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bostonangler
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Claims to prevent GOI from “overtaking” the CBI; Committee members says asking CBI to wait to lift zeros unacceptable
Posted: April 13, 2012 in Iraqi Dinar/Politics
Demanded that the parliamentary Economic Committee on Thursday, the House of Representatives to prevent the government from the ‘excess’ on the work of the Central Bank, arguing that the decision taken by the wait to lift the zeros of the Iraqi currency is not within its powers, while confirming that the bank is the reference of Parliament.
A member of the Economic Commission Mahma Khalil told the ‘News Sumerian’, ‘beyond the Government on the powers of the Central Bank through the decision taken by the patient to raise zeros from the currency is unacceptable ‘, noting that’ attempts to recent intervention work of the bank and link it caused confusion in the his work ‘.
He said Khalil, a deputy from the Kurdistan Alliance, that ‘this is the impact on the citizen’s confidence in Iraqi currency, which led to the high exchange rate of dollar against Us Iraqi dinar ‘.
The Council of Ministers decided, on Thursday, April 12, 2012, to wait in the application of the deletion of zeros from the national currency.
He called the House of Representatives to ‘stand in front of this intervention is firmly’, stressing that ‘the central bank an independent body administratively and financially, and authority of Parliament in accordance with the Constitution.’
Khalil added that ‘the bank does not require any decision to issue currency ‘, attributing the cause to be’ has a law on the basis of prior work. ‘
The face of the Iraqi Council of Ministers, on Wednesday (April 11, 2012), to form a committee to study the fluctuation of the exchange rate of Iraqi dinar, as he emphasized that the Commission will provide appropriate solutions to prevent harm to the national economy.
The head of the Iraqi Council of Representatives Osama Najafi said, in (April 10, 2012), that the Council will host a Bank Governor Sinan Shabibi at a hearing to show the issue of the exchange rate of the dollar against the Iraqi dinar, as attributed Shabibi the reasons for rising to the weakness of domestic production and the weakness of the government’s actions.
The Iraqi market is currently witnessing a rise of the Us dollar against the Iraqi dinar, as sales rose from the Iraqi Central Bank foreign currency, while the central bank attributed the cause as well as to finance trade in the Neighboring countries of Chit by the merchants.
The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh in January 19, 2012, for raising the price of the Iraqi dinar against the dollar during its sessions for buying and selling foreign currencies at the rate of four dinars, pointing out that the price of the dinar nominal is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar.
The Central Bank of Chit by January 15 in the buying and selling of the dollar and the price (1,166) during the auction, which is evaluated daily and with the participation of 23 banks, after it was the buying and selling of the dollar price of 1170 dinars to the dollar.
Alternate translation:
The parliamentary Economic Committee demanded on Thursday, deputies prevented the Government from ‘ override ‘ the work of the Central Bank, saying its decision to wait to lift the zeroes from the Iraqi currency was not within its purview, confirmed that the bank reference is Parliament.
Economic Committee Member said on Halil mohama for ‘ Sumerian News ‘, ‘ exceeded Government today powers the Central Bank through its decision on wait-lifting currency zeros ‘ unacceptable, pointing out that ‘ recent attempts to interfere with the work of the Bank and linked by confusion caused in his work ‘.
And Khalil, a Deputy from the Kurdistan Alliance, that ‘ this impact on citizen confidence in Iraqi currency, leading to rising US dollar to Iraqi dinar ‘.
The Cabinet decided on Thursday 12 April 2012, wait in the application deleting zeros from the national currency.
Called by the House to stand before this intervention packages ‘, adding that ‘ the Central Bank independent administratively and financially, and its Parliament in accordance with the Constitution.
Khalil said that the Bank does not require any decision issuing currency ‘, ‘ main reason that has prior work on the basis of law ‘.
The Iraqi Cabinet, Wednesday (11 April 2012), formed a Committee to study the volatility of the exchange rate of the Iraqi dinar, that the Commission will present appropriate solutions to prevent harm to the national economy.
He was Chairman of the Council of representatives of Iraq, Osama alngivi (10 April 2012), that the Council will host the Bank Governor Sinan Al-Shabibi hearing to issue dollar Iraqi dinar, in attributing causes to weak Shabibi local production and weak government actions.
