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Tishwash:
Parliamentary Finance Committee: There is an intention to issue banknotes in denominations smaller than 250 dinars.
About the news
The parliamentary finance committee revealed that there is an intention to issue smaller denominations of currency than the 250 dinar note.
This measure comes as a result of what has been described as the currency not having changed for a long time and the occurrence of counterfeiting.
The central bank governor distinguished between changing the currency and removing zeros.
According to the official newspaper, Jamal Kojar, a member of the parliamentary finance committee, revealed that “during its recent meeting with the governor of the Central Bank, the finance committee raised several questions related to removing zeros, printing currency, banks that have closed, as well as the general financial situation.”
Changing the currency is one of the exclusive powers of the central bank.
While removing zeros requires legislation from the House of Representatives at the request of the government.”
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Changing the currency becomes necessary after a long period of time has passed since the current currency was introduced and counterfeiting operations have occurred.
There is an intention to issue smaller denominations of currency than 250 dinars, and the reason for this trend is that the currency has not changed for a long time and has been counterfeited.
Kujer concluded by saying that “printing the new currency,” if it happens, will be followed by a period of time to withdraw the old currency from circulation, but this period has not yet been determined as the central bank is still studying the details of the process.
The zero removal file is back in full force.
The project to remove three zeros dates back many years, as the Central Bank began studying the idea in 2007, and its former governor, Ali Al-Alaq, said in 2024 that the project “is still in place,” without specifying a date for its implementation.
But the issue resurfaced strongly last August, with parliamentary talk of including the “Zero Removal Law” within a package of economic measures, and then proposing other options including changing the currency or issuing new denominations. (LINK)
The plan is to issue new banknotes smaller than 250 dinars.
Revealed by a member Finance Committee Parliamentary Jamal Kojer The committee held discussions with the Central Bank Governor regarding the removal of zeros from the currency, currency printing, closed banks, and the overall financial situation, confirming a trend towards issuing new currency denominations. smallest From the 250 dinar denomination.
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Kujer explained that the Central Bank Governor distinguished between “changing the currency” and “removing zeros,” noting that changing the currency falls within the exclusive powers of the Central Bank and is a necessity after a long period of time since the current issue and the emergence of cases of counterfeiting, while removing zeros requires the enactment of a special law.House of Representatives Based on a government request, according to the official newspaper.
Kujer added that printing the new currency, if approved, would be followed by a period of time to withdraw the old versions from circulation, noting that this period has not yet been determined, given that the central bank is still studying the technical details of the process. (LINK)
Source: Dinar Recaps
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Tishwash:
An economist predicts the return of the 50 and 100 dinar denominations with the currency change.
Economic expert Mustafa Hantoush suggested on Sunday that the 50 and 100 dinar denominations would return to circulation if the currency change were to proceed, noting the possibility of issuing new currency denominations with stronger security features .
Hantoush said in a televised interview followed by Al-Sa’a Network that “the Central Bank may issue a new currency with advanced security features, with the possibility of introducing currency denominations less than 250 dinars, such as 100 fils .”
He added that “the Central Bank may move towards issuing 50 and 100 dinar denominations in the next stage,” indicating that “the return of these denominations may contribute to supporting the currency and strengthening the position of the Central Bank .”
He explained that “the Central Bank has not yet made a final decision regarding this step, while the government is working on forming a committee to study the issue, pending the completion of the procedures related to it within the House of Representatives. (LINK)
Baghdad, Washington Discuss Wider Bilateral Cooperation
Iraqi PM Ali al-Zaidi meets US Chargé d’Affaires Steven Fagin in Baghdad to discuss strengthening bilateral ties and easing regional tensions through dialogue.
Iraqi Prime Minister Ali al-Zaidi received Steven Fagin, Chargé d’Affaires of the US Embassy in Baghdad, Steven Fagin, on Sunday, with both sides underscoring the importance of dialogue and diplomatic tools in easing regional tensions and safeguarding the interests of the region’s peoples.
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According to a statement from the Iraqi prime minister’s office, the meeting addressed ways to strengthen bilateral relations between Iraq and the United States, with discussions covering the expansion of joint cooperation across various sectors in a manner intended to serve the shared interests of both countries.
The statement said the meeting also touched on the broader situation in the region, with al-Zaidi and Fagin agreeing on the necessity of relying on dialogue and diplomatic means as the sole path to reducing tensions. Both sides framed this approach as essential to reinforcing the foundations of security and stability and protecting the overriding interests of the region’s peoples.
The meeting reflected continued engagement between Baghdad and Washington as both governments signaled a shared commitment to diplomacy amid ongoing regional uncertainty. (LINK)
Governor of the Central Bank of Iraq: America is considered a safe haven for Iraqi investments.
