“Time for Implementation” – Tues. PM KTFA Thoughts, News w/ MilitiaMan 11-9-21

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KTFA

Samson » November 9th, 2021

It is expected that the reserves of the Gulf countries will increase by hundreds of billions of dollars

9th November, 2021

An official at the International Monetary Fund expected, on Tuesday, that the reserves of the six oil-rich Gulf Cooperation Council countries will rise in the coming years by hundreds of billions of dollars in light of the rise in black gold prices.

The director of the Middle East and Central Asia Department at the International Monetary Fund, Jihad Azour, said that he “expects the reserves of the Gulf Cooperation Council countries to rise between 300 and 350 billion dollars during the next three years.”

On the reasons for the rise in reserves, the official indicated that “the Gulf countries will benefit from the significant rise in oil prices.”

Earlier this month, Bank of America expected oil prices to rise in the middle of next year to $120 a barrel.

The bank indicated that “the global energy crisis led to a sharp rise in gas and coal prices around the world, which contributes to a rapid recovery in oil futures prices.”  LINK

Source: Dinar Recaps


Samson » November 9th, 2021

Iraq is close to achieving a comprehensive electronic transformation

9th November, 2021

Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, affirmed, on Tuesday, that the government’s orientation is towards achieving comprehensive digital transformation.

Al-Ghazi said in a statement, “He reviewed the report on the progress of work in the National Data Center Department, and the most prominent service systems launched by the department since last September through the (Ur) portal for e-government services.”

He stressed that “the current government trend stresses the need to expedite the completion of the e-government project, and the expansion of the electronic services provided, to achieve comprehensive digital transformation, provided that the project’s results are realistic and touchable by the citizen, by facilitating the procedures for obtaining an integrated government service.”

For its part, the team of the National Data Center Department reviewed: “The most prominent achievements and plans that the department is working on, including the completion of ten systems, applications and electronic services in cooperation with the beneficiary government institutions within the electronic platform (Ur), which included the (Rabeni) application, and the (immunodeficiency examination for foreign arrivals) systems. University degrees, and the Cabinet agenda), as well as developing the new website for the General Secretariat of the Cabinet, and hosting the website of the Ministry of Youth and Sports.

And the team indicated that “the future plans that they set with specific timings to launch new projects within its work platform for the coming period, were represented by systems (biology examination, death certificates, water and electricity services, delivering electricity to citizens, empowering generations, examining the wounded, real estate, digging wells, and registration in schools), as well as allocating the phone number (5599) to provide guidance services to citizens, to inquire about the mechanisms for using the systems on the electronic platform.   LINK

MilitiaMan » November 9th, 2021

The amount of digital transformation that has been underway now for years is coming to a phase that will require all facets of Financial Inclusion and not only just for Iraq.

The IMF, the World Bank and Bank of international Settlements have it in their forefront. That is because there is a digital money revolution that is on going.

 It will require Global synchronization and quickly. The revolution is only picking up speed as technological advances are immense and so very progressive and will not stop growing.

There has to have been and there will be more education on digital transformation for all peoples to glean, as time goes forward.

We know the financial inclusion goals for the world from the aforementioned global players have been outlined over the years, shows us the money revolution is in full swing and nothing is going to stop it.

It is complex, multi faceted and riddled with challenges be sure. That is just how advances are in past history. An ebb and flow with an emphasis on flow is noticed.. 

The process of the digital transformation for and of Iraq has been underway for years now. They have had international support from the major players and will be on going in the future, as managers and partners in the digitized path Iraq is headed on.

Aside from the important e-government aspect, there is e-finance, e-payments, e-commerce, e-payments, and yes, e-dinar is on the horizon.

We have heard about Central Bank Digital Currencies down to retail the level. That is your average household level.

As the landscape of the digital world has picked up speed, there has had to be those ebb and flows along the way. The project to delete the zeros from the currency has experienced them we all should know quite well.

The project to delete the zeros from the exchange rate of the Iraq Dinar (IQD) is not new and has been on the table for many years of the Central Bank of Iraq (CBI). The project has had to evolve along with the education process for the citizens , as they are part of a very culturally sensitive country.

Currency is very sensitive in that regard. Many obstacles have been in the path of success to actually deleting the three zeros from their exchange rate. There needs to be security and stability for the process to be successful.

For the most part that has been the case and will continue to be. A balance is needed between the political side and banking side of the process. Having had the recent attempt in the Prime Ministers life is not a balanced approach.

The global out reach shows that there is a consensus for security and stability and the PM himself having survived assured the country that he was moving forward with reforms.

The reforms are Economic and Monetary. The monetary part of this is from the CBI. It is there job to see to the money in all aspects. Thereby, they will decide when the right time to adjust their exchange rate, again. Just as they did in December 2020. That change was for purposes that were to get them to where we are to day.

It was at a cost to the citizens and we can see they shared the lions portion of the pain from it. That was known by the CBI at the time they did it. They also knew the end goal would make up for it in purchasing power of the IQD. The pros and cons were hammered out over the last couple years and they show that the afore was and is to be the case. 

There are many examples that project to delete the zeros is not something that is to be studied now, as it already has been studied and the study supports that it is time for implementation.

