Walkingstick: A new currency raises anger in Iraq
GMT 18:30 2015 Wednesday, November 18
Sectarianism and reached the currency notes
It raised new currency launched by the Central Bank of Iraq whirlwind of replies outs and condemning the act, while some considered a cause for ridicule and sarcasm, others considered suitable for melancholy meditation on the tragic situation which has reached Iraq.
Baghdad: hair shocked many Iraqis as they watch sectarian incarnated on my face new currency issued by the Central Bank of Iraq, but they soon found it ironic material on the one hand, and a cause of grief and pain of the other.
With the cynicism that the Iraqis fired from the new currency design category 50 000 dinars, many of them have confirmed their surprise because sectarianism in Iraq has reached the notes, have been approved by the politicians and become a reality inevitable, as embodied sectarian quotas on the coin strangely, some promise worst design It witnessed the history of the Iraqi currency issued by the Central Bank.
Cynicism has arrived at some to consider this case expressing the reality of the Iraqi state, when it was said that the beauty of currency design comes from the beauty of their countries and their governments, both of us in a very ugly, and strange that social networking sites in recent days turned into a "bank", not in it but the irony of this currency.
Some have pointed out that the contents of the currency is precisely the "Host and Hor Shiite National Alliance", and "Naour Union forces and Sunni derivatives" and "waterfall Kurdistan Alliance", as well as some forms which were very small.
Some expressed his pain and wondered bitterly, is that the country that gave birth to and raised Jawad Salim Jadraji and Faik Hassan Nuri al-Rawi issued its currency this ugly shape.
The face of the banknote ensure schematic picture of a paddle wheel Euphrates and palm trees in the center of the paper, and a picture of a Kurdistan Falls on the right side of the paper, The other side of the paper, Faihoa schematic image of the Iraqi Marshlands, includes a reed house and a number of fishermen and a group of animals (buffaloes and birds), in addition to the Photos of palm Iraq, with the Tigris and Euphrates planning within the map of Iraq.
Said Wissam al-Rubaie, university professor, said he was surprised as strange and funny for the currency this, and added: When we say that sectarian created by politicians in our country, we find it Aattab we going to defend them, but the truth is that the politicians of the country are the ones who Arsgun sectarian and Aalnnounaa to people, but how consent to paper currency to bear all these symbols that belong to sects and ethnic groups.
He said: We all know that the currency is bound to be beautiful and expressive simple symbols simple people respect them and benefit from them, but such a strange and funny currency, which I've never seen anything like it, which is about the distribution of sectarianism and the consolidation of her, and he wanted this way wanted to say Iraqi people that sectarianism will remain despite your nostrils.
Officials with no taste
But Zainab Luxury, employee, she said: the absence of taste for this currency assures us that we are living with officials without taste and do not understand the aesthetics, and all hum stay asleep on their chairs and fueling conflict among the people, adding: "chaos in the guide currency that they want the continuation of chaos and sectarianism, and do not wish in any reforms to save Iraq from the sectarian quota system. "
For his part, stressed Writer bright Abbas that everyone involved in its design, said: "Ashfaq much on who designed the new Iraqi currency of how much ridicule he suffered, but, you imagine the currency scene really? We all share in the painted, Are we the sons of" identities " ? Are not we defend the day and night for component symbols, and symbols Nnkl another component? How much is this poor designer who Iraqi official told him in a very significant sentence: "we want to do is not displeased with one of them!".
Stupidity or recklessness
The media Shaker Hamed, he wondered, saying: "stupidity or recklessness?", And then said: "Is it possible that a country like Iraq, the rich and the privileged world leader in art be its currency in this way bad and shameful? This means that those who govern Iraq do not know its history. . It's disregard for the legacy of the modern Iraqi state and its institutions. "
Pleasing to the quotas
Furthermore, Jamal al-Muzaffar said: "Can you believe and we are convinced that the countries in the world celebrates its history, make historical symbols the size of one inch (twisted Samarra), while giving for" tribal host "more space, celebration of Bashairah and secretions. This emphasis on it a country where religious and tribal power has become the most powerful of the three authorities, what do you expect of them is not retreat .. retreat civil state. "
He added: "We can not also believe stock jar (Bustokh) that our currency decorated this, and this is very strange up to the point of shame, what philosophy Bustokh worth to put the designer on the national currency, I think that the diversification of the quotas sectarianism to satisfy all parties."
He continued: "Do you know what it means to issue currency 50,000 dinars category? It means the destruction of the Iraqi economy, and then come those who say that economic expert Doe or adviser Doe said such and such a support of the national economy", and concluded by saying: "By God, farce, our politicians boarded a handful ignorant Some sellers have marketed their trade pens corrupt. "
For his part, writer Falah torch said: "This hoopla that appears in the new Iraqi currency Khmson thousand dinars category, ever seen him did not happen in the history of the Iraqi currency," he added: "the lack of aesthetic touch and expressive language intensive which is an explicit expression for the decline of taste aesthetic and technical stakeholders and the government also, and continued: "This is happening and we have a global artist named Faisal coffee and dozens of creative artists."
The Central Bank of Iraq announced last week issued for this currency, saying in a statement it was "for the purpose of completing the Iraqi banknotes structure and the development of high-value category in circulation."
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Walkingstick: After days of printed .. theft billion dinars imprinted category Alkhamisn thousand!
On: Wednesday 11/18/2015 12:46
A source working in the Ministry of Finance for the loss of one billion dinars from the new edition fifty-class thousand of the special Ministry of Finance and the printing press.
