Mehma Khalil CHITTA: Vice-Chairman of the Economic Committee draft delete zeros feasibility and regional climate is suitable for launch
Nahi Al Amri Monday, 05-08-13
The Kurdish bloc MP demanded mehma Khalil CHITTA, Vice Chairman In the House of the Iraqi Government to make the decision to delete three zeros from the currency. .. Why ask Parliament at this time during a meeting, said CHITTA Sisterhood:
After the departure of Iraq from Chapter VII regional climate became the appropriate and there is no fear of counterfeiting or forgery, and this argument that invoked the Government's stand against the resolution become unjustified activation now that Iraq has become a fertile environment for investment to own Iraq 1/4 world energy leading investment companies competing to invest in Iraq as the CHITTA that there are procedures to expedite the activation of the resolution,
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to continue to pressure the Government to licit use Constitutional provisions that permit the printing of new currency, and it is not reasonable to keep the Iraqi dinar weakened to the limit against the u.s. dollar, especially since Iraq's sovereign credit banks totaled $ 76 billion.
* In order to identify the reasons for delaying the passage of the deletion of zeros we met economist and financial adviser Dr. Majid mock which tell us about the reality of project feasibility and almrget him, saying:
In 2008 the Central Bank in agreement with the Ministry of finance to do studies needed to process delete three zeros of the Iraqi currency, the purpose of this process is the restructuring of the local currency to ease the cost of currency trading and to facilitate handling and especially medium to large transactions,
as well as multiple currency of 50 Fils (100) will facilitate price policy in the country that the process is accompanied by a package of measures on all services and State institutions and banks to find Solutions to all the problems and issues that can result from the process of restructuring and cash currency, accounting, security,
as well as to take actions to destroy the currency received and the most important of these issues is how to do the accounting for the deletion of zeros, and the Iraq market for securities, mock said the experience of Iraq in Exchange 2003 is very rich but not beyond change currency format
And replaced, so this process has not encountered any accounting or legal requirements, it is necessary to take some necessary steps if the currency structure in order to get the desired results from the education departments, banks and the public the feasibility of restructuring the currency and how to take the actions necessary to reach the planned objectives, including technology used by the relevant authorities in order to detect the forgery of the old currency.
* And on the causes that led to the discontinuation of the project responded to mock:
The Central Bank's decision was the restructuring of the monetary policy decision process, the Monetary Authority (the Central Bank) and was in consultation with the Ministry of finance,
the World Bank has taken all actions concerning restructuring of their currency and currency design and the quality of paper used for currency,
which is one of the finest non-cash or paper difficult to forge, but the interference of the Executive in its decision to postpone the restructuring process of the currency led to the grounding of all procedures related to this project.
That such decisions are subject to manipulations and political skirmishes is not in the interest of monetary policy and not in the interest of the Iraqi economy and therefore non-politicians not to manipulate or interfere with such decisions and the biddings and warming between political factions in power.
* The most important benefits of the project to delete zeros economic answer THAMER alhims saying:
Highlighted the usefulness of the currency switch to delete the three zeros is the first easy handling and secondly and more importantly, while the distribution of coin which are parts of the dinar will create high flexibility of prices, for example, we now have a quarter of dinars (250) smaller while we will work after you delete the zeros do 50 Fils or less,
depending on the value of the dinar and therefore can we put a price between 1/4 and 1/2 dinars or less, and this helps a lot in improving the incomes of lower From low-income families in particular.
Perhaps in this case raise the purchasing power of the Iraqi dinar in General in the future, if there is a solid monetary policy at least have the dinar against the dollar as a goal in perspective, and certainly the rising dinar against the dollar would improve access for many families or social groups with limited income.
* In conclusion our investigation we join with the demands of the Parliament's Economic Committee, which calls for the activation of the deleted project, of zeros in the interest of Iraq and the monetary policy of the Iraqi people, especially the poor and low-income people. LINK
Kaperoni Moderator: Gotta love how they are afraid to call Maliki out...
"but the interference of the Executive in its decision to postpone the restructuring process of the currency led to the grounding of all procedures related to this project."
Punisher: Awesome find Kap! This article say alot of great things...things we want to and like to hear. Come on G.O.I. and C.B.I...make Iraq the force it can be in the world and a donor nation!
