The Hydrocarbon Law (HCL) and Oil Law in Iraq have been in the works for several years, with the aim of regulating the country's oil and gas sector. As of August 16, 2024, there have been significant developments in the progress of these laws.
Background
The HCL was first proposed in 2007, but it has faced numerous delays and challenges due to disagreements between the Iraqi government and the Kurdistan Regional Government (KRG). The law aims to establish a framework for the development of Iraq's oil and gas resources, including the distribution of revenues and the role of foreign companies.
Recent Developments
In 2023, the Iraqi government approved a new oil law that strengthens Baghdad's control over the country's oil sector. The law requires the KRG to hand over 400,000 barrels per day of its crude production to the federal government, which will then distribute the revenues.
Impact on Kurdistan Region
The new oil law has significant implications for the Kurdistan Region, which has been independently marketing its crude oil since 2014. The law effectively ends the KRG's control over its oil exports and revenues, which could have a major impact on the region's economy.
Future Plans
Despite the challenges, Iraq plans to accelerate hydrocarbon projects in 2024, with a focus on crude oil production, refining, gas, and renewable energy. The country aims to increase its oil production capacity to 6 million barrels per day and boost its gas production by nearly 2 million cubic feet per day.
Conclusion
The progress of the HCL law and oil law in Iraq has been slow and challenging, but recent developments suggest that the country is moving towards a more centralized control over its oil and gas sector. The implications of these laws will be significant for the Kurdistan Region and the country as a whole, and it remains to be seen how they will be implemented in practice.
RETURN OF THE SUBJECT DELETE THE ZEROS TO THE FOREFRONT
11/26/2017 12:00 AM
We are on the doors of the year 2018 or is the date of deletion of the three zeros of the Iraqi dinar a question addressed to the makers of monetary policy?
(Mnt Goat – So again here we are in fall of 2017. Yes, the fall again. Coincidental?)
The past years have seen widespread debate about the advantages and disadvantages of deleting zeros.
Which brings this debate back to the forefront, but we are at the beginning of the road towards a rational economic reform that restores the country’s strength and strength after being subjected to several tremors almost paralyzed.
I see that the return of the subject delete the zeros to the forefront at a time when the steps of the reform calmly and slowly and unrivaled is a real vision to restore the real value of the Iraqi dinar to remain master of currencies at the level of local trading without rushing on the acquisition of the dollar to invest outside the country, and perhaps the advantages of the dinar equivalent with The dollar in terms of value, content and appearance of the debt to invest domestically, because it is difficult to invest currencies in the world outside the dollar as the currency of the most receptive and popular in transactions and investments.
This and other advantages lead to the adoption of consideration of this project and study the possibility of its application during the year 2018 as one of the basics of monetary and banking reform.
Perhaps follow the steps in reducing the exchange rate of the dollar gradually after the challenge of security will devote convictions and accept the deletion of zeros, which faced in a timely split between supporters and opponents because of poor understanding of raising zeros, and importance and advantages, especially when some believe that the deletion of zeros will reduce the size of the reserves of dinars because their view of their size is not to their true value.
(Mnt Goat – After postponing it again in 2015 when they were gradually going to roll it out. So in 2016 they are asking can we try it the same way in 2016?)
It should be noted that monetary policy had followed a balanced and balanced plan to reduce the exchange rate of the dollar against the dinar and succeeded to some extent fixed on what it is now, where it was able to reduce from 200 thousand to 100 dollars to 120 thousand dinars and the goal to reach 100 thousand Dinars but circumstances prevented timely completion of the gradual reduction.
(Mnt Goat – they are telling us what they needed to do. To reduce the rate down closer to 1:1 before doing the project. Today is 2024 and they still struggle to get the parallel market down to the CBI official rate. But in the article you get a sense of what program rate they want to achieve prior to triggering the project. Is this not what my CBI contact has been telling us?)
Today, it is easy for the Central Bank of Iraq to work on the principle of gradually reducing the exchange rate to the extent that it can be equivalent to the dinar against the dollar, so as to accept and digest the process of deleting zeros, so the advantage of reducing the size of money assured the owner to keep a small amount of cash with the bone market value and actual.
