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  • BatmaninIraq's Avatar
    Today, 07:10 PM
    Small denominations of currency Author: Mohamed Sherif Abu Maysam 24/9/2018 12:00 AM Economists define money as anything that is generally acceptable to pay for economic goods or services or to repay debt. Money is the basic part of human life, especially after the end of the barter can not eat or drink or spend his work only with the availability of money has, after this simple illustration in this article explains the role of the Central Bank not to put it for small cash categories (250, 500) This is what I hear from most of the public when we rent a car or when we buy clothes or food. Economic researchers are talking about why the central bank did not print small (new) monetary categories and which department is responsible for the currency. The answer to this question is that I did not defend the Central Bank and did not make any effort in this matter, despite the fact that it is an important and sensitive subject. There is a claim that the most important function of the Central Bank is issuing the currency. I disagree with them on this point. The center is printing the Iraqi currency in the best printing presses in the world, namely (Germany) and therefore there is a department of issuance and the treasury is responsible for issuing and follow up this money, especially (small). The 250 currency currency has a life to reprint and the cash currency (500) has the same age to be reprinted. The central is to replace the most used (damaged) cash categories (250, 500) from the public and banks without a commission. This is a step towards achieving The stability of the bank will be carried out by the Central Bank successfully. In addition to the withdrawal of a large amount of categories (damaged) from the public daily, the Department of the issuance and cabinets in the Central Bank of Iraq to withdraw these categories damaged from the public and replace them with new categories and then press and puncture and tearing in the sites of the Department of the issuance and then print new categories with their cost . The centralist has a great responsibility and is capable of this task, where he works to follow the reality of the cash circulation, and takes into account the circulation of the small group and non-acceptance of the damaged ones in simple daily transactions, so the solution was to work to put the required categories .
    147 replies | 24283 view(s)
  • Investors Iraq News's Avatar
    Today, 06:04 AM
    The World Bank Group and the European Union have signed a €15.6 million (US$18.1 equivalent) technical assistance program to strengthen public financial management (PFM) oversight and accountability Institutions in Iraq and increase the efficiency in the management of public resources and delivery of services. The initiative, which will be implemented jointly by the European Union and the World Bank, complements the $41.5 million “Modernization of Public Financial Management Systems” program launched by the World Bank in 2017. It addresses some of the key vulnerabilities in Iraq’s PFM and supports the commitments and objectives for PFM reform currently under implementation. “PFM is an essential part of any development process”, said Saroj Kumar Jha, World Bank Mashreq Regional Director. “Sound PFM supports aggregate control, prioritization, accountability*and*efficiency in the management of public resources and delivery of services, which are critical to the achievement of public policy objectives, as well as to restoring the trust and social contract between Iraqi citizens and the country’s institutions”. As aid is increasingly provided through modalities that rely on well-functioning systems for budget development, execution*and*control, a sound PFM system is fundamental to the appropriate use and effectiveness of donor assistance. A more efficient PFM system is also instrumental in reducing inequalities in wealth distribution and promoting a dynamic and prosperous economic environment more conducive to business development. “As was pledged in the Kuwait Conference, the European Union is committed to*stand*by Iraq in reconstruction and economic and political reforms,” said Ramon Blecua, European Union Ambassador to Iraq. “Our cooperation with the World Bank has been very fruitful and this project complements ongoing efforts supporting public finance management. The focus of the project we are signing today will be on the coordination of government and donors, more efficient management of resources, enhanced oversight and accountability, and fighting corruption. The EU is ready to help Iraq in facing the challenges ahead to secure a better future for Iraq”. The program comprises*of*three pillars and nine sub-components. Each sub-component corresponds to a specific Government reform commitment/objective and has been assigned to a lead government institution/department acting as WBG-EU counterpart. While some components will be recipient-executed with support from the World Bank, others will be initially WBG-EU executed on behalf of the recipient due to capacity constraints. The program envisages the creation of a Donors’ Coordination Committee, where all decisions regarding public finance management reforms and donor support to reforms will be discussed under the supervision of the Government of Iraq to ensure ownership, coordination, complementarity and overall reforms. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 34 view(s)
  • Investors Iraq News's Avatar
    Today, 03:52 AM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Some of Iraq’s most significant archaeological discoveries have been made in the city of Samara. Samara lies on both sides of the River Tigris north of Baghdad. It marks the site of a powerful Islamic capital that ruled over the Abbasid Empire which stretched from Tunisia to Central Asia for a century. It’s estimated 80 per cent of it still lies undiscovered. UNESCO says it should be protected as a World Heritage Site. But locals say some of its landmarks are being left to crumble. Al Jazeera‘s Rob Matheson reports from Baghdad, Iraq: Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 27 view(s)
  • Investors Iraq News's Avatar
    Today, 03:52 AM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. US sanctions have made it too expensive for Iranian Shia Muslims to travel to Iraq to mark Ashoura. Ashoura is a day of remembrance, commemorating the death of Imam Hussein, a grandson of the Prophet Mohammed. Al Jazeera’s Rob Matheson reports from Baghdad: Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 31 view(s)
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