KTFA Members "News and Views" Tuesday Afternoon 8-27-19
Samson: Trade Bank of Iraq
27th August, 2019
A Video Guide to the activation and use of the cards of the Iraqi trade bank when they are issued and receive a one-time text message (we also confirm that this message with the password will not be deleted until the process is completed).
[OTP] VIDEO LINK
Popeye7: Wowsers... Something tells us we are into something good...
Samson: A government delegation from Baghdad will visit Erbil tomorrow
A delegation from the federal government will visit the Kurdistan region on Wednesday to discuss the issue of oil, the budget and the Peshmerga. LINK
Iobey777: just wondering....are they going to tell them "hold on! It's coming"!!! lol!! We all know what they are wanting from Baghdad!! IMO....so just DO IT!!
Don961: Specialized: minted coins serve internal business transactions
Monday, August 26, 2019
Emad Emirate Baghdad / Mustafa Al - Hashimi
There have been recent parliamentary voices calling for the reintroduction of coins (coinage) and reintroduction into circulation, as well as reconsideration of the project to delete the three zeros from the Iraqi currency, at a time when economists regarded it as part of the great economic reform process in the country.
Economist Dr. Essam Mohamed Hassan said that "the Central Bank decided earlier to develop a plan to create coins as part of a restructuring plan that requires the approval of the House of Representatives as a strategic plan will contribute to support the value of the Iraqi dinar in trading
"The change of currency means that a new currency replaces an old currency, with a specified replacement rate, and removes the zeros of the old currency or moves the decimal places to the left," he said. Financial support for the national economy. "
Hassan said that "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 global market," explaining that the coins will be one of the important intermediate currencies that will be used for trading and transactions.
"Deleting zeros and reintroducing coins has to do with economic reforms because coins, because of their durability, are longer than coins that are quickly damaged," he said. In 2004, "indicating that this requires the dissemination of a culture to educate the public about the economic feasibility of the minted currency."
Delete the zeros
Dr. Abdul Hussein Al-Ghalbi, an economist at the Faculty of Business and Economics, University of Kufa, said: "The process of changing the currency is not limited to deleting zeros, but it can be done by adding a number of zeros or moving the decimal places to the right, as happened in South Africa in 1961, but the situation Prevailing over the past 50 years in most countries is the elimination of zeros because of the hyperinflation witnessed by many countries, which obliges to add zeros to their currencies in those circumstances, and then get rid of zeros at the end
Al-Ghalbi stressed that "changing the currency does not affect productivity, as well as that this change does not affect the purchasing power of money, because the power comes from the increased demand for money against the money supply, and as long as the purchasing power does not change, the demand for currency and money supply They do not change, because deleting zeros does not entitle monetary institutions and the central bank to print more money and pump it into
Al-Ghalbi added that "the central bank is constrained by the existing cash in the process of replacement, but foreign trade will not be affected as the price of exports will remain the same unchanged, as well as import payments are not affected because foreign exchange is in foreign currency versus domestic, which remains unchanged because The purchasing power of a currency do not change".
"Changing currency and deleting zeros brings multiple benefits," said Al-Ghalbi. Public".
He pointed out that "after the change of currency will occur a serious reduction in the volume of transactions with less amount of money, which facilitates all parties to deal with, especially Accountants. "
Al-Ghalbi said that "currency change reduces the phenomenon of monetary deception experienced by people with a large number of zeros that are pushing towards generating inflationary pressures. Of inflation Untamed. "
He added that "currency change leads to greater confidence in local currency and credibility, and when there are a large number of zeros in the local currency people lose their confidence, especially those with transactions in wholesale markets and importers, as they will replace the local currency with stable international currencies such as the dollar or the euro, which deepens The phenomenon of dollarization in the domestic economy, which weakens monetary authority and reduces the effectiveness of policy Cash. link
Samson: UN Security Council to meet tomorrow on Iraq
27th August, 2019
The UN Security Council will hold a meeting tomorrow on the situation in Iraq, press sources said.
The sources said that "the meeting will be held tomorrow at 10:00 am New York time (5:00 pm Baghdad time)."
It is expected that the Special Representative of the Secretary-General of the United Nations in Iraq Jenin Hennes-Blachart briefing soon after the start of the meeting.
The Special Representative will be presented by Ms. Hines Genin-Blaschart briefing on developments in Iraq and the mission of the United Nations to help Iraq (UNAMI). LINK
Samson: World Bank confirms its support for the advancement of the economy of Iraq
Speaker of the House of Representatives Mohammed Halbousi, on Monday, with the World Bank economic conditions and ways to support Iraq in the economic file. "Halbousi received, on Tuesday, the Regional Director for the Middle East at 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's cooperation with Iraq, and support for the advancement of economic reality, and contribute to achieve development." LINK
Samson: Al-Mashat: Monetary policy in Iraq is managed by three elements you know ?
27th August, 2019
Chairman of the Board of Directors of the Arab Mashreq Bank Sadiq al-Mashat, Tuesday, "The Central Bank of Iraq is a government institution exercising its functions within the legislative framework of the state, and has its own specificity in the implementation of independent decisions of monetary policy and achieve price stability, which must be consistent with policy the general economic state.
He Mashat said in a statement, said that "the role of the central bank is issued currency and managed by a state bank and its agent and financial advisor , a fund in which the state holds its monetary and financial savings," adding that "the Central last resort for lending Controller to regulate credit and portfolio on the soundness of the financial position of the banks as the banks' bank."
He added: "If there is some kind of overlap or lack of clarity in any of the powers of all parties concerned, it should not be reflected in the stability of the general level of prices and the exchange rate of the national currency against other foreign currencies, and the commodity side of the national economy."
He pointed out that "monetary policy in Iraq is managed by three elements, two of which are under the direct disposal of the central currency auction, and interest rates on the dinar produced through the operations of the Central Bank, which is represented by the use of interest rate signal (central bank rate)."
He continued: "The third factor is the volume of foreign currency flows realized from Iraqi oil exports subject to fluctuations in crude prices in world markets, which in turn paint the features of public spending." LINK
Samson: 5 senior ISIS leaders killed in Anbar desert
27th August, 2019
The top counterterrorism agency said on Tuesday that three senior ISIS leaders were killed in the Anbar desert.
He said in a statement received by the Euphrates News that he was "following the statement issued by the counterterrorism agency on August 13, 2019, that 10 terrorists were killed in the Anbar desert by a coalition airstrike, according to accurate intelligence from the agency's intelligence. Among those killed were:
1. Terrorist Ahmad Hamed Hussein Abdul Jalil Al-Ithawi, known as (Abu Muslim), Governor of Western States,
2. Terrorist Abu Anas, Prince of Desert Sector in Al-Anbar Province,
3. Terrorist Abu Waqas, General Media and Provider of Western States, in addition to other leaders. Their names could not be known to mutilate their bodies Rob.
He noted that "this was the largest of its leaders in the organization of the cutter". LINK