(Mnt Goat – WOW! WOW! WOW! gradually reducing the ( “program”) exchange rate until it is “equivalent to the dinar against the dollar”. Again, the parallel rate of the dollar must get down to the official rate. My point is they do not intend just to make a jump in rate without first controlling the dollar rate, to which is solely pegged to. This is in-country only remember. They are not yet talking in the article about FOREX rates. )
For this, the deletion of zeros or raise them from the Iraqi currency will make them enjoy these advantages in the field of compactness and commercial transactions and the risks are much lower than the large cash volumes.
The bottom line is that it is necessary to adopt the Central Bank of Iraq for the project to delete the zeros and work on its implementation from now in order to achieve the objectives of reducing the size of the monetary mass, and required a media program to devote convictions to the importance of this project,
(Mnt Goat – part of the process of the Project is reducing the monetary mass. Again, if the dinars in circulation shrink (the monetary mass), each note is worth more. Get it? Just for example sake – If you have 100 notes worth $50 (50 cents each) then shrink the note count down to half then they are worth $1 each. This is just an example to illustrate but this is where they are going with this,,,,, get it?)
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The 2017 Disappointment
GOVERNOR OF THE CENTRAL BANK’S “TOMORROW PRESS”: IRAQI DINAR IS NOT IN DANGER AND DELETE THE ZEROS POSTPONED
Sunday Jan 15, 2017
BAGHDAD / tomorrow Press The Central Bank, said on Sunday that there is full control of the Iraqi dinar, revealing that the deletion of zeros from the currency, deferred for the time said the governor of the bank, on the Keywords, for “tomorrow’s Press,” that “the rumors about the Iraqi dinar at risk and prone to degradation and decline “.
In comparison with other currencies as dollar, is not true,” adding that “Msatralih dinar fully and that in progress He added, “The Bank operates in accordance with the monetary and fiscal policies which are managed accurately and feminization and that the issue of “preservation of the Iraqi dinar of the priorities of his interest, but it’s at the heart of his work and on the application of the process of deleting the zeros of the Iraqi currency, Keywords, said that “the Iraqi Central Bank did not specify a date for the “deletion of zeros from the currency dinar,” noting that “subject to availability of appropriate conditions, including the general stability in the country.
He stressed the central bank governor and the agency, the need to “ensure the success of the process of deleting the zeros requirements before starting out”. So the central bank will continue technical preparations in order to be practical fit when deciding deletion.
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2019
PARLIAMENTARY FINANCE: GO TO RE-WORK THE COIN AND “DELETE THE ZEROS”
08/19/2019
The Finance Committee of the House of Representatives announced a move to reintroduce the currency that has been used for decades in the country, stressing the importance of pre-empting the process of minting the coin by “deleting zeros” from current currencies to make the small monetary classes valuable.
(Mnt Goat – so we know they also stamped the coins as they told us in previous article they needed. The key word is “pre-empting”. Which means prior and to be prepared when the time comes. So did they already stamp the needed coins in 2019? Do you see how this Project is much further than we are been led to believe?)
Committee member Hanin al-Qaddou said in a press statement, today, that “during meetings and discussions with officials of the Central Bank we stressed the need to re-work the coins that have been used in Iraq during the past decades, instead of paper that is damaged and printed in large quantities again.”” According to al-Sabah newspaper.
He added, “The use of metal categories and their descent into trading gives a legal value to the currency,” he said, noting that “, and yet we find the exchange rates of a number of neighboring countries are very high against the dollar that they have a coin in order to preserve the currency and do not need to ask for more banknotes, especially with Small categories”.
Al-Kaddo expressed surprise at the central bank’s policy, which does not favour the introduction of coins in the Iraqi market.
For his part, parliamentary finance member Majid al-Waili expressed the committee’s readiness to prepare any legislation requested by the Central Bank, which could benefit the Iraqi economy and market, including the trading of coins.
“The cost of a coin is more than paper, and it is more difficult for the citizen to carry it,” said Ahmed al-Saffar, a member of the finance committee.
