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  1. Talk about re-work coin and delete the zeros from the paper 19/08/2019 A member of the Parliamentary Finance Committee revealed that there is a tendency to reintroduce the coin that has been used for decades in the country, while another member of the Committee proposed to pre-empt the coining process by “deleting zeros” from the current currencies so that there would be value for the small cash classes. The committee member, MP Hanin al-Qadu, that "during meetings and discussions with officials at the Central Bank stressed the need to re-work coins that were used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again." He explained, "The use of metal categories and their descent for trading gives a notional value of the currency," noting that "a number of neighboring countries (exchange rates are very high against the dollar) and yet we find that it has a coin in order to preserve the currency and not need to request more papers Cash, especially in small categories. " He expressed surprise at the "policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market." The Central Bank of Iraq announced in April 2005 to offer coins of denominations of 25, 50 and 100 dinars for circulation for the first time after it was canceled by the regime of Saddam Hussein after the Gulf War in 1991. The Iraqi currency was canceled in 1991 when the international economic embargo on the country to increase the rate of inflation in Iraq by 1000%, and the result of the situation under the economic siege and a significant rise in prices led to the destruction of the value of the Iraqi currency and reaching a very low and severe exchange rate , Which made the coin and the few currency denominations without value. It is noteworthy that the Iraqi dinar, which was equal to 3.22 dollars before the occupation of the former Iraqi regime of Kuwait in 1990, its value fell to one dollar equivalent to three thousand dinars by 1996. Another member of Parliamentary Finance said, "The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen." MP Ahmed al-Saffar said that "inflation in the economy prevents the minting of coins and make them circulate among citizens," suggesting that "there is a step to delete the zeros before the coinage process to be a value for small groups to large."
  2. Guide to re-work coin Monday 19 August 2019 Baghdad / Omar Abdul Latif The Finance Committee of the House of Representatives has revealed a trend to reintroduce the coin that has been used for decades in the country, while members of the Committee proposed to pre-empt the coin minting process by "deleting zeros" from existing currencies to be of value to the small cash categories. "During meetings and discussions with Central Bank officials, we stressed the need to re-operate the coins that were used in Iraq during the past decades, instead of paper that is damaged and printed in large quantities again," committee member Hanin al-Qadu told Al-Sabah. ". For his part, expressed a member of Parliamentary Finance Majid Waeli "readiness of the Committee to prepare any legislation required by the Central Bank, which can benefit the economy and the Iraqi market, including the circulation of coins." "The committee respects the independence of the central bank and its monetary policy," he said . "This kind of currency gives strength to the economies of countries," said committee member Jamal Cougar. He expressed hope that "the concerned parties can strengthen the currency so that small groups purchasing power in the case of the use of coins."
  3. In pictures .. Baghdad in a scene different from what is reported by the media 2019-08-18 | 12:07 In a completely different scene from the images the world media used to relocate from a city once described as a city of violence and chaos, and nearly two years after Iraq declared total victory over ISIS, Baghdad is quietly reshaping Dar es Salaam. BAGHDAD (Reuters) - Members of rival motorcyclists in Iraq , dressed in leather and black hats, take part in semi-circles with a dancing party waving bright shiny sticks as they raise their arms covered with tattoos. The Mughal Motorcycle Club Circle was one of many circles with a summer festival by Rayut Gear (a concert - a car show) held at a sports stadium in central Baghdad . Arshad Hibet, 30, a film director and founder of Riot Gear, which organizes the concerts, says: "Young people are mostly the public. People know their culture. "People have confidence, it means winning people's trust." RIOT GEAR has previously held similar concerts in Iraq before, but Friday's concert was the first open to the public. The ceremony began with a demonstration of young cars and modified imported motorcycles, and by night the event turned into a dance music.
