Parliamentary calls to speed up the "reset" currency specialist believes that the current time is no

First topic message reminder :

Parliamentary calls to speed up the "reset" currency specialist believes that the current time is not suitable

 

 

Author: MJ
Editor: BK, BS 7/15/2013 11:55
 

Range Press / Baghdad

Called deputies Economic Commission, on Monday, to accelerate the implementation of the project "reset" the process of local مبينين that current currency "not worthy" status of Iraq's economic and investment volume in which, when he saw the expert that it requires a situation militarily and politically "stable banking system accurate and honest" , confirmed last moment, "more favorable" than it was before the deletion of zeros from the currency.

Abtan: Iraq does not suffer from the crisis but of how funds management

According to a member of the Economic Commission representative, Abdul-Hussein Abtan, in an interview to (range Press), "The Iraqi economy has become today in an advanced position and good because supplier of oil big, which reached nearly three million barrels per day," and notes that "the Iraqi Central Bank recently announced that reserves reached $ 76 billion, a very significant amount. "

Abtan adds, that "in spite of all that Iraq is still suffering from a lack of precision in the management of the economic file as well as the absence of coordination between the pillars."

The Central Bank of Iraq announced, in the (third from July 2013 now), that Iraq is "in control of the funds and treasury of gold" in international banks, one of the acting out, denying the existence of frozen funds "outside the control of the Iraqi administration," While revealed that the reserve bank amounted to $ 76 billion in May last year, counting that out of Chapter VII of Iraq will allow "more freedom" to act and attract foreign investment.

And calls upon member of the Economic Commission representative, the need to "multiple revenue estimated reflected on the economy and not on the availability of cash reserves large," and continues that this "evolution in oil production and reserves, the central bank must be reflected on the lives of the citizens, because the country still has a large proportion of the poor and low-income and high unemployment and the housing crisis and the deterioration of the agricultural and industrial sectors. "

Abtan believes, that "Iraq does not suffer from the crisis of funds but from how to manage money, causing paralysis of the Iraqi economy," and calls for "the Iraqi Central Bank need to take quick steps to delete the zeros from the national currency."

And is a member of the parliamentary Economic Committee, that "the existing reserves in Iraq and put the current economic is not commensurate with the size and value of the local currency, which contains the number of zeros, and the current currency does not befit the status of Iraq and strengthen its economy."

Daini: out of Chapter VII made it necessary to delete the zeros

For its part, says a member of the parliamentary economic committee, Nahed al-Daini, in an interview to the (Presse term), that "the deletion of zeros from the currency became a reality, especially after the withdrawal of Iraq from Chapter VII of the Charter of the United Nations."

Daini and remember, that "the Economic Committee of the Council of Ministers were wary in the past of deletion of zeros from the currency of many considerations," and turned out to be "out of Chapter VII made it necessary to delete the zeros of the Iraqi dinar absolute privacy."

And calls upon Member Economic Commission parliamentary political forces and stakeholders "leave no excuse time is not appropriate, taken as a pretext to stop a lot of decisions which, if applied to have contributed to the recovery of the Iraqi economy significantly," and stresses the need to "adjust the border crossing points and the adoption of the law of customs tariff and reset the currency and the implementation of Consumer Protection Act for the advancement of economic reality. "

Najib: The project requires a genuine will and solidarity between the legislative and executive branches

So says a member of the Finance Committee parliamentary Najiba Najib, in an interview to (range Press), "The Commission did not discuss with the Iraqi Central Bank Multi deletion of zeros from the local currency after assuming Abdel Basset Turkish presidency," and explains that "the Finance Committee parliamentary pending claim of the Iraqi Central Bank to discuss with him in this matter. "

Najib recalls that "the governing body of the former Central Bank presented a study on the preparation for the project to delete the zeros," and believes that "this study was professional, scientific and included companies that have been agreed with the implementation of the project."

And stresses a member of the Finance Committee representative, that "Iraq needs some salt is the deletion of zeros from its currency because the size of the money supply traded very large", showing that there is a "four categories of the Iraqi currency is currently thousand and five thousand and ten thousand and 25 thousand dinars, while becoming the category of 250 dinars almost worthless and even thousand dinars on its way to losing its value ".

