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Is Iraq going to issue new money to face the dinar crisis?


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Is Iraq going to issue new money to face the dinar crisis?
He may face a deficit in providing the salaries of employees and retirees, who number about 10 million people
Moayad Al-Tarfi is an Iraqi reporter  Tuesday, January 24, 2023 0:19
   

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The Iraqi economy depends almost entirely on Iraqi oil sales in US dollars (AFP)

 

The restrictions imposed by the US Federal Bank on the Central Bank of Iraq in the dollar file, and the introduction of the Iraqi financial transfer within the "Swift" system, caused a series of crises that led to a contraction of the Iraqi market and a decline in the purchasing power of most Iraqis during the past weeks.

 

Despite these negative effects, the crisis that the Iraqi government may face and threatens to anger the Iraqi street is providing the salaries of employees, retirees , and social welfare subscribers, who number about 10 million people, for whom about six trillion Iraqi dinars are allocated.

 

Oil dollar

 

The Iraqi economy depends almost entirely on Iraqi oil sales in US dollars, which are transferred through the Iraqi Ministry of Finance to the Central Bank, which sells them to banks to obtain Iraqi dinars to finance the needs of the Iraqi state in terms of operational and investment expenses in all areas of life.

 

And in the absence of any other resource other than oil to bring in the dollar in conjunction with the absence of real economic activity or other revenues for the Iraqi government from taxes, fees and investments, obtaining the Iraqi dinar will become very difficult, and Baghdad may be forced to use alternatives, which will cause an increase in inflation rates in the country. .

 

The dollar crisis prompted the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, to dismiss the governor of the Central Bank, Mustafa Ghaleb, and to return the former governor, Ali al-Alaq, to his post, and to dismiss Salem Chalabi, director of the Iraqi Trade Bank, which is the most important government bank used in Iraqi financial transfers abroad.

 

Employing millions

 

Since the fall of Saddam Hussein's regime in 2003, successive Iraqi governments, under pressure from the parties participating in the political process, opened the door wide for appointments in Iraqi state departments as an important part of their campaign for elections, which raised the number of workers in the public sector from 850,000 in 2003 to four. Millions of employees, workers, wage earners and contractors earn about 43 trillion Iraqi dinars (about 29 billion dollars) annually, in addition to millions of retirees and those covered by social care, bringing the number to about 10 million people, according to the Iraqi Ministry of Planning.

 

Dinar printing

 

It is likely that the financial expert, Muhammad Dagher, will resort to the Central Bank of Iraq to issue new money from the dinar to meet its needs of paying the salaries of employees, if its sales continue in this way, while noting that "the central bank has enough local currency now."

 

Dagher said, "The issue of salaries is a red line that cannot be touched, and if we do not obtain Iraqi dinars through the dollar sale window, then the Central Bank of Iraq must issue new money," indicating that the cost of employee salaries amounts to six trillion dinars that must be covered, despite Risks of increasing the money supply represented by inflation.

 

The dollar is rejected

 

Dagher ruled out that salaries would be distributed in US dollars instead of dinars if an Iraqi dinar was not available at the central bank, due to national and other economic considerations represented in the possibility of price increases.

 

He stressed that "the central bank has a reserve of local currency and can maneuver it and meet the needs."

 

 


alternative procedures

 

In the context, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the Central Bank of Iraq has temporary alternative procedures for absorbing liquidity, which are under study and awaiting implementation, but he did not disclose these procedures.

 

And the specialist in economic affairs, Safwan Qusay, said that Iraq suffers from a deficit of four trillion dinars per month as a result of the decline in dollar sales, while he referred to a set of solutions to bridge the deficit, including the issuance of bonds in Iraqi dinars.

 

economic steps

 

Qusai said, "The currency selling window decreased at a rate of 130 million dollars per day, around 200 billion dinars, which will lead to a decrease in the possibility of obtaining the Iraqi dinar to meet the requirements of the operational and investment budget," pointing to "the importance of expanding the outlets for obtaining the dinar, such as selling part of the property." The state in Iraqi dinars to cover the deficit in dinars.

 

shortage in months

 

He explained that "the deficit will not appear in the coming months, as there are dinar balances with the central bank, and it is possible for the central bank to issue dinar bonds to obtain dinars to finance the deficit," noting that "the Iraqi Central Bank is trying to move away from issuing new currencies because it will lead to a devaluation." Dinar is more than it is now.

