Governor of the Central Bank of Iraq: We plan to delete zeros from the local currency

By Rodao 17/9/2018


Different categories of Iraqi currency

Roudao – Erbil

The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that "this plan needs to deliberate steps, so as not to be exploited in the fraud.

Al-Alak said in a statement to the official Sabah newspaper that "currencies with small categories, may lead the citizen to bid farewell to banks in the difficulty of storage."

He added that "the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others."

He explained that "the Central Bank has a reserve of foreign currency very comfortable, approaching close to $ 60 billion, compared to 43 trillion dinars, which means that it covers 170 percent of the size of the mass of cash."

On the launch of the currency of the category of 100 thousand dinars, the central bank governor pointed out that "these ideas are traded by the Central Bank, but at the present time regret it."

The central bank introduced in April a project to delete three zeros from the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deterioration of the security and political situation in the country "to prevent manipulation and fraud of weak souls."

The Speaker of the Parliament sets a deadline for the election of the President of the Republic


The President of Parliament Mohamed Halboussi, on Tuesday, set a deadline for the election of the President of the Republic.

A parliamentary source told the Press: "The Speaker of the Parliament, during its meeting currently held, on the second of next October, a deadline for the selection of the President of the Republic."

On Tuesday, the House of Representatives held its second session under the chairmanship of Parliament Speaker Mohamed Halboussi.

In one month .. Iraq is achieving oil revenues more than 7 billion dollars

Iraq’s exports of crude oil rose last August to 111.61 million barrels, with revenues of $ 7.74 billion, according to a final statistic for the "Sumo Oil".

A spokesman for the Ministry of Oil Assem Jihad in a statement obtained by the agency [Media treasures] a copy of it, "the average price per barrel was 69.651 dollars."

Jihad added that "the exported quantities were loaded by 37 international companies, from the ports of Basra and Khor al-Amaya, and the single buoys on the Gulf."

He added that "the quantities of oil exported from the oil fields in central and southern Iraq only, and did not register the fields of Kirkuk any oil exports."

Iraq’s exports of crude oil amounted to 109.86 million barrels, with revenues amounted to 7.53 billion dollars last July

The Cabinet approves recommendations for the development of the Iraqi economy, most notably the establishment of an investment incubator

The head of Basra Investment Authority Ali Jasab said on Tuesday that the Cabinet approved recommendations for the development of the Iraqi economy, most notably the establishment of an investment incubator.

"A set of recommendations was approved by the Council of Ministers at its thirty-third regular session held at the end of last August, which aims to address the challenges facing the investment environment in Iraq," Jasab said in a statement obtained by the media agency.

He added that "the recommendations received from the General Secretariat included several aspects, including the revitalization of administrative procedures for investment operations and facilitate through a set of points, notably the establishment of an investment incubator with certain powers,

while the second axis included a set of recommendations for customs tariffs, the other axes summarized in facilitating the granting of features Government Involvement and Contracts and Tax File and Partnership with the Private Sector…2%D8%AA%D8%B5/

Siemens is preparing a plan to end the "electricity crisis" in Iraq


German energy company Siemens has prepared a plan to end Iraq’s power crisis by generating 11,000 megawatts.

"The company and the German government are working hard to contribute to the development of the electricity sector in Iraq," said Kaiser Siemens, Germany’s president.

"The company is working to complete the plans for the development of this sector. He added in statements to «morning» after meeting with Prime Minister d. Haidar Al-Abbadi said that "the company provided integrated solutions to the reality of the advancement of the electricity sector through short, medium and long-term plans.

" In turn, the company’s chief executive in Iraq, Musab al-Khatib, said that "the company has provided a road map for Iraq aimed at promoting the energy sector designed to meet the objectives of reconstruction of Iraq and support the requirements of economic development."

"The company is ready to support Iraq’s generating capacity with 11 thousand megawatts in order

to provide 23 million Iraqi citizens with electricity,

pointing out that this plan would

increase Iraq’s capacity to generate electricity by up to 50 percent."

Prime Minister Haider al-Abadi discussed with Siemens CEO the immediate improvements in supplying Iraq with electricity and the road map to develop the future of Iraq.

Iraq’s economy expected to rise 4 percent in 2019


Baghdad / Follow-up morning
A recent report issued by the Arab Monetary Fund, that there are many factors that are expected to affect the prospects for economic growth in Iraq beginning in 2019, the most important of which continues to improve the internal conditions, which enhances the levels of economic activity in the non-oil sector,

While the oil sector will benefit from the expected increase in production quantities beginning next year, which will enable commitment to future development projects of international
oil fields .