  4. This is the history of the currency in Iran .. Why Tehran will delete the zeros from its banknotes? 8/16/2019 Mohammad Rehmanpour-Tehran For decades, governments of many countries have benefited from the benefits of deleting zeros from their local currencies, to facilitate their use among people, reduce printing costs, control inflation and strengthen the position of the local currency among countries. After rounds of negotiations over the years, the Iranian government approved a proposal by the central bank in January this year to remove the four zeros from the local currency, and the proposal was submitted to the Iranian parliament for approval. Since the reign of the Achaemenids to date, more than 50 different currency types have been used in Iran, such as the Achaemenid Drake, the Dirham, the Sassanian dinar, the Shah, the Abbasid Safavid, the Toman, and the Qajar Koran to the current rial and dinar. According to the first article of the banking monetary law adopted since 1972 in Iran, the official currency of the country is the Iranian rial, which was replaced by the Toman in the Pahlavi state in 1929 and continued to this day, where one riyal consists of one hundred dinars. Although the name of the currency has changed to the riyal, the Iranian people still call their currency "Toman" in their purchasing business. The use of the riyal name is limited to banks and official institutions in Iran. But according to the central bank's plan, the toman would become the official currency of Iran as an alternative to the rial. Four zeros will be deleted from the official currency. Toman Original currency The Toman will become the original currency of Iran, while the riyal remains the sub-currency, each 100 riyals constitute one toman. For its part, the Central Bank announced the start of the process of collecting used money and exchange of new money within 24 months after the approval of Parliament. "The value of the Iranian national currency has fallen by 3,500 times since 1971, and the exchange rate of the Iranian riyal against foreign currencies (the dollar) is 0.000008. In dollars. " He added that there are currently seven billion banknotes in the country, but the number will fall to three billion after the exchange of the riyal Altoman. This will facilitate trade and exchange between people and reduce the cost of printing money. Divergent views Opinions on the new plan were divided between loyal and opposition until the issue became controversial in Iran. In their view, it is more feasible at this stage for the government to focus on reforming the country's economic system and reducing inflation, which has reached 40%, while the economic growth rate is 5%. Similar experiences in other countries show that monetary change only achieves its objectives and desired results when economic stability is achieved. . On the other hand, supporters believe that the most important features of the plan is to give the currency its real value. The plan is characterized by reducing the size of banknotes and facilitate transactions and reduce the storage and maintenance space and save the banknotes better, and facilitate the process of carrying and transport, and reduce the psychological effects of inflation, and raise the currency between countries, and save time for people and banks at the same time, according to supporters . Inflation and other things says Ali religious Turkmen professor Tehran University and faculty member at Institute Studies and Research business in his speech to island "took this decision result continuous inflation years now which contributed zooms numbers." He pointed out that the basic elements of currency stability and control of inflation are not achieved when changing the currency and deleting zeros, Turkey has a similar experience in the deletion of six zeros from its currency in 2005, but the plan would not have benefited the Turkish economy without Turkey's involvement in the European market and attract head Foreign money and the correct management of the economy. He also said that this plan will not affect the purchasing power or people's property, and that the deletion of zeros will include money and goods at the same time, for example, the price of bread will become Tomanin instead of 20,000 riyals. Similarly, for foreign trade or foreign exchange transactions, prices will remain the same, and the purchasing power of foreign currencies will remain unchanged with the new toman, he said. In this sense, changing the currency and deleting its zeros is a double-edged sword for the Iranian economy. The success of the plan depends on the government's parallel economic reforms, to safely pass the thorny economic entitlement, otherwise it will sink into inflation again if it continues to deal with the old system and the same mentality four decades ago, observers say.
