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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Will Removing Zeros from the Dinar Restore Its Strength? Central Bank Reveals the Risks

    Rocky
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    • Post n°1

    Will Removing Zeros from the Dinar Restore Its Strength? Central Bank Reveals the Risks Empty Will Removing Zeros from the Dinar Restore Its Strength? Central Bank Reveals the Risks

    Post by Rocky Tue 24 Sep 2024, 6:49 am

    [size=38]Will Removing Zeros from the Dinar Restore Its Strength? Central Bank Reveals the Risks[/size]


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    September 24, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala: The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, spoke about the bank’s orientations in confronting economic challenges and enhancing financial stability in Iraq.
    Al-Alaq pointed out the bank's efforts to reduce reliance on the US dollar in commercial transactions, stressing their efforts to diversify the currencies in circulation such as the Chinese yuan, the Indian rupee and the euro.
    He explained that this approach enhances monetary independence and reduces the country's exposure to fluctuations in the dollar market.
    Al-Alaq also confirmed that the project to remove zeros from the Iraqi currency is under continuous review and study.
    Al-Alaq spoke about foreign reserves in an interview with Al-Jazeera, noting that they are an essential tool for maintaining the stability of the Iraqi dinar exchange rate against foreign currencies. He stated that current reserves cover 83.62% of the money supply, a rate that provides financial flexibility to confront crises. Despite global economic challenges, Al-Alaq confirmed that foreign reserves are sufficient to cover 15 months of imports, stressing the role of the Central Bank in confronting financial crises by increasing these reserves and adjusting monetary policies in line with international circumstances.
    Regarding inflation, Al-Alaq explained that the Central Bank raised interest rates to combat inflation resulting from the rise in energy and raw material prices. He pointed to the bank’s efforts to increase financial inclusion by supporting digital banking services and expanding their reach. He also addressed the issue of US sanctions imposed on some Iraqi banks, explaining that the sanctions relate only to the dollar, while these banks continue to operate in other currencies.
    Al-Alaq stressed that the Central Bank of Iraq is continuing its efforts to develop the banking sector, including issuing licenses for digital banks with the aim of promoting innovation and providing banking services that meet modern technological needs. He added that the digital banking project is part of the bank’s vision to increase financial inclusion and facilitate customers’ access to banking services.
    Al-Alaq also addressed the issue of removing zeros from the Iraqi currency, explaining that this process aims to simplify accounting operations and reduce inflation, but he stressed the need to support it with broad economic reforms to ensure that it does not negatively affect financial stability.
    In conclusion, Al-Alaq stressed that Iraq’s repayment of its debts to the International Monetary Fund will enhance economic confidence in the country, noting that this repayment will allow Iraq to obtain financing on better terms in the future, and will ease financial pressures on the government, which will enhance its ability to direct resources towards development and infrastructure projects.
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