DWS112

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  1. Yes, the PDF is on the new CBI website. https://cbi.iq/page/37 ( item # 7, Restructuring of the Iraqi currency )
  2. I put this pdf through BING transator and got this: I. At the horizontal level: delete the three zeros -Transfer 30 trillion dinars to $30 billion by deleting three zeros of currency The current and replace it with a new currency which makes it easier to deal with numbers that are less numerous At the level of federal budget accounts, bank budgets and Schat, as well as Balancing the family's cash (individuals) without arranging any change or alteration to income or wealth Cash for natural and moral persons as well as non-impact on engagements Obligations between natural and juridical persons are a blight. He's been shot by generating a function. Homogeneous mathematical degree zero Degree of Function homogenous, As long as the new money is illiterate, the smallest number covers the commodity package exchange itself. now I'm totally bummed
  3. I tried 3 different translators - same results اولا- على المستوى الافقي : حذف الاصفار الثلاثة- تحويل 30 ترليون دينار الى 30 مليار دولار عن طريق حذف ثلاثة اصفار من العملةالحالية واستبدالها بعملة جديدة مما يسهل التعامل الحسابي مع ارقام هي اقل عدداعلى صعيد حسابات الموازنة الاتحادية ، موازنات البنوك والشرآات فضلا عنموازنة الاسرة النقدية (الافراد) دون ان يرتب اي تغيير او تبدل على الدخل او الثروةالنقدية للاشخاص الطبيعية والمعنوية فضلا عن عدم تأثيره على التعاقداتوالالتزامات بين الاشخاص الطبيعيين والمعنويين آافة. وهو مايطلق عليه بتوليد دالةرياضية متجانسة من الدرجة الصفر Zero Degree of Function Homogenous،طالما ان آمية النقود الجديدة الاصغر رقما تغطي في التبادل الحزمة السلعية نفسها
  4. This is my desire too. This PDF has been posted on both the old and new CBI websites. 2012 Old: https://www.cbi.iq/documents/mudh_pub5_f.pdf 2017 New: https://cbi.iq/page/37 ( item # 7, Restructuring of the Iraqi currency ) I guess this has been the CBI's plan for some time.
  5. "Restructuring of Iraqi Currency" CBI pdf is already translated here on DV: http://dinarvets.com/forums/index.php?/topic/223498-restructuring-of-iraqi-currency/
  6. Now 1 dinar = .00083 delete the zeros = .83 or 1.2 dinars per dollar add .17 to stop the auctions to make the dinar on par with the dollar, then 30 trillion Dinars to 30 billion Dollars (1 dinar is equal to 1 dollar ) but JMO
  7. I agree JGN, and this PDF is posted on the CBI website! Sorry, I can't get my mind around this. If what I think this is saying, the new currency only has to equal the old. ( 1 dinar must buy what a 1000 dinar can )
  8. Great translation of a long pdf
  9. OK, lets go!
  10. Alaq emphasizes the government's move towards economic reform to achieve comprehensive development August 3, 2017 Directed by Press The Secretary-General of the Council of Ministers Mahdi Al-Alak, on Thursday, the government's move towards economic reform to achieve comprehensive development and the gradual transition to the private sector. "Iraq is suffering from many economic problems, for its total dependence on oil revenues, which fell by about 70% Oil revenues and the disposal of some of the problems that affected the country's economy, and focus on the development of the public and private sectors and improve the quality of national products, and the involvement of the private sector of many specialized committees on economic reforms. He added that "Iraq, having overcome the economic risks coinciding with the war on a daunting, is going to proceed with the economic reforms initiated by."
