WOTS MON JUL 12 21 Confidence in the Iraqi dinar is eroding… and the prospect of removing zeros
These are the articles I discussed on the My FX Buddies Podcast
Baghdad deposits 200 billion dinars into the account of the Kurdistan Regional Government
A source in the Kurdistan Regional Government stated on Sunday that the federal government deposited a sum of 200 billion dinars in the account of the Bank of the Regional Government.
An official source in the Kurdistan Regional Government had announced at the end of last June that Prime Minister Mustafa Al-Kazemi signed an official letter to disburse 200 billion dinars as an advance earmarked to pay the salaries of employees working in the public sector in the region.
Baghdad transfers 200 billion dinars to the region
link this site has a TV station too so it' probably on their television news too
On June 15, 2021, the Presidency of the Iraqi Council of Ministers decided to send 200 billion dinars from the Kurdistan Region’s share of the general budget for the year 2021, and the decision of the Iraqi Council of Ministers caused various reactions among political forces and blocs within the Iraqi parliament.
On June 24, the Prime Minister, Mustafa Al-Kazemi, said in a television interview, regarding what was said about the payment of 200 billion dinars to the Kurdistan Region, “The Kurdish people are our people, and we did not pay the region’s budget, but rather paid an advance for the purpose of paying the salaries of the region’s employees. It is unreasonable that The employees of the region will be without salaries. Despite all this, this is not a budget, but an advance that is deducted through an accounting process, after the Bureau of Supervision in the region and the Bureau of Federal Oversight make an inventory of accounts and a clearing, only nothing more.
More than three months after the Iraqi parliament ratified the Iraqi federal budget law, some political parties in Baghdad continue to obstruct the implementation of articles related to the rights of the Kurdistan Region in the general budget.
The details of the Kurdistan Region’s share were established in Article (11) of the Iraqi Federal Budget Law for the year 2021, which amounts to 129 trillion Iraqi dinars.
The Kurdistan Region needs 895 billion dinars to cover the salaries of its employees in full, which means that the Kurdistan Region needs 10 trillion and 740 billion dinars per year for this purpose.
According to Article (11) of the Iraqi Federal Budget Law for the year 2021, the Kurdistan Region must produce at least 460,000 barrels of oil per day from its oil fields, and after deducting the costs of extraction, transportation and quantities needed for local consumption, it must hand over to the federal government the revenues of 250 thousand barrels. Daily at Sumo's price. It must also hand over to Baghdad 50% of its non-oil revenues. Then the Iraqi federal government releases the Kurdistan Region's share of the federal general budget.
AL-KAZEMI’S ADVISOR: THERE ARE 3 REASONS THAT PREVENT THE DOLLAR’S EXCHANGE RATE FROM CHANGING “CURRENTLY”
link
Today, Saturday, the economic advisor to the Prime Minister, Alaa Abdel Hussein, spoke about the government’s vision to address the change in the exchange rate of the dollar against the Iraqi dinar, especially with regard to its effects on investment projects, stressing that there are 3 reasons that prevent the change now.
Abdul-Hussein told the official agency, followed by the National News Center, that “with regard to investment projects, initially and the issue of the exchange rate, many of the materials that contractors enter for work are imported from abroad, and cost accounts and previous contracts are fixed at the old exchange rate, especially contracts that take time. long".
He added, "The vision of the treatment is more comprehensive than being money or seeing the exchange rate, and it is applied as a development project, as the problem of the exchange rate difference, if not addressed, will lead to the project's disruption, the erosion of the achievement, the delay in development and the benefit that comes from the project," pointing out that "the treatment." It comes from the perspective that there are projects we are waiting for completion, and by completing them, the benefit of the people will be achieved, and therefore the main and supreme goal is treatment in order to hasten the benefits derived from these projects for the people.”
He explained that "the projects were divided into a number of sections according to their type, including construction projects, electrical and metal projects, and others, and each type of them contains materials imported from abroad, and therefore the percentages were determined based on the price changes that occurred, and then work is done on the treatment." He stressed that “prices did not change due to the exchange rate only, but prices at the global level changed, and the reason for this is the increase in demand as a result of the Corona pandemic, as the world stopped and this led to all countries depleting their stocks of materials in addition to their monthly consumption, which led to an increase in demand to cover its strategic stocks and its monthly consumer demand.
