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  1. #131
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    State law calls out the IMF's pressure and prepare contingency plans

    called for a coalition of state law, on Monday, to develop contingency plans in order to restore citizen confidence in the political process and out of the pressures of the International Monetary Fund , noting that the latter handles the accounts on paper away from the reality of Iraq and the state of poverty experienced by the people.

    The official spokesman for the coalition Abbas al-Moussawi said in an interview with Alsumaria News that "some politicians are still dealing with the events that hit the country as if they were amateurs in the political process, not mindful that Iraq can not risk its future," noting that "the citizen has been completely frustrated by the political process In Iraq and his message was clear by abstaining from the elections and today we see him out angry to the street to demand his rights. "

    "The next stage should be the establishment of a government service aimed solely at serving the Iraqi people to restore confidence between them and the people," adding that "the need to get out of the pressure of the International Monetary Fund, which deals with his calculations on paper while the reality of Iraq and the situation of poverty experienced by the people Can not be tolerated. "

    Moussaoui called for "the implementation of contingency plans through which the citizen's confidence in the political process."

    The IMF imposes conditions for Iraq in return for granting a loan, including the lifting of government subsidies on fuel and ration card and reduce expenses, while overseeing the development of the general budget.

    Several provinces in Iraq have been witnessing sit-ins and angry demonstrations for more than two weeks, accompanied by road closures, burning tires and raising demands for improved services and jobs.




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  3. #133
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    Batman,

    For all this time you have been here, which is just about as long as most of us here, you should at least know by now of the very existence of the ISX (Iraqi stock exchange).

    This "YouTube" video you posted just now is clearly made by someone who is blind to the very existence of the ISX, and he has stumbled into a web site that is posting the current price of one stock (Al Mansour bank) with a current price of 0.86 and in his haste is suggesting that 0.86 is now to be suspected as a full dinar revaluation currency exchange rate.

    This is only an example of how inept this guy is, as he is generating these God Squad YouTube videos that snowball throughout the web as facts.

    You should have seen that already yourself and discounted this video as total beluga before you posted it.
    E Pluribus Unum
    This note is legal tender for all debts, public and private.

  4. #134
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    Quote Originally Posted by crazyfrank View Post
    Batman,

    For all this time you have been here, which is just about as long as most of us here, you should at least know by now of the very existence of the ISX (Iraqi stock exchange).

    This "YouTube" video you posted just now is clearly made by someone who is blind to the very existence of the ISX, and he has stumbled into a web site that is posting the current price of one stock (Al Mansour bank) with a current price of 0.86 and in his haste is suggesting that 0.86 is now to be suspected as a full dinar revaluation currency exchange rate.

    This is only an example of how inept this guy is, as he is generating these God Squad YouTube videos that snowball throughout the web as facts.

    You should have seen that already yourself and discounted this video as total beluga before you posted it.

  5. #135
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    The Financial Operations Of (Conscious): Lifting All The Barriers Imposed On The Central Bank Of Iraq After Its Actions Against Money Laundering

    Hussein Mohammed Al-Faihan _ Baghdad
    The Central Bank of Iraq revealed that its measures against currency smuggling, money laundering and terrorism financing have been praised by the international financial organizations and the International Monetary Fund, calling for lifting all barriers previously imposed on Iraq.
    The director of financial operations and debt management at the Central Bank of Iraq, Dr. Mohammad Dagher told the Iraqi News Agency (INA) on Thursday that the exchange rate of the US dollar against the Iraqi dinar is stable for the past six months, denying what some media reported an increase in demand for Buying the dollar during the current year, to smuggle to some neighboring countries, noting that during the month of June, the sales of the dollar in the Central Bank of Iraq to half of the monthly sales for the months preceding the April, March and February, and also reduced the dollar sales in the first half of the year M in 2018 to a third of sales last year 2017.

  6. #136
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    The date of announcing the formation of the government is expected




    Secretary of the year for the Democratic Shabak Gathering former MP Haneen al-Qaddu, Sunday, that the ratification of the election results at the beginning of next month, while referring to the possibility of forming the government mid-month.

    Al-Qudu said in an interview with Alsumaria News that "the procedures of counting and sorting the hand of the ballot boxes questionable going at a rising pace," noting that "the ratification of the final results may be in early August next as a result of the political crisis and the rise of popular protests and the need to form the government as soon as possible.

    He added that "a week to ten days may be granted to the political blocs to challenge the results after we expect the announcement of the largest parliamentary bloc to form the next government in mid-August next."

    On Tuesday (July 3, 2018), the partial counting and sorting operations took place after the decision of the Federal Court issued under the appeals submitted to the third amendment to the law of the elections of the House of Representatives voted on the sixth of last June.