  5. "Currency change.". Tehran's ploy to escape economic collapse. The Central Bank of Iran proposes to remove 4 zeros from the national currency. The Council of Ministers approves Thursday, August 8, 2019 The Iranian Cabinet approved at its meeting on Wednesday, July 31, the proposal of the Central Bank of Iran, which he submitted in January, to delete four zeros of the national currency (rial) and change the currency from the rial to to man, so that the one toman equals 10 thousand riyals, after It was only worth 10 riyals. According to official statements, dealing in Toman will begin after two years and cancel the trading in rials except between Iranian banks, which will continue to deal in rials. This step comes as an attempt to "beautify" the economic reality of the state in the face of economic bottlenecks that became worsening after the Withdrawal of the United States in May 2018 from the nuclear agreement of 2015, and the imposition of more economic sanctions on it in September 2018, including many sectors, the most important sector Oil and energy. Previous attempts This was not the first time that the Iranian government considered removing some zeros from its national currency, as this step was considered in 1994, when inflation in the country rose to nearly 49% after it was a single figure (below 10%), then the second thought came in the deletion of some zeros from the currency in Former Iranian President Mahmoud Ahmadinejad announced in 2010 the intention to remove three zeros from the currency, but it was a step that did not go far beyond implementation. In December 2016, the government of President Rouhani agreed to remove zero from the national currency, but this decision was not implemented, due to the disapproval of the parliament, which saw it as a weak step and will not affect the economic situation of the state, but this time it seems that the parliament will approve the government's decision to remove four zeros of the currency did not Try to ease the burden of inflation and facilitate transactions in the markets. Why is Iran resorting to currency change at the moment? Some countries rely on economic tricks in the face of the decline in the purchasing value of their currency, either by removing some zeros from the value of their currency or changing the currency completely, which Iran did this time. It can be said that Tehran resorted to this step to avoid many of the problems that have become prevalent in the market today, which is the continued collapse of the currency against the U.S. dollar, since the withdrawal of the United States from the nuclear agreement in May 2018, and the imposition of economic sanctions on sectors Iranian oil, banks and transport, the Iranian currency became reeling against the U.S. dollar, where the Iranian rial at the end of 2018 lost more than 60% of its value, and the U.S. dollar in September 2018 reached the free market nearly 190 thousand riyals, and then decreased to now it is about 140 1,000 riyals (approximately 14,000 tomans). Iran is also seeking to facilitate the process of payments and reduce the cost of printing, it is enough to imagine that a citizen carries thousands of coins of riyals in order to buy some vegetables from the store, where the price per kilo of meat for example reaches 100 thousand riyals (million riyals), which is a very large figure. Moreover, Tehran costs a lot to print currencies, according to the official statements of the governor of the central bank Abdel Nasser Hamti, the cost of printing a 500 Toman class banknote is 400 tomans (i.e. the cost of printing a single currency is approximately 80% of its value). Perhaps the most important motive behind this move is to try to control the spectre of high inflation, with the Withdrawal of the United States from the nuclear deal and the imposition of sanctions, Iran became unable to export oil as before, which led to great pressure on the Iranian economy, which led to the devaluation of the currency, According to data from the Central Bank of Iran, the supply of cash in the markets increases by 20-30% per annum, the money supply in October 2018 reached approximately 17 cudrilion riyals (million billion), a very large figure. Inflation has risen from nearly 10% in 2017 to 18% after the U.S. withdrawal from the nuclear deal in mid-2018, and although the Central Bank of Iran has stopped declaring inflation rates, it is currently estimated at about 50%. Besides Tehran's attempt to control currency and black market counterfeiting, countries that suffer from currency counterfeiting problems often resort to the exchange rate of the currency on the black market, to change its currency, because the worsening of the problem always needs radical solutions, and this is what Iran has resorted to, after If you fail to try to control currency counterfeiting and the existence of more than one exchange rate, although the official price of the dollar against the rial amounts to (42 thousand riyals to the dollar), it is on the black market up to (140 thousand riyals to the dollar). In addition, a currency change would reduce the phenomenon of money-laundering away from state banks. There is no doubt that the change of currency leaves a good psychological effect on the general public, after the citizen had to carry thousands of coins to go to the market, will have to carry a much lower amount, the deletion of the four zeros will make the price of