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CBI intensifies efforts to delete zeros from the Iraqi currency


Sweetybird
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CBI intensifies efforts to delete zeros from the Iraqi currency

Posted: March 16, 2012 in Iraqi Dinar/Politics

Tags: Baghdad, Central Bank Iraq, Committee, Currency, Iraq, Iraqi dinar, Mohammed Saleh, Radio Sawa

Translation 1:

Iraqi Central intensify its efforts to delete the zeros of the Iraqi currency

Tuesday, 13/03/2012 10:11

BAGHDAD – ASHA: the Iraqi Central Bank continues to work on the project to delete the zeros of the Iraqi currency.

The bank adviser said the appearance of Mohammed Saleh – in a statement to Radio Sawa on Tuesday – “The Committee is tasked with developing the project to delete blocks of zeros of the Iraqi currency in the process of completing its work,” noting that the project will be launched early next year.

He noted the benefit to the new currency that contained the categories of paper and metal, stressing the importance of the project to delete zeros in facilitating financial transactions, and pointed out that government banks are the only outlet for the process of replacing the currency that will continue over two years.

It is noteworthy that Article 36 of the Law on Central Bank of Iraq gives him the right to replace the currency

And adjusted according to the list of control governing the work of the new currency.

Translation 2:

CBI intensify efforts to delete the zeros of the Iraqi currency

Tuesday 2012/3/13 10: 11 am

Baghdad-a u a: continue to the Central Bank of Iraq project delete zeros of the Iraqi currency.

The Bank adviser said the appearance of Mohamed Saleh. in a statement to radio (Sawa) Tuesday. “the Committee charged with establishing the building blocks of zeros from the currency project deleted in the process of completing its work in Iraq,” he said, adding that the project will be launched early next year.

He fit that new currency contained metal kite categories, stressing the importance of the draft delete zeros in facilitating financial transactions, said State banks were the only port for the replacement of currency that will continue for two years.

Recalls that article 36 of the law on the Central Bank of Iraq granted right to replace currency And modify in accordance with regulations governing the work of the new currency controls.

Edited by Sweetybird
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This makes no sense to me, seems like they can't make their mind up about when, or if, they're going to do it. This article was dated Mar.13, but it just came out on that site today. I was hoping someone might make more sense of it so I went ahead and posted it...

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Do you think it's all hype? I'd love your take on it... I'm just confused about it. :blink:

We all are confused with this investment most of the time. As you can see the translations do not offer much to grasp and understand when we read them. Here the CBI says they are hard at work on this project, guess what they have been saying that for years. Last summer they said they were completed and it was on Parliaments desk to be voted on. Now they are working hard on the project. What happened and why didn't it happen?

So is it hype, educating the people, or keeping people looking one way, while they try to fetter out the counterfeiting problem, or something else? I don't know. Again pay attention not so much to what they say as what they are doing. We know they bought some fancy ass machines from Del a Rue. We know they are getting their banks on line via better internet connections, we know they are pulling dinar in and selling dollars, we know to keep banks in check, those banks now have to have accounts with CBI before they can play in the auctions, we know there is a counterfeiting problem and money laundering problem, we know they raised their rate 4 pips, we know they have plans for a new CBI, we know they are going to have an Arab Summit, we know they want out of chapter 7, we know they are finally playing nice with Kuwait and intend to get the ball rolling, and I am sure there is more we know, but I can't remember. But as far as anything pertaining to these articles imo we don't know. But from the actions they have taken I would say, there moves are more towards an RV, than RD. JMO of course and perhaps I look for the positives as opposed the negatives. ;)

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CBI News

http://www.zawya.com/story.cfm/sidZAWYA20111113044929/Cancellation_of_zeros_from_Iraqi_currency_wont_solve_Iraqs_economic_crisis_expert_says

Cancellation of "zeros" from Iraqi currency won't solve Iraq's economic crisis, expert says

BAGHDAD: The cancellation of "zeros" from the Iraqi currency, announced by the Central Bank of IraqCentral Bank of IraqLoading... (CBICBILoading...) won't solve Iraq's current economic crisis, especially the problem of the deteriorated living standards and services in the country, according to the Banking Expert, Samir al-Nuseiry on Saturday.

"The process of cancelling the 'zeros' from the Iraqi currency won't solve the economic crisis, suffered by Iraq, especially the downfall of the living standards, unemployment and deterioration of services in all fields," Nuseiry told Aswat al-Iraq news agency.

The Central Bank of IraqThe Central Bank of IraqLoading... had announced last September its intention to cancel the 3 "zeros" from the end of the Iraqi dinar currency in 2013, stating that the process would ease down the inflation, calling on Iraqi citizens to use their own (dinar) currency, instead of the US dollar.

"The process of cancelling the 'zeros' from the Iraqi currency shall lead to cut short the cash size, thing that shall have its direct impact on the basic salaries, shares, bonds and prices," Nuseiry said, adding that "such measure would make any citizen feel poor, as he who has 10 million Iraqi dinars, for example, won't possess more than 10,000 dinars from same, thing that would lead to undermine consumption and thus have its passive impact on the economic situation in the country as a whole."