  7. #137
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    Jumaili: The next investment plan will be ambitious

    01/08/2018

    Information / Baghdad ..
    The Minister of Planning Salman Jumaili, on Wednesday, that the investment plan for the next year will be ambitious, noting that the coming period will witness the completion of many projects lagging.
    Jumaili said in a press conference followed by / information /, "The investment plan for the next year will be an ambitious plan," stressing that "the coming period will witness the completion of many of the projects that stalled during the last period."
    Jumaili added that "the federal government will continue to meet the demands of citizens." Ending / 25

  8. #138
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    Central suspends the work of a broker company to buy and sell currencies



    , said the Central Bank of Iraq , Sunday, for the company to stop the work of thebroker for buying and selling foreign currencies.

    The bank said in a statement received by Alsumaria News a copy of it, "it was decided to stop the work of the company to broker the sale and purchase of foreign currency at the present time."

    "The company can file appeals with the committee to freeze terrorists according to the law," the bank said.

    The Central Bank of Iraq was established as an independent bank under its law of 6 March 2004 as an independent body responsible for maintaining price stability and implementing monetary policy. It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies.

  9. #139
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    A billion may become an alpha .. What does it mean to delete countries zeros of their currency?


    Sunday, 05-08-2018 at 09:11

    Haneen Yassin - Gulf Online


    On August 20, Venezuela will be on a date with the cancellation of 5 zeros of its currency, in an attempt to adapt to inflation expected to reach 1 million percent this year due to the steady deterioration of the country since the collapse of oil prices in 2014, making it unable to maintain Its socialist economic system.


    But, what does it mean to cancel zeros from the currency? Has Venezuela ever taken this step? And what their feasibility and repercussions on the economy of the country and the citizen? .. "Khaleej Online" in the context of the following report in response to these questions.

    The deletion of 5 zeros from any currency means that one million of this currency after the abolition of zeros will become only 10, and when the cancellation of 3 zeros will become 1000 and so on, and follow this procedure when the value of the currency collapses and their purchasing value is limited or not.

    The most striking example of the collapse of the local currency is what happened in Zimbabwe. The last coin was worth $ 100 trillion, and that value did not buy a parsley package because of the inflation rate of more than 1000% 2009 and its replacement in US dollars and the South African Rand.

    Venezuela has eliminated currency zeros in several countries. Zimbabwe has eliminated 3 zeros from its currency in 2003, Sudan has eliminated zero in 2007, Bolivia has eliminated three zeros in 2008, Romania has removed four zeros from its currency in 2005 and Turkey has written off six zeros from its currency in 2005.

    But deleting zeros from the currency if not accompanied by economic reforms, it will not change anything, it is not much different from adjusting the size of the banknotes or changing their colors, or add a new fee or remove a picture of them.

    Perhaps the most important experience in the deletion of zeros from the local currency was Turkey, with intentions in neighboring Iraq also, the two countries faced many problems and difficult; because of inflation and devaluation of the currency. The following is a review of the stations of these trials.

    - Turkey
    13 years ago, on 1 January 2005, Turkey announced the abolition of 6 zeros from its local currency (Lira). Inflation in the country has forced it to print large numbers of its currency and high values since 1981.


    The currency of the value of 20.000.000, which used in Turkey the largest paper currency in the world, and create a number of zeroes large problems in transactions, for example became difficult to read the numbers of taxi counters, and the price list of goods, in addition to the serious arithmetic errors that resulted from the number of large zeros .

    According to statements by the current president Recep Tayyip Erdogan, in March 2008, to enter the toilet in Turkey before 2005, the Turkish citizen had to pay one million pounds, to turn this figure currently to one pound only.

    The effect of canceling the six zeros from the Turkish lira was positive in terms of price stability, and the inflation rate fell to one percentage point.

    But the deletion of zeros was not the only reason for the low inflation, it was accompanied by economic stability of the country, and the reform plans included most economic sectors, which led directly to the fight against inflation.

    After Turkey's inflation rate was 70.8% in 2002 before the AKP came to power, this rate was 15.39% last July.

    - Iraq
    During the period of the total siege on Iraq between 1990 and 2003, a stifling Iraqi economic crisis emerged. The collapse of oil exports, the deterioration of industrial and agricultural production, the rise in unemployment and inflation, the non-payment of foreign debts and the chronic deficit of the state budget.


    Therefore, it was obvious that the exchange rate fell sharply until the exchange value of the dollar reached 3000 Iraqi dinars in 1995.

    Because of this situation, it was necessary to issue new cash classes, whose nominal value reached 250 dinars, but in fact only worth 25 fils of dinar value during the 1970s.

    When the United States occupied Iraq in 2003, and the collapse of the value of the Iraqi currency continued, the denominations of cash 5, 10 and 15 dinars without real value and there is nothing to buy them, so the country was quick to solve the problem by issuing new categories of its currency are 50, 250, 500 and 1000 and 10,000 and 25,000 dinars .

