Issuing a package of decisions related to the entry and exit of funds across the Iraqi borders

Economy News – Baghdad: Ali Mohsen Ismail, chairman of the Council for Combating Money Laundering and Terrorism Financing, has issued a series of decisions concerning the controls on the declaration of funds when they are brought in and taken out across the Iraqi border.

Among the new decisions, customs authorities may be allowed to search people and inspect their luggage to verify the authenticity of the information.

As for the amounts allowed in or out of the territory of the Republic of Iraq, amounts below (10) thousand US dollars or the equivalent of other currencies are allowed to enter without authorization.

Amounts exceeding (10) thousand US dollars to (20) thousand US Dollars are required to be declared with the need to show supporting the purpose of the introduction or removal of these amounts.

It is required that the process of inserting and removing funds through financial institutions exclusively if the amount exceeds (20) thousand US dollars.

One of the decisions stipulated that “the entry and exit of amounts exceeding (1,000,000) (one million Iraqi dinars) is prohibited even if they are declared, and the amount is withheld and legal proceedings are taken against it.”

Economy-news.net

A delegation from the federal government will visit Erbil

Baghdad / News – A delegation from the federal government will visit the Kurdistan Region on Wednesday to discuss the issue of oil, the budget and the Peshmerga.

The correspondent of “news” that a high delegation from Baghdad, will arrive on Wednesday evening at Erbil International Airport.

He added that the visit of the Iraqi delegation comes within the framework of talks between the Kurdistan Regional Government and the Federal Government on the outstanding issues between the two parties, especially the issue of oil and budget and the Peshmerga.

Ikhnews.com

World Bank confirms its support for the advancement of the economy of Iraq

[Baghdad-Where] Parliament Speaker Mohammed al-Halbousi discussed with the World Bank the economic situation and ways to support Iraq in the file economy

The Information Office of the President of Parliament in a statement received [agency] a copy, that “Halbousi, received, on Tuesday, the regional director of the Middle East in the World Bank Saroj Kumar Jah.”

The statement added, “The meeting discussed opportunities to strengthen joint cooperation in the field of investment, and appropriate mechanisms to reduce administrative bureaucracy in ministries and state institutions, and create jobs for young people through strategic projects.”

Al-Hablousi said, according to the statement, “the House of Representatives keen to follow up the file of cooperation between the federal government and the World Bank, which contributes to the development and implementation of economic projects that support the citizen directly.”

For his part, Kumar Jah, “the World Bank cooperation with Iraq, and support for the advancement of economic reality, and contribute to achieve development.”

Alliraqnews.com

KRG: The issue of oil delivery takes time and a delegation will go to Baghdad on three files
Kurdistan

A delegation from the Kurdistan Regional Government will soon visit the federal capital of Baghdad to discuss three files: security, oil and the federal budget.

Dziyyi said in a statement to reporters today, that the issue of the delivery of oil in the Kurdistan region needs time, adding that “there are a number of companies working on oil production in the region and must take into account their financial dues when delivering oil to Baghdad.”

The official revealed that “committees from the Kurdistan region will go to Baghdad and discuss issues of security, oil and budget.”

He reassured that the salaries of employees in the Kurdistan region will continue to send Baghdad until the end of 2019, noting that there will be talks to reach another agreement regarding the salaries of 2020.

Shafaaq.com

Coined money serves internal business dealings

Recent parliamentary votes have been raised calling for the reintroduction of coins (coins) and their reintroduction into circulation, as well as a review of the project to remove the three zeros from the Iraqi currency, at a time when economists have counted it as part of the country’s major economic reform process.

Strategic plan

“The Central Bank decided earlier to draw up a plan to develop coins as part of the currency restructuring plan, which requires the approval of the House of Representatives as a strategic plan that will support the value of the Iraqi dinar in trading,” said Academic Economist Dr. Essam Mohammed Hassan.

“The change of currency means that a new currency will replace an old currency, with a fixed exchange rate and the zeros of the old currency will be removed or the decimal levels are moved to the left,” he said. for financial trading to support the national economy.”

“The coin project, launched in 2004, did not succeed because of the absence of comprehensive economic reforms to support the financial value of the dinar in the world market,” Hassan said, adding that coins will be important intermediate currencies that will be used for trading and trading.

“The deletion of zeros and the reintroduction of the coin have to do with economic reforms because the coins, and because of their durableness, are longer than the paper currency that is quickly damaged,” he said. 2004,” he said, adding that this requires the dissemination of a culture to raise public awareness of the economic feasibility of the coin.”

Delete the zeros

Dr. Abdul Hussein Al-Daby, an economic academic at the Faculty of Management and Economics/ Kufa University, said: “The process of changing the currency is not only about eliminating zeros, but it can be done by adding a number of zeros or moving the decimal levels to the right, as happened in South Africa in 1961, but the situation The prevailing over the past 50 years in most countries is the elimination of zeros due to excessive inflation experienced by many countries, which necessitates adding zeros to their currencies in those circumstances, and then getting rid of zeros at the end of
“The change of currency does not affect productivity, and this change does not affect the purchasing power of money, because the strength of the currency comes from increasing demand for it against the monetary supply, and as long as the purchasing power does not change, the demand for currency and monetary supply does not change, because the deletion of Zeros do not authorize monetary institutions and the central bank to print more money and pump it into (the) Economy

“The central bank is constrained by the cash that exists in the replacement process, but foreign trade will not be affected as the price of exports will continue unchanged, and import payments are not affected because foreign exchange is done in foreign currency against the local currency, which remains unchanged,” he said. Change because the purchasing power of the currency
Don’t change.”

Multiple benefits

“Currency change and zero deletion bring multiple benefits, including that currency change leads to more efficiency of the local currency by reducing the number of zeros, because the number of zeros amplifies the volume of interactions to millions and billions and trillions, which complicates accounting processes and generates pressures on Accountants and dealers in a way

A year.

“After the change of currency, there will be a serious reduction in the volume of transactions with less money, which will make it easier for all parties to deal with them, especially Accountants.

Cash deception

“The change of currency reduces the phenomenon of monetary deception that people suffer with a large number of zeros that drive inflationary pressures, and the change of currency indicates to the local community and international markets that the government is serious about removing inflation, and that the economy is heading towards a new beginning,” he said.

Inflation-free

“The change of currency leads to greater confidence in the local currency and its credibility, and when there are a large number of zeros in the local currency, people lose their confidence in it, especially those who trade in wholesale markets and importers, as they will replace the local currency with stable international currencies such as the dollar or the euro, This deepens the phenomenon of the dollarization in the domestic economy, which weakens monetary power and reduces the effectiveness of monetary policy.

Alsabaah.iq

Alliance Sairon: Presidency of the Parliament will lift the immunity of a number of deputies before the end of the legislative recess

The MP of the Alliance Sauron, Abbas Alaiwi, that the Presidency of the House of Representatives will lift the immunity of a number of deputies accused of criminal cases and financial corruption, before the end of the holiday of the current legislative term.

Alioui said in a statement that the Presidency of the Parliament will issue a decision to lift the immunity of new deputies accused of criminal cases and financial corruption, before the first sessions of the third legislative term, noting that the lifting of immunity from the deputies who were listed on the list sent by the judiciary, an administrative measure for cooperation with the Judicial Council Most of the cases were sent by the Integrity Commission and the Judicial Council.

https://www.iraqakhbar.com/1961834

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

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