Economic parliamentary: Remove the zeros currency in September

[rockhound60]

Economic parliamentary: Remove the zeros currency in September

On: Sun 02/19/2012 10:18

أ Announced that the Economic Committee in the House of Representatives, today announced an agreement with the Central Bank of Iraq to begin the process of removing zeros from the local currency in September. The central bank had announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.

A member of the Economic Commission Abdul-Hussein Abtan in a telephone conversation with (range) yesterday, "the Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next."

و He added that "the agreement granting process to ensure the currency switch for a full year on the two currencies that are traded the old and new in the market during this stage."

Abtan explained that "the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in society."

He described the Abtan plan the Central Bank in the subject as good, he said, "It was the Bank's previous experience in the replacement of the currency and thus became his experience there will not be any problems associated with the process of deleting the zeroes on the reverse of what it was the situation when you decide to switch the operation several years ago."

And describes the CBI process of switching the currency national project in support of the economy in the country, while expressing the Iraqi government for fear of the project as it will increase the phenomenon of money laundering, "according to belief," and is working to convince the central bank to stop implementation of the project, agree the Securities Commission with the government's position to delete the zeros and says it would negatively affect the financial trading in the stock market.

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[DinarThug]

Hmmmmm, September Doesn't Seem To Fit In With The Phase I + Phase II 6 Month Timelines.

<Cough Cough> Smoke !

Thx for the post Rockhound.

[MoonRover]

Maybe it means to have the zeros removed "by" september.. Who knows with these morons...

[Alex38]

It seems to me that they will begin removing these notes then. BUT, didn't they say that the 2 currencies would exist side by side for a bit?? If so, the RV could happen anytime. Let the notes hang with each other at an new rate .... Hmmmmm...

[rockhound60]

It seems to me that they will begin removing these notes then. BUT, didn't they say that the 2 currencies would exist side by side for a bit?? If so, the RV could happen anytime. Let the notes hang with each other at an new rate .... Hmmmmm...

YES JUST LIKE WE DO WITH OUR NEW CURRENCY...

[seetrader1]

This is the 3rd or 4th time this article's been posted today? :unsure:

[simon8957]

Maybe it means that they co-exiest till September..

[Sowhat]

Maybe it means that they co-exiest till September..

AT least read the article first.

"for a full year on the two currencies that are traded the old and new in the market during this stage."

[powerpager]

Or 100 Days After that !!!

[Rayzur]

Why would "switching the currency in support of the economy, have a negative affect on the financial trading in the stock market'?

Trying to get my brain around this in terms of implication..... any ideas?

[Hell froze over]

Phase 1 and is done, reduce the money supply . Phase 2 delete the zero's . Its the buying back of to remove, shred if you will. Now an RV will happen with a expiration on 25,000, 10,000 and 5,000 dinar notes And that rate has just been approved and that rate is ??? That begins phase 2 . September is a target but I bet is closer to the end of 2012 then phase 3 will begin the first day of 2013 an exchange of your small notes for the new dinar with another RV or RI it back to pre-war rate IS ???? Your the only one that knows the rate and when and if the dinar becomes exchanged is your bank , broker or the black market will tell you . Other than that NOBODY NOBODY YOU KNOW HAS THIS INTEL . You dont know anyone here. Never had a lunch with a single investor you have meet here .

[thatoneguy]

What is it w/ Saleh stating something like "notes will be accepted for 10 yrs". That's obviously not verbatim, but the 10 yr deal has been touched on. Anyone???

[uncirculd]

These economist keep saying that Shabibi needs to stop the process of deleting the zeros. These economists need to worry about their citizens instead of their jobs. They won't have them 2nd time around if they don't move on the issues now.

[keepmwlknfny]

What is it w/ Saleh stating something like "notes will be accepted for 10 yrs". That's obviously not verbatim, but the 10 yr deal has been touched on. Anyone???

Its not unheard of for a country to change currency, set a time for exchange, but really still accept those older bills for up to 10 years....