AL-ALAQ: WE ARE CONSTANTLY REVIEWING THE DELETION OF ZEROS FROM THE DINAR, AND THERE ARE NO RESTRICTIONS ON OUR BALANCES IN AMERICA
Economics News
9/21/2024 Baghdad
The Central Bank of Iraq has reduced reliance on the US dollar in commercial transactions, according to the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, adding that the project to remove zeros in Iraq is under continuous review and study at the bank.
Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.
Al-Alaq confirmed, in an extensive interview with Al Jazeera Net, which was reviewed by “Al-Eqtisad News”, that the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.
He also stressed that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to strengthen the country’s financial position and financial stability in order to enhance its ability to confront potential economic crises. These are the details of the dialogue:
What steps have you taken to address the crisis of the dollar’s rise against the Iraqi dinar and reduce the gap between the official price and the black market price?
The Central Bank of Iraq has created new mechanisms to cover the accounts of local banks with their senders in other currencies (Chinese yuan, Indian rupee, euro and UAE dirham) in addition to the dollar, which has reduced reliance on the US currency in commercial transactions for the clients of these banks, as the Central Bank seeks to withdraw excess liquidity in the economy that puts pressure on the exchange rate and to prevent the exported currency from growing in an undesirable manner.<
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What is the status of the country’s foreign reserves?
Foreign exchange reserves are the tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis.
The Central Bank of Iraq has a level of reserves that enables it to achieve this stability and provides it with sufficient flexibility to meet the demand for foreign currencies to meet the requirements of the balance of payments and other obligations.
According to the latest data on the level of foreign reserves adequacy, the foreign reserves of the Central Bank of Iraq cover 83.62% of the broad money supply, i.e. covering the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing.
However, foreign reserves management faces global and local challenges according to the economic nature of each country and the economic and geopolitical conditions it is going through.
What are the most prominent contributions of the Central Bank of Iraq in supporting the Iraqi economy?
The Central Bank responded to global economic challenges, such as rising energy and raw material prices, by adjusting some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value. The Central Bank raised interest rates to counter inflationary pressures resulting from changes in global prices and domestic demand, and issued new instructions to Iraqi banks to control cash liquidity.
The Central Bank of Iraq has increased its holdings of foreign exchange reserves and gold to strengthen the country’s financial position and financial stability. The bank also launched programs and initiatives aimed at increasing financial inclusion, including enhancing the spread of digital banks and online financial services, in addition to the Central Bank of Iraq’s contribution to sustainable development.
It also played an important role in financing economic and development projects by providing soft loans and special financing programs aimed at supporting productive sectors while continuing to finance small and medium enterprises.
Has the banking sector in Iraq been affected by US sanctions imposed on some banks?
The sanctions imposed on banks are related to the decision to ban dealing in dollars, as the banks were not included in the sanctions list issued by the Office of Foreign Assets Control, and therefore the banks’ activities continue, according to the applicable procedures and in all currencies except the dollar.
As for the situation of the Iraqi banking sector, it is experiencing a state of stability, as government banks still control approximately 79% of the total assets of the banking sector, compared to 21% for private banks.
Are there any restrictions on the bank’s use of its funds in the United States?
There are no restrictions on our US accounts, taking into account the application of international standards to combat money laundering and terrorist financing in foreign transfers.
What are the reasons for the low rate of bank card usage in Iraq compared to neighboring countries? What are your steps to overcome this situation?
There are major reasons behind the low use of bank cards in Iraq, most notably the preference of many Iraqis to use cash in their daily transactions due to prevailing customs and traditions, in addition to the limited spread of banking services, as a large percentage of the population, especially in rural areas, remains unconnected to banks.
Finally, lack of financial awareness plays a major role in the reluctance to use bank cards.
To address these challenges, we are working to improve and expand our digital infrastructure. In this context, the Central Bank of Iraq has initiated the establishment of a national electronic payment company to encourage the banking and non-banking sectors and public institutions to develop this infrastructure.
The Central Bank, in cooperation with public and private institutions, is organizing awareness campaigns aimed at increasing public knowledge of the benefits of using bank cards and electronic payment methods to enhance confidence in the banking system.
The number of bank cards in 2023 will rise to 19.75 million cards and the number of bank accounts will rise to 13.3 million accounts.
