WHAT’S THE USE OF COINS AT THE MOMENT

BAGHDAD – Mawazine News: commented member of the Iraqi Economic Council Sadiq al – Mashat, on the statements of the Parliamentary Finance Committee on the Iraqi government ‘s quest to re – work coins.

Al-Mashat said in a statement received (Mawazine News) a copy, that “the Iraqi government going at the moment to re-work coins is not positive because the financial developments in most countries of the world go to electronic currencies,” indicating that “the work of electronic currencies in Iraq has been in great demand during Past few years”.

He added: “More useful to the state is to reduce the use of currencies in general and urged the Iraqi consumer to pay electronically,” indicating that “this measure provides the state the value of minting coins and the value of printing paper currency.”

Al-Mashat called through the statement to “the importance of working in electronic currency rather than return to cash and metal,” noting that “electronic currency can include small cash categories from one fils to one dinar and thus numbers upward for small cash categories.”

Al-Mashat said, “The banknotes will disappear after 30 years because of the high demand for electronic currency.”

“…The Finance Committee in the Iraqi Council of Representatives announced on Monday (19-August-2019) the direction of the government to reinstate the currency and delete zeros from paper currency in order to strengthen the national economy…”

Mawazin.net

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Parliamentary Finance of the “Covenant News”: the formation of a committee to raise the exchange rate of the dinar against the dollar

Ahd News – Baghdad: Revealed the Finance Committee in the House of Representatives, the formation of a committee to raise the price of the Iraqi dinar against the US dollar.

“The Finance Committee has formed a sub-committee to maintain the exchange rate of the dinar against the US dollar,” committee member Abdel Hadi Saadawi told Al-Ahd News on Monday.

He added, “The Committee will work in the future to raise the price of the dinar against the dollar and give it strength among other currencies in the Arab world, or at least maintain the current exchange rate to have a monetary power within the local market.”

Alahadnews.net

Will Iraq return to the old “coin”?

BAGHDAD (Reuters) – Work is under way to return to the old coin, which has been used for decades in the country, parliamentary sources in Iraq said.

A member of the Finance Committee in the Iraqi parliament, Hanin al-Qadu: “We discussed with central bank officials the need to re-work coins that were used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again.”

He added in a statement, today, that “the use of metal categories and their descent for trading gives a notional value of the currency, as a number of neighboring countries exchange rates are very high against the dollar, and yet it has a coin in order to maintain the monetary process, and no need to request more Papers especially in small categories. ”

The dinar is the official currency in Iraq, and is issued by the Central Bank, and the dinar is divided into 1000 fils, but the high inflation rates in the late last century, caused the abandonment of coins from coins, which was coined in the category of fils where they are now out of circulation.

Economists believe that the cost of a coin is more than paper money, as well as that it is harder to carry on citizens, and the overheating in the economy prevents the minting of coins and make them in circulation.

At the time of Iraq’s independence from the United Kingdom in 1932, the same year, the Iraqi dinar was replaced with the Indian rupee at the rate of 1 dinar = 13 rupees.

skypressiq.net

Talk about re-work coin and delete the zeros from the paper

A member of the Parliamentary Finance Committee revealed that there is a tendency to reintroduce the coin that has been used for decades in the country, while another member of the Committee proposed to pre-empt the coining process by “deleting zeros” from the current currencies so that there would be value for the small monetary categories.

The committee member, MP Hanin al-Qadu, that “during meetings and discussions with officials at the Central Bank stressed the need to re-work coins that were used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again.”

He explained, “The use of metal categories and their descent for trading gives a notional value of the currency,” noting that “a number of neighboring countries (exchange rates are very high against the dollar) and yet we find that it has a coin in order to preserve the currency and not need to request more papers Cash, especially in small categories. ”

Alkdo expressed surprise at the “policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market.”

The Central Bank of Iraq announced in April 2005 to offer coins of denominations of 25, 50 and 100 dinars for circulation for the first time after it was canceled by the regime of Saddam Hussein after the Gulf War in 1991.