Noteworthy is that the Advisor of Iraq's Prime Minister for Economic Affairs, Abdul-Hussein al-Anbaki, had criticized the plan for the cancellation of 'zeros' from the Iraqi currency, considering it as "the largest corruption process in the history of Iraq, "because Mafias of currency fabrication will be prepared for changing the distorted currency with a new currency, along with elements who lean towards currency laundering would pump trillions (t) of Iraqi dinars for their transformation.

Edited by OfCamelot
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We all are confused with this investment most of the time. As you can see the translations do not offer much to grasp and understand when we read them. Here the CBI says they are hard at work on this project, guess what they have been saying that for years. Last summer they said they were completed and it was on Parliaments desk to be voted on. Now they are working hard on the project. What happened and why didn't it happen?

So is it hype, educating the people, or keeping people looking one way, while they try to fetter out the counterfeiting problem, or something else? I don't know. Again pay attention not so much to what they say as what they are doing. We know they bought some fancy ass machines from Del a Rue. We know they are getting their banks on line via better internet connections, we know they are pulling dinar in and selling dollars, we know to keep banks in check, those banks now have to have accounts with CBI before they can play in the auctions, we know there is a counterfeiting problem and money laundering problem, we know they raised their rate 4 pips, we know they have plans for a new CBI, we know they are going to have an Arab Summit, we know they want out of chapter 7, we know they are finally playing nice with Kuwait and intend to get the ball rolling, and I am sure there is more we know, but I can't remember. But as far as anything pertaining to these articles imo we don't know. But from the actions they have taken I would say, there moves are more towards an RV, than RD. JMO of course and perhaps I look for the positives as opposed the negatives. ;)

Thank you so much for your reply; you did a great job reminding us of all the good news that's come out so far. Personally, I needed that. I think I'm back on track now. I was getting a little worried there... And you're right for looking for the positives instead of the negatives. Again, thanks! :tiphat:

I just dont know why everybody has such a hard time understanding this.

WHO`s on first WHATS on second and I DONT KNOW is on third.

I Got it.

LOL :D:D

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Imagine this, Officially the CBI is saying they are going to wait until September or Next Year to issue their new currency and they start providing education on what the new Dinar notes look like. All of a sudden, the Inflation hits a mark that the CBI just CAN'T wait anymore and POW! RV next week, next month... U get the idea...

-

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Everyone, for your own sanity's sake, please understand that a directly translated article from Iraq that contains the word NEXT is actually THIS. I know this can be confusing, but those of use that have been in this investment for a while also understand the problems with translations between the two languages.

The article at the begining of this thread is actually VERY good news for us!

GR

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Yota, thanks for the link. I didn't realize I'd left it out, sorry. Thanks for catching it for us. Here's the one in Arabic at the end of the article in case anyone wants to see it too:

http://bit.ly/ycX6qF

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CBI intensifies efforts to delete zeros from the Iraqi currency

Posted: March 16, 2012 in Iraqi Dinar/Politics

Tags: Baghdad, Central Bank Iraq, Committee, Currency, Iraq, Iraqi dinar, Mohammed Saleh, Radio Sawa

Translation 1:

Iraqi Central intensify its efforts to delete the zeros of the Iraqi currency

Tuesday, 13/03/2012 10:11

BAGHDAD – ASHA: the Iraqi Central Bank continues to work on the project to delete the zeros of the Iraqi currency.

The bank adviser said the appearance of Mohammed Saleh – in a statement to Radio Sawa on Tuesday – “The Committee is tasked with developing the project to delete blocks of zeros of the Iraqi currency in the process of completing its work,” noting that the project will be launched early next year.

He noted the benefit to the new currency that contained the categories of paper and metal, stressing the importance of the project to delete zeros in facilitating financial transactions, and pointed out that government banks are the only outlet for the process of replacing the currency that will continue over two years.

It is noteworthy that Article 36 of the Law on Central Bank of Iraq gives him the right to replace the currency

And adjusted according to the list of control governing the work of the new currency.

Translation 2:

CBI intensify efforts to delete the zeros of the Iraqi currency

Tuesday 2012/3/13 10: 11 am

Baghdad-a u a: continue to the Central Bank of Iraq project delete zeros of the Iraqi currency.

The Bank adviser said the appearance of Mohamed Saleh. in a statement to radio (Sawa) Tuesday. “the Committee charged with establishing the building blocks of zeros from the currency project deleted in the process of completing its work in Iraq,” he said, adding that the project will be launched early next year.

He fit that new currency contained metal kite categories, stressing the importance of the draft delete zeros in facilitating financial transactions, said State banks were the only port for the replacement of currency that will continue for two years.

Recalls that article 36 of the law on the Central Bank of Iraq granted right to replace currency And modify in accordance with regulations governing the work of the new currency controls.

I woder if the CBI by putting Warka Bank under conservatorship is nothing less than a convenient way to expand the State Banking System. Warka has over 130 Branches and I believe Rafidain Bank has around 180 branches. I'm not sure what Rasheed Bank has for Branches but they all do have the modern electronic transferr capabilities and Atm machines. Just speculating on what the CBI may be up to..

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