Al-Saffar suggested that “there is a step to delete zeros before the coin mint process so that there is value for small versus large categories.”
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The appearance of Dr. Muhammad Salih: A testimony of history on the issue of raising the value of the Iraqi dinar in the year 2006-2008, as revealed by Professor Muhammad Allawi in his last lecture in Washington.
1.I would like to mention that the Paris Club Agreement signed on November 4, 2011, which dropped 80% of the total debt of Iraq, which was arranged before 1990 and was estimated at about 128 billion dollars at the time (which was led by Mr. Adel Abdul-Mahdi) and participated in it until the day it was signed by Dr. Sinan al-Shabibi And Mr. Aziz Jaafar, myself and a number of women, committed Iraq to historical stages for writing off debts before the expiry of the next 6-year grace period provided that a corrective program is signed with the International Monetary Fund. As I canceled 30% of Iraq’s debt immediately after signing the Paris Club agreement in 2004, and another 30% struck as soon as Iraq signed the SBA Credit Readiness Agreement with the International Monetary Fund that was signed in the last month of the year 2005 to be completed Monetary policy papers write off another 20% when Iraq succeeded in implementing its agreement with the fund at the end of the year, so that the total debt written off amounted to 80%.
2.In the first consultations that took place in Amman (Oman) with the International Monetary Fund, annual inflation was at that time more than 20%, and the economic model adopted by the Fund in implementing its program with Iraq has required reducing inflation to one decimal place to become about 6%, and this reduction needs to have a nominal fixed approval The Iraqi dinar increases the external value of the nominal anchor, which is the gradual increase of the Iraqi dinar exchange rate by about 20% over the years of the program, as well as raising the internal value of the Iraqi dinar, that is, the interest rate by adopting the monetary policy interest rate that the central bank lends and borrows with local banks by at least 20% This is to address the forces generating inflationary expectations, which specifically mean the importing forces. In both cases, the Central Bank was forced to follow a deflationary monetary policy to reduce inflation, called it tighten policy, and as a witness to the history of events, and in a closed meeting that included the head of the Iraq mission at the International Monetary Fund and Mr. Minister of Finance and Mr. Aziz Jaafar In my presence personally, the head of the mission asked, explaining that the conduct of that international program required preconditions, namely the acceptance of the amendment of the value of the internal and external Iraqi dinar for the interest rate exchange assistant.
Mutaqq meeting, deaf president of Baal Iraq in the International Monetary Fund and Mr. Finance Minister and Mr. Aziz Jaafar, in person in my presence, the head of the mission asked, explaining that the progress in that international program required pre-conditions, namely acceptance of adjusting the value of the internal and external Iraqi dinar, i.e. interest rates and the exchange rate. Dr. Sinan has categorically refused to adopt such a restrictive monetary policy (a policy inconsistent with advancing development after Dr. Sinan spent a year in UNCTAD and is one of the development organizations that ideologically intersect with the International Monetary Fund). Dr. Sinan left the meeting and left, saying, with the text: I will not accept With such oppressive conditions for development, I had to talk to him to return to the closed meeting because the head of the Fund’s delegation indicated that the program should be stopped with them and then the Paris Club agreement should be stopped! And to re-load Iraq’s debts before 1990 while continuing to delay benefits that are the product of the previous regime, making the damage even greater. So everyone had to accept the fait accomplishment in improving the exchange rate of the dinar.
To reach at the end of the program at the end of 2008 by about 1182 dinars against the dollar, after it was 1560 dinars per dollar at the end of the year 2005.
3.The problem in my estimation is not only to raise the value of the dinar at the time, despite the annual inflation decrease from 22% to 6% within the phenomenon of disinflation, that is, to have low or decreasing increases in the general level of prices at the time, but the biggest problem has remained in increasing the number of government workers to five times today compared to in the year 2003 and the increase in the value of government wages 7 times, which made the average government employee’s salary equal to approximately twice per capita gross domestic product, which added double benefits to the first government job that came from monetary policy and exchange rate stability and the second from higher wages and salaries as well as high banking interest on the savings of the savings available to him.