The Iraqi currency was canceled in 1991 when the international economic embargo on the country to increase the rate of inflation in Iraq by 1000%, and the result of the situation under the economic siege and a significant rise in prices led to the destruction of the value of the Iraqi currency and reaching a very low and severe exchange rate , Making the coin and the few denominations without value.

It is noteworthy that the Iraqi dinar, which was equal to 3.22 dollars before the occupation of the former Iraqi regime of Kuwait in 1990, its value fell to one dollar equivalent to three thousand dinars by 1996.

Another member of Parliamentary Finance said, “The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen.”

MP Ahmed al-Saffar said that “inflation in the economy prevents the minting of coins and make them circulate among citizens,” suggesting that “there is a step to delete the zeros before the coinage process to be a value for small groups to large.”

Basnews.com

Samir al-Nusairi: The private sector should be involved in economic decision-making and represented in the Council of Ministers

Economy News – Baghdad: The economic and banking adviser to the Association of Iraqi private banks Samir al-Nusairi, Monday, the need for the participation of the private sector in economic decision-making.

Speaking in an interview with the “Economy News” on the challenges of the Iraqi economy and opportunities for reform of the banking sector in the government curriculum and prospects for the future of the national economy in light of the efforts being made to establish the Council of the private sector and its leadership of the economy in Iraq Vision 2030 in accordance with the strategy of private sector development for the years (2014‐ The role of the Central Bank in the digital transformation of the Iraqi banking sector and its role in achieving financial inclusion.

The dialogue was as follows:

* What are the opportunities for reform and development of the banking sector in the government curriculum?

– In the fourth pillar of the government curriculum (strengthening the economy), the government timetable for the government and private banking sector was defined and policies were set to implement the following objectives:

Developing the Iraqi banking system and enhancing the confidence of citizens in it.

2. Transform banks to their primary function of lending for development.

3 – Banks that do not provide loans and banking facilities that assist in development lose their meaning as banks, which requires a specific attitude towards them from the Central Bank.

4. Banks are the lever of development and the importance of the Ministry of Finance and the Central Bank to support banks and develop their functions and not to rely on their presence on the currency window .

5 – Seeking to move from a paper currency economy to a symbolic and electronic currency economy and withdraw funds outside the banking cycle and enter them into the banking system.

All the above objectives, although the period set for their implementation according to the government timetable ranges from (1.4 years), but the strategy of the Central Bank for the years (2016-2020) has achieved many of the objectives of the above government curriculum and set policies and standards to achieve the objectives in stages.

This led to the evaluation and classification of banks based on their achievement of the planned objectives. Some banks are moving towards the required development. Banks still need an additional period of time to achieve the objectives. There are non-performing banks that are now making extraordinary efforts by the bank to centralize and administer these banks for rehabilitation.

What is important to us here is the real functional role of banks in providing loans and banking facilities and the transition from the role of banking to the development role

There are two important observations to be taken into account with regard to the issue of loans and banking facilities to stimulate the economy:

First: The nature of the activities of banks depends on the nature of the activities of economic sectors, and as long as the economic activity is concentrated in trade (imports) banks activity remains focused on external transfer and related .. Therefore, unless other sectors (industry, agriculture, tourism and other) move to expect diversity of activity Banking.

Without control of imports, these sectors will not rise, which explains the lack of serious loans through the Central Bank initiative.

Second: We must provide the legal environment and the extension of the rule of law in order to eliminate the phenomenon of default in repayment of loans and thus the reluctance of banks to provide loans and facilities.

Q: What is your vision of economic reform in Iraq?

In the light of my study and analysis of the reality of the Iraqi economy and the challenges faced during the sixteen years I reached my vision of economic reform has been fixed in my book (my vision of economic reform in Iraq) as follows: –

1. Draw a road map at the phased and strategic level to reformulate the new economic approach of Iraq, which adopts the mechanisms of transition to a social market economy in accordance with Article 25 of the Constitution by re-evaluating and reviewing the structural, structural, institutional and legislative system of economic management. Also review and evaluate the basis of coordination between the financial and monetary policies. Review the structure and presentation of the general budget and move it from the budget of the items to the program budget.