The Governor of the Central Bank of Iraq , Nizar Nasser Hussein, said that the United States of America is considered a safe haven for Iraqi investments.
Hussein added on Sunday: “We invest in the United States as it is a safe haven and the only country that has granted Iraq immunity, and the risks of investing in other countries are significant.”
He explained that “the total amount of currency issued in Iraq is $81.7 billion (107 trillion dinars), and what is circulating in the markets is close to $30.5 billion (40 trillion dinars), and that changing the currency is within the powers of the Central Bank, and removing zeros requires legislation in the Iraqi parliament,” according to the German Press Agency “DPA”.
Hussein continued: “There will be no more sanctions from international bodies on the Iraqi banking sector. We are continuing the reform process in coordination with Oliver Wyman. International confidence in the Central Bank of Iraq is very high, and the seven banks that were allowed to deal in currencies other than the dollar may start operating soon.”
He explained that “the majority of depositors’ funds in the Iraqi Islamic Spectrum Bank are guaranteed, and if a deficit occurs, the Central Bank of Iraq will intervene. The current government is run with a private sector mindset, and the media plays an important role in improving Iraq’s image internationally.” (LINK)
Ford officially enters the Iraqi market on October 1st.
Ford is officially returning to the Iraqi market starting from October 1st, after appointing North Island Automotive Trading and Commercial Agencies Company (SAT) as its exclusive distributor in the country.
The appointment was based on a strategic alliance between March Holding Group and Al-Alayan Group, and North Island Company will be responsible for distributing cars, providing original spare parts, and offering after-sales services throughout the country.
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Ford indicated in a statement received by Kalima News that “North Island Company (SAT) will, under this appointment, be responsible for distributing Ford vehicles, providing original spare parts, and offering after-sales services throughout Iraq.”
The company added that “this embodies the depth of our long-term strategic commitment to the Republic of Iraq, and our keenness to facilitate our customers’ access to modern Ford models, original spare parts and advanced maintenance services,” explaining that “we are working to strengthen our sales and service network, consolidating the strong bridges of trust that customers in Iraq have built with the brand over the past decades.”
Ford Middle East and North Africa President Ravi Ravichandran said: “Iraq is a key focus of Ford’s growth plans in the region, and we always strive to provide the best services to our customers there in the long term. North Island Company (SAT) shares the same vision that puts the customer first, based on quality standards and sustainable growth, and the company’s experience and deep understanding of the local market will contribute to enhancing the Ford customer experience from the purchase decision to after-sales services.”
For his part, North Island CEO Mohammed Aliyan affirmed that “Ford has a long and distinguished history in the Iraqi market, as it has represented a symbol of reliability and quality for several generations,” adding that “our role today is not limited to distributing cars only, but also includes preserving this legacy and enhancing the trust that the brand has built over the decades.”
Aliyan continued, “We established North Island Company (SAT) on a sophisticated infrastructure, qualified human resources, and a full commitment to delivering the integrated Ford experience that customers in Iraq look forward to and deserve.” (LINK)
Central Bank Governor: We are continuing to reform the banking sector and support the national economy.
The Governor of the Central Bank of Iraq, Mr. Nizar Nasser Hussein, affirmed the bank’s continued commitment to implementing its banking sector reform program in coordination with Oliver Wyman. He indicated that the coming phase will witness further positive developments in the banking sector and enhanced integration with the international financial system.
During a dialogue with several economic experts, the Governor explained that international confidence in the Central Bank of Iraq is very high, emphasizing the strengthening of internal oversight and the implementation of preventative measures for financial and banking institutions.
Regarding depositors’ funds, the Governor stressed that the vast majority of deposits in the banking sector are guaranteed. He clarified that in the event of any disruption or shortfall, the Central Bank will intervene within its powers and responsibilities. He reassured the public that the Central Bank is capable of managing crises, given its reserves, financial instruments, and contingency plans.
Regarding the money supply, the governor explained that the total amount of currency issued for circulation is approximately 107 trillion Iraqi dinars, and that changing the currency will help determine the true amount of money circulating in the markets.
He emphasized the important role of the media in supporting economic and banking reforms and contributing to improving Iraq’s image and enhancing international confidence in the country. He also noted that the current government is operating with a vision based on the private sector and its role in economic development.
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In support of economic activity, the Governor revealed new lending initiatives that the Central Bank intends to launch to support important and vital projects, thereby stimulating investment and production and strengthening the role of the private sector in the national economy.
He emphasized that banking reform is an ongoing process aimed at building a more efficient and competitive banking sector and strengthening its relationship with the international financial system, thus serving financial and economic stability in Iraq.
Baghdad – Media Office (LINK)
Source: Dinar Recaps
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