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Is it time to delete three zeros from the currency?

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rocky
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Is it time to delete three zeros from the currency?

Post by rocky on Tue 03 Apr 2018, 3:52 am

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2018/04/03 11:16


(Encyclopedia of this day , news | [You must be registered and logged in to see this link.] ) -
Economy News Baghdad:


The central bank submitted a project to delete three zeros of the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deteriorating security and political situation in the country.



The governor of the Central Bank, Ali Alallak, in a discussion session with the editors of a number of Iraqi media, including "Economy News", "The subject of deleting the zeros from the currency ready, but it needs an environment suitable to apply," noting that " To prevent manipulation and fraud by the owners of weak souls. "


The central government stands with the central bank's draft to delete three zeros of the currency, because it sees it "hurt the efficiency of the system of cash payments," according to the financial adviser to the prime minister.


"The current environment is suitable for this project because there is financial and political stability in the country, especially after the liberation of the (Daash) organization," he said.


He stressed the need not to rely on the project to support the Iraqi dinar, but "focus on the creation of all conditions that would support the Iraqi dinar and represented by political and economic stability," pointing out that "the central bank has accumulated experience in dealing with the subject."


The economist said, in the name of Jamil Anton, for "Economy News", "The current environment is not suitable for the project to delete the zeros at the moment, because the security situation has not settled so far in the ideal form."


He pointed out that "the project needs educational campaigns to be accepted by citizens and does not affect the movement of the market," noting that "the project has the benefits of reducing the amount of money used in deposits, which helps accountants not to fall in error in dealing with zeros in large amounts, As well as reduce the number of trustees funds and protect money from theft. "


Antoine predicted that the project would be implemented after the legislative elections scheduled for next May.






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Re: Is it time to delete three zeros from the currency?

Post by Proven on Wed 04 Apr 2018, 7:32 am

[You must be registered and logged in to see this link.] wrote: I think we ought to just find some assurance in these revelations. This is Selah talking, Abadi's economic advisor:

The central government stands with the central bank's draft to delete three zeros of the currency, because it sees it "hurt the efficiency of the system of cash payments," according to the financial adviser to the prime minister.


"The current environment is suitable for this project because there is financial and political stability in the country, especially after the liberation of the (Daash) organization," he said.

This below is simply an employee of the news agency, that happened to guess correctly:

Antoine predicted that the project would be implemented after the legislative elections scheduled for next May.

I'm watching the CBI and I expect introduction of new LD's to begin shortly, namely a 200 dinar note.

Right on the mark Ward. This is coming from the Prime Minister's Economic Advisor. He is not saying next year, but this year. The president of parliament just filed a lawsuit over the budget, so this will push things back a bit. 
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Re: Is it time to delete three zeros from the currency?

Post by Diamond on Wed 04 Apr 2018, 9:06 am

guess when I said them passing the budget was illegal, an I was told its pass no problem, now after long wait its legal action, an all we can do is wait
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Re: Is it time to delete three zeros from the currency?

Post by wciappetta on Wed 04 Apr 2018, 11:07 am

I read this report as to the reasons for objecting, the main reason for objecting is that a census is required to determine any change in allocations, however when Abadi took the time to get all those records for salaries ,[remember 50thousand fake ones?] I believe the court would rule that a census, an accounting is this case is a census ... beside this the court would hear this and rule long before the election is completed so I do not think it will interfere. The court will not throw the budget out, worst case adjustments are made. Either way it doesn't look like they're executing the budget till after the election even if its retro to jan1st. I wonder if there are numeric adjustments in store? The delay is interesting.


Middle East

Iraq's President files lawsuit in Supreme Court over 2018 budget
 
 


Iraq’s Parliament approved the budget on Mar. 3 in the absence of Kurdish politicians, who boycotted the session. (Photo: AA)
 
