DINAR REVALUATION REPORT: Central Bank of Iraq's Plan to Remove Zeros from the Dinar, 23 SEPT

 Central Bank of Iraq's Plan to Remove Zeros from the Dinar

As of September 22, 2024, the Central Bank of Iraq is studying the feasibility of removing zeros from the Iraqi dinar. 1  3 This move is part of a strategic plan aimed at simplifying financial transactions and reducing transaction costs, which was first announced in 2011. 3 The plan, once complete, will be passed to the ministerial council and Parliament for approval. 3

Reasons for Removing Zeros

The primary reason for deleting zeros from the currency is to combat inflation and enhance confidence in the national currency. 4 This process can simplify accounting operations and financial transactions, potentially improving the country's image before investors and the international community. 4

Potential Challenges

Removing zeros from the currency involves challenges such as printing new currency, modifying accounting systems, and training people on how to use the new currency.  4 This process may initially cause confusion among residents and consumers and requires careful planning to avoid economic disruptions. 4

Precedents

Countries like Turkey, Brazil, Zimbabwe, and Venezuela have previously removed zeros from their currencies. 4 For example, Turkey removed six zeros from its currency in 2005, Brazil undertook similar measures in the 1980s and 1990s, Zimbabwe removed twelve zeros in 2009, and Venezuela removed five zeros in 2018. 4

Impact of Removing Zeros on Balances in America

The removal of zeros from the dinar does not indicate any restrictions on the Central Bank of Iraq's balances in America. 1  However, the effects on international transactions and the dinar's exchange rate will depend on how well the process is executed and the state of Iraq's economy at the time of implementation. 4

Conclusion

The Central Bank of Iraq's plan to remove zeros from the dinar is a significant step toward simplifying financial transactions and enhancing the currency's stability. However, careful planning and execution are necessary to ensure the process is successful and does not lead to economic disruptions.

Central Bank of Iraq: We are studying removing zeros from the dinar and there are no restrictions on our balances in America, 23 SEPT

 9/22/2024

The Central Bank of Iraq reduced, on Sunday, its reliance on the US dollar in commercial transactions, adding that the project to remove zeros in Iraq is under continuous review and study.

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.

In this context, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed 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.

Al-Alaq added that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to enhance the country's financial position and stability, in order to enhance its ability to confront potential economic crises.  LINK

RV UPDATE BY NADER FROM MID EAST: " THEY'RE GOING TO REMOVE THE 3 ZEROS SOON", 23 SEPT

 Nader From The Mid East  

 They're going to remove the 3 zeros soon... In 1990 Kuwait did the same thing...If you go back in that time and you find the article, you can read it, it's the same article come out, the big bills are going to be the same than the small bills...25,000 dinars they're going to count like 25.  

What they did was the opposite, the whole opposite, the 25,000 become 25,000.  They stayed 25,000.  

When you go change your money [Iraqi dinars] this is what's going to having...You'll have three weeks to find a way to exchange your money to small category dinar.  Once you change your money to small categories you guys safe.  That's how it's going to work..

CBI's New Banking Guidelines: What You Need to Know!

Prime Minister’s Advisor: The government has taken 8 steps to improve the technology sector, 23 SEPT

 Economy News – Baghdad

The Prime Minister’s Advisor for Banking Affairs, Saleh Mahoud, stressed on Sunday the importance of cooperation between the public and private sectors to develop the technological infrastructure in Iraq, while pointing out that the Iraqi government has taken 8 strategic steps to improve the technology sector in the country, stressing the existence of serious government efforts to achieve leadership in the field of digital innovation.

Mahoud said, in his speech during the opening of the Iraq International Exhibition and Conference for Information and Communication Technology (ITEX), followed by “Economy News”, “We express our happiness to represent the Prime Minister in attending the conference, and we inform you of his greetings and high appreciation, as he praises this conference and blesses his efforts.”

He added that “the conference provides an opportunity for cooperation between the public and private sectors, which encourages the establishment of strategic companies that contribute to the development of a strong technological infrastructure.”

