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DWS112

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  1. Al-Kazemi: Today we launched the signal to start the administrative and executive mechanisms of the white paper Aug 2, 2021 Prime Minister Mustafa Al-Kazemi announced, on Monday, the launch of the signal to start the administrative and executive mechanisms of the white paper. Al-Kazemi said in a tweet on "Twitter", "Today we launched the signal to start the administrative and executive mechanisms of the reformist "white paper." He added, "We promised that reform would be Iraq's road map for the next stages, and we kept our promise despite the challenges." It is noteworthy that Al-Kazemi confirmed, in June 2020, that the government had prepared a "white paper" for the expected reforms.
  2. Planning reveals tomorrow the details of the "responsive" document and the reform and recovery plan Aug 1, 2021 The Ministry of Planning announced that it will reveal tomorrow, Monday, the details of the "responsive" document and the reform and recovery plan for the period 2021-2023. And the ministry’s spokesman, Abdul-Zahra Al-Hindawi, said in a statement that {Euphrates News} received a copy of it that “Minister Khaled Battal Al-Najm will announce tomorrow, Monday, 2/8-2021, the details of the responsive document, and the reform and recovery plan, for the period 2021-2023, which it has completed. The ministry, in cooperation with relevant ministries and authorities, and with the support of the United Nations Development Program (UNDP). He added, "The announcement will be during the conference held by the Ministry of Planning at nine thirty in the morning tomorrow, at the Babel Hotel, in the presence of a number of ministers, representatives, governors, deputy ministers, representatives of the private sector and civil society, as well as representatives of international organizations operating in Iraq."
  3. Immunity of Central Bank of Iraq funds abroad July 27, 2021 The legal authorities in the United States of America confirmed to the Governor of the Central Bank of Iraq that all the reserves and funds of the Central Bank of Iraq are fortified and that no party can seize them. They also confirmed that they will defend its immunity with the rest of the countries, and these reserves cannot be compromised. As Iraq will complete during the coming period the full payment of the compensation and benefits accrued from it prior to 2003, this will lead to the lifting of the international immunity for Iraq's money abroad and it will be subject to implementation by some creditors from other parties and companies. In this context, those legal authorities confirmed that the funds and reserves of the Central Bank of Iraq are protected under the laws followed in the United States of America, and pledged to defend what is in the central banks and banks in other countries. Central Bank of Iraq Media Office 27 July 2021
  4. What if the US is expecting Prime Minister Mustafa Al-Kazemi to show up on the 26th with monetary reform done, and it is not ? Will they send him packing back to Iraq? "Go on... scoot scoot, come back when you are ready!"
  5. Cabinet Secretariat sets Eid al-Adha holiday July 15, 2021 The General Secretariat of the Council of Ministers set, on Thursday, the Eid al-Adha holiday, starting from next Sunday. The secretariat said in a statement, "The Eid al-Adha holiday begins on Sunday, 7/18/2021, and ends on Saturday, 7/24/2021." And she added, "that official working hours will resume in all state departments, on Sunday, 7/25/2021."
  6. Alternate translation: Al-Kazemi’s government is on the verge of deleting three zeros from the currency.. Iraq saves the risks of crises
  7. Al-Kazemi’s government is at the gates of deleting three zeros from the currency.. Iraq saves the risks of crises July 13, 2021 Huff Post Iraqi - With the continuation of the financial crisis in Iraq, the government of Prime Minister Mustafa Al-Kazemi resorted to what was termed an Iraqi government reform 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 government is planning long-term financial strategies that may prevent the country from falling into a financial crisis that may be more effective. Among the most prominent strategies put forward by the appearance of Muhammad Salih, the economic advisor to the Iraqi Prime Minister, is to delete 3 zeros from the Iraqi currency, without specifying a date for implementing this step. Saleh says to the Iraqi Huff Post, and deleting zeros from the Iraqi currency requires the fulfillment of two conditions, 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 fluctuation after the Iraqi government decided to raise the value of the dollar at the beginning of this year. As for the second condition, Saleh adds, it is represented in the stability of political life inside Iraq, which is required to change the exchange rate from laws and political consensus and so on. In his interpretation of the reasons for deleting 3 zeros from the Iraqi currency, Saleh comments that the importance of deleting zeros from the currency and slimming its units is a necessary condition for reducing accounting numbers, facilitating arithmetic use, the cost of managing new large numbers, and the absence of small numbers and fractions. And about the importance of the deletion process and the extent of its realism, Saleh indicated that the Central Bank of Iraq has developed a project to delete 3 zeros from the Iraqi currency, the subject of research and study for a long time. Positive delete zeros Economists say that the smaller the number of currency figures, the stronger its strength among currencies in the economic perspective, but 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. The international deal in the Iraqi currency is not related to the number of zeros as much as it is related to the strength of investments inside the country and the size of the Iraqi product exported abroad. And MP Jamal Cougar gives an example of deleting three zeros that Turkey, which deleted the 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 in global currency exchanges so far. In the opinion of Professor of Economics at the Iraqi University, Abdul Rahman Al-Mashhadani, that deleting zeros will save the state the costs of transferring the Iraqi currency between the central bank and government and private banks.
