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Found 12 results

  1. 2- 11 - 2014 {Baghdad: Euphrates News} A member of the Committee on the economy and investment representative, Amer winner, said the project to delete the zeros from the national currency still exists, but it is in order for commercial reasons, in addition to the receipt of intelligence information for the creation of counterfeit currency for the purpose of replacing the new currency. He said the winner told the News} {Euphrates on Tuesday that "the project is still in place and everything in it that he delayed not only, we want to apply the law in 01/01/2013, but he asked later postponed for economic reasons, as it leads to a disruption in the commercial market and the general situation does not help, he asked to postpone the work. " "The General Secretariat of the Council of Ministers may linger in the project, in order to the country's economy internal," noting that "we have agreed with the central bank in order not to make a fuss in the market through the implementation of the project, and because the old currency will not fall but will continue to work out as well as The new currency for a period of two years, for example, the price of the goods specified in the new currency in the old as well as specific, and for two years the old currency intervention by the Central Bank gradually implemented and will not leave until the market ". He said the winner "as he has been patient as the implementation of the project, to the receipt of intelligence information indicating that there is a coin forged many abroad in neighboring countries, and even some of them inside Iraq, prepared for the purpose of replacing the new currency, considering that the old currency will damage, so it has to implement in order to develop a mechanism to take control of this issue, and control of the border crossings. " The central bank announced earlier that the project to delete the three zeroes from the Iraqi currency will be transferred from the country of billions to trillions country. And stresses the importance of economists deletion of zeros from the currency current, which applies to reduce inflation and achieve a breakthrough in the country's economy from the coin a few new banknotes and coins sober mimic the rest of the world. The General Secretariat of the Council of Ministers announced in April 2012, for a patient in the application process to delete the zeros from the currency. http://goo.gl/3FaoQz
  2. 12 - 22 - 2013 CBI seeks to delete three zeros from the Iraqi currency since 2003. A project that raises many concerns on the street level and the business community of Iraq, and it seems economists are divided between supporters of the project see it as an opportunity to reduce the rates of inflation and unemployment, among forewarned of economic shocks may dominate the Iraqi market due to the application of this project. The delayed implementation of the project after it has been amended, the central bank, more than once due to concerns based predominantly to the security situation and uncontrolled open market to foreign goods without restrictions and counterfeit currency circulating in the market in addition to the rampant corruption in the country. The Iraqi News Agency quoted an independent member of the Finance Committee in parliament, Abdul-Hussein al-Yasiri on the fourth of September / September last year, saying that 2014 will see the deletion of zeros from the Iraqi currency, to be done in coordination with the Central Bank. The Yasiri that this project will lead to the reduction of the size of the national currency in circulation than four billion Iraqi dinars to one billion. For his part, Chairman of the Finance Committee in the House of Representatives Haider Abadi It is possible to delete the zeros from the current currency, but it has been postponed until after the parliamentary elections, pointing out that studies are now to put safeguards in order to reduce fraud or making sure not to trade again currency Current. The process of removing zeros has been postponed more than once, until called on the Economic Committee in the House of Representatives as provided by the channel "East" on the seventh of July last from the central bank, accelerate the process of deletion of zeros from the Iraqi currency tightly in a press conference held at the the process of deleting the zeros will increase the value of the Iraqi dinar will be reflected positively on the issue of reducing the rate of unemployment and poverty in the country. But financial adviser in "North Bank" wholesome Elias said that the process of deletion of zeros is just an administrative process, and the equation of cash should remain as it is, namely that the purchasing power of the new currency should be equal to the old currency. Elias added that should the two currencies trading volumes both for a period of up to three years to withdraw gradually from the old market. Elias predicted that highlights the problems yet to be resolved if the creditor and the debtor's operations or if they hit any defect in reimbursements and withdrawals. But he ruled out the possibility that the impact on inflation rates or poverty. For his part, Deputy Chairman of the Finance Committee in the Iraqi Parliament, Ahmed Faizullah the view of the wholesome Elias, pointing out that the deletion of zeros will not change the purchasing power of the Iraqi dinar because it is linked to the size of the industrial production and import. He added that what saved the Iraqi dinar is owning the central bank cash reserve of hard currency Osafth has formed a cover of the dinar. He called the iceberg of God to non-application of the project at this time because it would disrupt the market and the Iraqi citizens alike. Amid those views Director noted Commissioner for "Company breeze North" to trade stocks Inas Mohammed that the stock market will be the biggest hit of changing the currency and delete the zeros. The stock is still sold in dinars, and a thousand dinars currently worth a thousand shares while the new dinar will become one after the deletion of zeros is equal to A shares, which would disrupt the stock market, which is witnessing a confused movement basically because of the security situation in the country. http://goo.gl/cmikJn