He pointed out that “the organization and activation of such conferences is an urgent necessity, as the Iraqi government, led by Prime Minister Mohammed Shia Al-Sudani, looks forward to the importance of this event being a suitable opportunity to discuss the exchange of experiences and ideas to achieve sustainable development and prosperity for our great people, which enhances Iraq’s place as a leading country in the field of digital innovation.”

He stressed that “digital transformation has become an inevitable necessity in recent years in the government and private sector fields, even in our daily lives.”

He added that “this conference comes at an important time, as the Iraqi government seeks to achieve a clear vision on how to use technology to improve the quality of services and promote transparency and community participation.”

He pointed out that “the current Iraqi government, since the beginning of its tasks at the end of 2022, has worked to develop the information and communication technology sector, in coordination with the relevant local and international sectors.”

He pointed out that “the Iraqi government has taken a number of important steps in the field of information and communication technology development, including:
1- Establishing laws and legislation to provide a suitable environment for investment in information and communication technology, aimed at encouraging innovation and protecting the rights of investors.

Improving infrastructure, including supporting efforts to increase Internet speed and expand networks in all regions of Iraq.

3- Achieving investment, as the Iraqi government encourages local and foreign investment in the information technology sector by providing bank incentives, including financial support for emerging projects in this field.
Partnerships with the private sector to accelerate technological development.
5- Implementing a national digitization plan to improve digital conversion in government institutions. This includes digital platforms to provide government services to citizens such as document registration, payment of taxes and complaints, in order to facilitate procedures and reduce time and effort, which facilitates the services provided to citizens and increases the efficiency of government performance.
6- Training and rehabilitation programs for youth and professionals in the fields of information technology, in addition to holding workshops and lectures to enhance digital skills.
7- Supporting startups, through the availability of financial support to encourage entrepreneurs to innovate and expand.
8- Cooperation with international companies to bring new expertise and technology to Iraq.

“These steps mentioned above are important indicators of the trend towards sustainable economic and social development,” Mahoud explained.

He stressed “the government’s readiness to exert all efforts to provide support to all local and international authorities, institutions and companies in order to develop the information and communication technology sector.”

He concluded by saying: “We urge all institutions and the private sector based on the conference to use all challenges as an opportunity to succeed in future plans.”

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Added 2024/09/22 – 4:11 PM

https://economy-news.net/content.php?id=47877

AFTER THE RV GINGER TELEGRAM ROOM WILL CONTINUE ON FOR HELP YOU IN YOUR NEW LIFE AND JOURNEY, 23 SEPT

 💢 Q & A - GLL Connection for Future 

💢 G-Kat: Touching to hear this report. So many have worked so hard to get us to this point. Thanks, GiGi. I pray our unity will not end after the camping event.

💢 Ginger: Hey sugar, yeah we're definitely gonna stay connected after camping. Our chat groups will continue on. We're gonna need each other through the transition to come. There are lots of camper related groups which will shut down because they (owners) see that their work is done. I see it as one chapter ends - and our real work is just beginning. I expect there will be those who were just here for camper Intel and warm fuzzies. They might delete their Telegram app altogether and be done. That's ok. There are others here who are truly vested. Truly connected. And thinking of dropping off and abandoning the family here would be inconceivable. I'm one of those people. 🙂 We understand that folks will be extremely busy with their projects, as will I - but the connection will still be here when you all have moments of downtime, away from working on projects and much needed family time. 

Plus, our seasoned folks know about this already. Newer members haven't heard about this yet, very likely. But the GLL is going to have Reunions three times a year, annually (ongoing) for the purpose of collaborating and leisure travel combined. We'll connect in different parts of the world, where humanitarians of all kinds can connect and get their cups filled and then go back home and resume their important work. We will be excited to provide opportunities for learning, conference meetings and relaxing site seeing. Some trips will be just adults / long weekends. 4 day event. Others will be a week's vacation where you all can bring your own kiddos, too, we'll all just enjoy connecting as a Humanitarian family. 

I hope this news makes you smile 😁💖😁

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