[ronscarpa]

"Iraqi currency needs radical reforms that commensurate with location of the country," economist says




Saturday, May 29th 2010 1:58 PM - AK News

Baghdad, May 29, (AKnews) - The Iraqi situation needs radical reforms in the coming period, in line with foreign currency to support the local market, the oil situation and economic development in the country," an Iraqi economic expert said on Saturday.



"The next stage requires activating the role of the government to makeradical reforms to the issue of financial currency and how it fits withthe value of foreign currencies, particularly the euro and the role inmoving the Iraqi market," Ali Kahiachi said.






"Iraq has been unable during the last period to reinstate the currency to its positionin the global market because of the confused economic situation in thecountry," he added.



Changing the currency in Iraq is related tothe political situation and other major changes. When the Iraqi statewas founded in 1921 a new currency for the Iraqi Kingdom was printedand continued until July 14,1958, after the announcement of theRepublican system and the currency was replaced by the Republiccurrency; and after the fall of the former regime in 2003, the currencywas changed and it is dealt now in the market.






The current currency suffers from inflation in the money supply, and this promotedto economic experts to ask the Iraqi government to make reforms andorganization, particularly eliminating the zeros to reduce the amountsof money found.






"It is not easy to make real reforms in thevalue of the Iraqi dinar, but it also possible to put developmentstrategy to change the situation of the Iraqi currency," Kahiachi said.






"TheIraqi economy could be much better than neighboring states, but it isinaproportionate to its oil situation," explaining that "the Iraqicurrency trading can't be improved except after the deletion of thezeros to reduce the huge money amounts," he suggested.






TheCentral Bank of Iraq excluded recently deleting the zeros of thecurrency in 2011, stressing that this is linked to the extent of stabilizing in the economic situation in the country, at a time whenthe numbers indicate that the Iraqi currency is amounting to more than27 trillion (t) dinars in 2010.






The Central Bank of Iraq (CBI)in Baghdad has four branches in Basra, Sulaimaniyah, Erbil and Mosul,and was founded as an independent Iraqi bank, and according to the lawof the Central Bank of Iraq, issued on March 6, 2004, it will beresponsible for maintaining price stability and the implementation ofmonetary policy, including exchange rate policies, management of foreign reserves and the issuance and management of currency, as well as regulating the banking sector.




http://www.aknews.co.../?AKmobile=true



Typical of the Iraqis - they will say something very positive, then confuse everything with a questionable statement without being perfectly clear about what they mean...! Overall, I take this as a favorable article - and look forward to the Iraqis taking the appropriate steps to REINSTATE their currency - SOON...!

IMO - RON

[gemini305]

thanks ron , looks like next period

[Barboza]

Thank you for posting it! I have always made some outstanding contributions to help us digest the news. Thank you again, and have a safe holiday!

[quadraph0nic]

Ron,

I love your optimism!

Thanks for the post!

[ronscarpa]

gemini305, on 29 May 2010 - 07:15 AM, said:

thanks ron , looks like next period

Hi Gemini, Quad, & Barboza - Thanks for the thanx - I sincerely hope so Gemini...! They can ruin a perfectly set up program because of their thinking...!

Let's keep praying HARD...

Have a great Memorial Day weekend & be Blessed,
RON

[pitboss]

Thanks again Ron for the interesting post. Have a nice holiday.

[caz1104]

Ron-Your time & effort to RV is amazing!!! Thanks so much for the ongoing of material,it si greatly appreciated!!! Have a Fantastic Holiday Weekend and God Bless!!!!!

[k98nights]

"Iraqi currency needs radical reforms that commensurate with location of the country," economist says
Saturday, May 29th 2010 1:58 PM




Baghdad, May 29, (AKnews) - The Iraqi situation needs radical reforms in the coming period, in line with foreign currency to support the local market, the oil situation and economic development in the country," an Iraqi economic expert said on Saturday.

"The next stage requires activating the role of the government to make radical reforms to the issue of financial currency and how it fits with the value of foreign currencies, particularly the euro and the role in moving the Iraqi market," Ali Kahiachi said.

"Iraq has been unable during the last period to reinstate the currency to its position in the global market because of the confused economic situation in the country," he added.

Changing the currency in Iraq is related to the political situation and other major changes. When the Iraqi state was founded in 1921 a new currency for the Iraqi Kingdom was printed and continued until July 14,1958, after the announcement of the Republican system and the currency was replaced by the Republic currency; and after the fall of the former regime in 2003, the currency was changed and it is dealt now in the market.

