Central Bank Related IV

Editorial: Why Shabibi?

Posted: October 17, 2012 

Despite being sacked in a way disgraceful not worthy of government that respects itself, I have no minimum sense of fear to put Central Bank Governor Dr Sinan Shabibi not on his future or his reputation professional and national gotta absolute confidence that the security in return for corruption charges against him, which amounted to a warrant of arrest and depose him as he represents the country at an international conference in Japan.

I say this because I am fully aware and convinced that there is a plan hellish behind the campaign on one of the highest national competencies and most integrity. I say this because I am very conscious of the happenings Aghbar time in which we live now in a political system can only be a deadly feud with Shabibi and his ilk of national competencies fair.

Our political system is based on quotas and compatibility, and who come to power when they came to the half-rule chairs certificates, and many of them forged certificates and documents, and Berba and competencies tenths experiences .. And tithes parts of the national. The rulers of this kind shiver Fraúsm and Ajavihm sleep presence of personalities from the pattern Shabibi in leadership positions.

I am not afraid to Shabibi, but trembling in fear on the youth of Iraq, of the university students, schools and unemployed graduates and the lucky ones who finally found jobs .. I am afraid they and I Otsourhm getting frustrated and Atdhaafon despair of the future of their country, which is their future with a system that does not shy away from oppression efficiencies country relying on reconstruction. Story Shabibi is the story of thousands of qualified and experienced national pariah in our state for benefit of stateless science and knowledge of forgers and thieves who came their quotas sectarian and partisan consensus and personal, Vzarroa ruin the country inherited from Saddam’s regime in ruins seems as if not inextricably.

Do not fear the reputation Shabibi, A defamation campaign suffered before being sacked purpose was pressure on him to leave office for thieves adults.

Shabibi target time ago in the context of a government campaign comprehensive appended bodies and independent institutions the government in order to become tools in the hands and those who made it and thieves of public money who do not execute the means to secure what they want and to protect themselves and ensure the continuation of looting, and this means the removal of honest country from office and put it in the hands of their partners in “Aharmna”.

Unethical campaign Shabibi began three years ago after he sought to dismiss four of the bank officials involved with corruption in connection with a document gods power. And was met with such an endeavor to issue an arrest warrant is causing canceled interventions from the Presidency of the Republic and the United Nations Mission and some leaders of political blocs and the head of the Supreme Judicial Council, which was called upon by one order of note!

The renewed campaign two years ago after he refused to Shabibi request lend the government $ 5 billion claiming complete the 2011 budget, as it was his opinion that there is no justification for the loan, which will hurt the reputation of the bank and its performance, calling in contrast to the use of the surplus in the previous budgets to supplement the budget, a surplus estimated at more than loan amount required.

Has proven to be Shabibi was right, the government could not even spend the surplus from previous budgets, and the 2011 budget itself.

Who left the trade ministers, former defense and dozens of other top-thieves fleeing sentences including pregnancy overthrew Shabibi without them Square Central Bank prepared by the thieves of public money gate of heaven.

http://bit.ly/XnKYlx

Jubouri calls on CBI to raise value of IQD; Before budget is determined

Posted: October 11, 2012 in Iraqi Dinar/Politics

Wednesday, October 10 / October 2012 10:10:11 GMT

A member of a coalition of state law, MP Haitham al-Jubouri that the Iraqi currency بالآونة recent witnessed volatile large represent the low price of the Iraqi dinar against the U.S. dollar and this dire economic damaging all citizens calling the central bank to work to raise the value of the Iraqi dinar against the dollar exchange rate.

explained Jubouri said the central bank should take its role in this issue as the issue price of the dinar based on supply and demand and therefore must move toward maintaining the value of the Iraqi dinar and equivalence in U.S. dollars.

said Jubouri that it is necessary to do no harm to the Iraqi dinar and the national economy as a whole. Before the adoption of the budget in 2012 in order to budget properly determined. Adding that currency volatility prices borne by the central bank and traders.

http://bit.ly/WWf0wc



CBI delays Iraq currency restructure and redenomination



08-10-2012 - 07:00

 








alsumaria

The Central Bank of Iraq decided on Sunday to delay the implementation of Iraqi currency restructuring and redenomination which consists of removing three zeroes from the currency.

The new currency should be put in market at the beginning of the year of implementation and not during the year, the Bank noted.

CBI was informed about the delay to apply Iraqi currency restructure and redenomination. The necessity to fully coordinate with the executive and legislative authorities requires delaying this project, CBI said in a statement which Alsumaria received a copy of.

“This project bears within a vital importance for our country, economy and community”, CBI stated.

The Central Bank of Iraq stressed the necessity to put the new Iraqi currency in market at the beginning of the year of implementation and not during the year, it concluded.



Central Bank lifted restrictions dollar auction and adjusts the timing of restructuring the currency and delete the zeros

Iraqi central bank raised restrictions it had imposed in 2011 on the auction to buy the U.S. dollar from the treasury.
The sources said that "it shares to raise the exchange rate of the Iraqi dinar against the dollar, up to 1170 dinars to the dollar, after a week ago was equal to 1220 dinars."

The deputy governor of the Bank the appearance of Mohammed Saleh, said that "the central bank's measures, and in particular the adoption of the commercial register of the buyer, was able to reduce demand and save about $ 100 million of the quota allocated to the market, amounting to $ 340 million."