2. Adopting the policies set out in the National Development Plan for 2018-2022 and the Iraq Vision 2030 and activating the decisions reached by the Joint Expert Committees formed in the Council of Ministers in 2015 for each of the productive economic sectors. The implementation of the road map for each economic sector is subject to follow-up and monitoring. And evaluation.

3 – Form a joint legal committee between the government and the private sector to re-draft and amend and issue new laws and activate all laws issued and currently pending that govern the management of the economic process and serve the application of the road map that is approved, which is all the laws of the legislative environment that regulate and manage the Iraqi economy in a new method, most notably the Banking Law and Partnership between government, private sector and local product protection law.

4- Establishing the Private Sector Council, whose tasks will be in accordance with the strategy for the development of the private sector for the years (2014-2030). Extraordinary efforts are currently being undertaken by the Ministry of Planning in cooperation with representatives of the private sector and the United Nations Development Program and under the direct supervision and management of the Minister of Planning to establish this Council. We hope that the Council will come to light soon in order to exercise its duties in formulating policies, strategies and visions to lead the economy in the next phase.

5. Involve the private sector in economic decision-making and represent it in the presence of meetings of the Council of Ministers and the Committee on Economic Affairs of the Council of Ministers as a genuine member and the advisors and all opinion bodies in the economic ministries.

6. Establishing a central follow-up body linked to the Council of Ministers and representing the private sector.

* What is the role of the Central Bank, banks and financial technology companies in achieving financial inclusion?

– With determination and high confidence in the ability of Iraqi financial and technical cadres to overcome the challenges of the technical gap suffered by Iraq because of the repercussions of the siege, wars and instability during the period of the information revolution.

The Central Bank, banks and technical support companies were able to overcome the challenges of the technical gap between Iraq and other countries with sound procedures and mechanisms and stand in the right direction in the darkest economic and security conditions suffered by our country during the past years and draw a sound road map to catch up with the technical developments in the world.

The follower of the situation of Iraq during the past five years notes the extent of faith in the Iraqi capabilities and competencies on the events of change and bridging the technical gap between us and the developed world and this is evidenced by the important achievements have been achieved as follows: –

The methodology adopted by the Central Bank has always focused on working under a sound legislative, regulatory and legal umbrella , as well as promoting global governance concepts and standards with respect to information technology and financial technologies.

22- Issuing the electronic payment system for money No. 3 for the year 2014, establishing the National Payments Council, governance controls , institutional management of information and communication technology , and regulations and legal instructions that regulate the work of banks andelectronic payment service providers .

3. The Central Bank shall play a pivotal role in establishing advanced infrastructure and following thelatest international technologies and developing the bank’s financial and banking systems, paymentsystems and advanced communication networks according to the latest technologies.

4. The central bank has advanced payment systems as well as retail payment structures.
Granting work permits to many electronic payment service providers ( card issuers, collectors,processing of mobile payment companies, bills viewers and payment gateways through different channels ).

6. Extensive attention to the implementation of the first objective of the Bank’s strategy for the years (2016-2020) is to achieve financial stability through a sound financial system with emphasis on financial inclusion and risk reduction as well as the adoption of the project to localize the salaries of employees.

It is clear from the above achievements that the Central Bank has overcome the challenges of the technical gap due to the siege, occupation and terrorism and is moving steadily to achieve the digital transformation in the financial sector towards financial stability and the transition from the monetary society to the monetary society, which is also one of the objectives of the government curriculum in the fourth axis (strengthening the economy).

* Samir al-Nusairi: an Iraqi economic and banking personality characterized by its scientific wealth and continuous economic and cultural contributions and has an insightful and analytical vision of the reality and challenges of the Iraqi economy for previous years and a clear methodology for economic and banking reform.

This comes through his accumulated scientific and practical economic experience in the governmental and private economic institutions for many years in addition to authoring 7 books and a folder titled (My Vision for Economic Reform in Iraq) and the most recent new book (light in the end of the tunnel … Visions and economic and banking studies) all looking On the subject of economic and banking reform in addition to membership in several Arab and local economic organizations, most notably the International Union of Arab Bankers.

