"THANK YOU FOR YOUR OPINION... BUT WE DON'T NEED IT BECAUSE ALAQ HAS ALREADY EXPLAINED IT TO US!!!" BY FRANK26, 29 SEPT

 KTFA

FRANK26: "THANK YOU FOR YOUR OPINION... BUT WE DON'T NEED IT BECAUSE ALAQ HAS ALREADY EXPLAINED IT TO US!!!"....F26

A specialist details the negatives and positives of removing zeros from the Iraqi currency

9/26/2024

 

 Baghdad

Economic expert Nabil Al-Marsoumi detailed the pros and cons of removing zeros from the local currency.

Al-Mawsumi said in a tweet followed by "Al-Ahd News", "The process of removing zeros from the currency means replacing a new currency with the old currency with the aim of simplifying the accounting process between consumers, and it is often resorted to by countries that suffer from high inflation and have become unable to deal with paper currencies of very weak value."

He added, "54 countries have previously implemented, at different times, the deletion of a group of zeros from their local currencies due to some positives resulting from such a measure, represented by the revaluation of the national currency, simplification of financial transactions, and streamlining of currency units as a necessary condition for reducing accounting numbers, facilitating accounting dealings, the cost of managing new large numbers, and the absence of small numbers."

Al-Marsoumi continued, “The issue of deleting 3 zeros from the Iraqi currency has been receiving attention and study from the Central Bank since 2007, but the bank has not yet taken such a measure due to the lack of two important conditions, the first of which is the instability of the dollar exchange rate against the Iraqi dinar and the second is the lack of political stability, in addition to the disadvantages and risks resulting from it:  (MR. ECONOMIST BOTH OF THESE ISSUES HAVE BEEN RESOLVED ACCORDING TO ALAQ!!! -F26)

First: The process of deleting zeros is not a magic solution to the problem of inflation, but rather a formal procedure aimed at giving momentum to the Iraqi economy.

Second: The impact on the behavior of consumers and producers, economic variables, and economic relations between Iraq and other countries.

Third: Deleting zeros is an imaginary change in the value of the currency and does not change its purchasing power.

Fourth: People may panic and abandon their dollar savings and replace them with Iraqi dinars, which will lead to a large and sudden growth in the money supply, undermining monetary stability.

Fifth: The high costs involved in printing the new Iraqi currency.

Sixth: The emergence of corruption in the process of disposing of old currency or the entry of counterfeit currencies and attempts to replace them with new currency, in addition to the occurrence of money laundering operations.

Seventh: The decision will not affect the competitiveness of Iraqi goods against foreign goods because the majority of transactions are conducted in dollars.

Eighth: Deleting zeros will create social problems at this stage due to the inability to convince the public to accept the decrease in the size of the monetary mass while acknowledging that the real value of the money is not affected. The issue is related to the mind and memory retention of large amounts, in addition to the difficulty of settling commercial and personal contracts and agreements.

LINK

 

RV UPDATE BY MILITIAMAN, 29 SEPT

 Militia Man

  Iraq is talking about "economic confidence", "consumption", "investment", all of these things.  At 1310? 

 I don't think so.  I don't think that's what they're talking about.

  I really don't think Iraq is going to be the savior of the international financial system or bring any confidence to the world at 1310. 

 Because they've been at 1310, 1180, 1166, 1182...1460...

but have they done anything about it?  

Are they internationally on the Forex trading?  No

DINARLAND UPDATE!! WOW IRAQ WILL RV OON !! @DINARREVALUATION

"FOR THE HCL." BY FRANK26, 29 SEPT

 KTFA

FRANK26: "FOR THE HCL.".............F26 

Al-Atwani: Agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally

9/26/2024

 

The head of the Parliamentary Finance Committee, Atwan Al Atwani, announced today, Thursday, an agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally.

 

A statement from his office, a copy of which was received by {Atlfrat News}, stated that "the parliamentary finance committee delegation, currently visiting Erbil, headed by Al-Atwani, held an expanded technical meeting with representatives of the Kurdistan Regional Government, in the regional council of ministers building, to discuss resolving the outstanding issues between Baghdad and Erbil."

Al-Atwani said, "The meeting reviewed the oil files, financial revenues, automation of border crossings, unification of customs tariffs, and localization of employees' salaries," announcing "the development of a roadmap to resolve the points of contention between the central government and the regional government regarding the oil export file."

He stressed that "the attendees reached an initial agreement with the regional government to conduct a comprehensive review of the oil contracts to adapt them to the Iraqi constitution, in preparation for solving the problem of the halt in the region's oil exports," explaining that "the agreement stipulates that the central government and the regional government enter as a unified party in negotiations with international oil companies operating in the region with the aim of amending their contracts from production partnership to profit-sharing, in addition to reviewing the economic and commercial terms."

Al-Atwani pointed out that "the parliamentary finance committee is working to establish a sound basis for negotiations on resolving the pending issues, in order to resolve the oil export file during this year and eliminate the differences with the region," stressing that "the committee will meet, upon its return to Baghdad, with the federal oil ministry, in order to discuss the controversial issues and push towards resolving them under the umbrella of the constitution."

