Iraqi News Monday AM 6-21-21

TLM724 Administrator BondLady’s Corner

A Strongly Worded Statement By The Ministry Of Planning Regarding These Projects

Time: 06/21/2021 13:11:41 Reading: 2,470 times   {Local: Al Furat News} The Ministry of Planning issued, on Monday, a strongly worded statement regarding service projects in the governorates covered by the financing of the Social Fund for Development.

The ministry said in a statement today that {Euphrates News} received a copy of it, that "the service projects that are being selected and implemented in the governorates covered by the financing of the Social Fund for Development, are selected, identified and implemented by the ministry exclusively, depending on the priorities determined by the people of the included villages."

The ministry stressed, "not to allow any interference or attempts from any party, in the process of selecting these projects, and it will not allow the use of Social Fund for Development projects for electoral purposes by this or that party, noting that the Fund's teams concerned with projects continue their work." With professionalism and sincerity in all governorates, away from any side effects, and the involvement of local communities in making decisions related to improving their living conditions, by choosing projects that meet the lack of basic services in their villages.

She called, "the people of the villages covered by the projects of the Social Fund for Development to communicate directly with the community mobilization teams or the Fund's branches in the governorates, or by following the official channels of the ministry, in order to see the details of the projects and the mechanisms for their selection and implementation procedures, and the role of the local community in the selection, implementation and follow-up process." .   LINK

The Dollar Is Falling, And The Central Bank Continues To Sell The Highest Amount

Time: 06/21/2021 10:49:35 Reading: 4,121 times  {Economic: Al Furat News} The exchange rate of the dollar fell against the dinar today, Monday.   And it reached in the Baghdad Stock Exchange this morning 1484 dinars, or 148 thousand and 400 dinars.

The selling price in banking offices in the capital also decreased to 1487.5 dinars, and the purchase price was 1477.5 dinars.    In Erbil, the dollar settled at 1486 dinars, and the purchase was 1483 dinars.

Today, Monday, the Central Bank of Iraq continued to sell the highest amount of dollars since it changed the exchange rate on December 19, 2020.

The total sales of the foreign currency auction for the bank today amounted to 243 million and 385 thousand dollars.

The total sale for the purposes of strengthening balances abroad was {transfers, credits}, including 190 million and 145 thousand dollars, and the total cash sale was 53 million and 240 thousand dollars.

It is noteworthy that the Central Bank of Iraq decided on January 19 last to make a significant change in the dollar exchange rate, as follows:

1450 dinars per dollar, the purchase price of foreign currency from the Ministry of Finance.

1460 dinars per dollar, the price of selling foreign currency to banks.

1470 dinars per dollar, the price of selling foreign currency to the public.    LINK

Two Conditions For Deleting Zeros From The Iraqi Currency

Economie| 07:19 - 20/06/2021   Baghdad - Mawazine News,  the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, on Sunday, two conditions for deleting 3 zeros from the Iraqi currency, while stressing that the option to delete is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.

Saleh said, "The Central Bank of Iraq developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago, after reviewing about 54 international experiments.

From the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world, the monetary payment systems were reformed and made to work with better efficiency, the last of which was the Islamic Republic of Iran and before that, Turkey.

He added that "the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unruly waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .

And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market.

He continued, "Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets, and various numbers of instruments. Accountability is subject to two conditions.

He continued, "The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming currencies Cash comes because of its role in the sustainability of calculating huge numbers of financial values, which are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions, which means that one number in front of it has 12 decimal places.

Saleh believed that "the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to one thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor.

He added, "In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency to equalize the new currency with lower numbers but with the same value. Let's say, for example, that one new dinar equals 1,000 old dinars without any change in value or rights.

Also, accounting books, statistics, numbers and computer systems are modified with the value of the new currency within an easy and easy reform strategy, and countries believe that slimming the currency system facilitates the circulation of mathematical numbers and helps to issue smaller cash denominations for very small transactions whose monetary values ​​have been destroyed by historical inflation in our country such as the dirham and others.

He concluded by saying, "The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.” Ended 29 / h    https://www.mawazin.net/Details.aspx?jimare=157724

Al-Kazemi’s Advisor: The Project To Delete Zeros From The Currency Is Subject To Two Conditions

Posted on 2021-06-20 by Sotaliraq    June 20  2021  Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set two conditions for deleting 3 zeros from the currency, stressing that the option to delete is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.

Saleh told the official agency and followed by the "National News Center", "The Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened by the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago,

This is after reviewing about 54 international experiments since the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world in which the cash payment systems were reformed and made to work more efficiently, the last of which was the Islamic Republic of Iran and before that, Turkey.

He added that "the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unbridled waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .

And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market.

He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets, and various numbers of tools.” Accounting for that after two conditions are met.”

He continued, "The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming currencies Cash comes because of its role in the sustainability of calculating huge numbers of financial values, which are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing with trillions, which means that one number in front of it has 12 decimal places.

Saleh believed that “the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to a thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor segments.