  3. 1 - 17 - 2014 Baghdad-"theatres" The Finance Committee in the Chamber of deputies that "the CBI not ready at present to replace the Iraqi currency. The Committee Member said attorney Abdul Hussein Al-yasseri, "I see that the deletion of zeros from the Iraqi dinar currency Iraqi to serve was difficult to carry and described as block large cash rather than placed in a pocket or purse we carry bags, shrink the money supply process requires deleting zeros." He noted that "the deletion of zeros will contribute to reducing fraud that occurred in the past or could end up in College as well as help in the growth of the economy." http://goo.gl/SAzqUE
  4. 12 - 27 - 2013 People still waiting to begin a project delete zeros Iraqi dinar for several reasons, perhaps the most important is the security aspect in dealing among individuals, as many traders dealing in dollars for lack of cash, block size compared to the Iraqi currency. Member of the Finance Committee in the House of Abdul Hussein Al-yasseri sees that there are operational problems impeded the issuance of paper currency of enormous cost to print. The other sign is a member of the Finance Committee in the House of Abdul Ameer Al-mayahi start implementing the project currency within the next two years because of the many financial transactions between individuals and Government agencies. He ruled out the former Deputy Governor of the Central Bank of Iraq Mohammad Saleh appearance to initiate the deletion of zeros from the dinars over the next year for the implementation of this project needs political and economic stability, and next year there will be legislative elections. The Economist Abdul Rahman Al-Mashhadani to delay launching project delete zeroes, dinar is a political decision and not to the controversy on this topic is the quality of the images that are printed on the new currency. Gavin adds that the Central Bank intends to issue coins in financial value will need to deal with us in the Iraqi market. http://goo.gl/MwC7Nk
  5. 12 - 21 - 2013 The parliamentary Finance Committee, attributed the Saturday, due to delayed delete zeros to hard currency control and individual decision-making, with a roughly 35 trillion dinar traded on markets, stressed the importance of the project to delete the zeros of the Iraqi institutions and citizens. The Chairman of the Committee, said Haider Al-Ebadi in an interview for "alsumaria news", that "the Government has no confidence on the ability of the Central Bank on the currency at this time without problems", stating that "there is a fear of lack of control over currency damaged while deleting zeros." Al-Ibadi said that "bad currency could go out again and replaced by the new currency during the switch so it will print its free cash becomes more of a reality," he said, adding that "the supposed Central Bank currency damage divided as soon as they are received from the banks." Abbadi stressed that "the process of replacing the currency in large monetary market is difficult, although the Bank had presented a plan to replace them for two years," pointing out that "the amount of cash in the market and are traded currently at 34 to 35 trillion dinars". He concluded that "the individual decisions taken by the Central Bank out of the Government and Parliament on the switch and delete the zeros were another reason for postponing the deletion of zeros so that any problems that might occur while delete zeros and the changeover, the entire economy suffers," absent any deletion of zeros from the currency and replacement at this time with the next parliamentary elections. " Abbadi stressed the importance of "delete the zeros of the Iraqi institutions and citizens of some deputies and accountants who make mistakes in the numbers because the zeros that are sometimes severe," delete the zeros of the positive things to simplify accounts and trading among the people, adding that the new currency might evolve more in print and is difficult to falsify. He is a member of the parliamentary Economic Committee, h Wayne almerapi (September 23, 2012), the flop in monetary policy made the country lose eight million dollars per year, while warning that the deletion of zeros will make it easier for mafia money laundering stolen billions without feeling State, invited to study its impact on the overall situation. The Central Bank, accused (12 September 2011), the Government of blocking the monetary reform and vowed to prosecute, blaming them for endangering the country's financial interests. The Prime Minister's Advisor for Economic Affairs Abdul Hussain anbaki, on (25 August 2011), to lift the zeroes from the currency is the biggest corruption in Iraq if during this period, under the name of tampering, warning of "mafia" is preparing to falsify trillion Iraqi dinars to replace the light changes. Some economists believe that Iraq is now prepared to delete the zeros of the Iraqi dinar, stating that deletion requires political and security stability as well as the stability of the economy. from the Iraqi dinar, pointing out that the deletion needs to stabilize the security and political stability as well as the economy. http://goo.gl/ArRtbk