 

Qusai added, "It is possible to obtain the Iraqi dinar by expanding government services and carrying out tax and customs reconciliation with all those charged with these fees to obtain the collection of the Iraqi dinar, as well as proceeding with this stage by strengthening investment spending."

 

Federal aid Iraq

 

Qusai continued, "The US federal wants to improve the economic situation of the Iraqis and create job opportunities. The more we raise the level of investment spending with international companies, the more we will get a dollar, and convert it into Iraqi dinars to spend on these projects," noting that "Iraq has to move in two directions, the first is to enhance the possibility of Obtaining dollars through the Federal Bank and through the investment budget and investment spending with well-known international companies, and secondly, expanding government services and collecting dinars in order to pay the dues of those covered by dinar obligations at the appropriate times.

 

50 trillion dinars annually

 

And Qusay indicated that the amount of the monthly deficit amounts to 2.5 billion dollars, that is, about four trillion Iraqi dinars, and therefore we need 50 trillion dinars annually, up to ($ 34 billion), stressing that what is now available to the Iraqi ministries and the Central Bank is less than this number, which will mean that the government You will be in trouble for the next six months.

 

The central bank can issue monetary currency according to the law to cover the deficit, but it is better not to issue it and preserve the monetary mass, which is 84 trillion Iraqi dinars (57 billion dollars) issued by the central bank, according to Qusai, who emphasized that “covering the deficit by issuing currencies This will contribute to the depreciation of the dinar.

 

He pointed out that there are more than 70 trillion dinars (47 billion dollars) with the Iraqis, and it is possible to withdraw part of it to fulfill the obligations by selling the state’s lands and properties in Iraqi dinars, and issuing dinar bonds, which contributes to absorbing the surplus dinars.

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Economists: the Iraqi dinar crisis may push the Central Bank to issue new money

 
 

Economy / Localities |Today, 16:57 |

    
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Baghdad today - follow-up

Today, the Iraqi government is facing fears of its inability to provide the salaries of employees, retirees, and social welfare subscribers, who number about 10 million people, for whom about six trillion Iraqi dinars are allocated.

 

Today, Tuesday, the newspaper (The Independent Arabic) wrote a report followed by (Baghdad Today), in which it said that “the restrictions imposed by the US Federal Bank on the Central Bank of Iraq in the dollar file, and the start of introducing the Iraqi financial transfer within the “Swift” system, caused a series of crises. It led to a contraction of the Iraqi market and a decline in the purchasing power of most Iraqis during the past weeks.

She added, "The Iraqi economy depends almost entirely on Iraqi oil sales in US dollars, which are transferred through the Iraqi Ministry of Finance to the Central Bank, which sells them to banks to obtain the Iraqi dinar."

 

The report said, "In the absence of any other resource other than oil to bring in the dollar in conjunction with the absence of real economic activity or other revenues for the Iraqi government from taxes, fees and investments, obtaining the Iraqi dinar will become very difficult, and Baghdad may be forced to use alternatives, which will cause an increase." inflation rates in the country.

 

He explained, "Since the fall of Saddam Hussein's regime in 2003, successive Iraqi governments, under pressure from the parties participating in the political process, opened the door wide for appointments in Iraqi state departments as an important part of their campaign for elections, which raised the number of workers in the public sector from 850,000." 2003 to four million employees, workers, wage earners, and contractors who earn about 43 trillion Iraqi dinars ($29 billion) annually, in addition to millions of retirees and those covered by social care, bringing the number to about 10 million people, according to the Iraqi Ministry of Planning.

 

And financial expert Muhammad Dagher believes that "the Central Bank of Iraq will resort to issuing new money from the dinar to meet its needs of paying employee salaries, if its sales continue in this way," while noting that "the central bank currently has enough local currency."

 

Dagher said, "The issue of salaries is a red line that cannot be touched, and if we do not get Iraqi dinars through the dollar sale window, the Central Bank of Iraq must issue new money."

 

Dagher ruled out that salaries would be distributed in US dollars instead of dinars if an Iraqi dinar was not available at the central bank, due to national and other economic considerations represented in the possibility of price increases.

 

He stressed that "the central bank has a reserve of local currency and can maneuver it and meet the needs."

 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the Central Bank of Iraq has temporary alternative procedures for absorbing liquidity, which are in the study phase and awaiting implementation, but he did not disclose these procedures.