He added, “In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency to equalize the new currency with lower numbers but with the same value. Let’s say, for example, that one new dinar equals 1000 old dinars without change in value or rights. .

The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy, and the countries believe that the slimming of the currency system facilitates the circulation of accounting numbers and helps to issue smaller cash denominations for very small transactions whose monetary values ​​have been destroyed by historical inflation in our country such as the dirham and others.

He concluded by saying, "The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.   LINK

A Deputy Calls On The Government To Reduce The Dollar Exchange Rate And Return To Its Old / Expanded Price

Monday 21 June 2021 10:55 | Economic Number of readings: 461  Baghdad / NINA / - The independent representative, Mansour Al-Baiji, called on the government and the competent authority to reduce the exchange rate of the dollar and return it to its old price to preserve the rest of the economy of the country that was hit hard due to the high exchange rates of the dollar during the previous period.

And he said in a statement: After the rise in international oil prices, it became imperative for the Iraqi government to restore the dollar exchange rate to what it was previously because the need to raise the exchange rate has ended and the exchange rate must be reduced to preserve the country’s economy from the great crisis it was exposed to due to raising dollar exchange rate.

He pointed out that "the Iraqi markets are subjected to a very large depression due to the high exchange rates, and this matter is very clear on the markets that suffer from a semi-cessation of the movement of buying and selling, which has led to a significant and noticeable damage to the economy, not to mention that the citizen was directly affected by the high price of the dollar against the Iraqi dinar ".

Al-Baiji added that the file of reducing the selling price of the dollar should be removed from the electoral propaganda and work to reduce the exchange rate is necessary because it caused harm to a large segment of the Iraqi people, so we hope that there will be a response from the government to move in this direction quickly to preserve the country's economy from collapse if this continues The rise and the only people affected by it are the Iraqi people. / End 8/     https://ninanews.com/Website/News/Details?Key=911245

Al-Buaiji Calls On The Government To Reduce The Price Of The Dollar To Preserve The Rest Of The Economy

Economy   Monday, June 21, 2021 | 11:34 am| Number of readings: 92

Independent MP Mansour Al-Baiji called on the government and the competent authority to reduce the exchange rate of the dollar and return it to its old rate in order to preserve the rest of the economy of the country that was hit hard due to the high exchange rates of the dollar during the previous period .

Al-Baiji said in a statement that “the Iraqi markets are subjected to a very large depression due to the high exchange rates, and this matter is very clear on the markets that suffer from a semi-cessation of the movement of buying and selling, which has led to a significant and noticeable damage to the economy, not to mention that the citizen was directly affected due to the high price of the dollar against The Iraqi dinar .

He added, "After the rise in international oil prices, it became imperative for the Iraqi government to restore the dollar exchange rate to what it was before, because the need to raise the exchange rate has ended, and the exchange rate must be reduced to preserve the country's economy from the great crisis it was exposed to due to the rise in the exchange rate." dollar ”.

Al-Baiji pointed out that “the file of reducing the price of selling the dollar must be removed from the electoral propaganda and work to reduce the exchange rate is necessary because it caused harm to a large segment of the Iraqi people, so we hope that there will be a response from the government to move in this direction quickly to preserve the economy of the country from collapse.” If this rise continues, the only people affected by it are the Iraqi people.”    https://aynaliraqnews.com/index.php?aa=news&id22=148860

Economist: Mashreq Abbas, Al-Kazemi's Advisor, Accused The Previous Government Of Raising The Dollar Without Shyness

Author: Ahad8 On 6/20/2021 - 10:32 PM 152  Today, Sunday, economic researcher Mustafa Sanad stated that Mashreq Abbas, Al-Kazemi's advisor, accused the previous government of raising the dollar without shyness. 

Sanad said in an interview with Al-Ahed TV, "The Central Bank is pumping large amounts of dollars into the markets.  He added, "There is a major imbalance in the economy equation and the rise in prices.

He explained that “the rise in the price of the dollar achieved twenty-one trillion dinars for the government. https://alahadnews.net/208420/%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af/

Barzani And The US Ambassador Discuss The Challenges Facing The Political Process In Iraq

Monday 21 June 2021 15:12 | political Number of readings: 166  Baghdad / NINA / - The head of the Kurdistan Democratic Party, Massoud Barzani, discussed with the US Ambassador to Iraq Matthew Tueller the challenges facing the political process in Iraq.

Barzani's office said in a statement: "During their meeting today, the two sides discussed the political situation, the upcoming Iraqi elections, fears and challenges facing the political process in Iraq."

The US ambassador offered his condolences to Barzani for the recent fall of a number of Peshmerga forces at the hands of PKK militants, stressing his country's interest in the security and stability of the region and Iraq.

Tueller said, "The region is a model of stability and development compared to other parts of Iraq." / End 7

https://ninanews.com/Website/News/Details?key=911271

 To read more current and reliable Iraqi news please visit BondLady’s Corner:

 https://www.bondladyscorner.com/