A parliamentary committee: Iqbal mounting on the Iraqi dinar

[TBomb]

A parliamentary committee: Iqbal mounting on the Iraqi dinar

Written by Ammar Shaykhli published on Monday, July 22 / July 2013 03:30

Baghdad (Iraq) / Hala Khalid
Analysts, economists continued low exchange rate of the U.S. dollar against the Iraqi dinar to Madon the (1200) dinars for the days to come, as the price of the weight of gold to 215 thousand dinars days after falling to 225 thousand for the weight of one.

 

said reporter «future» «The offices of banking sale and purchase of foreign currency and the U.S. dollar saw yesterday, a slight decrease on the prices of buying and selling foreign currency, including for the U.S. dollar rate of decline thousand dinars for one hundred dollars, for a sale price of $ 100 U.S. to 120 thousand dinars, while the price of to purchase 119 thousand dinars in most areas of the capital Baghdad and domestic banks in the capital.

 

Conversely said a member of the Economic Commission MP Mahma Khalil that the low price of the U.S. dollar in the market due to the increasing demand of the Iraqi dinar after the lifting of Iraq from Chapter VII and international sanctions recently.

said Khalil's «future» «demanded serve as the economic Iraqi Central Bank to pump large amounts of dollar U.S. to control the prices of buying and selling the dollar now and achieve something of the stability of exchange rates, as well as activating the role of trade control to control market prices, especially during the days of the month of Ramadan ».

 

Demanded Khalil to speed up the restructuring of the dinar and the Iraqi currency against foreign currencies in order to keep the price of the dinar against the rest of the Currency, indicating that the coming period will witness keep the exchange rate of the U.S. dollar contrast slightly in the price of buying and selling.

 

turn attributed the economic analyst Mohammad Al-Anbuge continuing decline in exchange rates of the U.S. dollar against the Iraqi dinar to the wrong policies pursued by the government and the central bank in the lack of control over exchange rates of currencies difficult.

 

He said Anbuge for «future» yesterday that the instability of the exchange rate of the U.S. dollar would cause economic disaster for the Iraqi market for the day ahead in the event of continued low exchange rates of the dollar and hard currency.

to the price fell the weight one for gold and jewelery and gold ornaments in the markets of the capital Baghdad yesterday, bringing the price the weight in sales to 215 thousand dinars central Iqbal significantly from citizens to buy large quantities of gold investors, the issue of low price.

 

said a number of shop owners gold jewelry in Baghdad for «future» that the price of buying and selling gold in the general areas of the capital decreased significantly without knowing the real reasons behind low price of gold.

 

predicted shop owners continued decline in selling prices and buy gold for the coming weeks to very low levels amid the apparent decline in the price of buying and selling currency is currently.

 

He was an economist, had confirmed the Future for last week that the reasons for the decline in gold prices in Iraq due to the introduction of some countries the global gold producer amounts of gold to global markets for sale and speculation which impact on all gold prices in the world.

 

http://almustaqbalnews.net/~almustak/index.php?option=com_k2&view=item&id=13735:%D9%84%D8%AC%D9%86%D8%A9-%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86%D9%8A%D8%A9-%D8%A5%D9%82%D8%A8%D8%A7%D9%84-%D9%85%D8%AA%D8%B5%D8%A7%D8%B9%D8%AF-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A&Itemid=578

REFERENCE ARTICLE FROM SAME AUTHOR

 

Next month .. Confidentiality measures to revive the dinar against the dollar

Written by Ammar Shaykhli published on Thursday, 30 May 2013 00:41

Baghdad (Iraq) / Walid al-Mahdi

With the continuing decline in the exchange rate of the dinar against the dollar and the central bank sales since the change of Directors of the Bank, said sources familiar with the Central Bank of Iraq will begin next month to open letters of credit in the banks to re-dollar exchange rate against the dinar to normal and prevent a repeat of volatility the exchange rate.

 

Said an economist close to the bank for «future» yesterday (Wednesday, May 29, 2013) «The management of the central bank decided to start applying measures to curb the appreciation of the dollar against the dinar most important opening letters of credit in the government and private banks», indicating that the bank refuses now to disclose details some of the procedures they will be strictly confidential for fear of exploitation of some of the beneficiaries of the auction currency.

 

The expert added that the central bank hopes to make the exchange rate under (120) dinars through the new procedures, which will begin next month.

 

And plunged the value of the Iraqi dinar gradually over the past weeks to reach the price per dollar to about 1290 dinars after it had been stable on 1210, the highest rate up to the exchange rate during the past two years.

 

For his part, MP Haitham al-Jubouri said the CBI told the Parliamentary Finance Committee that will begin next month, the application of new measures to curb the rise of the dollar against the Iraqi dinar.

Jubouri said that the parliamentary Finance Committee has informed the Iraqi Central Bank support for all procedures in reducing the rise in the dollar against the Iraqi dinar.

 

The parliamentary Finance Committee DAIFT this month and central bank governor Abdul Basit Turki agency and discussed with him the reasons for the high price of the dollar against the Iraqi dinar without to announce the details of what has been reached in this regard.

 

http://almustaqbalnews.net/index.php/news/world/item/10138-%D8%A7%D9%84%D8%B4%D9%87%D8%B1-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84-%D8%A7%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%B3%D8%B1%D9%8A%D8%A9-%D9%84%D8%A7%D9%86%D8%B9%D8%A7%D8%B4-%D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D9%85%D9%82%D8%A7%D8%A8%D9%84-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1.html

[calkid11]

GOOD POST TBOMB, THANK YOU

[coldwarvet]

Obviously the low value of the IQD is having a negative economic impact. So RV already!

[ronscarpa]

Good articles Tbomb...thanks...!   

[Boozer]

Just RV already

[TBomb]

From Tankwalker..thank you

 

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.
About This Article
Summary :
Various bodies within the Iraqi government are debating the implications of a move to “reset” the national currency by deleting three zeros from it.
Original Title:
Iraqi Division Over Currency “Reset”
Author: Omar al-Shaher
Posted on: July 22 2013
Translated by: Naria Tanoukhi
Categories : Originals iraq.jpg Iraq 
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."

Read more: http://www.al-monito...l#ixzz2ZoUAQofh

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Read more: http://dinarvets.com/forums/index.php?/topic/155397-iraqi-officials-divided-over-dinar-reset/#ixzz2Zp1Z8BIl

Edited July 23, 2013 by TBomb

[sandfly]

THANKS

[yota691]

Thanks TBomb....

[Biker]

Good find Tbomb, Just more talk talk talk what these fools do best.Like our Leader all talk no action.

[shellfish]

As some know one man's RV is another man"s nightmare.For as I've always hoped for the May articles 120-1 is my cash out. I will stand and applaud those holding for a 1-1.I want DVers to get what they have certainly earned. I know it's not brave but 9X investment  on spec. See Ya and be rooting for Ya.

[ScaryMary]

TBomb Thank You for your posts. I would never know where to look for all the info you find. I appreciate that you take the time to provide us info. Once again, Thank You.