 

And the specialist in economic affairs, Safwan Qusay, said, "Iraq suffers from a deficit of four trillion dinars per month as a result of the decline in dollar sales, while he referred to a set of solutions to bridge the deficit, including the issuance of bonds in Iraqi dinars."

Qusai said, "The currency selling window decreased at a rate of 130 million dollars per day, by about 200 billion dinars, which will lead to a decrease in the possibility of obtaining the Iraqi dinar to meet the requirements of the operational and investment budget." 

 

Qusay added, "The US federal wants to improve the economic situation of the Iraqis and create job opportunities. The more we raise the level of investment spending with international companies, the more we will get a dollar and convert it into Iraqi dinars to spend on these projects."

 

And Qusay indicated that the amount of the monthly deficit amounts to 2.5 billion dollars, that is, about four trillion Iraqi dinars, and therefore we need 50 trillion dinars annually, up to ($ 34 billion), stressing that what is now available to the Iraqi ministries and the Central Bank is less than this number, which will mean that the government You will be in trouble for the next six months.

 

He pointed out that there are more than 70 trillion dinars (47 billion dollars) with the Iraqis, and it is possible to withdraw part of it to fulfill the obligations by selling the state’s lands and properties in Iraqi dinars, and issuing dinar bonds, which contributes to absorbing the surplus dinars.

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They Should Release The New Currency, it was in motion March 3, 2015.

 

Alsumaria News / Baghdad 
announced the Governor of the Central Bank on the Keywords, on Monday, the deletion of zeros existing project, as pointed out it was given the green light for its implementation, he stressed that this process will be preceded by the administrative and regulatory processes. 



 

Alak said in a press conference held at the bank building and attended by Alsumaria News , "The project to delete the zeros is based was put into practice, and we gave the green light to start with," noting that "The project needs a period of time may extend to two years or more."
 
The Iraqi Central Bank announced in May 2012 that the process of deleting the zeros will be transferred Iraq from a country trillions to billions, noting that the currency replacing the process needs to be approved by parliament.
Edited by Wheelman
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19 minutes ago, Wheelman said:

"The project needs a period of time may extend to TWO YEARS OR MORE."

What year would that be? And since the old  / previous governor of CBI was already removed from office , then we don't know what the new governor of CBI is going to do with their currency. Will the new governor of CBI keep continuing and doing the project of deleting three zeros as the previous governor of the CBI already gave the green light to start with?

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13 minutes ago, rvmydinar said:

What year would that be? And since the old  / previous governor of CBI was already removed from office , then we don't know what the new governor of CBI is going to do with their currency. Will the new governor of CBI keep continuing and doing the project of deleting three zeros as the previous governor of the CBI already gave the green light to start with?

The New Central Bank Governor is not new, Alaq served a term of Central Bank Governor From September 9, 2014 until 2020. He is in the know already, he studied under Shabibi. So this archive I posted was from him in March 2015.

Edited by Wheelman
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17 minutes ago, Wheelman said:

The New Central Bank Governor is not new, Alaq served a term of Central Bank Governor From September 9, 2014 until 2020. He is in the know already, he studied under Shabibi. So this archive I posted was from him in March 2015.

 

He was also in Maliki's inner circle......

 

https://www.thenationalnews.com/business/iraqi-bank-chief-says-he-fled-after-visit-by-al-maliki-1.430512

 

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14 minutes ago, Wheelman said:

The New Central Bank Governor is not new, Alaq served a term of Central Bank Governor From September 9, 2014 until 2020. He is in the know already, he studied under Shabibi. So this archive I posted was from him in March 2015.

Since he is in the know already and studied under shabibi, hopefully, he will continue what Shabibi hasn't done it during his term as a governor of the CBI by RV'ing the IQD.

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1 minute ago, coorslite21 said:

He studied under Shabibi , on the other hand , he is also in Malarky's inner circle. And, that means the new governor of the cbi is just like a puppet behind malarky' s shadow and he will do and obey what malarky asks him to do. Is it a good news for dinar investors?

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18 minutes ago, coorslite21 said:

Who isn’t Maliki inter circle, Maliki is singing like a canary now, remember he can’t travel, Judge Ugalli has a case against Maliki in the Huge.

Remember Maliki is Samsung biggest stock holder, remember the law WHERE DID YOU GET THIS!

So he had plenty of people under his control as Prime Minister.