For its part, reported a member of the Finance Committee in the House of Representatives Majida al-Tamimi, "The decline in demand for the U.S. dollar was due to the monopoly of six banks to auction the Central Bank of Iraq."

She added that "most of the trade and transfers with those banks and real fake but not exceeding them 10%."

On the other hand the central bank decided to amend the timing of the start of the implementation of the restructuring of the Iraqi currency project and the deletion of zeros.

The bank said in a statement that it "See what frequency of reports indicating postpone the implementation of the project restructure the Iraqi currency and deleting three zeros of them," noting that "the requirements of coordination and cooperation between us and the legislative and executive branches have led to modify the timing of the start of implementation."

He noted that "this project is of vital importance for the country," noting that "completed the bulk of the action on the implementation of the project."

He added that "the new currency in circulation at the completion print must be the beginning of the calendar year where it has been determined start and not during the implementation."


Dinar Redenomination To Cost Iraq Billions

Posted on 11 September 2012

http://www.iraq-businessnews.com/wp-content/uploads/2012/09/25000-dinar.gif?d9c344The process of scrapping old dinars and deleting zeros from Iraq’s currency to replace it with more manageable numbers could cost the country billions, according to Ahmed Faizullah, the deputy chairman of the Parliamentary Finance Committee.

Redenominating is up to Iraq’s central bank, but it would cause chaos for government by redenominating after it has set an annual budget in the existing denomination. That’s why no redenomination will take place in 2013 and maybe 2014 as well.

Removing zeroes makes it easier print money, read it and add it up, and reduces the need to cart around too many notes to pay for goods and services in a country that relies almost wholly on cash. Iraq puts just 1% of all its transactions on credit card.

Although cutting zeros adds to costs and confusion, Faizullah says: “It is basically the process of currency switching and common people will take some time to get used to it. That is all.”

As Fabil Nabi, Iraq’s deputy finance minister, helpfully confirmed for some confused, amateur currency investors, “eliminating zeros from Iraq’s currency will not increase the value of Iraqi dinars.”

Read more on the dinar redenomination:


CBI takes position of silence on CBI Act; Finance Committee requests parties to stop economic objections in the press and take final position

Date: 2012-09-09 11: 36: 58 Sunday
CBI Act process delete zeros to stop economic objections to the project

Baghdad (News) … Member of the Finance Committee/National Alliance MP Abdul Hussein Al-yasiri,/the Central Bank cautiously question delete zeros of the Iraqi currency, the large economic objections to this project.

He said Al-yasiri (News Agency news) on Sunday: that the deadline for the deletion of zeros from the Iraqi currency was agreed at the beginning (2013), the Central Bank and retreat to process time is unknown because of the objections of some economists of a collapse in the national currency.

He added: to stop information campaign for the deletion of zeros to make the Central Bank takes the position of silence about the process, and called on the Federal Government and the Ministry of finance and the Central Bank to take a final position of delete zeros and time information to replace the currency to reduce frauds that have spread dramatically.

Confirmed: that the deletion of zeros from the currency would reduce the money supply and prevent Iraq from a State with density and mass market transactions in cash to block more credit and smaller.

http://bit.ly/Q7yfS2


Central Bank: The countdown for the implementation of the project to delete zeros did not begin until now

28 June, 2012 06:50:00

Central Bank: The countdown for the implementation of the project to delete zeros did not begin until now
Deputy Governor of the Central Bank of the countdown for the implementation of the project to delete zeros did not begin until now the lack of a unified vision about it.
The appearance of Mohammed Saleh vs. a press statement that the meeting the Finance Committee a few days ago was a recall and re-ask and discuss questions and queries on a project for the deletion of zeros.

Saleh added that he has approached the Council of Ministers on lifting the patient implementation of the project, which will be deleted 3 mattresses calculation of accounts of the Republic of Iraq and did not nothing يردنا until now.

Saleh pointed out that the central bank has finished its preparations for the implementation of the project after the approval of the parliament and government.

Kawthar al-Asadi


Market requirements and the need for the Iraqi street, increase the size of the money supply

Written by Administrator Tuesday, August 28, 2012 05:06

Revealed the CBI for that size the money supply in the Iraqi market exceeded (35) trillion dinars / or 27 billion U.S. dollars, stressing that there bloc cash Iraqi drove out of Iraq and exposure in the markets of an international currency, but count this thing positive sign in the interest of the Iraqi economy.

The deputy governor of the Central Bank of Iraq the appearance of Mohammed Saleh in a meeting with (tomorrow) he has so far worked Directorate release cash to put up more than 35 trillion Iraqi dinars to trade, and that the rate of increase Released gradually since 2004, the year replaced the old currency, and reached the source then 8 trillion over the past eight years raised larger amounts exceeded 27 trillion, attributing the causes to the requirements of the market and the needs of the Iraqi street to block larger as a result of rising prices and salaries and daily transactions and opening to the outside and internal and external trade.

In regard to the party that governed the largest amount of this mass between that there is no information in what if the citizen retains for bulk or government and private banks, even if their presence within the banks are also belonging to citizens customers deal with the bank such as the provision and deposit. “Regarding the presence of international markets deal buying and selling of currencies, some American, recently offered IQD trading, Saleh said, that these markets specialized buying and selling of currencies, and managed through her years of acquiring extensive experience with which it can promote their business and achieve profits and here might exploit any information or any circumstance gets in a country to achieve these profits and the success of its business, and might have heard about the intention of raising the value of the dinar or replaced and deleted three zeros and promoted to clients with them that this matter will bring them profits and here conducting the sale and purchase at this time.

