Director of the Issuance Department of the Central Bank: Printed currency volume exceeds 11 billion and 600 million dinars
Most of the Iraqi Central Bank steps are subject to political and legal environment of the country , especially in regard to the deletion of zeros that counted specialists in the earlier trend sensitive and dangerous may still be , but the central remains the most important institution in terms of the need to adjust the financial management in light of the financial crisis experienced by the the Iraqi economy, which must have to deal with dilemmas , whether with regard to the citizen or the work of the central bank itself.
Questions concerning important files posed (range) in this meeting , the director of the release and the Treasury in the Central Bank Aa’bas behind, and with being answered by briefly he pointed out the most important points that showed that the currency is good for circulation deposited Central has exceeded one billion and a quarter of a million dinars an amount that is not a little if they were compensated by the stored banknotes at the bank , as some believe, at the time between the printed currency size has exceeded the “11 billion and 600 million dinars, he urged citizens on the need not to keep large amounts in homes or buried in the ground , the fact that the process of replacing in the event expose Dt to burn or damage costs the central administrative and financial burdens, stressing that the counterfeit currency rate is still within the internationally accepted borders, with the central quest to carry out an information campaign to educate the public on how to distinguish between the original currency and Almzorh.oicol behind on a question about the possibility of having higher versions of a class (50000 ) dinars?
– No at present intention to issue a higher class category (50000) dinars.
* What about the subject of the deletion of zeros and the reason for the delay?
– the decision on the deletion of zeros cannot be taken in isolation from the political and legal environment in the country under conditions the security situation as a result of terrorist acts and exit from the provinces outside the control of the state for the years 2014, 2015, 2016 which prevents certainly to wait in the implementation of this project, in addition to that this must be done in coordination with all state departments and the private sector, where it should be followed by changing the paragraphs contained in the various laws, which include a reference to fines or lump – sum collection of fees, must also change the financial and statistical records in order to conform with the project process the deletion of zeros. On the other hand, the technical preparations are underway by us.
* How is the cost of the annual replacement and replacement of damaged currency?
– First , there is no substitution instead of a damaged annually, as the bank instead seeks to issue new papers for security specifications developed, so the cost is reduced in this way it is the cost of issuing new banknotes specifications better used at the same time damaged to the replacement of currency from the previous editions .
We seek to carry out an information campaign to distinguish between original and counterfeit currency
* How discovered the counterfeit currency of the size?
– The Central Bank of Iraq resorted to the use of machines to sophisticated counting and sorting which can detect counterfeit currency, in addition to banks guide using modern techniques in the currency examination, but the problem is not doing shopkeepers enough efforts to use the machines to check the currency, as the bank seeks to campaign media to sensitize the public on how to distinguish between the original currency and counterfeit currency by issuing a booklet definitions and (posters) for this purpose and will be distributed to banks in major shopping malls, and in all cases, the counterfeit currency rate is still within the internationally accepted borders , where even T ratio (0.000025) (Twenty – five million paper sheet).
* What currency damaged by fire or poor storage of citizens compensation mechanisms?
– While we hope the citizens do not keep large amounts in homes or buried in the ground, and to do instead in the deposit with the banks, as the replacement of the burnt currency process or damaged it costs the central bank financial burdens and administrative Colva unwarranted, however the bank is to receive citizens whose savings in Iraqi currency to fire accidents provided that they are documented by the civil Defense Department and be sourced from the project, either in terms of currency (buried) are sufficiency statement on the sources of these funds, and in this regard we call on citizens not to accept the mediation of any hand to Astb The Iraqi currency and that this bank does not receive any commission for its replacement.
We applied security methods with modern technology advanced counting and sorting currency
* What future plans for the central bank currency and print?
– Iraqi Central Bank seeks to keep pace with the evolution of printing currency and modern technologies both in currency printing or counting devices and sorting the currency where they are constantly adding new security features in addition to the acquisition of advanced machines counting and sorting currency, was dispensed with final counting and manual screening process.
* How much is the size of the torn currency and how much of the size of the printed currency?
– The number of banknotes unfit for circulation deposited with this bank (1,277,049,543) cash paper of various categories, where they are compensated from the stored banknotes have this bank, as the number of printed banknotes (11,615,265,154) cash paper of various categories.
Read More: http://www.dinarupdates.com/showthread.php?48060-Dir-of-the-Issuance-Dept-of-the-Central-Bank-(range)-Printed-currency-11-Billion&p=171964#post171964
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Sadr urges Assad to resign
Sadrist Movement’s leader Muqtada al-Sadr urged on Saturday Syrian regime president Bashar al-Assad to resign if he wants to save Syria from terrorism.
Bashar al-Assad has to resign and hand over the leadership of Syria to competent leaders who can fight terrorism, al-Sadr said in a press statement.
Al-Sadr also criticized Trump’s decision to strike Syria, describing this move as “reckless” and urged the US president to oust the US from the Syrian conflict so it doesn’t turn out to be a new Vietnam.
The Sadrist leader stressed that the US strike may have given ISIS the green light to expand to other countries.
Al-Sadr also noted that the US intervention in Syria won’t help solve the situation. He added that US couldn’t help Iraq in 2003 invasion.
Russia and other factions fighting in Syria must withdraw from the war-torn country to enable the Syrian people to rebuild their country.