  11. Prime Minister Dr. Haider Al-Abbadi presides over the first meeting of the Higher Committee for Investment and Reconstruction August 3, 2017 Prime Minister Dr. Haider Al-Abbadi presides over the first meeting of the Higher Committee for Investment and Reconstruction The Higher Committee for Investment and Reconstruction held its first meeting under the chairmanship of the Prime Minister, Dr. Haider Al-Abbadi, in the presence of the members of the Committee . Dr. Abadi stressed during the meeting the importance of starting a major economic program by supporting investment activities in various sectors, Economically as our heroic forces approached the liberation of the remaining areas of the defeated and defeated Iraq, and with the restoration of Iraq's economic status at the international level and increased confidence in its financial and financing transactions. The Committee discussed its agenda, In addition to following up the completion of the investment projects and raising the obstacles before it. The committee recommended providing what will be reached by the Ministry of Finance and the Ministry of Industry, Trade and Labor.
  12. The Iraqi Trade Bank (TBI) will open a branch in Mosul 7/29/2017 BAGHDAD / Mohamed Ismail revealed the Chairman of the Board of Directors of the Iraqi Bank for Trade TBI Faisal Hems that the bank is getting approval to open a branch in Mosul, during a record period; He said in a statement to «morning» that the TBI has already delivered assistance to the areas affected by terrorism, hoping to persist in the service of national issues humanely, in cooperation with the Central Bank of Iraq. Ambassador of the financial sector explained that the purpose of the establishment of the bank is to support and finance the private sector, at the level of contractors and investors, stressing his desire to be a good national ambassador to the financial sector in Iraq, by contributing to a high degree in support of the budget of the country's economy, through a base of 23 branches And 80 thousand customers and 431 correspondents, in the countries of the world, pointing out that the bank is in constant evolution in accordance with the guidance of the State, and it seeks to educate the citizen bank to keep pace with global updates in this field. Identification with the national effort and said: "The TBI is keen to identify with the national effort through many activities, the most important now is a book we submitted to the bank on the opening of a branch of the bank in Mosul, as well as the sponsorship of aesthetic activities, on the sidelines of financial work, "Financial, cinematic and theatrical as well as discount in several airlines and hotels and free entry to business halls at airports." And the branches of the bank between Hmis it «distributed between 7 in Baghdad and 4 in the Kurdistan region, including 2 in Sulaymaniyah and 2 in Arbil and the other in Ramadi, Hilla, Karbala, Basra, Najaf and Kut and 2 in Maysan; it is characterized by work owners enabled him to achieve an advanced level, Annual, for a 2 percent interest rate for customers. " The local and foreign currency and on the preference of dealing in dollars or the Iraqi dinar, he said: "The dinar is our national currency, dealing with it earns a global weight, but wars and international sanctions have weakened it, but the government's actions and the cooperation of banks with the central bank increased its value after 2003, against sovereign requirements." The financing of investment projects and the financing of TBI investment projects, including cement factories in Baghdad, Basra, Samawa, Kurdistan region and Babylon Mall in Baghdad and power stations, looking forward to: «Issuance of Iraq's international bonds, in cooperation with local and foreign banks; And extending the network of electronic payment and consolidation ». Homs pointed to the existence of «high flexibility in the Iraqi Constitution, and legislators in the House of Representatives, are serious to activate laws supporting banks to move freely». The financing of investment projects and the financing of TBI investment projects, including cement factories in Baghdad, Basra, Samawa, Kurdistan region and Babylon Mall in Baghdad and power stations, looking forward to: «Issuance of Iraq's international bonds, in cooperation with local and foreign banks; And extending the network of electronic payment and consolidation ». Homs pointed to the existence of «high flexibility in the Iraqi Constitution, and legislators in the House of Representatives, are serious to activate laws supporting banks to move freely». The financing of investment projects and the financing of TBI investment projects, including cement factories in Baghdad, Basra, Samawa, Kurdistan region and Babylon Mall in Baghdad and power stations, looking forward to: «Issuance of Iraq's international bonds, in cooperation with local and foreign banks; And extending the network of electronic payment and consolidation ». Homs pointed to the existence of «high flexibility in the Iraqi Constitution, and legislators in the House of Representatives, are serious to activate laws supporting banks to move freely».
