Frank519

Posted: December 4, 2010 by Justhopin in Iraqi Dinar/Politics Tags: Adnan al-Janabi, Business, CBI, Central bank, Central Bank of Iraq, Commercial bank, Dinar, exchange rate, Finance, Iraq, Iraqi dinar, Member of Parliament, World Bank 0House of Representatives is hosting the central bank governor and his advisers Hosted the House of Representatives at its ninth regular meeting, chaired by Mr. Osama al-Chairman of the Board of Deputies today Saturday, 04/12/2010 Central Bank Governor and his advisers. Mr. Najafi apology on behalf of Council of Mr. purity of net debt and the Minister of Commerce against the backdrop of not attending the meeting host, adding that the minister was on an official mission in the province of Basra, declaring that he would attend at a subsequent meeting to answer questions from the MPs, from his part, Mr. purity of net debt Minister of Trade and Agency thanked the spirit shown by the Council, and hoped that the relationship between the government and the complementary relationship. And the President of the Council on behalf of the MPs heartfelt sympathies to all of the MP Sadiq gum of the death of his mother and MP Qais helter-skelter of the death of his father and Qusay Abadi, deputy of the death of his uncle. At the beginning of the meeting initiated by any of the above al-Hakim, said the President of the Council that the general budget of the State and reached the House of Representatives on Thursday was guidance distributed to all members of the Council, calling for quick formation of the Finance Committee to study the budget and to report and discuss relevant and host formal House of Representatives, stating that he will ask the Governor of the Central Bank being responsible to the Council. In the paragraph devoted to host Mr. Shabibi Iraqi Central Bank Governor Mr. conservative fiscal and monetary policies and the Bank’s relationship with the government and management of reserves, national banks and the country’s reserve of hard currency. He said Mr. Shabibi said the central bank is the only party responsible for the level of stability of prices and to maintain the purchasing power, pointing out that the foreign reserves is a cover for the work of the Central Bank of the precautionary to the economy of the country, adding that the bank was able by means of fiscal policy against inflation situation in the country, which Ankhvz average of 34 percent to 3 percent, stressing the bank aims to build a coherent monetary policy, rational, and recalling that the bank has achieved significant results in very harsh conditions, and was subjected to two Arhabyitn Twthera but did not do the job. And ask the MPs a number of questions and inquiries and interventions specific to the Central Bank, as deputy wondered Habib Terminal on the feasibility of the process of deleting the zeros and its impact on the market, while MP Sabah al-Saadi to reveal the nature of the documents missing from the central bank, while she asked Rep. Najeebeh Najib about the possibility of opening a branch of the Commercial Bank in Dahuk. For his part, drew MP Mansour al-Tamimi to what action was taken regarding the presence of banks have gone bankrupt, MP Qasim Mohammad Qasim view observations concerning the old currency and obstruction to facilitate change currency to the people of the Kurdistan region during the former regime, and wondered about the extent to compensate citizens for their possession of such currency, considered as placeholders filled Saadi said the banking sector is still weak and suffering from problems, wondering about the reasons for bad debts, while the deputy asked Abdel Salam al-Maliki for monetary policy in place to face any financial crisis. MP Faleh force demanded by the monetary policies to be taken to reduce the fiscal deficit, which accompanied the budget in addition to the nature of the relationship with the World Bank either Rep. Susan Saad called for a report on bank deposits and taking advantage of regional expertise with MP Mutashar Hussein to find a solution to the issue of bank interest While MP Adnan al-Janabi, the importance of careful House of Representatives on the independence of the Central Bank, for its part pointed MP Ahmed Hassan Faizullah to the Central Bank’s role in economic life and dealing with inflation, wondering about the reasons behind the borrowing of Iraq’s $ 250 million from the World Bank in spite of and a growing economy in the country. He also called Haider Mulla governor to clarify the nature of monetary policy realism in the areas of financial number to support multiple sectors from his part expressed his deputy secretary Farhan interest in knowing the precautions taken by the bank in the event out of Iraq under Chapter VII, while inquired MP Walid al-Hilli on the action taken by the government on what issued by international courts. It was also MP Haydar Abbadi Notes on the Bank’s role is important for the award of the national economy under the current circumstances and the importance of linking the dinar to a basket of currencies instead of dollars, while a student deputy governor Zamili know the fate of the money that was put under the names of companies and fake names in the era of the former regime MP Nassar al-Rubaie introduced a number of questions, notably the nature of the cash cover is located and how secured, for the independence of the national economy with MP Ahmad al-Alwani, asked for a failure to diversify financial cover Tzbb because of the dollar exchange rate. Was answered by Mr. Shabibi central bank governor questions the MPs, where he stressed the need for stability and the conditions of dolly to the process of deletion of zeros that are related to time which will be determined later, noting that the issue of reserve Aougueta currency comes at the request of the government or the Ministry of Finance on the dinar, which was produced by the central bank, pointing out that the size of the reserve is important support, because the currency in circulation has been affected by