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jupitergirl
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Posts posted by jupitergirl
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Click on planning budget....from 1984.
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Baghdad (news) .. Most likely a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri equal Sarraldenaralaraca to the U.S. dollar during the next biennium after the implementation of the project to delete the three zeroes from the Iraqi currency.
Jubouri said in a statement to the Agency (news) said on Sunday: that the approach that the Central Bank Iraqi retention rate Dinaromam dollar during the current period, it Maharidl that monetary policy in Iraq is able to make the Iraqi dinar is equal to the U.S. dollar "any Dinaraluahd matched by one dollar.
He pointed to: that this retention was by selling huge amounts of dollars at auction, and inject some the other of them to Iraqi banks to control the price of the Iraqi dinar against the dollar.
He Jubouri the next biennium will see a different direction with the central bank to make Aldenarabraghi equal to the dollar through the pump Okbermn dollar and sell it at auction project to delete Alocefaralthelat of the Iraqi currency as it makes the size of Iraqi currency Bakdralamlh the U.S., and continued: Therefore, the citizen and the Altagralaraca does not need to replace his money to Atarand buy a commodity or a car or Other, confirming that the draft deleted Alasfaralthelat currency "based", and issued its decision, irreversible and started his first steps will be implemented during the next biennium from now.
and Zkredo the Finance Committee that the Central Bank of Iraq will continue its policy to support Aldenarabraghi, expected next year will remain the Iraqi dinar conservative on the price front Aldolarralomirka.
Earlier excluded Edwalganh financial and parliamentary MP / Kurdistan Alliance / Najiba Najib increase Sarraldenaralaraca against the Dollar over the next year As a result of the Iraqi economy is still dependent on oil revenues annually.
said Najib in an earlier statement (of the Agency news): I expect during the year (2012) retained Aldenarabraghi its price against the U.S. dollar did not increase its value the fact that Iraq continues its economy unilaterally dependent on oil Baaradath annual.
The Najib: If you wanted the federal government and stakeholders that the Iraqi state makes toward Aldenarabraghi strong foreign currencies, it should consider how to strengthen the Iraqi economy and its diversity through the activation of all economic sectors in the country.
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Baghdad (news) .. Most likely a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri equal Sarraldenaralaraca to the U.S. dollar during the next biennium after the implementation of the project to delete the three zeroes from the Iraqi currency.
Jubouri said in a statement to the Agency (news) said on Sunday: that the approach that the Central Bank Iraqi retention rate Dinaromam dollar during the current period, it Maharidl that monetary policy in Iraq is able to make the Iraqi dinar is equal to the U.S. dollar "any Dinaraluahd matched by one dollar.
He pointed to: that this retention was by selling huge amounts of dollars at auction, and inject some the other of them to Iraqi banks to control the price of the Iraqi dinar against the dollar.
He Jubouri the next biennium will see a different direction with the central bank to make Aldenarabraghi equal to the dollar through the pump Okbermn dollar and sell it at auction project to delete Alocefaralthelat of the Iraqi currency as it makes the size of Iraqi currency Bakdralamlh the U.S., and continued: Therefore, the citizen and the Altagralaraca does not need to replace his money to Atarand buy a commodity or a car or Other, confirming that the draft deleted Alasfaralthelat currency "based", and issued its decision, irreversible and started his first steps will be implemented during the next biennium from now.
and Zkredo the Finance Committee that the Central Bank of Iraq will continue its policy to support Aldenarabraghi, expected next year will remain the Iraqi dinar conservative on the price front Aldolarralomirka.
Earlier excluded Edwalganh financial and parliamentary MP / Kurdistan Alliance / Najiba Najib increase Sarraldenaralaraca against the Dollar over the next year As a result of the Iraqi economy is still dependent on oil revenues annually.
said Najib in an earlier statement (of the Agency news): I expect during the year (2012) retained Aldenarabraghi its price against the U.S. dollar did not increase its value the fact that Iraq continues its economy unilaterally dependent on oil Baaradath annual.
The Najib: If you wanted the federal government and stakeholders that the Iraqi state makes toward Aldenarabraghi strong foreign currencies, it should consider how to strengthen the Iraqi economy and its diversity through the activation of all economic sectors in the country.
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The working paper proposed a set of proposals, notably "work to take the necessary measures to raise the real value of the Iraqi dinar before the implementation of the project, and presenting the project to the public to discuss a wide range, especially for academics and economists working in the institutions of the state and provincial councils, political parties and civil society organizations and various circles the People in order to create public awareness and a willingness to accept the project, also called the paper to take practical steps to support the productive activities and local products to reduce the nature of rent and consumption of the Iraqi economy, and to review the process of importation toward reducing the components of consumer and give priority to materials and goods that serve the productive activities and services developed to allow the economy to spend currency hard ". In this context, the paper suggested that "interest in the productive sector in industry and agriculture in the public and private sectors, and to take strict measures against attempts to bring in hard currency from Iraq."