The pros and cons have been bantered around of recent and for years. Let the dust settle and the CBI should be good to go.. The scholars didn’t just start the process, they have finished the study, whereby, “finally submitting the scientific proposal to implement the process of deleting the zero’s. 

imo They are in a position now or very soon will be in one with the digital transformation to adjust to a new digitized system.

The AMF shows that Iraq is geared to clear payments digitally through the BUNA platform.  Lets see what they do next..

They say there is a need to expedite the e-government projects and reforms imo, therefore, we should expect them to do so and quickly now.. imo ~ MM

https://blogs.imf.org/2021/07/29/making-the-digital-money-revolution-work-for-all/——————————-

Basra University organizes a panel discussion on the project to delete zeros from the Iraqi currency

2nd November, 2021

The Department of Economics at the College of Administration and Economics at the University of Basra organized a panel discussion on the project to remove zeros from the Iraqi currency.

The seminar, which was attended by Prof. Dr. Sami Obaid Al-Tamimi and Prof. Dr. Youssef Abdul Ali Al-Asadi, aims to find out the reasons for the deterioration of the value of the Iraqi dinar. At the beginning of the seventies of the last century, one Iraqi dinar was worth more than three US dollars, and today we are at the end of the year 2021 equivalent to more than 1450 Iraqi dinars.

The discussion panel touched on tracking the value of the Iraqi dinar from 1930 to 2021, and the project to delete zeros from the national currency in terms of pros and cons, and finally submitting a scientific proposal to the Central Bank to implement the process of deleting zeros.

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Dr. Mazhar Salih, Economic Adviser to Prime Minister Mustafa Al-Kazemi, said on Wednesday, June 23, 2021 that his statement about the project to delete zeros represents a purely economic point of view that included a technical explanation of the issue of the history of the multiplication of zeros in the Iraqi currency during the siege. the past.

“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. and cash payments in Iraq.”

link

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The economic expert and financial advisor to the Prime Minister, Dr. Mazhar Saleh,
He continued: Defending stability on this price is through the policy of continuous intervention and sacrifice of a side of the central bank’s foreign currency reserves to ensure that inflation remains within the goal of the one-decimal place in order to achieve stability and stability in the standard of living

And Saleh considered that this is consistent with the monetary policy objectives in achieving stability in the general level of prices and preserving the purchasing power of the monetary income, which is denominated in the Iraqi dinar.

The Deputy Governor of the Central Bank of Iraq had said that “one of the demands of the World Bank during the negotiations to raise the exchange rate of the dollar is to reform the public financial departments, which are taxes, customs, levies and financing part of the financial savings achieved for the benefit of the vulnerable classes.”

In the context of urgent solutions, the ration card items must be improved to reduce the damage caused by adjusting the exchange rate, according to economic experts.  

LINK

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Iraq: the government is compelled to “delete the zeros” from the dinar currency … more than “3 scenarios” are expected that will affect salaries and living

2020-09-30 Yes Iraq – Baghdad

The economic expert, Salam Sumaisem, revealed that the government is now obliged to reduce the value of the Iraqi dinar against the dollar in order to obtain larger quantities of Iraqi money against the dollar without printing more and thus preserve the currency from collapsing.

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LINK

Sunday, June 20, 2021 7:05 PM

Baghdad / National News Center

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,

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link

FINANCE & DEVELOPMENT, December 2013, Vol. 50, No. 4

Introducing a new currency is a complex process—one that Turkmenistan completed successfully

Currency reforms are typically complex and risky: global experience confirms that a successful outcome is never guaranteed. The main ingredient in the successful introduction of a new currency is a strong commitment by the central bank together with the government to take the steps needed to ensure that the new currency is perceived as stable by companies, the general public, and the international community.

http://www.imf.org/external/pu…..nnberg.htm

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Expert: There are pros and cons

In turn, economist Safwan Qusay says in an interview with (Baghdad Today), “There is no urgent need to issue a new paper currency with a denomination of 100,000 Iraqi dinars or more, and the proposal to delete the zeros requires a bank effort and withdraw the circulating currency”

On the other hand, he added, “the level of circulation of the Iraqi dinar is very easy, therefore printing a large currency in denominations of 100 thousand Iraqi dinars or more will facilitate the process of large financial exchange,” indicating that “the responsibility and task of issuing these categories of currencies rests with the Central Bank”

He continued, “The process of issuing money needs financial cover in hard currency or gold, in addition to the market’s need for time to absorb the level of devaluation of the local dinar that the government has recently undertaken

Qusay pointed out that “the step of deleting zeros from the currency raises the level of confidence in the dinar and reduces the burden of transferring cash as well as calculations, but conducting it now may confuse the market because it needs to withdraw the dinar from traders 

Al-Kazemi cited during a speech at the Iraqi Cabinet session held last Saturday, in several countries, including South Korea and Singapore, when they had previously taken “difficult decisions” in order to reform the economy

LINK

and inject a new currency”

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In statements monitored by Yass Iraq, Burehi said, “Up to now, there is no information confirming or indicating the cause of raising the price of the dinar against the US dollar, and we cannot talk about it, and no one has the right to address the issue because it is exclusively related to the central bank.” “The exchange rate has reasons and obligations that are decided exclusively by the Central Bank.”

link

Source: Dinar Recaps

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