The project is important to increase the power of the dinar and the money supply to reduce the enormous

08/03/2012

Why after the lifting of zeros?

BAGHDAD - Haidar al-Rubaie Filaih
Said an economist that a number of things can be achieved thanks to the deletion of three zeroes from the currency, noting that in the forefront of those positive things to be achieved after the implementation of the project is to increase the control of monetary authorities on the attitudes of the currency in Iraq through the performance of its functions in liquidity management, control and surveillance on the currency National.
And embarked on the government to change the currency in 2004, directed by the central bank to introduce a deletion of three zeros from the Iraqi dinar, a project implementation is expected early next year, according to Deputy Governor of the Central Bank.

In the opinion of the Central Bank to reduce the size of the enormous money supply is the most prominent reasons for the deletion of zeros from the currency, financial experts, underlining the importance of the project to restore balance to the rest of the Iraqi dinar foreign currencies especially the dollar.

Says Associate Dean of the Faculty of Business and Economics, Dr. Falah Hassan Thuwaini (morning): The deletion of zeros from the currency holds above his shoulders justifications positive mission to Iraq, and sees Thuwaini that it will work on the stability of the currency value and the absorption of the surplus that results from high rates of inflation and then reduce the phenomenon of monetary illusion and inflationary expectations.

He added that Thuwaini measures to revive the monetary policy in Iraq could contribute to increased rates of development in the country was then promoted the economic reality in general, and this project means Thuwaini deleting three zeros from the currency.

The estimated money supply issued in the Iraqi street, with 30 trillion dinars to the various groups, while the number of securities traded, according to official statistics of the Central Bank about four trillion paper money is the product of a long period of inflation and Altdhoralaguetsada.

According to the CSO, also, those money supply contributed to raise the index of consumer prices foundation in 1993 from 100 dinars to 200,000 in 2003, and this means that goods and materials that were being sold for 100 dinars became sold for 200,000 dinars, and under this circumstance and the deterioration of the currency value category increased currency at the time the largest of 25 to 25000 dinars, thousand dinars, and this means that inflation is adding those zeros.

And the benefits that can be added to the economic changes and reforms initiated by Iraq, Dr. Thuwaini confirms that the deletion of zeros is important in the link or to join the bloc or economic zone or certain monetary, or be part of a long-term strategy for monetary reform.

Thuwaini and built as well as that of the other benefits to be achieved if the currency change and delete Asfarha is that the new currency will contribute to the national currency for legal force in the performance of its core functions, whether immediate or deferred.

And baptizing the Iraqis to use the dollar in trading wide to prevent the circulation of a huge amount of money in daily transactions, prompting traders and businessmen to use the dollar instead of the local currency in the intellectual projects, strategy and financing of trades is important, as baptizing the merchant to transfer money and receive the dollar exclusively , which is the cradle of the so-called recently (dollarization) in the completion of projects and business deals that took place in Iraq.

And this payment Thuwaini to say that changing the currency and delete zeros contribute to the reduction of the process of dollarization in domestic economic activity, especially with the release of large segments of the local currency, as well as check easily in the process of exchange or convert the currency with other currencies, and in exchanges of capital in the balance payments and budget.

And created the money supply massive Iraqi funds many problems in the final accounts of banks and government departments in general, that the figures the enormous which is not without in many cases, cases of errors and omissions due to the large number of zeros which may be used in those accounts, and sees Thuwaini that the deletion of the zeros from the currency will ease the burden on the banking system and financial in order to reduce the amount of the money supply in the financial market and monetary.

And mayors of the central bank to impose measures restrict the sale of the dollar in daily auction, organized, and designed these measures to curb the growing demand for dollar by the traders and investors to finance their projects, and confirmed by the size of the trend for trading foreign currencies instead of dinar, which was worth at least much for the dollar.

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Form a higher committee with the CBI to start deleting zeros from currency

08/03/2012

Baghdad, March 8 (Rn) - The Economic Committee in the Iraqi Council of Representatives, Thursday, they formed the Central Bank of Iraq with a joint committee to begin the process of deletion of zeros from the local currency.

Said Abdul Hussein Abtan told the Kurdish news agency (Rn) that "the Economic Commission formed a joint committee with the Central Bank of Iraq on Thursday to oversee the process of removing zeros from the local currency, which is scheduled to begin next September."

He added that "the Commission will provide technical and legal requirements, administrative and paint nature of the Iraqi market and suitability to delete the currency during the stage preceding the start delete currency as well as increase public awareness about the details of the process of removing zeros from the currency."