Read more: http://dinarvets.com.../#ixzz1dygI542e
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09/12/2011
The head of the parliamentary Finance Committee Haider Abadi, that with the deletion of zeros from the Iraqi currency as an important and necessary condition that the procedures associated with sound and correct.
Abadi and predicted that "the start of the new currency to replace the beginning of 2012, wondering whether enough time remaining to the procedures associated with the replacement of the currency or the extension period will be longer.
Abadi said that a number of precautionary measures have been discussed with the Central Bank to be the replacement process successful and correct.
The MP for the rule of law that one of the precautionary measures are to be currency safer and less fraud because the old currency and the percentage of fraud where few but the amount was large, pointing out that the fraud case of an international and not without a state by as long as any fraud rings Valtzoar is in America, Britain and other nations.
And Abbadi, "The new currency will not reflect negatively on the inflation situation in the country and financial transactions will be in Iraq, easier and better delete the zeros.
He noted that "the new place that will bring the process of replacing the new currency and destroying old currency not yet been determined.
Abadi said that the size of the Iraqi currency has become unreasonable and we are not the first country in the world to replace its currency, because many countries have preceded us in this context, such as France, Turkey and others.
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Enoch is a true researcher...like scooter....understands economics better than most. Search enoch8 and zekiel on this site and you will learn a lot. IMO....
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An interesting take on the numbers
My PDF to E
https://docs.google....&hl=en_US&pli=1
[11/22/2011 9:00:48 PM] The Big E: Looks to me like GOI / MOF creation of GBs is much more powerful than CBI T-Bills.
[11/22/2011 9:01:08 PM] The Big C: yeah are the 50ks bond roll ups, and HL got on that debt being rolled into bonds issue
[11/22/2011 9:01:24 PM] The Big E: Which might be precisely why GOI is needed to approve the CBI Plan
[11/22/2011 9:02:11 PM] The Big E: Highlander and I agree..... Shabibi and CBI do not have the power to move, without GOI approval.
[11/22/2011 9:02:53 PM] The Big E: Bonds is precisely my contention, as to why that is.... because CBI can't create them without MOF
[11/22/2011 9:02:53 PM] The Big C: yup
[11/22/2011 9:03:32 PM] The Big E: OK..... I am enthralled with your pdf.
[11/22/2011 9:03:37 PM] The Big C: lol
[11/22/2011 9:03:37 PM] The Big E: back to reading.
[11/22/2011 9:03:41 PM] The Big C: sweet
[11/22/2011 9:04:09 PM] The Big E: Shared that with Highl... Moto and Eddie.
[11/22/2011 9:04:55 PM] The Big E: That one I sent you was from Moto. Not sure whether he found it.... but also an important doc.
[11/22/2011 9:05:03 PM] The Big E: Hmm...
[11/22/2011 9:05:14 PM] The Big E: Bank Reform stuff.
These bonds are really interesting..... it is how they monetize not only non liquid assets in to liquidity.... but also monetizing good faith credit into instant liquidity.
[11/22/2011 9:10:21 PM] The Big E: I think this is part of how they pay for the 24 Trillion IQD out of their direct control.
[11/22/2011 9:12:13 PM] The Big E: And it could be as simple as trading more valuable bonds, to trade to nations holding IQD, with the understanding with BIS , WB, IMF and WTO that a designated amount of IQD is destroyed and replaced with these bonds, bills of exchange and T- bills.... etc.
[11/22/2011 9:12:47 PM] The Big E: This is just what I been saying.
[11/22/2011 9:12:55 PM] The Big E: Brother.... I hope I am right.
[11/22/2011 9:13:20 PM] The Big E: It means we can indeed get a big payoff, in spite of the propaganda articles.
[11/22/2011 9:14:03 PM] The Big E: $1.00 would take $30 Trillion to cover it.
[11/22/2011 9:14:28 PM] The Big E: $3.+ is over $90 Trillion and is absurd.
[11/22/2011 9:14:42 PM] The Big E: Iraq does not have that value or nearly that credit.
[11/22/2011 9:15:42 PM | Edited 9:15:48 PM] The Big E: $1.00 without a ratio like 1 to 1..... 10 to 1.... 100 to 1 or 1000 to 1 R/D.... even that is a stretch.
[11/22/2011 9:16:05 PM] The Big E: But they could, if the world agrees to it.
[11/22/2011 9:16:19 PM] The Big E: And if GOI has the guts.
C..... check this out..... an original theory....
http://iraq-business...ok-2011-Web.pdf
[1:07:20 AM] The Big E: Iraq passes GB and GS with Iraq SEC and issues $30 Trillion in Bills of Exchange, T- Bills, Gov Securities, Gov Bonds, etc. (after being approved by IMF, BIS, WB, WTO and the credit rating is increased on S&P from CC to A.....)