BlueyesinLevis: Good news. Thanks for the call last night , Kap. Your hard work is greatly appreciated
Kaperoni Moderator: I think we are pretty much assured that this original plan will not go forward. The IMF statements supporting the CBI's... "liberalization of the foreign exchange market" are now the priority. Though Mahma Khalil wants it, its not going down this way, Maliki made sure of that. The date is August 5th. Iraq does dates backwards.
BlueyesinLevis: OR maybe not.. is that august 5th? I'm confused by the arabish once again. :)
Punisher: Blueyesinlevis, this is from today Monday August 5th :) Over two weeks so far since Turki made that deal with the banks....
BlueyesinLevis: So the Kurds are now blaming Maliki.... and backing the currency reform... it's always something new, huh?
Kaperoni Moderator: Blue, we have stated last year, about May 2012, that Maliki stopped Shabibi, not once, but twice in his plan. We went on to prove it showing factual proof there were no Council of Minister minutes to the effect saying they wanted Shabibi to stop, yet Maliki said the "CoM demanded him to stop."
In other words, Maliki didn't want Shabibi go ahead at that time...primarily because he has a "weak dinar policy." This article also confirms that. The reasons for this are not exactly known, but we can guess why.
Since that time, it was announced their was a change in plan..and the float was born. Subsequent articles ever since last June or so totally support the float or "floating orbit of exchange."
And as well, we just talked extensively on last night's CC about the IMF directive and support of the CBI to "liberalize the foreign exchange" market...which will initiate the float.
The Kurds want value to the dinar. I am sure they don't want to wait 6-12 months for the dinar to reach 1 to $1 or about, since their own economy is much further ahead of the rest of Iraq. But, it appears that the float is coming and that is what will ocur.
I don't see any change in Maliki policy or some "sudden" desire to give "overnight" value to dinar. He knows he has to go international to get private investment for the success of the free market economy, IMO, is he doing the minimal he needs to accomplish that..which is a float and acceptance of IMF Article VIII.
DarbSalad: Maliki must be delusional. You would think he might have an interest in building some goodwill. His days are numbered and will probably met a similar fate as Gaddafi. Maliki is much weaker than Gaddafi.
BlueyesinLevis: Yep.. I get that and have followed that... what I was referring to, badly apparently, was that the Kurds just issued a statement backing Maliki
"The Kurdistan Alliance was announced on Sunday, expressed his support for Prime Minister Nouri Maliki, the third mandate Government, emphasizing the lack of a legal provision in the Constitution was opposed to it"..
but in this article they are calling for the currency reform and are blaming him for the holdup .... two seemingly conflicting positions within a day or so.
ZenMav Moderator: I don't have a problem with both, Blue. The Kurds supporting a 3rd term means that Maliki starts campaigning and gets the currency reform going. And, blaming him for the problems also is aimed at getting him campaigning or publicly blaming others for his failures, and that is just weak and embarrassing. Playing both sides of the street makes sense right now.
mexia74: It would appear that the Kurds are not necessarily saying they "support" Maliki, but that it is probably not constitutional to prohibit him from running. They are probably assuming he has no chance of winning a
Newbie: The Kurds may be supporting Maliki for a third term to get what they want out of him. Like a trade off. Just quessing. Looks like it maybe the case to me reading the posts. Okie Dokie!
Punisher: I think Mexia74 is correct.
Tobyboy: I think they are supporting Maliki because Barazanni is going also run for the third term so if Maliki not able run than Barzanni also can not run why the support. JMO
Carrello: Mexia is correct. The article stated due to the constitution, they could not deny Maliki from running. I think the translation was misleading. If you look at the recent news, and especially one article today quoting the SOL vp, the SOL will not allow Maliki to run again. It is similiar to a "over my dead body" moment.
Sadie: I believe Barzanni has already received an additiional 2 years....And I agree with Carrello, & Mexia
Carrello: Mahma Khalil Alsnjara: Vice-President of the Economic Commission project to delete the zeros and economic feasibility of the regional climate has become suitable for launch
Nahi Ameri Monday 05/08/2013
MP for Kurdish bloc Mahma Khalil Alsnjara Vice Chairman of the Committee in the House of Representatives by the Iraqi government to activate the decision to delete three zeros from the Iraqi currency .. On the reason for the claim at this time Parliament Alsnjara said during his meeting with Sisterhood, saying:
After the withdrawal of Iraq from Chapter VII see that the regional climate has become fit and there is no fear of currency counterfeiting or forgery, and this argument that upheld the government to stand against the activation of the resolution has become unjustified
now as well as the Iraqi environment has become a fertile ground for investment for Iraq's possession of fourth power Global prompting companies global investment race in investing in Iraq as between Alsnjara that there are procedures to speed up activating the decision of which continue to pressure the government
legitimately including resorting to constitutional provisions that allow printing of a new currency, and it is not reasonable to keep the Iraqi dinar weakened to this limit against the U.S. dollar, especially that Iraq's sovereign balance in international banks totaled $ 76 billion.