The Iraqi market is currently experiencing a rise of US dollar to Iraqi dinar, as sales of the Central Bank of Iraq of hard currency, with the Central Bank attributed the reason in addition to the financing of trade with neighbouring countries by Iraqi businessmen.
Deputy Central Bank Governor Mohammad Saleh appearance on 19 January 2012, raise the price of the Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign currencies with four dinars, indicating that the nominal dinar is not commensurate with the PPP or the real price of the dinar exchange rate against the dollar.
The Central Bank of Iraq on 15 January with the selling and buying of the dollar price (1166) during the auction, hosted by daily participation of 23 banks, after that he was buying and selling of the dollar price of 1170 dinars per dollar.
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Great song Thug!!!!
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This wasn't meant to be anything but venting.... I just couldn't take anymore guru bullshite... Everyday the gurus post that the RV is done... I just had to call them out for their lies and lack of knowledge. There has not been an RV... No one is cashing out.... It is not on the bank screens....
"Hey B/A how about a little tequila with that lemon."
That's best suggestion of the day!!!
"You are making the assumption that the GOI speaks the truth.....experience over the past several years would refute that. Treat all press releases with skepticism."
I understand what you are saying and I agree, but this was about Okie, Mad Dog, and the rest of the yahoos that mislead.
"You are wrong this is a rumor. Have you ever heard smoke and mirrors??? They are setting you up big time don't fall for it.... "
I hope you are right.... I've been here what now amounts to years, so I'm not falling for anything... Trust me.
"I thought we want an RV not a lop like the lopsters say the dropping/ lifting/ deleting zero thing, that isn't happening now, is. So what do you say? Go RV"
I say GO RV!!!! I certainly do not believe in the LOP theory... It simply dos not make any sense and would serve no purpose.
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Today the Iraqi government announced a hold on dropping/lifting/deleting the zeros..... That's right a hold on the process. So if one more guru says it is done, or the the bank screens are lighting up or their uncle who knows a guy at a fruit stand who knows a guy at a gas station that has a banker telling them to open an account and be ready for cash in, just do yourself a favor...... Turn it off.... This news article today should prove to you once and for all, that the gurus know nothing and lie on a daily basis...
Go RVVVVVVVVVVVVVVV
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PEOPLE ASK HOW CAN IRAQ HAVE TRILLIONS...... HERE IS A LITTLE SOMETHING TO READ... ENJOY
GCC oil and gas reserves worth $65 trillion
March 14th, 2012 03:41 pm · Posted in Forexpros, Forex Tips,
NEWS (Iraq & World Currency)
DOHA: The GCC’s hydrocarbon reserves are estimated to be worth around $65 trillion at current export prices, based on new analysis from QNB Capital. This is almost a third of the $200 trillion value of world oil and gas reserves.
To put $65 trillion in context, it is equivalent to 47 times the GCC’s estimated GDP in 2011, or 93 percent of global GDP. It is also 125 times the estimated $521 billion that the region’s governments received in oil and gas revenue during 2011.
The rest of the MENA region has the next largest share of global hydrocarbon reserves (23 percent), particularly in Iraq and Iran, followed by Europe and Eurasia (16 percent), mainly Russia and Kazakhstan.
In volume terms, the GCC’s 495 billion barrels of oil account for 36 percent of global oil reserves and its 42 trillion cubic meters of gas are 22 percent of global gas reserves.
Splitting down the total hydrocarbon reserves by country shows that Saudi Arabia represents almost half the GCC total, followed by the UAE, Kuwait and Qatar which each have around a sixth of the total. Qatar’s share is worth about $9.5 trillion. Oman has only 1.2 percent of the regional total and Bahrain less than half that amount.
These estimates are only indicative as hydrocarbons prices are volatile and hard to predict given that they are influenced by a number of factors. These factors include world economic growth, geo-political risk, energy efficiency and technological advancements. If the lower hydrocarbon prices recorded in 2009, which can be seen as a worst case scenario, were used in QNB Capital’s calculation, then the reserves would be worth (only) $42 trillion.
As gas prices vary considerably between countries, unlike oil prices, QNB Capital assumed a gas price of about US$7.5 per thousand cubic feet, an average of US, European and Asian pipeline and liquefied natural gas (LNG) import prices.
