CBI to study the legislation to legalize the process of removing zeros from the local currency

[trooper]

CBI to study the legislation to legalize the process of removing zeros from the local currency

January 30, 2012

Central Bank of Iraq, on Monday, he began to study the need of the project to delete the zeros to submit a bill to the House of Representatives for the purpose of legislation setting out the mechanisms and controls the process of removing three zeros from the local currency, stressing that its law gives him the powers of a change in their local currency. This comes at a time confirmed the Parliamentary Finance Committee, on Sunday, the central bank lingered in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, confirming the same time the law was passed that would give Iraq an opportunity to address inflation. And inflation is the excessive rise in the general level of prices and higher cash income as well as high costs and create excessive cash balances. It is expected to increase inflation in the budget in 2012 due to continued attention to the operational aspects at the expense of the investment part of the budget.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the CBI submitted a working paper for the project to delete the zeros of the local currency to the Council of Ministers for the involvement of ministries and bodies in the requirements process to delete the zeros to prevent harm from the process."

The Iraqi government says that the process of deletion of zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project. Saleh added that "the central bank is considering sending a bill to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency."

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.

He continued that "the proposed deletion of zeros from the currency needed to raise the awareness of national popularity and status of the regulations limiting the phenomenon of currency manipulation during the period of replacement." The main Manmam Central Bank in managing monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation in the country.

www.alnajafnews.net

[FlintNPebbles]

I, for one, am getting tired of them having to talk everything to death. They never agree on anything....someone just needs to take the bull by the horns and do something!!

[TXNOLE]

They have been saying they were going to do this for a long time.......now they are going to STUDY doing it? I give up trying to figure this thing out!

[JustNTime]

Thought the CBI already had the powers to "delete the zero's"? Do they need another bill passed?

[GT ACE]

I don't believe these idiots are any closer to an RV, RI or RD than they were back at the time of the elections! Middle east politics are a screwed up mess and they may never see the light. It will take a miracle to get these poor bastards to agree on anything and they haven't managed that in 4500 years!!!!

[Mazzz27]

They have been saying they were going to do this for a long time.......now they are going to STUDY doing it? I give up trying to figure this thing out!

i take it as the govt and parliament keep denying them to get this done so theyre going to study it better so they can swindle their way into getting it approved

[Elixirbaby]

????????

[lotsofdinar]

Thought the CBI already had the powers to "delete the zero's"?"

That's what the article says, that the CBI is submitting it, even though the law gives them the power to RD without the legislature.

[Crow]

Studying the legislation!!! I think this means checking to make sure the t's are crossed and i's dotted!!!!

[SgtFuryUSCZ]

Studying the legislation!!! I think this means checking to make sure the t's are crossed and i's dotted!!!!

***///

I hope that's all it is. With any luck they'll present it just before the lunch break and

all the hungry MP's will rubber-stamp it and green-light it so they can go eat!

"Due process was served... then the MP's were!"

Edited January 30, 2012 by SgtFuryUSCZ

[betty1970]

I just get the feeling that they really are trying to get this right first time. They are being watched by far more important entities than us mere mortals. It's crucial, and I don't think Dr Shabibi is the sort of man that makes mistakes.

I am looking on the bright side, before this thread starts to go on a downward spiral.

[fnbplanet]

Studying the legislation!!! I think this means checking to make sure the t's are crossed and i's dotted!!!!

Exactly. They are studying the legislative BILL to see if it is correctly done.

Chins up! This is progress! Can they RV without this? They have, in a small way. This is getting the GOI to sign off on it - protocol - their way of doing things. It's slow, but it's their way.

There are still entities in the GOI that don't want this, but they seem to have toned down the rhetoric lately, almost as if they know they can't stop it anymore.

[Butifldrm]

I believe the CBI has the power to adjust the exchange rate, as we have already recently seen. I believe Parliament has to approve the issue of the new currency, including the cost of printing and cost of education for this process. There are some that believe the lower denoms were printed at the same time as the notes with the three zeros were printed. That may be the case, but did those notes display the Kurdish and American language, only the CBI knows, and if they were printed, was the volume or amount printed enough to meet the need of replacing all of the three zero notes at an increased rate. You can't pull the three zero notes without replacing them with another form of purchase power. It looks like they are using USD presently. Hopefully Very Soon the mystery will be solved.

[redsand]

STUDYING has many translations...think about the synonyms even in our english language.

CBI to WORK the legislation to legalize the process of removing zeros from the local currency

CBI to APPLY the legislation to legalize the process of removing zeros from the local currency

CBI to DELIBERATE the legislation to legalize the process of removing zeros from the local currency

Let the CBI have articles using the word STUDY. Its better than none at all.

[Luigi1]

I, for one, am getting tired of them having to talk everything to death. They never agree on anything....someone just needs to take the bull by the horns and do something!!

Agree. Quit sallin' & start haulin'.

Now vote...damn it...vote.

[truthful1]

I believe the CBI has the power to adjust the exchange rate, as we have already recently seen. I believe Parliament has to approve the issue of the new currency, including the cost of printing and cost of education for this process. There are some that believe the lower denoms were printed at the same time as the notes with the three zeros were printed. That may be the case, but did those notes display the Kurdish and American language, only the CBI knows, and if they were printed, was the volume or amount printed enough to meet the need of replacing all of the three zero notes at an increased rate. You can't pull the three zero notes without replacing them with another form of purchase power. It looks like they are using USD presently. Hopefully Very Soon the mystery will be solved.

