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Baghdad- Iraqipress- April 11- To drop off zeros from Iraqi currency, the Parliamentary financial committe revealed that a committee from CBI was formed to issue 50 & 100 New Iraqi denomination as a prestep towards dropping off zeros and revaluation.
In this respect, the Committee member Masud Haider said:- The CBI governor and the formed Committee are studying this subject, the security fields & comparison with the other denominations as a preliminary step towards the beginning of New Denominations issuance.
He pointed out that there are still procedures towards the dropping off zeros and RV as there must be large denomination that should be replaced with the new 50 dinar denomination, for example.
Economic Adviser to the Prime Minister warned the appearance of Mohammed Saleh, citizens and various bodies of promoting rumors that talk about the deterioration of the dinar, noting that he left Iraq cheap money policies that were in the days of the siege.
Saleh added, “We carry our national responsibility and move towards work and maximize production, which provides income, it is natural to face different economic volatility, especially as they are limited and do not lead to complete deterioration also depicts other.”
He continued that “the Iraqi dinar exchange remains strong with a slight decrease by virtue of its association with the balance of payments, and can control the pattern of declines so easily.”
He stressed the Prime Minister Haider al-Abadi, last Monday, the importance of the central bank maintains its independence, and that works to promote the financial and economic reality of the country and draw financial and economic policies that enable us to move forward towards what we aspire to.
He stressed the importance of the banking system to Iraq sophisticated comparable to developed countries, pointing to the need for the control of the Iraqi dinar exchange rate mechanisms.
Away from the limelight hedge many countries in gold on the dollar account. The BRICs are trying to establish institutions to break the monopoly of the IMF and the World Bank controlled by the West. Does this mean that the dollar’s dominance on the international monetary system has become a matter of time?
The US currency-that Atar- recently witnessed a significant rise in the price towards the euro and other currencies by Amylin main objectives: the first is based on the expectation imminent raise its key interest rate, which is still up to 0 to 0.25 percent. The second reason is based on expectations of an increase of the strength of the US economy’s recovery, which is still its growth rate up to 2.5 percent, compared to less than 1 percent in the European Union. However, these hopefuls appear in is replaced by now, after the announcement of the Federal Reserve (ie, the US central bank) in the second half of March / March 2015 that it was not in a hurry to raise interest rates, because the growth indicators do not point to further recovery, as does not predict higher inflation.
In this light, it makes sense to stop the rise of the dollar over the euro and other currencies if it comes to indicators of the US economy. However, the US currency not subject to the logic of which is subject to him the other major currencies in the world, being a global currency governing global trade and currency exchange quasi only to buy and sell raw materials, particularly oil and gas. Therefore, all countries in the world needs a dollar -kaamlh again along Aloutnah- their currencies in order to trade their goods, especially the strategic ones.
The US economy – high indebtedness and structural crisis
The performance of the auto industry downturn in the United States, with its presence in global markets example of the decline of export strength of the US economy.
However, the continued global dominance of the dollar is no longer taken for granted since the outbreak of the global financial crisis in 2008, according to the opinion of many analysts. This reflects the decline in the export strength of the US economy and the continuation of the structural crisis that caused the global financial crisis and other recent crises precedent almost kill the current international monetary system into the abyss. To make matters worse and increase the size of the US debt to more than $ 18 trillion, or more than US GDP estimated at $ 17 trillion. If we take into account the social support funds, the debt obligations of the United States to become the highest of Greece’s debt relative to GDP.
Nevertheless, the US central bank will continue to print hundreds of billions of dollars are dumped on the market under the pretext of fighting deflation and revive the economy. This alarming situation pays a lot of countries -ovi forefront of China, Russia and India to reduce their reserves of US currency gradually and Sri favor hedge the euro, gold and other values. However, the financial crisis in several countries in the euro area has recently paid more cautious about the European currency hedge and the trend to buy gold and hedge it. The available data indicate that there is a strong bullish wave around the world to buy gold to the extent that it seems to be working on the formation of gold reserves similar to what was the case until the seventies of the last century, when the value of the currency linked to the size of the gold coverage.
RICARDES: the dollar will not continue the dominant currency
Is it approached the day on which the Chinese yuan become a global reserve currency?
The question that arises here: Is the global trend to buy gold and get rid of the dollar indication for the birth of a new international monetary system is one of the pillars of the dollar, rather than be controlled and dominated it? Interestingly, in his book “monetary collapse / The death of Money” well-known American writer James RICARDES talking about the collapse of the indicators mentioned system for the benefit of the system is not clear yet pillars. One of these indicators, for example, try the BRICs (Brazil, Russia, India, China and South Africa), the establishment of financial institutions to Aihimn the West and Japan as it is in my case Monetary Fund and the World Bank. BRICS countries have planned to lay the foundations of these institutions should -alta the financing of infrastructure projects and solving Alozmat- monitor the amount not less than $ 150 billion so far.
