Pros And Cons.. Why Doesn't The Central Bank Delete 3 Zeros From The Iraqi Currency?

 Economy  2024-09-24 | Source: Alsumaria News  2,509 views  Alsumaria News – Economy   Economist Nabil Al-Marsoumi said today , Tuesday, that the process of deleting zeros from the currency means replacing a new currency with the old currency with the aim of simplifying the calculation process among consumers, and countries that suffer from high inflation often resort to it and have become unable to deal with paper currencies of very weak value.

Al-Musumi mentioned in a blog post followed by Al-Sumaria had previously implemented News that 54 countries at different times the deletion of a group of zeros from their local currencies due to some of the positives resulting from such a procedure, represented by

      re-evaluating the national currency,

     simplifying financial transactions, and

     streamlining currency units as a necessary condition for reducing accounting numbers and

     facilitating accounting. The

     cost of managing large numbers new and the

     lack of small numbers. He added,

 although the issue of deleting 3 zeros from the Iraqi currency has been receiving attention and study from the Central Bank since 2007, the bank has not yet taken such a measure due to the lack of two important conditions: the

     first is the instability of the dollar exchange rate against the Iraqi dinar and the

     second is political instability.. In addition to the

     disadvantages and risks resulting from it:

 First: The process of deleting the zeros is not a magic solution to the problem of inflation, but rather a formality whose purpose is to give momentum to the Iraqi economy.

Second: Influencing the behavior of consumers and producers, economic variables, and economic relations between Iraq and other countries.

 Third: Deleting the zeros is an imaginary change in the value of the currency and does not change its purchasing power.

 Fourth: It is possible that people will panic and give up their dollar savings and replace them with the Iraqi dinar, which will lead to a large and sudden growth in the monetary supply, which will undermine monetary stability. Iraqi currency

Fifth: The large costs resulting from printing the new.

 Sixth: The emergence of corruption in the process of getting rid of old currency or introducing counterfeit currencies and trying to replace them with the new currency, in addition to the occurrence of money laundering operations.

Seventh: The decision will not affect the competitiveness of Iraqi goods against foreign goods because the majority of transactions are carried out in dollars.

 Eighth: Deleting the zeros will create social problems at this stage due to the inability to convince the public to accept the decrease in the size of the monetary mass while acknowledging that the true value of the money is not affected.

 The issue relates to the mind and memory preservation of large amounts, in addition to the difficulty of settling commercial and personal contracts and agreements.  

 https://www.alsumaria.tv/news/economy/501033/إيجابيات-وسلبيات-لماذا-لا-يحذف-البنك-المركزي-3-اصفار-من-العملة-العراقي    

The "Exposed Operations" Have Been Addressed.. A Specialist Confirms The Decline In Money Laundering Operations In Iraq - Urgent
 
Economy | Today, Baghdad today - Baghdad   Financial affairs specialist Nabil Jabbar Al-Tamimi confirmed today, Tuesday (September 24, 2024), a decline in money laundering operations, while revealing the direct reason for this decline.
 
Al-Tamimi said in an interview with "Baghdad Today",
 
"There is a clear decline in various money laundering operations in Iraq, and
 
this matter came after audits of remittances two years ago.
 
There is great effectiveness in dealing with money laundering operations that were blatantly exposed earlier." He added,
 
"Certainly, money laundering operations are taking place today, but with narrow limits and difficult paths.
 
This is the case in the rest of the countries of the world.
 
Suspicious money is circulated in the markets in the form of losing projects or trades, which are then laundered and granted legitimacy." The financial affairs specialist said,
 
"Usually those who carry out such operations are politicians and senior officials who benefit from corruption and drug traffickers alike in countries where collecting money requires disclosing the sources of that money."

Al-Tamimi concluded by saying, "The issue of the dollar exchange rate in the local market has nothing to do with capital. Rather,
 
this issue is related to issues of supply and demand in the local market."
 
On January 9, 2022, the Ministry of Foreign Affairs announced the removal of Iraq from the European Union’s list of high-risk countries in the field of combating money laundering and terrorist financing, according to a letter the former Prime Minister received from the European Commission mission.
 
In May 2020, the European Commission classified Iraq, along with other countries, including Afghanistan, Pakistan, Syria, Yemen, Iran, and North Korea, on the list of countries that pose financial risks to the European Union, due to deficiencies in combating money laundering and terrorist financing.
 
On February 18, 2020, the Committee for Freezing Terrorist Funds, affiliated with the Secretariat of the Council of Ministers, issued a list that included 84 individuals and entities whose funds had been frozen on charges of financing terrorism, at the request of the UN Security Council. 
 
https://baghdadtoday.news/258497-العمليات-المفضوحة-تمّت-معالجتها.-مختص-يؤكد-تراجع-عمليات-غسيل-الأموال-في-العراق-عاجل.html   

Corruption... How Can It Be Combated?

 Special Sumerian     2024-09-24 | Source:     Sumerian     193 views  Anti-corruption measures... Observers: Eliminating corruption is accompanied by the strength of laws and their application without exceptions

 Observers have pointed out that the legislation in the laws established to combat corruption needs to be reconsidered to strengthen them and apply them without exceptions, and they point out that

neutralizing corruption and cutting off its tributaries occurs through the power of legislation, which is one of the tasks of the Parliament.

staff Alsumaria spoke to some of those concerned with this file, here is what they said!  

 https://www.alsumaria.tv/news/alsumariaspecial/501040/الفساد-كيف-يمكن-مكافحته؟    

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