He continued: "If we look at the increase in demand with the stability of the production capacity of factories in the world, we find that this led to a general rise in all prices globally, and therefore the price change did not come as a result of changing the exchange rate in Iraq, but rather at the world level."
And he indicated that “within the foreseeable future, the exchange rate cannot be reconsidered for several reasons, including first that the exchange rate is a prerogative of the Central Bank, and secondly that the current rate was approved in the budget law and is valid, in addition to a third reason is that all revenues from Oil, even if it increases, will only be able to cover the budget deficit of about 30 trillion dinars, and therefore we do not expect to guarantee oil prices for the next six months, and it is dangerous to think about dealing with the exchange rate.”
Regarding the budget for the next four years, Abdel Hussein said, “The Minister of Finance, Ali Abdel Amir Allawi, chairs a committee of various ministries and government agencies to develop general strategies for the budget of the next years 2022 to 2024, and the broad outlines are not yet clear as far as the ministries’ budget is discussed in light of The priorities set by the Iraqi state.
On top of that, the Katyusha attacks… Revealing the agenda of Al-Kazemi’s visit to Washington
link they are really trying to hide when he will be here hmmm...
Today, Sunday, an Iraqi political source revealed an upcoming visit to Prime Minister Mustafa Al-Kazemi to Washington to meet with US President John Biden.
The source said, according to ” RT “, that “Al-Kazemi will visit Washington in the coming days, but the exact date has not been set yet, but it may be the end of this month.”
He added, “Al-Kazemi will meet Biden and other US officials, and he is expected to discuss with them the conflict between Washington and Tehran and its effects on Iraq.”
He pointed out that “the most important thing that may discuss the file of the withdrawal of US forces and the attacks they are exposed to is with the Washington embassy in Baghdad.”
Iraq is holding talks to overcome the obstacles to its accession to the World Trade Organization
The Permanent Representative of the Republic of Iraq to the United Nations Office in Geneva, Ambassador Abdul Karim Hashem Mustafa, discussed with the Deputy Director-General of the Organization, Chinese Ambassador Zhang Xiang Chen, ways to activate the file of Iraq’s accession to the organization
This came during their meeting, today, Sunday, to talk about ways to activate the file of Iraq’s accession to the organization, and the importance of continuing to work in completing technical documents to complete the requirements for accession, and to overcome obstacles and challenges facing the accession process, according to a statement by the Ministry of Foreign Affairs.
The two sides stressed the importance of providing the basic elements for a successful accession process, which lie in political will, coordination between ministries, and technical assistance programs that hone the skills of the negotiating team.
Demand to remove “bureaucratic” obstacles for investors
The results of a meeting between the Minister of Finance and “Taif” and a number of advisors and officials
Finance Minister Ali Allawi discussed, on Sunday, the reform axes identified by the white paper while presiding over the follow-up session for the implementation of the reform paper projects.
A statement of the ministry, which “Nass” received a copy of, (July 11, 2021), stated that “the Minister of Finance, Ali Abdel Amir Allawi, chaired, today, Sunday, 7/11/2021, at the ministry’s headquarters, a follow-up session for the implementation of the reform projects of the white paper, in the presence of the Executive Director The Economic Reform Committee, Alaa Al-Saadi, Undersecretary Taif Sami, advisors to the Minister of Finance and the Ministry's general managers.
She added, "During the meeting, the reform axes identified by the white paper were discussed, represented by the public financial management and financial information systems as part of its steps, which are among the important steps, to achieve sustainable financial stability and give an opportunity to achieve other structural reforms."
And she continued, "The meeting discussed the implementation of the integrated financial information management system project, which will contribute to increasing the speed of electronic communication for the ministry and the rest of the ministries in order to provide accurate information and will enhance the supervisory role over financial accounts and not exceed the financial appropriations established in the budget, in addition to facilitating the process of implementing the program and performance budget."