The bank focuses on improving security and increasing transparency, and has created a platform to manage public complaints related to the financial sector, which helps in developing strategies to address any issues facing financial institutions.
It works to encourage financial innovation by supporting the development of services such as electronic wallets, banking applications, and opening digital banks. It is also currently working to launch a national financial inclusion strategy that includes solutions to most of these challenges, in addition to financial awareness programs targeting various segments of Iraqi society.
All of this resulted in both the number of bank cards in 2023 rising to 19.75 million cards and the number of bank accounts rising to 13.3 million accounts.
Where has the digital banking project come from?
The Central Bank of Iraq issued licensing controls for digital banks in Iraq during May of this year, and is in the process of studying the applications submitted in light of the requirements for digital banks, taking into account the risks and limitations related to digital banks, especially with regard to cybersecurity risks.
The main objective of licensing digital banks is to keep pace with developments in the banking environment, as well as to provide diversity in the provision of banking services in light of technological progress that contributes to enhancing financial inclusion by facilitating customers’ access to banking services.
In light of the International Monetary Fund’s statement that internal imbalances in Iraq have worsened due to the large financial expansion and the decline in oil…
How do you view its demands to correct the financial situation?
Naturally, the country’s dependence on rentier resources leads to bearing the costs of external shocks that are beyond its control, such as negative oil price shocks, and because the country needs more spending than any stable country due to the conditions it has gone through during decades of wars and destruction, which requires increasing spending on infrastructure, which is the basic pillar of the shift towards economic diversification.
All of this has led to pressure on the capabilities of public finance, especially the revenue side, and thus resorting to borrowing. Therefore, we agree with the International Monetary Fund regarding reforming the public finance situation, and the positive effects this has on supporting the independence of monetary policy in achieving its primary goal, which is the stability of the general price level through controlling liquidity levels.
We agree with the International Monetary Fund regarding the reform of public finances, and the positive effects this has on supporting the independence of monetary policy.
Will removing zeros from the dinar destabilize the financial situation in Iraq?
The process of removing zeros from a currency means replacing the old currency with a new one in order to simplify the accounting process between consumers. It is often resorted to by countries that suffer from high inflation and have become unable to deal with paper currencies of very low value.
Many believe that the process of deleting zeros is an economic and monetary reform process and is resorted to in cases of high inflation and currency collapse, which reduces the feeling of economic collapse (a monetary illusion process). However, if this process is not supported by real economic factors and accompanied by radical reforms, it becomes negative.
The project to remove zeros in Iraq is under continuous review and study at the Central Bank of Iraq, taking into consideration the existence of a volume of issued currency that exceeded 100 trillion dinars after it was 6 trillion in 2004, the year following the exchange of the currency that was undesirable and of poor quality.
In addition to a wide cash supply approaching 179 trillion dinars, which requires specialized cadres, especially in the bookkeeping process, which government banks are still suffering from due to the circumstances the country has gone through.
How will Iraq’s repayment of all its debts to the International Monetary Fund affect the country’s economic situation as a whole?
Iraq’s repayment of all its debts to the International Monetary Fund, accumulated over the years as a result of the Fund’s loan programs to address the economic challenges that Iraq faced in previous years, could have a positive impact in the long term by enhancing credit and improving financial sustainability, in addition to its repercussions on the country’s economic situation through:
1.Improve Iraq’s economic confidence and credit rating and obtain financing on better terms in the future.
2.Enhancing the confidence of foreign and local investors in the Iraqi government’s ability to meet its financial obligations.
3.Achieving greater independence for Iraqi economic sovereignty, making the country less vulnerable to external pressures and interference in its economic policies.
4.Alleviating financial pressures and reducing financial burdens, which reduces pressure on the general budget.
5.Directing financial resources towards infrastructure and economic development projects and improving the ability to finance development projects.
Reducing pressure on foreign reserves, which has a positive impact on the stability of the currency and the country’s ability to cover its imports and maintain financial and economic stability.
Where have the Central Bank of Iraq’s procedures for localizing salaries of employees in the Kurdistan Region of Iraq reached?
We would like to point out that this bank has taken the necessary measures to complete the process of localizing salaries of employees of the Kurdistan Region of Iraq in terms of providing the Federal Court with a list of banks licensed by this bank and operating in the region, and providing the infrastructure and electronic payment systems that support the processes of localizing salaries in the region, which clarifies the controls for opening a bank account and adopting an electronic signature for the same purpose.