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17 minutes ago, rvmydinar said:

He studied under Shabibi , on the other hand , he is also in Malarky's inner circle. And, that means the new governor of the cbi is just like a puppet behind malarky' s shadow and he will do and obey what malarky asks him to do. Is it a good news for dinar investors?

The New Prime Minister worked for Maliki also. 

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27 minutes ago, rvmydinar said:

Is Malarky the reason why the CBI hasn't rv'ed the iqd for almost 19 years then? In another word ,  As long as malarky is still in control , there is only a slim chance the iqd is going to rv??

Now I believe

your catching on

 

who put him in control in the first place 

ummm

mmmm

wasnt trump 

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Most worked for Maliki. It was a form of survival.

 

The USA is all over Iraq. The US Treasury is instructing them what to do, and they do it. Officials are flying to Washington DC is a few weeks to discuss of the dinar/dollar value: All the way to DC to discuss a possible 20% increase that would simply swing it back to where it was recently? Sure. All the agreements with the USA (i.e. SOFA) that they can't wait to adhere to. Sudan government allowing US troops to remain in Iraq. Meeting in Jordan with neighboring countries to figure out how to drown Iran. And there is so much more.

 

And the USA would allow Iraq to put the CBI in the hands of an Iranian sycophant? I don't think so. And don't forget everybody said al-Alak was a shoe salesman in his prior career. I don't think so. 

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 Today, 16:57 | 

Economists: Iraqi dinar crisis may push the central bank to issue new money

1674566921.jpg

 

Economists: Iraqi dinar crisis may push the Central Bank to issue new money » Baghdad Today News Agency

 

Baghdad Today – Follow-up

Today, the Iraqi government faces fears that it will not be able to provide the salaries of employees, retirees and social welfare contributors, who number about 10 million people, to whom about six trillion Iraqi dinars are allocated.

The newspaper (Independent Arabic), on Tuesday, a report followed by (Baghdad Today), in which it said that "the restrictions imposed by the US Federal Bank on the Central Bank of Iraq in the dollar file, and the start of the introduction of the Iraqi financial transformation within the system "SWIFT", caused a series of crises led to the contraction of the Iraqi market and the decline in the purchasing power of most Iraqis during the past weeks. "

"The Iraqi economy depends almost entirely on Iraqi oil sales in US dollars, which are transferred through the Iraqi Ministry of Finance to the Central Bank, which sells them to banks to obtain Iraqi dinars," she said.

"In the absence of any resource other than oil to bring in dollars in conjunction with the absence of real economic activity or other revenues of the Iraqi government from taxes, fees and investments, obtaining the Iraqi dinar will become very difficult, and Baghdad may be forced to use alternatives, which will cause an increase in inflation rates in the country," the report said.

He explained that "since the fall of Saddam Hussein's regime in 2003, successive Iraqi governments, under pressure from the parties participating in the political process, have opened the door wide for appointments in Iraqi state departments as an important part of their election campaign, which raised the number of workers in the public sector from 850,000 in 2003 to four million employees, workers, wage earners and contractors who receive about 43 trillion Iraqi dinars (about 29 billion dollars) annually, in addition to millions of retirees and those covered by social welfare, bringing the number to to about 10 million people, according to the Iraqi Ministry of Planning."

Financial expert Mohammed Dagher said it is likely that "the Central Bank of Iraq will resort to issuing new money from dinars to meet its needs of paying the salaries of employees, if its sales continue in this way, while noting that "the Central Bank currently has enough local currency."

"The issue of salaries is a red line that cannot be touched, and if we do not get Iraqi dinars through the dollar sales window, the Central Bank of Iraq must issue new money," Dagher said.

Dagher ruled out that salaries will be distributed in US dollars instead of dinars if the central bank does not have Iraqi dinars, due to national and economic considerations represented in the possibility of higher prices.

"The central bank has local currency reserves and can manoeuvre with them and meet needs," he said.

The financial adviser to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the Central Bank of Iraq has temporary alternative procedures to absorb liquidity, which are under study and pending their application, but he did not disclose those measures.

"Iraq suffers from a deficit of four trillion dinars per month as a result of the decline in dollar sales, while pointing to a set of solutions to fill the deficit, including the issuance of bonds in Iraqi dinars," said economic affairs specialist Safwan Qusai.

Qusai said that "the sale of currency has decreased by an average of $ 130 million per day, up to 200 billion dinars, which will lead to a decrease in the possibility of obtaining the Iraqi dinar to meet the requirements of the operational and investment budget."