The relay Najib that there is "an urgent need because we have a currency suitable for the size of the funds and investments entering Iraq," and draws out that "the implementation of this project needs to be a real will and solidarity between the legislative and executive branches and develop a plan sober to make it a success."

He adds that "the process needs to media awareness and make toggle currency currency over two years and not to restrict certain banks and to be a broad base of banks in all provinces of Iraq."

Expert: security situation requires a stable political and banking system accurate and fair

Meanwhile, says economist as Antoine, in an interview to (range Press), said that "you want to delete the zeros is the restructuring of the currency and reduce the use of decimal numbers in the accounts of the process, which has become a danger," and shows that "The other thing is the reduction of the process of counterfeiting that occur in the current currency that consumed significantly and need to switch process. "

In the opinion of Antoine, "The other point is the reduction of dollarization because when you delete the zeros will raise the value of the banknote, not currency because the latter means and not an objective," and continues that "it reduces the dollarization in business dealings Instead of using billions of leaves from the local currency Stenzel these millions Instead of currency transfer bags buckwheat (Alkouan) will be transferred bags. "

And emphasizes the expert, that this "process requires the security situation and a stable political and banking system accurate, fair and educate all the security services to reduce fraud and counterfeiting," the bridge and that "the central bank is ready for this process not be busy out corruption and others."

Antoine believes, that "the time to change the currency was appropriate in the past year 2012, either now it is not appropriate."

Appendix: deletion of zeros from the currency has become more convenient now

Conversely sees head of economic studies at Mustansiriya Centre for Arab and International Studies, Dr. Abdel Rahman al-Mashhadani, that "the time if it was appropriate two years ago to delete the zeros from the currency today it has become more to complete solvency."

Mashhadani says, in an interview to the (Presse term), "The process of deleting the zeros was supposed to expire two years ago because a purely economic issue," and shows that "the dinar, which was torn and steals a loss to the government and citizen."

He continues, head of economic studies, that "denominations now need to transfer large banks need to protect and place great," and goes on to "the Iraqi currency need to change because, according to the international standards should be changed categories currently in circulation and that the Central Bank shall issue new categories."

The Economic Committee of the House of Representatives, called for in (the sixth of July 2013 now), the central bank to "speed up" the process of deletion of zeros from the Iraqi currency in order to maintain them, and confirmed that it is not in the interest of Iraq, the survival of its currency with so much and irregularly, as indicated that the deletion process will increase the value of the Iraqi dinar and reduce unemployment and poverty.

It is noteworthy that the General Secretariat of the Council of Ministers announced (12 April 2012), the patient in the application process to delete the zeros from the national currency, which had to stop all actions related to the mentioned process until further notice.

It is noteworthy that some economists believe that Iraq is not ready at the present time to delete the zeros from the dinar, pointing out that the deletion needs to security and political stability as well as economic stability.

The International Monetary Fund, announced in (the 23 of March 2013), that funds preventive in the Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion, and pointed out that this increase came from " unexpected oil revenues, "called on the Iraqi government to end the control of the state-owned banks on the banking sector, he stressed the need for Iraq to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.

They expected the U.S. Agency for International Development, in (third from last December 2012) that leads the Iraqi economy Arab countries during the five years, stressing that Iraq possessed all the qualifications to be an economically strong state.

Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially oil, including housing and oil and gas extraction, for the need of funds for infrastructure development and reconstruction, but observers assert that the lack of interest of the state to the private sector and the absence of investment laws which guarantees for investors and the absence of Other laws are still obstacles to the evolution of the economy in the form required.

Iraq relies which has the fourth largest oil reserves in the world at 95 percent of its annual budget on its oil exports and currently produces about two million and 900 thousand barrels per day, while the issue up to two million and 200 thousand barrels per day.

The UN Security Council voted in, (27 June 2013), unanimously approved the decision to remove Iraq from Chapter VII, after more than two decades of sanctions imposed whereby in the wake of the former regime's invasion of Kuwait on the second of August 1990.

