Article: "Removing zeros and revaluing the Iraqi dinar"
Quote: "...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...
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...
Renaming the currency is a complex decision that requires a comprehensive study...
Shafaq News/ On Wednesday, the Iraqi Presidency called on political parties in the Kurdistan Region to expedite the formation of the new Kurdish Government following the legislative elections.
In a statement, the Presidency urged “all political parties to engage in constructive national dialogue to form a government focused on prioritizing the needs of the people, advancing reconstruction efforts, supporting economic recovery, and achieving sustainable development.”
“Elections are not only a fundamental constitutional duty but also a crucial pillar of our unified federal parliamentary democratic system, serving as a point of pride for all Iraqis,” it added.
The Presidency further called for "respecting the election results and the free will of the people," reaffirming its support for completing the constitutional and democratic process in the Region “to strengthen national unity and fulfill the aspirations of the people for development, prosperity, and progress.”
Notably, Kurdistan’s sixth Parliamentary elections took place on Sunday, where 1,091 candidates competed for 100 seats, five of which are reserved for minority groups.
The Kurdistan Democratic Party (KDP) has emerged as the leading party with 39 seats, followed by the Patriotic Union of Kurdistan (PUK) with 23 seats, and the New Generation Movement (Al-Jil Al-Jadeed-NGM) securing 15 seats.
Sudani is slowly allowing banks to be relicensed again but he's bringing in these currency exchange centers as well.
When he relicenses a bank, he will have full control of that bank. When he brings in these money exchange centers/banks he will have full control of them also.
Sudani and the CBI watch every process of the monetary reform...
They will be giving a percentage to these centers and banks of the volume they will be bringing in.
It is a symbiotic relationship where they will both benefit...
Agreement reached to pass disputed laws in upcoming Iraqi Parliament session, 25 OCT
Shafaq News/ A parliamentary source revealed, on Thursday, that Shiite, Sunni, and Kurdish blocs have reached an agreement to pass politically contentious laws during the upcoming session of the Iraqi Parliament, scheduled for Sunday.
The source told Shafaq News Agency that a prior agreement exists between the parliamentary leadership and political blocs to approve these disputed laws in a single session. "The leadership has decided to include several key proposals, including the Kurdish bloc’s demand for the Law on Returning Properties to Their Owners, the Shiite Coordination Framework's demand for the Personal Status Law, and the Sunni blocs’ demand for amendments to the General Amnesty Law, all of which will be addressed in Sunday’s session," the source explained.
The source added that parliament will vote on these laws as a package deal, meaning that if any law is rejected, all the laws will be postponed to a later session.
According to the parliament's media office, the agenda for Sunday includes voting on the Property Restitution Law, which addresses properties affected by certain decrees of the now-dissolved Revolutionary Command Council. It also includes voting on amendments to the 1959 Personal Status Law (Articles 2 and 10) and the second amendment to the 2016 General Amnesty Law.
Additionally, the session will cover the first readings of the Intellectual Property Protection Law and the Civil Aviation Law.
Personal Status Law
The Personal Status Law, enacted in 1959 under Prime Minister Abdul Karim Qasim, applies to all Iraqis regardless of sect. The proposed amendments, however, would allow Iraqis to choose whether Shia or Sunni laws govern their personal status matters, such as marriage.
If parties in a family case disagree on the applicable legal source, the amendment stipulates that religious opinions will prevail. This change gives greater influence to religious texts over current civil law.
Additionally, the amendments require the Shia and Sunni Endowment Councils, working with the State Council, to draft a comprehensive code of religious rulings on personal status issues. This code would need to be submitted to Parliament for approval within six months of the law’s enactment.
Another key provision involves personal status courts validating marriage contracts performed by Muslims. These courts must ensure all contracts meet both religious and legal conditions before recognizing them.
Shia voices within the Coordination Framework argue that the amendments are constitutional and address family-related issues. In contrast, civil society activists and political parties have criticized the changes, calling the current law the "best in the region."
Opponents also claim the amendments permit child marriage, deprive wives of alimony and custody rights, and replace civil laws with sect-specific religious texts. This shift, they argue, undermines the progress Iraq has made in women’s rights.
The General Amnesty Law
The General Amnesty Law (GAL) in Iraq has been a key part of political compromises since its first enactment in 2008, when it was passed alongside the General Budget Law and the Law of Governorates Not Incorporated into a Region. This reflected a political deal where each major faction—Shia, Sunni, and Kurdish—gained a law serving their respective interests.
In 2016, a second version of GAL was passed, emerging again as part of a political agreement, particularly driven by Sunni demands. It was voted on alongside the "Baath Party Ban Law" and the "Popular Mobilization Authority Law," reinforcing the notion that the law was a product of political concessions. GAL has since become a central demand of Sunni blocs, especially during negotiations for forming the "State Administration" coalition, which brought together Shia, Sunni, and Kurdish parties to create the current government under Prime Minister Mohammed Shia al-Sudani.
Despite being a critical condition for Sunni participation, the law faces opposition within the Shia Coordination Framework due to concerns that it could allow the release of individuals convicted of terrorism, murder, and other serious crimes. To address these concerns, officials have proposed amendments excluding terrorists, those involved in human trafficking, drug offenses, and crimes threatening national security.
The Law on Returning Properties to Their Owners
The proposed law, supported by the five Kurdish blocs in the Iraqi Parliament, aims to overturn Baath Party-era decisions regarding agricultural lands in areas covered by Article 140 of the Iraqi Constitution. These decisions, made in the 1970s, led to the confiscation of lands from Kurdish and Turkmen farmers, which were then redistributed to Arab settlers, primarily in Kirkuk. The bill seeks to return these properties to their original owners and address the ethnic imbalance caused by the Baathist regime's policies.
The Kurdish blocs have united to pass the law, holding multiple meetings with Shiite and Sunni groups to ensure its progress. Notably, Kurdish representatives met with Hadi al-Amiri, Chairman of the Government Committee for the Implementation of Article 140, to gain support and prevent opposition from other parliamentary blocs.
