"EXPLAINING THE IMPORTANT NEWS OF IRAQ" BY MNT GOAT, 29 FEB
THE SECOND ARTICLE:
The second article is from an interview with a former MP, Ahmed Hama Rashid, who said on Sunday and I quote – “that deleting the zeros or printing a new currency costs the Iraqi treasury huge amounts of money, and this process is not appropriate at the present time, as the Iraqi economy is in a stage of contraction, and the Iraqi dinar is shaky against the US dollar and other currencies. Any increase in this amount will lead to monetary inflation that will reflect negatively on the purchasing value of the Iraqi dinar.”
I believe this article has very little credibility and if we investigate former MP, Ahmed Hama Rashid we find that he is an Iranian Shiite and sympathizer, exactly the kind of politician we don’t want in the Iraqi parliament. Why do I feel like he is not a creditable source for information?
I feel this way because Iran wants to keep Iraq just where it is. The funneling of the US Dollars to Iran is their goose that lays the golden eggs. Next the information in the article is not accurate as he states the process is not appropriate at the present time but does not realize that by not completing the project in the past is part of the root cause of the problems they are now having with the dinar.
Next I quote from the article – “considering that each new denomination of paper costs the state treasury about 6 cents, and currently more than 95 trillion dinars are printed, and this is the total size of the monetary mass, as for the trading volume” He does state that any increase in the amount (meaning increase in the amount of currency in circulation) will lead to inflation. However, the CBI has told us they do not intend to issue the newer lower denominations equivalent to replace all of the trillions of 3 zero notes dinars now in circulation, but to reduce the monetary mass significantly (almost in half) as a result of this project, which is ONLY possible through the electronic banking reforms. So this is connection to electronic banking. Get it? Funny how yet another separate article from today’s news contradicts former MP, Ahmed Hama Rashidand again and tells us and I quote from it – “about the disappearance of 1.2 trillion dinars.. The Iraqi printed currency declined as the third largest decline recorded in 20 years”. So, it appears the CBI has already done much work to accomplish shrinking the monetary mass. So, what’s former MP, Ahmed Hama Rashid point? He is just complaining and as I said he objects to doing what is right to end the corruption in Iraq because he is part of it.
Next I quote again – Rashid told “Jarida”, “Deleting the zeros or printing a new currency costs the Iraqi treasury very large sums of money” In a recent past article the CBI told us that printing the newer lower denominations would cost a mere millions of dollars not billions and we know that the reserves at over $115 billion and are more than sufficient to allow it. So, this nonsense about cost is just that – nonsensical, ignorant talk. There is not a better time than now to conduct the project to delete the zeros.
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