (the Iraqi Media News Agency / INA) that “the work team, which was formed by order of the Director General, Basem Abdul Ali Yousef, completed (Nakhil) cards for the leadership of the air force, navy, brigades and regiments affiliated with it, as well as the Basra Operations Command and the Army Air Base. The fifth and the Directorate of Intelligence and Security of Basra Governorate.
He added, "The team continues its tours to issue cards to all military departments and units without any review of the bank," stressing that "those whose cards have been completed can apply for advances electronically and from where they are.
The Governor of the Central Bank of Iraq inspects the two branches of Mosul and Erbil
The Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mokhif, conducted an inspection tour of the two branches of the Central Bank of Iraq in Mosul and Erbil, and reviewed the progress of work in them and the level of services provided to the banking sector. the banking sector and to overcome any difficulties , the contribution of banks and financial institutions and non - bank in the process of the desired development has been disrupted
Central Bank of Iraq
information Office
June 20 2021
The President of the Region calls on Baghdad to stop the old rhetoric: We can resolve the differences definitively
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The President of Kurdistan Region, Nechirvan Barzani confirmed, on Sunday, the possibility of resolving the existing differences between Baghdad and Erbil definitively, if there is a political will on both sides.
This came in a speech by Barzani, during a graduation ceremony for students of the American University of Kurdistan – Duhok, in the presence of senior officials.
Speaking about the relations between Baghdad and Erbil, Barzani said, “The relations between the two sides should be improved, and the old rhetoric should be stopped and resorting to the constitution to solve outstanding problems.”
“We must preserve our internal unity, as it is the only guarantee for all, to stand up to these challenges,” he added.
The President of the Kurdistan Region, Nechirvan Barzani, had spoken about the same issue, during his meeting with the Iraqi Prime Minister, Mustafa Al-Kazemi, in Baghdad, April 10, 2021. It works with all Iraqi components to achieve security and stability for Iraq and the region.
Although the relations between Baghdad and Erbil are continuous and continuous, they do not always appear to be passable, due to the difficulties and thorny issues they are exposed to between the two parties.
These files are centered on constitutional disputes, most notably Article 140 of the disputed areas and Article 110 of oil and gas, as well as contentious issues about the oil policy between the two parties, which began to falter clearly after 2014, especially the oil and salaries mechanism, including the Kurdistan Region’s share of Federal financial budget.
Parliamentary Finance warns the Central Bank of the collapse of the Iraqi dinar
On Monday, the Parliamentary Finance Committee warned the Central Bank of the collapse of the Iraqi dinar against the US dollar, while the government demanded to impose measures on private banks and control the market.
Committee member Muhammad Al-Shabki told Shafaq News Agency, "There are fears of the collapse of the Iraqi currency in the coming period due to the continued government confusion and the lack of control over the dinar exchange rate against the US dollar."
He added that "losing control of the exchange rate may lead to the collapse of the currency in the coming period," noting that "the government, the Ministry of Finance and the Central Bank are required to impose appropriate measures and control the market and maintain the exchange rate to avoid the collapse of the Iraqi currency."
AL-RASHEED SETS THE DAYS FOR CITIZENS TO REVIEW THIS SECTION
this is very interesting I would like more details
Today, Monday, Al-Rasheed Bank announced the days for citizens to review the Cards and Electronic Channels Department
The media office of the bank stated, in a statement received by the “National News Center”, that “to avoid the momentum during the customers’ review of the cards department and electronic channels, Al-Rasheed Bank decided to specify the days for the review.”
The statement added, "The table included the type of review and days, as shown below:
Sunday: Clearance
Monday: Deceased / vice versa
Tuesday: Payment of advances Extinguishing
Wednesday: Clearance
Thursday: Deceased reverse
The statement called on all citizens to "adhere to the above schedule to achieve smoothness and complete the transaction as quickly as possible."
Directive from the Governor of the Central Bank regarding banks and non-bank financial institutions
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, called, on Sunday, to overcome the difficulties faced by banks and non-bank financial institutions in the development path.
A statement of the bank, a copy of which was received by “Nass”, stated, (20 June 2021), that “the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, conducted an inspection tour of the two branches of the Central Bank of Iraq in Mosul and Erbil.”
He added, "The governor was briefed on the progress of work in them and the level of services provided to the banking sector."
He continued, "He praised the efforts of the employees and stressed the redoubling of efforts in the two branches, which reflects the role of the Central Bank and its branches in advancing the banking sector and overcoming any difficulties that may hinder the contribution of banks and non-bank financial institutions to the desired development process.
Another version
The Governor of the Central Bank stresses the redoubling of efforts to develop the banking business
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhief, stressed on Sunday, to redouble efforts in its branches to contribute to the development of the work of banks and financial institutions.
In a statement received by Shafaq News Agency, the bank's media office stated that the governor of the bank conducted an inspection tour of the two branches of the Central Bank of Iraq in Mosul and Erbil, and was briefed on the progress of work in them and the level of services provided to the banking sector.
Makheif stressed the redoubling of efforts in the two branches, which reflects the role of the Central Bank and its branches in promoting the banking sector and overcoming any difficulties that may hinder the contribution of banks and non-bank financial institutions to the desired development process.
