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Fearless Four

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  • Birthday 03/11/1979

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  1. Officials Divided Over Dinar ‘Reset’ Posted on 22 July 2013. Tags: Corruption, dinar, IQD, iraqi dinar, re-denomination, re-valuation, Redenomination, revaluation By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Two Iraqi parliamentary committees monitoring fiscal policy in Iraq have held two contradictory positions on the Iraqi currency “reset” project, which would delete three zeros from the currency. There has been much debate about the project’s feasibility and the date of its implementation. While the parliamentary Economic Committee believes that the deletion of three zeros from the Iraqi currency would strengthen it, the parliamentary Finance Committee fears that this project would open the door to counterfeit operations. In a statement to Al-Monitor, Mudher Mohammad Saleh, former deputy governor of the Central Bank of Iraq, warned against the consequences of such a step if it is not implemented at the appropriate time. Abdul Abbas Shayya, a member of the Economic Committee in the Iraqi parliament, told Al-Monitor, “Reforming the management of the Iraqi currency now requires the deletion of three zeros. This has been endorsed by the parliamentary Economy and Investment Committee.” Shayya, an MP for the State of Law Coalition led by Prime Minister Nouri al-Maliki, added that the Economic Committee “asked the government and the Central Bank to quickly replace the current Iraqi currency with another that is less [in value] by three zeros.” “The Iraqi currency is weak, and the money supply has amounted to multi-trillions because of the existence of these useless zeros,” he said. “The country will witness a significant increase in oil revenues, financial earnings and high budgets. Thus, we need to print new banknotes, as estimated by the Central Bank.” “Iraq would need about 9 billion banknotes in the event of applying the deletion of zeros. Iraq today is dealing with 4 billion banknotes,” he said. MP Nahida Daini of Ayad Allawi’s Iraqiya List agrees with Shayya, her colleague in the Economic Committee. In an interview with Al-Monitor, she stressed the need to implement the Iraqi currency “reset” project. However, she said that the government fears money laundering operations in the event of the project’s implementation. She said, “The Economic Committee last week requested to implement the deletion of zeros from the currency, but the Council of Ministers asked to delay the process for fear of money laundering operations.” Daini believes that the government’s fears “are mere concerns.” She said, “There are regulators in Iraq who can follow up and ensure the integrity of the project.” Meanwhile, the parliamentary Finance Committee believes that channelling resources toward ensuring the stability of the local currency exchange rate is better than the deletion of zeros. Magda al-Tamimi, member of the parliamentary Finance Committee, told Al-Monitor, “The delay in deleting zeros from the currency was due to fears of possible fraud operations. The Finance Committee is currently focused on controlling the currency auction,” which is carried out by the Central Bank to ​​provide merchants with hard currency necessary for import. Iraq’s fiscal policy has come under criticism due to the fluctuation of local currency exchange rates against global currencies. According to Tamimi, “Iraq is not ready to control the possible currency fraud that may result from the deletion of zeros.” The Finance Committee, Tamimi added, “is now working toward controlling the Iraqi currency auction, which is witnessing a significant fluctuation in the exchange rate of the Iraqi dinar against the dollar.” “Development is the gateway to strengthening the currency. Thus, raising the value of the dinar is more important than the deletion of zeros,” she said. Saleh told Al-Monitor, “The deletion of three zeros from the currency means deleting three grades from the calculation records of the Republic of Iraq. The decision to implement the deletion of zeros next year is very dangerous and risky. This issue must be done at the appropriate time.” Saleh added, “We need to reform the currency management and accounting systems in the country in general. This can only be initiated in a new fiscal year.” “There are many encouraging positive factors to reform the currency management system,” he said, also noting that the deletion of zeros “does not only involve changing the design of the currency. It implies changing the economic system in the country in general.” Omar al-Shaher is a contributor to Al-Monitor’s Iraq Pulse. His writing has appeared in a wide range of publications including France’s Le Monde, the Iraqi Alesbuyia magazine, Egypt’s Al-Ahaly and the Elaph website.
  2. Iraq said on Sunday it has discovered deposits of crude equivalent to one billion barrels of oil after the first exploration work by state-owned firms in almost 30 years. Read more: My link
  3. See your Doctor, you may need a prescription to help get rid of the infection. Dont mess around, nasal infections are hard to get rid of in some cases.
  4. Hasn't he called it 5 times...doesnt he lose credibillity after the first lie?
  5. Breitlings Monday Show "Great News"
  6. Positive article, this is what they have been talking about for a while...
  7. Delete the three zeros does not lead to the strengthening of the dinarNovember 27, 2011 In this regard, a member of the Finance Committee in Parliament Najiba Najib said the project to delete the zeros of the currency does not lead to the strengthening of the Iraqi dinar against foreign currencies, saying that a mere formality for the restructuring of the currency. Najib said in a statement to (news): that the draft deleted three zeros from the Iraqi currency is not working to increase the value of the Iraqi dinar against foreign currencies, but is a matter of formality for the restructuring of the currency and reduce the money supply. She explained that the project to delete the zeros of the Iraqi currency will make it easier for banks, merchants and owners of large sums of money transfer money from one place to another, contrary to what it is now the currency of the current that they are replaced in a foreign currency. She pointed out that the objective of this project is to restructure the currency and make it the most heavily traded by investors and Iraqi banks and stay away from trading in foreign currency, as it reduces the bloc's monetary currency, and continued on to say: This project presented a proposal by the Central Bank of Iraq had not seen the Iraqi parliament to the details in full, whether occurring meeting just between the Department of the Central Bank and Finance Committee, the parliamentary emphasized that they intend to implement this project. and called a member of the Knesset Finance not to rush the implementation of such a large project time-a few, but must be studied in detail to find out the negative aspects and positive, stressing the need to spread awareness to the citizens through the media of how currency exchange and use. The Deputy Governor of the Central Bank Mudher Mohammed Saleh, said earlier: The draft deleted three zeros from the currency is still exist and has not been affected by any criticism. It faces noting that a national project must be implemented, he said, «that many of the countries of the world has gone through this experience and successful in its application and exceeded all the conflicts and the decline in economic reality to them », pointing out that the project will be deeply studied more and show understanding and explained to the public and it is not legitimate real-time, but long-term needs a long time to apply, likely that they will be applied after more than a year from now .(Source) Iraq Parliment
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