View Full Version : Economic Committee Member calls for CBI to set a new IQD exchange rate!

07-07-2013, 08:38 PM
Economic Committee Member calls for CBI to set a new IQD exchange rate; A real market price

Posted: July 7, 2013 in Iraqi Dinar/Politics

Tags: Baghdad, Central bank, Chapter VII of the United Nations Charter, exchange rate, Iraq, iraqi, Iraqi dinar, News agency
Member of the Economic Committee: the Central Bank set a new rate of the Iraqi dinar against the dollar
07-07-2013 01:15 PM

Parliamentary Economic Committee member MP/Kurdish Alliance/mehma Khalil, the Central Bank set a new rate of the Iraqi dinar against the dollar, the currency and the rate of the dinar.

In a statement, ôsaid Khalil (News Agency): the preservation of political currency and Iraqi dinars from the functions of the Central Bank, and the signals observed internationally, economically, that there is a future for dinars, adding: there shall be the exchange rate of the dinar against the dollar (1300) or (1200) Iraqi dinar, that this price is when the balance was $ 10 billion, and today the balance of sovereign Iraq (76).

Political and Central Bank to keep Bank is incorrect, call the Bank that there will be a strong Iraqi dinar, because what exists of the citizen, however, the Iraqi dinar is equal to the real market price, prompted the Bank to invest after the Iraq Dinar force of Chapter VII, and that today the Central Bank required that there be a new price against the dollar.

He pointed out that, because all the goods entering Iraq in dollars, there must be a real rate of the Iraqi dinar, because the power of solid and strong dinar on the sovereign and economic balance of the forces of the Iraqi citizen suffers from the weakness of the Iraqi aldnyar against the dollar.

The Iraqi dinar, worth less than the other, toward the dollar, for many reasons, of which the Central Bank blames the climb, others point out that the situation of Iraq and the area behind the rise of the dollar, as well as smuggling



07-07-2013, 08:41 PM
Economic Committee: CH VII is grounds for action to apply deletion of zeros

Posted: July 7, 2013 in Iraqi Dinar/Politics

Tags: Central bank, Central Bank Iraq, Chapter VII of the United Nations Charter, Currency, Economy of Iraq, Iraq, Iraqi people, Lebanon
Calls for the central bank officially delete the zeros from the Iraqi currency
SATURDAY, JULY 6, 2013 14:03

Committee demanded parliamentary economy and investment, on Saturday, the CBI need to delete the zeros from the currency, indicating that this ground for this action are available exit of Iraq from Chapter VII.

A member of the Committee on the economy and investment Mahma Khalil told a news conference attended by the Committee “Twilight News”, “on the central bank to start a restructuring of the currency being a purely economic issue, and that the Iraqi economy is expected to benefit from the advantages we are out of Chapter VII.”

He added that “Iraq is not the only country that deletion of zeros from its currency, Previously Turkey and Lebanon have succeeded to the stability of the economic situation when he slashed zeros from their currencies.”

Khalil pointed out that “the draft delete the zeros Old, and demanded by the central bank, but the Iraqi government demanded to wait until the time-saving manner, and after coming out of Chapter VII fell all the justifications for the implementation of this project.”

He said the “Iraqi constitution between the need to change and delete the zeros from the currency as required by the economic situation of the country, and for the benefit of the Iraqi people.”

For his part, criticized the committee member MP Abdul Hussein Abtan “survival of the zeros of the Iraqi currency. “

He explained, “is not reasonable to have the Iraqi Central Bank reserves and $ 76 billion so far to deal thousands.”

The CBI said, earlier, that the year 2013 will see the deletion of zeros and the currency exchange, and pointed out that the current currency formed a cluster of large cash estimated at 30 trillion dinars.

He pointed out that the central bank strategy of deleting three zeros and the currency exchange will be at the beginning of a new year and a new budget of the Iraqi state, and predicted that the currency is altered in the new fiscal year for 2013.

Economists see specialists that changing the Central Bank Governor Sinan Shabibi and his deputy, the appearance of Mohammed Saleh and a number of bank officials and bring them to justice on charges of mismanagement and corruption impact negatively on the project to change the currency and raise zeros.