[1:07:44 AM] The Big E: So they are approved for $30 Trillion in Bonds etc.
[1:10:34 AM] The Big E: They pay for all the IQD and replace it with new currency, lower denoms, mostly digital, but all digital is backed by larger inventory notes that are 50 and 100 K notes, with Kurd, Arabic, and English, to replace all 30 Trillion in circulation, at $1.00 Exchange Rate, they buy all IQD for $1.00 and it costs them about $25 T in Bonds, etc. to buy them all back.
[1:12:23 AM] The Big E: Now they destroy all the current notes and replace them for circulation would be the small notes and for digital, forex and reserves, the large notes, (50K and 100k, Gov only notes, to inventory to forex and reserve holdings only.
[1:15:36 AM] The Big E: So they basically created $30 Trillion in debt at say 1.6 interest in a 60 year maturity, (as stated in the 2009 doc), but get all the IQD valued at $30 Trillion, and market for other exchanges, that IQD, over and over again, in money and currency markets, T-Bills, etc, for greater margins than they are paying for the Bonds.... meaning they are getting much more than the original $30 Trillion plus interest in return for the debt they created.
[1:15:45 AM] The Big E: Does this make sense?
[1:16:44 AM | Edited 1:16:51 AM] The Big E: The only question is this..... "How much credit will thye world markets, WTO, World Bank, IMF and BIS allow them?"
[1:18:33 AM] The Big E: I say, they would start low, somewhere around a couple Trillion Dollars worth which reflects the equivilant of only about a 3 cent RV/RD, after factoring some sort of ratio..... or 21 cents average.
[1:19:38 AM] The Big E: My guess is, Iraq is trying for higher numbers, in enough credit rating to allow them to do the $30 Trillion they need to do $1.00 straight up.
[1:19:53 AM] The Big E: I agree with Phoenix about this.... and always have.
[1:20:09 AM] The Big E: Is that realistic, is the question.
[1:21:07 AM] The Big E: I think it is, because Iraq is a very unique investment for the rest of the world and they will not take as long as Japan, because of the vast natural resources.
[1:21:39 AM] The Big E: We will talk later about this. Remind me.
Read more:
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Not sure if I believe the 2013 statement. To me the second to last paragraph "process aimed at raising the efficiency of cash payment in Iraq, ( raise the value or purchasing power ) then we can print currency monetary value is high without affecting the currency, as in euro, which has the currency of the catagory 500 euros, equivalent to $700, while the large currency we have currently the catagory is not eaual tp 25000, only $21 only" IMO He is saying again raise the value then print new currency which will have a high value. Thoughts please.....
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Wednesday, 23 November to November 2011 11:17
Denied the central bank, on Tuesday, issuing coins, a large, stressing that the Iraqi dinar has become more currencies in the region stable region, The thing on it. And while noting that the inflation that took place in the country are imported, pointed to a gradual decline in rates until stability increases are reasonable in the the price.
While the detection of moving ahead with the project to restructure the currency, confirmed the presence of high-level coordination with the government to lift the confusion and uncertainty that surrounded the process, noting that the project will see the light before the year 2013.
In an interview with the "world," said the appearance of Mohammed Saleh, adviser to the central bank, on Tuesday, "there is no intention for us at the present time for the printing of any denomination at all, and those who say such rumors are bubbles of the market are driven by narrow interests," noting that "the statements made in this regard was launched and purpose of the categories can normalize large cash after the implementation of the project for restructuring the currency. "
The agencies have quoted, yesterday, Saleh as saying that the Iraqi Central Bank is working to issue a new currency, a large category of 50 thousand dinars in order to reduce the size of the money supply in local markets.
Saleh said that "Iraqi dinar is the currency the strongest and most stable in the region, add to that covered by a large financial is the first volume in the history of modern Iraq, as a reserve of nearly $ 60 billion."
The senior official at the Central Bank that "the goal that aspires to him Central is price stability and lower inflation," explaining that "the reduction of inflation does not return the price to what it was, it is difficult, but we can do to reduce price increases, so as not to increase prices grossly but in a manner reasonable and digestible. "
He continues that "the inflation that has occurred but it is imported, and not stem from inside Iraq, but because of the currency crisis the world across Europe and hit the confidence currency cash than GA concerned to speculation in oil, gold and food, which is reflected on world prices and the impact heavily on Iraq, it is from the point of raising food prices, on the other hand raise the prices of oil, which returned him significant financial benefits. "
And confirms the benefit of that "Iraq is an integral part of the world, and we influence and are influenced, but there are two types in the world, the type of continuing progress and development, such as China and other Asian countries, and the other type is affected by recession as is the case in the countries of Europe, which was quick to replace their currencies to the cash, which lost a with other materials such as oil, gold, and food, which raise the prices of these materials is remarkable. "
However, Chief Financial great saying that "inflation generally fell well in all the world and reflected on Iraq, too, has rate at the month of September last 7.3 percent, compared Boilol in 2010, while the 6.1 percent in the month of October ( October) the past, compared with a year ago, which indicates a significant reduction in the rate of inflation. "
He predicted "the continuation of the process of decline until reaching a proportion of the stability and reasonableness of price increase."