the kilo of meat mentioned above (100 thousand toman) to (10 toman), and will become the price of Free exchange in the market (1.4 toman against the dollar) from (14 thousand toman), as well as the change of currency from riyal to toman will lead to the consolidation of official accounts that were conducted in rials in the past with the activity of consumers and producers in the market that was done in Toman. The future of the new currency Although the Iranian government, led by President Hassan Rouhani, has agreed to change the currency to Toman, this decision still needs the approval of parliament and the Guardian Council, and therefore there is still a lot of time to begin the implementation of this step, especially with the announcement of the Governor of the Central Bank Iran, the implementation of this step requires more meetings and consultations and a plan to withdraw the old currency and print the new currency, which means that it will take at least two years to start introducing the new currency (Toman). It can be said that the introduction of a new currency in any market suffering the deterioration of the currency and its depreciation, it is true that it affects the psychological morale of citizens well, but this effect is "limited and temporal", i.e. it is a short-term effect, disappears with time, and the citizen discovers that the value of the purchasing currency is still as she. The main key to the success of the process of changing the currency or removing zeros of its value in the extent of achieving a real change in the economic structure of the state, if there is no clear economic plan synchronized with the change of currency, the economic situation will deteriorate further, for example, what happened in the Turkish case, Turkey in 2005 deleted six zeros of its currency (after the 1 million Turkish lira was equivalent to one U.S. dollar, the Turkish lira is equal to one dollar as well), and it is true that this step has been relatively successful, as the currency has depreciated again in 2018 and so far, especially with The lack of real and institutional reform (particularly the crisis of the dismissal of the governor of the central bank and the intervention of President Erdogan in the bank's monetary policy). We see this also in Venezuela, where it deleted five zeros from its national currency (Bolivar) in July 2018, in an attempt to ease the crisis of the collapse of the economy with the fall in oil prices since 2014, where oil production represents 96% of the national income of the state, although socialist President Nicolas Maduro stated that this The move will fix the faltering economy, but we now see that conditions are getting worse, with inflation in the country reaching nearly one million percent, for example, the price of a parsley pack in Venezuela is close to 1 million bolivars. Therefore, in the Case of Iran it is expected that this step will be only "cosmetic", especially since so far no clear economic plan has been announced in the context of the introduction of the change of currency, which calls for the expectation that the Iranian economy will continue to falter in the pace for a long time to come, due to three The index finger is clear. First: Continued U.S. economic sanctions on Iran, which means a significant tightening of the noose on all attempts at Iran's economic expansion, as well as the fact that U.S. President Donald Trump is not only trying to "trim the claws", but "remove the claws" of Iran, For this, he is expected to stop imposing more sanctions on Tehran, either Tehran will bow to the U.S. decision or be completely dropped, and Iran may have a chance to get rid of President Trump with the upcoming U.S. presidential election in 2020, but it seems to be a slim chance because so far it has not appeared A strong contender from the Democratic Party, it seems that Trump will stay for another four years. Second: the lack of independence of the Central Bank of Iran, so that it can do its job in achieving the economic stability of the state, and create economic reforms for the troubled banking sector, as the political crises on Iran, the central bank is now bowing to political interventions by the government, without attempting to take "steady and independent" steps towards achieving the economic stability of the country by targeting inflation indicators, interest rates and exchange rate. Third: The constant pursuit by the Iranian leadership to create more crises in the region and the world, where Iran behaves from the point of view of the "single loser" or loser who has nothing else to lose, it does not hesitate to export crises to the region and the world, it is sabotage operations in The Arab Gulf to the detention of oil tankers to announce the lifting of the ceiling of uranium enrichment, all these crises are creating a further economic blockade on them, as this is losing their trading partners. Thus, in the end, in light of previous indicators, it can be said that the Iranian economy will not come out of the bottleneck in the near term, and this is confirmed by what was stated in the latest IMF report issued last April «Prospects for the world economy» that the Iranian economy, as a result of the U.S. sanctions It is shrinking (growing at a negative rate) of 3.6% at the end of 2018, then 4.5% in early 2019, and the IMF expects the Iranian economy to continue to grow at a negative rate of 6% by the end of 2019.