    The decline in the value of the currency and the issuance of new categories of them, the instability in prices and problems of exchange, buying and selling, and in the presence of a large block of cash, the number of papers 4 trillion paper, and worth more than 30 trillion dinars in various categories.

    Therefore, the Central Bank of Iraq announced in 2011, that will be deleted 3 zeroes from the Iraqi dinar, in order to strengthen the value of currency and reduce inflation.

    The deletion has not been implemented so far despite the announcement of Ali Alaq, Governor of the Central Bank of Iraq, in late 2016, that it will be early 2017, stressing that this [You must be registered and logged in to see this link.] for the Iraqi dinar and make it a competitor to foreign currencies, pointing out that this project "strategic" will serve the economy of the country; The dinar will be included in the global basket of currencies in vital stock exchanges, he said.

    Feasibility
    "If the process is not accompanied by clear economic plans and reforms, I think it will not work, and there are many experiments in recent years that have proven," says economist Ahmed Musabah.


    "Turkey's experience in this area was successful. People had to pay several million lira to buy bread in early 2000, so Ankara decided in 2005 to delete 6 zeros from the Turkish lira," he said.

    Musabih pointed out that the deletion of zeros in Turkey was accompanied by plans and reforms covering most economic sectors, which led directly to the fight against inflation.

    In contrast, the government of Zimbabwe decided to remove three zeros from the national currency (dollar) when inflation reached 1000% in 2003, but did not adopt sound economic plans and reforms, continued high inflation, which ended the destruction of the economy of the country and the devaluation of the local dollar, About the country in 2009.

    Musabeh believes that removing zeros from the currency would have costs that could be burdensome for a country suffering from difficult economic conditions.
    These costs include raising prices in shops and restaurants, creating problems in fixing prices, raising the costs of issuing new currencies, and decreasing exports due to sudden appreciation of the national currency.

    To remove zeros, Mabahib said, a positive sign is the simpler implementation of financial transactions, the strengthening of the national currency and its value relative to other currencies, the ease of access to international credit, the restoration of identity and confidence in currency, the reduction of inflationary pressures, the control of the currency market and the government's overexpenditure .

  10. #140
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    Mastercard’s MoU With Central Bank of Iraq Signals Bright Future for the Country’s Emerging Digital Payments Ecosystem

    August 08, 2018

    In a move that underlines its commitment to supporting Iraq’s emerging digital landscape, Mastercard, a leading technology company in the global payments industry, recently signed a Memorandum of Understanding (MoU) with the Central Bank of Iraq (CBI), aimed at accelerating the development of a strong payments ecosystem in the country. As part of the MoU, Mastercard and CBI will explore areas of potential collaboration across a broad spectrum of initiatives, including electronic payment strategy and policies, fraud management, financial inclusion, advisory services, and acceptance solutions. A joint working group will be created featuring representatives from both organizations, which will be tasked with assessing each aspect of the partnership and developing an actionable business plan. According to The Little Data Book on Financial Inclusion 2018 by World Bank Group, only 20.3% of adults in Iraq own a financial institution account, 4.2% have a mobile money account and 19.1% made or received digital payments in the past year, indicating a significant opportunity to drive the development of an inclusive financial sector in the market, which can be accelerated through a wider adoption of electronic payments. The collaboration between Mastercard and CBI is set to provide greater access to convenient and secure electronic payments solutions in Iraq, increasing the rate of economic development and assisting the government’s efforts to implement an inclusive growth strategy. In addition, Mastercard will commit to dedicating a senior resource to steer the company’s expansion plans in the country. The appointment will deliver greater value for its growing customer base by ensuring that key stakeholders have access to all necessary support. H.E. Dr. Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq, said: “The signing of this MoU represents an important step on the road to developing and enhancing Iraq’s digital payments ecosystem. Mastercard’s global industry standing and reputation for innovation make this collaboration the logical choice for CBI as we look towards strengthening the nation’s economy and improving access to secure and reliable banking services for its citizens.” Khalid Elgibali, Division President, MENA, Mastercard, said: “Today’s agreement reflects the trust governments around the world place in Mastercard’s innovative technologies and payments solutions, which we will leverage to boost financial inclusion and provide increased convenience and security for consumers in this rapidly evolving market. We look forward to deepening our connections in Iraq through close collaboration with the CBI and our commitment to dedicate a senior resource to oversee operations in the country.” The signing of the MoU was announced on the sidelines of the International Arab Banking Summit 2018, which took place from 28 to 29 June at the Peninsula Hotel in Paris, France. Mastercard was the official technology partner for the summit and also sponsored the event’s awards ceremony, during which H.E. Dr. Ali Mohsen Al-Alaq was honored as “Governor of the Year 2018”.

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