Removing zeros from Iraqi dinar to start in September.

20/02/2012

BAGHDAD, Feb. 20 (AKnews) - The process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September, announced the economic committee of the Council of Representatives as part of an agreement with the Iraqi Central Bank (ICB).

The announcement, which will see the ICB re-print 30tr dinars ($26bn), was made despite government fear over the project.

Economic committee member Abdul-Hussein Abtan said: "The agreement includes granting the process of switching currency [for a] full year where [both the] old and new currencies will be dealt in the market during this stage."

The ICB described the project as a positive move for the Iraqi economy. But particular arms of government expressed fear that the project will increase cases of money laundering and are working to convince the ICB to stop the process. The securities committee said deletion of the zeros will affect negatively financial trading in the stock market.

Abtan added however that the process "will contribute to dealing [with] inflation and facilitating economic cooperation with international banks and reducing social differences in the community."

The ICB previously said that it will consider the requirements of the project with the Council of Ministers to determine whether or not a law needs to be implemented.

The financial committee of the Council of Representatives said on Sunday that the passing of such law would allow Iraq to address economic inflation.

The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq's payment system.

The ICB is responsible for maintaining price stability, implementing monetary policy and regulating the banking sector.

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Urgent .. Vote on the budget of the House of Representatives for 2012.

Thursday, February 23, 2012

Congress voted on a financial budget for the current year within the budget bill in 2012.

According to a parliamentary source told all of Iraq [where] said Thursday that "members of the House of Representatives voted to approve the financial budget allocated to the Parliament for the current year and included in the budget bill for fiscal 2012."

The House of Representatives held its regular day and voting on the budget bill for fiscal 2012. Ended 2.

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Prime Minister confirms the completion of the completion of preparations for the upcoming Arab summit in Baghdad

25 February, 2012

Prime Minister Nuri al-Maliki that Iraq today has full sovereignty and independence and qualifications of all his will, and that this has been achieved thanks to the awareness of Iraqis and bearing of responsibility.
This came during a meeting at his office today, the official delegation from the Iraqi Group for Strategic Studies.
The Prime Minister said that he can not freeze the position of Iraq, the Arab, regional and international levels in order to solve a particular problem, because it does not have today any country is free of problems, and internal problems can be solved within the national framework.
The Prime Minister added, "We have put all the introductions and the preparations necessary to convene the summit, the Arab League has informed us that everyone will attend the summit in Baghdad, and there will be a major presence at the level of leaders and presidents.
He called on Iraqi Prime Minister Group for Strategic Studies, to take their national role and effective in the context of the Arab summit in Baghdad, and to make positive atmosphere appropriate to move through the research centers and successful initiatives to support this topic.
Maliki said that the convening of the Arab summit conference in Baghdad is a significant milestone in the history of Iraq, to which we aspire to be featured in the highest levels.
He praised the efforts of the Iraqi Minister for Strategic Studies, and all the intellectuals for their distinctive performance of self and moved to Iraq and achieve the national interest, asserting that this role represents the true status of the intellectual take responsibility when the Iraqi national.
For their part, assured the members of the delegation of the Iraqi Strategic Studies that the success of the Arab Summit to be held in Baghdad, the responsibility borne by all, and they have prepared a program and committees and workshops to carry out this task, through political action, media, and standardization of media discourse in the Summit, and all that would promote the success of this conference.

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Financial expert: the exchange rate of the dinar against the dollar may be equal during the next two years thanks to central bank policy

Saturday 02/25/2012

It's does not mean it will take 2 years,it's depend on country economic stability.

Baghdad (news) .. Expected economic researcher Hussein star is equal to the exchange rate of the Iraqi dinar against the U.S. dollar during the next two years as a result of central bank policy in support of the currency, stressing that this process depends on the political and economic stability of the country.
He said the star (of the Agency news) on Saturday: The central bank succeeded managed through the control of the cash raised in the local markets, and make the Iraqi dinar rises two points during the month of February the current and this is an important development and significant in the work of monetary policy in Iraq.
He added that the Iraqi dinar currency today has become an important and influential in world markets being covered with large cash reserves of hard currency, which is estimated at (60) billion dollars, and this number is too large due to central bank policy in support of the national currency.
The Star: that the process is equal to the Iraqi dinar against the U.S. dollar depends on the strength and stability of the Iraqi economy and the domestic market as well as political stability and security environment is quiet, and perhaps up to during the next two years.
The central bank said earlier that his policy on the level of near work on the stability of the exchange rate of the Iraqi dinar against the U.S. dollar while at the intermediate and near will be equal to the Iraqi dinar exchange rate against the dollar. / Finished / 8. D. Q

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Planning announces the launch of the budget in 2012 for the purpose of expediting the implementation of projects

25 February, 2012

Ministry plans to launch the planning budget in 2012 in the first of next month to the ministries for the purpose of accelerating the implementation of projects.

The Minister of Planning Ali Shukri in a press statement that "the parliament's approval of the budget in the second month of the year will contribute to the exchange of budgets on a regular basis by the ministries and agencies and provincial councils."

He explained that "the government measures contribute to address many of the problems and obstacles facing the implementation of the budget on the ground and most of those measures direct coordination between planning and other ministries."

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Experts: the budget does not meet the urgent need and lack organization and the adoption of international standards in the preparation

25 February, 2012

House of Representatives approved Thursday a budget of 100.5 billion dollars for 2012, based on an average oil price of $ 85 a barrel, and an average crude exports of 2.6 million barrels per day, at a time between a number of experts that they do not meet the urgent need for service projects and reconstruction.

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Prime Minister confirms the completion of the completion of preparations for the upcoming Arab summit in Baghdad

25 February, 2012

Prime Minister Nuri al-Maliki to complete all preparations for holding the Arab summit conference in Baghdad, during a meeting with a group in strategic studies. Rescue, stressing that the summit in Baghdad means the return of Iraq to the Arabs and vice versa.

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