In addition, the increase in the allowances in government salaries, which constitute 66% of the salary components today, have been exempted (those allocations) from income taxes and by a government decision in the year 2009 until today. Demonstrations in Tahrir Square – Baghdad, Iraq – Mohammed Tawfiq Allawi: The Solution Mohammed Allawi’s Speech to the Iraqi Community in Virginia (Roadmap for the Future of Iraq in the Wake of the October Uprising).
Economy As the region continues to steal oil...the oil and gas law is in the parliament's drawers[/size]
Information / Report.. The draft oil and gas law is one of the most controversial issues between the political blocs and the Kurdish national component.
Follow "Al-Maalouma" channel on Facebook.. News that does not need verification..
The Kurds continue to steal Iraqi oil and sell it on the black market for half its market value, which is a huge waste of the country's financial resources.
Independent politician Adnan Abdullah confirmed on Thursday that oil smuggled from the Kurdistan region is sold for less than half its value.
Abdullah told Al-Maalouma, "The region smuggles about 300,000 barrels per day, and this is no secret and the government and all political forces know about it."
He added, "The smuggled oil is sold for less than half its value, which is what drives some brokers in neighboring countries to deal with the smuggling file due to the large profits, noting that "mutual interests with some forces in Baghdad push for not opening this sensitive file."
He pointed out that "oil smuggling is illegal and represents a drain on the national wealth that everyone must preserve and its management must be federal."
It is noteworthy that oil smuggling operations from the Kurdistan Region have been ongoing for years by some of the ruling parties in the region.
Despite the government's moves to end the violations of the region's oil exports by passing the Oil and Gas Law, the obstacle of the Kurdish parties is what is pushing to suspend the law by objecting to the paragraphs and articles of the law that will end the region's violations in the operations of extracting and exporting oil through the Turkish port of Ceyhan.
The continuous objection and the placing of obstacles are due to preventing the approval of the law that may end the theft of contracts with foreign extraction companies in which the Barzani government is a major partner, in addition to ending the seizure of oil revenues and the positions they control as a result of exporting independently of the central government and the national SOMO company.
The Kurdish objection is centered on the paragraph of the control of the National Marketing Company (SOMO) over the operations of extracting, exporting and selling oil and gas.
Legal experts confirmed that all the articles that the Kurdish parties object to are not legal and constitutional, but rather in order to continue seizing the country's wealth.
The sources indicate that the Kurdish parties exploit the weakness of the governments in order to obtain high percentages of money and oil and gas revenues, and the approval of the law will end all these operations.
This is one of the reasons for not passing the oil and gas law from the House of Representatives, due to the major political differences that will keep the law in the drawers of the House of Representatives.
Member of the committee, MP Mohammed Anouz, ruled out today, Thursday, the ability of the political blocs to pass the oil and gas law and some other controversial laws.
Anouz told the / Al-Maalouma / agency, "The legal committee has a number of controversial laws that cannot be passed due to the political differences over them."
He added, "There are laws that cannot see the light during this session due to the deep differences, most notably the oil and gas law that has not been decided for four previous parliamentary sessions."
He confirmed that the law will be postponed to the next session in the hope that it will find consensus on it. LINK
The Central Bank decided to adopt some of the landmarks and images to be placed on the new currency after the deletion of zeros.
The agency received a copy of the Central Bank’s book, which included cultural and historical landmarks and images to be placed on the currency with the implications of the nearby to the minds of the public and the culture of the Iraqi.
(Mnt Goat- This was for the new designs for the newer lower denominations. How could they have gone in 2013, if there was not already significant batches of the new lower notes printed?)
PAPER CURRENCY
According to the book:
The paper currency included a number of monuments and images, the most important, a picture of the bridge of the imams and the significance of the significance of high value if the bridge reaches between the two sides of the Tigris River and on both sides of the observers Imam Musa Kadhim (p) and Abu Hanifa Numan (Raz).
200 dinar-The book of the bank entitled to the Directorate Nation for issuing cabinets: that this image allocated to the highest class of the new currency,
a category (200) dinars and two hundred dinars on the back of this paper put a picture of the school Mustansiriya in Baghdad.
