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A new strategy for the restructuring of the Iraqi currency


DRV1804
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A new strategy for the restructuring of the Iraqi currency

Groups of Iraqi currency

23.06.2011

Hasan Rashid

The Central Bank of Iraq was completed a new strategy for the restructuring of the local currency, having formed the mainstay of the monetary policy of the country's economy over the past eight years, through to maintaining the stability of the dinar against other currencies.

The Central Bank adviser says the appearance of Mohammad Saleh said in an interview to radio free Iraq that the Bank was preparing to launch new strategy commensurate with the Iraqi currency strength and the positive developments in the Iraqi economy awaits.

According to data of the Central Bank of Iraq is deliberated about 29 trillion dinars over five trillion paper cash, cash describes valid block too big, noting that the implementation of the strategy need the approval of the Government and Parliament because they relate to crucial national command.

The new strategy includes several steps in favour of a big cash categories up to the equivalent of 100 dollars, and other small including coins.

For its part says the Chairman of the Finance Committee in the former House of Alaa Al-saadun, the current situation of the Iraqi currency and its stability is geared to conduct restructuring.

But saadun indicates that this measure alone is not enough to push the Iraqi economy, but must move the wheel overall national development, particularly with regard to activate the role of the private sector.

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http://www.iraqhurr.org/content/article/24244473.html

There is audio that goes with this if you click on the link

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FACTS TO ADD ON IF YOU DO NOT MIND!! FROM IMF

B. Monetary and Exchange Rate Policy

14. The authorities remain committed to ensuring the independence of the CBI. A

ruling by Iraq’s Federal Supreme Court also noted that while the CBI is part of the country’s

executive apparatus, it is by law independent in its decisions and operations.

Total government and public sector deposits 29.2 TRILLION DINAR

The DFI and associated immunities were extended by the UN Security Council to end-

June 2011. The authorities remain committed to establishing a successor mechanism

that includes a single oil revenue account that would be subject to the same principles

of accountability and transparency as currently apply to the DFI. In the meantime, the

authorities continue to make progress in addressing remaining claims and liabilities

from the Saddam-era and will ensure that they maintain appropriate legal counsel to

handle any further claims that may emerge (a new continuous structural benchmark).

The reviews of government bank accounts and the stock of advances clearly show the

need to move toward introducing a single treasury account (STA). The authorities--single treasury acct = dinar instead of $'s

share this view. As a first step of moving ahead with what will be a lengthy process,

staff of the Fund and the Bank will assist the authorities with advancing the process

for establishing a Financial Management and Information System (FMIS), an

important step in the process of moving toward a STA, by helping to determine a set

of core functionality requirements (a new benchmark for end-May 2011). As a

transition to a STA, the authorities also plan, with the assistance of Fund technical

assistance, to streamline cash management in the short run already by granting a larger

role to the CBI in the Treasury’s banking arrangements and thus to reduce outstanding

cash balances (a new benchmark for end-June 2011).

*This last part is talking of the fact of removing the large (25k notes) outstanding cash balances and bringing in a STA (single treasury not dual (dinar only) NO dollar*

Well here we are in the END of JUNE.... Hang on Folks... This could get interesting!! Roll RV biggrin.gif

http://www.imf.org/e...2011/cr1175.pdf

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Good post, thanks.. What Im not completely in understanding is that with this portion of the article, "New Strategy to commensurate with the Iraqi currency strength and the positive developments in the Iraqui economy awaits", How does a Lop help in doing this? It seems like there are contradicting articles out and trying to see how a Lop will benefit them escapes me.

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Good post, thanks.. What Im not completely in understanding is that with this portion of the article, "New Strategy to commensurate with the Iraqi currency strength and the positive developments in the Iraqui economy awaits", How does a Lop help in doing this? It seems like there are contradicting articles out and trying to see how a Lop will benefit them escapes me.

I know, with the article this morning that everyone was having a panic attack over I was reading everyones insight and staying open minded. I believe me im not one of those dead set one way or the other if its going to LOP or NO LOP, but I cant wrap my head around how it would benefit anyone to LOP...and the last couple articles suggest otherwise.... what irritates me is whenever a positive article is posted basically discrediting the LOP you dont see the "normal" LOPsters commenting!!

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This thing has been a wild rollercoaster ride the last couple days. Articles contradicting articles, people getting impatient, Shabs said this and it means 2 different things... I don't think anyone truly knows what's about to happen. I would like to believe that we are going to have the opportunity to trade in our 25k IQD notes for the same amt of USD....but who knows at this point! I think I need an advil after todays posts....

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FACTS TO ADD ON IF YOU DO NOT MIND!! FROM IMF

B. Monetary and Exchange Rate Policy

14. The authorities remain committed to ensuring the independence of the CBI. A

ruling by Iraq’s Federal Supreme Court also noted that while the CBI is part of the country’s

executive apparatus, it is by law independent in its decisions and operations.

Total government and public sector deposits 29.2 TRILLION DINAR

The DFI and associated immunities were extended by the UN Security Council to end-

June 2011. The authorities remain committed to establishing a successor mechanism

that includes a single oil revenue account that would be subject to the same principles

of accountability and transparency as currently apply to the DFI. In the meantime, the

authorities continue to make progress in addressing remaining claims and liabilities

from the Saddam-era and will ensure that they maintain appropriate legal counsel to

handle any further claims that may emerge (a new continuous structural benchmark).

The reviews of government bank accounts and the stock of advances clearly show the

need to move toward introducing a single treasury account (STA). The authorities--single treasury acct = dinar instead of $'s

share this view. As a first step of moving ahead with what will be a lengthy process,

staff of the Fund and the Bank will assist the authorities with advancing the process

for establishing a Financial Management and Information System (FMIS), an

important step in the process of moving toward a STA, by helping to determine a set

of core functionality requirements (a new benchmark for end-May 2011). As a

transition to a STA, the authorities also plan, with the assistance of Fund technical

assistance, to streamline cash management in the short run already by granting a larger

role to the CBI in the Treasury’s banking arrangements and thus to reduce outstanding

cash balances (a new benchmark for end-June 2011).

*This last part is talking of the fact of removing the large (25k notes) outstanding cash balances and bringing in a STA (single treasury not dual (dinar only) NO dollar*

Well here we are in the END of JUNE.... Hang on Folks... This could get interesting!! Roll RV biggrin.gif

http://www.imf.org/e...2011/cr1175.pdf

EXCELLENT POST! LOOKS GOOD! NOW LETS GET IT DONE.

GOD BLESS!!! LORD SEND THE RAIN!!!

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The most logical way for Iraq to receive foreign investment into the country would be to please the rest of the world.... by shafting everyone they would not be pleasing the rest of the world. If this thing did RV and I had an amazing return on it, I would actually consider investing a little in the country, or at least business there, knowing that they are heading in the right direction with growth ahead. If myself and everyone else gets 0 return, they will never see a dollar from us and likely not from any individual investors either. Can't see how it's even a possibility that they would destroy some of the relationships with other countries that they have gained over the last several years.

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Replacing the large bills with lower denominations is what we have been waiting for and is not a LOP. As time goes on they will pull in all denominations over $100.00 a very similar paper money denomination scale as the U.S. The stages will allow us to ride the lower bills longer as the value grows

GO RV !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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