"The US Federal Reserve wants to improve the economic situation of Iraqis and create job opportunities, as the higher we raise the level of investment spending with international companies, the more we get a dollar, and convert it into Iraqi dinars to spend on these projects," Qusai said.

Qusai pointed out that the monthly deficit amounts to $ 2.5 billion, or about four trillion Iraqi dinars, so we need 50 trillion dinars annually ($ 34 billion), stressing that what is now available to the Iraqi ministries and the Central Bank is less than this figure, which will mean that the government will face a problem during the next six months.

He pointed out that there are more than 70 trillion dinars ($47 billion) held by Iraqis, and part of it can be withdrawn to meet obligations by selling state land and property in Iraqi dinars, and issuing dinar bonds, which contributes to absorbing the surplus dinar.

 

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1 hour ago, 6ly410 said:

Today, the Iraqi government faces fears that it will not be able to provide the salaries of employees, retirees and social welfare contributors, who number about 10 million people, to whom about six trillion Iraqi dinars are allocated.

we already knew this...they have no money but its okay dont need it if you revalue and release lower denoms and pay salaries electronically and kick off electronic banking and payment sytemsm

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6 hours ago, Wheelman said:

They Should Release The New Currency, it was in motion March 3, 2015.

 

Alsumaria News / Baghdad 
announced the Governor of the Central Bank on the Keywords, on Monday, the deletion of zeros existing project, as pointed out it was given the green light for its implementation, he stressed that this process will be preceded by the administrative and regulatory processes. 



 

Alak said in a press conference held at the bank building and attended by Alsumaria News , "The project to delete the zeros is based was put into practice, and we gave the green light to start with," noting that "The project needs a period of time may extend to two years or more."
 
The Iraqi Central Bank announced in May 2012 that the process of deleting the zeros will be transferred Iraq from a country trillions to billions, noting that the currency replacing the process needs to be approved by parliament.

boom! 100% its coming.....and lower denoms

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i dont know if it was a dredged up article recently but the cbi is still claiming 70% plus is still outside the bank not in circulation in iraq 

Mohammed Salih is very familiar with the 3 zero project he was at the cbi back in 2011 2012 when it was all the buzz heres a long read about it from 2011 there were many articles about the plan and every guru had a spin on it ... 

 

The project to delete the zeros of the local Iraqi currency between the timing and feasibility

 

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Poll: Qasim flavor still
Tributary Sadiq / Union / Baghdad 09.24.2011 12:26:29

Raised the project to delete the zeros of the local currency, which was announced the CBI on June 22 last debate between the economic and financial circles, at the time raised the reactions of the popular wondering about the timing and economic feasibility of the process that could cost millions of dollars and spoke upheaval in the domestic market.

(Union) polled a number of experts and academics on the dialectic of the deletion of zeros from the local currency over the following survey:

Ready to erase the zeros

Iraqi Central Bank confirms its willingness to delete the zeros of the local currency pointing at the same time that those zeros that are added to the Iraqi currency during the last period formed a cluster of large cash hit (27) trillion dinars, and said the appearance of Mohammed Salih, adviser to the Iraqi Central Bank: This step is jobs strategy of the Bank, and the zeros that are added to the Iraqi currency during the last period formed a cluster of large cash amounted to more than four trillion paper reviews categories of the Iraqi currency value of financial Bgt (27) trillion Iraqi dinars after it was (25) billion dinars in 1980 He pointed out: that Iraq is unable to manage this block because it is a small country where the large number of money circulating in the Iraqi market has led to a confusion in business dealings in the work of the huge banks ..

Adding that the bank has fully prepared for the deletion of zeros from Iraqi dinar and that the deletion of zeros is a national issue and may need to special legislation, although the Central Bank of Iraq is the reform of management system of currency from the heart of his work and that the deletion of zeros is one of the strategic functions of the Central Bank of Iraq, noting : that the bank was able during the last period to reduce the level of inflation to the level of one decimal after the passage of more than twenty years ..

Indicating: that Iraq was able for the first time to reduce inflation to 2%, which reflects the success of Iraq’s monetary policy.

Fear of counterfeit currency

The economic researcher Abdul Salam Jumaili he says that the project to delete the zeros regulating mechanism for lifting the three zeroes to promote the value of local currency in circulation economic, external and internal which is a strategic project aimed at reducing the rates of inflation experienced by the Iraqi market, as it will free the Iraqi economy from the restrictions and damaged the value of the Iraqi dinar the World Bank’s fund ..

