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Experts: disruption of the exchange rate of currencies of neighboring countries will reflect negatively on the national economy


yota691
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Experts: disruption of the exchange rate of currencies of neighboring countries will reflect negatively on the national economy

On: Tue 1/17/2012 7:49

□ Baghdad / term

number of experts stressed that the imbalances which occur in the exchange rate of currencies of neighboring countries will reflect negatively on the process of trade and the system of prices in local markets, at the time plans to the Central Bank raised three categories after deletion of zeros to be held after the adoption of a special law by the House of Representatives.

And the central bank of Iraq's intention to put forward three categories significantly after deleting three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh "Alsumaria News": The Bank will present three classes a great addition to the categories metal, after the deletion of three zeros from the Iraqi dinar, indicating that the switch would reform the system of currency management and ease of use.

Saleh added that the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and a 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham. "

Saleh indicated that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion JD is in the Iraqi market to one billion and 800 million paper only, "asserting that" the currency exchange will not affect the per capita income or wealth, or its contractual obligations. "

Saleh pointed out that "the Board of Directors has approved the decision to delete the zeros after the completion designs of the currency bearing the legacy of Iraq and its history and civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers, "noting that" the Bank pending the Board's approval to begin the replacement of the new currency and which must be with the new financial year and proposed by the Bank with the beginning of the year 2013 " .

Salih stressed that "the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt," explaining that "the banks will continue to receive the old currency for ten years as rights and not negotiable."

The central bank was charged in (12 September 2011), government agencies obstructing the monetary reform and vowed to sue, blaming the authorities responsible for endangering the interests of the country's financial risk.

He said an adviser to Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge in (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of Iraqi dinars to replace them in the light of the planned changes.

The Iraqi Central Bank Governor Sinan Shabibi at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in the (June 19, 2011), readiness to the creation of all supplies to replace the Iraqi currency.

In the meantime, the decision of the Finance Committee MP Ahmed electrodes (of the Agency news): The trade between Iraq and Iran, a large, and any impact affects the currency of Iran or the Iranian economy will affect the process of trade and commodity prices in local markets the fact that most imported from Iran.

He added that the exchange rate U.S. dollar has a significant impact on the economies of the world and on the movement of trade exchanges, both when the price goes up or down, pointing out that the deterioration in the Iranian currency will affect the national economy.

For his part, Vice Governor of the Central Bank of the appearance of Mohammed Saleh (of the Agency news): The fiscal changes taking place in the exchange rate of the currency of Iran towards the U.S. currency will affect the Iraqi economy, particularly the financial sector, because the price of Iranian goods will rise to some extent in the domestic markets due to the deterioration of the Iranian currency.

He explained: The deterioration of the exchange rate currency is faster than the deterioration of commodity prices, in other words, the currency exchange rate is affected directly, while commodity prices take time to adapt to decline or rise of the exchange rate.

He pointed out that the problems and crises of economic developments in Syria and Iran will affect the Iraqi economy in terms of commercial exchanges and import large of goods from these two neighboring countries.

and that the economic balance is very necessary to neighboring countries in order not to affect one over the other.

For his part, said economic analyst for the gentle Abdul Salem Ugaili: The variables that get in the exchange rates of currencies of neighboring countries of Iraq to the U.S. dollar will affect the trade of Iraq because Iraq is supported Bastiradath Foreign countries neighboring, in addition to the absence of commodity products local commodities being in the Iraqi market, mostly imported, stating that Iraq does not have anything issued abroad except oil, which led to the influence of any economic change occurring in the neighboring countries or the world.

He Ugaili : The process of low exchange rate of Iranian rial against the U.S. dollar will impact directly on the Iraqi economy as a result of idle economic sectors in Iraq, in addition to the absence of other exports to Iraq other than oil, these differences in the currency will lead to the Artha price of Iranian goods, although they are poor and not in conformity with specifications .

