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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