He pointed out that the central bank, "promised" that he could make a change of currency and delete zeros in order to "reduce inflation" in the country.
And the parliamentary economic committee said it had agreed with the Iraqi Central Bank to begin the process of changing the local currency in September next.

The central bank announced it was considering the requirements of the project to delete cracked the zeros of the local currency to enact a law governing the implementation of the project or not, noting he is looking this file with the cabinet because he is a national project to support the Iraqi economy.

The Committee emphasized the parliamentary Finance, on Sunday, the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, confirming the same time the law was passed that would give Iraq an opportunity to address economic inflation.
And inflation is excessive in the general level of prices and rising incomes as well as higher cash costs and create excessive cash balances.

The Iraqi government says that the process of deletion of zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.

And harmony of the Securities of the government's position to delete the zeros and says that adversely affect the financial trading in the stock market.

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, as well as the organization of the banking sector.

The main Manmam Central Bank in managing monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation.

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Vegetation: the right of the national meeting held before the Arab Summit

Thursday, 08 March / March 2012

Euphrates MP on the mass of the citizen Hamid vegetation that held the national meeting after the Arab summit scheduled for late this month, is inappropriate.

And plans of the political blocs to meet her at the invitation of President Jalal Talabani to consider the current disputes and find solutions to them has been formed a preparatory committee shall prepare for the meeting and held four meetings it until now failed to reach a consolidated paper to the demands of the political blocs to be the agenda for the meeting with the national, making some likely to hold this meeting after the Arab Summit to be held later this month.

The vegetation of the Euphrates News Agency {} announced today that "the national meeting was necessary before the Arab Summit held to resolve differences between the political blocs in order to be Iraq's position strong in the Arab summit."

He added that "the differences between the political blocs took a long time and has been overshadowed by the reality of the country in various levels, so the leaders of political blocs are required to develop a solution to those differences as soon as possible."

He continued vegetative "was imposed on the leaders of political blocs respond to the invitation by Mr. Hakim fired in one of his meetings that there be a week for understanding and ongoing meetings between representatives of the political blocs that dialogue is the way the sponsor to end the differences."

The political scene exacerbated in attitudes, especially among the State of Law Coalition led by Prime Minister Nuri al-Maliki and the Iraqi List led by Iyad Allawi, among other topics, notably the issues of Vice President Tareq al-Hashemi, Deputy Prime Minister Saleh al-Mutlaq as the first issued an arrest warrant on charges of directed his support of terrorist operations carried out by members of the protection, either face the al-Mutlaq, a request to withdraw his confidence by al-Maliki to the House of Representatives on the back of a press statement. Is over 1:00 p.m.

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Mahma Khalil: solid central bank policy and the future of the Iraqi dinar

Thursday, 08 March / March 2012

He attributed the Kurdistan Alliance MP Khalil Mahma high exchange rate of U.S. dollar against the Iraqi dinar to the speculation in the currency market and forecasts the emergence of a large liquidity after approving the budget for fiscal 2012 and also submit to the market supply and demand. "

He said in a statement to all of Iraq [where] the day that the Central Bank of Iraq adopts a policy of monetary solid to the presence of financial cover and the balance of enough of the Iraqi dinar with the stability of prices and the Bank's policy for adoption policy single window with his customers and that marching and confident. "

Khelil said that the future of the Iraqi dinar will be there will be no rise of the dollar because the U.S. central bank policy is moving toward stabilization of the Iraqi dinar. "

He said the Kurdistan Alliance MP said what the central government and central bank policies in these circumstances a good precautionary measure, "adding" there are no misgivings of any state to protect the whole economy and that there are violations in all countries of the world. "

Saw the local exchange markets in recent months, a remarkable increase in sales of foreign currency, especially the dollar, in turn, decreased the value of Iraqi dinar against other currencies is that the value of the central bank is still fixed.

He was an adviser to Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge had criticized earlier in the policy of the Iraqi Central Bank to lift the Iraqi dinar against the U.S. dollar, "adding that" the bank did not coordinate with the Economic System in addressing the situation, "asserting that" those political violate the productive base in Iraq and that the Iraqi Central Bank to raise the dinar against the U.S. dollar at the present time is incorrect because it is a real increase. "ended 2

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Vice-Awadi: Maliki's visit to Kuwait will put an end to the peremptory between the two countries resolve their problems and outstanding