Adding: when we want to buy dollars in 1200 dinars, we buy at one dinar and 200 fils, while the researcher says economic Mohammed Hatem Al-Kaabi on the subject: that most of the speakers with him from supporters and opponents disagree on the subject of hand out a good idea or not so good, everyone has the conviction that the deletion of zeros to be that is one day, but the objectors whom I am standing on the timing and feasibility of the process could cost millions of dollars may occur upheaval in the domestic market, which obviously he does not need a case of confusion, new point: that this amount is higher than the money, according to reports of the Central Bank of Iraq four trillion banknote is difficult to alter without constraints, the question arises how will change the currency, and alter the currency and to ensure the absence of manipulation during the switch, it is a matter numbers and zeros lift the zero set zero of sin, and confirms Al Kaabi said the draft of zeros and delete them in this way is a green light the mafias counterfeiting to put forged banknotes can be lost from the process of exchange coordination and purchase of receivables As for the priorities do not say more than what specialists in this area because the economic situation need to follow the structural and the money that will be spent on the switch I see that the sectors of interest to the citizen first, such as the health sector and education and increase the productive capacity of the country and the adoption of incomes of a new alternative for oil will run dry one day and we will find ourselves in the desert where no water, no green in the face of good I do not think that the story is far from the political, there are those who want to say I made the dinar as the dollar and this phrase will go on citizen unnoticed.

Risks to the economic security

The economic adviser in the government Hussain Anbuge: The process of deletion of zeros from the currency will increase the phenomenon of money laundering and the government is working to convince the central bank need to stop work on the implementation of the project, indicating: that the government had informed the Central Bank of the existence of a risk to economic security in the event insisted the bank to delete the the zeros of the local currency ..

He continued by saying that this process costs time and effort of the government and the central bank raises the level of fraud, some terrorist groups to carry out the smuggling of money out of the country, either the stock market in Iraq, in turn, will be affected by the process of deletion of zeros from Iraqi dinar, according to a member of the Federation of Iraqi mediators Mohammed Ismail, who said: that in the case of deletion of zeros from the currency will drop capital companies proportions of zeros and that, for example, if the company’s capital of three billion will be three million dinars, and in this case will be in front of the stage must be where the market closed for a certain period for the issuance of certificates of new shares to holders with the remaining number of shares on the situation and to draw: that the process of removing the zeros economic process difficult and complex needs numbers and accurate statistics for all economic activities, not Iraq has like, banking offices, in turn expressed their discontent with the process and said that Ahmed Rikabi the banking alligator in the Karrada district, who refused to portray his place explanation: that the situation the security situation being experienced by banking offices how the country has proved to the world that he is unable to protect its banks and its markets and banking offices in which to replace its currency, removing the zeros in the light of ignorance of the concrete of the ordinary citizen of what is happening in the financial transactions and where to go the budget years that exceeded the barrier of $ 300 billion either for offices Banking and says: All I fear is the increasing numbers of banknotes counterfeit, and it certainly will dominate the market and spread the idea of change, and delete the zeros indicating: that the project to delete the zeros from the currency will negatively affect the Iraqi economy that has not been made by careful examination by specialists in financial matters The cash is certain: if the monetary mass that remained unchanged no value to the project to delete the zeros ..

As for Dr. Bassem Jamil Antoine Vice-President of the Federation of Iraqi businessmen, he said: In fact, the meaning of the process of removing the zeros is to reduce the currency’s size I do not think that this step will be an impact on the Iraqi economy, which is noted by the recession and lack of economic growth and this process if I want her to bear fruit must be economic steps, accompanied by economic plans are clear and the whole process needs to create and to keep logistics through seminars, meetings and workshops for Iraqi banks for the ordinary citizen to be aware of the move, so do not be fooled and be easy prey to gangs, extortion and laugh at the simple citizen, and I think The issue needs to study more than one year so satisfying topic of research and educate all segments of the community and listen to all opinions noting: that the Iraqi currency is divided into two parts: the first in the banks, and the second when the citizen so we need to tightened security measures along with significant economic gains can be switched dinar from local currency to a global currency ..