 



..

[You must be registered and logged in to see this link.][You must be registered and logged in to see this image.]

when does Ramadam end?

TheManiacalRN wrote:when does Ramadam end?

 Aug. 7th

Seems we need pressure from KU to make this happen

TheManiacalRN wrote:when does Ramadam end?

 I believe August 7.

Parliament calls on commission to accelerate implementing deletion of zero process; Politicians and economist provide varied opinions

July 15, 2013


Parliament called on the Commission, on Monday, to accelerate implementation of the project “zero” domestic process, indicating that the current currency “unworthy” Iraq’s economic and investment, while expert opinion requires the security situation and politically stable and the banking system “a thorough and impartial”, he stressed that “more convenient” than before to delete zeros from the currency.

Opinion of Abtan: Iraq crisis not money but how to manage it
And the parliamentary Economic Committee member, Abdul Hussein abtan, a (range), that “the economy is now in an advanced position and good because big oil supplier who arrived almost three million barrels a day,” and suggests that “the CBI recently announced that ne e reached 76 billion dollars, a very large sum.”

Abtan, adds that “all Iraqi still suffers from inadequate economic profile management as well as the lack of coordination between the pillars.

The Central Bank of Iraq, (July 3, 2013), that Iraq “controlling funds and Treasury of gold” in the world and is one of the banks Act, denying the existence of frozen funds “outside the control of the Iraqi administration, while Bank reserves reached revealed 76 billion dollars in may, count that out of Chapter VII would give Iraq” more freedom “to act and attract foreign investment.

And calls on the parliamentary Economic Committee member, to the need for “multiple revenue towards reflected on the economy and not on large cash reserves,” follow this “evolution in oil production and reserves, the Central Bank must be reflected on the lives of citizens because the country still has a large proportion of the poor and low-income, high unemployment and the housing crisis and the deterioration of the agricultural and industrial sectors.”

Abtan, believes that “Iraq does not suffer from the crisis of money but how to manage money, causing paralysis of the Iraqi economy” and demands “the Iraqi Central Bank need to take quick steps to delete the zeros of the local currency.

It is a member of the parliamentary Economic Committee, that “reserve in Iraq and the current economic status is not commensurate with the size and value of the domestic currency that contains that number of zeros, and the current currency unworthy place Iraq and strengthen its economy.”

–

Opinion of Al-daini: out of Chapter VII to make necessary to delete zeros
Meanwhile the parliamentary Economic Committee Member says, Nahed Al-daini, in an interview with the (range), the omit leading zeros from the currency became a reality, especially after the departure of Iraq from Chapter VII of the Charter of the United Nations “.

Remember Al-daini, “the Economic Commission in the Council of Ministers had been reluctant in the past to delete zeros from currency to many considerations,” and found that “out of Chapter VII made it necessary to delete the zeros of the Iraqi dinar have absolute privacy.

And invites the parliamentary Economic Committee member, political forces and others concerned, “leaving no time excuse, the excuse to stop many of the decisions which, if applied to the recovery of the Iraqi economy contributed significantly”, and emphasizes the need to “adjust the border ports and the customs tariff law and eliminated currency and implementing consumer protection law for the promotion of economic reality.”

–

Opinion of Najeeb Najib Replies: the project would require a genuine will and coherence between legislative and executive powers
So says a member of the parliamentary Finance Committee, najeeba Najib, told the (range), that “the Commission has not been with the Central Bank of Iraq topic delete zeros from the local currency after the Turkish Presidency,” Abdul Basit, and explains that “the parliamentary Finance Committee pending the CBI claim to discuss with him.

Najib, “recalls former administrative body of the Central Bank presented a study on the preparation of the project to delete zeros“, and considers that “the professional and scientific study included companies that agreed to implement the project.”

And Financial Committee Member representative emphasizes that “Iraq needs some salt is currently deleting zeros from its currency because the size of the money supply in circulation phenomenal”, shows that there are “four categories of the Iraqi currency is 1,000 and 5,000 and 10,000 and 25,000 dinars, while the 250 dinar almost worthless and even 1,000 dinars on its way to losing value.”

