The Central Bank Expects To Reduce The Printing Of The Iraqi Currency In The Coming Years, 27 FEB

The Central Bank Expects To Reduce The Printing Of The Iraqi Currency In The Coming Years

Time: 02/26/2024 Read: 2,925 times  {Economic: Al-Fart News} The Central Bank of Iraq expects that electronic payment operations will reduce the printing of paper currencies in the coming years.

The Director of the Operations and Settlements Department in the Bank’s Information Technology and Payments Department, Zaid Hamid Rashid, said in a press statement, “The bank provided the infrastructure for electronic payment operations, by spreading culture and awareness of this issue and implementing the decisions of the Council of Ministers,” noting that “these decisions It can be applied in settlement systems to activate the mutuality through which these decisions are implemented.”

He added, "Every new business may face some obstacles, problems, and mistakes at the beginning, and we are working to find solutions to these obstacles," pointing out that "holding workshops and meetings in this regard, to review a number of numbers that proved the project's success and citizens' acceptance of it."

Rashid continued, "Any problem or obstacle is a complete cycle, and every party has a role in it, such as the central bank and government banks that lacked their own systems, which was the main reason for these problems."

Rashid explained that "electronic payment will reduce the process of printing paper currency, in addition to the strategic benefits for the state in general and the citizen in particular."   LINK

"RV UPDATE" BY MILITIAMAN, 27 FEB

  Militia Man  

 Question:  "Does deleting the currency zeros affect its value?" 

 Of course it will.  

Quote:  "Currency zeros do not conflict with its value."  

Of course it's not going to conflict.  

You delete the zeros, is that a conflict?  

No.  It brings purchasing power.  If you deleted the zeros and there was no gain that would be a conflict.  How are you going to tell people for all these years we're going to get purchasing power and then you do a LOP and there's no value difference ?  

 They're talking about deleting the zeros again...

We're not talking 1, 2 or three articles...

 Article quote:  "The issue of deleting the zeros and splinting the dinar has become a topic that causes a lot of reflection and controversy in economic circles..." 

  If you go from 1310 to something back to a 'previous era'...is a big move...Article quote: "When this is done correctly we can expect...a strong dinar that is considered a store of value and perhaps even stronger than the dinar that was before 1980."

Iraqi dinar 🔥 CBI Big announcement about Iraqi dinar 🔥CBi Confirmed

Does the deletion of currency zeros affect its value? My economy explains, 27 FEB

 Does the deletion of currency zeros affect its value? My economy explains

Special|..

The economist, Dargham Mohammed, saw on Sunday that the deletion of currency zeros does not conflict with its value, explaining what it needs to be taken before resorting to this step.

Mohammed told a newspaper, “The deletion of currency zeros is a regulatory process that does not conflict with its value, but this step needs educational campaigns that precede it, and a transitional period for currency circulation with its zeros and the new currency to know that the two currencies are of equal value.”

He stressed, “the nature of the new categories must be commensurate with the market’s need to cover daily trading, provided that there is no significant increase in the monetary mass in the market so that it does not get inflation.”

https://jaredaiq.net/News/7929

"RV UPDATE" BY MARKZ, 27 FEB

 MarkZ 

  [via PDK]  

Now over the weekend - this is where it gets fun…There was a lot of conversation and many stories about needing to have a committee for “repricing”... 

Why do they need to reprice? 

 Maybe they are getting ready to change the value of the dinar? This is HUGE . And they were very up front over the weekend on “Removing the zeros” and this process provides more purchasing power…they call this the “mechanism to delete the zeros”  This process requires increasing purchasing power when deleting the zeros…this was a huge weekend...As they increase their value they need to update their bills including the lower denominations 

 One of the articles I like the most from Iraq: “ITC hosts Iraq National trade forum” With support from Iraq’s national Trade center and the government, and a joint agency of the UN and the World Trade Organization. The entire goal of this is to foster International trade, and import and export opportunities in business on the international stage.

Bank Redemption Centers on High Alert Possible Overtime Ahead | Iraqi Di...

We will host the Governor of the Central Bank and the directors of licensed banks - Parliamentary Integrity, 27 FEB

 We will host the Governor of the Central Bank and the directors of licensed banks - Parliamentary Integrity

Member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, said that the Central Bank directed the banks to deliver external transfers in dollars, but some of them did not comply with the instructions, and we will take quick decisions against them, indicating that there is talk within the committee to host the Governor of the Central Bank, Ali Al-Alaq, and the directors of licensed banks, in the coming days, Against the background of these violations.

Al-Mayahi explained, in an interview with the official newspaper, followed by the 964 Network , that “banks’ violation of instructions regarding converting customers’ transfers in foreign currency into the Iraqi dinar at a price set by the state at 132 causes serious harm to customers, due to the price difference,” calling it “a violation, despite From the directive of the Central Bank dated 12/31/2023, and its confirmation on 1/2/2024, then reaffirming the instructions for a period not exceeding nine days on 1/11/2024 on the necessity of adhering to the instructions of the Central Bank and taking into account the rights of customers.”

Al-Mayahi added, “The Central Bank directed that customers be given their transfers in dollars, not Iraqi dinars, and that the banks should inform the Central Bank of the amounts they need for cash dollars to meet their customers’ requests,” indicating that “the banks, unfortunately, did not respond to the call of the Central Bank, did not implement the instructions, and are still delivering external transfers to customers in dinars.” .

He pointed out that “the Integrity Committee will have a major role in relation to these violations, especially since there is talk within the committee to start hosting the Governor of the Central Bank and the advanced staff in the coming days, in addition to the directors of licensed banks to examine the violations committed by them.”

Al-Mayahi stated, “Council of Ministers Resolution No. (23.26) of 2023 emphasized taking into account dealing in the Iraqi currency and supplying the dinar, and this does not apply to converting foreign remittances to the dinar,” and said: “This is a clear violation and quick decisions will be taken regarding it by the committee.”   link