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Trish in the category of 100 thousand dinars Central Bank: We plan to restructure the Iraqi currency, including the deletion of zeros


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0.000860.000860.000880.000880.000900.000900.000920.00092
 
 
 
Edited by ChuckFinley
Was trying to get a photo with it.
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27 minutes ago, ChuckFinley said:

That is for sure. What I like about this group is that they seem to want to move forward. They just need to find out how. 

 

I reckon CF They’d move like greased lightening with a gun at their back. I’m a might grumpy with these fools of late: I see year 16 of this wait coming into view and right now I’d like nothing more than an October RV.

 

Its asking allot, I know. 

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34 minutes ago, The S Family said:

There are already 1000, 500 and 250 notes out. Why is this more exciting? We need 100,50, 20,5 and 1. 

there is  so much going on in the banking sector....I just don't believe they are going to come out with just 250..500...1000..and nothing changes....all the news coming from the CBI...the need to activate the initiative of the Central Bank of Iraq to finance small and medium enterprises, which aims to revitalize the economic cycle in the country(no more profit from corrupt auctions)......also getting ready to collect all us dollars...eu sanctions being lifted...paypal....mastercard/visa......and now this big deal about small notes...and then of course the government...President/Prime Minister...we are good......I mean excellent shape ....

we been following the CBI for a while now...IMO only of course ..........there are about to come out with the lower notes...and if not so be it...and we wait longer.....I doubt it though......IMO ...and didn't they also say....the introduction of currencies to rival the dollar...........

Lets go Dinar

Cheers DV

Edited by 6ly410
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Adel Abdul Mahdi ... between the constants of the economy and policy variables

 

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Firas Zouen
09/10/2018
 

I met many of the decision makers .. In the media and meetings, my name, along with others, is traded for this position. I have written repeatedly about getting out of the competition and the nomination, not a recoil or hesitation, or a deficit or a loss. Either, or I do not know, I confirm my apologies for the competition, for my estimate (assuming that I am now accepted), I will soon lose, and I will face majorities that will not allow the whole group to provide the necessary support later on.

With this simple introduction, Dr. Adel Abdul-Mahdi opened his morning column on 23/5/2018 with an article entitled "The Prime Minister ... Thank you, conditions are not available" to announce through which he did not rush behind the commissioning of this position for a variety of economic, political, social and other reasons that may serve as a rock A great ship shatters the desired repair ship.

I do not want this article to be a door for praise and flattery, but I remember that the man, aware of the depth of economic and political imbalance in Iraq, he is more accountable for his actions than those who were before him, and not know as someone does not know, and because the man as he was aware of the hidden Politics and aware of the obstacles of economic growth has taken a lot of people interested in economy and politics article seriously as a paper summarized the problems that may face any economic reform coming, and it may be fair to be these points are the bases on which to assess the performance of the next, summarizing These problems have 8 key points to find They may constitute obstructive factors that cause him not to complete his career in this position in the future.

The points pointed out by Dr. Adel Abdul-Mahdi in his article and clarified and showed the real danger to any economic and political reform in Iraq, and may note many of the skill of the man in his understanding of these problems and the ability to diagnose them in real terms began to diagnose the problem of rents of the Iraqi economy and what it constitutes Of the rest of the production sectors. He also referred to the opposition of the political forces to the economic reform approach to the habit of the state mentality of the rent as described, and the issue of separation of powers and the establishment of constitutional institutions, the problem of administrative corruption, , And referred to international relations based on logic rather than dependency.

Dr. Adel Abdul Mahdi, in accepting the end of the matter for the post of prime minister, he is obliged to put real and objective solutions to the problems that he outlined and a description of his pen. It may be fair that these eight points are the dividing line between success and failure in its economic and political performance. The extent to which he has succeeded in freeing the country from these eight obstacles.

The history of Mr. Adel Abdul-Mahdi is full of research and economic studies, which was the main feature of his professional career, where he was known as a man dealing with the economy from the point of view of a long-standing academy. The man issued a book entitled the constants and variables in the Islamic economy, The impact of the Islamic religion on the most important issues of the economy and talked through this book about the constants and variables in Islamic societies, and any thesis looking for implementation, the economic thesis of the Prime Minister began to enter into force by accepting the post of prime minister as a problem Iraqi economic problem and the man specialized economy, as has been said old The people of Mecca know the twists, here awaits the Iraqi street, how much of the fundamentals of the economic theory of Mr. Adel Abdul-Mahdi will remain constant and how much will change under the weight of political pressure.