  6. 12 - 26 - 2013 The parliamentary Finance Committee excluded the application of the draft three zeros from the currency be deleted during the next two years because it would cause confusion to the Iraqi economy and increase inflation for the country ' according to the Commission '. The Vice-Chairman of the Committee, said Ahmed Faizullah (News Agency): the application of the draft three zeros from the currency is deleted during the current period would cause confusion for the economy and inflation in the market by issuing coins with multiple categories, indicating that the Central Bank may be reviewed by the project make it pause. He added: the project is large and sensitive and in need of financial and economic stability in the country, Iraq during the current period and the next few are even poised to implement the project, despite expectations that apply during the next two years. The Central Bank announced its intention not to apply the draft deleted three zeros from the currency early next year, adding that its application still unspecified. The former Department of the Central Bank said that the project would be early 2014. http://goo.gl/G9UGXv
  7. 12 - 20 - 2013 Urged the Economic Committee in the House of Representatives stakeholders from the central bank and security departments, placed on attention to counterfeiting because of their negative effects on the country's economy, as an economist downplayed the significance of it being very limited. member of the Economic Commission MP Amer Al-Fayez, warned of the seriousness of the impact of counterfeiting on the economy of the country, noting that the security situation is stable and the border is controlled entirely contributed to finding this matter. Fayez said in an interview with the newspaper (morning): that the counterfeiting of currency in any country affects its national currency the real through the spread of counterfeit currency, leads to stagger the economy within the local markets, as well as it helps to smuggle currency out of the country in ways that twisted and this in all conditions affecting the economic situation. He attributed the MP reason behind the outbreak so ordered in any country to two things, firstly political reason the contribution of international order to hit the economy of a particular country and the damage it, and the second is the growth of the illegal economy, some of the characters and gangs, noting that the spread of such a thing leads to raise the value of the dollar against the currency National. He called Al-Fayez executive powers to the attention of this matter and follow-up, as well as a strict penalties for each of those responsible for its spread. It is believed that Al-Fayez deletion of zeros from the Iraqi currency would reduce the spread of counterfeit currency, the condition of the implementation of this step is setting up a mechanism to apply strict exploit the situation for fear of pumping counterfeit currency to banks and replace them with real currency. The Iraqi Central Bank acknowledged the existence of Banknotes in Alasouk fake commercial, and face Aamama banks to take all necessary. For his part, noted committee member MP Jassim Chenkali that the presence of counterfeit currency in the markets will lose confidence in dealing with the citizen of the Iraqi dinar and resorting to other currencies. Chenkali said in a press statement that «the process of rigging the local currency will lead to the most people to resort to the dollar and thereby weaken the purchasing power of the dinar», adding that the fraud has spread in recent times because of the deteriorating security situation and the economic and rampant corruption. He called Chenkali Central Bank and the Economic Crime Directorate and the relevant authorities to take the necessary measures to prevent the spread of counterfeit currency in the local market. Have revealed some of the press reports about the presence of specialized rigging the currency printing presses in a number of areas of the capital Baghdad, the rigging of several currencies, including the Iraqi dinar and the U.S. dollar. Authorities have warned Iraq's financial banking offices owners from exploiting their desks in illegal operations such as promotion of counterfeit currency, or involvement in money laundering operations, which reports indicate local and international to place it on a large scale in Iraq. In addition, reduced economic expert on behalf of Jamil Antoine effect of the presence of counterfeit currency in the markets on the Iraqi economy, especially since its scope is limited in certain areas as well as the proliferation of banks and banking challenge them. Said Antoine in a statement »morning», that «no country is free from the issue of counterfeiting because it is a phenomenon practiced by mafias competent in this regard and is on various forms, including amateurs who practice it, including those carried out by the intelligence, and the other part mafias Interior» afterthought «But in Iraq so far has not spread this thing is dangerous for the economy of the country». And detect the presence of attempts to rig the currency, but it is not large, calling on all government agencies concerned to fight for it if they grew up will be a danger to the economy and the violation of it. http://goo.gl/KBTzAQ