  6. Iran circumvents the fall of the riyal in a new foreign exchange market July 28, 2019 TEHRAN (Reuters) - Iran's central bank plans to launch a new foreign exchange market in early August, a move the Tehran government claims will curb large fluctuations in foreign exchange rates in the official market recently. The official IRNA news agency reported on Sunday, citing Governor of the Central Bank of Iran, Nasser Hemmati, that the prospective market would be known as "multi-market or formed", and its role will be regulatory and not specific to the foreign exchange rate, he said. Government corruption in Iran brutal .. disappearance of one billion euros allocated for import He added, "Hamti" in press statements on the sidelines of a meeting with the new head of the foreign exchange market, that the aim of crystallizing prices described as "realistic" belong to foreign exchange against the Iranian rial. Iran's new foreign exchange market, due to start by August 12, will bring transparency to the foreign exchange offer, he said. The new market will include a private company comprising the Money Exchange Association, the Union of Iranian State Banks, the Association of Private Banks, and the shareholders of the parallel market on the Iranian Stock Exchange under the supervision of the Central Bank in order to develop a real foreign exchange rate. These entities will be the main mechanism for the activities of the shaping currency market, where financial transactions are scheduled to take place daily in electronic form, according to the BBC. The rise in the foreign exchange rate inside Iran has led to a severe financial crisis in the liquidity of the commercial and industrial units in the country, amid many criticism by Iranian analysts following government interventions in foreign exchange rates. The new foreign exchange market is expected to be a place for large banking transactions only among Iranian domestic banks, with several other foreign exchange markets in Iran, such as parallel (banking) and black (currency brokers), to be used by private individuals to secure their foreign currency needs as usual, according to the report. For BBC. According to reports by the Central Bank of Iran, multiple or formed FX market interactions are supposed to determine real foreign exchange rates based on the supply and demand mechanism. The Iranian government, which blames foreign exchange brokers for causing market volatility, hopes the dollar will approach its real value in this new market. It is not expected that this market will determine the prices of foreign currencies, but will be responsible for regulating them in the light of transactions between real speculators of foreign exchange such as government banks and banking shops approved, during which they appear naturally. Iran's foreign exchange market, after the collapse of the local currency since last year, has turned into a backyard for speculation and corruption by government officials under a Tehran government decision to allocate cash packages at the government rate. In recent months, the Iranian government has been offering local importers foreign currencies at a lower exchange rate than the free-market trader, which amounted to about 130,000 Iranian rials to the dollar in early July. The Iranian riyal is slightly stable against the dollar, currently at 120,000 riyals per dollar, according to the Bonpast platform, which specializes in monitoring the parallel foreign exchange market in Iran. These cash quotas are granted on preconditions. Iranian importers and exporters are obliged to purchase and transport pre-approved goods to Iran, as well as to return the proceeds from the sale of their transactions to foreign buyers. Local news reports have recently revealed that government employees have seized an estimated 2 million euros at the government-backed exchange rate under the pretext of buying heart stents, but they fled the money out of Iran. A month ago, as Iran effectively entered the full oil embargo, Tehran's Parliamentary Research Center said it was likely that there would be more financial scarcity inside the country. Tehran relies primarily on foreign exchange earnings for its crude oil and gas condensate. With the share of Iranian oil exports falling to about 250 thousand barrels of oil per day at the moment, due to the intensification of US pressure, a new parliamentary report that the country is on the verge of a severe shortage of liquidity as long as economic policies remain unchanged.
  7. Soon .. Iran launches a new foreign exchange market July 27 2019 Iran's central bank plans to launch a new foreign exchange market around the Muslim holiday of Eid al-Adha on August 12. Governor of the Central Bank of Iran Abdul Nasser Hemti, in a meeting Saturday with the Executive Director of the new market known as the "multiple", expressed the hope to develop a realistic rate of exchange rate of foreign currencies against the riyal and achieve transparency in the presentation of foreign currency notes, with the introduction of this market. The new market to be launched is a private company comprising the Money Exchange Association, the Union of State Banks, the Association of Private Banks and the shareholders of the parallel market.
  8. The head of the central bank of the mullahs regime: the futility of deleting zeros from the Iranian national currency 8/10/2019 Referring to the critical situation in the regime, Abdel Nasser Hamti, head of the central bank of the mullahs, said in an interview with the fifth channel of the regime's television: "I have never said that (the circumstances) are favorable." Our mechanisms are limited. Our abilities are limited, the circumstances and everything we inherit, there are many problems ... This economic war has risen and become a difficult dilemma; wherever we go we find that the Americans have preceded us and worked there. Even after we go, they follow us so we don't do anything. I and my colleagues go to Iraq , Turkey, Korea, India, Russia and China, go where we have trade and financial exchanges, discuss with them and satisfy them. In fact the pressure on them is very severe. They exert maximum pressure. "A year ago, I can really say that I could not sleep at night in the first six months because of the pressure on us to control the situation." Citizens know that what happened in the country's economic and political scenes in the middle of last summer. At 2:30 after midnight I woke up and I was thinking what to do. There is tremendous psychological pressure on us. He pointed to the futility of deleting the four zeros from the national currency, saying: I see questions raised by friends at times, they say that the deletion of zeros has no impact on economic growth and does not affect inflation and has no impact on the banking structure and others, we know that, did we say that It has an effect?