The exchange rate of the Iranian currency has declined against the U.S. dollar as a result of the economic embargo on Iran by the United Nations.

http://almadapaper.net/news.php?action=view&id=57744

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Saleh added that the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and a 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham. "

Wonder what they mean by "at the present time"

Also, if they aren't going to do this until 2013, then why all the flood of articles now?

AND, they are explaining to people how a low exchange rate makes things more expensive.... "educating the people"

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Saleh added that the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and a 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham. "

Wonder what they mean by "at the present time"

Also, if they aren't going to do this until 2013, then why all the flood of articles now?

AND, they are explaining to people how a low exchange rate makes things more expensive.... "educating the people"

I made that same observation on anther post similar to this one. "At present time "stuck out to me too.

Go RV

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Saleh added that the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and a 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham. "

Wonder what they mean by "at the present time"

Also, if they aren't going to do this until 2013, then why all the flood of articles now?

AND, they are explaining to people how a low exchange rate makes things more expensive.... "educating the people"

I agree with your statement "educating the people." If this were not right around the corner, they wouldn't be educating their people now. If they were planning on having this thing go down in a year or two, why would they be educating their people NOW? From the perspective of educating a populous who both can't read or write for the most part, a simple, very simple exchange rate of exchange is prudent. I personally feel that this, in and of itself, will drive the 1 to 1 rate. No one will have to do any "higher" math to exchange dinar for dollars.

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I agree with your statement "educating the people." If this were not right around the corner, they wouldn't be educating their people now. If they were planning on having this thing go down in a year or two, why would they be educating their people NOW? From the perspective of educating a populous who both can't read or write for the most part, a simple, very simple exchange rate of exchange is prudent. I personally feel that this, in and of itself, will drive the 1 to 1 rate. No one will have to do any "higher" math to exchange dinar for dollars.

+1 for the simplicity

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I agree with your statement "educating the people." If this were not right around the corner, they wouldn't be educating their people now. If they were planning on having this thing go down in a year or two, why would they be educating their people NOW? From the perspective of educating a populous who both can't read or write for the most part, a simple, very simple exchange rate of exchange is prudent. I personally feel that this, in and of itself, will drive the 1 to 1 rate. No one will have to do any "higher" math to exchange dinar for dollars.

IMO if this is an RD, there would be a date, like May 2, 2013. I was researching Nigeria's RD. A very successful RD, much better example than Turkey. Iraq is sometime 2013.....that is not educating the people. It's bla bla.

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I made that same observation on anther post similar to this one. "At present time "stuck out to me too.

Go RV

I think it definitely means what it says...."at present time" 200k dinar is worth about 200 USD

So the new 200 dinar note will have they same value as 200k dinars do now which again is 200 USD

1to1 exchange....which this article describes in detail.....the ramped use of the USD is creating a major issue with their daily relations with Iran....they are telling us everything we want to kno

IMO if this is an RD, there would be a date, like May 2, 2013. I was researching Nigeria's RD. A very successful RD, much better example than Turkey. Iraq is sometime 2013.....that is not educating the people. It's bla bla.

I think alot has got to be lost in translation Zig.....the article last week referred to how phase one was completed of the 2 yr process and and the end of 2012 it will be complete

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I think it definitely means what it says...."at present time" 200k dinar is worth about 200 USD

So the new 200 dinar note will have they same value as 200k dinars do now which again is 200 USD

1to1 exchange....which this article describes in detail.....the ramped use of the USD is creating a major issue with their daily relations with Iran....they are telling us everything we want to kno

They're not quite telling me what I want to know.

I want to know what my 25,000 notes are going to be worth. This article doesn't tell us that.

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I hope so, but is it 1:1 on the redom? Not being a lopster here, but if 25k = 25 and it is 1:1, then aren't they saying our 25k notes are actually wortht $25.00? Somehow being a nervous nelly this is what I am afraid of. How can they have 2 different rates of exchange on notes at face value of 1:1? I'm asking a question for clarification, not trying to start an argument. I'm just trying to get some clarification and opinions. Thanks.

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1to1

Respectfully, I would say that the article doesn't state what the value of the existing notes will be. Whether that be 1 to 1, existing value, or anything else.