Firas Zouen

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Market Review: “Feast or Famine”
 

Ahmed-Tabaqchali-AMT-IRIS-2-resized.png 

 

9th October, 2018


The uncertainty that has prevailed over all economic activity during the last few months is finally coming to an end in a typical Iraqi fashion-extremes of either feast or famine. The parliamentary elections in May, having yielded no clear winner, led to a multi-month paralysis during which the election results were contested in court, subsequently leading to a partial recount of the votes.

Increasing the election anxiety were massive demonstrations in Basra and the southern governorates, where citizens demanded reform and investment into basic services, and the proverbial shaking of the political class by raising fears that they would spread throughout the country. Thoughts on the protest movement and its implications are further discussed in, (The Protest Movement, the Politicians and the Elections).

The end of the uncertainty came in early October with the appointment of a president, and a prime minister in quick succession. This was done at a speed almost unheard of in post-2003 Iraq. While the individuals are two of Iraq’s most accomplished politicians with a lot of promise, the important takeaway is that the process of selecting them broke the mould and ended the political gridlock that bedevilled the country since 2003.

This was a continuation of the effects of the same 2015 protest movement that had such a profound effect on how the elections were fought and their subsequent results. The most visible effect was the fragmentation of the prior ethno-sectarian monolithic blocs that dominated over the past 14 years, the root cause of Iraq’s political and social instability since 2003. It is the end of this gridlock that holds the promise for change in Iraq and with it begins the unlocking of the massive reconstruction drive that lies at the heart of the Iraq investment opportunity.

This is made significantly easier for the upcoming new government as the windfall from higher oil prices (based on the year-to-date average Iraqi oil price of USD 65/bbl) could imply that Iraq would have a two-year cumulative surplus of USD 24.5bn, or the equivalent of a 19% stimulus for non-oil GDP by the end of 2018Conservative assumptions for Iraqi oil prices for 2019 of USD 59/bbl would imply a further surplus of USD 9.3bn by end of 2019, but if Iraqi oil prices were to remain at the current average price then the 2019 surplus could easily double to USD 18.6bn.

The implications of a three-year cumulative surplus of USD 33.8 – 43.1bn by end 2019 are enormous for Iraq’s ability to plan the funding of the reconstruction and to address the country’s structural imbalances. The assumptions above don’t assume that the current rally in oil prices is sustainable, but that Brent would stabilize at about USD 65-70/bbl from the current USD 84+/bbl (Iraqi oil tends to sell at a discount of USD 5/bbl).

However, this is at least a few months away as the new government is unlikely to be formed before the middle of November and as such would not be able to take any action before year end. Given that, the county is in the mildest of the 40-day Arbaeen pilgrimage, the timing of the new government’s spending programme would coincide with the return of activity following the Arbaeen pilgrimage -hence the earlier reference to the extremes of feast or famine for Iraq’s economy.

The market followed through with its longer-term bottoming process as the July interim bottom continued to be tested this month, in-line with the same trend seen in August and will likely continue for some time. The market, as measured by the Rabee Securities RSISUSD Index was down -4.8% for the month and -10.5% for the year. Average daily turnover declined significantly for the month to the lowest levels (by a wide margin) for a number of years as can be seen from the chart below.

Average daily turnover Index (green) vs RSISUSD Index (red)

AT-091018-1.png

(Source: Iraq Stock Exchange, Rabee Securities, Asia Frontier Capital)

The poor market action over the summer months should be seen in the perspective of the low turnover coupled with the continuation of the demonstrations that began in July, the prolonged uncertainty over the governments formation and finally the 40-day Arbaeen pilgrimage that brings the country to a standstill as millions of pilgrims take part in “the largest annual gathering of people anywhere on earth.

However, the low activity was not without fireworks as a sell-off by a foreign investor in Mansour Bank (BMNS) set off a frenzy of trading activity in a replay of the sell-off in the Bank of Baghdad (BBOB), as reported in July’s update “Of Frenzies & Market Bottoms”. At the worst point BMNS, was down -40% for the month and its market capitalization was equal to about 0.5x Book Value, 17% of assets and 22% of cash (based on trailing 12-month numbers). In an exact replay of the events with BBOB, once the position was liquidated locals and some other foreigners bought the stock which sent it up +27% to end the month down -24%, and -10% for the year.