He said the move Iraqi dinar to handle external is a positive indicator of the Iraqi economy and the strength of the dinar, depending on what is known as economically (b optimistic forecasts), up Iraqi dinar value depending on the accounts economic signal that Iraq possesses economical promising and strong economy based on the presence of enormous riches and oil investments and industrial very large and that the day will come when this country will exercise its economic power on a global level, not regionally.

Saleh added that the Iraqi dinar reflects this optimism, if the currency strong reflects the strength of the country’s economy traded him, although it remains the Iraqi dinar local currency and not a global currency, but the currency strong local owns cover cash exceeded even now 62 billion dinars, or higher than the value of approximately three times and this makes it stronger. “

He had earlier announced specialized companies buy and sell currency, put the Iraqi dinar in mind, especially after the central bank announced its intention to raise the value of the dinar, and predicted companies the recent rise in the value of several times over a period of months.

Follow “interesting companies through the use of the Internet offer large quantities of Iraqi dinar for sale and there are requests to buy it from speculators,” When browse these sites often read phrases such as “Buy Iraqi dinars, the current government will raise the value of the currency will become rich.”

And transfer Georgia Pablk site Brodcastnk U.S. mail expert on financial planning Brian Hancock as saying that there is nothing guaranteed in the world of foreign exchange exhibition of the variables at all times.

Hancock added, “There seems to be many who are selling the Iraqi dinar in the United States according to what I heard recently, they are persuading people that its value will rise to a hundred times.”

The “base their arguments to convince people to what happened with the Kuwaiti currency after the first Gulf War,” adding that he “received request advice from three people recently someone was convinced that he is able to win over a million dollars if he bought Iraqi currency at the moment “.

In terms of the second, there is known as secured requirements markets of currencies in the event of a correlation commercial or tourist, and here you can deal in Iraqi dinars in the markets of Iran, Saudi Arabia, Syria and Jordan, and with it in place in the Iraqi market that you find the offices of Banking believes you Altoman Iranian and Syrian pound The Saudi riyal and UAE dirham and the Turkish lira and the pound and the Indian rupee, and any currency needed tourist and Iraqi trader in order to travel to another country, and that too when positive signs, a guide to the admissibility of the Iraqi dinar in the markets mentioned, but mostly used for tourism and not for the trade that require large amounts of currencies internationally accepted, such as the dollar and the euro. “

And that in the event of currency exchange and the deletion of zeros will put 35 billion dinars and this is normal after deleting three zeros, stressing that the project to delete the zeros still exists but has yet to acknowledge. “

The previously announced the Central Bank “intention to start a project to replace the Iraqi dinar rolling now a new edition after deleting three zeros from the beginning of the year 2013, but the government asked to wait for an unspecified date.”

The planned Central Bank of Iraq and since 2005 the implementation of the project to delete three zeros from the Iraqi dinar, which suffered over the past decades inflation unprecedented led deteriorating value gradually from 3 dollars / dinars to 2400 dinars / dollars by the year 2003, enabling the central and through a policy put large amounts of dollar Central in the auction, to raise its value until now reached 1119 dinars.

CBI has already announced reduction teams exchange rate of the dinar to 4% after it was 7%, as he emphasized that it was raising its value in the Iraqi market and make one dollar equals 1,000 Iraqi dinars.

Saleh added that “the bank is working to make one dollar equals 1,000 dinars, pointing out that he is seeking to raise the exchange rate of the dinar during the next term and commensurate with the strength of the economy, particularly that Iraq will lead the energy market in the world for the coming years.”

And saw Iraqi dinar exchange rate down quickly three months ago and after the announcement of economic sanctions on Iran and Syria, which depend on the Iraqi market to secure their goods different, was charged with the Central Bank these countries export Ozmtehma to Iraq via transfer mechanism dollar sales to their advantage and collected various images. “

http://bit.ly/QSFGxL


CBI adopts scientific programs to stabilize dinar exchange rate

Date: Saturday 8/18/2012 6:00

working Alpetk Iraqi Center to adopt plans and programs of scientific effort to create stability of the Iraqi dinar exchange rate against the U.S. dollar, while welcoming Almusariq civil assume the central bank responsible for overseeing the system divided the national rather than foreign companies, which will bring huge boom in the work of banks .

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh on the status of plans and programs of scientific by the central bank to lower the exchange rate of the dollar against the dinar to reach its price natural market of $ (1190) in the coming period.

Saleh said (of the Agency news): The increasing demand for the dollar continues in the market, has led to the case of confusion in the market by increasing demand to buy the dollar suddenly, which led to increased price even arrived (1300) dinars per dollar during the last period.

said: that the policy of the central bank and plans of before the devaluation of the dollar gradually until he settled on a price (1240) dinars to one dollar (in the market), although the central bank auction selling dollars b (1189) for banks and customers, to keep the local currency from degradation because the increase in the dollar exchange rate to more than the selected number is causing a deterioration of the national currency.
continued: was developed plans and programs of scientific and deliberate devaluation of the dollar further against the dinar even up to its price real to settle the (1190) dinars and (1200) dinars in the market and then be thinking away to make the dollar worth dinars through put long-term plans after settling the political situation in the country and abroad and at diversifying the fiscal revenue of the state.

has seen the U.S. dollar has increased significantly and unprecedented him its value against the Iraqi dinar during the past few months, reaching a rate of exchange one U.S. dollar (1300) Iraqi dinars, after was conservative on the price for a long time b (1170) dinars to one dollar, which was born great fear in the economic circles constantly increase its price and its direct impact on the Iraqi economy.
noted that the dollar exchange rate current equal to (1240) dinars.