the reserve will affect the fiscal balance. He said the governor said the central bank responsible for monetary policy, a total as signs of the Central Bank on founded by moving banks adding that the bank do not deal with the public, but banks are determined by interest rates, although it puts the policy interest rate and the discount is determined by those banks, indicating that the process replace the old currency had a specific time and in contravention of these appointments lead to an imbalance in the supply of money and part of the discipline of monetary policy to keep a date replacement. And between the governor said the impact of the global financial crisis on Iraq was part of oil prices as the market of Iraq and promising to invest this from the positive effects of the global crisis, adding that work at the Central Bank has not affected the operations of terrorist suffered, assured the MPs not to lose data and important documents from the bank especially with the storage and the presence of deep ties with the international banks were willing to grant the bank a document may be lost for pointing out that the central bank not mind to open banks in any region as providing a number of recommendations in this matter, expressing his conviction to the availability of the stability of the exchange rate, exchange rate, the presence of force cash reserve, calling the private sector and government to take advantage of the ground and the proper environment and provided to the Central Bank in the development of all fields. On the issue of lending to the central bank money to the government according to the governor said the central bank to Aikarz government funds cover cash but Istita provide important ways for the government to finance the deficit through borrowing from the market and to issue money orders Treasury to provide money for the budget and expressed the bank’s readiness to cooperate with the government beyond the borders in lending by banks, adding that the central bank recognizes the need for government money in the development plans, but the case regarding the elaboration of the general budget. In turn, demanded the appearance of Mohammed Salih, adviser to the CBI that the House of Representatives re-cost the public budget and its implementation mechanism, warning of the withdrawal of $ 5 trillion dinars from the central bank reserves because of its negative reflection in front of the international economic community. Presented by Mr. Walid Idi Director-General in the Ministry of Finance, the developments in the banking sector in several areas, notably the expansion of the opening of branches of banks in the various governorates and the adoption of modern methods in the field of banking and mechanisms of work in the banks and the establishment of a special office to combat money laundering. In the second paragraph completed the House of Representatives to discuss the issue of unemployment and methods of treatment have proposed MP Zeinab Abdel Ali develop a database to determine the special grades and detect hidden unemployment MP Thamer al-Alwani was asked to develop a plan for each ministry to accommodate the workforce according to the specialization and efficiency, while MP Hussein Nermo to allocate amounts of oil imports or taxes to support the unemployed while their access to jobs, while the proposed MP Muhammad Ali because he is supporting small-scale projects and the opening of institutes for the unemployed. As for Mr. Safa al-Din Safi Minister of State for Parliamentary Affairs has stressed the State’s keenness to tackle unemployment, noting that there are a large number of staff borne by the State wages, leading to the depletion of resources of the state, revealing the existence of plans by the Government to address unemployment through the creation of investment opportunities and find balance between the investment activities and non-investment in the process of finding jobs, pointing out that the role of the House of Representatives is important in providing the funds necessary to tackle unemployment. For its part, called placeholders safe Saadi to the distribution of funds for small enterprises with a control on the performance of these projects while MP Abdul Hussein al-Hussein on the need to absorb part of the unemployment in the investment process MP Hamid Buffy has felt the importance of developing programs five-year or a decimal to tackle unemployment, criticizing bring foreign workers into the country with high unemployment, while MP Adel al-Maliki called for enactment of a law of military service and speed up the establishment of the Federal service. And MP Mahmoud Othman said that encouraging the private sector and increase productive investments will contribute to solving the problem of unemployment as demanded MP Nahida increased the allocation of agricultural land for the unemployed are supported without the benefits or restrictions, while urging the MP Abdul Khader Mahdi to benefit from the experiences of neighboring countries in addition to the experience of the Kurdistan region in addressing this problem , for his part, MP Mahma Khalilzad on the need to benefit from the implementation of the project to build one million housing units in addressing this issue, as MP Kanna that unemployment is a major cause of migration outside the country, alluding to the role of government and the private sector in finding solutions to the problem of unemployment while MP morning Saadi on the right of the citizen through the distribution of wealth share of the oil it. And then rose to the meeting on Monday, 06/12/2010. Media Department Iraqi Council of Representatives http://bit.ly/fStvDX

thanks for the explanation tbush, one good point made is they stated this is still planned to happen this year GO RV

i know the LOP has been beaten to death and there is no way they can do it. It just makes me nervous when i see things like 1000 dinar will be worth 1 dinar. If someone with more understanding could explain that it would be helpfull. thanks