  8. Question and answer.. What are the pros and cons of deleting zeros from the Iraqi currency? And what are the conditions for that? July 12, 2021 Experts have warned that deleting 3 zeros from the Iraqi currency may cause psychological disturbances in the Iraqi market. The devaluation of the Iraqi dinar against the dollar is part of the government reforms paper (Reuters) 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 falling into a financial crisis that may be more influential. , without specifying a date for the implementation of this step. Saleh believes that deleting zeros from the currency is a necessary condition for reducing accounting numbers and facilitating arithmetic use (Al-Jazeera) 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 fluctuations 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 for reducing accounting numbers and facilitating 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. Rashid believes that the current economic situation in Iraq is not ready to delete zeros from the local currency (Al-Jazeera) 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. 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. 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. Cougar: The lower the number of currency numbers, the greater its strength among currencies in the economic perspective (Al-Jazeera) 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. Al-Shamaa believes that deleting zeros from the currency will not do anything for the Iraqi economy (Al-Jazeera) 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.
  9. Will Iraq succeed in overcoming the financial crisis by deleting 3 zeros from the local currency? July 12, 2021 http://iraqnews.info/wp-content/uploads/2021/07/%D8%B9%D9%85%D9%84%D8%A93-600x380.jpg Iraq News: A proposal was recently re-submitted to delete 3 zeros from the Iraqi currency to provide a monetary value in the Iraqi market with the aim of facing the financial crisis, which began with the outbreak of the Corona virus last year and the decline in global demand for oil, which represents approximately 91% of Iraq’s financial imports . With the rise in oil prices globally, the government is planning long-term financial strategies that may protect the country from the risks of falling into a financial crisis that may be more effective. Among the most prominent of these strategies was put forward by the appearance of Muhammad Salih, the economic advisor to the Iraqi Prime Minister, and is represented in deleting 3 zeros from the Iraqi currency, without specifying a date for the implementation of this step. Saleh says in a press interview, that deleting zeros from the Iraqi currency requires the fulfillment of two conditions, 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, Saleh adds, it is represented in the stability of political life inside Iraq, which is required to change the exchange rate from laws and political consensus and so on. And about the importance of the deletion process and the extent of its realism, Saleh indicated that the Central Bank of Iraq has developed a project to delete 3 zeros from the Iraqi currency, the subject of research and study for a long time. The Iraqi economist, Khalifa Al-Zubaidi, says that deleting zeros from the local currency without feasible and effective economic reforms in all economic sectors will be negative and have no positive impact on the national economy and does not contribute to reducing inflation, although it may delude some that prices have decreased and that the purchasing power of the currency I got better. He points out that the Netherlands succeeded in this work in 1960 because it established a strict policy to control prices and liquidity. Turkey also succeeded in this measure, with the testimony of the International Monetary Fund, for taking effective measures in the fight against inflation. International dealing in the Iraqi currency is not related to the number of zeros as much as it is related to the strength of investments inside the country and the size of the Iraqi product exported abroad. In the opinion of Professor of Economics at the Iraqi University, Abdul Rahman al-Mashhadani, that deleting zeros will save the state the costs of transferring the Iraqi currency between the central bank and government and private banks.
  10. This post by Yota, IMO indicates they are very near implementation: Bottom of article "the ministry provided communication cards for subscribers Land lines, in the category of 5 dinars, and another card in the category of 15 dinars, and the categories reach 100 Iraqi dinars. And he stressed that "the ministry's detachments deployed in the relevant departments will severely hold price manipulators accountable."