  9. The relationship scores a + B rating Central Bank Governor Ali Alaq "Economy News" Economy News - Baghdad: Governor of the Central Bank of Iraq, Ali al-Alaq, in the classification of the magazine Global Finance, to the rank of B + after it was last year in the rank B came as a result of controlling inflation and anti-money laundering and the financing of terrorism and currency stability and interest rates management and monetary policy management wisely. The Governor of the Central Bank of Iraq, Ali Alaq, won on June 28, 2018, as the best governor in the Arab world by the Union of Arab Banks during a ceremony held in the city of Paris, after the achievements made at the local and international level in several areas, most notably maintaining Exchange and close the gap between the official price and the market price as well as the significant development in the payment system and electronic payment systems. Global Finance, which ranked B + with 13 portfolios from several countries including Norway and Singapore, outpaced the governors of several countries including China, India and Japan. "Central bankers are facing great pressure to maintain their independence as a result of political instability in the world," said Joseph Giarabuto, managing editor of Global Finance. He said conservatives, who had a good rating, had led their countries in difficult times and had shown stable leadership. Al-Allaq was elected Vice-Chairman of the Board of Governors of the Arab Monetary Fund for the current session, and will be its chairman in the next session. Views 100 Date Added 09/08/2019
  10. Iran plans to cancel 700 million rial banknotes 2019-08-08 Iran's central bank chief announced on Thursday a plan to cancel 700 million rial banknotes and inject a new edition as part of the conversion to the Toman. "A plan to cancel 700 million rial banknotes and inject a new edition as part of the conversion of the toman," Hemti was quoted by Fars news agency as saying. "With the enactment of the abolition of the four zeros from the national currency, the currency coins will be permanently removed from the dealings of the people," he said. It is noteworthy that the Iranian cabinet prepared a draft law to cancel 4 zeros from the national currency of the riyal and converted to the name of the toman.
  11. Delete 4 zeros from the Iranian currency between truth and illusions The Iranian government announced on Wednesday its decision to delete 4 zeros from the Iranian currency and adopt the Toman instead of the riyal as the official currency of the country. The government's decision to approve the proposal of the Central Bank, which is still awaiting the approval of Parliament and then the Guardian Council, and then President Hassan Rowhani. What does it mean to delete zeros? At the beginning, the Iranian Toman is equivalent to 10 riyals, and after the collapse of the currency, the price of one dollar on the black market reached 120 thousand riyals (12 thousand Toman). The deletion of 4 zeros means that the 10 thousand riyals for example will equal 1 Toman. Reasons for decision This is not the first time that Iran has taken the deletion of zeros from the currency. Last year a similar action was taken in 2017. Tensions over the nuclear issue between Iran and the United States have caused the collapse of the Iranian currency, which lost more than 320 percent of its value in just three years, following the withdrawal of US President Donald Trump from the nuclear deal and the imposition of devastating economic sanctions on Tehran, where the dollar reached 193 thousand riyals. Its highest price against the Iranian currency last year. Economic pressures have also brought the rate of inflation to a historical average of 48%, according to official statistics, where the price of 1 kilo meat to about one million Iranian riyals, and Iran stopped dealing with coins, and the citizen has to carry large amounts of banknotes to buy Simple products. The objective of the decision and its impact on the economy The Iranian government aims to reduce spending on paper printing, re-use of coins, maintain currency efficiency and facilitate local monetary transactions. "The government has passed a bill to delete four zeros from the currency and the two currencies will be our national currency, which will make the national currency more effective and will be more in line with a common practice. Real is not used very much, and the coins will be traded again," said Ali Rabie, spokesman for the Iranian government. "He said. The central bank governor, Nasser Hamati, has announced that there will be a new currency market. "The new system will be a regulatory role and not specific to the foreign exchange rate, and will be known as (the multi-market), and will be aimed at crystallizing realistic prices of foreign currencies, The new foreign exchange market, which is expected to start operating by August 12, will bring transparency to the offer of foreign exchange securities. " The Iranian government also aims to create false psychological effects on its currency, which it believes to be more powerful. Although the deletion of zeros does not really add to the strength of the currency unless it is accompanied by economic measures and reforms that support the local currency, such as attracting foreign investment and providing sources of foreign exchange With Iran's economic isolation due to sanctions, the removal of zeros will not make a difference in the country's economic situation. But it is also possible to say that there is a slight change expected to occur in one case, that Iran withdraw the local currency from the market and print new money and then pump it to local markets, in order to reduce the amount of banknotes in the market, which is reflected in some way on the value of the currency, But this is a huge shift and costs a lot.