MZ: I have a number of confirmations with people on the ground in Iraq that they are seeing some lower denominations in Iraq. They are seeing $500’s and $250’s . they have suddenly released a large number of them into the market. They are functionally pretty useless right now.
MZ: With the current pricing right now of the dinar, the $250 dinar note is worth about .19 cents US. The $500 note is worth about .38 cents US. Why would they suddenly release into circulation so many of these bills? Why do you need a bunch of notes only worth .19 Cents? You don’t .
MZ: Doesn’t it make a great bridge … a functional currency when the rate changes? Suddenly it RVs and a $250 notes goes from .19 cents to (lets say ) $25.00? that is a massive change in value.
MZ: I have some pretty excited folks from Iraq who say “this is it” and now all they have to do is release the even smaller notes which they already have. This $250 note being released should have you all excited.
MemberL The 250 is a bridge for when it revalues…awesome news.
MZ: Yes its functional bridge for when they change the value.
Member: Project to delete the 3 zeros must be close with more 250 and 500 dinar notes being released.
MZ: Exactly. There is no reason to release those notes unless a revaluation was happening soon. And they expect it to be done on or before Victory Day .
Iraq suspends official work to celebrate Victory Day
he Council of Ministers announced today, Tuesday, that official work will be suspended on December 10th in celebration of Victory Day.
He said in a statement,
"The Council of Ministers decides to suspend official work on Tuesday, December 10, 2024, in all ministries and government institutions, in celebration of Victory Day and the anniversary of the liberation of the land of Iraq from the terrorist ISIS gangs."
Iraq’s Central Bank Governor asserts the country’s strong monetary position, emphasizing private sector growth and the cessation of government loans to boost economic stability.
Highlights
📈 Excellent Monetary Position: Central Bank Governor highlights Iraq’s strong financial standing despite regional tensions.
🏦 Launch of Riata Bank: New bank to support small enterprises, enhancing the economy.
🌱 Green Financing Initiative: Central Bank promotes renewable energy projects to combat climate change.
💳 Digital Transformation: Focus on electronic payments and digital banking systems for efficiency.
🚫 Stop on Government Loans: Early suspension of loans as fiscal year-end approaches to organize financial statistics.
🌍 International Trade Readiness: Development of insurance services for shipping to facilitate international commerce.
🛡️ Anti-Corruption Measures: Federal Integrity Commission working on new strategies to combat corruption and enhance investor confidence.
Key Insights
🌟 Strong Monetary Stability: Iraq’s low inflation and high foreign reserves position it favorably compared to other regional banks, fostering investor trust.
🔄 Transition to Private Sector: Emphasis on diversifying the economy away from oil reliance, signaling a commitment to sustainable growth.
🌍 Global Integration: The Central Bank’s international practices indicate readiness for increased foreign investments and trade relations.
🔍 Focus on Infrastructure: Significant investments in education and infrastructure through the private sector aim to boost local production and employment.
📊 Innovative Financial Solutions: The introduction of electronic platforms for insurance and banking services enhances operational efficiency and security.
👥 Community Involvement: The government’s collaboration with various sectors to address corruption enhances transparency, vital for economic confidence.
🔮 Future Economic Outlook: The combination of strong monetary policies, digital advancements, and anti-corruption measures creates a promising environment for Iraq’s economic growth.
The Central Bank is unique in signing a memorandum of understanding that enhances and protects its financial capabilities
The Central Bank of Iraq and (Frankfurt School _ Frankfurt School) in coordination with the German Agency for International Cooperation (GIZ) signed today, Tuesday, December 3, 2024, a memorandum of cooperation in the field of developing and improving the skills of its employees.
The Central Bank in its statement / received a copy of it /, indicated that "the project aims to strengthen public finance and financial markets in Iraq (FFM) and is funded by the European Union and the German government, under which the cadres of the Central Bank of Iraq will be trained in various specializations as well as work to obtain accredited professional certificates. Thus, the Central Bank is the first Iraqi institution to sign a memorandum of cooperation with (Frankfurt Schoo
😊Another interesting article is titled “AFTER YEARS OF SUSPENSION… IS THERE NO NEED TO LEGISLATE THE “OIL AND GAS LAW”?
In the article the talked about political conflicts that are escalating in Iraq, casting a shadow over the two-decade-old oil and gas law, disrupting efforts to regulate the exploitation of oil wealth and its distribution between the region and the central government.