According to the statement, the minister said, "The application of the financial management system and the information management system will enhance the state's access to the necessary funds and monitor government spending, which will lead to spending these funds efficiently and effectively in accordance with the state's financial policy."
Allawi stressed, "Continuing to follow up on the content of the white paper to reform the financial and economic affairs, which will set the main steps for preparing budgets for the coming years."
Kurdish deputy comments on Baghdad sending 200 billion to Kurdistan: the amount is small
A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed that what was sent to the region from the federal government amounted to 200 billion dinars this month.
Cougar said during a television interview that was followed by "Mawazine News", that if the annual amount that Baghdad sends to Erbil is calculated, it will reach two trillion and 400 billion dinars out of a total of 130 trillion dinars, or about 1.8% of the total budget.
The deputy considered that the amount is small and does not harm the equitable distribution of wealth.
The New York Times: Anbar is booming with local investments and huge construction projects
On the banks of the Euphrates at the edge of Ramadi, bundles of steel and stone rise 20 stories high as work is underway to construct a five-star luxury hotel with swimming pools, saunas and restaurants overlooking the river view.
While the presence of a five-star hotel is not strange in many areas, it is considered the first hotel of its kind to be built decades ago in Anbar Governorate, which witnessed continuous battles with ISIS for years, and it constitutes a launch for the post-ISIS investment movement in an area that is now considered Surprisingly, one of the most stable areas in the country.
"When we entered this city in 2016 it was a ghost town, even stray dogs and cats couldn't be seen," Anbar Investment Authority director Mahdi al-Noman told a New York Times reporter as he surveyed the city in his car through new highways adorned with central carrots with green grass and trees.
Ramadi, the center of Anbar province, has witnessed waves of battles and wars since the American invasion of Iraq in 2003. The American forces had suffered most of their losses in this province after the invasion.
The last battle took place after ISIS militants invaded a third of Iraq in 2014. While other cities in the country are struggling to recover from the consequences of these wars, investment and construction efforts have begun to flourish in Ramadi.
In addition to the hotel, which will cost 70 million dollars, construction work has begun with the construction of one of the largest shopping complexes, malls, and there are companies that are also bidding for the construction of an international airport.
It took Iraqi forces three years to drive ISIS militants out of the country, and those battles left Ramadi largely decimated and almost empty of its civilian population. Now, Iraqi investors, who have been focusing their attention on projects outside the country for 18 years, have begun to bring their capital to be invested in Anbar.
While some residential areas still lie under the rubble, government-funded projects have revolutionized the city. Instead of crowded streets dotted with potholes and dangling wire mesh as in other Iraqi cities, Ramadi now has a neatly organized street network with underground power lines and central government offices.
The governor of Anbar, Ali Farhan, said, "We came back and witnessed the destruction and decided that any new construction work must be done in modern ways to be in touch with the modern planning for civil reconstruction." Farhan said that the people of Anbar, having lived through so much destruction, no longer tolerate the extremist ideology that allowed ISIS to have a foothold here.
When ISIS captured Ramadi in 2015, the poor of this city of half a million people fled across the desert to a camp set up to house the displaced. The other residents of Ramadi, who have financial means, went to the Kurdistan region or left the country towards Jordan or Turkey. When they returned, they looked forward to constructing supermarkets, cafes, and hotels, as they were accustomed to abroad. In the glistening central markets of Ramadi, you will now find food items and coffees from world-famous brands filling the shelves.
Maher Othman, the Iraqi contractor for the new Ramadi hotel, which has not yet been named, says, "This edifice will be a place for recreation, not just a hotel." He said that his company plans to spend at least 20 million dollars of the total construction cost on building swimming pools, restaurants and shops with saunas, saunas, Moroccan.
Within the vicinity of the hotel complex, workers are constructing 30 guest houses, chalets, with three floors for families or newlyweds. Each house will have its own garden with a swimming pool, food court and balconies overlooking the river.
Moaz Alyan, the businessman who is in charge of the $70 million hotel construction project, says, "When the Anbari merchants migrated, they set up projects in the places they went to, such as Turkey, Lebanon, Jordan, Baghdad or Kurdistan. When they returned, they brought money with them."
