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Post by Ssmith on Sun Nov 11, 2018 9:32 am


Don961 » November 10th, 2018

From 2011 ... Mr. Saleh ...

Iraq Said To Be Planning Currency Overhaul, Redenomination

June 24, 2011 16:03 GMT

BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.

Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.

He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.

He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.

In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.

He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.
Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.

Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund, of which Iraq has been a member since 1945.

The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament.

Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign. link

Qatar offers to use its banks to circumvent sanctions against Iran

- 10 Hours Ago

BAGHDAD - The State of Qatar has offered to Iraqi officials to use banks in Doha to circumvent US sanctions that restrict financial transactions with Iran, political sources in Baghdad said.

The sources told the "Arabs" that "this presentation was conveyed by Qatari Foreign Minister Mohammed bin Abdulrahman al-Thani during his visit to Baghdad on Wednesday," where he met with senior executives and politicians in the Iraqi capital.

"These efforts are part of Qatar's desire to help Iran, which is facing severe US sanctions because of its nuclear file, its ballistic missile program, and its interference in the affairs of a number of countries in the region, including Iraq," the sources said.

Iraqi politicians close to Iran support the implementation of the country proposal. "Tehran has already sided with Doha when it came under a Saudi boycott by sending food urgently to Qatar," they say.

But the sources ruled out Iraq's approval of the Qatari proposal, which may expose Baghdad to harsh US sanctions, realizing that "Doha's relations with some Iraqi armed factions loyal to Iran, since the deal to release the Qatari fishermen kidnapped in Iraq, may be a gateway to implement the Qatari proposal away from official outlets For the Iraqi government. "

The United States has given Iraq some exceptions from the list of countries that are obliged to impose sanctions on Iran. US State Department envoy Bryan Hawke said his country had granted Iraq a "special exemption", allowing Baghdad to "import electricity and gas from Iran and pay their wages."

But the US official said that "this exemption is temporary," stressing that the Iraqi government is required to provide a timetable to find a substitute for imports in the energy sector from Iran.

The US embassy in Baghdad announced on Thursday that Iraq had been granted a 45-day exemption for continued imports of gas from Iran, which is subject to Washington's sanctions.

"Iraq is not part of the sanctions regime," Iraqi Prime Minister Adel Abdul Mahdi told a press conference on Tuesday, without giving further details.

Iraq buys about 1,300 megawatts of electricity to feed the national grid, as well as gas to operate a number of generating plants.

Even with this exception, Washington has obliged Baghdad to open an account in Iraqi dinars to pay for Iranian imports, a new restriction on remittances between Iraq and Iran.

Iran is pressing Iraq to pay its imports in US dollars or euros, but US sanctions prevent this.

Well-informed sources in Baghdad said the United States had already begun a series of measures to monitor trade mechanisms between Iraq and Iran.

The Iraqi prime minister will not risk upsetting Washington by allowing the payment of imported energy in US dollars, but paying the Iraqi dinar will not satisfy the Iranians either.
Therefore, observers are likely to resort to Iraq to a kind of barter, whose idea is to export raw materials needed by some industrial sectors in Iran, to pay the electricity and gas imports from them.

The Arabs have learned that the Iraqi side has proposed to the United States to open an account, under control, in US dollars, in which the amounts due to Iran from the import of electricity and gas are placed, and that these amounts are spent on supplying the humanitarian needs of Iran exclusively.

"This proposal is subject to American review," the sources said.

The Arabs link

DELTA » November 10th, 2018


"Even with this exception, Washington has obliged Baghdad to open an account in Iraqi dinars to pay for Iranian imports, a new restriction on remittances between Iraq and Iran"



Kingofmlez » November 10th, 2018


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