In this context, the member of the Patriotic Union of Kurdistan, Ghiath Al-Surji, explained on Wednesday, the reasons for not legislating the oil and gas law,noting that the need to legislate such a law has disappeared, especially after the issuance of judicial decisions regarding the oil and exports file. Of course the author is wrong in this opinion.
Also do not forget about the recent agreements with Turkey, as the oil sold to Turkey was also a huge issue in formulating the law. But these issues should only help settle and not negate the necessity for the Oil and Gas Law.
Yes, there is still a need to get the referendum passed in parliament. This is not me saying this, instead it is the Iraqi 2005 Constitution. We have also read countless articles over the years, especially more recent ones.
The Oil and Gas Law referendum is REQUIRED by the Iraqi constitution, and they cannot just disregard it, poo-poo it if they so desire.
The U.S. and the UN is not going to let them. They must pass the law in parliament and settle this decades long issue of having a sound law regarding this major part of the government revenues.
Don’t you also think this would be a smart move too since they are still a rentier state?
Prime Minister Mohammed S. Al-Sudani launched today, Monday, the first phase of the “Eduba” Project, aimed at constructing 600 new school buildings across Iraq’s provinces. The project is part of the Iraq Development Fund initiatives, with implementation set to proceed through the private sector after completing all necessary technical and preparatory measures for construction. The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA),”During the launch ceremony, contracts were signed with “Meinhardt,” a global consulting firm, and with “Yerim Contracting,” one of the twelve private companies tasked with executing this phase of the project. The contracts were signed by the Iraq Development Fund’s executive director, Mr. Mohammed Al-Najjar.” In his speech during the ceremony, Al-Sudani emphasized that the Iraq Development Fund represents the beginning of a new phase of developmental work, highlighting the government’s vision to build a strong and sustainable economy, positioning Iraq on the path to prosperity and stability, supported by active private sector participation. The key points from the Prime Minister’s remarks during the event
: We have taken a new step in building schools through the Iraq Development Fund, and the country needs 8,000–10,000 schools. We have completed the structural preparations for the Iraq Development Fund and are working on drafting a bill to be submitted to Parliament. The Iraqi private sector is capable and prepared to work under all circumstances and has contributed significantly to infrastructure projects. Infrastructure remains one of the primary challenges in the education sector, and new designs and modern technologies have been adopted for services and maintenance. We trust in the private sector’s ability to build schools, and land allocations have been prepared. We have 600 schools to build, with 12 companies equipped and ready to construct dozens of schools. Coordination between the Ministry of Education and the Governorates is essential for land allocation and building schools according to technical specifications, with consultants overseeing implementation. The Ministry of Education is the starting point for the Iraq Development Fund’s projects, and the phase two will focus on housing. We will focus on building residential complexes under a “rent-to-own” model, with housing units allocated to the families of martyrs and the injured. Providing sovereign guarantees is a crucial step in economic reform and private sector support. In Spain, we signed an agreement with the Testa Foundation to provide funding ranging from 200 million to 1 billion euros in coordination with the Trade Bank of Iraq (TBI). The private sector has the opportunity to establish national industries, deliver services, and create job opportunities for our citizens.
Another couple of articles I thought were interesting and are as follows:
The first one is titled “IRAQ SIGNS CONTRACT WITH ITALIAN CONSULTING FIRM ON FIRST PHASE OF DEVELOPMENT ROAD”. Oh… this is a good article for us to look at and it helps us piece it all together. So let’s do it.
The Ministry of Transport announced on, Wednesday, the signing of a consulting contract with BTP Company, to provide consulting services regarding the first phase of the Development Road Project (regarding the current railways).
Oh… we read in a recent past article that this Development Road Project is not all a China project?
What happened to all the China money that was to pour into this project?
If you remember I presented a recent past article telling us that the deal with China is NOT going to materialize as they thought.
The US influence over Iraq is not going to let China receive FREE oil for the next 30 years over the money they lend to Iraq for this project.
The US is not going to let China influence Iraq this much and take control over it. Who paid the price of lives for the 2003 invasion to liberate Iraq? Did China participate? The spoils of war.
As investors we all also should realize that there is a deal with China and Iraq on providing oil at a fixed price. This deal was brokered by the US Treasury and it included pre-selling some of the U.S. oil credits to China at a fixed price.