And the Governor of the Central Bank, Mustafa Ghaleb Makheef, had arrived yesterday, Saturday, to the Kurdistan Region and met the Prime Minister of the Regional Government, Masrour Barzani.
A statement issued by the Kurdistan Regional Government, received by Shafaq News Agency, said that during the meeting, they discussed ways to enhance coordination and cooperation between the Kurdistan Region and the Federal Government in the field of reorganizing the banking sector and combating the financing of terrorism and money laundering.
The Governor of the Central Bank stressed that the Central Bank deals with its branch in the Kurdistan Region, which is located in Erbil, as the official concerned authority in supervising banking affairs in the region.
The Prime Minister reiterated his readiness to cooperate and coordinate with the Central Bank of Iraq, and stressed that reorganizing the banking system would constitute a strong and important pillar for developing the economic infrastructure, consolidating the investment process, and gaining the confidence of international banks and financial institutions.
Al-Kazemi’s advisor: The foreign debt is almost dead..and reveals its size
Saleh said, in a press statement: "Iraq's foreign debts are to 8 countries, four Gulf Arab countries, namely the UAE, Qatar, Saudi Arabia and Kuwait, in addition to Egypt, Turkey and two foreign countries, and matters to my knowledge have been suspended since 2004, the date of the signing of the Paris Club Agreement."
And he indicated, "The tendency is towards writing them off 100 percent, and they are almost dead with the passage of time, especially since some of them are incorrect and completely unknown."
He added, "In all cases, these debts are hateful debts, as they financed wars and bloody conflicts during the eighties war and did not serve development and progress in Iraq."
He added that the debts of the UAE, Qatar, Saudi Arabia and Kuwait amount to 27 billion dollars, while the other countries amount to 14 billion dollars.
Saleh had confirmed in previous statements to him that Iraq succeeded in 2004 in writing off about 100 billion US dollars of its debts against the background of signing the Paris Club agreement, describing the agreement as "standard" to resolve the sovereign debts owed by Iraq to 65 countries, including 19 countries within the Paris Club. and 46 countries outside it.
The Paris Club is an informal institution that represents the gathering of creditors from the rich countries in the world. It was established in 1956 as a result of the talks that took place in Paris between the Argentine government and its creditors. The club undertakes the task of restructuring the sovereign debts of countries, easing the burdens of some debts, or even canceling some of them.
The first comment from the US State Department on Ibrahim Raisi winning the presidency of Iran
The US State Department made the first comment on the announcement of the victory of the hard-line conservative Ebrahim Raisi as the presidency of Iran.
"We regret that the Iranians are deprived of a free and fair electoral process," the Foreign Ministry said in its daily briefing.
"We pledge to continue nuclear negotiations with Iran," the State Department added.
Why is Iraq not allowed to join the World Trade Organization yet?
The economic expert Salam Sumaisem confirmed, on Sunday (20 June 2021), that the failure to activate the laws supporting the private sector and the "deterioration of the quality" of Iraqi local products prevent Iraq's accession to the World Trade Organization, and thus deprive it of entering global markets.
Sumaisem told IQ News, "Iraq has been an observer member of the World Trade Organization, since 2004 until now, and has not joined it due to its failure to activate the economic laws that support the activities of the private sector, which is the basis of the principle of freedom of trade, which is what the World Organization is based on." ".
She added, "Iraq's failure to join the organization until this moment prevents it from entering the global markets that fall under the tent of the Trade Organization," pointing out that "entry into the organization is currently done through competition, and this is a task that is not easy for Iraqi products because it is not at the required quality level, and it is declining in this regard." the field"
The World Trade Organization was established after the "Marrakesh Agreement" on January 1, 1995, and includes in its membership many countries of the world, and its headquarters is located in Geneva, the capital of Switzerland, and its main mission is to ensure the free flow of trade between the 164 member states, with 20 members observer.
Baghdad previously announced that it is conducting negotiations and moving to join this organization, while the private sector in Iraq is a bureaucracy of government procedures, and its work is not regulated by law.
On November 27, 2020, the Ministry of Commerce announced the preparation of a plan to join the World Trade Organization, which is to re-form a higher national committee to complete the files required to join, and to expedite the legislation of the necessary laws for this, such as the National Product Protection Law, the Consumer Protection Law, the Competition and Anti-monopoly Law, and the Law Customs tariffs and others, and confirmed at the time that joining the organization would contribute to increasing national production, providing job opportunities for the unemployed, and thus "a noticeable increase in per capita income and total output.
Soon.. Al-Kazemi to Washington with five files
Prime Minister Mustafa Al-Kazemi is scheduled to visit Washington, DC, soon.
In an interview with Mawazine News, an informed source said, "Coordination is currently underway for the four-day visit, and it is hoped that it will take place in the next month."
He added, "The visit will discuss five files, namely scheduling the American withdrawal, trade exchange, industry, energy and education."
He indicated, "Al-Kazemi will be accompanied by several officials, including the ministers of finance and foreign affairs, and a representative of the Kurdistan Regional Government."
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