This is a reasonable estimate of what gas is currently worth to the main importing countries. At these prices, it would cost about $40 to purchase a volume of gas that produces the same amount of energy as a barrel of oil. Therefore, exported gas is worth just over a third of the oil price, which is estimated at $109 a barrel in 2011.
Gas can be regarded as even cheaper relative to oil if environmental costs are taken into account as it is a cleaner burning and more efficient fuel. Therefore, it is possible that, as technology makes it cheaper and easier to transport and use gas (including in vehicles), its discount to oil may reduce. This would increase the value of gas reserves relative to oil reserves.
QNB Capital also stated that its calculations may be an underestimate because new reserves will probably be found. Also, technological advances and high prices will make a larger share of the existing in place reserves commercially exploitable.
On the other hand, the estimated value for GCC hydrocarbon reserves overestimates the value of reserves for two reasons. It assumes that all the hydrocarbons are extracted today and sold at current prices. However, in practice a substantial portion of the oil and gas is consumed domestically at subsidized prices for power generation, vehicle fuel and industry feedstock. In addition, a discount factor is applied to the value of expected future revenue, compared to cash in the bank today, because of interest rates.
The positives and negatives may broadly cancel out, making $65 trillion a fair, if rough, estimate. In any case it is clear that the GCC’s oil and gas reserves have been, and continue to be, a remarkable asset for the region. Even after decades of extraction to date, QNB Capital estimates that, at current production rates, the current official oil reserves would last for about 70 years and gas for 118 years, on a region-wide basis. Their careful use will therefore shape the GCC’s economic future well into the next century.
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This line seems quite telling;
Baghdad: Ahmed Naseer , a source in the Iraqi Central Bank about four companies currently competing to win the draft printing the new Iraqi dinar, which will generate graceful after deleting three zeros from it, as Samay central bank to raise the value of the dinar against the dollar gradually down to the day to start replacement where the value will be in the absence of a fluctuation of Iraqi dinars and one equivalent of U.S. $ one.
To me sounds like the value is going up slowly until (day to start replacement) the start of replacement September or early 2013... In my opinion we are on our way.
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They are definitely referring to the auctions and the changes made which put more restrictions on banks for disclosure. the lower auctions a few weeks ago left a huge demand for the dollar, thusly the higher price of the dollar against the dinar. so there are two sides to this equation. have bigger auctions, which we have seen increase lately, which puts more dollars into market creating a lower price, or increase the dinar exchange rate. central banks dont prematurely advertise rvs, and shabbi has said even if he knew, he couldnt tell us. so i am thinking we shall see much larger dollar sales at auction in the comin days, which will lower the price of the dollar against the dinar. i just dont believe central banks advertise rv's
Thanks for the intelligent reply. It looks like a lot of people are thinking this is about changing the value of the dinar ie; RV... But I think it is about controlling foreign currency flow, as you have stated.
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After reading this a couple of times it sounds to me like they are talking about the auctions not the currency...
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"speed up the deletion of zeros from the Iraqi currency to eliminate the negative actions arising from the density of cash. Chairman of the Board of Directors of banks, economy, investment and finance said that the deletion of zeros from the Iraqi currency has become an urgent need to raise the value of the currency and maintain the balance in the market "
Now this is good stuff!!! This is from the banksters... And we know they always get what they want...
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SORRY I ADDED A ZERO ON THE DINAR.... HOW IRONIC!!!!!
This line grabbed me... How do these numbers add up?
the Federal budget for the year 2012 the value of one hundred and seventeen thousand, one hundred and twenty-two thousand dinars, the equivalent of $ 100 billion,
100 billion dollars divided by 117,122 dinars equals......... 8.530 dollars per dinar..... Is this what I'm reading????
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This line grabbed me... How do these numbers add up?
the Federal budget for the year 2012 the value of one hundred and seventeen thousand, one hundred and twenty-two thousand dinars, the equivalent of $ 100 billion,
100 billion dollars divided by 117,1220 dinars equals......... 8.530 dollars per dinar..... Is this what I'm reading????