Thursday, 03/08/2012

Baghdad (news) .. A member of the State of Law Coalition MP / National Alliance / Ahsan al-Awadi, that the visit of Prime Minister Nuri al-Maliki's expected visit to Kuwait would be the end of the rupture between the two countries.
He said Al-Awadi (of the Agency news) on Thursday: The Melvalalaqat between the two spiky since the period of the previous regime and there are some observations on the role of the Kuwaiti government, especially after 2003, pointing out that Iraq is open to Kuwait to be there is a relationship of economic and political good will satisfy all parties.
He added that the repeated calls by Kuwait to Prime Minister Nuri al-Maliki to visit Kuwait are invited blessing and everyone is relied upon a lot may be in this visit of the end of peremptory between Atatn to resolve the problems between the parties, including the issue of port Mubarak and the port of Faw and a lot of other problems.
Most evident: that the spacing and the loss of confidence between the parties is the last solution, which a lot of things but in the multiplicity of the visits and calls and discourse between the quiet Ikra Gutin can be no solution to the outstanding problems Jamea.
It is noteworthy that the file of border disputes and oil between Iraq and Kuwait, began after Britain decided in 1961 granting the independence of Kuwait, and the rejection of the late Prime Minister Abdul Karim Qassim, recognition, and called on then to the annexation of Kuwait to spend Basra, despite the recognition of the Iraqi government, dominated by the party in 1963 after the Baath regime overthrow Abdul Karim Kassem, the independence of Kuwait deal said by some historians that it was in return for giving the Iraqi government money because of the deficit was experienced, but the former president Saddam Hussein, who belongs to the same party, he decided on the second of August 1990 the invasion of Kuwait on the background of problems on the border and Tsmha and conflict on some oil wells.
The UN Security Council issued Resolution No. 833 in the year 1993 provides for the demarcation of the border between Iraq and Kuwait, which has a length of 216 km through the formation of an international commission to demarcate the border between the two parties, which was rejected by the regime of President Saddam Hussein first, but it was approved by the end of 1994 after pressure international, and officials say the Iraqis that the demarcation of the border between the two countries were by force, and led to the deduction of Iraqi territory in terms of Safwan and Umm Qasr area, as well as reducing the area of ​​Iraqi territorial waters, while urging the Secretary General of the United Nations Ban Ki-moon, Iraq in November 16 of 2010 , to fulfill its obligations to Kuwait, in particular with regard to Security Council resolution No. (833) on the delineation of the border between them to get out of the penalty provisions of Chapter VII of the Charter of the United Nations. / Finished / 3. d. Q /

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Member of the state law: the demand for a national conference before the Arab summit to try to open the door of regional interference in Iraqi affairs

Thursday, 03/08/2012

Baghdad (news) .. Accused member of a coalition of state law MP / National Alliance / Faleh Ziadi political blocs, which calls for the need to convene the National Congress before the Arab Summit that has a premeditated intent to display the internal problems at the top and open the door of interference in Iraqi affairs.
He said Ziadi (of the Agency news) on Thursday called for the need of a national conference was held before the Arab Summit, but we do not see a link between the National Conference and the Arab summit.
He added that those who insist on a national conference was held before the Arab Summit has the intent and clear display internal problems and open the door to the regional and Arab intervention in Iraqi affairs.
The MP for the coalition of state law to: that the problem is an internal Iraqi and there is no justification to put it in the meetings of the Arab summit conference was held that whether before or after the summit, it is an internal problem can be treated with the dialogue and the National Conference sponsor to resolve some problems existing in the political process.
The Ziadi: to insist that put internal differences in the Arab summit and try to stir up trouble to send a message that there is no clear harmony within the political process and the lack of unity and political discourse should the political unification until the Arab summit.
The MP / coalition in Iraq / reproach Jassim Al-Douri, has renewed its demand for holding the National Conference before the Arab summit to give a message reassuring to the Iraqi people and to the Arab leaders that the political process in Iraq, an integrated, demanding political blocs to reconcile with each other as people reconciled with each.
The league said in an earlier statement (the news): The National Conference Balgarib urgent considerations, many of them give a reassuring message to the people of Iraq in addition to the delegations coming to Baghdad, should feel that the Iraqi scene Btminanah integrated.
She added: Political leaders renounce conflicts and disputes among themselves through mutual trust and remove doubt among the conflicting parties to Halhh things and ride in one ship survived.
And demanded the MP for the coalition in Iraq: political leaders to reconcile with each other as people reconciled with each other in order to go to the people that brought Aoik leaders on what they are now, and I followed that high-level positions of no use, the fact that personal day in office, and tomorrow off. / Finished / 2. d. Q /

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Deputy Governor of Central Bank: the housing crisis a serious indicator of rising inflation and must be faced