Meanwhile praised the Association of private banks take over the central bank responsible for overseeing the system divided the national instead of foreign companies, which will bring huge boom in the business of banks.
association said (of the Agency news): The supervision of the Central Bank of the work system divided the national will in the next few days will bring booming for the work of banks in Iraq, the best of the foreign companies that offer the service are narrow in scope.

said: that divided the national will include all government and private banks under the supervision of the Central Bank, which will work on a settlement bank accounts through the system calculations connected to all banks and under the supervision of the Central Bank.

explained: that the system of divided National will serve as a central point into which bank accounts all year round and will settle the bank accounts of banks and credit condemnable in order not to fall banks financial loss.
pointed out that the use of the system divided the national sing the banking sector from use of offshore companies and reduce costs and risks of dealing with foreign companies .

so expect a banking expert Mohsen Ali withdrawal small banks with capital from the few Iraqi market for securities, noting that the Iraqi Stock Exchange needs to be developed more easily for stock trading between companies. Ali said (of the Agency news): The securities market in Iraq since (2003) and yet still not encouraging and the palaces in spite of developments in it and the introduction of technological aspect and the use of electronic devices, continued: this is due to that society has a vision deficient on this market and perhaps there is doubt about the role of the stock market to achieve economic development.

added: investing in the stock market is an investment indirectly through the contribution of corporate development, banking finance, noting that the Iraqi banking sector is still unable to perform his role properly in the development process Economic despite the fact that Iraq was relying upon that lead important role in the economic reform process of the country.

explained that Iraqi banks small if it does not develop itself to possess large amounts they withdraw from the stock market in the event of entering large banks with high capital may be integrated with other banks because they are not able to compete with those banks.

http://bit.ly/S7WEII


High reserves gives the Iraqi dinar additional power

Date: August 18, 2012
The Central Bank of Iraq that the high reserves of hard currency to 67 billion dollars, it returns a positive, given the dinar additional strength.

The deputy governor of the Central Bank, the appearance of Mohammed Saleh, in a press statement yesterday, said that there is a correlation between the direct current account surplus of the balance of payments and trade growth cash reserve of foreign currency.

He stated that this correlation passes through the federal budget of the state, where they pass through state revenues from oil to foreign currency dinar through the Ministry of Finance, which convert the dollar to the local currency, pointing out that every dinar currency or foreign currency exporter covered with the Central Bank.

He explained that the management of the cash reserve be in accordance with evidence of investments and in accordance with international standards in the management of central banks in terms of diversification in the currency diversification and investment tools, which are always treasury bills and the guarantor countries with high credit.

The central bank has recently announced high reserves of hard currency to 67 billion dollars, stressing that these reserves are the largest in the history of Iraq, and that these reserves is one of the monetary policy to reduce inflation in Iraq.

http://bit.ly/R8NWbS


Deputy Governor of CBI: We have plans and programs to reduce the rate of the dinar against the dollar over the coming period

Date: 17/08/2012 11:53:43 Friday

Baghdad (news) .. Deputy Central Bank Governor appearance of Mohammed Saleh, plans and scientific programs by the central bank to reduce the dollar exchange rate against the dinar for up to price natural market and adult (1190) in the coming period.

Saleh said (of the Agency news) Friday: The increasing demand for the dollar continues in the market, which led to get the case confusion in the market by increasing demand for dollar suddenly, leading to increased price even arrived (1300) dinars to the dollar during the last period.

continued : that central bank policy and plans by him was reduced value of the dollar gradually until he settled on a price (1240) dinars per one dollar (in the market), although central bank auction selling dollars b (1189) for banks and customers, to keep the local currency from degradation because increasing the dollar exchange rate to more than the number specified cause deterioration of the national currency.

added: Plans are in place and scientific programs and calculated to devalue the dollar further against the dinar even up to its price real to settle the (1190) JD (1200) dinars in the market and then be thinking away to make dollar equals dinars through the development of long-term plans after settling the political situation in the country and abroad and when diversification fiscal revenue of the state.

has seen the U.S. dollar has increased significantly and unprecedented him its value against the Iraqi dinar in the past months, reaching U.S. dollar exchange rate per b (1300) Iraqi dinars, after he was conservative on the price for a long time b (1170) dinars to one dollar, which was born great fear in the economic circles constantly increase its price and its direct impact on the Iraqi economy. mentioned that the dollar exchange rate current equal to (1240) dinars

http://bit.ly/Pqykzn



The central bank seeks to limit the use of cash (CASH) in the country

16/08/2012 14:41:00

The independent Iraqi news agency / Baghdad / n. X ... Said the Iraqi Central Bank seeks to reduce the use of cash (CASH) in the country, because of geography and the challenge of security issues that make the transfer of money within the country is difficult and risky.