100 dinar – He added the central bank: (100) dinars, one hundred dinars, pictures of the Zouaiya area in Baghdad, one of the ancient areas in which the bridge was built suspended one of the achievements of the Iraqi state .. Iraq is one of the leading countries in the construction of this type of bridges and shows in the picture building the Central Bank of Iraq , In addition to the building of the University of Baghdad, which is the oldest scientific institution in Iraq in the second half of the twentieth century, while on the back of the paper image (Zaqora), one of the features of the Iraqi architecture at the dawn of history.
50 dinar -The book of the Central Bank: (50) dinars (fifty dinars) picture of King Claudia one of the most famous kings of the dynasty The second pillar (the twelfth king) is the god of growth and fertility, while the back of the paper included a picture of the fortress of Ahkaydir, an archaeological fortress dating back to the Abbasid period and the unique defensive fortresses in a desolate area such as the one built there. This fortress is located to the southwest of the city of Karbala. central bank :
25 dinar – In the face of the paper of the category of (25) dinars (twenty five dinars) put the image of King Hammurabi receives the law .. This son is the father of the spiritual father of human legislation as he wrote the rules governing the life and transactions in his famous Muslim either the back of the paper has included a picture For the agriculture of Kurdistan Iraq contributes with the men in the preparation of the field of agriculture.
10 dinar – The Central Bank: Put on the face of the banknote of the category (10) dinars (ten dinars), the image of the dinar Arab Islamic and represents this dinar, which was minted under the Umayyad state The Islamic state that strikes inside the state is one of the features of the state Sovereignty and economic independence, while the back of the paper has placed a picture of the lighthouse of humpback in Mosul, one of the distinctive features of urban in our beloved Iraq.
5 dinar – In the category of (5) dinars (five dinars) has placed on the face of her paper a picture of a total waterfall on the Iraqi Kurdistan, a reference to the interest of the state water and its sources in addition to interest in tourism and the environment either the back of the paper has been placed a picture of Nakheel Iraq is a sign and property for each land The central bank said in writing:
In line with the best applications and global experiences, decided to stop the basic features of banknotes of the categories (25,000,10,000,5,000) dinars Currently in circulation in the new series (25,10,5) dinars for the public a thousand with it as it was imprinted in his memory.
(Mnt Goat – so the new smaller notes of 5,10 and 25 are replacing the 3 zero notes of 5,000, 10,000 and 25,000 accordingly. This is a 1:1 RV in Iraq. I said within Iraq, did you hear me? In addition they are also issuing a 50, 100, 200 dinar notes of smaller category. Remember they already issued the 50 notes way back in 2015 in the anticipation the reinstatement was going in January of 2016)
COINS
The Bank pointed out that it is keen to choose designs for coins that are general and comprehensive and have a positive impact on all the Iraqi people. The coins are shown on the map of Iraq and highlight the Tigris and Euphrates rivers. The map shows a circular area to stabilize the coin category.
Of the coins included: there are 4 new coins a 250 and 500 fils, 1 and 2 dinar
2 dinar coin – first category (2) dinars, a picture of (Deir Mti), a historic and spiritual site located in northern Iraq, and taken by the Iraqis from various sects and religions a place of tourism and tourism.
1 dinar coin – While the category (1) dinars picture taken from the fact that the displacement of the Faily Kurds was designed by the Ministry of Culture.
500 fils – (500 fils) was placed on a modern dam on the Euphrates River. It was intended to highlight the importance of water and its storage and organization in Iraq.
250 fils – In the category of (250) fils, pictures of the Kut dam were placed on the Tigris River for the same purpose. ) Fils, a picture of the Lion of Babylon symbol of strength and violence of the Iraqi nation.
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2013
IRAQI DINAR TO HAVE 3 ZEROS CANCELED BY THE CENTRAL BANK OF IRAQ ACCORDING TO FINANCE COMMISSIONER
by Amir Abdallah Apr 13, 2013, 7:19 am
The Iraqi dinar will have 3 zeros canceled by the Central Bank of Iraq according to Finance Commissioner, MP Abdul Hussein al-Yassiri. MP al-Yassiri told Iraqi News that “it is supposed that this year will witness necessary preparations to cancel three zeros from the currency”.