The source, who preferred not to be identified in an exclusive interview a painful Wednesday: that the amount of one billion dinars lost yesterday while trying to move them from the printing press to the bank Iraqi Central and all of the new category fifty thousand Dinars.
revealed the parliamentary finance committee, on Tuesday, the Central Bank of Iraq in connection with the introduction of new currency class 100 000 dinars, noting that "the two categories of 50 thousand and 100 000 dinars, contain 13 feature, and that the possibility of fraud the impossible. He said the Commission's decision Ahmed Haji Rashid, in a press statement, "After our meeting with the Central Bank of Iraq, we saw many of the new information on Currencies new categories of 50 thousand and 100 000 dinars," In this year, will offer 50 class thousand dinars and in the next year will go category 100 000 dinars to the market, "Rashid said," in the near future will be put towards the 5 trillion dinars from the category 50 000 dinars for trading ".
And about the cost and the characteristics of these two new currencies, Haji Rashid Ahmed said, "Every one of these two currencies cost approximately about 6 cents, were printed by a German company, and has 13 feature, which makes the possibility of fraud where the impossible."
The Central Bank of Iraq, announced Wednesday in November 2015 11 for issuing a new banknote fifty thousand Dinars category, in order to complete the structure of the Iraqi currency notes and put a high value on the trading category ..
Walkingstick: Central bank: Iran will cut interest rates and the exchange rate unite
18/11/2015 05:55 |Direction Press
Crown Seif Allah head of Iran's Central Bank on Wednesday said that Iran expects to strengthen the nuclear deal with the West, economic growth, and they may loosen its riyal restrictions next year.
Iran's economy is growing at rates much slower than its potential due to Western sanctions and the decline in energy and high interest rates that the bank aims to reduce the prices the prices.
Iran, which owns some of the largest oil and gas reserves in the world was signed nuclear deal with world powers in July, under which it agreed to curb sensitive aspects of its nuclear program in exchange for the lifting of sanctions.
He said Saif told Reuters on the sidelines of a conference "all interest rates higher than the rate of inflation. At the decline in the rate of inflation should also adjust interest rates."
The decline in inflation to about 13 percent and the International Monetary Fund is expected to fall to 11.5 percent more next year.
Seif said "the central bank is doing its best to speed up the reduction of interest rates in line with inflation.
"The price of the interbank cash market higher standards of realism and that's not good for the growth of the national economy."
Commercial banks and announced plans to cut deposit rates have to 18 percent, but it remains much higher than the rate of inflation. The government says it wants to reduce the proportion of bank reserve requirements to ten percent from 13 percent.
Iran and the official exchange rate determined by the Central Bank and other informal uses less restrictions and planned to start unification after almost six months of the entry into force of the nuclear deal.
And it shrunk the gap between the two rates over the past year, but began to increase again in recent weeks. The official price of the coin 29 thousand and 970 to the dollar and the official price is 35 thousand and 740.
Saif said, "We believe that the determination of the exchange rate is not the task of the Iranian central bank but will be determined by market mechanisms based on real factors of the economy."
"The sole task of the Iranian central bank are to reduce volatility and absorb the shock of the exchange rate in the market.
"I do not say that the price is the official does not concern us but on the market that is moving based on real economic trends and that the central bank limit any possible shock."
He said that Iran is able to achieve growth of about eight percent per year during the current five-year development plan. jh
Betty66: did anyone happen to see this?
Q: [why have 50 k notes?]
wmawhite I am the CBI...I hand you one 50K note and you give me two 25k note or five 10k notes. The note count goes down the removal of the zeros speeds up.
Megameallionear: Iraq to issue $2 billion Eurobonds in 2016 with World Bank guarantees
BAGHDAD | BY STEPHEN KALIN
Iraq plans to issue $2 billion worth of international bonds in 2016 with World Bank guarantees for up to half that amount, its central bank governor said on Wednesday.
The move comes after high yields forced the government to halt a bond issuance earlier this year.
Ali al-Alak predicted in an interview with Reuters that the new bond's yield would be "much less" than the 11.5 percent demanded by investors during a roadshow in Europe and the United States in September, but did not speculate further.
"It will be $2 billion but they (the World Bank) will guarantee let's say 40 or 50 percent of that," Alak said. "That will open the market more - make it wider - to attract more investors."
He said Baghdad had factored the bond into next year's budget in order to finance a fiscal deficit estimated at $21 billion out of a roughly $95 billion budget.
The extremely high yields demanded for an initial $2 billion U.S. dollar-denominated issue earlier in the year would have been financially burdensome for Iraq, a major OPEC oil exporter.
Baghdad, which is battling Islamic State militants and faces shrinking oil revenues due to low crude prices, had said it needed the proceeds of the bond to pay salaries and fund infrastructure projects in the oil and gas, electricity and transportation sectors.
Iraq hired three top global banks to arrange the sale, Citigroup, Deutsche Bank and JP Morgan Chase, but many institutional investors baulked at the risks.
A source close to the deal said the government has asked the same banks to prepare a roadshow for next year's issuance.
Mudher Saleh, a top economic adviser to Prime Minister Haider al-Abadi, said the yield would depend on the extent of the World Bank's involvement.
Guaranteeing 75 percent, for example, would drop the yield to 5 or 6 percent, he said. He did not provide an estimate for a guarantee of 40 to 50 percent.
Standard & Poor's has assigned Iraq a B-minus credit rating, six notches below investment grade, saying security and institutional risks were among the highest of any sovereign it assesses, on par with Egypt and above Greece.
Iraq agreed last week to a program which would have the International Monetary Fund monitor Baghdad's economic policies as a basis for a possible funding program in 2016.
(Additional reporting by Hadeel al Sayegh in Dubai Editing by Jeremy Gaunt)