 

The bank said in a statement carried by (and independent Iraqi News Agency) "heading efforts to automate the processes of settlement of checks and payroll systems, and activate the automation of electronic card, to keep more cash in bank accounts."

 

"The central bank is currently working with local bodies and external in order to pass a law specific to each electronic payment systems to be working within a legal environment healthy," adding that "Iraq has one of the most payment systems, electronic art in the world, the system responsible for the exchange of payment orders between banks automatically using the network safe and effective "and that" responsibility for the operation and management of the accounts of the settlement between the participants to ensure the safety and efficiency of payment systems and clearing be limited to the central bank itself. "and that" the payment systems of Iraq is made ​​up of the settlement system total real-time system and clearing mechanism and system registration of securities of government. "and that" the automation of the primary market for the system of government securities, which began work on it by the Bank and in consultation with the Finance Ministry in 2008, while seeking to automate the activities of secondary market commercial, which will hopefully work on it soon. "

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August 16, 2012


Central reveals plans for the use of alternatives to retain the wealth

16 08 2012Al Sabaah

Revealed the CBI for his quest to build future plans aimed at moving the adoption of the citizens on the dollar for the purposes of maintaining wealth to other alternatives if the coins are gold or the dollar value of bonds.

The deputy governor of Bank of the appearance of Mohammed's (Center Brief for the Iraqi Media Network) that "there is a tendency to save the dollar by the citizens for the purpose of maintaining wealth due to the stability of its price or to settle the transactions of Interior because of mounting cash for local currency, which ends with the implementation of the project to delete the zeros."

Mohammed said that "there are plans and ideas to a future central bank seeks to apply a transition from reliance on the dollar for the purposes of storage and retention of wealth to the adoption of other ways to save as version gold coins or dollar value of bonds, banks can sell them to citizens."

The Central Bank and the management of an auction sale of hard currency in the country, the file is still a matter of political controversy and the existence of mutual accusations of corruption cases.

The main tasks of the Iraqi Central Bank to maintain price stability, and the implementation of monetary policy, including policies Osarabv, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

Confirmed at the time of the Iraqi Central Bank, to sell dollars to the banks intended to withdraw liquidity from the market as is the case in most of the world's central banks.

A statement by the Bank received the (morning) a copy of it: Most of the markets where the price of an official and the price of a parallel, and the bank seeks to minimize the difference between the two rates through the inspection teams, to comply with the instructions of the Central Bank, which sells the dollar to all government and private banks and branches of foreign banks and not for the banks, civil only.

He explained: that the policy followed by the Bank since 2004 and so far is one of the successful policies, as it led to a reduction in inflation from 50 percent to 5.8 percent and falling prices and the stability of the result of the tools that were in place, which was to invest the night and deposits for the duration (7, 14 and 30) days of the dinar, as well as investment and deposits of the night-term (7 and / 30 and / 90) days of the dollar.

He added that the bank canceled the tools mentioned with the exception of deposits for seven days of the Iraqi dinar only to encourage banks to grant credit for industrial projects, agricultural, residential, and pointed out that this monetary policy was welcomed by the International Monetary Fund. © Al Sabaah 2012

http://www.zawya.com/ar/story/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A_%D9%8A%D9%83%D8%B4%D9%81_%D8%B9%D9%86_%D8%AE%D8%B7%D8%B7_%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%B9%D8%A7%D9%86%D8%A9_%D8%A8%D8%A8%D8%AF%D8%A7%D8%A6%D9%84_%D9%84%D9%84%D8%A7%D8%AD%D8%AA%D9%81%D8%A7%D8%B8_%D8%A8%D8%A7%D9%84%D8%AB%D8%B1%D9%88%D8%A9-ZAWYA20120816134521/

Central Bank calling for the application to delete the zeros early next year

08.08.2012 0:00

According to a member of the Committee of Economy and Investment Attorney Nora Albjara, that the House of Representatives received a formal letter from the Central Bank containing details of the project to delete the three zeroes from the currency and calls for its application early next year, saying there is no objection large by the House of Representatives on the implementation of the project that the country is still prepared to replace the national currency.

said Albjara, on Tuesday, “The Central Bank of Iraq sent a letter to the Committees of Finance and economic development in the House of Representatives expressed its readiness to implement the project to delete the three zeroes from the currency over the next year and contains a detailed explanation of the project and the stages of implementation for the purpose of discussion in the House of Representatives and determine the timeframe for its implementation, “indicating that” most members of the House of Representatives rejected the application of the project in the next year being a big project and needs to be enough time for discussion and study, as well as they see that Iraq is still not ready to prepare fully for the implementation of the project and the fear that casts a negative impact on the national economy and the local currency. “

and added that “the Economic Commission representative will hold a meeting in the coming days to discuss the project and may be from which to call the Governor of the Central Bank and hosted by the House of Representatives to clarify paragraphs stages of project implementation and the possibility of readiness.”

The Central Bank of Iraq announced on 29 September that year 2013 will see the deletion of zeros and replacement of the currency, which warned him, officials and economists because of the presence of mafias currency is preparing to rig the trillions of Iraqi dinars to replace them in the light of the planned changes.

has called for the prime minister’s central bank to wait a project delete the three zeroes from the local currency, certain that a large project and need adequate time to apply it.

http://bit.ly/ORFD0M


CBI officially informs House its ready to implement currency reform at beginning of 2013; Politicians not sure if timing is right

Member of the Committee on economy: Central Bank officially informed the House ready for a project delete zeros … The interception of a representative around it

Date: 2012-08-07 12: 01: 44 Tuesday

Baghdad (News) … According to a member of the Committee on the economy and investment Deputy/Iraqi/coalition albegari, Nora House recognizes a formal letter from the Central Bank that includes details of three zeros from the currency deleted and called for its application early next year, saying there is no objection by the House of representatives on the implementation of the project that the country still is not formatted to replace the national currency.