  13. Issam Hakim 2554 2017-06-30 Furat Center discusses the exchange rate in Iraq as a pillar of stability or waste of the dollar Al Furat Center for Development and Strategic Studies In light of the unbalanced Iraqi monetary policies and the magnitude of the economic challenges created by the low oil prices and the level of security threats and the hypothesis of reforming the destroyed cities and towns of Iraq, the Al-Furat Center for Development and Strategic Studies has established its monthly discussion forum under the title: Managing the exchange rate in Iraq: In the hall of the Association of Friendship and Prosperity and in the presence of a group of academics and researchers in research centers, economists and interested in the Iraqi issue and a number of journalists and media professionals. The seminar was opened by Dr. Haider Al-Tohme, head of economic studies at Al-Furat Center, where he said: "The Central Bank has succeeded in achieving relative stability in price levels by feeding various kinds of demand for the dollar. The question was before (2014) The oil dollar has been flowing profusely, how economic policy fits between the welfare requirement of cheap consumer imports in particular and the goal of building a productive base for Iraq's economy beyond crude oil beyond 2014. When oil revenues plummeted and the central bank's reserves fell dramatically, "Another question is how long will the central bank continue to drain its reserves of foreign exchange, in light of the scarcity of the dollar on the one hand and the corruption suspicions surrounding the foreign currency auction on the other, and the effects on the Iraqi economy." In this context, the Center of the Euphrates hosted a critical expert Professor Dr. Abdul Hussein Al-Ghallabi to discuss through this experience of modern exchange rate management in Iraq and what are the most important policies to anticipate the next financial crisis. Where he stressed: "The issue of foreign exchange policy in Iraq is a thorny and complex issue which is one of the policies that can be prepared by economists, and in order to deal with this matter this short period must be turned a blind eye to many of the theoretical aspects, and therefore must focus on two topics: The first subject / currency auction and its relation to the exchange rate The other topic: Choosing the proper drainage system for the Iraqi economy. The currency auction and its relationship to the exchange rate First, it is necessary to agree on a principle or a unified definition of the exchange rate. There is more than one definition. There are those who see the exchange rate as the number of local currency units that equals or equal to one unit of foreign exchange. But the prevailing and common in all countries of the world is the first definition, meaning that it is inverted exchange rate, if we say the exchange rate increase means that the value of the currency has decreased, the second definition is used in the British and some countries and there are other types of the price of Drainage is like a nominal exchange rate and there is a real exchange secret, which is a swap A ring between commodities and the level of prices, there is an effective exchange rate, what is concerned is the nominal exchange rate, which is important for many points, including: 1. The exchange rate connects the local economy to the global economy As long as each country has a specific currency, then when trading or trading or financial exchange between any country, the exchange rate must be completed to complete the transactions, 2 - The exchange rate can return or affect the distribution of income in the event of a reduction in the price of the currency or raise the exchange rate will encourage exports and more accurately is the promotion of exportable goods and this means raising the incomes of those who work in this sector leads to increase the level of consumption. 3 - The exchange rate has an impact on the allocation of resources and here means that resources if the state reduced its currency and raised the foreign exchange rate, the supplier is moving towards exportable sectors and withdraw from the goods. "The foreign exchange policy has overlaps with monetary policy. In the developed country, exchange rate policy is usually a policy that works alongside monetary policy, but in developing countries exchange rate policy is part of monetary policy. Why, because in developed countries there is a field of markets The central bank enriches and compensates its monetary policy for dealing in foreign currencies, but in developing countries, especially in economies similar to the Iraqi economy, there are no markets for money. The central bank is forced to use foreign currency to control liquidity and at levels of supply , Through the sale and purchase of foreign currencies to balance its monetary policy, it can be through this relationship to be the exchange rate of three roles: The exchange rate can be a tool of monetary policy and this is what happens in Iraq, especially in our monetary policy we have known tools which are interest rate, discount rate, legal reserve and open