However, the financial position of BMNS during the past few difficult years is almost the mirror opposite of BBOB. BBOB suffered from the same forces that crushed the sector’s earnings, as reviewed in (Of Banks and Budget Surpluses), in addition to its share of company specific issues and structural weaknesses that were exposed by the pains of 2014-2017, including the recent pressure on FX margins. BMNS on the other hand, weathered the storm mostly unscathed as seen below, and in particular it’s in a strong position to reap the rewards of a recovery given its strong deposit growth, low loan/deposit ratio, and low ratio of non-performing loans (NPL’s) to deposits.

As explained “Of Banks and Budget Surpluses”, the banks’ leverage to the economy crushed their earnings. In particular, the double whammy of the ISIS conflict and the collapse in oil prices squeezed government finances as expenses soared while revenues plummeted. The government resorted to dramatic cuts to expenditures by cancelling capital spending and investments which, due to the centrality of its role in the economy, led to year-year declines in non-oil GDP of -3.9%, -9.6% and -8.1% for 2014, 2015 and 2016, respectively. Ultimately, the government had a cumulative deficit of around USD 41bn during this period and accumulated significant arrears to the private sector in the process.

The same leverage should work in reverse as the potential budget surpluses of USD 33.8 – 43.1bn for 2017-2019 should have a simulative effects on economic activity which ultimately should translate to stronger future earnings for the banks. These were discussed in further details in: “Forget the Donations, Stupid.”

BMNS’ financial performance during the years of conflict can be seen through the three charts below that look at loans/non-performing loans (NPL’s), deposits and trade finance and their association with budget surpluses/deficits. BMNS’ loan and NPL data as supplied by the research team at Rabee Securities is gratefully acknowledged, while other data was taken from the Central Bank of Iraq. Data from 2010-2014 are based on Iraqi accounting standards, while data from 2015-2017 are based on IFRS, and all calculations uses the official USD/IQD exchange rate.

BMNS’ loan book growth peaked in 2015 at the same time that NPL’s peaked. Unlike many other banks in the sector, its loan book was almost flat during 2015-2017 and NPL’s as a percentage of loans declined by almost 50%. At the same time BMNS increased its provisions significantly at almost twice the NPL’s in 2017.

Mansour Bank: Loans & NPL’s 2011-2017

AT-091018-2.png
(Source: Central Bank of Iraq (CBI), Rabee Research, Asia Frontier Capital (AFC))

Unlike, almost all other banks in the sector, BMNS experienced deposit growth throughout the crisis with growth accelerating during the relative stability in 2017. A flat loan book and sharply increasing deposits resulted in a very low loan/deposit ratio allowing BMNS the opportunity to grow its loans book. Moreover, most of these loans are collateralized by property as most banks’ loans are in Iraq where the norm is for collateral value at 2x the loan.

Mansour Bank: Deposits and Loan/Deposit ratio 2011-2017
AT-091018-3.png

(Source: Central Bank of Iraq (CBI), Rabee Research, Asia Frontier Capital (AFC))

BMNS’ trade finance declined, however, at much lower rates than those experienced by the sector, while the damage to BMNS’ earnings was mitigated by the relatively small size of the business.

Mansour Bank: Trade Finance 2011-2017
AT-091018-4.png

(Source: Central Bank of Iraq (CBI), Asia Frontier Capital (AFC))

It’s logical to conclude that the sea change which has taken place in the government’s financial health would reverse the trends that affected the banking sector’s earnings as the significant stimulus to non-oil GDP should lead to sustainable economic activity which should provide the sector with room to recover. Given BMNS’ strong position relative to other banks, it should have an opportunity to grow much faster than the sector as a whole.

Please click here to download Ahmed Tabaqchali’s full report in pdf format.

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Economical: It is difficult to withdraw the currency from the market and the trader bears responsibility for the losses

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10th October, 2018


The economic expert, Bassil al-Obeidi, on Wednesday, that the governor of the Central Bank Ali al-Alaq bears the presponsibility of putting his name on the Iraqi currency, indicating that withdrawing the currency from the market is very difficult, stressing that the parliament has the power to dismiss the relationship after the mistake.