He added that his commission supports such move for its importance to the Iraqi economy. The Central Bank of Iraq, earlier, announced that cancelling the zeros is within a plan to develop monetary policies in the country.
One of the difficulties facing is Iraq is withdrawing 30 trillion Iraqi dinars from Iraq’s market at the present time and to replacing it with new currency.
Earlier, the ministry of finance ruled out the idea of cancelling the zeros in 2013 because the federal budget was based on the current currency.
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The 2014 Announcement
Deletion of zeros in 2014 now early 2015.. project is ready and implementation of a deferred project
18/12/2014
BAGHDAD / JD / .. affected by the project to delete the three zeroes from the currency unchanged if the rest of the major strategic projects, the unstable security situation in the country, where he was supposed to be implemented early 2014 after the creation of the logistical and technical measures by the central bank, but the deterioration of the situation security in most parts of the country, which saw control of some terrorist groups.
(Mnt Goat – this is when ISIS overflowed from Syria into Iraq.)
Sparked fears the government and parliament and the Central Bank of the implementation of this major project, which some have described as possibly exploited by outlaws in achieving their ends despicable, prompting the central bank and in agreement with the financial and economic committees Alniabaten to postpone the implementation of the project over four years to come, until the creation of the appropriate security conditions for its implementation.
(Mnt Goat – That brings us to 2018, right. Postpone for 4 years?)
Member of the Committee on Economy and Investment Attorney Nora Albjara, attributed the lack of implementation of the project to delete the zeros during 2014 to the unstable security situation in the country, as suggested implemented over the last four years of Maliki administration.
She Albjara Agency / BD /: “The Central Bank of Finance, Economy and Investment in the House of Representatives and the Committees agreed to postpone the implementation of the project to delete the three zeroes over the next four years, although the central bank completed all technical and logistical procedures relating to the implementation of the project.”
😊 (Mnt Goat – there they said it and I quote – “although the central bank completed all technical and logistical procedures relating to the implementation of the project” )
She added: “The reason for the postponement of the implementation of the project and not to be applied in 2014, due to the unstable security situation in most parts of the country, especially in the provinces experiencing control organization (Daash), because it may take advantage of the project by the terrorist groups to achieve their goals Katsyev currency or manipulation of the price of exchange which affects the economic situation in the country. “
The central bank had announced in 2012 that the application for the project to delete the zeros will be in early 2014, after being able to complete all procedures related to the stages of implementation of the project Ktba currencies and contracting with companies.
As a member of the Finance Committee MP Jamal Joker, stressed that the large project is not affected by the security situation, the fact that the central bank taking all things into consideration, noting that the process will be in the form of stages, so do not affect the market or citizen.
Some of the House of Representatives and economists Odhu jurisdiction rejecting the idea of postponing the implementation of the project over four years to come, and called on the central bank to apply the project in early 2015, the fact that the project is of strategic projects that need to be implemented because it will overhaul the local currency strengthens.
Joker told / BD /: “The central bank completed all necessary and essential for the implementation of the reform project of the currency measures, which are now ready for implementation, but some parties called for a postponement of this project under the pretext of the security situation.”
The member of the Finance Committee, the central bank to implement the project in early2015 to be implemented in the form of any phases are thrown coins ancient coins and withdraw gradually so do not affect the market and citizens.
(Mnt Goat – this was a suggestion by this member to do it anyway even though they didn’t have the security they wanted by rolling out in phases)
The parliamentary finance committee has announced (28 October 2013 ), that 2014 will see the implementation of the project to delete the three zeroes from the Iraqi currency.
(Mnt Goat -remember this was in the fall- October….)
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2015
2015 DELETE THE ZEROS WILL BEGIN THIS YEAR
Tue Mar 03 2015 15:05 | (Voice of Iraq)
The project of deleting zeros came late after a long delay for this project which may bring back prestige to the Iraqi dinar which has suffered inflation for quite a long time. The Iraqi Central Bank (CBI) will begin this year with the procedures of deleting three zeros from the local currency according to the financial parliamentary committee in Iraq based on the official correspondences between the Central bank and the committee.