She albegari (News Agency news) on Tuesday that the Central Bank of Iraq sent a letter to the financial and economic committees in the House of representatives expressed its readiness to apply the draft three zeros from the currency be deleted during the next year and contains a detailed explanation of the project and implementation phases for the purpose of discussion in the House of representatives and a ceiling to be applied.

Showed: that most of the members of the House of representatives refused to implement the project in the next year as a large project and needs sufficient time for discussion and study, they see that Iraq is still not ready to implement this project and fear that cast a negative impact on the national economy and the local currency.

She added: the parliamentary Economic Committee will meet in the coming days to discuss the project and may be called the Governor of the Central Bank and hosted in the House of representatives to clarify paragraphs stages project and the possibility of their application.

The Central Bank of Iraq was announced (September 29, 2011) to 2013 will see the deletion of zeros and the currency changeover, which warned officials and economists because of the Division of work preparing to falsify trillion Iraqi dinars to replace them in the light of the forthcoming changes.

The Student Council of the Prime Central Bank to wait to delete the three zeros from the local currency, confirmed that a large project and needs sufficient time to apply it.

http://bit.ly/RYGc9g



Iraqi currency change to take effect next year

Posted: July 18, 2012

Tuesday, 17 July 2012, 09:16 GMT

Many doubt that removing the zeros on the Iraqi Dinar will strengthen its value.

As per a plan by the Central Bank of Iraq (CBI), new banknotes will be printed and introduced into the market starting from the beginning of 2013. The new banknotes will have three less zeros and the text and design will be modified as well.

Although, some economists argue that the disadvantages of the change outweigh the advantages, the CBI will start the implementation of the plan at the beginning of 2013 without the approval of the Council of Ministers.

“The zeros are removed for the purpose of increasing the value of Iraqi Dinars in a way that one Iraqi Dinar will be equal to one US Dollar,” said Mahma Khalil, decision-maker of the parliament’s Economic and Finance Committee, who argues that due to the increase in the oil and gas revenue of the country, the currency change is needed.

It is expected that this year’s oil revenue will reach USD 100 billion; and by 2014, this number is expected to rise to USD 300 billion.

Dr. Ahmed Chawsheen, another member of the same committee, however, rejects this idea and argues that the value of money does not increase by removing zeros but rather by the development of industry and increase in domestic production.

By production, MP Shawsheen does not mean only oil and gas, but rather producing majority of market demands domestically, “then the value of currency increases automatically.”

Aiyob Smaqayee, an economist, also argues that without a strategic planning for economic development, removing zeros would not only have little positive impact, but on the contrary may lead to negative effects on the economy.

A number of countries such as Turkey, Brazil and Argentine have in the past removed zeros from their currencies, but due to lack of strong economic policies, their currencies failed to gain notable value, and even depreciated afterwards.

Preventing or paving the way for money forging?

MP Khalil told the Kurdish Globe that by changing the currency, the possibility of forging money would be lowered, and hence he has expressed his support for the CBI initiative.

MP Dizayee, however, does not agree with his committee’s head in this respect, and states that changing the currencies will create a complication in the market and paves the way for corruption and misuse.

“The banks might change the currencies easily for a group of people but not for another group,” Dizayee told the Kurdish Globe. “Moreover, there might be some wealthy people who keep their money to change it at a later stage if they think they make a profit out of it. These will create chaos in the market.”

Reports have also indicated that in some countries, influential people had changed the old currencies in the banks and then withdrew them several times and changed them back again.

Iraqi is already at the top of the list of the world’s most corrupt countries and this fact increases the possibility of further corruption through the currency change process.

Decreasing trust in Iraqi Dinars

In addition to internal chaos, Smaqayee also believes that changing the Iraqi Dinar several times would diminish the trust in the currency in the world markets and hence push its value down.

While Dizayee believes that printing new banknotes would cost a lot and is a burden on the CBI, Khalil states that the cost is only USD 125 million, which is not significant compared to the USD 65 billion balance of the CBI.

Smaqayee also argues that collecting the old notes and destroying them is yet another additional cost.

The nominations of the new banknotes

Khalil says the new currency will be in the shape of coins and banknotes. The coins will be in different nominations like IQD 0.25, IQD 0.5, IQD 1 and IQD 2. And the nominations of the banknotes will be IQD 5, IQD 10, IQD 25, IQD 50 and IQD 100.

Moreover, for the first time the Kurdish language will also be used on the new currency in addition to Arabic and English, with a proposal to print a picture of a historical site in the Kurdistan Region on one of the denominations.

According to the CBI plan, the new notes will be introduced in early 2013 and the changing process will be done gradually over a period of two years, during which both the old and the new currency will be used in parallel.

This gradual transition, according to Chawsheen, is a mistake and allows the possibility of corruption by the banks. He thinks that before introducing the new notes, an amount equal to the existent notes currently in circulation should be printed and thus the changing process should be conducted in one day, to prevent misuse and corruption.