  12. The Private Sector Council is the institutional and legal pillar of economic reform Economic and Financial Advisor Samir Nusairi Samir Al Nusairi * In light of my study and analysis of the reality of the Iraqi economy and the challenges faced in sixteen years, I reached my vision for economic reform as follows: 1 - Draw a road map at the level of the strategic and strategic to re-formulate the new economic approach to Iraq, Article 25 of the Constitution to re-evaluate and review the structural, structural, institutional and legislative system of economic management. As well as review and evaluation of the foundations of coordination between the financial and monetary policies and review the structure and presentation of the general budget and the transition from balancing items to budget programs. 2. Adopting the policies set out in the National Development Plan for the years 2018-2022 and the vision of Iraq 2030 and activating the decisions reached by the joint experience committees between the government and the private sector formed by the Council of Ministers in 2015 for each productive economic sector. These decisions are for monitoring, monitoring and evaluation. 3- Forming a joint legal committee between the government and the private sector to re-draft, amend and issue new laws and activate all the laws issued and currently suspended, which govern the management of the economic process and serve the implementation of the road map which is approved, namely all the laws of the legislative environment that regulate and manage the Iraqi economy in its new curriculum, Government-private sector partnership and local product protection law. 4 - Establishment of the Private Sector Council and its functions shall be as specified in the Private Sector Development Strategy for the years (2014-2030). Special efforts are under way by the Ministry of Planning in cooperation with representatives of the private sector and the United Nations Development Program and under the direct supervision and management of the Minister of Planning for the establishment of this Council. The criteria and weights for selecting members of the General Assembly of the Private Sector Council have been reached. His duties in formulating policies, strategies and visions to lead the economy in the coming stage. 5 - Involvement of the private sector in the economic decision-making and representation in the membership of the Council of Ministers and the Council of Counselors and all opinion bodies in the ministries. 6. The establishment of the Central Monitoring Body, which is linked to the Council of Ministers and represents the private sector, whose task is to follow up the implementation of the decisions of the Council of Ministers. What is the role of the Central Bank, banks and financial technology companies in achieving financial coverage? With the utmost confidence and confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq has suffered due to the repercussions of the siege, wars and instability during the period of the information revolution. The Central Bank, banks and technical companies have been able to overcome the challenges of the technical gap between Iraq and the rest of the countries with sound procedures and mechanisms and to move in the right direction in the near future economic and security conditions that our country has suffered over the past years and charting a sound roadmap to catch up with technical developments in the countries of the world. That the follower of the situation of Iraq during the past five years, the extent of faith in the capabilities and competencies of Iraq on the events of change and bridging the technical gap between us and the developed world and this is evidenced by the achievements of important as follows: 1. The methodology adopted by the Central Bank has always focused on working under a sound legislative, regulatory and legal framework, as well as promoting the concepts of governance and international standards regarding information technology and financial techniques. 2- Issuing the electronic payment system for funds No. 3 of 2014, establishing the National Payments Council, the rules of corporate governance and management of information and communication technology, and the legal regulations and regulations governing the work of banks and electronic payment service providers. 3 - The Central Bank plays a central role in the establishment of advanced infrastructure and pursuit of the latest global technologies and the development of the bank's financial and banking systems and payment systems and advanced communications networks according to the latest technologies. 