Jubouri expects deletion of zeros to be complete by end of 2013; Explains 3 stages of currency reform

[dinarbeleiver]

15/01/2012 11:43:00

Signed by the parliamentary Finance Committee Haitham Jubouri currency to be replaced by deleting three zeros from the end of 2013.

He said in a statement to the Agency for National Iraqi News / Nina / Today: “The process of replacing the currency will be three stages of the first printing of new currency and the second came on the market and the third withdrawal of old currency, adding that he will be the completion of the purchase of equipment printing the new currency in the first half of this year “.

He Jubouri: “The Finance Committee was wary of deleting three zeros from the currency and cause an increase of the rate of inflation and exploited in the process of money laundering, but we got assurances scientific specialists in the Central Bank and Cdo that the replacement will support the Iraqi currency against other currencies so that there is a balance between the value in the hands of the citizen with the commensurate with the value of the real exchange rate markets. “

He explained: “The replacement of the existing currency will be accurate and thought no need to fear them or of the fraud, because it will print with the latest devices that can not be forged, adding that the process of replacing the currency does not need to be approved by Parliament, but was consulted committees of financial and economic developments in the House of Representatives He received the Central Bank approval.

He was adviser to the CBI the appearance of Mohammed Saleh said in a press statement prior to the completion of preparations for the implementation of the project to delete the zeros and the issuance of a new Iraqi currency, in the framework of the currency reform of management system in preparation for the next stage.

He noted that the decision by deleting the zeros will be followed by a period of awareness to dispel fears and shed light on the fact that the reform measure designed to facilitate the exchange will not affect the incomes and wealth.

The Iraqi Central Bank estimates that the amount of Iraqi dinars traded rose from about $ 25 billion in 1980 to about 27 trillion at the present time it has increased any thousand and eighty-fold.

Link: http://translate.google.com/translate?hl=en&langpair=ar|en&u=http://ninanews.com/arabic/News_Details.asp%3Far95_VQ%3DFJKIFL

[dinarbeleiver]

This is MASSIVE news

[Carrello]

Thank you for the article DB.

Short and sweet. In and out. Zip, zip. It spells out what the process is. Looks like an information pamphlet to me.

[SPRAYERDUDE]

Very sketchy but good news, there is a lot of contradictions one being if the other news is correct: Iraq's wish to be out of chapter VII, A World trade-able transparent currency is required for release from Chapter VII. The news articles do not say Iraq wants out of Chapter VII in 2013? it states NOW!!!!!!!!!!!!!!!!!! Thanks for the post I guess time will tell once again

[lotsofdinar]

the exchange will not affect the incomes and wealth"

This doesn't sound good, though.

[Elixirbaby]

There was article within last couple of weeks saying 1st phase of 3 was done. We all wondered what the 3 phases were. Now they are saying the 1st phase is printing, 2nd is market ( which I think means introduce) and 3rd is complete removal of notes with 3 zero's. I would be suprized if they are going to print their own money but who knows. If we go by the article last couple of weeks, then the lower demons are printed. Just a thought.

Go RV

As far as the will not effect income or wealth, well you just can't come out and say your going to be rich so hold on to your dinar. Aleast I hope thats their thoughts.

[Stryker365]

You just got to LOVE this opening statement.......

“The process of replacing the currency will be three stages of the first printing of new currency and the second came on the market and the third withdrawal of old currency, adding that he will be the completion of the purchase of equipment printing the new currency in the first half of this year “.

Now I know that there are a few that think that the 10 machines bought from De La Rue Company for $15 million USD or counting machines and I respect those peoples opinions too but I believe they are for printing myself and we are just about there.

Link;

http://www.cbi.iq/documents/Universal-1.en.pdf

Now if the lopsters could just see the good in this article and not just jump on the last sentence:

The Iraqi Central Bank estimates that the amount of Iraqi dinars traded rose from about $ 25 billion in 1980 to about 27 trillion at the present time it has increased any thousand and eighty-fold

Here I'll save you guys some time and us some reading.........it looks like a lop....there it is....no need in the crap....we have it.