  8. 10 - 11 - 2013 Raised the issue of the deletion of zeros from the Iraqi dinar and promoted by the Central Bank recently a lot of talk among specialists about the economic viability and impact on the Iraqi economy, according to the Central Bank's advisors that the deletion of zeros will help alleviate inflation occurred in the Iraqi economy as this will help to reduce the money supply in the country, which in their view of the causes of inflation justified the timing is right for this to stabilize the Iraqi economy with stable dinar exchange rates. But Javi on monetary policy specialists and economists the seriousness of this action on the Iraqi economy at this time, with the results to be achieved and a reduction of inflation do not need to delete the zeros but need to do development in the field of the real economy and not a placebo, monetary policy is a reflection of the reality of the real economy and the production of goods and services and when we want to reduce inflation to be limited to the productive sectors of the country and help them to escape from the constraints faced and the rise of industry Local support added to regulate the volume of goods and goods imported through customs tariffs and tax and other legislation and laws that guarantee prosperity for the local industry in all sectors. So we need to reduce inflation has led to sustainable development and organization for all facilities of the real economy that monetary policy and fiscal policy role through coordination between different policies and development plans. Many of the concerns surrounding the deletion of zeros, if you look at the States that have done so, most countries are Turkey, we find that they have a strong and stable economy and to this process was the most important is the community's understanding of the process in detail and assimilation to the new currency, but if we do, there are a lot of risks and concerns that must be put into consideration, including the possibility of economic disruption leads to loss of confidence in the Iraqi dinar exchange rate may change and add to the cost of the new currency, especially that Iraq No special printing but prints the currency in Britain, not to mention the difficulties related to the State budget and investment plans, debt, equities, bonds and other hazards that may be caused by the move. Deleting zeros from the currency, not the cure, but comes as a necessity when the economy is in continuous growth and stability of the whole and not the stability they are talking about is the stability of the exchange rate and the stability of the imaginary because it is not based on economic power, then the process of deleting zeroes from the currency necessary to help coordination between policies and give more clarity with plans understandable to all and contribute to reduce the money supply and more importantly that this process must be carried out at various stages according to plan and that the The education of the new currency in all ways and methods to accommodate by the citizen and the investor. When you take a closer look at the reality of the Iraqi economy, the dependence on oil as the basis for financing the State budget Besides simple earnings and loans to industrial and agricultural production and other sectors is negligible, so do not achieve any growth of the national economy, but may contribute feedback negatively affect the general economic situation, the reduction of inflation and limited is the main justification for all of this will not be achieved by simply delete the zeros also that this process will not achieve any increase in value The purchasing power of the Iraqi dinar in the recent news about the deletion of three zeros of the Iraqi currency, reducing the amount of money in the market and raising the value of the currency against foreign currencies reflected positively on the global economic situation of the country and the return of the Iraqi dinar and glory before the first Gulf war But reducing the amount of money the formalism is not the most effective solution to the problem of inflation and revive the country's economic situation The rentier economy depends primarily on the country's oil. But the problem lies in the difference between locally produced and imported commodities and reduce madder between exports and imports to the country produces accepting food by local agriculture which is its wealth of water and fertile land, only the need for Government support as well as locally manufactured goods which are produced in neighboring countries less potential and material and human resources of Iraq that has all ways of development in this step we have preserved the hard currency of out-migration and Add real value to the Iraqi dinar and create jobs that support the economy and reduce unemployment It should be noted that there are important steps you must take before the replacement process is the promotion of a culture of individual in how to deal with his past and the new currency in the market and not to be dragged behind the rumors promoted by weakening the souls of beneficiaries that the old currency value As in the current Exchange 2003 post must also state control of bankers Government and private banks and ensure integrity and not blackmail for simple citizen against the replacement of the old currency. http://goo.gl/Tb49Vc