Inspectorate of the Interior: the arrest of the commander of the province Najda in Baghdad and 6 associates on charges of exploitation

The Office of the Inspector General in the Ministry of Interior announced on Monday the arrest of the detachment of the operations of the accusation of the crime committed by the Office, the arrest of a lieutenant colonel who serves as the commander of the Najda district in Baghdad and six other associates for “job exploitation”.

The office said, ” The operation came against the backdrop of the issuance of a warrant of arrest issued by the competent investigation against the commander of the cutter and six associate other judge, and the fact that the Office of the Inspector General is one of the control points of the judiciary , so the Inspector General issued Jamal al – Asadi ordered him to Mffersth own to implement the memorandum and the arrest of the accused and placed Arrest with the competent authorities.

“The arrest warrant has been issued by the competent investigating magistrate against the commander of the rescue sector and six other associates on the basis of their involvement in corruption cases related to career exploitation,” the office said in a statement received by Alsumaria News.

Alsumaria.tv

The Parliamentary Finance Committee intends to raise the price of the dinar against the dollar and give it strength among other currencies

A member of the Parliamentary Finance Committee Abdul Hadi Saadawi said in a statement on Monday, August 19, 2019, that the Finance Committee will work to raise the price of the dinar against the dollar and give it strength among other currencies in the Arab world, or at least maintain the current exchange rate to have monetary power within Local market.

The Finance Committee in the House of Representatives revealed that there is a tendency to reintroduce the coin, which has been used for decades in the country, while members of the Committee proposed to pre-empt the coin minting process by “deleting zeros” from the current currencies to be valuable to the small cash categories.

Committee member Hanin al-Qadu told Al-Sabah semi-official newspaper on Monday, 19 August 2019, that during meetings and discussions with central bank officials, we stressed the need to reintroduce coins that have been used in Iraq during the past decades, rather than Paper that is damaged and printed in large quantities again.

He added, that the use of metal categories and their descent for trading gives a notional value of the currency, noting that a number of neighboring countries exchange rates are very high against the dollar and yet we find that it has a coin in order to preserve the currency and not need to request more banknotes, especially those with small categories . He expressed surprise at the policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market.

For his part, a member of Parliamentary Finance Majid al-Waeli readiness of the Committee to prepare any legislation required by the Central Bank, which could benefit the economy and the Iraqi market, including the circulation of coins.

Al-Waeli told Al-Sabah that the committee respects the independence of the central bank and its monetary policy, stressing that the bank has technical autonomy by decision regardless of administrative affairs.

While member of the Committee Jamal Cougar, that all countries in the Middle East and the world have a coin, indicating that this type of currency gives strength to its economy.

Cougar told Al-Sabah that he hoped that the concerned parties could strengthen the currency so that the small groups could have purchasing power in case of using coins. Committee member Ahmed al-Saffar said that the cost of the coin is more than paper, and that it is harder to carry on the citizen.

Al-Saffar told Al-Sabah that inflation in the economy prevents the minting of coins and makes them circulate among citizens, suggesting that there be a step to delete the zeros preceding the coinage process to be a value for small groups against.

It is noteworthy that on 19/12/2018 Hoshyar Abdullah, a member of the Parliamentary Finance Committee MP from the change bloc that the Ministry of Finance did not make any adjustments to oil prices and the sale of oil prices and the dinar against the dollar in the draft budget for the year 2019.

Abdullah wrote on his official page on the social networking site Elvis, that an official letter arrived from the Federal Ministry of Finance to the Council of Ministers, where he kept the price of a barrel of oil at $ 56 and kept the proportion of crude oil daily export by 3.88 million barrels, and the region must export 250,000 barrels of these The rate, pointing out that the Ministry of Finance also kept the price of one dollar against 1182 dinars as it was in the previous draft ..

Abdullah said that the new draft of the general budget does not differentiate from its predecessor and there are no amendments and that Shiites, Sunnis and Kurds did not approve the previous draft and the new amendments do not solve the problems of any of those parties and parties.

