Tuesday, February 27, 2024
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."
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.”
"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.TIDBIT FROM FIREFLY, 24 DEC
Frank26 [Iraq boots-on-the-ground report] FIREFLY : Mr. Sammy said with this auction stopping the value would have to be added to st...
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