  9. 6 - 10 - 2013 (Reuters) - Colombia hopes to lop three zeros off the country's peso currency, a step that might be implemented as soon as mid-2014 when the current presidential term ends, finance minister Mauricio Cardenas said on Monday. The peso currently trades around 1900 per dollar, making it the smallest-value unit in Latin America after Paraguay's guarani. But President Juan Manuel Santos mooted redenominating it when he took office in 2010. "It's a very important item on the agenda of President Santos and we are figuring out which is the right time for presenting that deal to Congress," Cardenas told Reuters editors in an interview. "I can tell you I have ready on my desk a draft bill of what we will present to Congress to get rid of three digits, three zeros...that's something we would do when we consider what is the appropriate time." Foreign investors in Colombia often struggle with amounts that stretch to 12 zeros and are often confused about whether values are in billions or trillions. Cardenas declined to give a concrete time frame for the step, but indicated it could happen during the current presidential term which ends in 2014. Once the measure goes to parliament, it should be approved quickly, he said. "It's something we will do, we've been working on it. It will just make life easier for everyone," he added. Developing countries that have slashed zeros off their currencies in the past include Mexico in 1993, Russia in 1998, Turkey in 2005 and Ghana in 2007. In the developed world, France redenominated the franc in 1960. Cardenas said there was support for redenomination but some critics were worried about the cost of printing new banknotes. Others feared losing out because of the rounding up of prices in the newly-denominated currency. http://goo.gl/MyWMA
  10. 98 % of all the currency news that comes out of iraq always has to do with deleting the three zeros off there currency. aka redenominating. i dont understand why so many folks think that by iraq redenominating they say it would be really bad for them. in all reality it would be the best for them. another translation people keep getting messed up on is when ever they say delete three zeros most people in the dinar world say "there only talking about the notes with three zeros on them" which is FALSE. when they talk about deleting the 3 zeros they mean ALL THE CURRENCY BANKNOTES and to prove that there has been articles saying what denom's will most likely come out after they delete the zeros and for all the people in the dinar world that is saying Redenominating is really bad for iraq and wont do them any good or help them out. DON'T LISTEN TO THEM THEY NO NOTHING ABOUT Redenomination yes there have been a few redenomination fails but most of them have been successful according to documents of other country's that have done it. anyone who thinks redenominating is bad for iraq is crazy they have only mentioned it several times and they also keep saying by redenominating will reduce the money supply
  11. For those people who say how is iraq going to go from trillions to billions need to read this because they have stated multi times this is how they plan on doing it. if they RV there currency that would increase not decrease http://goo.gl/K38dE
  12. 7 - 6 - 2013 Twilight news called for the Parliamentary Committee on the economy and investment, the Central Bank of Iraq need to delete zeros from the currency, indicating that this ground for such action by Iraq from Chapter VII. He said economic and Investment Committee member mehma Khalil told a news conference the Commission attended by "Twilight", "on the Central Bank to start the draft structure of the currency as a purely economic issue, and that the Iraqi economy is expected to benefit from the advantages of getting us out of Chapter VII." "Iraq is not the only country to delete zeros from its currency, already had Turkey and Lebanon have succeeded in stabilizing the economic situation when it revises zeroes their currencies." Khalil said that "delete zeros, demanded by the Central Bank, but the Iraqi Government demanded the wait till the time is right, and after coming out of Chapter VII fell all justifications for the implementation of this project." The "Iraqi Constitution need changing and deleting zeros from the currency required by the economic situation of the country, and for the benefit of the Iraqi people." Committee member criticized his attorney Abdul Hussein abtan "zeros in Iraqi currency. "It is not reasonable that the Iraqi Central Bank reserves of 76 billion dollars and yet we have thousands." The CBI had announced earlier that the 2013 will see the deletion of zeros and currency, and noted that the current currency formed block big cash estimated at 30 trillion dinars. He noted that the Central Bank's strategy of deleting three zeros and the changeover would be at the beginning of a new year and a new budget for the Iraqi State, and predicted that the currency is altered in the new fiscal year to 2013. Professional economists finds that changing Central Bank Governor Sinan Al-Shabibi and Vice-President Mohammad Saleh appearance and a number of World Bank officials and bring them to justice for alleged mismanagement and corruption negatively impact a project changing currency and raise zeros. http://goo.gl/LeBRt
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