TNT:
Tishwash: Iraq Communication Minsters Mentions Plan To Remove Zeros in an Interview
Don’t read anything else into this other than the words there
He was interviewed and mentioned there is a plan to do it
It is not an announcement and no date was given
It is still pretty cool!
Tishwash: Parliamentary Finance Committee: Removing zeros from the Iraqi dinar is under discussion at the Central Bank.
Member of the Parliamentary Finance Committee, Ahmed Hama Rashid, revealed today, Saturday, that the issue of removing zeros from the Iraqi dinar is being discussed in the corridors of the Central Bank.
Rashid said in a press statement to “Al-Jarida” that the project is linked to the goal of raising the purchasing power of the dinar, noting that the idea was put forward since the time of the civil administrator Paul Bremer, and it also aimed to address what is known as the “monetary illusion,” since the circulation of millions of dinars gives the impression of owning large sums of money.
He added that removing zeros aims to simplify cash transactions and reduce the volume of numbers circulating in Iraqi currency. link
PicTishwash: Oil company signs agreement with Japan’s JGC to boost gasoline and liquefied gas production
The Ministry of Oil signed an agreement on Friday with the Japanese company JGC to boost production capacity for gasoline, gas oil, and liquefied petroleum gas (LPG).
In a statement received by Mawazin News, the Ministry of Oil said, “The ministerial negotiating committee, under the supervision and guidance of Oil Minister Basim Mohammed Khudair Al-Abadi, and chaired by the ministry’s advisor, Hamid Younis, with the participation of the Director General of the South Refineries Company, Hussam Hussein Wali, reached an agreement with the Japanese company JGC, the operator of the FCC catalytic cracking project, to resume work on the project on August 10, 2026.”
The statement added that “the company has begun transferring its personnel to the project site and resuming operational work and the necessary preparations for the units to complete the project and operate it at its design capacity.
The project will contribute an additional 5 million liters per day of gasoline, approximately 7 million liters per day of gas oil, and 400 tons per day of LPG.” link
Tishwash: Despite the decline in the central bank’s reserves, an economist told Iraq Observer: Al-Zidi is launching financial reforms and attracting investments to boost the Iraqi economy.
Prime Minister Ali Faleh al-Zaidi’s recent actions have highlighted significant economic achievements. He announced a program and performance-based budget for the first time, linking government spending to results in a move aimed at improving the efficiency of public finances.
He also launched a series of financial reforms, including austerity measures and salary restructuring, along with initiatives to encourage employees to take extended leave at half pay to ease pressure on the budget.
Economist Idris Ramadan emphasized that Prime Minister al-Zaidi’s initiatives to attract global investment and implement financial reforms came despite the decline in the Central Bank’s reserves to 102 trillion dinars.
Ramadan told Iraq Observer that “sovereign expenditures, including employee salaries, are increasing year after year, hindering the government’s efforts to achieve monetary stability.”
He added that “the government has initiated reform measures such as granting employees five-year leave at half pay, adopting austerity policies, and opening the door to foreign investment, including American investment, to alleviate pressure on foreign currency reserves.”
He continued, “These steps aim to protect the Central Bank from depletion and ensure the sustainability of reserves, at a time when the Iraqi economy remains hostage to fluctuating oil prices and high government spending.”
Ramadan concluded by saying that “the Prime Minister has focused on attracting global investment, with major companies, including American and European ones, expressing interest in entering the Iraqi market, which enhances opportunities for economic diversification and reducing dependence on oil.
He also emphasized combating corruption and creating a secure investment environment, as all these reforms aim to protect the Central Bank’s foreign currency reserves and ensure financial stability.” link
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Tishwash: Exclusive: A comprehensive assessment of Iraqi bank management paves the way for anticipated restructuring.
An informed source revealed on Saturday that there is a government trend to conduct a comprehensive evaluation of the performance of the administrations of state-owned banks, while exploring the possibility of making administrative changes in a number of banks, due to their “weak” contribution in supporting the government and citizens under the current financial circumstances.
According to the source who spoke to Shafaq News Agency, government banks are facing criticism regarding their limited role in supporting citizens, particularly in providing loans, advances, and banking services that would alleviate the financial burdens on citizens, in addition to supporting economic activity and introducing technologies and electronic systems into their work.
According to the source, there is a need to comprehensively reassess the performance of the managers of government banks, measure the level of development achieved in their institutions, and assess their ability to improve and expand banking services in line with the needs of citizens and the requirements of the current stage.
According to the source, appropriate administrative measures will be taken against those found to be negligent, especially since some government banks still rely heavily on paper procedures, with limited use of electronic systems, in addition to considering changes in departments that have not been able to make a tangible contribution to the performance of banks or develop their services.
He stressed that the next stage requires more effective banking administrations capable of supporting the national economy and enhancing the role of the banking sector in facing financial challenges, through developing services and expanding the scope of loans and advances provided to citizens.
The source concluded that the reassessment of the performance of government banks comes within the framework of seeking to raise the efficiency of government financial institutions and enhance their ability to provide banking services, loans and advances, in a way that contributes to supporting citizens and driving the economy link