(Mnt Goat – So, from the advice of the finance committee in late 2015, see above article, they decided they would not wait 4 more years and do the Project in 2015 instead. They would slowly roll out the lower denominations.)
Abdul-Hussain al-Yasseri, a member of the financial committee, assured that the project is about to begin to delete three zeros from the local currency adding that the local currency will lower from 4 billion units to 1 billion units which will make currency transfers easier. Al-Yasseri, also, pointed out that the financial committee supports measures to enhance local currency considering the importance of Iraqi economy.
The central bank said that deleting zeros comes within a plan to improve its monetary policy and to enhance currency management.
The central bank pointed out in last August that it plans to delete zeros from the Iraqi dinar to facilitate transactions that are carried out mostly in cash among the challenges that Iraq will probably face when it will delete zeros from the dinar is to withdraw 30 trillion dinars currently used in the Iraqi market then getting rid of them and replace them with new currency.
(Mnt Goat – last August of 2015? Its now March in this article. So they hesitated until March to announce it and delayed it.)
Observers fear that this may open the door for currency counterfeiting on a large scale taking advantage of withdrawing old currency from the markets. The project of deleting zeros from the old Iraqi currency despite its strategic importance though its implementation should take into account the stability of security policy in the country to avoid any disastrous consequences.Top of Form
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2016
INDEPENDENT IRAQI NEWS AGENCY OCTOBER 13, 2016
The governor of the Iraqi Central Bank, on Thursday, said the project to delete the zeros will be implemented in early 2017, indicating that the bank began to develop the first steps of the project.
Keywords and said that ” the goal of deleting three zeros from the Iraqi currency is to support the Iraqi dinar and make it a competitor of foreign currency,” returned him as “that strategic project will serve the country ‘s economy.”
He added that ” the Bank is working on the mechanisms in place towards the implementation of this project is expected to commence by the beginning of 2017, ” noting that ” the central bank began the first steps of the project through the selection of designs, companies and the country that will be done Print currencies. ”
(Mnt Goat – again planning in the fall and doing it in early January of the next year.)
He noted that” the introduction of new currency does not mean the destruction of ancient coins , but it will continue to trade to about ten years , “pointing out that” this period will enable the central bank to withdraw the old currency in accordance with the mechanics will maintain market liquidity. ”
😊 (Mnt Goat – did you read this last paragraph. It said and I quote – “introduction of new currency does not mean the destruction of ancient coins , but it will continue to trade to about ten years”. How can this possibly a “lop” when they will continue trade and use these larger three zero notes in the background for 10 more years after they complete the Project. Are you reading this? So no more negative stuff about a LOP…please! )
Finance Committee and was in former House revealed, (2013 August 15), the postponement of the process of removing zeros from the currency until after the next parliamentary elections, while confirming that the government is demanding guarantees for non – substituent currency back to the markets and forge.
(Mnt Goat – Okay so here you read “that the government is demanding guarantees for non – substituent currency back to the markets”. This means the reinstatement back to the FOREX trading markets. The CBI wants guarantees that once they begin the process of the Project to Delete the Zeros, it will go all the way to the reinstatement. So is this not what my CBI contact also told us? Gee Whiz… this article goes all the way back to 2016. How does Mnt Goat know all this? She reads the news from the CBI and listens to her contact. Get it?)
The Central Bank of Iraq confirmed, in the (April 25, 2013 ), that there is no intention at the moment to restructure the currency and delete the three zeroes of them, denying the reports in this regard.
Noteworthy that the General Secretariat of the Council of Ministers announced (April 12, 2012), for the patient in the application process of deletion of zeros from the national currency, which had to be stop all procedures related to the transaction mentioned until further notice.
It is noteworthy that some economists believe that Iraq is not formatted for the time being to delete the zeros from the dinar, pointing out that the deletion needs to be a security and political stability as well as economic stability.