The current currency suffers from inflation in the money supply, and this promoted to economic experts to ask the Iraqi government to make reforms and organization, particularly eliminating the zeros to reduce the amounts of money found.

"It is not easy to make real reforms in the value of the Iraqi dinar, but it also possible to put development strategy to change the situation of the Iraqi currency," Kahiachi said.

"The Iraqi economy could be much better than neighboring states, but it is inaproportionate to its oil situation," explaining that "the Iraqi currency trading can't be improved except after the deletion of the zeros to reduce the huge money amounts," he suggested.

The Central Bank of Iraq excluded recently deleting the zeros of the currency in 2011, stressing that this is linked to the extent of stabilizing in the economic situation in the country, at a time when the numbers indicate that the Iraqi currency is amounting to more than 27 trillion (t) dinars in 2010.

The Central Bank of Iraq (CBI) in Baghdad has four branches in Basra, Sulaimaniyah, Erbil and Mosul, and was founded as an independent Iraqi bank, and according to the law of the Central Bank of Iraq, issued on March 6, 2004, it will be responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies, management of foreign reserves and the issuance and management of currency, as well as regulating the banking sector.

Sa/SH (AKnews)

http://www.aknews.co...knews/2/150128/

[sterns5048]

as confusing as it sounds, sounds like they want to lop then ri because we own too much of it but hey im not looking to start a big commotion in here!!! still hoping for the best

[Jac]

ronscarpa, on 29 May 2010 - 07:19 AM, said:

Hi Gemini, Quad, & Barboza - Thanks for the thanx - I sincerely hope so Gemini...! They can ruin a perfectly set up program because of their thinking...!

Let's keep praying HARD...

Have a great Memorial Day weekend & be Blessed,
RON

Great posts, Ron.

And yes, prayers are the way to bring it! Have not heard from you lately but then am not here too much.
Blessings always!

[gman51]

I agree with you sterns, that is exactly what it says.

[mark_mich266]

I have noticed now that there are multiple posters (Frank's post from today, for one - and from above in this thread from Ron) using the 'RI' symbol in their writings (plus the actual word 'reinstate') as opposed to the 'RV' symbol. Admittedly, I have not been in this site for the past three days but does this mean the dinar will RI instead of RV? If it does RI, then it will be at the $3.22 per dinar value? Would someone please clarify this? And being it's Memorial Day, Lord, please protect our troops in battle, help heal the wounded, and bless those who have passed before us - amen.

[Traconesu02]

Thanks for posting ron and k98. This should be the next step once the government has all been seated.

mark_mich266, on 31 May 2010 - 07:39 PM, said:

I have noticed now that there are multiple posters (Frank's post from today, for one - and from above in this thread from Ron) using the 'RI' symbol in their writings (plus the actual word 'reinstate') as opposed to the 'RV' symbol. Admittedly, I have not been in this site for the past three days but does this mean the dinar will RI instead of RV? If it does RI, then it will be at the $3.22 per dinar value? Would someone please clarify this? And being it's Memorial Day, Lord, please protect our troops in battle, help heal the wounded, and bless those who have passed before us - amen.

I may not be correct in this mark_mich266, but since this is the New Iraq Dinar and never had a value of $3.22 - I do not believe this Dinar can RI - possibly just typo - This will be an RV. JMO

[mark_mich266]

Thanks for posting up, Traconesue02. I don't know about the 'new' dinar not being an RI - guess it was just wishful thinking on my part. I wonder then why Frank and Ron would each write about an RI and not the RV????

[retirementafterrv]

thanks for the post

[YANNAVIA]

mark_mich266, on 31 May 2010 - 08:50 PM, said:

Thanks for posting up, Traconesue02. I don't know about the 'new' dinar not being an RI - guess it was just wishful thinking on my part. I wonder then why Frank and Ron would each write about an RI and not the RV????

I do believe that it has always been Franks OPINION that the dinar would RI versus RV

[Traconesu02]

mark_mich266, on 31 May 2010 - 08:50 PM, said:

Thanks for posting up, Traconesue02. I don't know about the 'new' dinar not being an RI - guess it was just wishful thinking on my part. I wonder then why Frank and Ron would each write about an RI and not the RV????

No problem mark_mich266 I am with you - I would like nothing better than $3.22 per dinar. And again - I am not positive that it can not RI - Part of what makes me feel that way is this New Dinar was never at that value and I guess the other is most of the people that are in the know on this site do not feel it would go to 3+. I am not sure why Frank and Ron each write about an RI - Hopefully they will answer that question in this post - Personally $3+ WOW - That would be fantastic. Here's to an RV - Really Soon. Good Luck to all of us.