Al-Obeidi said in a statement to Al-Maaloumah that "the Acting Governor of the Central Bank Ali Mohsen Al-Alaq has made a big mistake by putting his name on the new currency, the new edition, where he bears responsibility for this before the government and the parliament." Which carried out the printing process in London, where Iraq is losing six dinars to print every paper at the very least, which bears the consequences if Iraq wanted to address the error.

He added that "the law does not prevent the placement of a name on the currency, but the name should be a prominent figure and achieved great achievements created by history, and boasts of the States," noting that "the process of withdrawing the currency from the market for the purpose of a change in printing time and money, Difficulty collecting all the amounts that have spread in the market and bear the name of the relationship.

"The parliament has the power to dismiss the relations from his post and to hold him accountable for his mistakes, which cost Iraq billions of dinars. He can also be charged for the loss of Iraq's money," he said.

 

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Economic sources: 90 billion dinars cost of the new currency and put the name of the relationship

Economic sources: 90 billion dinars cost of the new currency and put the name of the relationship
 
2018/10/10 9:51 
 
According to economic sources that the total currencies that have been printed recently, and put the name of the governor of the Central Bank, it amounts to more than 90 billion Iraqi dinars.


In a surprise move, the Central Bank announced the printing of large quantities of small groups of the Iraqi currency and the beginning of distribution, and write the name of the governor {agency} Ali Alalak, after improving the type of material used, and make a simple change in the form of these categories.  And raised the move of relations by placing his name on the currency in addition to signing a kind of controversy in the Iraqi street, and some called the House of Representatives to remove this addendum. 

However, the director of accounting at the Central Bank Ihsan al-Yasiri said in a press statement that the move was considered normal, considering that many central banks in the world put the name of the governor next to the signature, and only at other times sign, citing it as a "fingerprint of the Iraqi currency."  "These small groups are the ones that were printed in 2004 and include categories of 250, 500 and 1000 dinars, and today the need is much needed to pump more into the Iraqi market," he said. "Iraq received two days ago the first shipment of the category of thousand dinars and distributed to banks and financial institutions in order to put them to market, and this month will receive shipments of 250 and 500 dinars." 

The Central Bank of Iraq changed the image of the Islamic dinar on the category of a thousand dinars and made it a picture of the Assyrian logo.  The legal expert Jamal al-Asadi, the existence of a legal violation in the name of the governor of the Central Bank, the second edition of the Iraqi currency, and told the {Euphrates News} yesterday that the lack of reference to the status of the governor by proxy and write only a conservative in the currency is not original " And according to the Iraqi constitution is supposed to vote on the original in the House of Representatives and Ali al-Alaq acting and legally speaking if raised and pretended to be impersonated.

For his part, counting the historian Ghazi Ahmed al-Samarrai, step by "the previous did not occur on the date of the modern Iraqi currency since its issuance 87 years ago."  While attributed the general manager of the issuance and cabinets in the Central Bank Abdul Karim Hassan reasons to write the name of the governor on the new currency to know the citizen who is the governor."

 

 

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Newspaper: The cost of currencies, which was named the governor of the Central Bank of 90 billion dinars

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10th October, 2018


According to the newspaper "Middle East," the total of Iraqi currency, which was recently printed, and put the name of the governor of the Central Bank , amounted to more than 90 billion Iraqi dinars.
 
"The first explanation issued by the central bank last Saturday about writing the name of its governor on the new edition of the national currency was not enough to calm the anger expressed by political, economic and popular bodies about the lifting of the governor's signature and putting his triple name in his place, " the newspaper said, quoting sources.  The bank returned yesterday to issue another clarification, which contains the votes critical.

On Sunday, the Central Bank issued its second edition of the banknotes (25000, 10000, 1000, 500 and 250) dinars, while noting that the new currency included writing the name of the governor instead of signing it in the old version, in line with what is followed Now in other countries, and the dates Hijri and Gregorian dates have been modified (1440 H-2018 AD). 
The bank issued a clarification on the new currencies, indicating that it is entitled to determine the categories of coins and metals, paper and its dimensions, forms, material, content, weight and design.

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On Sunday, the Central Bank issued its second edition of the banknotes of the categories (25000, 10000, 1000, 500 and 250) dinars. He pointed out that the new currency included writing the name of the governor instead of signing it in the old version, in line with what is currently practiced in Other countries, as amended dates AH and Gregorian dates (1440 H-2018). 