  11. July 20 Tuesday Eid al-Adha Official holiday July 21 Wednesday Eid al-Adha bank holiday July 22 Thursday Eid al-Adha bank holiday July 23 Friday Eid al-Adha bank holiday The market would be closed from Tues thru Sat - 5 days enough time? Normal days of operation are Sunday to Thursday
  12. This time frame looks promising: July 20 Tuesday Eid al-Adha Official holiday July 21 Wednesday Eid al-Adha bank holiday July 22 Thursday Eid al-Adha bank holiday July 23 Friday Eid al-Adha bank holiday Public holidays and celebrations in Iraq
  13. Why is the project to delete zeros from the currency now? June 27, 2021 Ibrahim Al-Mashhadani After the Central Bank reduced the value of the Iraqi currency and the implications of this decision on the high level of prices and inflation rates in the economy and the deterioration of the standard of living of Iraqi citizens and the arrival of millions of people to the poverty line, there is talk about raising zeros from the national currency in a move to restructure the currency and thus raise a problem Controversy over the imminent implementation of this project, which was previously put forward by the Central Bank in 2005 and met strong opposition from those interested in economic and monetary affairs. It is indisputable that in 2003, Iraq inherited volatile economic and financial conditions and massive monetary inflation as a result of wars and the economic blockade that led to negative effects on the regularity of the commercial market, labor and production markets, and a deteriorating standard of living that generated many distortions in structures and economic relations, among which was the presence of a large monetary bloc Low-value zeros are not commensurate with any developments in the present and future of Iraq. For example, the value of the largest currency rose from 25 dinars to 25000 dinars, which requires in this situation to find exits for these situations and their remnants. It is necessary, as we discuss this controversial project, to point out that monetary policy is the first task of the Central Bank, just like fiscal policy as a tool of economic development and economic stability in Iraq. From this point of view, reducing the monetary mass is one of the manifestations of this policy, not as a policy isolated from economic activities. The other, rather, it is an essential part of this system that aims to improve economic performance, but its effectiveness and success depends, among many things, on the existence of an efficient regulatory and administrative system for the governmental and private banking system, capable of studying and analyzing all the factors that directly and indirectly affect the determination of the mechanisms of this project. Ranth and adjust the rhythm. The implementation of this project requires an in-depth study of the reality of the economy in the current circumstances before taking hasty action, especially if we know that one of the requirements of such a decision is to provide stability in price levels, political stability, moderation in inflation rates and an effective productive sector, all of which are not available at this stage, add to This is because deleting zeros and reducing the monetary mass as any major operation will undoubtedly leave negative effects and fear among institutions and parties that deal in cash, including: 1. Psychological effects of debt operations outside banks and the official money market that may lead, out of ignorance, to disputes that may lead to disturbances adding to the tense security situation. 2. Repercussions on the stock market, where the capital belonging to companies and individuals dealing with the market will decrease with the same percentages of zeros, which will have to close the market for a certain period for the purpose of issuing new share certificates. 3. The large sums required to print new currencies that can be employed in other fields are much needed, such as health services in the time of Corona, as well as education. 4. Raising zeros will lead to a decrease in the nominal value of the income of workers in all sectors, even if it retains its real value, a condition that precedes the drop in prices that often come late From the foregoing, and in order to create the appropriate environment for deleting zeros, the central bank must take into account a package of measures, foremost of which is restoring the dinar exchange rate to its previous era in order to eliminate the reasons that led to raising the value of the dollar in preparation for the stability of the currency value and price levels and reducing inflation rates while curbing financial speculation carried out by private banks owned by influential parties, in addition to building foreign reserves supporting the Iraqi dinar, which is a cover for the Iraqi currency, and improving and rebuilding the payments system in connection with the future of economic development and its real and nominal data. It is very necessary to gradually build this promising project away from seasonality and urgency.
  14. Communications: The national project will provide the service of opening encrypted channels July 6, 2021 The Ministry of Communications announced today, Wednesday, that the National Communications Project will provide the service of opening encrypted channels, as well as the service of downloading videos. The ministry's spokesman, Raad al-Mashhadani, told the Iraqi News Agency (INA), that "work on the national communications project has reached more than 1,500 homes in the Zayouna area in Baghdad governorate," noting that "this project contains FG services that are comparable to Internet services." He added, "90% of the Iraqi workforce will be employed in this project, according to the agreement with all companies contracting with the Ministry of Communications," noting that "the project will reduce Internet problems, because it reaches every home and region very quickly." He stressed that "the project will provide several services, which are downloading videos and opening encrypted channels, in addition to the service of strengthening voice communication." Regarding land lines, Al-Mashhadani stressed that "the Ministry of Communications does not deal in dollars regarding land lines, but rather in Iraqi dinars, as it renewed the previous paper exchanges, and turned them into modern electronic land exchanges, in order to return the land phone," noting that "the ministry provided communication cards for subscribers Land lines, in the category of 5 dinars, and another card in the category of 15 dinars, and the categories reach 100 Iraqi dinars. And he stressed that "the ministry's detachments deployed in the relevant departments will severely hold price manipulators accountable."
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