Read More: http://www.thebaghdadpost.com/en/story/9105/Sadr-urges-Assad-to-resign
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Kurdistan Region to enforce income tax law on private sector
ERBIL, Kurdistan Region – Ministry of Finance and Economy of the Kurdistan Regional Government (KRG) has given a deadline of April 21 to the region’s private sector to comply with the ministry’s decree of 2011 which subjects the private sector’s companies and employees to pay a tax of five percent in their income to the government, or face necessary fines.
A five percent income tax will be imposed on public and private sector employees whose salaries exceed one million Iraqi Dinars (IQD), the KRG’s income tax law passed by the parliament in 2011, reads.
The KRG has given the private sector a 12-day notice to abide by its income tax law which was amended nearly five and half years ago, but remains unimplemented to date.
The Ministry of Finance and Economy has issued a statement on the outstanding status of the law and sent a copy of it to Rudaw, warning the private sector of fines if failed to comply with the law.
“All payment reports must be submitted to the directorate of income tax before the deadline of April 21 expires or necessary fines will be levied.”
The KRG approved a set of instructions this year to directly cut the income of those violating its income tax law. According to these instructions, Employees who fail to submit their income tax report on time will “be fined by 75,000 IQD.” They will also be “subjected to a fine of 5 percent in the overall tax they fail to pay, that is if they are late in paying their taxes.”
The instructions state that the income tax law will not apply on “pensioners, expenses dedicated to treat patients, an accident happening while at work, death compensations, salaries and endowments of diplomats.”
“The system was already there. And it will now be applied to all companies in a practical way. Government employees have already been paying their taxes annually,” Dr Kamal Tayeb, director general of the tax office at the ministry of finance, told Rudaw.
Rudaw.net
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1bobby (Dinar Guru) – Article: “Office: Abadi agreed with the delegation of the Kurdistan Region to remove obstacles that prevented the activation of Article 140” The infamous Art 140 is in the Constitution, just not activated and or implemented. Now 140 does not cover all of Iraq, just Kirkuk and the disputed territories, Kikuk being ground zero. With Abadi agreeing to remove all obstacles to implement 140 is a HUGE step forward and something the Kurds can work with. Now while there are numerous cities/districts covered under 140, Kirkuk is the main concern. Kirkuk sits atop one of the largest oil reserves in Iraq, most reports estimate over 40 billion barrels of oil. …If Abadi is willing to remove the obstacles, then the Kurds will control Kirkuk. This action does not require a Parliamentary vote since it’s already in the Constitution. What Baghdad wants is what the constitution states “All oil within Iraq belongs to all Iraqi’s“…So if the Kurds get what they want, Baghdad will want all oil proceeds to flow thru Baghdad and then %’s will be distributed accordingly. We’ll just have to let this play out and see what they do, not what they say.
Read More: http://www.dinarupdates.com/observer/
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Reduce the prices of wireless segments from 10 thousand to 1,000 dinars only
Baghdad / Isra Samarrai – The Ministry of Communications reduced the prices of wireless chips to 1000 dinars instead of 10,000, coinciding with the reduction of the prices of the sale of optical network devices within the projects of optical access networks for homes. (So – less than a dollar?? Really??)
The director of the General Company for Communications and Post in the ministry, Dr. Nazem Lefth Khashjouri said in a statement to the “morning”: The Board of Directors of the company decided during its recent meetings, to reduce the prices of wireless phones to become 1000 dinars, instead of 10 thousand dinars, indicating that the decision came in conjunction with the reduction The prices of the sale of optical network equipment within the projects of optical access networks for homes.
He stressed that the reduction will achieve more interaction by citizens and the desire to buy wireless chips, which will expand the work of the systems according to the modern stations that manage the wireless services in Baghdad and the provinces, noting that his company formed the Directorate of Messaging Systems to organize and manage the work of the messaging sections of the ministry to collect one department and manage more Flexible and efficient for each of the sections of the communications and the public data network and government communications and the division of submarine cables, indicating that the new Directorate will opt for optical and micro-communication and the work of cable and coaxial cables and the passage of international wild capacities
And the Navy.
Khashjouri pointed out that the formation of a unified Directorate came because of the convergence of the nature of the work of those sections within the competencies of optical and micro-communications, which called for the formation of the new Directorate referred to, which will ensure the promotion and development of partnership projects in the provision of Internet service for citizens.
Alsabaah.iq
Iraqi Dinar/Dollar auction 04-09-17 (most recent listing)
Currency Auctions Announcement No. 3418
This daily currency auction was held in the Central Bank of Iraq on the 04-09-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 35 |
| Number of remittance companies | 11 |
| Auction price selling dinar / US$ | —– |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 158,901,491 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 158,901,491 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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The following .PDF is the review by RCookie of the IMF board’s publishing of Iraq’s SBA (excellent info) – He would have wanted you all to have it.. posting the whole .PDF was the only way to get it on here. Enjoy. BGG
Robert Cook CSW CSS CBP CST CTC
Iraq:
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1262.854 | 1262.223 |
| British pound | GBP | 1474.790 | 1474.053 |
| Canadian dollar | CAD | 882.397 | 881.956 |
| Swiss franc | CHF | 1179.988 | 1179.398 |
| Swedish krona | SEK | 131.554 | 131.488 |
| Norwegian krone | NOK | 137.734 | 137.665 |
| Danish krone | DKK | 169.854 | 169.769 |
| Japanese yen | JPY | 10.715 | 10.710 |
| Special Drawing Rights |
SDR | 1606.617 | 1605.814 |