And Najib continues there is “an urgent need to have the work suitable for the size of funds and investments coming to Iraq,” and draws “the implementation of this project needs a genuine will and coherence between legislative and executive powers and a solid plan for success.”

It adds that “the need to outreach and to make its currency over two years and not limit certain banks and the broad base of Iraq banks in the provinces.”

–

Economist (Expert) Opinion: require a stable political and security situation and banking system accurate and impartial
On a related level Economist named Antoine, told the (term), “to delete the zeros is restructuring and reducing the use of decimals in the process accounts pose”, and shows that “the other thing is the reduction of fraud occurring in his current consumed significantly and you need to switch”.

Antoine, finds that “the other point is to minimize the dollarization because when you delete the zeros will raise the value of the paper currency is not money for the latter means and not objective,” follow that “reduces the dollarization in business dealings, rather than using a billion local currency cards of these million and will be relegated instead of moving currency bags of buckwheat (alkwani) will be transferred to bags.”

The expert, asserts that this “process requires a stable political and security situation and banking system accurate and honest and educate all security agencies to curb manipulation and counterfeiting of currency,” says, “the Central Bank is ready for this process and not be preoccupied with corruption and others.

Antoine, believes that “the time change currency was appropriate in the year 2012, now is not suitable.”

–

Economic Specialist: delete zeros from the currency is more apt now

However the head of economic studies at the Center for Arabic studies, Mustansiriyah international Dr. Abdul Rahman Al-Mashhadani, “if appropriate, two years ago to delete zeros from the currency, it today has become more apt to complete”.

Says Mashhadani, speaking to the (range), the omit leading zeros was supposed to expire two years ago that a purely economic issue, “and shows that” the dinar tearing and steals a loss for the Government and the citizen “.

And head of economic studies, that “cash now you need to transfer large banks need protection and great location”, says that “Iraqi currency need to change because according to international standards should not change categories currently circulating and that the Central Bank issued new categories.”

The Parliament’s Economic Committee, called in (6th of July 2013), the Central Bank of “gone” deleting zeros of the Iraqi currency in order to preserve them, and stressed that Iraq is not in the interest of survival of the currency this irregularly, with the deletion process will increase the value of the Iraqi dinar and reduce unemployment and poverty.

The General Secretariat of the Council of Ministers announced on (12 April 2012), wait at apply the deletion of zeros from the national currency, which require stopping all actions relating to the above process until further notice.

Some economists believe that Iraq is now prepared to delete the zeros of the dinar, stating that deletion requires political and security stability alongside economic stability.

The IMF, in (the 23 of March 2013), that fund balances in the Fund for the development of Iraq in 2012 rose to 18 billion dollars, the Central Bank’s reserves of hard currency to 70 billion dollars to the increase came from “unexpected oil revenues”, called on the Iraqi Government to end the dominance of State-owned banks on the banking sector, he stressed the need for Iraq to strengthen fiscal institutions to ensure efficiency and transparency in the use of oil revenues.

According to USAID, (third from last December 2012) leads the Iraqi economy during the five-year Arabic States, asserting that Iraq possessed all the qualifications to be a powerful country economically.

For years, Iraq is trying to attract foreign capital to develop its economy in the areas of private oil industry and housing and oil and gas extraction, and to the need of funds for infrastructure development and reconstruction, but observers say the lack of interest of the State to the private sector, where investment laws are free of significant safeguards for investors and absence of other laws remain obstacles to the development of the economy as intended.

Iraq depends on who owns the fourth largest oil reserves in the world, 95 percent of its annual oil exports, currently produces around 2 million and 900,000 barrels per day, with exports up to 2 million and 200,000 barrels a day.

The Security Council voted, on (June 27, 2013), unanimously adopted a decision to eject Iraq from Chapter VII, after more than two decades of sanctions imposed by the former regime following the invasion of Kuwait on August 2, 1990.

[You must be registered and logged in to see this link.]