* In order to stand on the reasons for delay approval of the project to delete the zeros we met an economist and financial consultant Dr Majid picture, who told us the truth about the project and economic feasibility Almarjah the him, saying:
In 2008, the Central Bank in agreement with the Ministry of Finance to do the studies necessary for the process of deleting three zeros from the Iraqi currency, and the purpose of this process is to restructure the local currency to reduce the cost of trading the currency and facilitate the handling and especially trading, medium and large,
as well as multi-currency than fifty fils to (100) dinars will lead to facilitate the draw price policy in the country to be accompanied by practical package of measures has claimed responsibility for all government departments and state institutions and banks in order to find solutions to all the problems and issues that can result from the process of restructuring of the currency,
including cash, accounting, security, as well as take the necessary measures to destroy the currency received, and most important of these issues is how to do therapy accounting for the deletion of zeros, and related market, Iraq Stock Exchange,
said Suri was the experience of Iraq to replace the currency in 2003 is very rich, but will not exceed only change the shape of currency and replace it, and therefore did not encounter this process any accounting requirements or legal It is necessary to take some necessary measures in the case of structuring currency in order to get the results of the desirable,
including education departments, banks and public usefulness of restructuring the currency and how to take the necessary measures in order to reach the planned objectives, including the use of technology by the relevant authorities in order to detect fraud that occurred formerly of the old currency.
* And the reasons that led to the suspension of work on the project Suri replied saying:
The central bank's decision to restructure the process a decision for monetary policy, the monetary authority (CBI) and was done in consultation with the Ministry of Finance,
the Bank has taken all the measures relating to the restructuring of the currency, including design of currency denominations and the quality of paper used in currency, which is considered one of the finest types of paper Stainless cash or difficulty rigged, but the interference of the executive of its decision to postpone the process of restructuring the currency led to the suspension of all actions related to this project.
That undergo such decisions for political manipulation and skirmishes is not in the interest of monetary policy nor in the interest of the Iraqi economy and therefore non-specialists politicians not to manipulate or interfere in such decisions and be subject to speculations and between political factions warming internalized in power.
* And the most important benefits achieved by the project to delete zeros Giebna the economic Thamer Alheimus, saying:
Most benefit from the process of currency exchange deleting three zeros is the first easy trading and secondly and more importantly when you are distributing coins that are parts of the dinar will create a high elasticity of prices,
for example, we now have a quarter dinars (250) smaller currency while will have after the deletion of zeros currency 50 fils or less, depending on the value of the dinar and therefore we can that نسعر between 1/4 dinars and 1/2 or less of the dinar, and this helps a lot in improving the incomes of lower segment of low-income people in particular.
Perhaps in this case raises the purchasing value of the Iraqi dinar in general in the future, if there is a monetary policy sober at least have the dinar against the dollar as a target in the stage unforeseen, and certainly the rise of the dinar against the dollar will improve access to many of the families or social strata limited income.
* At the conclusion of our investigation we join our voices with the demands of the Economic Committee in the House of Representatives that calls for the activation of the project to delete the zeros for the benefit of the Iraqi monetary policy and all the Iraqi people, especially the poor and low-income people. LINK
WEDREAM: barzani is looking to run as president of iraq the position he currently holds is president of kurds so not a 3rd term totally different office & he is correct the constitution was written so that the prime ministers position has no term limits . where as the presidential term is written with 2 term limit .
these idiots cant even get together long enough to amend the constitution to limit the guy they all say they want out.things that make you go hmmm ?
Carrello: Yes, there are many things that make me go hmmmm?
Tlar: It seems pretty obvious that these guys have not received the memo that the currency is going to float. Neither has the parliamentary economic committee nor has the finance committee. This article again is about deleting the zeros.
It even goes so far as to reference the 2008 study which was the original plan that Shabibi was attempting to accomplish. I just don't understand how all of these guys could be that far out of the loop that they don't know the plan is a float. Especially since Turki had just met with them. It is something that makes you go hmmm.
Dinarful: Thanks again Kap for the conference call last night! You make these articles so much clearer for me!