And on the implementation of the restructuring of the currency announced by the Central Bank of Iraq, says Saleh, speaking for "the world", "The project is designed well and there is a complete study about it," explaining that "there is coordination between high-level with the concerned parties within the government and the House of Representatives , and gave them a complete study about it, and got us some questions, where we clarify them and raise confusion and ambiguity surrounding the process, which was the reason for the lack of understanding of government, initially for the content of the process, "noting that" we are currently awaiting a government response, do not expect to begin process before the year 2013. "
And that the benefit of the "process aimed at raising the efficiency of cash payments in Iraq, then we can print currency monetary value is high without affecting the currency, as in the euro, which has the currency of the category of 500 euros, equivalent to $ 700, while the largest currency we have Currently the category is not equal to 25 000, only $ 21 only. "
The Iraqi Central Bank has announced a project to replace the currency and delete zeros them in order to reduce the large numbers of objectionable transactions, which will reach trillions, and monetary blocs will be shortened without disparage wealth or income.
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" learning the true size of the currency in circulation".....an economist is doubting the numbers on the cbi website!!!! Maybe some others should too! Just sayin.
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I find no fault in a counter argument buuuuut Kaperoni has never tried to sell anything. There is an rv notification service for 8 bucks one time fee. A guy named Bob owns the sight, so I am not sure if Kap gets any of the 8 bucks. Tensdinarden has advertising on the sight so I assume she gets paid. JayP knows this! JAY P PLAY NICE! Kap has always had good intentions.....is he correct? Who knows.....lets hope so.
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Tuesday, November 22, 2011 at 18:04
Author: news agency, Egypt
BAGHDAD - Mohammed Jabbar
said economist Mohammad al-Samarrai, "Tuesday" to raise three zeroes from the Iraqi currency a very correct and is in the interest and the purpose of raising the value of the Iraqi dinar against other foreign currencies as dollar.
Explaining, for example, all Iraqi dinars would equal approximately $ added to the Masatertb that enhance the confidence in Iraqi dinars by local and foreign investors alike.
The particular importance of this procedure to move a major economic development and financial added to the reduced size of the vast amount of Iraqi currency and try to return toward the admissibility of the Iraqi dinar traded globally a feature that denied and lost long ago.
Added to the importance of learning the true size of the currency in circulation and the exclusion of counterfeit and damaged ones and restricting circulation within the country only accurate.
This in turn draws monetary and fiscal policy correctly, which will reflect positively on economic and development plans of the country.
This I consider Abdul-Hussein Ankpa Adviser to the Prime Minister for Economic Affairs raise zeros from the currency is the biggest corruption in Iraq if it was during this period and fall under the name of tampering with the economic warning mafias currency is preparing to rig the trillions of Iraqi dinars to replace them in the light of the planned changes.
Conditioned samurai action in conjunction with the lifting of zeros for the success of this process, noting that the most important conditions is to support the private banking sector and to facilitate the procedures and controls domestic and foreign investment in addition to expanding activity of private banks and prevent its transformation to the homes of asthma through the granting of interest on the investment the night and push banks toward the exercise of investment banking other and work to overcome all the obstacles which stand without it, whether to amend the Banking Act in force or encourage the institutions of the state to deal with the private banking sector.
Add to prevent the accumulation of bank balances in government without the exploitation of this mass of cash and encourage the use of modern technology in the banking business to keep pace with global development and the reduction of use of cash and the trend towards the use of electronic cards.
And declared the Iraqi Central Bank Governor Sinan Shabibi independent bodies during a meeting with Prime Minister Nuri al-Maliki's willingness to create all the supplies to the process of removing three zeros from the Iraqi currency.
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Question....Enoch put out an imf attachment from 2009 stating that the real effective exchange rate for the iqd was 292 to the usd. Keep/Hopfltxn is it too much to believe there could be an rv too that level? Is there usually such a big gap between the reer and the actual exchange rate? Any input would be helpful...
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Fine...raise the exchange rate now...again in march...again in september...again in december...then introcduce the ld's!! I will gladly exchange my bills under that senario...just sayin!!
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Attorney-Tai: the central bank has substantial financial reserves and can block the budget deficit (2012)
On: Sat 19/11/2011 14:49
Baghdad (news) .. Between a member of the Economic Commission representative and the representative / National Alliance / Yusuf al-Tai, the central bank has the largest financial reserve in the history of Iraq, adding mightily to fill any deficit or a problem occur in the next budget.
said Tai in a statement to the Agency (news) on Saturday: Bank CBI has a financial reserve a large and beyond (60) billion dollars, that is the largest financial reserve Ojmah Central Bank of Iraq's history.