Abtan, believes that “Iraq does not suffer from the crisis of money but how to manage money, causing paralysis of the Iraqi economy” and demands “the Iraqi Central Bank need to take quick steps to delete the zeros of the local currency.



Frightening if they cant do this for themselves.... 



* I couldn't get this to be black  ...  sorry if I am not supposed to post in red.  If the mods can help, thanks and if not feel free to delete it.

 No problem -LIT

Economic: the Central Bank is obliged to keep the dinar, Iraq's centrifuge environment [vocal)

[You must be registered and logged in to see this image.]

Monday, 15 July 2013 17: 44

The Commission invited the parliamentary economy and Investment Bank of the need to maintain Iraqi dinar exchange rate and the value of the foreign currency.

The Central Bank has promised to take action to lift and stabilize the dinar as before but the decline of the dinar is still erratic in the Iraqi market to fall and rise.

He said the decision of the Commission to each agency mehma Khalil Iraq [in] that "the Central Bank is obliged to keep the exchange rate of the Iraqi dinar and sovereign balance must be preserved and feature in the Iraqi economy that is expected to be Iraqi dinar economic identity in the region that Iraq economic OASIS and its promising economy."

The "Iraqi dinar exchange rate depends on the Iraqi Central Bank and political task of maintaining the value of the dinar which is built on the basis of the price of a barrel of oil and the price of the US dollar, [166] and added a [13] DT Apr 1199 became what we are witnessing today in the black market has exceeded 200 thousand dinars, and this is not acceptable."

Khalil said that "price is still erratic and stability is through control of the movement of the dollar and the market may not be balance in 2007 Iraq 10 billion dollars and exchange rate 1200 and today our $ 76 billion and five years after the exchange rate remains the same, this is not permissible and is unreasonable."

He attributed the economic parliamentary Committee decision reasons for declining the Iraqi economy and fluctuating exchange rate of the Iraqi dinar against foreign currencies to its association with the unstable political environment in Iraq and expelling of foreign currency and is not attractive for investment, in addition to the security situation. "

And complain about the staff and retirees who receive their salaries in Iraqi dinars from high prices and salaries are no longer sufficient to meet their needs and that the rise in price included real estate and rentals add to transportation, food and clothing.

Many believe that the growing popularity of buying the dollar has led to a significant decline in the dinar and attributed it to smuggle most of the Central Bank on a daily basis to countries in the region is under siege and the growing need for hard currency.

The Iraqi Central Bank announced shortly before the new measures limiting the availability of American currency markets that conveys to them, amid suspicions that suggest large amounts of smuggling hard currency to Iraq for neighbouring countries.

The Iraqi Central Bank, new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select weekly quotas are banks and money transfer companies and dollar currency trading companies valued in accordance with their respective capital, will increase and reduce the quota for each delivery commitment amounts that customers of citizens.

And goes to the Iraqi exchange market observers that the smuggling of large quantities of dollars to Iraq for the benefit of foreign States, international sanctions have caused shortages of hard currency, one of the main reasons for the increase in demand for dollars by Iraq, so declining Iraqi dinar exchange rate.

And the Central Bank to put the dollar at an auction for the sale of foreign currency at subsidized prices and the real exchange rate lower in the market to support the dinar.

Observers fear the Central Bank shut down such auctions and then doubled the value of the dollar against the Iraqi dinar ".

The Central Bank is facing charges for its staff in conjunction with State officials in corruption and smuggling of currency operations, the Bank is subject to the thavikat against the former Director Sinan Al-Shabibi, who left Iraq for several months. ended up 17.

[You must be registered and logged in to see this link.]

:D

duck2000 wrote:maybe this is just what the issues are just a agruement between the two parts of goi!

ok found it, matter of fact two threads now merged. So the hold up is this two arguing. The IMF screwed up by giving Iraq full rein and now that Parliament created the financial committee, they and the CBI now are arguing on what to do. Then for me, that ruins a time line and, have to wait and see which entity wins out for rate favor. Makes sense, a lot of sense. Comment more latter as it is hard by phone.... ;)