Thursday, 08.03.2012

Baghdad (news) .. commended the deputy governor of the Central Bank of the appearance of Mohammed Saleh the need to develop plans to solve the housing crisis in Iraq, they give an indication of serious inflation in the coming period.
Saleh said (of the Agency news) on Thursday: The occurrence of inflation in the country comes through the high real estate prices to very high levels, leading to increased prices of food and industrial goods in the domestic market, and this is what makes inflation index rises gradually.
He added the federal government to set priorities in solving the housing crisis as it gives an indication of serious inflation in the coming period and may lead to economic problems in spite of control by the central bank.
He pointed to: that inflation is now happening in the local markets to the fears and ether-called "inflation in transition" because it comes from the outside when you import the materials and goods to the Iraqi market, warning of rising inflation from the current level.
Saleh said: that the central bank will take the necessary measures to maintain the value of Iraqi dinar in the case of high rates of inflation index to its highest level of control on the prices of materials in the local markets. / Finished / 8. D. Q /

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For Iraqi ministerial committee meeting today to examine the agenda of Maliki's visit to Kuwait

08/03/2012

Baghdad, February 8 (Rn) - An adviser to Iraqi Prime Minister for Legal Affairs, on Thursday, said that the ministerial committee set up last Tuesday decided to hold a meeting today to examine the agenda of the visit of Prime Minister Nuri al-Maliki to Kuwait next week.

The Cabinet decided Tuesday to form a ministerial committee to discuss the outstanding issues between Iraq and Kuwait and the preparation of all the primitives required to enable the government delegation which will visit Kuwait to negotiate with the Kuwaiti side to find solutions to those problems.

He hopes politicians and Iraqi lawmakers to succeed al-Maliki's upcoming visit to Kuwait in the resolution of the most outstanding problems between the two countries at the forefront of removing Iraq from Chapter VII, and the issue of compensation and the port of Kuwait's Mubarak.

He said Fadhil Mohammed Jawad, told the Kurdish news agency (Rn), that "the ministerial committee that decides formed by the Council of Ministers, which includes the foreign ministers, transport, financial, and human rights in addition to the Legal Counsel of the owners will be held today a meeting to study the work schedule for Maliki's visit to Kuwait next week."

Jawad said that "the Committee of Ministers will leave with Iraqi Prime Minister Nuri al-Maliki in Kuwait in the 14 of this month."
And placed Kuwait in April last the foundation stone for the construction of the port, "Mubarak Al-Kabeer" in Bubiyan Island, which lies in the far north-west Persian Gulf. Is the second biggest island in the Gulf (890 square kilometers) after the Iranian island of Qeshm.

In the view of white bloc in the House of Representatives that Maliki has a number of files "barbed" and "complex" in negotiating with the Kuwaiti side, revealing a news show to run concessions from the Iraqi side to meet other concessions from the Kuwaiti party.

The spokeswoman for the bloc high Nassif's (Rn), "There are many outstanding issues thorny and complex between Iraq and Kuwait, both file Chapter VII and the port of Mubarak and the demarcation of the border and the theft of Iraqi oil and the theft of agricultural land and the attacks on fishermen", "expressing the belief that" al-Maliki does not can resolve them all. "

Nassif explained, "We are confident that Maliki will make no effort to reach a resolution of the pending files seriousness with Kuwait and the Iraqi people hope that the visit yielded positive results," afterthought "We hope that there will be no bargaining on the sensitive files."

Revealed Nassif, of "receiving reports that there are bargains to Chapter VII for non-objection of Iraq to the port of Mubarak of Kuwait, or to be abolition of the port of Faw in return for guaranteeing a share of Iraq in the port of Mubarak, and we believe that these files related to Iraq's sovereignty and we hope Maliki must not careless touches the subject of Iraqi sovereignty. "

And discusses the UN Security Council in June next possibility of withdrawal of Iraq from Chapter VII, after making sure of its obligations to Kuwait three files are the issue of missing Kuwaitis and archives, as well as the issue of border demarcation between the two countries.

According to a professor of political science at the University of Baghdad Hamid Fadel said that "the upcoming visit of Prime Minister of Iraq to Kuwait is different from its predecessors on the grounds that there is a desire Iraqi genuine in resolving the outstanding issues from the State of Kuwait, but the visit does not mean it will be resolved the problems before them for more than a quarter of a century" According to what he says teaching at the University of Baghdad.

Fadel said (Rn), "The Prime Minister's visit to Kuwait mission is its importance that there is a desire to say the least Iraq the possibility of resolving many outstanding issues through dialogue and not through media statements, visit the task in terms of the launch of a new relationship between the two countries."