The bank issued a clarification on the new currencies, indicating that it is entitled to determine the categories of coins and metals, paper and its dimensions, forms, material, content, weight and design.

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The Central Bank issues a new edition of five categories of the Iraqi currency[/size]


BAGHDAD - 
The Central Bank of Iraq issued Sunday its second edition of the banknotes of the categories (25000, 10000, 1000, 500, 250) dinars. 
"The bank has issued its second edition of the banknotes of the categories (25,000, 10,000, 1,000, 500 and 250) dinars," the bank said in a statement received by Mawazine News. "The circulation of the current notes will continue from the above categories With new categories without any intention to withdraw from trading. " 
He added that "variables here on the categories included writing the name of the governor instead of signing it in the old version, in line with what is now practiced in other countries, and the dates have been modified the Hijri and the Gregorian dates (1440 H - 2018).
The bank said that "the face of the paper was changed in the category of (1000) dinars cash, where the slogan" the inclusion of marshes and the effects of southern Iraq on the list of world heritage, "instead of the image of the Islamic dinar in the old design, based on a decision in this regard in addition to writing the name of the governor Instead of signing it in the old version and modifying the Hijri and Gregorian dates to the two dates (1440 H -2018 AD). "

 

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Expert and academic: The signature of the governor does not affect the strength of the dinar


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10th October, 2018

Said the economist Qusay al-Jabri, that the signing of the Governor of the Central Bank of Iraq, Ali Alalak, the new edition of the currency will maintain the strength of the dinar of any fluctuation may affect the next phase

Al-Jabri said in a press statement that the governor of the Central Bank of Iraq Ali al-Allak all powers, and the right to add his name on the currency

Al-Jabri said that we should pay attention to him and we care about him is the strength of the Iraqi dinar, we find that the signature of the Governor of the Central Bank on the banknote does not affect the strength of the dinar or the Iraqi economy, and this thing, as we know is the practice in a number of countries, Iraq in the past time and there is signed by his name frank

Al-Jabri explained that the Iraqi dinar is strongly supported today by the dollar and gold reserves, and that there are many factors that should be taken care of, which are likely to affect the Iraqi economy and we should care about them

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Economist: Putting the name of the governor on the currency is universally recognized


 10th October, 2018

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The economic expert Hussein al-Khakani said Wednesday that the issue of placing the name of the governor and signing it is universally recognized, while stressed the need to shine with the issuance of small currency

Al-Khakani said in a statement to the "Trend News" and viewed by "Economy News", that the national currency is constantly exposed to damage and the Central Bank of Iraq sets up cash collections ready to be replaced with the damaged currency after the reference with red ink certain and put numbers for the new currency and then put it In markets

He added that the new edition of the currency takes the date of issuance and the signature of the governor as is the case in all central banks in all countries of the world, noting that the central bank is responsible for the currency currency in the country and since the history of the Iraqi state so far find some governors put his name and signature and some others just add To sign

The economist pointed out that "there is no legal issue on the subject of signing the currency currency as it must bear the signature of a governor of the Central Bank

"The Central Bank of Iraq has taken two steps recently is the first to issue a new edition of the value of 1000 dinars, which was made to change the Koranic verse and put another picture of the marshes listed in the UNESCO World Heritage List

He added: The second edition of 100 dinarswhich is of the economic aspect is very important that the smallest currency in the country is 250 dinars and when buying small purchases by the facilitators less than 250 there is no smaller currency to return to the consumer by the seller and this causes extensive financial damage to the consumer

Al-Khakani stressed the need to activate small currencies as it will generate economic and financial benefit for the Iraqi consumer, including the category of 50 dinars

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Central: Our law allows us to define the form of the banknote and the name of the governor is a security mark


10th October, 2018

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A senior official of the Central Bank of Iraq, on Wednesday, that the bank's law allows to determine the form of the banknote, while noting that the name of the governor came as a "security sign

The Director General of the Department of Issuance and Treasury Agency Abdul Karim Hassan Shannon in an interview with "Alsumaria News" and viewed by "Economy News", "Article 33 of the Bank's law on the printing of paper currency and currency coins, the Bank under the regulations and instructions set the categories currency Paper, metal, makays, shapes, material, content, weight, design and other features, and therefore the bank is responsible for its contents and forms