Businessman Alyan said that his family decided to implement the market and hotel complex project because they believe that it is a successful project in the city and because they want the people of Anbar to see that their people are investing their money in their province.
At Ramadi, there is a huge crane, a crane, hanging over a structure that appears to be a three-storey central market. The hundreds of shops that will be included in the market will provide job opportunities for more than 1,200 people.
At his office in one of the new government buildings, the director of the Anbar Investment Commission, Al-Noman, opens a file containing more than 200 investment licenses he has issued, the investment costs of which are estimated at about $5 billion. It includes the construction of solar power plants, fertilizer factories, residential complexes and schools.
He points out that Iraqi investors make up 70% of these licenses and the rest are for German, Indian, Turkish and Emirati companies, among other countries. Neumann says his dream lies in establishing an international airport, noting that the government had originally allocated $70
million for the first planning stage.
Parliament accuses Al-Kazemi of violating the constitution and the law for this reason.
Today, Monday, the Parliamentary Economy and Investment Committee accused the government of Prime Minister Mustafa Al-Kazemi of violating the constitution and the law, because it deposited 200 billion dinars in the Kurdistan government’s account as an advance allocated to pay the salaries of employees working in the public sector in the region.
Committee member, Nada Shaker Jawdat, said, in an interview that was followed by (Al-Oula News), that “Al-Kazemi’s government has violated the constitution by depositing 200 billion dinars in the account of the Kurdistan government, without the region’s commitment to implementing the financial and oil agreement with Baghdad, which was included in the The budget law, and its application is binding on both parties.”
Jawdat indicated, "Al-Kazemi's government will expose itself to accountability, for violating the constitution and the law," stressing that "the competent parliamentary committees will have a movement in this regard, especially since the other Iraqi provinces have so far not received the funds allocated to them, despite the presence of cash yet." The huge rise in oil prices.
the comments in blue are my comments not part of the article
Question and answer.. What are the pros and cons of deleting zeros from the Iraqi currency? And what are the conditions for that?
Experts have warned that deleting 3 zeros from the Iraqi currency may cause psychological disturbances in the Iraqi market.
Mosul - Iraq is witnessing a severe financial crisis that began with the outbreak of the Corona virus last year and the decline in global demand for oil, which represents nearly 91% of Iraq's financial imports.
With the continuation of the financial crisis and the failure to pay the salaries of employees last year, the Iraqi government resorted to what was called the Iraqi government reform paper (the white paper), which included the devaluation of the Iraqi dinar against the US dollar, and the decision entered into force at the beginning of this year.
With the rise in oil prices globally, the Iraqi government has been thinking about long-term financial strategies that may protect the country from the risks of falling into a financial crisis that may be more influential. , without specifying a date for the implementation of this step.
What are the conditions for deleting zeros?
Deleting zeros from the Iraqi currency requires the fulfillment of two conditions, according to Saleh. The first is price stability within the country, which means the stability of the dollar exchange rate against the Iraqi dinar, which is still witnessing relative volatility after the Iraqi government decided to raise the value of the dollar at the beginning of this year.
As for the second condition, Salj adds in his speech to Al Jazeera Net that it is represented by stability in political life inside Iraq, which is what is required to change the exchange rate from laws and political consensus and so on.
why deleting?
In his interpretation of the reasons for deleting 3 zeros from the Iraqi currency (a dollar is equivalent to 1450 Iraqi dinars), Saleh comments, "The importance of deleting zeros from the currency and slimming its units as a necessary condition to reduce accounting numbers and facilitate arithmetic and the cost of managing new large numbers and the absence of small numbers and fractions."
He continues that the slimming of coins comes because of their role in sustaining the calculation of 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 when dealing with trillions, which means that one number in front of it has 12 decimal places.
Regarding the importance of the deletion process and the extent of its realism, Saleh indicated that the Central Bank of Iraq put a project to delete 3 zeros from the Iraqi currency the subject of research and study a long time ago, after reviewing 54 international experiences since the end of World War II until now, the last of which was in Iran and before it Turkey.