The new here is to provide a loan does not give preference to the US dollar. However, China -hsp Ricards- not only at this level to work in the framework of BRICS, but intensify buy gold and hold to finance international transactions in the Chinese currency, “Yuan” agreements. Perhaps the most prominent of the swap agreement between the Swiss franc and the yuan, which opens the way for the adoption of the Chinese currency as the currency of international reserves are increasingly.
In turn, Russia is, after the imposition of Western sanctions in the midst of the Ukrainian crisis, to reduce its dependence on the dollar through bilateral payment of national currencies with China, India, Iran and other agreements.
In the Arab world, the most dramatic step in this context is at the feet of Saudi Arabia to open its stock exchange to foreign investors is easier for the Chinese and other investment companies and funds in Saudi Arabia. Which will help to mitigate the recent reliance on oil, which is sold in dollars.
Everyone’s interest in quiet shifts
All countries of the world reserves -bhma much or Mak- large amounts of US currency as a reserve needs to finance its trade and investment. China alone, for example, has nearly two trillion dollars. Accordingly, the various countries, especially with large reserves of the dollar has no interest in getting rid of it quickly in cases of causing panic in the markets and lead to a dramatic collapse in the dollar value of the reserves in a way that threatens it. Hence, the ease reserve it gradually and quietly in favor of other alternatives on the one hand, and the establishment of regional and international financial institutions to end domination system on the other hand, it may be a more appropriate way to build a new international monetary system, the dollar is one of the pillars instead of being controlled.
It remains to be Ntnzer to know the answer to the questions arise here: Is the new system will be based on a basket of currencies or gold on the basis of coverage or on both? Any will play the role of the International Monetary Fund in the event of lay the foundations of international financing funds away from the dominance of the West?
On last Sunday, Central Bank of Iraq, CBI has revealed that the arrival of foreign currency reserves of more than $88 billion, stressing that it contributes to the stability of the dinar could be a “source of pride” for the Iraqis.
Abdul-Basit Turki, the governor of the Central Bank and the Agency, stated in an interview session that “The bank accounts the beginning of October 2013, recorded a reserve exceeds 76 billion dollars of hard currency.”
“The accounts of November, exceeded the barrier of 88 billion dollars of those currencies,” he remarked.
“The rise of the foreign currency reserves will be reflected positively on Iraq through its contribution to the stability of the local currency that witnessed a remarkable rise recorded before their foreign counterparts.”
In May, 2012, the central bank of Iraq has announced that the foreign currency reserves reach 74 billion dollars, assuring that t represents “the highest rate recorded in the history of Iraq.
Despite the war being waged against al-Iraq “Daash” The decline in oil prices that has plagued public Bmalith still can rely on oil reserves to attract buyers to the first publications of international bonds in nine years.
Finance Minister Hoshyar Zebari said last week, “Reuters”, “The central government is discussing with Citibank and Deutsche Bank version potential bond dollar worth five billion dollars for five years to help them bridge the budget deficit.”
It is believed a lot of fund managers that Iraq will fall short of selling such a huge amount of bonds at once especially as he did not get a credit rating from one of the major agencies, and obtain a credit rating could take months.
It is true that the bond support specific revenue oil will boost investor demand but the government has not said it would do so tied her hands may refuse this way, so you may be offered a smaller version in the coming weeks, perhaps between $ billion and two billion.
But there is no doubt that Iraq still can enter the international debt market whenever he pleases. Oil Vahtiatath very huge and plans for the production of this oil is very ambitious as to make it attractive market for funds wanting exposure to political risk compared to reap high returns.
The increased Iraq’s second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) production to 3.4 million barrels per day in January from 3.05 million barrels a year ago. Baghdad has said it aims to raise the total capacity to between 8.5 million and 9 million barrels per day by 2020.
Maybe this goal overly optimistic in light of security concerns and poor infrastructure and lack of liquidity, but the huge oil fields in Iraq, located in the southern region including them in safe from the organization “Daash” relatively attacks.
In the same context, crude oil prices reversed direction, on Tuesday, and re-ascent towards $ 57 a barrel since delivered a weak dollar overshadowed the slowing growth in China and the approach of the Saudi oil production from its highest level ever.
The inn Dollar 0.25 percent against the euro to worsen the losses suffered in the previous session, which enhances commodity prices denominated in dollars which moves in the opposite direction of the US currency.
The price of Brent futures 64 cents to $ 56.56, while stepped up US crude 60 cents to $ 48.05 a barrel , the difference between the already allocated widened to $ 8.51 a barrel in favor of Brent.
and reduced crude gains data showed a decline in factory activity in China’s second-largest economy and the largest net oil importer in the world in March.
recorded a preliminary reading of the index HSBC / Market purchasing managers 49.2 in March, down from the 50 level that separates growth activities and shrinking on a monthly basis, and analysts predicted Economists in a Reuters poll reading at 50.6.