He pointed out: that this amount is too large and can state can refer to in the event of any shortfall, or financial problems in the next budget to meet the financial shortfall, giving defended large for the Iraqi economy in the future that is evolving and moving forward.
Ta'ee said: This large reserves will reflect positively on the exchange rate of the Iraqi dinar, which lead to a strengthening in the future, is certain: it will give the kind of credibility in dealing with the Iraqi currency if the I open Iraq economically with the most advanced countries.
He added that it will attract foreign investors and international companies sober for investment inside Iraq and in all sectors, which indicates that Iraq is the next Iraq, a major economic fact that the investment needed to monetary stability and that is what is provided by the Central Bank.
He had been warned by the Commission financial and parliamentary deputy / coalition in Iraq / Ahmed electrodes, from the government's borrowing from the Central Bank reserves to pay the budget deficit (2012) because it is a cover of the Iraqi currency of existing, likely that the budget (2012) will reach more than (112) trillion dinars.
The electrodes in an earlier statement (of the Agency news): The government can not be manipulated or borrow from the Central Bank reserves to fill budget deficit (2012) the fact that these amounts is the cover of the Iraqi currency of existing, indicating that the central bank an independent and not linked to the government can not be any point of the interfere in the affairs of his or manipulation Brshehadh. / Finished / 8.'s. meters /
http://ikhnews.com/news.php?action=view&id=24915
Reply With Quote Reply With Quote
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sonny1 [[[[[[[[[[[ keep.....a little input please!
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parapraph 10....raise BEFORE implementation....go from where it is now to .10--one dollar---whatever.....this is exactly what we want.
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Wednesday, 16 November 2011 20:08 10 paragraphs down***
Experts: the need to reform the economy by changing the currency
Concluded roundtable discussions on the project to delete the zeros of the Iraqi currency, that the issue of changing the currency is not a technical issue, but rather is a matter directly related to the general economic situation, and stressed the need to precede the process of reform of the Iraqi economy and address its problems and to reduce inflation, with the necessity of putting it to the ray year
To be discussed widely.
Table organized by the Iraqi Communist Party, on the fourth of this November, and included a number of those concerned with Iraq's economic and specialists and experts of the Central Bank of Iraq and academics to contribute to the discussion of the draft to delete the zeros of the Iraqi currency, provided through the economic development of the Party and the working paper for discussion included questions and points Several in this regard.
According to the paper confirm that monetary policy is the core tasks of the Iraqi Central Bank, like fiscal policy, and a tool of economic development and economic stability in the country, arguing that reducing the mass of cash in the Iraqi economy, the manifestation of the monetary policy affect the economy, not as a policy of isolation from other economic activities, but an essential part of the system that aims to improve economic performance.
The paper stressed that the success of the project depends on the existence of a regulatory body and the administrator of the system, government and private banks is characterized by efficiency and the ability to choose the right time to implement it, because the importance of raising the zeros lie in raising the value of local currency in circulation of economic internal and external, as it is a strategic project aimed at reducing transaction costs and to facilitate trading operations, including raising the economic efficiency of the performance.
This indicated that the working paper to the inter consequences resulting from a cluster of large cash in circulation about the 27 trillion Iraqi dinars, represented by their exposure to fraud carried out by gangs of professional in the absence of the security apparatus of economic efficient, as well as difficulties in trading for commercial purposes, making it vulnerable to theft .
She drew the paper to the calculation errors experienced by accounting units in government departments or private sector, which makes them vulnerable to manipulation by the weak people. This is in addition to the time-consuming process of counting and calculation in daily trading. As well as confusion caused by the work of the banks.
The paper also touched on the potential negative effects of this project, including the psychological effects of debt operations outside banks and money market official, may result from non-awareness of the disputes that may lead to disturbances added to the tense security situation.
Including as well as implications for the stock market, as it will reduce the capital belonging to the companies dealing with the market the same proportions as the zeros deleted. In addition to the costs of printing the new currency, which could cost millions of dollars can be used to support the areas of economic and other service more priority.
The paper stressed that the lifting of the zeroes will lead to a decline in the nominal value to enter the workers in all sectors, pointing to fear the owners of banking offices from this project because of the expectations of the problems with the citizens did not realize the nature and objectives of this measure, especially because they are constantly exposed to attacks by organized gangs.