What effects?
For his part, a member of the Iraqi Parliament's Finance Committee, Ahmed Hama Rashid, confirmed that the current economic situation in Iraq is not ready to delete zeros from the local currency.
Hama Rashid continued in his speech to Al Jazeera Net that this process means withdrawing the current currency denominations and printing new ones, which requires huge funds to print them with technical specifications necessary to protect the currency from counterfeiting, in addition to the fact that replacing the currency will destabilize the monetary system, which may cause successive collapses, enslaving that The Central Bank of Iraq takes such a step. (But we know they have already done this.)
A member of the Finance Committee, Jamal Cougar, agrees with this proposition by confirming that this step is excluded in the next two years at the very least for several considerations, as he believes that deleting zeros is an unworkable step, especially that changing the currency exchange rate led to a shock to the Iraqi street, and therefore Iraqis are not Prepare for another shock. (I think they would be okay with an increase of purchasing power.)
In an exclusive interview with Al-Jazeera Net, Cougar points out that the Iraqi economy does not have its own decision, and that many countries benefit from the current Iraqi currency in buying and selling transactions and others.
What are the benefits?
As for the benefits, Cougar believes that the smaller the number of currency numbers, the greater its strength among currencies in the economic perspective. However, this requires strengthening the local economy inside the country and diversifying the sources of the Iraqi budget, which requires strengthening industry and agriculture as a preliminary condition for this step.
And about the extent of the benefit deriving from this change in restoring the Iraqi cash block hoarded by the Iraqis or smuggled abroad, he explained that the international deal in the Iraqi currency is not related to the number of zeros as much as it relates to the strength of investments inside the country and the size of the Iraqi product exported abroad.
Cougar gives an example of this, that Turkey, which deleted zeros from its currency years ago, has embarked on building a diverse and large economy and investments, and this is different from the Iraqi situation, whose currency is not found on the global currency exchanges so far.
On the other hand, Abdul Rahman al-Mashhadani, a professor of economics at the Iraqi University, believes that deleting zeros will save the state the costs of transferring the Iraqi currency between the central bank and government and private banks.
Al-Mashhadani continues in his speech to Al-Jazeera Net that deleting zeros may lead to a decline in Iraqis' demand for the dollar for the sake of hoarding, as the Iraqis currently keep the dollar for ease of preservation, while preserving the same value in the Iraqi currency requires greater storage capacity, pointing out that this is conditional on printing cash denominations. A new denomination with a value higher than what is currently in existence, such as printing a denomination of 200 dinars (equivalent to 200 thousand dinars in the current currency), which requires 4 banknotes of a denomination of 50 thousand. (So they can't print lower denoms but they can print higher denoms? nonsense)
Who is the loser?
In every economic equation, the ratio of profit and loss is calculated, which is what the economist Hammam Al-Shamma points out that this ratio will not be equally present in the equation, warning of psychological disturbances in the Iraqi market if zeros are deleted.
Al-Shamma comments to Al-Jazeera Net, "Deleting zeros from the currency will not provide anything for the Iraqi economy, but rather it will cost the Iraqi state huge sums of money to print a new currency without this having a clear impact on the local economy."
Al-Shammaa points out that the competitiveness of Iraqi goods against the imported ones will not witness a positive change inside the country, especially since international transactions are mostly made in US dollars.
This is confirmed by Abdul Rahman Al-Mashhadani, professor of economics at the Iraqi University, and adds that competition with imported goods depends on the local product and its strength, pointing out that Iraq does not have industries that can compete with imported goods and overcome them in terms of quality, price, and state protection for them, according to him.
Returning to Ahmed Hama Rashid, where he believes that deleting zeros from the currency will not be in the interest of the government currently, inferring that Iraq has 80 trillion Iraqi dinars from multiple monetary categories, and that printing 5 trillion dinars from the category (50 thousand) cost the Iraqi government 60 million dollars At that time, the cost of the rest of the denominations will be much greater, given that printing each denomination costs approximately (6 US cents) on average, according to him.
who is the winner?