market, these tools are weak in Iraq so he came to the auction The currency is similar to the open market. The second stage / The exchange rate can be a mediocre target by addressing the balance of payments problem. Now we have a problem with the general budget that can use the exchange rate as a medium target to tackle the budget deficit. Third stage / It can also be a final goal in itself, through the use of money supply to address the exchange rate or the use of income or income or use of the interest rate to control the exchange rate. The auction of currency: one of the tools used by the Central Bank after the year (2003), similar to the subject of existing facilities, which are divided into lending facilities and deposit facilities, the auction of foreign currency is a very appropriate tool and not Iraq and the unit of this method is used, but there are Turkey and Gulf countries India and the law Iraqi reality set a set of targets for the auction currency, but the most common ones is to satisfy the domestic demand of the dollar as well as meet the requirements of imports to the Iraqi society in addition to satisfying the needs of savings both within the community or leaking out of the country. As for the mechanism of work of the auction of currency, the auction will be opened continuously during the working days, and applications are submitted by banks or by banking companies, either independently or through some banks, and these bids are opened by a committee in the Central Bank usually this committee consists of A group of general managers, who are responsible for this committee, either approve or reject the applications, and are usually approved. However, if the requests are too large, the applications that are rejected are usually rejected, or the necessary conditions are not met or they may be for the purchase of unwanted goods These requests are rejected. The Central Bank under this mechanism, which it has been working since 2004 to the present time, this mechanism provided a lot of demand (75%) of the currency auction from 2004 (to 2015) went to the private sector trade, the rest (25%) to meet domestic demand and domestic demand going abroad. As for prices, the central bank managed to control the exchange rate since 2004 to reach (1170) and continued (2009 to 2011) at the same price , And thus reduced the Central Bank to (1166) from 2012 (to 2015), and then returned and raised again to (1182) from (12 months of 2015 until the beginning of 2017), and since the beginning of this year and until our time Present sells the bank at (1184) dinars to the dollar. And this stability indicates that the period before (2014) was necessary for the stabilization of the Iraqi economy, because there is an abundance of resources and a kind of stability is not enough, but after 2014 generated problems, if the central bank was working to fix the exchange rate and this according to the fixing of the price The exchange is acceptable, so here we ask whether the auction is necessary or unnecessary, the auction is to provide the government Iraqi dinar and that the government is the monopoly of the dollar, especially that the input of the dollar (100%) is from the government, if the Iraqi government takes all the foreign currency entering the economy Iraq, can it be dispensed with the Iraqi government The dinar can not, if either the government works to sell the dollar directly or entrust the central bank to sell the dollar and that's what happened. The government can not deal with the dollar and can not sell the dollar. Agreement in this direction is a valid agreement ,. There are problems with the auction. The answer is yes. The real problem is that the real and actual importer gets the dollar from the market at the parallel price. The government sells the dollar to the central bank at the official rate. The central bank sells this dollar to the banks that enter the auction at a reduced price. The price of the bank and the price of the market, and this problem needs to be addressed and that through the sale in government banks, this difference goes to the budget, but what is happening in the central bank may be aimed at encouraging the private sector and private banks to participate in the auction, Ware. Choosing the appropriate drainage system for the Iraqi economy Is the fixed or stable exchange rate now suitable for the Iraqi economy or not? There are several exchange rate systems. There is the currency council, which is an old method used in the 1930s. In Iraq, there is the fixed exchange rate. There is the creeping link, the floating float and the free float. These groups can be divided into three categories: Currency Cancellation category And the fixed arrangements category And flexible arrangements We have a set in the economics of the exchange rate, which is a set of foundations. If the economy is stable and enjoys stability, there are reliable criteria for choosing the exchange system. These standards can be simulated under normal circumstances. However, after 2014, It is a double shock, where terrorist groups have been able to occupy large parts of the country. This is in addition to the