But these are credits and these credits only materialize when we, as investors then exchange our dinar. Yes, billions in oil credits.
Get it? Remember when I described to my readers how this RV would be paid for, I talked about these oil credits.
So, are you connecting the dots here? Are you beginning to see the BIG picture yet?
The Minister of Trade, Atheer Dawood Al-Gheriri headed on Tuesday, the Iraqi delegation to the meetings of the Joint Economic and Trade Committee in Istanbul.
According to a statement of the ministry obtained by the Iraqi News Agency (INA), that "the Minister of Trade, Atheer Daoud Al-Gheriri, headed the delegation of the Republic of Iraq to attend the meetings of the Iraqi-Turkish Joint Economic and Trade Committee (JETCO) in its first session, which will be held in Istanbul for the period from the second to the third of December."
The statement added that "the first technical meeting of JETCO was held between representatives of the Ministry of trade in addition to representatives of ministries and the private sector in both countries," pointing out that "during the meeting, they discussed strengthening trade and economic relations and reviewed opportunities for joint cooperation in multiple sectors including trade, transport, industry, planning, and customs, which were included in the draft minutes in a way that serves the common interests of both countries."
The statement pointed out that "the Director General of the Iraqi Department of Foreign Economic Relations Riyadh Al-Hashemi and his Turkish counterpart initialed the minutes during their chairmanship of the first technical meeting in preparation for its signing tomorrow by the ministers of trade in both countries."
The statement pointed out that "the members of the committee from the Iraqi side are representatives of the ministries of foreign affairs, industry, agriculture, transport, planning, finance, border crossing authority, the head of the Contractors Union, the Federation of Chambers of Commerce and the Iraqi Federation of Industries, in addition to the commercial office in Istanbul."
“ the one who receives a text message, should go get their salary wherever they want”
Which means electronic payment has a light
Plus when the bank announces salaries will be given, it means it will happen
And we know they are paying them from 2025 budget which indicate a change in the rate has to happen because there is less money in 2025 budget
And they have to make each dinar very valuable.
The financial adviser to Prime Minister Madhar Mohammed Saleh confirmed on Tuesday that the financial situation in the country is currently governed by the federal budget law, while noting that the budget is waiting for amendments to suit the government program. Saleh told the Iraqi News Agency (INA): "The financial situation in the country is currently governed by the Federal Budget Law No. 13 of 2023 in accordance with the three-year budget law (2023, 2024 and 2025)."
He added that "the legislation and approval of the federal general budget for the year 2025 has become a collection as a law under the tripartite budget and has been legally approved," noting that "the tripartite budget law was submitted and legislated for the year 2025 under the tripartite federal budget law, which was issued in the Official Gazette in June 2023, and there is an amendment to the paragraphs related to the revenues and expenses of the region before the parliament to make amendments that suit the government program."
Before I forget to tell my followers, I want to say now that there will not be a Newsletter for Thursday Dec 5th. There is other important very urgent work that must be completed during that timeframe.
I hope everyone in the USA had a nice Thanksgiving. Our family’s visit to the Weihnachtsmarkt (outdoor Christmas Market) this year was very enjoyable and much needed for everyone. Now all refreshed, its time to get back to work.
I had an interesting conversation with my CBI contact concerning what is now happening in Iraq concerning the financial reforms. She wanted to emphasis that these are financial reforms and not “social” reforms as she is reading in many of the forums from the USA. The Project to Delete the Zeros she said is a financial reform and she wanted this to be very clear.
😊 Next, we talked about what would happen in December. In order to relay our conversation to you I am going to use the following article titled “AL-ALAQ: OUR CRITICAL POSITION IS VERY EXCELLENT”. I was told that thanks to the well-studied and wise financial policies of Prime Minister Mohammed Shia al-Sudani’s government, the country’s monetary position has become very excellent, as described by the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, in a special interview with “Al-Sabah”. Al-Alaq made this announcement “to reassure citizens and confirm that there are no real fears of any economic crises occurring here or there.”