The decline in the PMI in China after a report released last night reported that Saudi Arabia is the largest producer in OPEC pumps about ten million barrels a day, a figure approaching the highest on record and more than 350 thousand barrels per day from the figure provided by the Kingdom of OPEC production in February.
The Prime Minister called Haider Abadi central bank to control the Iraqi dinar exchange rate against foreign currencies.
A statement by the Office of Abadi received by all of Iraq [where] a copy of the “al-Abadi, received in his office the Governor of the Central Bank on the Keywords and stressed the importance of the central bank maintains its independence and that works to promote the financial and economic reality of the country and draw financial and economic policies that enable us to walk forward towards what we aspire to.
He pointed to the importance of the banking system to Iraq sophisticated comparable to developed countries, stressing the need to put the control of the Iraqi dinar exchange rate.
BAGHDAD / JD / .. Iraqis Economists Association predicted, Iraq was able to overcome its financial crisis, especially after the drop in oil prices and increase the budget deficit, noting that the government took it upon themselves to how to get out of the crisis period of time shortly.
The vice president of the association on behalf of Jamil told / BD /: that the government, despite its preoccupation war and military operations against terrorist groups, but it has developed an economic program aimed at development and emerge from the current financial crisis.
He added that the decline in oil prices to unprecedented levels form a major challenge for the government and ministries of the state in the implementation of its development, noting the current financial crisis will be gone within the next few days, especially after the use of government experts economists to develop studies and plans and mechanisms that must be followed to rescue the national economy.
Iraqi banknotes have been replaced by the Central Government of Iraq with new ones containing additional security features to make the currency more difficult to counterfeit, it announced last week.
The bank has reprinted small denomination paper banknotes (250, 500 and 1,000 Iraqi dinars) as well as larger denominations (5,000, 10,000, and 25,000 dinars), the bank’s treasury director Ihsan Shamran al-Yasseri told.
He also said, “The new currency, of which the small value ones have been offered for circulation, is not much different in form from the notes currently being used by the public,” adding that, “But these are infused with safer and more effective technical specifications containing security symbols and many technical characteristics that will give the notes longer life and make it difficult or almost impossible to counterfeit.”
Additional security features include a guarantee thread — a one-millimeter-long colored ribbon for the small category notes, and four millimeters for the greater value ones — in addition to visible colored strands, and others which can only be seen by scanners, he said.
He also said that new currency also uses SPARK, an optical security feature recognized worldwide. These added features will help protect Iraqi currency against forgery attempts, al-Yasseri said.
He also said, “The counterfeiting that has taken place of some of the high value notes in circulation was very primitive and easily-discovered, without the need to subject the money to scanning devices.”
The new banknotes are embossed with raised dots to enable blind and vision-impaired persons to use them, he said, and are covered by a protective film to prevent deterioration resulting from their constant circulation.
“Worldwide, the assumed life of paper money is three to five years,” he said. “The Iraqi notes in use now go back 10 years, and many of the banknotes, especially the small value ones, have become old and worn.”
The overall value of the paper notes to be reprinted comes to about five trillion Iraqi dinars ($4.3 billion), al-Yasseri said, and these will be gradually entered into circulation to replace the current notes.
He noted that offering new notes would not cancel out the paper notes that are getting used right now. The new ones will be circulated alongside the old ones. Reprinting Iraqi currency several years after its introduction is a “necessary requirement”, said economist Bassem Jameel Antoine.
He mentioned, “Many of the present currency notes have become overused and it was necessary to renew them with the addition of features that would make the notes more able to effectively resist the constant circulation as well as attempts at forgery.”
Numerous modern security features and technologies have been used to safeguard world currencies against counterfeiting and tampering, Antoine said. The public must be made aware of the features and specifications of the new banknotes in order to understand the importance of reprinting them and to encourage their circulation, he said.
The renewal of the banknotes is a good step towards achieving currency reform, said MP Ibrahim al-Rikaby, who serves on the Iraqi parliament’s economic committee. He said, “We support the replacement of old notes with new ones which have high print quality and features to protect the money against forgery or tampering.”
This step “will give the Iraqi dinar considerable strength against the other world currencies, as well as make it easy to carry and circulate in banking transactions, selling and buying operations, and currency exchange”, he said.
A conference was held on the motion of Iraqi energy in UAE, which disclosed that Iraq will cover 40 percent of the total world’s oil needs in coming couple of decades.
Different Iraqi officials attended the conference and discussed present drawbacks in Iraq which are restricting oil production. The country has better chances of development as more than $36 billion oil, energy, water and petrochemical contracts were given since 2008.
Around $200 billion will be invested by Iraq for oil exploration, as anticipated by the experts. In coming 6 years, 20 billion USD will be invested by the country for distribution of oil and refining the crudes. Iraqi budget is reliant upon oil revenues by more than 90 percent. 138 trillion Iraqi dinars will be reached by Iraq in this year’s budget.