Every day a different decision

Chawsheen told the Globe that the first mistake by the government was replacing the Swiss banknotes and adding zeros to it.

“Now they regret this and want to remove the zeros again,” said Chawsheen. “By this they will confuse the public. Why adding zeros and removing them later?”

Three zeros were added to the Iraqi Dinar after the fall of Saddam’s regime, and in 2013 and after less than 10 years, they will be removed.

Background

- In 2003, new Iraqi Dinar banknotes were printed with three zeros added

- This banknote has been used since then

- In early 2013 new banknotes without the three zeros will be introduced

- For the first time Kurdish language will also be used on the notes

- The picture of a historical site of Kurdistan will also be printed on one of the denominations

- There will also be coins

- The coins will have 4 nominations: IQD 0.25, IQD 0.50, IQD 1 and IQD 2

- The banknotes will have 5 nominations: IQD 5, IQD 10, IQD 25, IQD 50 and IQD 100.

- The maximum nomination of the current notes is IQD 25,000.

http://bit.ly/NFgI3k


CBI: Cost of printing the currency after you delete the zeros quarter of the cost of printing currency current

Posted: July 18, 2012                 

17/07/2012 17:15

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh

“Gate of Iraq” BAGHDAD – Vice Governor of the Central Bank of the appearance of Mohammed Saleh said that “the real cost for the printing of new Iraqi currency after deletion of zeros in the current period cost a quarter of which is printed by the Iraqi currency currently in circulation.”

And pointed out that “accelerate the process of printing the new currency is in the interest of the country in the current period because the deferred into the future lead to a cost increase to three times the cost to be allocated for printing in the current period.”

Hesitated and news about the high cost of printing Iraqi currency after deletion of zeros to the imaginary numbers of up to one hundred and seventy billion Iraqi dinars.

The project has been delayed to delete the zeros due to some work by Almarqlat, especially after extensive controversy about it.

Iraq had replaced its currency in 2005 as it continued currency of the former regime for nearly two years.

http://bit.ly/NNamd3




CBI: Currency exchange will reduce the risk of errors accounting system

Posted: July 15, 2012 

15/07/2012

BAGHDAD / JD / .. Central Bank of Iraq confirmed that the process of printing a new currency with the deletion of three zeros will cost the state less money sad re-sustain damage because of the current currency and economic expansion, noting that the new edition will reduce the risk of errors accounting system.

The deputy governor of the Central Bank of Iraq the appearance of Mohammed Saleh told / JD / that “printing the new currency would cost the state large sums of money but the fact that the current currency and because of the high value and liquidity will cost the state more simply by typing denominations themselves of the same coin because of the damage and the expansion of the economy.”

“The cost of the current more because when replacement will be the categories of large Vtakhtsr Cache We have now 4 billion securities traded out of 34 Tleraon amount of cash if exported large groups 50 dinars and 100 dinars and 200 dinars, equivalent to 200 thousand dinars, the 4 billion banknotes and shorten billion of which to one billion and a half billion of these banknotes Falclfah be relatively less at the same time shortened (Cache) Cash too “..

He added that “there is also a shortcut numbers The country is dealing with (10 S-12) a trillion, but when replacement deletion of the country will deal with 10 S-9, and this is a big difference, explaining that the switch will reduce the risk of currency accounting system errors.

http://bit.ly/OtZ7pZ


CBI: Speculative project cost to delete the zeros up to 172 billion dinars; Provides 3 reasons for currency reform

Posted: July 14, 2012 

07/14/2012

The Iraqi Central Bank estimated cost speculative project to delete the zeros from the currency up to 172 billion dinars ..

The study by a private project delete the zeros received / JD / copy: The total cost of speculative to project the deletion of zeros up to a hundred and seventy-two billion dinars, “..

the bank said in his study that the wages of transport and insurance of the role of copyright to the Baghdad International Airport up to (140), calculated on the basis of the ratio between the highest and lowest price (90-189) billion dinars from the presentations made by companies ..

He added that “the cost of speculative Stamping coins of the new currency of (16) billion dinars,” the bank ..

He continued, “The wages of cargo , Fridays and official holidays, overtime, etc. .. of (15) billion dinars “..

He pointed out that the cost of the media campaign and the costs of different limits (1) billion dinars,

the bank recalled the cost of the replacement process for the period from 15/10/2003 to 15 / 4/2004 amounted to the wages of the printing and transfer of currency to (240) dinars, and wages of minting coins up to (16) billion dinars, and a ring of total costs allocated to the banks amounted to (13) billion dinars.

and attributed the bank the reasons for the deletion of zeros for three reasons:

First, the process Delete the zeros will be an opportunity to add new features of the Iraqi currency to prevent potential counterfeiting of the new currency through the use of specifications of high security, leading to increased customer confidence (public institutions) as a result of low or no cases of fraud ..

He pointed out that the second reason that the process of removing zeros will to reduce Alokiem digital currency and financial Almahacbah and may reduce the role of time, effort and cost required to complete financial transactions and accounting as well as the possibility of reducing the number of banknotes traded, especially if banknotes were printed large categories “..

He said the third reason Vankh enhances the possibility of maintaining the Iraqi dinar exchange rate against foreign currencies gained the confidence of its customers.