In contrast to the losing party, Al-Shammaa believes that the government may derive limited benefits from deleting zeros, which is that the government and the central bank will face fewer problems in the accounting system and final accounts with limited zeros and small accounting numbers.
The last proposition is consistent with what was revealed by the economic advisor to the Prime Minister that the hyperinflation that hit the Iraqi economy in the nineties of the last century added 3 numbers to the Iraqi monetary unit, while the small categories disappeared from circulation completely, as the category (250 dinars) became smaller. A monetary unit in daily circulation inside the country, which raised the cost of micro-transactions, as well as the inflation caused by the appearance of the huge numbers circulating in the accounting system inside the country.
Another article about the 3 zeros? I know it says they can't do it now but it is still good to see the conversation and many of the things they say need to be done have been done already.
Confidence in the Iraqi dinar is eroding… and the prospect of removing zeros
Iraq is witnessing a severe financial crisis that began with the outbreak of the Corona virus last year and the decline in global demand for oil, which represents nearly 91% of Iraq’s financial imports.
With the continuation of the financial crisis and the failure to pay the salaries of employees last year, the government resorted to what was called the Iraqi government reform paper (the white paper), which included the devaluation of the Iraqi dinar against the US dollar, and the decision entered into force at the beginning of this year.
With the rise in oil prices globally, the Iraqi government has been thinking about long-term financial strategies that may protect the country from falling into a financial crisis that may be more influential. One of these strategies was put forward by the economic advisor to the Prime Minister, Mazhar Muhammad Salih, and is represented in deleting 3 zeros from the Iraqi currency, Without specifying a date for the implementation of this step.
In every economic equation, the ratio of profit and loss is calculated, which is indicated by the economist Hammam Al-Shamma that this ratio will not be equally present in the equation, warning of psychological disturbances in the Iraqi market in the event of deleting zeros.
In contrast to the losing party, Al-Shammaa believes that the government may derive limited benefits from deleting zeros, which is that the government and the central bank will face fewer problems in the accounting system and final accounts with limited zeros and small accounting numbers.
On Sunday, June 20, 2021, 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 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 the Second World War 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 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.
To discuss several files.. the President of the Republic meets Al-Abadi
President of the Republic, Barham Salih, received, on Sunday, former Prime Minister Haider al-Abadi.
A statement by the Presidency of the Republic, a copy of which was received by Mawazine News, stated that, during the meeting, the latest political, security and service developments in the country were discussed, and the need to preserve the stability and safety of the country and protect the security of citizens, and rejecting acts and abuses that undermine stability, were emphasized, along with The importance of continuing the security effort in combating terrorism and its remnants, and preventing acts of sabotage against energy supply lines.
He added, that the two sides discussed during the meeting the file of the upcoming elections scheduled for October 2021, and their extreme importance for the country, stressing the need not to spare any effort for their success in accordance with the highest standards of integrity and justice in its various stages, and in a manner that guarantees the free will of Iraqis to choose their representatives away from manipulation. fraud and pressure, and ensuring wide participation, so that its outcomes reflect the choices of voters.
Al-Saffar: America is leading a project to keep Al-Kazemi or return to Al-Abadi
Independent politician Alaa Al-Saffar confirmed, today, Sunday, that Iraq faces a danger that may be greater than the danger of 2003, indicating that America is leading a project to keep Al-Kazemi or return to Al-Abadi.
Al-Saffar said in the program “Hassad Al-Ayam” that “we suffer from more problems in the political decision than the issue of providing electoral security,” referring to “the great challenge for the government in the face of American efforts to introduce ISIS into Iraq.”
He added, "The Iraqi voter wants a government that turns to China and turns its back on America, and that America has not provided anything to Iraq since 2003."
Al-Saffar added, "It is the right of Iraqis in the diaspora to vote in the elections, and Iraq faces a danger that may be greater than the danger of 2003."
He indicated that we need “the conviction of the herd” in the next stage to know the enemy and the friend, noting that “America is leading a project to keep Al-Kazemi or return to Al-Abadi.”
Al-Saffar added, "China entered the region and this is what bothers America, and that America is trying to obstruct the entry of the Chinese dragon into the region."
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