He added that "during the edition of 2015, which called the window and was signed by the bank's governor Ali Alalak increased counterfeiting and therefore a Central Bank Committee examined the situation for non-repetition and suggested that the name of the relationship on these categories as a security mark next to the existing signs, which was in the form of drawing in these categories Printed and not as a name as it exists in official memos

"The name of the governor is present even in the old Iraqi currency coins under the monarchy," he said. "Most countries started to name governors such as Saudi Arabia, the UAE, Lebanon, Egypt, Iran, Nigeria, Malaysia and some of the UK's special currency groups

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On 10/8/2018 at 10:52 AM, DinarThug said:

Deputy chirps about putting the bank's wallets named on the currency

Monday 8 October
 

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Alsumaria News / Baghdad
MP on the National Axis Alliance Mohammed al-Karbouli, Monday, a tweet about the status of the Governor of the Central Bank Ali al-Aliq name on the new editions of a number of currencies. 

Karbouli said in Ngridth on the site " Twitter, "I will accept to be your name and signature embroidered with gold, but I will accept to put your picture on the currency that made equal to the dinar to the dollar," asking , "Who is responsible for the continued bleeding of hard currency and sell the auction?".

 

Karbouli wondered, "Who opened the wholesale banks in a disproportionate to Iraq'seconomic strained? Who flooded Iraq consumer goods and the disruption of industrial and agricultural development of the country?", He went on to say, "If you can not fix the reality of Iraq's economic will not mention the Iraqis even if Sculpt it on the rock. "

link

 

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Karbouli of the relationship: I will accept to put your picture if the dinar is equal to the dollar
 
Karbouli of the relationship: I will accept to put your picture if the dinar is equal to the dollar
 
2018/10/10 10:32 
 
Criticized the head of the parliamentary bloc of solution, Mohammed Karbouli, the Iraqi Central Bank, put the name of the governor of the bank agency {Ali Alaq] on the edition of the new currency of the small category. "I would have accepted that your name and signature be embossed with gold; I would accept that you put your picture on the coin if you made the dinar equal to the dollar," Karbouli wrote on his Twitter profile. 

Referring to the financial policies of the bank's governor during his last five years in office, Karbouli asked: "Who is responsible for the ongoing haemorrhage of the hard currency and selling it by auction, opening up wholesale banks in a way that is disproportionate to Iraq's exhausting economic reality? Consumer goods and the industrial and agricultural development of the country? "  "If you can not fix Iraq's economic reality, the Iraqis will not mention your name even if it is carved on the rock."

The Central Bank of Iraq announced last Saturday in a surprise move, the printing of large quantities of small groups of the Iraqi currency and the beginning of distribution, and write the name of the governor {agency} Ali Alalak, after improving the type of material used, and make a simple change in the form of these categories.  And raised the move of relations by placing his name on the currency in addition to signing a kind of controversy in the Iraqi street, and some called the House of Representatives to remove this addendum. 

The House of Representatives discussed the issue yesterday, said First Vice-President of the Council Hassan al-Kaabi, "The interventions of the meeting obliged us to attend the Governor of the Central Bank regarding the new currency, will be the date of hosting the governor on Thursday (tomorrow)." However, the director of accounting at the Central Bank Ihsan al-Yasiri said in a press statement that the move was considered normal, considering that many central banks in the world put the name of the governor next to the signature, and only at other times sign, citing it as a "fingerprint of the Iraqi currency."  "Iraq received two days ago the first shipment of the category of thousand dinars and distributed to banks and financial institutions in order to put them to market, and this month will receive shipments of 250 and 500 dinars." The Central Bank of Iraq changed the image of the Islamic dinar on the category of a thousand dinars and made it a picture of the Assyrian logo.

For his part, the legal expert Gamal al-Asadi, the existence of a legal violation in the name of the governor of the Central Bank, the second edition of the Iraqi currency, and told the {Euphrates News} Monday that the lack of reference to the status of the governor by proxy and write only a conservative in the currency is not original " Law. " For his part, counting the historian Ghazi Ahmed al-Samarrai, step by "the previous did not occur on the date of the modern Iraqi currency since its issuance 87 years ago."  While the general manager of the issuance and cabinets in the Central Bank Abdul Karim Hassan reasons to write the name of the governor "to know the citizen who is the governor."
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Saleh stresses the need to create new jobs by launching economic initiatives
 
Saleh stresses the need to create new jobs by launching economic initiatives
 
10th October, 2018
President Barham Salih visited the Peace Palace in Baghdad on Wednesday with the Minister of Labor and Social Affairs, Minister of Industry and Minerals Mohammed Shiaa al-Sudani, accompanied by an advanced cadre of the two ministries.