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That's the best news I've seen yet. Think about your stock brokers, 9 of 10 times they are way behind the curve. Honestly, I love this story. It reminds me of so many missed opportunies in the world of equities... How many times have you heard someone say, "I should have done it, but my broker said no"? GLTA
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I now see this was posted under a different title.... I apologize and delete if needed...
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Economic parliamentary: Remove zeros from the Iraqi currency end of next year
February 21st, 2012 01:49 pm ·
Erbil, February 21 (Rn) – denied Decision Economic Committee in the Iraqi parliament, on Tuesday, told a House of Iraqis on the issuance of currency, a new Iraqi in the month of September next. The MP said the Kurdistan Alliance bloc, Mahma Khalil, told the Kurdish news agency (Rn ) that “the process of issuing new Iraqi currency will start at the end of 2013, where they will be removing three zeros and write in English, Arabic and Kurdish.”
Khalil added that “the Economic Commission representative held up to now, several meetings with the Iraqi Central Bank Governor on the issuance of currency, a new Iraqi” . He explained that “the new currency will contain several categories, as a group of 50 fils, quarter of a dinar, half dinar, one dinar, five dinars 0.25 dinars, 50 dinars.” He pointed out that “the aim of this step and the issuance of new currency, is to raise the value of the dinar Iraq so that is equal to the value of the U.S. dollar. ” and stressed that equal the value of Iraqi dinar with the U.S. dollar, based on increasing the balance of the dinar and the availability of monetary reserves, a high level of the Iraqi economy and the sale of oil and gas and the capacity of the state, in addition to the efforts of the Iraqi Central Bank aimed at the strengthening of the dinar in the future . ” and ruled out Khalil lead to issue the new currency and to remove three zeros, to the inflation in the Iraqi economy, saying “the Iraqi state has $ 60 billion as reserves at the Central Bank and the research suggests and Statistics that the Iraqi economy is moving towards improvement, has also started gas sales and operations of investment increasing, Therefore, the phase through which Iraq currently require issuance of new currency. and was a member of the Economic Committee in the House of Representatives of Iraq, Abdul-Hussein Abtan, told the Kurdish news agency (Rn) earlier, “The Committee agreed with the Central Bank to begin the process of changing the currency local in September next. ” But Khalil, says, “I served as Rapporteur of the Economic Commission representative, to assure that” this is not unfounded, but will be treated the new currency at the end of 2013. ” From: Ayad captain, see: Ihsan Aervani
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Here is one report of Shabb's news conference... I'm sure it's been posted before, but here you go..
News About Iraqi Dinar
Iraqi Dinar Exchange Rate
Currency Exchange News
* Economic support of the parliamentary proceedings emphasize the central bank exchange rate
February 21, 2012 1 Comment
URL: http://feedproxy.google.com/~r/115/BKGb/~3/AAvgED8uaQA/
announced the Economic Commission parliamentary, on Monday, its full support to action the Iraqi Central Bank for supporting the exchange rate of the dinar and the dollar selling in the auction, as well as planned on the removal of three zeros from the local currency, as he emphasized the central bank that monetary policy is controlled them completely and the presence of cover enough of the local currency, and expected increased dealing in Iraqi dinars, which necessitates the need to delete the zeros of it.
Committee Chairman Ahmed al-Alwani, in a press conference held today, attended by “Alsumaria News”, on the sidelines of the host committee for the Iraqi Central Bank Governor Sinan Shabibi, and his deputy, and a group of owners Advanced Bank of relevant auction dollar, the presence of a group of MPs interested in, “The Committee supports the controls and mechanisms adopted by the Central Bank to deal with the auction the dollar and to maintain the exchange rate of the dinar and Iraq’s wealth in hard currency, as well as planned on the removal of three zeros from the local currency . ”
said Alwani, that “the Committee highly appreciates the responsible attitude and outstanding efforts of the central bank governor and his staff on maintenance of public money and the wealth of Iraq,” noting that “the Commission coordinate with the Central Bank out of its commitment to public money and the economy of Iraq, and because the correlation Bank of parliament According to the constitution. “
The President of the Economic Commission parliamentary, that “the Commission was briefed on the steps diligent, scientific, transparent and serial, carried out by the central bank to control the exchange rate of the dinar and the preservation of hard currency,” pointing out that “there are conditions and mechanisms in this regard to limit to deal with those concerned only in dollars. ” and witnessed the exchange rate of U.S. dollar in domestic markets has recently increased significantly against the Iraqi dinar, with varied price one dollar between 1221 to 1225 thousand Iraqi dinars, while the price was in 2011 the last of 1180 dinars to the dollar, especially after tightening of international sanctions on both systems Tehran and Damascus. has forced the bank to central intervention through a package of measures, particularly in the auction, organized to sell the dollar, has attributed the Deputy Governor of the Central Bank of the appearance of Mohammed Saleh in an interview for “Alsumaria News”, on the ninth of January the past, high exchange rate of U.S. dollar in the local markets of Iraq, and rising sales to finance trade in countries nearby, indicating that this will reflect negatively on Iraq’s reserves of hard currency.