Al-Alaq also said in a special interview with “Al-Sabah”: “The monetary position in Iraq is (very excellent) at the present time in terms of controlling inflation and the high adequacy of foreign reserves, which enables the Central Bank to remain stable, defend the exchange rate, and achieve monetary stability. I was also told
Al-Alaq announced the Central Bank’s success in implementing the transition plan for “foreign transfers, in line with international practices and standards, and that it is currently taking place smoothly and transparently – especially covering imports at the official exchange rate – which leads to general stability in prices.”That the CBI is not working in a vacuum but rather with the support of specialized international organizations.” She confirmed the target for the Project to Delete the Zeros is still set for late December / early 2025, but the CBI had to monitor the situation from the switch over from the currency auctions to the (Fitr) platform of correspondent banks.
😊 I want to review yet another recent article close to this period of news titled “AL-ALAQ: WE ARE CONSTANTLY REVIEWING THE DELETION OF ZEROS FROM THE DINAR, AND THERE ARE NO RESTRICTIONS ON OUR BALANCES IN AMERICA”. This article is from Economics News on 09/21/2024. I believe this article has a direct relationship with the first article I talked about and my conversation with my CBI contact. The CBI director through this dialogue with the new media is answering a series of questions from the news media. It this actually an educational session to the citizens once again?
How many times must the CBI tells us this same news? Again, in this dialogue Al-Alaq says that countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable. Why are the telling the citizens this same news again? Didn’t we also hear this news from many of the economic experts in the recent past. So here it is again. Why does Al-Alaq and other economists, want to keep reminding us this is coming to the Iraqi dinar currency too?
In the article Al-Alaq confirmed, in his extensive interview with Al Jazeera Net, which was reviewed by “Al-Eqtisad News”, I quote from the article “that the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.” Oh… is he talking about Stability? Isn’t this exactly what we’ve been waiting for? Remember there must be a Stable and Secure Iraq in order to conduct this process of deleting the zeros. How many times have they told us this? Do they have it now? Oh… and we know what the final outcome of this project is and it will lead to the reinstatement. We all need to keep the hope alive even if for some reason this effort is delayed again, which it could, as I want to be fair and honest with my readers that anything is possible. No, I am not conceding and telling it is delayed, at least not at this time. It is early December and my CBI contact told me the committee in charge of this rollout of the newer lower denominations is still planned for soon.
The Interior Ministry announced on Tuesday the arrest of 48 individuals for misusing digital wallets and cards.
The spokesman for the Interior and the Security Media Cell, Brigadier General Miqdad Miri, said in a statement obtained by the Iraqi News Agency (INA): "The fight against organized crime in Baghdad was able to arrest 48 individuals who transfer money for betting and electronic games through the misuse of digital wallets and cards."
I had an interesting conversation with my CBI contact concerning what is now happening in Iraq concerning the financial reforms. She wanted to emphasis that these are financial reforms and not “social” reforms as she is reading in many of the forums from the USA. The Project to Delete the Zeros she said is a financial reform and she wanted this to be very clear.
She confirmed the target for the Project to Delete the Zeros is still set for late December / early 2025, but the CBI had to monitor the situation from the switch over from the currency auctions to the (Fitr) platform of correspondent banks.
We all need to keep the hope alive even if for some reason this effort is delayed again, which it could, as I want to be fair and honest with my readers that anything is possible. No, I am not conceding and telling it is delayed, at least not at this time. It is early December and my CBI contact told me the committee in charge of this rollout of the newer lower denominations is still planned for soon.
Finance Minister Taif Sami on Tuesday affirmed the government's keenness to implement reforms to guarantee stability of the country's economy.
According to a statement by the Ministry of Finance, obtained by the Iraqi News Agency (INA), "Finance Minister Taif Sami Mohammed received in her official office in Baghdad, the representative of the World Bank in Iraq, Jean-Christophe Carret, where they discussed ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms." The Minister of Finance stressed to the representative of the Bank "the importance of partnership with the World Bank in financing programs aimed at achieving sustainable development," welcoming him in Iraq, as he was appointed as the new representative of the Bank in Iraq instead of Richard Abdulnour, who ended his duties last November.
Minister Sami stressed "the keenness of the Iraqi government to implement financial and economic reforms to ensure the stability of the national economy. She is working to implement these reforms with the aim of promoting sustainable growth, improving the management of financial resources, combating corruption and strengthening transparency in government institutions." For his part, the representative of the World Bank praised "the efforts of the Iraqi government in improving the economic environment and implementing programs that enhance transparency and efficiency, expressing the Bank's readiness to provide more technical and financial support in line with Iraq's development priorities." The statement added that "the two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country."