And inflation and its relationship to Balasfar said inflation does not address in this way never, but addresses the scientific studies that can promote the private sector and eliminate unemployment and do the industrial sector, government and civil and promote the agricultural sector, it is not hidden on the events of 80 percent of the basket of Iraq are imported from abroad, and this means that out of hard currency clarity the day, this with reference to the seven million Iraqis are living below the poverty line, and draws Antoine that this experience is not the result of Iraqi thought and came before them, Italy and Turkey when Khzvt zeros six but vary the timing and the necessities of phase, while the researcher believes the economic Karim Hilfi: The Bank’s decision Central deletion of three zeroes in the long term, not a new decision on the economic scene has preceded us several countries to the special mention of Germany, adding that the situation in Iraq where there are no objective conditions for deletion, because Iraq is suffering from problems of structural economic and inflation is strong as well as high rates of How unemployment will be the deletion of zeros from the dinar, which is basically non-existent ..

And between: that Iraq is able to move forward with this decision either short or long, both saying that the explanation: it is possible to delete the zeros when the output strong and Jlth Department in addition to the absence of structural imbalances or inflation, and unemployment is less than 10 % noting: the decision can not be implemented only after a long time, even if carried out within a year or two it will be a negative impact because the economy is in recession now.

In turn, drew the academic researcher Hilal Taan: that the project to delete the zeros is a project proposed by former Finance Minister Bayan Jabr, and can be applied and studied as a medium or long term, can not be applied only after the stability of the economic situation and improve the Iraqi dinar exchange rate ..

He Taan: The project has several requirements the most important he needs a stable economy in some respects, and needs substantial financial resources in addition to supporting the Iraqi dinar, foreign stocks, and it could be applied during the last period but for the effects of the global financial crisis on the Iraqi economy ..

Considered the economic and safety expert: The process of deletion of zeros from currency is a good step, but requires more efforts of the media of economic efforts and attributed the reason is that the market will be exposed to vibration as soon as the citizen’s belief that the deletion of zeros will affect negatively on the real value of the coin ..

She added that the real value of the coin is the value of goods received by the individual and that on the strength of the national economy, saying: These things can be achieved stability of the security situation in addition to the media a major economic effort to educate citizens about the positive results of the process of removing the zeros.

Citizens propose

Ali Faraj, 35, says that the process of deletion of zeros from the currency will contribute to raising the purchasing power, and also that efforts to raise the zeros and change the current currency contributes to the creation of a state of confusion in the monetary policy, compared to no changes in the value of purchasing real currency ..

Adding that there is a risk of leakage of foreign currency abroad after the ratification of the policy of freedom of exchange, especially as the auctions the central bank of the dollar contributed to the exit of large amounts of foreign currency from Iraq, while he says Muhannad Salem employees that the process of deletion of zeros from the local currency’s decision is not feasible and will not contribute to raise the value of the Iraqi dinar, while cause when applied to problems of multi-dimensional added to the problems suffered by the Iraqi economy, including confusion and disorganization of the market in buying and selling and debt among citizens as well as confuse the mental state that Stantab the citizen as a result of the emergence of a new phenomenon require adaptation by the are of the view of Hamza Hussein : that the project and before applying it requires coinage small denominations of currency, which represent parts of the dinar, and that these currencies would cost the state large sums eight project does not enhance the value of Iraqi Dinar where it will remain a value as it is and the results are equal, is certain: the need to deal with this project with caution because it may cause economic problems in the Iraqi Central Bank as well as presenting the project to specialists in economics to indicate their opinion on the subject before the application and noted citizen Hassan Hamid to the approval of a project that aims to raise the value of the Iraqi dinar to its former value to return is equal to $ 3.33 U.S. through several measures, including a review of the proposed import because it drains excess foreign currency and deposited with the Central Bank of Iraq as well as reducing public spending to the state and its departments with regard to import of expensive furniture can be obtained through the local market.

http://translate.google.com/translate?hl=en&langpair=ar%7Cen&u=http://www.pukmedia.com/component/content/2091

 

mods if thats not allowed please delete .... letsroll

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12 hours ago, 3n1 said:

The need to deal with this project with caution because it may cause economic problems in the Iraqi Central Bank as well as presenting the project to specialists in economics to indicate their opinion on the subject before the application and noted citizen Hassan Hamid to the approval of a project that aims to raise the value of the Iraqi dinar to its former value to return is equal to $ 3.33 U.S. 

Wow. The rate $3.33 US is no joke at all if this is truly happening one day. With that rate , i will definitely run faster to the bank to cash out and never want to hear a word of " Iraq " anymore.

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