He said political science professor at Baghdad University that "it is difficult to optimism often that the visit had resolved all the problems, there are problems of life more than a quarter of a century it is difficult to find their way to the solution in the visit, Iraq needs to get out of Chapter VII and this comes through understanding of the Kuwaiti ".

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Central Bank reveals that the transfers of private banks $ 40 billion

Thursday, 08 March 2012

Twilight News / the central bank, on Thursday, for that private banks are transfers of $ 40 billion per year have achieved large profits, indicating that the private banks Tnesb hostility to the central because they want to work without legal controls.

The deputy governor of the Central Bank of the appearance of Mohammed's "Twilight News" that "the private banks that the 45 Iraqi banks and some branches of foreign based transfers an annual $ 40 Mllardolar have achieved large profits, and are such transfers a third of what turns Iraq's foreign currency."

Saleh explained that "the former regime as a result the economic blockade and the disruption of the oil royalty revenues contributed to the presence of 12 banks to be civil strife and political leverage to perpetuate its existence."

And Saleh, said that "Iraq is moving slowly toward a market economy, and domestic banks a big role in turning the wheels of this economy," adding that "the private banks in Iraq does not contribute to this role, and Tnesb the Central Bank of hostility because they want to work without legal controls."

The head of the group banks, economy, investment and financing Husam Obeid pregnancy, on Wednesday, in a statement to "Twilight News" and the Ministry of Finance and the Central Bank responsible for not handling the state's departments with private banks, according to the decision of the first required by, said Husam Obeid said that "the issue away Ministries and government departments to deal with private banks private originated 4 years ago when the Ministry of Finance issued a decree banning dealing ministries and government departments with these banks. "

The member of the Finance Committee parliamentary Najiba Najib confirmed for "Twilight News", earlier, that "the two systems the banking and taxation in the country still need more support through the development of plans and mechanisms carried out by authorities of legislative and executive branches in the country," asserting that "The banking system and the current tax does not serve the Iraqi state and the economic realities."

Iraq seeks to support the banking system by closing the deficit of local banks by covering the financial guarantees required by the investment companies, which represent the problem of limiting the entry of companies specialized in the electricity sector, infrastructure and services.

In Iraq, there about seven state banks and 45 banks waged, mostly owned by foreign banks, two banks and two government control over an area larger than the banking system in Iraq are the Rafidain Bank and Rasheed Bank.

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Iraq wants to know Kuwait’s stand on Kabir port: speaker

08/03/2012

Nouri Al-Maliki’s visit will boost Kuwait ties

KUWAIT CITY, March 7: The Speaker of the Iraqi Parliament Osama Al-Nujaifi was recently quoted as saying the file of the Mubarak Al-Kabir port which is being built by Kuwait is still a subject of discussion between the two countries, reports Al-Anba daily.

He has said he wants to portray the real picture to the Kuwaiti side and hopes both sides will agree to common interests.

Al-Nujaifi pointed out the Iraqi side is waiting to see what stand the Kuwaiti Parliament will adopt. However, this can only be determined after the concerned party is acquainted with the subject over the next few days.

He described the bilateral relations between the two parties as ‘good.’

Meanwhile, the forthcoming visit of Iraqi Prime Minister Nouri Al-Maliki on March 14 will hopefully consolidate the cordial relations between the two nations and settle the tensions, reports Al-Anba daily.

A source informed the discussions will focus on bilateral talks and pending issues between the two countries. He said they will not discuss about the Mubarak Port project because the issue is already settled and the implementation of the project is under progress.

Regarding the demand of Iraq to be excluded from the Chapter Seven resolution, he said the decision is in the hands of the United Nations but Iraq’s compliance to the execution of all responsibilities towards Kuwait will facilitate a quicker exclusion from Chapter Seven.

In another report, when the US Administration and the Iraqi government met to discuss the need to keep the first batch of army forces for a longer period, some ideas were raised by the Iraqi officials, reports Al-Kuwaitiah daily.

These ideas included formation of a federation which would include Kuwait, to be able to take decisions freely, as done in Iraqi Kurdistan.

Some even suggested including Jordan as a part of the federation based on the similarity in the constitutional and democratic practices different from those in other Gulf nations where constitution and democracy did not specify the responsibilities of the executive and legislative authorities.

From this perspective, it is possible to resolve the agitation related to including Kuwait in the Arabian Gulf Confederation. Although the idea was treated in an unofficial manner, since US is a part of it, it should not be waived aside.

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