 

A presidential statement received by the agency {Euphrates News} a copy of it that President Saleh pointed out during the meeting that "the industry has a pivotal role in supporting the national economy," stressing "the need to address the failures of the previous Iraqi industry to regain its luster and importance and work to create new jobs through Launching effective economic initiatives". 

Saleh also stressed "the need to build a positive institutional relationship between the Presidency of the Republic and the rest of the ministries and do not just make official relations to move the wheel of the Iraqi economy through diversification of the country's resources.

For his part, the Sudanese minister presented a detailed explanation on the mechanisms of the work of the ministries of labor and industry, explaining that "there are local production capacities can cover all the needs of the market and the Ministry is preparing an integrated plan enables Iraqi products to compete with foreign product."
 
Edited by DinarThug
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Major trading companies expect oil at $ 65-100 next year

image

 

10th October, 2018
The world's largest trading firm said on Wednesday it expected oil prices to fall below $ 65 a barrel and could exceed $100 a barrel next year because of US sanctions on Iran. 

"We will not be surprised if oil exceeds $ 100 a barrel next year," Chief Executive Jeremy Ware said at an oil conference in London. 

Alex Bird, chief oil and gas chief at Glencore, said at the same conference that he expected the price of oil in the medium term to be between $ 85 and $ 90 a barrel.

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A banking expert: a fabricated political fuss trying to hit the Iraqi currency and economy


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10th October, 2018

Criticized the banking expert, Abdul-Hussein al-Mundhari, the big uproar that got the issuance of the Central Bank of Iraq new edition of the dinar currency, stressing that it is a fabricated political sensation aimed at hitting the national currency and the national economyconsidering the time of issuance clever to coincide with high oil prices and avoid any problem that may affect the economy Iraq

Al-Manzahri said in an exclusive interview with Al-Iktissad News that "some people unfortunately focused on the existence of the name of the governor in the currency, which is normal in most countries and did not focus on the strength of the currency in the face of fraud and poor employment conditions." Got about the name of the governor fabricated and purely political issue came at the time of forming the government

He stressed that "it is regrettable that some target the national currency, which gives the strength of the national economy and any impact that may affect the lives of people so it requires the removal of the subject of currency for any political conflict," explaining that "the Central Bank of Iraq is the only party responsible for issuing currency The currency is recognized and people will treat it normally away from the current fuss

He pointed out that "the time of issuing the currency by the Central Bank is very smart because it accompanied high oil prices and avoid any problem that may affect the Iraqi economy, which depends on oil in its revenues

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The appointment of Jabbar al-Allaibi as director of the National Oil Company .. means putting the right man in the right place ..

 
Economy  ,   2018/10/10 19:10  

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BAGHDAD, Iraq -

The Minister of Oil Jabbar al-Allaibi as director of the Iraqi National Oil Company will be the Cabinet headed by Haider Abadi has accurately applied the slogan "the right man in the right place" and implemented the best implementation, concluding the series of his decision, which exceeded hundreds of benefits, most useful to the country and the people together, ..

In this courageous decision, Dr. Abadi has put an additional brick in the successful governmental institutional construction initiated by his government and completed a very important and precise episode in the re-evaluation of tracks that have long since deviated. The man has fulfilled his obligations towards the Iraqi state and completed his national mission The public interest over other interests, and the preference for professional work on partisan or personal work. Such important appointments reveal an important aspect of the nature of the new orientation in post-2014 Iraq, and may be good signs of continuing Iraqi orientation towards the concentration of state institutions. Z foundations of professional competence and ability, after more than a decade of political disarray and party work is the product.