shock of oil prices. Are the natural criteria for choosing a drainage system under shock? No, there is another way to choose the drainage system. The shock shock b It is possible to resort to the fixed exchange rate but if the economy is exposed to real shocks can not stay at the fixed exchange rate, what are the real shocks: First: shocks that fluctuate in GDP Second, the country is fighting a war against these gangs and this war requires an expansionary fiscal policy to feed the war Therefore, the Iraqi economy since the middle of 2014 to the present time is subject to real internal and external great shocks, in light of the real shocks we must move towards exchange rate flexibility, but the problem that the Iraqi Central Bank should be the editor of the Iraqi economy responds quickly and the central bank to leave the exchange rate And moving towards the flexible exchange rate, this quick move is also unacceptable but moves through the exchange rate creeping, and fix the price for a period until it is up to the exchange rate managed and close to flex or free, what are the advantages that we will get ...? First: Preserving foreign reserves with the Central Bank Second: Expanding the effectiveness of monetary policy Third, raising the exchange rate or devaluation will contribute to the budget. In addition, many of the imports that can be made to Iraq are recreational goods. Fourth: Enhancing the competitiveness of exports Fifth: Address external shocks Sixth: Elimination of speculations Seventh: Canceling Pluralism There are two prices for official and parallel disbursement Eighth: Encouraging investment Ninth: rationalization of consumption In addition, inflation is a tax and as long as the state now can not collect the tax because of problems related to the tax system can be obtained tax by another way. X. Activate projects of small, medium and even large types Interventions: - Professor Dr. Tawfiq Abbas Abdel Aoun, "asks why focus on the auction with the presence of other means for monetary policy and whether the auction actually succeeded, as statistics say that one third of the auction goes to other outlets and not to import, the other thing that the subject of dealing in dollars, In this sense, the third question in terms of currency devaluation has two main effects on the inside and the impact of prices. For that to succeed, some export industries and industries that are compensated for imports will be encouraged. Do we have competitive industries? " Dr. Rahim Al-Shara, Faculty of Management and Economics, Karbala University, "finds that the paper has not been exposed to the negative answer to raise the exchange rate and what is the position of low-income people and the proportion of poverty in the case of rising inflation level and what is the position of the government of these social segments." - Sheikh Murtada Masha, Chairman of the Board of Directors of the Foundation for Culture and Information "indicates that the proposal supports the idea of flotation, especially that this idea harms the poor class, and consequently this policy in the volatile economies such as the Iraqi economy and Egyptian will not lead to practical results, especially as most of the economies that work on the flotation Faced with major economic crises such as Turkey, Egypt and Iran, the flotation did not address the problem, but its depth, especially since the Egyptian experience is the best witness, the social strata are becoming more affected, my question is how can this policy be resisted in light of the low oil prices? On production as the stability of the exchange rate in Iraq encourages consumption, assuming that the float encourages production as it imposes on the Iraqi citizen to work and move, but if the exchange rate is stable, it is reassuring? Dr. Khaled Al-Ardawi, director of the Center for Development and Strategic Studies finds: "Iraqi economists close to decision-making always defend the government's monetary policy through the exchange rate, the problem is that these are linked to political agendas and therefore they abandoned the logical rules of crisis management or No, the monetary issue is an integrated issue, especially that the political float or non-float linked to other conditions, and therefore if you are a decision maker will go for the same policy option followed by the current central bank. - Ali Hussein Obeid Story writer and writer in the news agency "inquires about the secret of the fall of foreign exchange reserves the other thing, what is the usefulness of the dollar supply daily in the auction compared to what enters Iraq of money? - Adnan Salhi, director of the Center for the Future of Strategic Studies, "believes that the subject of the Central Bank foggy for years and years, most of the changes that affect the head of the pyramid of the Central Bank was assigned to incompetent figures, as if the political horizon has been grinding the central bank on one side, The political had a significant impact in the movement and policy of the Central Bank, and whether the external loans of the Central Bank opinion or imposed on him. - Hamid Abdul-Hussein, a researcher at