4 - the possession of the central bank for advanced payment systems as well as payment structures retail and was the national division of the most important parts. 5- Issuing work permits for many electronic payment service providers (card issuers, collectors, processing of mobile payment companies, bills and payment channels through different channels). 6 - Extensive attention to the implementation of the first objective of the strategy of the Bank for the years (2016-2020) is to achieve financial stability through a sound financial system with attention to achieving financial inclusion and reduce risks as well as the adoption of the project to settle the salaries of employees. It is clear from the above achievements that the Central Bank has overcome the challenges of the technical gap due to the siege, occupation and terrorism. It is currently at a steady pace to achieve the digital transformation in the financial sector towards achieving financial stability and moving from the monetary society to the society of money. It is also one of the objectives of the government platform in the fourth axis ). * Economic and banking consultant Views 37 Date Added 08/03/2019
  13. Parliamentary Finance calls for postponement of the vote on the candidates of the posts of the Governor of the Bank and the Board of Control 30 June 2019 - 9:30 p BAGHDAD / The Finance Committee in the House of Representatives, a request to the President of the House of Representatives Mohammed Halbusi, to postpone the vote on the candidates of the posts of the Governor of the Central Bank and the President of the Office of Financial Supervision. The network "Iraq News", a letter issued by the Chairman of the Finance Committee Haitham Jubouri Dated 29/6/2019, included a request addressed to Halabousi to postpone the vote on the candidates of the posts of the Governor of the Central Bank and the President of the Office of Financial Supervision, among the reasons that the delay came to see the potential candidates and plans to develop the work of those important institutions. Prime Minister Adel Abdul Mahdi on Wednesday (June 26, 2019) sent the names of candidates for positions of special grades, including the Governor of the Central Bank to the House of Representatives after approval by the Council of Ministers. And got (Baghdad today) a document issued by Abdul Mahdi and addressed to Parliament, including the names of candidates to the positions of special grades, after the approval of the Council of Ministers in its meeting last Tuesday, and the names are: Ali Abdul Amir Allawi for the post of governor of the Central Bank of Iraq, Salah Nouri Khalaf for the post of head of the Financial Control Bureau, Mohamed Abdel Hadi Mohamed Taqi El Hakim for the post of advisor to the Prime Minister, Fayadh Hassan Nema for the post of Undersecretary of the Ministry of Oil, Hamid Yunis Saleh Al Zobaie for the post of Undersecretary of the Ministry of Oil and Adel Karim Kak Ahmed for the post of Undersecretary of the Ministry of Industry. Minister Adel Abdul Mahdi "We will proceed with the steps to vote on these grades in turn, without quotas despite the attempts to impose some names, but we stopped all this and we went without a quota," he said on Tuesday (25 June 2019). Ali Abdel Amir Allawi for the post of Governor of the Central Bank of Iraq, Salah Nuri Khalaf for the post of Chief of the Financial Supervisory Bureau, and Mohamed Abdel Hadi Mohamed Taqi Hakim for the post of adviser to the Prime Minister, Fayadh Hassan Nema for the post of Undersecretary of the Ministry of Oil, and Hamid Yunis Saleh Zobaie for the post of Undersecretary of the Ministry of Oil, (25 June 2019), the vote on seventy general managers of all special grades, adding, "We will proceed with the steps to vote on these grades successively, and without quotas despite attempts to impose Some of the names, but we stopped all this and a flashlight Without quotas. " Ali Abdel Amir Allawi for the post of Governor of the Central Bank of Iraq, Salah Nuri Khalaf for the post of Chief of the Financial Supervisory Bureau, and Mohamed Abdel Hadi Mohamed Taqi Hakim for the post of adviser to the Prime Minister, Fayadh Hassan Nema for the post of Undersecretary of the Ministry of Oil, and Hamid Yunis Saleh Zobaie for the post of Undersecretary of the Ministry of Oil, (25 June 2019), the vote on seventy general managers of all special grades, adding, "We will proceed with the steps to vote on these grades successively, and without quotas despite attempts to impose Some of the names, but we stopped all this and a flashlight Without quotas. "
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