Growth rates between the report seen by the "morning" that the Iraqi economy is expected to achieve a growth rate of 1 percent this year and the next year to a range of 4 percent, supported by increases in oil production and the pace of improvement of internal conditions.

The general level of prices rose by 0.7 percent during the month of May compared to the same month of the previous year due to high prices of tobacco, clothing, footwear, health, transportation, education and miscellaneous goods and services.

Inflation expectations for inflation forecasts for 2018 and 2019 are expected to reach 1.7 percent and 1.8 percent in 2019.

"The year 2018 is expected to end with an inflation rate of 3 percent, while declining in 2019 To 1 percent in the GCC.

" As for inflation expectations in the Arab countries during 2018 and 2019, the general price level is expected to be affected by several internal and external factors.

At the internal level of the Arab countries, the inflation rate is expected to be affected by high aggregate demand levels and by the continued action taken by some countries to reform the support systems.

Taxes and fees , the
report added that the inflation rates in the Arab countries is affected by the imposition of taxes and raise government fees, as well as commodity imports, is also affected by some bullish trends in oil prices since the beginning of the year 2018.

The oil markets have seen significant gains during the first half of this year, which ended The mid-term basket rose by $ 18.2, compared with the average price recorded in the first half of 2017, up 36.3 percent.

The price of oil at the end of June 2018 to 72.22 dollars a barrel, which represents the highest level of oil prices in 3 years ago.

The inflation rate is expected to be about 11.4 percent in 2018; inflation in Arab countries is likely to decline in 2019 to 8.3 percent.

Oil exporters
In detail, for Arab oil exporters, inflation is expected to reach 7.6 percent in 2018, from 5.7 percent in 2017. In the 2019 forecast, inflation is likely to reach about 6 percent in that group.

Saudi Arabia ended the first half of 2018 with an inflation rate of 2.9 percent as a result of the introduction of VAT and the reform of energy products prices.

The Arab Monetary Fund is expected to reach 2.9 percent by the end of this year as a result of curbing inflation following a number of simultaneous economic reforms with the tax and oil prices.

In the UAE, inflation is expected to reach 3.5 percent in 2018 due to value added tax and selectivity, compared with a drop of 2.5 percent next year.

Kuwait is expected to witness inflation of 3.1 percent by the end of this year, to reach 2.5
percent in 2019 .

In Bahrain, the inflation rate is expected to reach 2.2 percent by the end of 2018 and by 3.5 percent by 2019.

The report focuses on rising inflation in Bahrain as a result of government measures due to the current economic crisis in Bahrain, as well as selective taxation and value added.

In Oman, inflation is expected to reach 2 percent by the end of 2018.
However, it is likely to rise to 3 percent by 2019 as a result of government policies to lower levels of support in society.

Small denominations of currency


Mustafa Mohamed Ibrahim
Economists define money as anything acceptable general acceptance of payment for economic goods or services, or for the repayment of

Money is the basic part of human life, especially after the end of the barter can not eat or drink or spend his work only with the availability of money has, after this simple illustration in this article explains the role of the Central Bank not to put it for small cash categories (250, 500) This is what I hear from most of the public when we rent a car or when we buy clothes or food.

Economic researchers are talking about why the central bank did not print small (new) monetary categories and which department is responsible for the currency.

The answer to this question is that I did not defend the Central Bank and did not make any effort in this matter, despite the fact that it is an important and sensitive subject.

There is a claim that the most important function of the Central Bank is issuing the currency.

I disagree with them on this point. The center is printing the Iraqi currency in the best printing presses in the world, namely (Germany) and therefore there is a department of issuance and the treasury is responsible for issuing and follow up this money, especially

The 250 currency currency has a life to reprint and the cash currency (500) has the same age to be reprinted.

The central is to replace the most used (damaged) cash categories (250, 500) from the public and banks without a commission. This is a step towards achieving The stability of the bank will be carried out by the Central Bank

In addition to the withdrawal of a large amount of categories (damaged) from the public daily, the Department of the issuance and cabinets in the Central Bank of Iraq to withdraw these categories damaged from the public and replace them with new categories and then press and puncture and tearing in the sites of the Department of the issuance and then print new categories with
their cost .

The centralist has a great responsibility and is capable of this task, where he works to follow the reality of the cash circulation, and takes into account the circulation of the small group and non-acceptance of the damaged ones in simple daily transactions, so the solution was to work to put the
required categories .