The central bank has decided to adopt some of the features and pictures to be developed on the new currency after deletion of zeros .. And obtained by / JD / a copy of the book’s central bank, which included the historical and cultural landmarks and images to be placed on the implications of the currency close to the mentality of the Iraqi public and culture ..

According to the authors included a paper currency a number of monuments and pictures the most important, put a picture to bridge the imams and the magnitude of the significance of high-value if it reaches the bridge between both sides of the River Tigris and the terminal Mrakadi Imams Musa al-Kazim (AS) and Abu Hanifa (ra) ..

The book entitled the bank to the Directorate General for the issuance and cabinets: This is dedicated to the highest class of the new currency a category (200) two hundred dinars and the dinars on the back of this paper and put a picture of the Baghdad school ..

He said the central bank: put on the face of the category (100) dinars, hundred dinars, pictures of Azwaip area in Baghdad, one of the areas which was set up by the ancient suspension bridge, one of the achievements of the Iraqi state ..

Iraq is one of the leading countries in the establishment of this type of bridges, shown in the image building of the Iraqi Central Bank, in addition to the building of the University of Baghdad, is the oldest scientific institution in Iraq in the second half of the twentieth century, while placed on the back of the paper image (ziggurat), one of the features of construction Iraq at the dawn of history ..

According to the book’s central bank: put on the face of the paper of class (50) JD (fifty dinars) image of the King Codaa one of the most kings of the dynasty of Lagash II (King XII), a God of growth and fertility, while the back of the paper have included a picture of Fort Ukhaydir a Fort archaeological its construction dates back to the Abbasid era forts and defensive unique in a deserted area, such as those constructed in which this fort is located to the south-west of the city of Karbala ..

The central bank said: that in the face of the banknote (25) dinars (twenty five dinars) was developed, the image of King Hammurabi receiving the law .. This is the spiritual father of the King humanitarian legislation, as written in the custody of the rules governing the life and transactions in the famous Mselth either the back of the paper have included a picture of a peasant of Iraqi Kurdistan with the help of men in the preparation of the field of agriculture ..

He said the central bank: put on the face of the banknote (10) dinars (ten dinars), a dinar, the Arab-Muslim This is a dinar, which was minted in the reign of the Umayyad dynasty beginning of the circulation of money in the Islamic state, which hit the inside and one features of the state and its sovereignty and economic independence, The back of the paper has developed a picture of the lighthouse Hadba in Mosul, one of the landmark development of excellence in our beloved Iraq ..

Either category (5) dinars (five dinars) was placed on the face of her paper image of a waterfall entirely on Beck in Kurdistan Iraq, a reference to the state’s interest in water and its sources in addition to the interest in tourism and the environment either the back of the paper has developed a picture of a palm Iraq, a sign of a property for each land black from southern Iraq to the north and to honor the (aunt Palm), said Mustafa (peace be upon him) and the central bank said in writing: in line with the best applications and international experiences, he decided to stop the basic parameters of the currency notes of the categories (25000,10000,5000) JD Traded to the road as it is in the new series (25,10,5) dinars to enable the audience with her as a thousand imprinted in his memory.

The bank was keen to choose the designs of the coins are the generality and comprehensiveness of significance, and have a positive impact on all the people of Iraq, where he put on the aspects of coins map of Iraq and highlights where the Tigris and the Euphrates, and the center of the map a circular area to install the coin mineral, while the other side of coins have included, first class (2) JD’s image (the Monastery of Saint Matthew), a historical site and my soul is located in the north of Iraq, and taken by the Iraqis of different sects and religions shrine to seek blessings and tourism. Included in category (1) BD image and reality are inspired from the displacement of Kurds Faili designed and prepared the Ministry of Culture. Has been developed on the category (500) fils image to fill a modern on the River Euphrates, and was intended to highlight the importance of water and means of storage and organization in Iraq, and on the category (250) fils putting pictures to fill Kut on the Tigris River, for the same purpose, and put on a category (100 fils), a picture of a lion Babylon, symbol of the power and vigor of the nation of Iraq. and put on a class (50) fils a picture of the palm, the symbol of Mesopotamia. and class (25) fils put a picture of the Ishtar Gate in memory of great Iraqis.

http://bit.ly/Nsh2QPTheCurrencyNewshound



Most Iraqi Banks Meet New Capital Requirements

Posted on 11 July 2012. Tags:

http://www.iraq-businessnews.com/wp-content/uploads/2012/07/one_billion_dollars.jpg?d9c344

By John Lee.

Most of Iraq’s 34 private banks have met the central bank’s 30th June deadline to reach the 150 billion Iraqi dinar ($128.8 million) capital requirement, reports Reuters.

The schedule drawn up in 2009 required the banks to reach capital levels of 100 billion Iraqi dinar by the end of June 2011 (which most of them did), 150 billion Iraqi dinar by June 2012, and 250 billion Iraqi dinar by June of next year.

Abdul-Aziz Hassoun, executive director of the Iraqi Private Banks League, said “80 percent of the banks have increased their capital, some of them have increased it even more than the required levels“.

The banks which did not succeed in raising their capital have asked the central bank for a grace period until the end of the year, Mudher Kasim, deputy governor of the Central Bank, said. “We are not very strict in this issue…but at the same time we cannot give a hint that our decisions could be rolled back“, he added.

Hassoun said he would prefer the central bank to encourage failed banks to merge.

(Source: Reuters)

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