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Member of the parliamentary financial denies that caused the deletion of zeros from the currency of financial and administrative corruption


yota691
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Member of the parliamentary financial denies that caused the deletion of zeros from the currency of financial and administrative corruption

01/31/2012 | (Voice of Iraq) - Add comments - Baghdad - where denied a member of the Finance Committee, the parliamentary process that caused the deletion of zeros from the Iraqi currency occurrence of money laundering and financial and administrative corruption in it. A member of the stapes Ibrahim told all of Iraq [where ] Tuesday that "are untrue news or fears of money laundering or financial and administrative corruption caused by the process of removing three zeroes from the Iraqi currency as it is the process of reform and management of the currency." "It is expected to be a process of replacing the currency, according to the reports of the Finance Committee and the Bank estimates Central within a year and a half after it begins trading currency, the old El Jadida through the payment of salaries to civil servants in ministries and government institutions and the establishment of private banks replace balance of cash, or even through a review of the citizen himself to these banks and to replace the amounts. " and we are talking some time ago regarding the change of currency , and the issuance of new currency, and is noted that there are changes will occur in the form of new Iraqi currency, including the removal of zeros, and the inclusion of the Kurdish language to the Arabic language in the currencies. The officials at the Central Bank as well as some politicians and economists urged the government to delete the zeros from the currency and issue a new currency denominations large cash in addition to the presence of Coins small. Observers say that the government intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar is that economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the benefit expected from the lifting of zeros. " He was an adviser to Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge had warned earlier in the process of removing the zeros from the currency they will cause big problems and confuse the Iraqi economy.

Read more: http://www.sotaliraq.com/business.php?id=5490#ixzz1l2vKZnxc

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"It is expected to be a process of replacing the currency, according to the reports of the Finance Committee and the Bank estimates Central within a year and a half after it begins trading currency,

Yota I find this interesting, and I do not believe I have read it before. What I understand this partial sentence to mean is implying it will be within a year and a half before the new currency is put out into domestic use. But that is after it begins trading currency. So what I wonder if they are implying the dinar will be international first and it will be trading, the dinar we hold now before the new comes out?

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Zig,

I had to +1 you on that statement because my eyes focused on the same quote in the article. Very revealing statement indeed!!

So there is the time limit, which would bring you close to the 2013 date they have mentioned in numerous articles before the new currency is issued. Which makes me believe our dinar is going up and will be accepted internationally.

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Minister for Economic Affairs Abdullah Al-Hussein Anbuge had warned earlier in the process of removing the zeros from the currency they will cause big problems and confuse the Iraqi economy.

Now you would think that the Minister for Economic Affairs, would have a solution. instead of talking about big problems how about rving 1 for 1 or rving at a lower rate with a time frame to cash in. To get rid of the big bills.

Read more:

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Yota I find this interesting, and I do not believe I have read it before. What I understand this partial sentence to mean is implying it will be within a year and a half before the new currency is put out into domestic use. But that is after it begins trading currency. So what I wonder if they are implying the dinar will be international first and it will be trading, the dinar we hold now before the new comes out?

Yes this sounds like good news to me because that means the value on "our" currently held dinars would be raised prior to the lower denoms being printed which may take us up to 2013- Sooo between now and then we could see alot of movement; either incementally or otherwise.

Very telling in deed ;0)

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Yes this sounds like good news to me because that means the value on "our" currently held dinars would be raised prior to the lower denoms being printed which may take us up to 2013- Sooo between now and then we could see alot of movement; either incementally or otherwise.

Very telling in deed ;0)

I agree.

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I agree.

I also agree zigmeister....

We know originally 14 denominations were printed per the delarue article years ago. Now it has been speculated that a stamp could be used on the currency we have not seen (lowers) to add the Kurdish language. There has to be a lower denominated currency to use if we are to see any substantial increase...that is more then speculation it is fact. So it has always been my view on this RV that the lowers have been paid for and financed during the first printing and is in holding.

We don't see nothing in the budget to finance a complete printing of a whole new currency and in the past with the lira we seen design approval articles and then the financial backing from their government.

I believe they will cycle out all of the currency we hold and all denominations will carry the Kurdish language eventually but by that time I will have cashed out and will be sipping something on a beach somewhere.

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Yota I find this interesting, and I do not believe I have read it before. What I understand this partial sentence to mean is implying it will be within a year and a half before the new currency is put out into domestic use. But that is after it begins trading currency. So what I wonder if they are implying the dinar will be international first and it will be trading, the dinar we hold now before the new comes out?

"It is expected to be a process of replacing the currency, according to the reports of the Finance Committee and the Bank estimates Central within a year and a half after it begins trading currency, the old El Jadida through the payment of salaries to civil servants in ministries and government institutions and the establishment of private banks replace balance of cash, or even through a review of the citizen himself to these banks and to replace the amounts. "

I believe the bold printed words mean that after they begin replacing (trading) the old currency for new. The "process" will take a year and a half. Meaning, and RV, AND an RD at the same time (like, say, Feb. 6th, for example). RV to $1.00, and the same day, the small denoms are released. It would take a year and a half to withdraw the old currency.

I take the word "trading" in this context, as "replacing", as in trading in the old for the new.

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"It is expected to be a process of replacing the currency, according to the reports of the Finance Committee and the Bank estimates Central within a year and a half after it begins trading currency, the old El Jadida through the payment of salaries to civil servants in ministries and government institutions and the establishment of private banks replace balance of cash, or even through a review of the citizen himself to these banks and to replace the amounts. "

I believe the bold printed words mean that after they begin replacing (trading) the old currency for new. The "process" will take a year and a half. Meaning, and RV, AND an RD at the same time (like, say, Feb. 6th, for example). RV to $1.00, and the same day, the small denoms are released. It would take a year and a half to withdraw the old currency.

I take the word "trading" in this context, as "replacing", as in trading in the old for the new.

I had not considered trading as replacing, but it is definitely another twist with this article, and makes sense.

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