By the way if a bank note is worth more money then it takes less bank notes in circulation to by the same amount of goods....a Stryker Quote but you can use it if you want too.... :lol:

Let me add one more thing...there have been several articles over the last 6 months that stated the reform of the currency cost of doing this would be $150 million USD, so my point is they are going to print their own....JMO.

Edited January 17, 2012 by Stryker365

[SPRAYERDUDE]

the exchange will not affect the incomes and wealth"

This doesn't sound good, though.

Just think of all of the past articles on Big Contract's being signed, Oil Production "Highest Ever", Reserves "Highest Ever", G.D.P. "World Leader", I.S.X. "Growth", D.F.I. funds, Etc. Etc. Etc.

When the books are open the real Countries worth "Monetary Backing" will show its self and the exchange rate will have to reflect it with-in reason

[chevyseller2008]

currency to be replaced by deleting three zeros from the end of 2013.

Sounds to me that we have until the end of 2013 to cash in. If the first phase is to be completed durring the first half of 2012, would that not mean rv 2nd half?

[JWJW11]

the exchange will not affect the incomes and wealth"

This doesn't sound good, though.

Of course not.....the Iraqi people will exchange whatever USD they hold for dinar....even exchange.....you are way over thinking it....not every Iraqi is guna br come wealthy from this...however we speculators will....as we dont have to exchange the way they do

[SocalDinar]

Thanks for the article.

Hopefully the first stage is complete. Even though he states that " He will be the completion of the purchase of EQUIPMENT printing the new currency in the first half of this year."

Is there any reason the lower denoms couldn't have been printed already out of Iraq? Ready for stage two!

"The replacement will support the Iraqi currencies so that there is a balance between the value IN THE HANDS OF THE CITIZEN with the commensurate with the value of real exchange rate markets.

Does this just mean physically holding the currency? Or across the board total wealth?

"Does not need approval from parliament! He received the Central bank approval"

All past tense Wonder when He received approval?

" will be followed by a period of awareness to dispel fears and shed light on the fact that the reform ( RV) Will not effect the INCOMES and wealth.

Wouldn't incomes adjust after RV so that they are really not effected?

Get those billboards up to dispel those fears. Maybe post some on some camels and let them roam the streets, Just get it done!!

GO SHABS!!!

[easyrider]

this tells me the process has been going on and it will, be completed by 2013 phase 1 is DONE they are in the middle of phase 2 add some value to your currency

[Stryker365]

I'm posting this part again in case some read my post before I added this;

Let me add one more thing...there have been several articles over the last 6 months that stated the reform of the currency cost of doing this would be $150 million USD, so my point is they are going to print their own....JMO.

Now some may say $15 million USD and $150 million USD is alot of difference and I say yes it is but you know that they would either build or have built a new building for this or they already have it inside the new CBI facility. This expense would be added along with other associated cost, paper employees, etc...

[easyrider]

Thanks for the article.

Hopefully the first stage is complete. Even though he states that " He will be the completion of the purchase of EQUIPMENT printing the new currency in the first half of this year."

Is there any reason the lower denoms couldn't have been printed already out of Iraq? Ready for stage two!

"The replacement will support the Iraqi currencies so that there is a balance between the value IN THE HANDS OF THE CITIZEN with the commensurate with the value of real exchange rate markets.

Does this just mean physically holding the currency? Or across the board total wealth?

"Does not need approval from parliament! He received the Central bank approval"

All past tense Wonder when He received approval?

" will be followed by a period of awareness to dispel fears and shed light on the fact that the reform ( RV) Will not effect the INCOMES and wealth.

Wouldn't incomes adjust after RV so that they are really not effected?

Get those billboards up to dispel those fears. Maybe post some on some camels and let them roam the streets, Just get it done!!

GO SHABS!!!

phase one is done this has been going on for some time now they are in the middle of phase 2

Edited January 17, 2012 by easyrider

[JWJW11]

this tells me the process has been going on and it will, be completed by 2013 phase 1 is DONE they are in the middle of phase 2 add some value to your currency

You got that rite easy!