The Council of Ministers headed by Abbadi can testify to him that a real council since the government amendment, which was completed in 2016 and pushed national faces and competencies to the forefront, especially in the oil sector, which witnessed the occurrence of qualitative breakthroughs in its performance,and before that witnessed a stable was still missing, By appointing an expert and distinguished Iraqi expert, Engineer Jabbar al-Luaibi as director of the National Oil Company, the most important and most capable institution to express the prosperity of this important vital sector in the country that has no more than this wealth now, and is counting on the transformation of oil wealth to guarantee the development of Iraq sustainable, We are now rushing to hope again. Today, the Council of Ministers sees this correction as an additional, necessary, and important step, by the assumption of Mr. Jabbar al-Allaibi, who has been in the past for many years, Management of the National Oil Corporation,This means that more stability and progress will be achieved in this sector, and perhaps a question about the source of our confidence and optimism? And we say that the source of all this, among other things, that the Iraqi National Oil Corporation will be a successful alternative to the institutions of the pyramid infected with wasting and administrative weakness as well as the problems of corruption and bureaucracy, and perhaps the company Sumo (Alalila) is a good example, and that this institution - the company - will be A modern gate for the management of the oil sector, while the Ministry of Oil will oversee the sector, which means more flexibility and quality work in the management of this important company away from the intricacies of the bureaucracy and hidden deep state methods that want to undermine the achievements of any national institution, and then the most important in our optimism that the company I was entrusted with efficiency And an efficient man who knows what he is doing and wants to preserve the customs and processes of this industry, how not and al-Allaibi achieved great successes in less than two years on his oil, a man enjoys With the characteristics of technical and scientific and specialized does not have any oil cadres in all the oil institutions, and even does not have even retired from work in oil specialties, Valaibi prolong God in his lifetime is the last major oil experts in the history of this important product, and a treasure of the treasures of the Iraqi creativity, The case of the jeweler and the deputies and the deputies in the poetry, and the case of Mohammed Khudair in the story, and such a good in painting and composition, and the case of Zaha Hadid in the architecture, it is one of the genius of oil in Iraq, so well did Abadi, and the Council of Ministers of his government when they voted yesterday to appoint this rare specialist director For the national oil company, which would have a big business p It is the life, economy and future of Iraqis. It is the abbreviation of the production and marketing of Iraqi oil.

This optimism will also be reinforced by the quick consideration of the progress achieved by the Ministry of Oil in all its work and its tasks entrusted to it under the leadership of Mr. Allaibi, who has fingerprints on the positions of responsibility which he carried out with vigor and efficiency and cleanliness and an Iraqi conscience does not give his homeland any other consideration, The forty-year span leads us to optimism that does not account for any account concerns. Iraqis today are reassured that there are important Iraqi competencies leading a vital sector related to their lives as the oil sector rising

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Abdul-Mahdi recognizes political forces "draft conditions" to continue the formation of the government

 
Policy  ,   2018/10/10 14:54   , 

 

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BAGHDAD, Iraq -

The newspaper "the new Arab" on Wednesday, the Prime Minister-designate Adel Abdul-Mahdi to hand over powers and political leaders, "draft conditions" on the formation of the next Iraqi government, indicating that the draft included the possibility of reducing the number of ministries.

The newspaper said in a report seen by (information) / that "Abdul-Mahdi presented to the leaders of blocs and political forces from the two main camps in Baghdad (Camp Hadi al-Amiri and Nuri al-Maliki) and the camp (Moqtada al-Sadr and Haidar Abadi and Iyad Allawi) draft where there are several points considered broad lines To continue efforts to form a government and submit them on time. "

She added that "among those lines that the government program is determined by him, being who will be responsible for failure or success. The draft also includes the possibility of reducing the number of ministries to less than 22, and to merge some ministries and cancel other, and develop other positions such as Deputy Prime Minister for Services and Deputy Prime Minister for National Security.

She said that "among the points put forward by Abdul-Mahdi is not to intervene in the file of the dismissal of ministers or their agents as well as the file of Iraqi funds that were wasted as a result of corruption," referring to the insistence of Abdul Mahdi, "that the nomination of blocs of ministers does not mean that one should choose one, Some ministries are assigned to independents such as electricity, municipalities, oil, reconstruction and housing, in addition to preventing any interference in the security file or the military establishment, especially in relation to the positions of chiefs of staff and heads of military teams and leaders and directors of the police.

The newspaper pointed out in its report that "Abdul-Mahdi considered the approval of the political forces on the draft is a prerequisite for continuing the process of forming the government and start its work, and in the event of any pressure on him through internal or external parties, he will submit his resignation and explain to the Iraqis the reason for it.

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