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He confirmed that the process of deleting the zeros back the dinar to normal parliamentary support for the actions of the Central Bank

yota691

By yota691,
in Iraq & Dinar Related News

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yota691 Grand Master

yota691

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He confirmed that the process of deleting the zeros back the dinar to normal parliamentary support for the actions of the Central Bank

02/21/2012 New Morning Baghdad

Announced that the Economic Commission Parliamentary its full support to action the Iraqi Central Bank for supporting the exchange rate of the dinar and the dollar selling in the auction, as well as planned on the removal of three zeros from the local currency, as he emphasized the central bank that monetary policy is controlled them completely and the presence of cover enough of the local currency, and expected increased dealing in Iraqi dinars, which necessitates the need to delete the zeros of it.

Committee Chairman Ahmed al-Alwani, in a press conference, said that «the Commission supports the controls and mechanisms adopted by the Central Bank to deal with the auction the dollar and to maintain the exchange rate of the dinar and Iraq's wealth in hard currency, as well as planned on the removal of three zeros from the local currency».

He said al-Alwani, that «the Committee highly appreciates the responsible attitude and outstanding efforts of the central bank governor and his staff on maintenance of public money and the wealth of Iraq», pointing out that «the Commission coordinate with the Central Bank out of its commitment to public money and the economy of Iraq, and because the correlation Bank of parliament according to the Constitution» .

The President of the Economic Commission parliamentary, that «the Committee was briefed on the steps diligent, scientific, transparent and serial, carried out by the central bank to control the exchange rate of the dinar and the preservation of hard currency», pointing out that «there are conditions and mechanisms in this regard to limit to deal with those involved only in dollars».

And witnessed the exchange rate of U.S. dollar in domestic markets has recently increased significantly against the Iraqi dinar, with varied price one dollar between 1221 to 1225 thousand Iraqi dinars, while the price was in 2011 the last of 1180 dinars to the dollar, especially after the tightening of international sanctions on Both systems Tehran and Damascus.

This has forced the bank to central intervention through a package of measures, particularly in the auction, organized to sell the dollar, has attributed the Deputy Governor of the Central Bank of the appearance of Mohammed Saleh told Alsumaria News, on the ninth of January last, high exchange rate of U.S. dollar in the local markets of Iraq, and rising sales trade finance to neighboring countries, noting that it will reflect negatively on Iraq's reserves of hard currency.

For his part, Iraqi Central Bank Governor, Sinan Shabibi, during a press conference held at Parliament House, that «the monetary policy and exchange rate of the dinar is dominated them completely», adding that «there is a reserve or cover enough about great local currency to ensure that the march of the dinar to the importance of this in the dealings of investors and consumers, including the government ».

The Shabibi, that «the banking operations carried out by the Bank are subject to in-depth studies, serious, and take into account the uses of Currency and the need for a real-time and in the future», and expected that «the increasingly dealing in Iraqi dinars, which necessitates the need to delete three zeros from it».

The central bank governor, that «the process of deleting the zeros of the dinar, the current is very important to return to normal», as he put it.

http://www.newsabah.com/ar/2221/24/70267/%D8%A3%D9%83%D8%AF-%D8%A7%D9%86-%D8%B9%D9%85%D9%84%D9%8A%D8%A9-%D8%AD%D8%B0%D9%81-%D8%A7%D9%84%D8%A3%D8%B5%D9%81%D8%A7%D8%B1-%D8%AA%D8%B9%D9%8A%D8%AF-%D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%A5%D9%84%D9%89-%D9%88%D8%B6%D8%B9%D9%87-%D8%A7%D9%84%D8%B7%D8%A8%D9%8A%D8%B9%D9%8A--%D8%AF%D8%B9%D9%80%D9%85-%D9%86%D9%8A%D9%80%D8%A7%D8%A8%D9%8A-%D9%84%D8%A5%D8%AC%D9%80%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A7%D9%84%D8%A8%D9%86%D9%80%D9%83-%D8%A7%D9%84%D9%85%D9%80%D8%B1%D9%83%D8%B2%D9%8A.htm?tpl=13[/size]

Edited by yota691
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Stryker365 Newbie

Stryker365

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I don’t think this is the announcement but it is as close to one as we have gotten so far!!!

I’m just going to show what I think is the highlighted points of this article and throw out the fluff that we have heard several times, we still don’t know exactly what it all means at this point including what yota has pointed out but to me it’s one step closer to a formal announcement, IMO

Announced that the Economic Commission Parliamentary its full support to action the Iraqi Central Bank for supporting the exchange rate of the dinar and the dollar selling in the auction, as well as planned on the removal of three zeros from the local currency, as he emphasized the central bank that monetary policy is controlled them completely and the presence of cover enough of the local currency, and expected increased dealing in Iraqi dinars, which necessitates the need to delete the zeros of it.

Committee Chairman Ahmed al-Alwani, in a press conference,

He said al-Alwani, that «the Committee highly appreciates the responsible attitude and outstanding efforts of the central bank governor and his staff on maintenance of public money and the wealth of Iraq», pointing out that «the Commission coordinate with the Central Bank out of its commitment to public money and the economy of Iraq, and because the correlation Bank of parliament according to the Constitution» .

The President of the Economic Commission parliamentary, that «the Committee was briefed on the steps diligent, scientific, transparent and serial, carried out by the central bank to control the exchange rate of the dinar and the preservation of hard currency»,

For his part, Iraqi Central Bank Governor, Sinan Shabibi, during a press conference held at Parliament House, that «the monetary policy and exchange rate of the dinar is dominated them completely», adding that «there is a reserve or cover enough about great local currency to ensure that the march of the dinar to the importance of this in the dealings of investors and consumers, including the government ».

The Shabibi, «the increasingly dealing in Iraqi dinars, which necessitates the need to delete three zeros from it».

The central bank governor, that «the process of deleting the zeros of the dinar, the current is very important to return to normal», as he put it.

This is about to take place folks and no matter how it turns out we will know anytime, trying to stay away from that word…if you know what I mean!!!!

Edited by Stryker365
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blugrass60 Newbie

blugrass60

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Dig it. Thanks yota for this, and all that you do. Do you ever sleep? Lol. Hopefully this ride will be over soon so you wont have to stay at your post for too much longer. Also, like elixirbaby said, stryker365 thank you for interpretations. Its not an easy task putting this together.

Go rv

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Carrello Rising Star

Carrello

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Is there any chance that "returning to normal" would mean the value/exchange rate of the IQD becomes comparable to the Kuwaiti dinar? I know, wishful thinking. But then again, you never know.

How do you get normality out of a comparison of apples and oranges?

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