07-07-2013, 09:10 PM
Committee demands CBI to “speed up” deletion of zeros; Project will increase value of the Iraqi dinar, reduce unemployment and poverty

Posted: July 7, 2013 in Iraqi Dinar/Politics
Tags: Central bank, Central Bank Iraq, Chapter VII, Chapter VII of the United Nations Charter, Economy of Iraq, Iraq, iraqi, Iraqi dinar
06/07/2013 13:24

Asked the Economic Committee in the House of Representatives, on Saturday, the central bank to “speed up” the process of deletion of zeros from the Iraqi currency in order to maintain them, and confirmed that it is not in the interest of Iraq, the survival of its currency with so much and irregularly, as pointed out that the deletion process will increase the value of the Iraqi dinar and reduce unemployment and poverty.

The decision of the Economic Commission Mahma Khalil during a press conference held by the Committee parliament building, and attended (Long Press), said that the Committee “demanded the CBI to speed up the process of deletion of zeros from the Iraqi currency, especially after the withdrawal of Iraq from Chapter VII and to preserve the Iraqi currency,” noting that “the Iraqi government demanded earlier to slow down the process of deletion of zeros did not reject the project.”

Khalil added that it “is not in the interest of Iraq to be its currency are so irregular.”

For his part, member of the Committee MP Abdul Salam al-Maliki (not the prime minister), said that “after the withdrawal of Iraq from Chapter VII expect soon to head the government for approval on the process of deletion of zeros from the currency,” he said, calling on the government to “take urgent steps in this direction.”

Maliki said that “the Commission will conduct economic correspondences with the competent authorities on this matter,” noting that “the process of deleting the zeros increase the value of the Iraqi dinar and will be reflected positively on the issue of reducing the rate of unemployment and poverty.”

The CBI said, in (25 April 2013), that there is no intention at this time to restructure the currency and deleting three zeros of them, denying reports that in this regard.

It is noteworthy that the General Secretariat of the Council of Ministers announced in (12 April 2012), the patient in the application process to delete the zeros from the national currency, which had to stop all actions related to the mentioned process until further notice.

It is noteworthy that some economists believe that Iraq is not ready at the present time to delete the zeros from the dinar, pointing out that the deletion needs to stabilize the security and political as well as economic stability. Was the Iraqi Central Bank confirmed, (on July 3, 2013) that Iraq is “in control of the funds and treasury of gold “in international banks, one of the acting out, denying” the existence of frozen funds outside the control of the Iraqi administration, “While revealed that the reserve bank amounted to 76 billion dollars in the month of May last year, counting out of Chapter VII that” will allow Iraq more freedom to act to attract foreign investment. “

The International Monetary Fund, announced in the (March 23, 2013), that the funds preventive in the Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion, and pointed out that this increase came from “revenue unexpected oil “, called on the Iraqi government to end the control of the state-owned banks on the banking sector, he stressed the need for Iraq to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.

They expected USAID, in (December 3, 2012) that leads the Iraqi economy, Arab countries within five years, stressing that Iraq possessed all the qualifications to be a powerful country economically. Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially oil, including housing and oil and gas extraction, for need of funds for infrastructure development and reconstruction, but Mariqben contend that the lack of interest of the state to the private sector and the absence of investment laws which guarantees for investors and the absence of other laws that are still obstacles to the development of the economy in the form required.

Iraq relies which has the fourth largest oil reserves in the world at 95 percent of its annual budget on its oil exports and currently produces about two million and 900 thousand barrels per day, while the issue up to two million and 200 thousand barrels per day.

The UN Security Council voted on Thursday (27 June 2013), unanimously approved the decision to remove Iraq from Chapter VII, after more than two decades of sanctions imposed whereby in the wake of the former regime’s invasion of Kuwait on the second of August 1990.



07-08-2013, 12:13 AM
If they delete zeros like they did in Turkey, we all get screwed on our investment. We might be lucky enough to get a few pennies more than what we invested.

07-08-2013, 12:47 AM
Not if you invested in the ISX.

07-08-2013, 02:54 AM
Not if you invested in the ISX.

Thanks for the info, but the ISX is none of my concern.

07-08-2013, 01:17 PM
First article says "Economic Committee Member calls for CBI to set a new IQD exchange rate; A real market price"

07-08-2013, 02:47 PM
Issuing Ration cards to the needy and Debit cards to pensioner would cut some corruption out of the system. No sorry a$$ middleman kickback short changing government employes to deal with. Direct deposit.

Smuggling of the dinar more than likely would dry up.