Iraq Baghdad KRG Kurdistan Budget  
A+AA-
ERBIL, Kurdistan Region (Kurdistan 24) - The president of Iraq filed a lawsuit against its parliament speaker over what he calls constitutional violations in the 2018 federal budget that went into effect the day before.
President Fuad Masum filed the lawsuit in the Federal Supreme Court of Iraq on Wednesday, claiming 14 violations, most of which pertain to the share allocated in the budget for the Kurdistan Region. The petition also charges that the budget exceeds the federal government's jurisdiction on deciding how the remaining share of funds received by the region should be spent.
There has been no response as of yet from the office of Parliament Speaker Selim al-Jabouri.
Iraq’s Parliament approved the bill on Mar. 3 in the absence of Kurdish politicians, who boycotted the session.
Baghdad reduced the Kurdistan Region’s share of the federal budget to roughly 12 percent, a significant drop from its previous 17 percent allocation, and did not earmark any funds for Peshmerga forces, the primary reason for representatives from the Region to protest the bill.
In mid-March, President Fuad Masum, a Kurd and co-founder of the Patriotic Union of Kurdistan (PUK), refused to approve the bill and returned it to the Parliament for amendment, citing multiple "constitutional, legal, and financial violations" within, according to a previous statement from his office.
On Thursday, Masum ordered the budget's publication in the Gazette without officially signing off on it, a way for the president to allow the law to go into effect while still registering his opposition to its provisions.
The Kurdish leadership has repeatedly criticized Baghdad for inserting the decrease in the draft budget without consulting Kurdish lawmakers, who point out that since the original number had been calculated based on population, it would require a census to justify such a change.
The 17 percent budget share was agreed upon between the KRG and the Federal Government of Iraq during the transitional period after the fall of the regime in 2003. No census has been conducted in the country since the 1980s, but there are an estimated 7 to 8 million people living in the Kurdistan Region, representing between 17 and 20 percent of Iraq's population.
Ties between Erbil and Baghdad have deteriorated considerably following the Sep. 25 referendum on independence for the Kurdistan Region.
Also on Wednesday, President Masum led a high-level delegation from Baghdad in Erbil which attended the second day of mourning for the recently-departed brother of Kurdistan Region Prime Minister Nechirvan Barzani.
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Re: Is it time to delete three zeros from the currency?

Post by Lobo on Wed 04 Apr 2018, 11:15 am

Ward, good analysis but why do you think they are waiting until after the election to implement the budget?  Thanks
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Re: Is it time to delete three zeros from the currency?

Post by wciappetta on Wed 04 Apr 2018, 11:42 am

there might be, just a guess now, new values...


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Re: Is it time to delete three zeros from the currency?

Post by wciappetta on Wed 04 Apr 2018, 11:46 am

Highlights added:


Deputy: Budget will not work until after the elections and the formation of the new government
In policy  April 4, 2018 on the Deputy: Budget will not work until after the election and the formation of the new government closed 35 visits
 
Baghdad / SNG
 
The deputy of the coalition of state law Zeinab Aref al-Basri, Wednesday, that work in the financial budget for 2018 will not be until after the elections and the formation of the new government, accusing political parties to put "obstacles" in order to leave the implementation of the budget for the next government.
Basri said that "the budget was in each of the previous three years to be voted before the start of the fiscal year, except for the last year, which delayed the budget for nearly 45 days, in addition to the arrival and is loaded with many problems made compatibility difficult," noting that "the budget Was voted in the absence of the Kurdish component was deported to the presidency of the Republic, which created another problematic contributed to the extension of the delay in publication in the official newspaper.
Al-Basri said in a press interview that "the budget now with the Ministry of Justice after being sent by the Presidency of the Republic for the purpose of publication in the official newspaper," noting that "after the publication of the budget in the official newspaper yesterday will be sent to the Ministry of Finance to issue recommendations and instructions for implementation."
She added that "the period required by all this process will be between one month and a month and a half, which means the end of the parliamentary elections and the formation of the new government, which will be concerned with the implementation of the budget items," adding that "all these obstacles made by certain political parties were intended To reach this stage is to leave the implementation of the budget for the next government and not work only after the election except for the ratio of 1/12, which works in each budget is not voted on.
It is noteworthy that the House of Representatives voted, in its session held on Saturday (March 3, 2018) on the federal budget for the current fiscal year boycotting the Kurdish deputies.
On Thursday, March 29, 2018, the Presidency of the Republic announced that the budget law would be sent to the Ministry of Justice for publication in the Official Gazette, without the approval of President Fuad Masoum.
The Ministry of Justice announced on Tuesday (April 3, 2018), the issuance of a new number of the Iraqi fact sheet, indicating that the number included in the Financial Budget Act 2018.


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Re: Is it time to delete three zeros from the currency?

Post by Lobo on Wed 04 Apr 2018, 11:47 am

If they RV now, or soon, the people will calm down and the economy will skyrocket so I don't understand why everyone thinks the election is the key.
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Re: Is it time to delete three zeros from the currency?

Post by wciappetta on Wed 04 Apr 2018, 12:02 pm

I think they just want to get past much of the political confusion to complete the process, but they can indeed start it perhaps near months end.


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Re: Is it time to delete three zeros from the currency?

Post by Lobo on Wed 04 Apr 2018, 12:07 pm

Why month's end?  What is it about "always delay" that people think is the key.  When they devalued, it was done without any notice, and I think the same can be done with the RV.  We get bits and pieces and not the whole picture, I think they are further along than we realize.
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Re: Is it time to delete three zeros from the currency?

Post by zimi31 on Wed 04 Apr 2018, 12:13 pm

Good thread...great questions and answers...thanks everyone!!!

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