Majid Shankali, a member of the Parliamentary Economy and Investment Committee, said earlier that the Central Bank’s recent procedures for selling the dollar in the public auction contributed to raising the value of the dollar against the dinar. Trying to harm the national currency for their own benefit.

Shankali added that the central bank is required to take supportive measures for the Iraqi dinar and to fight those who tamper with the security of the national economy, because the country’s interest is above all else.

Shankali demanded, the government to accelerate the development of the banking and industrial sector, especially what we note these days there is a significant rise in the price of the dollar against the Iraqi dinar, as he put it, calling for investment law legislation to help bring international companies to Iraq to develop infrastructure, while attributed the parliamentary finance earlier The decline in the exchange rate of the dinar against the dollar to the decline of financial revenues belonging to the state from oil sales, indicating that oil was sold at more than $ 100 a barrel and today its price has reached below $ 50 and this means that the revenues decreased by 50%, which affected the exchange rate National.

The Parliamentary Economy Committee said earlier that it discussed with the Central Bank Governor Ali Alaq the main reasons for the decline in the exchange rate of the dinar and effective solutions to the return of stability, noting that the central bank will take new measures to maintain the hard currency and the return of the stability of the exchange rate of the dinar against the dollar, stressing that the sale price The dollar in accordance with Article 50 of the budget reflected negatively on the Iraqi citizen pushed the Finance Committee to demand pumping dollars in the market.

On June 27, 2019, as the FATF Financial Action Task Force (FATF) gave Iran until June of the same year to tighten its laws on terrorist financing and anti-money laundering, there was uncertainty about the actual sources of funding. Star Four, a Texas-based organization, reported on Feb. 13, 2012 that Iran was systematically stealing large quantities of Iraqi oil in the south, and that the thefts had helped the Iranian government overcome its plight as a result of the international economic embargo.

Radionawa.com

Parliamentary finance identifies a reason why coins should not be minted and advises the move

BAGHDAD – Mawazine News: Identified the Finance Committee in the House of Representatives, on Monday, a reason to prevent the minting of coins, the introduction of a proposal before minting.

Majid al-Waeli, a member of the committee, expressed the readiness of the committee to prepare any legislation required by the Central Bank, which could benefit the Iraqi economy and market, including the circulation of coins.

“The committee respects the independence of the central bank and its monetary policy,” he said, stressing that “the bank has technical autonomy by decision regardless of administrative affairs, which decides the usefulness of the move to use the coin.”

And the MP Waeli, that “Iraq can not reproduce the experience of other countries in the use of those currencies, if it was in favor of the advancement of the economy; we can support this by listening to the justification and the views of the Central Bank ‘s view and then the appropriate legislation of laws for the continuation of the monetary policy The country has to proceed properly. ”

Committee member Jamal Kojer stressed that “all countries in the Middle East and the world have a coin,” noting that “this type of currency gives strength to its economy.”

Kojer said he hoped that “the concerned parties can strengthen the currency so that small groups can have purchasing power in the event of the use of coins”.

Committee member Ahmed al-Saffar said, “The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen.”

He said al – Saffar, that ” the winning of inflation in the economy prevents the sake of coins and make trading between citizens”, suggesting that “be no step to delete the zeros precede the process of coinage metal to be there the value of small groups versus large” .anthy 29 / A 43

Mawazin.net

Parliamentary finance reveals a tendency to re-work coin

Baghdad Today _ Continue: Parliamentary Finance Committee revealed on Monday (19 August 2019), there is a tendency to re-work coin, which has been used for decades in the country, while members of the Committee proposed to pre-empt the coin minting step “delete zeros” from existing currencies to be valuable to the categories Small cash.

The committee member, Hanin al-Qadu, said in a press statement, that “during meetings and discussions with officials in the Central Bank stressed the need to re-work coins that have been used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again.”

He added, “The use of metal categories and their descent for trading gives a notional value to the currency,” noting that “a number of neighboring countries – exchange rates are very high against the dollar – and yet we find that it has a coin in order to preserve the currency and not need to ask for more papers.” Cash, especially in small categories. ”

He expressed surprise at the “policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market.”

Baghdadtoday.news