Removing zeros and revaluing the Iraqi dinar, 24 OCT

  Removing zeros and revaluing the Iraqi dinar

Ali Daadoush

The concepts and scientific names in economics differ according to the specialization and the branches derived from it. When talking about the exact specialization, economic variables must be named by their scientific names. One of these names is the term redenomination, or as it is called (removing zeros from the currency).

Countries usually resort to it to address rampant inflation and the decline in the value of the local currency, as the old currency is replaced with a new currency at a fixed price by removing at least 3 zeros from the old currency.

Currency revaluation becomes necessary when it comes to hyperinflation because it takes a very large number of old banknotes to facilitate trade, especially in local markets, and small banknotes become useless, as an individual needs millions of banknotes to buy simple or necessary household or food needs, an example of this is what happened in 2006 when Zimbabwe renamed its currency at a rate of (1000 old Zimbabwe dollars) for a new Zimbabwe dollar.

In addition, deleting zeros from a currency can also happen when a country joins a monetary union, as happened in the eurozone, and begins using a currency like the euro instead of its local currency. When the euro was introduced in 1999, member states first used the new currency for electronic payments and accounting, then switched from their local banknotes and coins to the euro in 2002.

There are several reasons behind renaming the currency (removing zeros), and they can be summarized as (controlling inflation, facilitating trade and the economy, political factors such as a change in government, for example, in addition to technical considerations such as updating financial systems, which are usually part of a larger project to update the country’s financial systems, such as converting to new digital systems for dealing with the currency).

From what has been mentioned, we find that (deleting zeros) is not carried out randomly, but rather is implemented after a comprehensive study of the economy and the challenges it faces, and it must be accompanied by other economic and financial measures to protect the economy from financial fluctuations. Therefore, renaming the currency is a complex decision that requires a comprehensive study of the economy and politics in the country, and it must be implemented while minimizing the potential negative effects on the economy and citizens.   link

" DON'T YOU LOVE THESE BANK CENTERS OPENIN IN IRAQ" BY WALKINGSTICK, 24 OCT

 Walkingstick 

 Question: "Don't you love these bank centers [opening in Iraq]?"

  The corrupt were &^%$ing the Iraqi people for many decades. 

 But now the government, Sudani, along with the CBI, have their banks under control.  

 These centers will be paid a percentage for every account that is opened, for every zero note that is brought in...

to have total control over the monetary reform process.

FIREFLY: " THEY STRONGLY TALK ABOUT THE CURRENCY FLOTATION AND THE STOP OF THE CURRENCY AUCTIONS"

 

Communications: Iraqi Post has achieved great success in digital transformation of financial transactions , 24 OCT

Communications: Iraqi Post has achieved great success in digital transformation of financial transactions

10/23/2024  Baghdad - WAA 

The Ministry of Communications confirmed, today, Wednesday, that the Iraqi Post has achieved great success in the digital transformation of financial transactions.

The spokesman for the Ministry of Communications, Omar Abdul Razzaq Musaheb, said in a statement received by the Iraqi News Agency (INA): "The General Company for Post and Savings has achieved great success in terms of digital transformation operations for financial transactions by converting postal books that are decades old into easy-to-use electronic cards that allow citizens to view their balance and know all movements in their account through the electronic application "Ki".

He added that "the digital transformation operations achieved their desired goals of reducing corruption and manipulation of citizens' deposits, which contributed to enhancing citizens' confidence in the procedures adopted by the Post and Savings Company," noting that "they came in compliance with the paragraphs of the government program that emphasize the importance of activating digital transformation and electronic payment in financial transactions instead of cash currency trading."

Abdul Razzaq continued, "The Central Bank of Iraq is fully aware of all the financial activities of the General Postal and Savings Company through a monthly position submitted by the company, contrary to what is being promoted."

He pointed out that "the parties that are trying to downplay the importance of this achievement or seek to mislead public opinion with false information in this regard are the same bankrupt parties that do not want the wheel of reconstruction to advance in the work of the ministry's joints."  LINK

FIREFLY: RECOMMENDATIONS OF ERNST & YOUNG ABOUT BANKING REFORMS WILL BE NEEDED TO PROCEED WITH BANKING REFORMS, 24 OCT

 Frank26  

 [Iraq boots-on-the-ground report] 

 FIREFLY: TV says the recommendations for Ernst and Young about banking reforms will be approved by the council of Ministers to proceed with the banking reforms.  

FRANK:  Ernst and Young are playing a very important part in the Monetary Reform process with the CBI and United States Treasury.  Their involvement is very deep.  To see this report from them once again tells me we are running out of time...

MNT GOAT: SOMETIME IN NOVEMBER WILL BEGIN THE PROJECT OF DELETE ZEROS WITH IN COUNTRY RATE OF $1

 

https://youtube.com/shorts/Fn5XQ1HK7Aw?si=TARvWSFfcYc-U1Cr

Iraq's economy set to grow by 4.1% in 2025, ranking eighth in IMF report, 24 OCT

Iraq's economy set to grow by 4.1% in 2025, ranking eighth in IMF report

Shafaq News/ The International Monetary Fund (IMF) expressed optimism about the economic growth of Arab countries in 2025, expecting Iraq's economy to grow by over 4%.

In its October report, the IMF highlighted, “Libya leads Arab countries with an expected economic growth of 13.7%, followed by Sudan at 8.3% and Djibouti at 6%. Additionally, the UAE is projected to grow by 5.1%, Saudi Arabia by 4.6%, Mauritania by 4.2%, and Egypt by 4.1%.”

Iraq ranked eighth, with a predicted economic growth of 4.1%, followed by Somalia at 4%, Morocco at 3.6%, Kuwait at 3.3%, Bahrain at 3.2%, Oman at 3.1%, Algeria at 3%, and Jordan at 2.9%.

At the bottom of the list were Qatar, Tunisia and Yemen, with growth rates of 1.9%, 1.6%, and 1.5%, respectively.