the Euphrates Center, "believes that the Iraqi production apparatus is an inflexible device. If we work to reduce the exchange rate, will this transform the productive apparatus into a flexible and increase the movement of the economy and increase exports." - Dr. Firas Hussain Ali Al-Saffar, Head of Crisis Management at the Center for Strategic Studies, Karbala University, asks: "When is the exchange rate ideal? Add to that there is no exchange rate. As for the exchange rate, Iraq could succeed over the last period. Because the Iraqi reality does not tolerate many shocks that may first affect the poor social segments, the question is whether it is possible to invest in monetary reserves or not. "Ihab Ali is a teacher and a writer in the computer news network." He asks that the Iraqi situation is similar to the Lebanese economic reality, but Lebanon does not suffer from the same problems as Iraq. The next point is that fixed exchange rates are always related to the rentier countries. Purchasing power of its currency ". - Dr. Hussein Ahmed Al-Sarhan, Head of International Studies at the Center for Strategic Studies / Karbala University and Head of Human Rights at Al-Furat Center for Development and Strategic Studies, "The question is whether we reduce the difference between nominal and real prices in order to raise the nominal price The second question is whether the central bank insists on its policy because there are influential parties that are managed by the invisibility. The other question is whether the goods entering Iraq are equivalent to the value of what is sold at the currency auction every day or is there false statements? Ahmed Jawid, director of the Adam Center for the Defense of Rights and Freedoms, believes that addressing the Iraqi economic and political reality requires a comprehensive and insightful study of the circumstances surrounding the social and economic reality in Iraq, especially the effects and economic imbalances that affect the social segments, especially that Iraq does not suffer from lack of resources. "Corruption is the biggest disaster under which Iraq, especially in the field of banks and currency auction, and therefore the citizen will affect the exchange rate in addition to other crises suffered by. - Professor Hashim al-Shammari of the Faculty of Management and Economics / University of Karbala believes that "the Central Bank of Iraq is not really independent and therefore is unable to take the independent decision to liberalize the exchange rate, either for the exchange rate system is constant and constant adjustable, Has to do with the value of the currency. " - Professor Dr. Kamel Allawi from the Faculty of Management and Economics / University of Kufa, "recommends the need to meet the exchange rate floating and creeping in the case of recourse to this mechanism Is there a need to stay auction, or there is a window to sell currency to walk the trade at the official price, on the other side and under The current data of the Central Bank and the economic situation of the country Is it possible to go to float the exchange rate, knowing that the auction is an innovative mechanism, how was resorted to, the origin of the existence of the auction due to a problem in the walk of the private sector, and therefore the corruption in the auction currency is the scourge if it Eliminate them through asylum To the credits and to be tight control, also from the positive exchange rate movement is the issue of the budget, and the issue of inflation used as a mechanism of economic growth, but must be used with caution. Comment on interventions The lecturer reports on all queries in a gradual manner, from the fact that he does not support the real free float, but calls for an exchange rate that is closer to the elastic. In order to preserve the remaining reserves, we use the reserves by giving a simple move to the exchange rate. , And we are not in a stable economy but in a war economy. In addition, if we continue to defend the exchange rate, we will reach a catastrophic exchange rate situation and accept every problem. But now, with reserves, we can work on a better flexible exchange rate. There are also many methods, such as using subsidies to compensate for inflation. Encourages production to a large extent and even encourages to some extent, also that the central bank is linked to an agreement with the International Monetary Fund and the World Bank and he has limited freedom is not complete to maintain the exchange rate, in addition to the management of the central bank is very clear and not foggy. As for the policy, it intervenes in every aspect of the life of the Iraqi economy. As for the ideal exchange rate, it is the one that meets the offer and demand of foreign exchange. Lebanon has no problem as tourism is the main supplier and foreign exchange is distributed. The interest rate is now played by speculators, because lending and deposit in the local currency is different from the interest rate on lending and deposit in foreign currency and the remaining (25%) of the demand caused by the interest rate, which the central bank completely neglected. Comments