For his part, Iraqi Central Bank Governor, Sinan Shabibi, during a press conference held in the parliament building, said that “monetary policy and exchange rate of the dinar is controlled them completely,” asserting that “there is a reserve or cover enough about great local currency to ensure that the march of the dinar to the importance of that in the dealings of investors and consumers, including the government.”
The Shabibi, that “the banking operations by the Bank are subject to in-depth studies, serious, and take into account the uses of Currency and the need for a real-time and in the future, “expected to” increase to deal in Iraqi dinars, which necessitates the need to delete three zeros from it. “
The central bank governor, that “the process of removing zeros from the dinar current task so back to normal, “as he put it. and the Central Bank of Iraq on the sixth of January, a rise in foreign currency reserves to 60 billion dollars, for the first time in the history of Iraq, after it was its reserves in 2010 had reached 58 billion dollars.
The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks that fund the traders from the private sector, excluding public holidays on which depends the World Bank for these auctions, and the sales either in cash, or in the form of money orders sold out for a commission certain.
The Committee on the economy and investment representative, confirmed on 13 December 2011 the past, they would consider deleting the zeros of the Iraqi currency, pointing out that the Iraqi Central Bank Governor and economists have made several proposals in this regard.
The Central Bank of Iraq announced, in (29 of September 2011), that the year 2013 will see the deletion of zeros and currency exchange, stressing that the current currency formed a cluster of large cash estimated at 30 trillion dinars.
But an adviser to Prime Minister for Economic Affairs, Abdul Hussein Al-Anbuge, take it as (25 August 2011), that the lifting of zeros for Currency is “the biggest corruption” in Iraq if it was during this period, and fall under the rubric of “tampering” economic, warning of “mafias currency” is preparing to rig the trillions of Iraqi dinars to replace them in the light of the planned changes. accused the Central Bank of Iraq, in (12 in September 2011), government bodies obstructing the monetary reform and vowed persecuting, blaming the authorities responsible for endangering the interests of the country’s financial risk.
According to some economists that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion of zeros needed to stabilize the security and political as well to economic stability.
announced the Iraqi Central Bank Governor, during a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in (19 June 2011), his willingness to create all supplies to replace the Iraqi currency.
The Central Bank of Iraq was established as a bank independently under its law of the sixth of March of 2004, as an independent body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management Alahitattiyat and the issuance of foreign currency management, as well as to regulate the banking sector to promote a competitive financial system, independent.
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I'm sure he's rolling something!!!!!