The working paper proposed a set of proposals, notably "work to take the necessary measures to raise the real value of the Iraqi dinar before the implementation of the project, and presenting the project to the public to discuss a wide range, especially for academics and economists working in the institutions of the state and provincial councils, political parties and civil society organizations and various circles the People in order to create public awareness and a willingness to accept the project, also called the paper to take practical steps to support the productive activities and local products to reduce the nature of rent and consumption of the Iraqi economy, and to review the process of importation toward reducing the components of consumer and give priority to materials and goods that serve the productive activities and services developed to allow the economy to spend currency hard ". In this context, the paper suggested that "interest in the productive sector in industry and agriculture in the public and private sectors, and to take strict measures against attempts to bring in hard currency from Iraq."
In the discussions, Deputy Governor of the Central Bank of d. The appearance of Mohammed Saleh said the denomination's current fit with the current economic situation and the next, with added inflation in the country and over three decades of zeros to the currency, which did not raise the purchasing power of that.
Opinion in favor of Iraq "today needs to restructure its currency and reduce the mass of cash in circulation and that nearly 30 trillion dinars. And that the currency will be replaced gradually with trading currencies during the period and may extend to ten years."
At the same effect, he believes the economic d. Majid picture that "the duty of monetary policy to create the right conditions for economic activity and restore confidence in local currency and strength and to maintain monetary stability, and that any problem outside of this policy should ask about economic and financial policy."
He pointed out that the process of changing the currency will not work any economic shock, but will help to absorb economic shocks, stressing the importance of the presence of small coins in trading in order to increase the value of the currency and confidence.
He d. Mahdi al-Hafez in his speech, said that "the issue of change of currency is the technical matter of form, but in fact is directly related to the general economic situation.
He said that "it is wrong to separate monetary policy from economic policy, where there are closely related," he said, adding that the economic situation in the country-polar, indicating that the most important problems of monetary policy in Iraq is the banking crisis. "
Asked a member of the Political Bureau of the Communist Party of ethnic Raed Fahmi in his intervention: Is it possible to achieve the project to delete the zeros of the Central Bank in isolation from the site of the state and public policy of the state?.
He stated that in many aspects of the project is considered one of the requirements of its success, media and scientific as well as the role of banks, so says my understanding, the project should not be a step isolated by the Central Bank of each episode.
He continued that "there are other rings outside the central bank, this is the decision of the State and General Government and is not restricted to the central bank's decision.
He asked the question of timing and what is my timing parameters?, And what the minimum requirements that should be available to start such a process?.
Continued Fahmi Speaking He addressed the issue of private banks, adding that it "is characterized by low lending activities and does not have a banking function key in the true sense," stressing that it is ironic that we are talking in Iraq for a market economy in the absence of markets, monetary and financial sophisticated. "
"Today we have does not have a market economy, there are no regulatory mechanisms of the market, and does not have an effective banking system and there is no transparent process to determine prices, and there are no controls on quality and we do not have a planned economy in any way."
He asked again: "Can the Central Bank of Iraq to lead such a process where there is supposed to be capable of application services and what are the conditions of good timing?, And what are the priorities of the bank today in the banks?.
The professors asked the participants in the table: Ragheb Blibl, Lador Jabri, Cltag Khalid Hameed, the success of Ali, Hamid Khalaf, Muslim Auana, their opinions and their interventions in the subject. And concluded the table, to inter the conclusions of the most important "need to cut the money supply in Iraq and the radical reform of the currency management system re-structuring in proportion to the structure of prices and choose the right time to implement the project, to be preceded by implementation of the reform of the Iraqi economy and address its problems and to reduce inflation, and addressing the crisis of banks, both government of which is civil and the process of implementation of the project should not be the problem in isolation from the banks, as well as the need to examine the experiences of countries in which it was the process of replacing the currency and take advantage of them. "
Among the conclusions also "fight financial and administrative corruption and the imposition of censorship, particularly with regard to the smuggling of currency and money laundering, and the creation of devices and accurate are able to detect counterfeit currency and raise the efficiency of workers in the banking industry, with the necessity of presenting the project to the public to discuss the scope and scale, and work to increase awareness people to the project before doing it and the legislation of laws necessary for the new currency. "
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10/11/2011 07:25
Baghdad, November 10 (Rn) - An economic expert said on Thursday that the deletion of zeros from the local Iraqi currency will lead to the rehabilitation of the distribution of the value of exchange between individuals of the rich and the poor, the rich will be affected negatively and positively poor.
Dr. Abdul Salam gesture Said a professor at Baghdad University / School of Management and Economics and a specialist in the study of the banks, told the Kurdish news agency (Rn) that "the pursuit of the Iraqi Central Bank to raise three zeroes from the local currency will enhance the Iraqi economy, and will lead to increase the value of currency in the low-income , and to increase the purchasing power of citizens and will lead to a reduction of the volume of money supply in the market by 10%. "
The organizers of the Central Bank of Iraq, has indicated in more than one occasion to the need to delete three zeros and the issuance of new currency, the categories of large cash transactions to fill the large, in addition to the presence of small coins, as well as the new currency is issued in Arabic, Kurdish and English.