Proposals for the Government Economic Program 2018-2022


Amer Al-Jawahiri
The Government’s responsibility for the constitutional period 2018-2022 includes the commitment and actual work to provide the best services and work diligently to ensure that the socio-economic development of Iraq is taken for the near, medium and long term as part of the successive phases of the country’s management, and the responsibility of each government to take into account the development of building blocks for the continuity of development and development. .

The abundance of pledges without procedures, with red tape, bureaucracy and corruption, has led to the loss of opportunities for development and progress, a clear institutional decline in many joints, loss of funds, increased difficulty of improvement and economic diversification, and the utilization of specialists and other factors led to despair, frustration and reluctance to actively participate in the challenge.

Development, construction and reconstruction, as well as economic deterioration, which increased the degree of dependence on oil revenues with the increasing impact of administrative imbalance.

The responsibility of the next government, supported by the House of Representatives, has a historical character and requires the fingerprinting of institutions, individuals and individuals. We recommend that the government program be included in the following axes.

Representatives of the private sector and independent civil society should participate in the final status consultations and ensure their participation in monitoring, monitoring, evaluation and evaluation. The program can be enhanced by visions from other angles:

1. Act resolutely to achieve the rule of law and eliminate any violations of the rights, freedoms, safety and property of citizens, and to identify procedural steps, such as the application of a strict traffic regime, the fight against encroachment on sidewalks and streets and their cleanliness, the cultivation of green areas and the environment; Respecting the employee assigned to the public service by providing the best performance.

2. The highest levels of interest in social values ​​and ethics, work, production, productivity, cooperative spirit, preservation of the environment, public and aesthetic properties and cleanliness of the street and the city through intensive special procedures that address all aspects of life and through all educational, cultural, organizational and religious institutions and public and private institutions.

And their representatives in dialogues and consultations on the basic issues, including the fight against corruption and social action on the street and accept the other and attention to culture and the arts in all areas and try to find opportunities for wide entertainment of luxury Mtem .

3. Develop and take decisive action to fight corruption according to a clear detailed program including the institutional method, who will do what and how and the timetable for implementation with the design of a method to monitor the investigations and follow up and correct the implementation, including accounting for the type, speed and cost of the public service and the cutting of the hand and the awareness and fight against the turn of the corrupt,

And institutions, to ride the new wave through the new entities they created and from the post-"hasty" portal as the real "advocate" is the scourge of corruption and climbers, the loss of the rule of law and the degradation of societal values.

4. Develop and implement a rehabilitation plan for all government cadres to improve their capacities, performance, productivity, creative spirit and cooperative values ​​towards the achievement of every employee’s duty as quickly and as efficiently as possible and with high flexibility, and the need to ensure that government institutions achieve the maximum productivity and the best quality and the best and fastest service.

5. Meeting the municipal services for all regions by improving their productivity around the clock for individuals and mechanisms and organizing a program of competition between regions, districts, and governorates to achieve these activities, whichever is the most beautiful.

6. Adopting the methodology of development and the development of the country’s economy and services on the priority level and the required procedures, including the formation of the Supreme Council for Economic Affairs (expanded), whose membership is a high level of specialists from governmental and private institutions, civil society, trade unions, farmers and academics,

And the binding opinion on the policies, programs and major projects with follow-up and ensure implementation, the most experienced management and reporting to the Prime Minister and effectively communicate with the House of Representatives, and can form a sub-sectoral process teams of the Council to follow up the implementation and Assessment and evaluation,

the Council and the status of the Council of State has the blessing of the House of Representatives and has a fleeting permanence of governments that come to the continuation of policies, plans and strategies to develop each of which touches and addenda that fit with the latest developments.

7. It is possible to form a mini-cabinet to discuss and decide on the strategic issues in addition to the Economic Affairs Committee. It is clear that there is a need for a Higher Tourism Council, the Industrial Coordination Council, the Higher Agricultural Council, the Private Sector Development Council and the Energy Affairs Council.

What is important is the interlock between these councils.

8. An independent team of forecasting and risk analysis should be established, preferably with the Council of Ministers or the Council of Ministers.

It can coordinate its activities with the Supreme Council for Economic Affairs and thus an important team to present recommendations and opinions in various activities related to the country.

It does not change, but it is possible to develop its capabilities and increase its membership with increasing challenges.