Lets say they already printed lower denoms years ago. they already had permission years ago to print, why the approval for a second time. hmmm.

Edited January 30, 2012 by truthful1

[zigmeister]

Lets say they already printed lower denoms years ago. they already had permission years ago to print, why the approval for a second time. hmmm.

Good observation. It could be they need the second approval because they did not circulate them at the time intended, much time has passed. Perhaps they need everyone to on board with the project. It is sort of like they need to study the deletion of zero's but why they already studied it.

[Carrello]

Lets say they already printed lower denoms years ago. they already had permission years ago to print, why the approval for a second time. hmmm.

The currency printed previously in 2003, and what we hold, did not have the three languages printed on them. This is an issue with the Kurds.

[hoosier1470]

Maybe CBI is doing this to.keep the peace. IThe article clearly states that CBI has the authority without parliment. Maybe this is just to try to keep everyone happy! Afterall, we dont want any monkey wrenches thrown in once this thing begins to roll along good!! With news from other articles stating that exchange rates are to be set in a couple days to deal with inflation, I dont see them studying for, very long!! Go RV!

[Stryker365]

The currency printed previously in 2003, and what we hold, did not have the three languages printed on them. This is an issue with the Kurds.

Carrello, your right and do you think its real interesting that we have not read one article lately that talks about the three languages either. For the longest time that's all they talked about, every time a currency article came out they made reference to it.......could it be that they have already been printed like in the First Phase........with 2 & 3 starting any day now...?

I believe even Adam thinks they are printed...I could be wrong but I don't think so..

I think they just printed them or in the process of completion..

Edited January 30, 2012 by Stryker365

[Carrello]

I just get the feeling that they really are trying to get this right first time. They are being watched by far more important entities than us mere mortals. It's crucial, and I don't think Dr Shabibi is the sort of man that makes mistakes.

I am looking on the bright side, before this thread starts to go on a downward spiral.

I agree with you. They are under a microscope and have only one chance to get this right the first time. Anything like this needs to be tweeked at it evolves, but there are critical items that economically and legally need to be in place for this process to roll out in the right manner.

We are in a big hurry, but they are not. We have to remember that it is not just banking laws, reserves, and auctions that are moving parts in the RV, but the Iraqis have a fledging democracy, corruption, sanctions, etc., they are being contended with. This is such a major undertaking, that it would be daunting for an established government.

[brandedbabe]

I agree with you. They are under a microscope and have only one chance to get this right the first time. Anything like this needs to be tweeked at it evolves, but there are critical items that economically and legally need to be in place for this process to roll out in the right manner.

We are in a big hurry, but they are not. We have to remember that it is not just banking laws, reserves, and auctions that are moving parts in the RV, but the Iraqis have a fledging democracy, corruption, sanctions, etc., they are being contended with. This is such a major undertaking, that it would be daunting for an established government.

One thing is for sure.....when history looks back at how Iraq introduced a new monetary policy they will not say Iraq had success following Turkey's redenomination. Because all the countries who "lopped zeros" remove zeros have not had any success and are not considered prosperous country's. What Iraq does will be original and ground breaking and will be seen by other middle eastern countries as a template for the future. IRAN will almost certainly follow this success by entering into civil war....watch!!!

[Carrello]

Carrello, your right and do you think its real interesting that we have not read one article lately that talks about the three languages either. For the longest time that's all they talked about, every time a currency article came out they made reference to it.......could it be that they have already been printed like in the First Phase........with 2 & 3 starting any day now...?

I believe even Adam thinks they are printed...I could be wrong but I don't think so..

I think they just printed them or in the process of completion..

Could be. They didn't use how many 747s to fly in just the 000s notes. I don't recall what the ratio was, or if we had one, but I would think there were many more lds than 000s. Currency is so expensive to print that why not use what was printed in 2003 and cycle in the new when needed. Their currency had such a short lifespan, but with the electronic system being put into place, Smart Cards, bank loans and accounts, etc., the lifespan will be longer.

Sorry, I just got a phone call and lost my train of thought, this might not even be on point, but I never make any sense anyway. Viva le France!

The question is: Did they print them on the counting and bundling machines or on printing machines? Just kidding.

How's the Camaro coming along?

[zigmeister]

Could be. They didn't use how many 747s to fly in just the 000s notes. I don't recall what the ratio was, or if we had one, but I would think there were many more lds than 000s. Currency is so expensive to print that why not use what was printed in 2003 and cycle in the new when needed. Their currency had such a short lifespan, but with the electronic system being put into place, Smart Cards, bank loans and accounts, etc., the lifespan will be longer.

Sorry, I just got a phone call and lost my train of thought, this might not even be on point, but I never make any sense anyway. Viva le France!

The question is: Did they print them on the counting and bundling machines or on printing machines? Just kidding.

How's the Camaro coming along?

Did you just change the subject?

[Carrello]

Did you just change the subject?

No. I really got a phone call, I couldn't remember the exact context of the original conversation, had to get going and was too much in a rush to go back and start over.

I am really trying to blow all of you off............