He Said, "The decision to raise zeros of the three is subject to three policies, Nation Books monetary and credit (undertaken by the central bank) and fiscal policy undertaken by the Ministry of Finance, to develop studies and solutions to address the amount of cash block in the Iraqi market, valued at 30 trillion Iraqi dinars.
He stressed that "the lifting of the zeros of the Iraqi currency strategic project must work according to the criteria by fundamentalism because much of the cash payments are not due to the evolution of the banking system."
He explained that "there are two ways to solve the dilemma of the withdrawal of old currency from the local market and inject new way in the first not to print a new currency in the Press Central Bank or the printing of foreign, but that is put the seal on the old currency and make it a new currency through it, and the way the second complementary to the first that the old currency is traded between citizens and banks on the basis of calculation of all (1100) and a hundred thousand dinars, equal to an old dinars, and a new one.
And that "this method will provide the cost of printing, which will cost the state billions of dinars, and will reduce the" seal "the likelihood of fraud, and reduce the size of the money supply in the market by 10%, which would increase the value and considered an indirect tax on the owners of the money."
He Said that "this action will benefit the low income and poor people because the currency will be of more value than its previous value."
And reduced specialize Iraqis in the area of the economy from the impact of the CBE to delete the zeros from the currency purchasing power of the Iraqi dinar, also hopes the government from behind the move, as seen researchers that the cost of raising the zeros will be greater than the benefit, considering that the currency's strength is measured by the stability of disbursement, which is based on the strength of the productive sector is able to provide goods and services.
The Central Bank of Iraq announced on June 23 last was ready to delete the zeros of the Iraqi currency, and as he emphasized that this step is one of the strategic functions of the Bank, pointed out that the new currency will contain on the Kurdish language in addition to Arabic.
The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where the established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to the organization of the banking sector.
From: Mohamed more, the Open: Mary Basil
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25/10/2011 11:56
Baghdad October 25 (aknews) – the head of the Iraq Securities Commission, Tuesday, that deleting zeros from the currency will affect financial trading in the stock market.
Abdul Razzak Al-Saadi said of Kurdistan News Agency (aknews) that "Iraq is not eligible for deleting zeros from economically in local currency for a significant impact on financial trading in the stock market," adding that "some companies recorded financial allocation is less than the Iraqi dinar and delete zeros make it one dinar".
Market trading volume Iraq financial writer billion Iraqi dinars per day.
He noted that "there is no service projects such as building power plants are more important than deleting zeros which cost Iraq billions of dollars as the economic situation is still not at the level required to delete three zeros".
The Iraqi Government says that the process of deleting zeros from the currency ornament will increase the phenomenon of money laundering and is working to convince the Central Bank need to stop work on the implementation of the project.
Iraqi Central Bank revealed Monday that the new Iraqi currency be lifted by three zeroes, stating that he had conducted an exhaustive study concluded that lifting the Iraqi currency would strengthen the zeros.
And the Central Bank of Iraq four branches in Basrah, Sulaymaniyah, Erbil, Mosul, where a separate Iraqi bank was established under the Central Bank of Iraq Act promulgated in March 2004, and is responsible for maintaining price stability and the implementation of monetary policy including exchange rate policies and management of foreign reserves and currency management version, in addition to regulating the banking sector.
Mehmam is the Central Bank to manage monetary policy in the country and raise the level of Iraqi dinar values and tackling inflation in the country.
And securities, said that Iraq submitted to the States of the region in financial trading volume by 70%.
The Iraq stock exchange started its activity in 2004 and switched from manual handling to the use of screens deal in 2009 and open electronic trading hours per day every five days a week.
From: Jafar Alunan, minimize: Walid Al-zaidi, pen: a Baghdadi
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Bank: Delete the zeros does not cause inflation, raise
The Chairman of the Board of Directors of the Bank economy Hossam Obaid Ali to the need for the project of deleting three zeros from the Iraqi currency, which would increase the Iraqi dinar exchange rate, confirming that it is no cause to raise inflation. Obaid said in a statement to the Agency (news) on Wednesday: to direct the draft work deleting three zeros from the currency is a good move by the central bank even if it is to move to work out, will make the dinar value of purchasing international. and ruled on the cause the project to delete the zeros height of the inflation rate, but lead to a revaluation of the dinar against international currencies. The that the project will not happen upheaval in the banking, but will facilitate a lot of things through the process of storage and transport, and also eliminate a lot of problems, including accidents, theft and malpractice in the count, and others. commented Chairman of the Bank of the economy on the statements made by some officials and specialists refusing to for the work of deleting three zeros from the currency: saying: society in which several opinions and ideas and all the specialist can be posed freely, but the project became a reality and exists and is binding on the State to accomplish because it will reduce the monetary bloc, adding that the project to delete the zeros will affect the economy «yes» through the ease of trading in the currency market and to carry and transport.