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* Ks_dad (TerryK / Bluedog Chat): The G.E.T. Team 2/5/12
February 5th, 2012 02:51 pm ·
Terryk Chat 1:00AM CST 2/5/12 [TERRYK] HEY HEY HEY ITS IT THE RATE LIKE 9.67 [jonjobe7] terryk when the cbi posts we will see it terryk over 10
[TERRYK] YEA SPOSE TO BE LIKE CLOSE TO 11 ON CBI SIDE 9.67 ON BANK SIDE BUT I WILL WAIT AND SEE IM STICKING TO 8.16 AND BE HAPPY [TERRYK] IM HEARING NOW 10.67 [jonjobe7] incredible
[TERRYK] PRETY EXCITING REALLY IF YOU THINK ABOUT IT WELL IM READY WHEN ARE WE TO SEE THIS BLUE MY GUY TOLD ME TUESDAY
[bluedog] terryk shabibi and saleh said to arab Bankers recently “in the fastest time possible” [TERRYK] WELL I LIKE THE FACT THAT KUWAIT IS NOT TIED TO IRAQ NOW
[bluedog] just a few days ago in the conference with all the arab nation Banks
[TERRYK] THAT THEY ARE TIED AND AGREE [bluedog] yes first article of its kind
Bluedog Chatting Further Down On Page
[TERRYK] IM ROLLING IN MY DINAR RIGHT NOW [TERRYK] BEFORE I HAVE TO SEND THEM OFF [TERRYK] I ALMOST BOUGHT A DE LARUE MACHINE [TERRYK] SO I SAID I DONT NEED IT [TERRYK] BUT IT WOULD BE NICE
[TERRYK] YEA THOSE HAVE THE COUNTERFEIT CAPABILITIES [TERRYK] AND THEY ALSO RUN ALL CURRENCIES YOU PUNCH IN WHAT YOU WORKING WITH [TERRYK] IT ADJUSTS [TERRYK] THIS ONE IS THE EL CHEAPO [TERRYK] LIKE A BILL COUNTER [TERRYK] FOR THE DINAR
Read more here.... If you dare!!!!
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Old story but posted today on Radio Free Europe
Thursday, January 19, 2012
Iraq Planning Currency Redenomination
February 06, 2010
BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports.
Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.
Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.
Both will be legal tender in Iraq until the old notes are completely withdrawn.
Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.
Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq's money supply is cash in circulation.
Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.
Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.
The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.
http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html
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Mesopotamia University business department discusses upcoming deletion of zeros on Iraq currency
Business Economics at the University of Mesopotamia discuss the project to delete the zeros
Wednesday, January 11 2 / January 2012
BAGHDAD / With: Faculty discussed the economics of the business at the University of rivers, the restructuring of the Iraqi currency (the project to delete the zeros) within the scientific activities of the first semester.
The ministry said in a statement issued Wednesday, the Agency has received reports of the future, a copy of “The Director of Information University Mohammed Jassim said the Faculty of Business Economics discussed the project to delete the zeros in the scientific lecture to the Deputy Governor of the Central Bank of the appearance of Dr. Mohammed Saleh titled (the restructuring of the Iraqi currency project to delete the zeros three), hosted by Hall of Mesopotamian civilization in the Faculty of Political Science. “
He said the lecture was organized by the Faculty of Business Economics dealt with ways of activating the Iraqi economy by spreading awareness among the public to accept the idea of deleting zeros from the currency, which make the economy stable, as well as lack of fear of the currency exchange, or drop the cost to the contractual obligation or guarantees through legislation, law for this purpose needs to be aggressively contracting parties rights and obligations placed on it.
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This story seems to explain the process and where we are..... I like this story.
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Wow and I thought I had it bad!!! These people really need professional help. Either that or they should see the bridge I'm selling... It is real cheap!!!!
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Iraq Finance Committee: Announces the end of the first phase of the project to delete the zeros from the currency
Posted: January 7, 2012 in Iraqi Dinar/Politics
Tags: Baghdad, Central bank, Council of Representatives of Iraq, Currency, Iraq, iraqi, United States Senate Committee on Finance, World Bank
Saturday, 07 December / 2 January 2012 12:11
{Baghdad} Euphrates News announced the Finance Committee in the Iraqi Council of Representatives on Saturday for the end of the first phase of the project to delete the zeros of the Iraqi currency, which included the purchase of equipment for the implementation of the project.
Iraq is working on a project to delete the zeros from the currency to facilitate financial transactions in the country with the country’s openness to international markets and try to attract capital and investors to contribute to government efforts to rebuild the crumbling infrastructure as a result of decades of war and siege.
A member of the Committee Haitham Jubouri, told {Euphrates News} that “the proposed deletion of zeros from the currency of the Iraqi Atksm into three phases, the first included the identification and purchase of equipment and the necessary equipment and completed the start of this year, and it is hoped that the project is completed within the next year to present the new currency in the market and is then gradually withdraw the old. “
The CBI had announced earlier that the new Iraqi currency will increase by three zeros, indicating that he had conducted an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.