[harleyharryfl]

In reading all the news out of Iraq I still don't understand why they are so intent on pulling in the three zero notes if they are saying that they wont increase in value and if a 25000. note will have the same value as a 25. note ...that they will coexist i would think that it wouldn't be an issue to slowly pull them in as they come to the bank..ect.ect .... Inmo.. I do think its going to be a straight up rv with a time limit ...and I think it is going to happen very soon way to many articles coming out from the cbi.. about the currency and exchange rate ...and i would think that if that wasn't the case the news would be focused on the political crises and the violence, and the hunger in the streets, and lack of power ,water ect I really think we are there folks...GO RV.....

[Alex38]

I love it!

[4aprofit]

I think that they worded the article...so as to use reverse physcology on it's readers...in one sense anyway...if you were fixing to change the value of the currency...why not say this?....They've been saying that they were going to change the value of the currency...either..SOON'...or NOW'...and nothing ever happened...so I like this one better than ALL of the rest of them....(If they will just now do the opposite...of what they have been saying maybe...AGAIN?).....LOL....

[Carrello]

Thank you for the article DB.

Short and sweet. In and out. Zip, zip. It spells out what the process is. Looks like an information pamphlet to me.

The point of my comment was that it is simple, therefore, it is an educational piece for the people of Iraq. For myopic Americans, we think everything is about us, it is not. IMHO, this article is for the people of Iraq only.

Not every article needs to go into exact details and intentions, blah blah blah, and answer the myriad of questions we have. Don't get mired down in what we want to know and do not see what the intent was. IT IS NOT ABOUT US ALL THE TIME, EVERY DAY, 24-7. Hard to accept, but it's not. You are distorting something to fit your needs.

Does anyone remember the term "the ugly American"?

[SocalDinar]

phase one is done this has been going on for some time now they are in the middle of phase 2

Thanks,

Thats the way I read this and the anouncements and discussions of deleting the three zeroes is a way of " dispelling fear " basically educating the educated. Can't imagine the fig farmer having a clue though.

Lets go phase three!

[jetphyxr]

This article belongs on the top shelf !!! Let's be prepared!

[dinarbeleiver]

Lets keep this on the top shelf

[redrock]

The point of my comment was that it is simple, therefore, it is an educational piece for the people of Iraq. For myopic Americans, we think everything is about us, it is not. IMHO, this article is for the people of Iraq only.

Not every article needs to go into exact details and intentions, blah blah blah, and answer the myriad of questions we have. Don't get mired down in what we want to know and do not see what the intent was. IT IS NOT ABOUT US ALL THE TIME, EVERY DAY, 24-7. Hard to accept, but it's not. You are distorting something to fit your needs.

Does anyone remember the term "the ugly American"?

I agree totally Carello. In fact it would surprise me if any of the articles are about us. They are working on their country and trying to educate their people. We are a small part of this that they probably care less about. By the way, thanks for the time and effort you put into bringing forth and explaining articles. Your expertise is appreciated.

[dnadinar80]

Of course not.....the Iraqi people will exchange whatever USD they hold for dinar....even exchange.....you are way over thinking it....not every Iraqi is guna br come wealthy from this...however we speculators will....as we dont have to exchange the way they do

I concur and furthermore would like to state that this is about monetary policy rather than money for the Iraqi populus. This rv will provide a stronger value on purchasing such as purchasing power per dinar. So when they say it won't change they are simply stating the value per dinar will be the same which is good news for us and them. Hince if you have a 25000 dinar note it will be the same so each one of those dinars will be accounted for hince NO LOP!! As far as the currency in Iraq you have each of the denominations raise its purchasing power thus having to use less dinars to buy products therefore reducing the supply needed for circulation and fighting inflation at the same time. So this is very good for us and the Iraqi people. Once the HCL is passed then things get real interesting. Stay grounded people we are closer now than ever before and I for one am excited! Nate

[lotsofdinar]

Any scenario where speculators get rich and the Iraqi people hold their own doesn't seem to make sense to me. There's a gotcha somewhere.