Experts: the deletion of zeros from the Iraqi currency strategy needs to be a private cash Baghdad (news) .. is the question of the deletion of zeros from the Iraqi currency of the important issues of concern to the citizen and the economists at the same time and this was useful for the Parliament to invite the Central Bank Governor Sinan al-Shabibi come to the House of Representatives in its day to discuss this subject, The members of parliament discussed with the Governor a number of economic aspects of interest to public affairs, including (to delete the zeros) of the Iraqi currency. The subject of the deletion of zeros from the Iraqi currency and small nominal value while maintaining Bakimiteha cash and purchasing of issues that are discussed in many seminars, as addressed by the statements and press reports, in this context, says adviser to the CBI the appearance of Mohammed Saleh, said that this year will see the start of the process of deleting the zeros , stressing that the bank has completed 50% of the preparations that are working on since 2005. Saleh pointed out that the strategy based on the principle of gradual substitution of the Iraqi currency with another is lower than three zeros, and pointed out that the positives of this strategy is that it will be less expensive and easier to trade. He added that the deletion of zeros from the Iraqi currency will depend on monetary policy, long-term, indicating that this step requires the issuance of legislation and laws before the foot as part of the strategic management of the currency in Iraq. The appearance of Mohammed Saleh, said that the need to delete the zeros come from the “mass Iraqi monetary, which has become too large a product of the stage of inflation lasted about 30 years rose from 25 billion to $ 21 trillion, “adding that” the largest category of cash is 25 thousand dinars, equivalent to $ 23,while the largest category during the year 1979 and the period that preceded the Iran-Iraq war 25 dinars, equivalent to $ 75 at the time. “Today,” the largest Iraqi faction of 25 thousand dinars Atadl only $ 23 with the smallest currency we have is 250 dinars, “and will allow the delete operation” reduce the size of the cluster of cash currency, ie, that the paper of a thousand dinars, turn to one dinar, This means reducing the 21 trillion dinars to 15 billion with coins, metal, and small groups. “Saleh pointed out that the strategy, which purports to Central taken” in line with the Constitution and the economic life of good and facilitate internal transaction, “noting that” part of the margin of the inflation rate of between 1-3 % falls to the large number of cash representing the cost of transactions in the case of the deletion would decrease the cost. “and on the continuing high prices despite the official figures, which refers to the low rate of inflation Saleh explained that” monetary policy is not interested to return prices to square one, but aimed at reducing the rates of increase in prices which were up 32% in 2007, and today dropped those increases to the level of one decimal place around 7% only, “saying the number” a victory for the economic program of Iraq, where there are no important central Iraqi only achieve stability in the general level of prices and stability of the system Financial. Adding that the bank would issue treasury transfers of $ 3 trillion dinars during the next few days, to cover the contracts of electricity through the legal cash reserve held by banks for the benefit of From his part, sees Dr. Hilal Al-Tahan, that the application of such a strategy will not cause economic turmoil, or damage in the local market at the present time, while the economic analyst is willing to find satisfaction Blibl that the timing of the launch of this strategy is not appropriate now, noting that the country’s economy must be in a position of strength before applying those changes. Vimabin academic and an economist at the University of Karbala, said that the process of deleting three zeros from the Iraqi currency will lead to currency appreciation, pointing out the need for a quiet policy to persuade the citizens and get used to it for a period not exceeding two years. http://bit.ly/fTIcD7

Thank you cheifv any info you could gather would be appreciated by everyone thank you

Iraq

well here is some more

It's fun reading all the rumors you just have to learn to take them with a grain of salt. This will happen it's just a matter of time and some of these rumors are so out there it makes for a good read to pass that time.

made it i wonder if the rv will feel this good 10 of 10

oh alright im almost there i can feel it 9 of 10

almost there 8 of 10

this will be 7 of 10

ok this will be 6 of 10

think im at 5 now

ok just a few more to go