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Thanks Ron ! Appreciate your dedication.
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Consider this question: "Who pays for the RV?"
Then this: "How will CBI cover $30 Trillion to cover 30 Trillion IQD at even $1.00?"
It is apparent to me, that it is the GOI, who holds the ability to authorize, the 'Bills of Exchange', that will monetize the People's Wealth...... meaning the Asset Wealth of the Nation of Iraq, that belongs to the People of Iraq, not the Central Bank.
Central Bank does not have the authority to monetize non liquid assets, because they are not the elected Representatives of the People. GOI is.
Factoid: CBI does not have the ability to monetize $30 Trillion worth of what is under the ground in Iraq, to cover the approximately 30 Trillion IQD at even $1.00, without the GOI authorizing such 'Bills of Exchange', to cover the costs.
Think of it like this..... who is going to pay you $1 Million US for your 1 Million Dinars? That does not come from thin air. Even the US is not going to just print that into existence, without holding an asset of equal or greater value.
In this case, my guess would be, that all of what we cash in for USD in the US, for example, would be covered by such 'Bills of Exchange', that are backed by the GOI, which are not 'In Circulation' currency, hence relieving the 'Liability' from the CBI.
CBI CANNOT act alone on this. Without the Elected Representation of what belongs to the People, the Central Bank does not have that power. The Government bears that obligation and responsibility, NOT CBI. CBI has the power to implement policy, at the pleasure of the GOI, and the People of Iraq.
Independent Agency operates and exists, only by the will of the People's Representation.
That is GOI and only GOI. Bankers are not elected, so have no authority but what is granted by the Government.
Iraq can cover the RV..... but not CBI. The bank's job is to handle the transactions and implement functional plans. Only GOI can approve the plan. In fact, it was GOI, namely the Economics Commision of 2007, who are a GOI Committee of Parliament, who charged the CBI, to draft the proposal to begin with.
It started with Parliamentary Committee.... and that is who will approve it.
Be careful who you speak badly about. You never know who your best advocates are.
Just sayin'.
CBI has consistently spoken of redenomination and I am sure if it was left up to them, that is all it would be. The GOI and the Economists of the GOI, are the ones who are protecting you from the lop. They are the ones that are saying, redenomination will not solve anything. That means they are basically saying...... a LOP wont change anything. GOI is your best advocate here. Get a clue.
Great observations, Duck.
This is what I meant, last year when I said, "This is going to get really bumpy at or near the end of this ride."
Hold the faith.... Hold the line..... Stand Strong.
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Timing and feasibilty of the project delete 3 zeros
in Iraq & Dinar Related News
Posted
Mandy Samira Ali
The center of divergence of views, economists about the timing and feasibility of the project to delete three zeros from the dinar, the official predicted that the Central Bank of Iraq is the implementation of this project in 2013. The Central Bank of Iraq discuss the details of the project with the Commission on the economy and investment in the Iraqi Council of Representatives.
Deputy Governor of the Central Bank of Iraq appearance of Dr. Mohammed Saleh In a statement made by Radio Free Iraq, confirmed that the atmosphere of the discussions were positive, and the bank was able to answer all questions and inquiries of the Parliamentary Committee , I have listened to a detailed explanation on this subject, and convinced of the project and its positive effects on the Iraqi economy, adding that the project was referred also to the Economic Committee in the Cabinet for discussion.
He expected the Deputy Governor of the Central Bank of Iraq that is to start the execution of the deleted 3 zeroes three of the coin with the development of the budget year 2013, pointing to the bank's plan to implement the project will continue for two years and depends on offering new dinar with the current currency in order not to get the economy or the citizens harm. economic expert, Dr. Hilal Al-Taan consistent with the Central Bank of Iraq in the importance of this project and its economic feasibility, and finds that the cluster cash current $ 27 trillion Iraqi dinars, and necessary to delete three zeros to become a mass 15 billion Iraqi dinars, which facilitates financial transactions daily.
However, the economic expert, Aladdin short does not agree with Taan, but finds that the project to delete 3 zeros will not contribute to improving the economy, but On the contrary, due to security conditions, and in fact economic situation, the absence of development programs, and the lack of a sound banking system, in addition to rampant corruption and bureaucracy in state institutions. and the center of divergence of views, observers of the economic affairs of Iraq about the effects of positive or negative for the deletion of three zeros from the dinar, adviser warned Economic Minister Abdel Hussein Anbuge that the process of removing three zeros from the dinar will increase the phenomenon of money laundering, and that the government is working to convince the central bank need to stop working on the implementation of the project. But economist Dr. Hilal Al-Taan respond to these warnings and fears as unfounded, because the process is controlled by a careful and deliberate. contributed to the file, Radio Free Iraq correspondent in Baghdad, Mohammad Karim
http://www.iraqhurr.org/content/article/24424294.html