He Jubouri that “the project will cost U.S. $ 150 million, and this little amount will be offset by the profits derived by the World Bank and the State Treasury of traders who Sistgnon the U.S. dollar, which they preferred for their small size and high value, and Istbdoulh currency of the new Iraqi.”
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Iraq struggles to revive ailing date palm sector
By SINAN SALAHEDDIN
Associated Press
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Iraqi Communities in the U.S.
BAGHDAD (AP) -- After years of wars, sanctions and drought, farmer Qais Nima Khamis says it's time to save the dates - and bring back Iraq's long-regaled fruit palm industry, which once led the world market.
Khamis, whose family has been growing the fruit since 1880, is growing hundreds of more date trees this year, aiming to double his grove to up to 1,500 palms. The government is taking its own action to revive Iraq's lost golden age of dates, supporting farmers with loans and launching nurseries.
It's just a start, said the 40-year-old Khamis, but "Iraq is now open to all the world, the government started some steps and that has brought some hope."
During its heyday, in the 1950s and 1960s, Iraq was the world's No. 1 date producer and exporter and boasted 32 million date palms, more than any other nation in the world. At that time, Iraq produced about 1 million tons of dates annually, said Kamil Mikhlif al-Dulaimi, head of the Agriculture Ministry's Date Palm Board.
But by 2003, there were only half that number of trees and production fell to 200,000 tons. The southern province of Basra was the worst hit by the slump, with only about a quarter of the 12 million date trees it once had.
"That prompts only deep sadness," al-Dulaimai said in an interview.
It's not just an economic issue of getting a bigger slice of a date export market that nets big producers like Iran and Pakistan millions of dollars a year. Being renowned for dates is also a point of pride. Like all Muslims, Iraqis honor the date palm as a blessed plant.
It is mentioned many times in the holy book of Quran which, at one point, states that Mary gave birth to Jesus under a palm tree and she ate its fruit to ease the pain of childbirth. And the prophet Mohammed stressed the benefits of dates as a medicine for several human diseases. A date is the traditional way for Muslims around the world to break their daily sunrise to sunset fast during the holy month of Ramadan.
Now, with the worst years of violence following the 2003 U.S.-led invasion over and oil revenues bubbling on the horizon, Iraq has focused on the date industry as one of several sectors - including oil, agriculture and infrastructure - it wants to develop.
The government has begun supporting date farmers with soft loans to plant new orchards and subsidized fertilizers and insecticides. It established the Date Palm Board in 2005 with a mission to more than double to number of trees nationwide to 40 million by 2021.
The board has built 30 nurseries around the country to produce new varieties and it has launched programs to rehabilitate old orchards and build processing and storage facilities. It is aiming to develop tree varieties that produce fruit in two years rather than the four or five it usually takes.
The push has brought some progress. The number of trees has risen to 21 million trees, producing 420,000 tons last year, al-Dulaimi said.
"This is a major leap forward," al-Dulaimi said proudly. "We are reaping the fruits of these efforts."
Marhon Abid Falih, a date farmer south of Basra, would like to reap some of those profits. But he's not sure the government can help.
Iraq's chronic problems over the decades - lacking of water, electricity, fuel, and storage - have forced many farmers to abandon cultivation and find another jobs like in the army or police.
In 2002, Falih's orchard in the Abu al-Khasib area south of Basra boasted as many as 200 date palm trees. He grew fruits and vegetables in their shade, and hired dozens of workers to help him during harvest. The farm made enough money to meet all his family's daily needs.
But a year later, his farm was hit by drought and its soil grew bitter. Only about 50 trees survived.
"There is no motive to cultivate anymore," said Falih, 52.
"It's not a matter of planting new trees or taking loans," he said. "There is no a longer benefit from agriculture because of the salinity and dearth of water. All attempts are in vain."
"We will look for another work and come back only when there is water."
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Chicago Mike, your rate of .10 to .30 is fine with me, however the rate of dinar over $3 was before Saddam printed his own money... His money may not have been worth squat, but the dinar does have a history of high value. At one time I believe it was over $4 to one dinar..... Thanks for your response...
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Decision taken by the wait to lift the zeros of the Iraqi currency is not within its powers
in Iraq & Dinar Related News
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It seems the Council of Ministers does not have the power to halt the CBI's actions....
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