The article again talks about deleting zeros. The meaning of which some people think is up for debate, others don't think the meaning is up for debate.

The article also states that the old currency will be accepted for 10 years, but again does not state what value it will hold.

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Thank you tigerstripes. This is what I was trying to figure out. The new denoms could/would/should be 1:1, but we really don't know where that leaves us with our 25k bills. If it emerges that they decide the 25k note equals the new 25 note, then we are at a static value at the time of the redom. In which case, I will maintain confidence in this and exchange my 25k notes for 25 notes and be patient for the value to increase.

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This is why this investment is called the ROLLER COASTER RIDE!!!!! :lol::lol:

+1. No kidding. I heard Jon Huntsman dropped out of the Presidential race to fly to Iraq to meet with LaGarde and Biden to convince Pelosi and Boehner to ask Reid to sign off on a new 3 letter agency that would extend the reval retroactively to today. :lol:

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Respectfully, I would say that the article doesn't state what the value of the existing notes will be. Whether that be 1 to 1, existing value, or anything else.

The article again talks about deleting zeros. The meaning of which some people think is up for debate, others don't think the meaning is up for debate.

The article also states that the old currency will be accepted for 10 years, but again does not state what value it will hold.

Obviously it does not say the value....you are correct...however when i read the articl based on one simple example in which they repeat the process of "at the precent time" for each one of the new denoms...for exp....new 200 dinar note will be equal to what 200k dinar is now.....200k dinar is worth 200 bucks rite now(roughly).....so theres your 1to1 your looking for....of course they arent guna come rite out and tell us...duhhhh...lol

Also they include the talks of the problems with Iran and the USD in the same article that they post this comparison....as above

For the longest I watched the Lopsters post about how removal of the 3zeros means removing them from the actual note itself because thats All they used to talk about...."a 25,000 dinar note is guna be worth 25 USD.......BUT NOW.....they start using these new comparisons....how 200k dinar is equal 200 USD.....GUESS WHAT NEWS FLASH! that lopster theory dont work no more! Cause there is NO 200k DINAR NOTE! So they will have a new dinar note worth 200usd

So respectfully in summary if you take all things into consideration....this article definitely tells us its 1to1.....GO RV....and btw this is no way totally in response to as I know your are a straddling the fence pro RVer! :)

Why do some of you insist that the CBI is actually going to tell you when they do it and how they will do it?

C'mon........

I think they are definitely describing whats guna happen in aroundabouta crazy lost in translation way....probably more than they would like and thats why they are so vague about everything but they definitely have to inform and educate the people....I have read the rd articles from other countries....and no where close to this much education was necessary....no they wont say when but how i think is right here

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Obviously it does not say the value....you are correct...however when i read the articl based on one simple example in which they repeat the process of "at the precent time" for each one of the new denoms...for exp....new 200 dinar note will be equal to what 200k dinar is now.....200k dinar is worth 200 bucks rite now(roughly).....so theres your 1to1 your looking for....of course they arent guna come rite out and tell us...duhhhh...lol

Also they include the talks of the problems with Iran and the USD in the same article that they post this comparison....as above

For the longest I watched the Lopsters post about how removal of the 3zeros means removing them from the actual note itself because thats All they used to talk about...."a 25,000 dinar note is guna be worth 25 USD.......BUT NOW.....they start using these new comparisons....how 200k dinar is guna equal 200 USD.....GUESS WHAT NEWS FLASH! that lopster theory dont work no more! Cause there is NO 200k DINAR NOTE!

So respectfully in summary if you take all things into consideration....this article definitely tells us its 1to1.....GO RV....and btw this is no way totally in response to as I know your are a straddling the fence pro RVer! smile.gif

I think they are definitely describing whats guna happen in aroundabouta crazy lost in translation way....probably more than they would like and thats why they are so vague about everything but they definitely have to inform and educate the people....I have read the rd articles from other countries....and no where close to this much education was necessary....no they wont say when but how i think is right here

I hope you're right.

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