He said, "The meeting reviewed, in numbers, the steps for implementing the file of localizing the salaries of the region's employees, where the necessity of adhering to the decisions of the Federal Court was emphasized."

The meeting also discussed, according to Al-Atwani, the file of border crossings, customs, and taxes, and ways to include their revenues in the country's general budget, and the extent of the regional government's commitment to sending these funds to the federal government.

LINK

"WE HAVE HEARD FOR THE LAST 5 DAYS ALL ON THE NEWS ABOUT THE DELETION OF THE THREE ZEROS" BY FIRELFY, 29 SEPT

 Frank26 

 [Iraq boots-on-the-ground report]  

FIREFLY:We have heard for the last five days all on the news about the deletion of the three zeros.  That's all they talk to us about...  

FRANK:  You say you've been hearing about lifting the three zeros in the last five days?  In all honesty you have been hearing this for the last five months.  It's just that it's very concentrated on a daily basis now...

Iraq's Economic Rebirth: The Dinar Revaluation Explained! @DINARREVALUATION

"THE NEW REALITY OF IRAQ... BEHOLD." BY FRANK26, 29 SEPT

KTFA

FRANK26: "THE NEW REALITY OF IRAQ... BEHOLD.".....F26

Including the dollar selling platform... a set of "important" files on Al-Sudani's table in New York

9/26/2024

 

Prime Minister Mohammed Shia al-Sudani spoke from New York about the most important strategic files, while confirming the suspension of gasoline imports at the beginning of next year after the completion of the FCC project in Basra.

The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that "Al-Sudani participated in New York, after midnight on Wednesday, in a dialogue session held by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council."

During the session, he referred to "the new reality of Iraq, which is witnessing an economic and developmental renaissance in all its sectors, and has also taken great strides in the field of energy investment and associated gas, which had been wasted for years and cost the country losses estimated at billions of dollars, due to the import of gas and petroleum derivatives."

He stressed that "the government has embarked on a series of rapid projects, including the important agreement with Total, which will contribute to increasing oil production and investment in associated gas by about (600) million standard cubic feet, in addition to offering the fifth and sixth rounds' annex, and entering into contracts to produce oil and invest in gas," indicating that "after 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as rehabilitating the Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and its production capacity is 150 thousand barrels per day."

The Prime Minister said during the dialogue session: “When I assumed my duties as Prime Minister, the investment in associated gas was less than 40 percent, and now the percentage has risen to about 70 percent.”

He added: "We have finished importing petroleum derivatives, and we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra."

He continued: "We are ready to enter into a partnership with American companies in the oil industry sector," indicating that "Iraq's vision is to convert 40% of exported oil into transformation industries, which will provide more benefits than selling crude oil."

He pointed out that "the government's policy is based on diversifying the contracting parties that invest in our oil and gas fields without specific conditions," noting that "the procedures for the licensing round are clear and transparent and there is no favoritism or preference for one company over another."

He added, "Development cannot be achieved without a solid banking sector that operates according to approved international standards, and 95% of financial transfers in Iraqi trade take place through reliable banks."

He explained that "the currency selling window will be closed at the end of this year, and the money laundering office at the Central Bank is working effectively," noting that "the government has contracted with Ernst & Young to reform the government banking sector, and we have strengthened citizens' confidence in banks and expanded financial inclusion."

He stressed that "Iraq today is going through an unprecedented phase of stability and recovery since 2003, and it is an opportunity to support the transition from a phase of wars and conflicts to a phase of development and stability," noting that "a stable Iraq in a sensitive region is something that is beneficial to the world, which is what we have witnessed since October 7, as Iraq has maintained a great deal of balance and calm, and we have kept Iraq away from the arena of conflict."

He pointed out that "the security forces have reached an advanced stage of capability and efficiency, and we have started an armament program to enhance their capabilities, and ISIS today does not represent a threat to our security," pointing to "the need for American small and medium-sized companies to form partnerships with Iraqi companies."

He added: "We are working to create job opportunities for young people by activating the private sector or supporting their private projects, through several programs, including the (Riyada) initiative," noting that "the size of the projects granted for investment will provide a large number of jobs, and the necessity for companies operating in Iraq to open training centers to develop the capabilities of young people."

He continued: "We have confirmed to the companies operating in the electricity sector the establishment of stations maintenance centers in order to speed up completion and reduce costs," indicating that "the government has a clear direction to support the agricultural sector, and farmers and growers are in a transitional phase to use modern irrigation technologies that the government has supported by 30%."

He added: "We provided loans to workers in the food industry sector of various types, and part of them are covered by sovereign guarantees," noting that "the Central Bank has independence and exercises its powers with complete professionalism, and there is an intention to establish a new bank that adopts the latest technologies."

He called on "all companies working in the field of electronic payment to work in Iraq," stressing "providing them with all facilities."

He concluded, "We have developed a plan to develop the infrastructure, with allocations amounting to $83 billion."

LINK