9. The Government shall commit to implement the National Development Plan 2018-2022 through a special team to follow up its implementation in coordination with the implementation of sectoral strategies and the commitment of all ministries to implement their interrelated commitments and plans.

10 – Stay away from the encirclement of Iraq loans and the Supreme Council for Economic Affairs to develop appropriate financial policies and policies, including reducing and eliminate waste outlets and resort to various means of financing, including the methodology of partnership with the private sector and when the need to borrow to finance the implementation of productive projects paid by the profits.

11. Develop a comprehensive, targeted and decisive environmental policy that includes education, education and awareness-raising with mass campaigns that involve the participation of all to care for the health of their children and grandchildren and the cleanliness and beauty of their cities.

12. Develop and implement a humanitarian policy, targeted and decisive for the treatment of slums and stopping their extensions, taking into account the comprehensive and sustainable economic development in the districts and governorates and the social repercussions related to the rule of law.

13. Forming a high-level national team to address the repercussions of the decline in the working and investment environment, to provide remedies, to make decisions, to take measures, to follow up and evaluate their results, and to cooperate with the Supreme Council for Economic Affairs in coordination with cultural and tourism activities and the comprehensive community system.

The attractiveness of investment according to the mechanism must be implemented, including reconsideration of the justifications and components and mechanism of work and objectives of the formation of the Supreme Committee for Investment.

14. The Supreme Council for Economic Affairs shall instruct and follow up on the obligation of the sectoral ministries to implement the approved strategies, through a mechanism and structure as stated in the recommendations of each strategy with the establishment of a high-level coordination group to follow up and implement all strategies to reach a comprehensive rescue plan approved by the federal government with the support of all Local governments and the region and then approved by the House of Representatives to take the nature of the binding law of the campaign "Iraq 2030"

for subsequent governments to be a comprehensive long-term cross-government program monitors and follows and evaluates by a solid committee emanating from the Council participates in Representatives of government institutions, the private sector, civil society and trade unions.

15. Not to speed up the legislation of drafts of laws previously sent to the House of Representatives in its previous session and withdraw them for re-examination by involving representatives of private sector institutions, civil society, trade unions and specialists according to a specific mechanism and timing to ensure wider participation of stakeholders to comprehensive and comprehensive legislation in order to avoid shortcomings in their legislation.

An important mechanism for the implementation of laws and legislation to achieve prosperity and services and participation of citizens to achieve development and reconstruction and improve services and improve the competitiveness of Iraq.

16- To nominate a bright and resolute national figure assisted by an integrated team of experts and support from the legal, legal, security, institutional, political and organizational institutions to manage the file of retrieving and controlling all government properties and lifting illegal behavior in order to act for the public interest inevitably without favoritism of any party.
Baghdad Economic Forum

Economist: The government needs a supplementary budget to manage surplus oil revenues

The economic expert, on behalf of Jamil Antoine, on Friday, the need for the government to a supplementary budget voted on in Parliament to act surplus oil revenues, indicating that the government does not disclose the size of the amount in possession of surplus oil as it suffers a budget deficit of more than 13 trillion dinars.

Antoine said that "the amount of surplus oil revenues is not disclosed by the government because its budget suffers deficit of more than 13 trillion dinars."

He pointed out that "the government can not act with surplus oil revenues because the budget voted by the parliament and the disposal of the surplus is through a supplementary budget approved by the House of Representatives."

He explained that "the government’s debt to the Central Bank of up to 20 trillion dinars, and there is a separation between what the central bank and the state budget."

He stressed that "the budget provided for the year 2019 calculated the price of a barrel of oil at $ 55-60 dollars, is the budget of speculation may raise the price of a barrel or decline, which made the government to put this budget."

Antoine denied that "the existence of an explosive budget, the treasury of the government required more than $ 100 billion internally and externally, and thus will use their money to repay their debts in addition to supporting the private sectors, industrial and agricultural."…3%D9%85%D9%8A/

Iraq .. Ebadi reconcile with the Dawa Party


Iraqi political source announced the reconciliation of Iraqi Prime Minister Haider Abadi with the leaders of the Dawa party, to which he belongs.

The source told RT that "the meeting that took place today for the Dawa Party in the headquarters of the party and attended by Abadi and the Secretary General of the party Nuri al-Maliki and other leaders, ended by an agreement on the participation of the party one negotiating delegation in the process of forming the next government."

The source added that "Abbadi reconciled with Maliki and the rest of the leaders after a period of tension and tension between them because of what the leaders of the party described Abadi adherence to power."