CBI intensifies efforts to delete zeros from the Iraqi currency

[uncirculd]

This article was saying Saleh was addressing the people on Radio. It is the education of the folks. We are still on track and it won't be September. They are removing the zeros now. They have been dollarized for some time now. When the the troops left their dinar lost value so they started cashing them in to use the dollar.

The radio address was for the citizens, not us. Remember they won't cash in. They will have old notes (if they hoard) and new notes when they roll out the new notes. Those Iraqi's who already understand the process are hoarding. Those who don't are skeptical and using dollars. We would have confusion hear too if we were to change our currency and it's value. We would have to be educated and some will get it right away and some won't.

Another recycled article for us, and more education for them. It's hard to believe that we know more than they do but it is true. We have organized ourselves all for the same purpose of the RV. They have been told conflicting stories of the deleting the zeros and re denomination. Some of them think it will kill the economy and hurt their future.

[muffy]

so sick of hearin this delete the zeroes ****

[Rayzur]

Article 36 of the Bank Law says:

Article 36 Restriction on bank shares

No bank may grant any credit, including loans and advances, or provide a guarantee or security to a customer that uses the customers’ shares in the bank as collateral to secure the loan. A bank may not purchase its own shares without prior approval of the CBI.

Not sure how this Article 36 ties into

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.

Are there several sets of CBI Bank Laws with diifferent Articles?

[Markinsa]

Article 36 of the Bank Law says:

Article 36 Restriction on bank shares

No bank may grant any credit, including loans and advances, or provide a guarantee or security to a customer that uses the customers’ shares in the bank as collateral to secure the loan. A bank may not purchase its own shares without prior approval of the CBI.

Not sure how this Article 36 ties into

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.

Are there several sets of CBI Bank Laws with diifferent Articles?

You are quoting from the Banking Law, not the CBI Law which states:

Article 36 Redemption of currency

1. The CBI may decide to redeem banknotes or coins by issuing, free of charge, other

banknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall be

issued in the form of a regulation of the CBI specifying the period during which the exchange

shall take place and the locations and times at which withdrawn banknotes or coins shall be

presented for redemption.

2. At the end of the exchange period, or at any other time specified by the CBI, redeemed

banknotes and coins shall be demonetized and cease to be legal tender.

3. The CBI shall notify the public, by publication in the Official Publication, of the banknotes

and coins that are legal tender.

Read more: http://dinarvets.com.../#ixzz1pNLzMpMj

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[oleman]

Yes, and anyone that lets this one article get them down, has not been paying attention.

Oh you are so right MS. C you too Mark.

[keepmwlknfny]

so sick of hearin this delete the zeroes ****

You and me both.....if they are so hell bent on lopping then just get it over with already so we can move on .....

[oleman]

I agree Keep whatever it is they are going to do just do it NOW.

[Carrello]

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..

All you Texans would call that rustling, wouldn't you boyz?

This is an interesting thought, and all of the private Iraqi banks should and will have all of the services that Warka offers, although for the government of an extremely corrupt government known for graft and collusion, and considering the CBI is run by Dr. Shabibi, a very straight arrow guy in my assumption, I would not think that this would be something he would allow. This would drive other governments and investors out of Iraq faster than they are already.

Iraq has an image problem, and a factual problem of investors leaving now. They need to be squeaky clean, revalue their currency, and invest in an international pr / marketing plan, not to mention actually fixing the problems, which I believe they are attempting to do.

Just my two fils.......

This article was saying Saleh was addressing the people on Radio. It is the education of the folks. We are still on track and it won't be September. They are removing the zeros now. They have been dollarized for some time now. When the the troops left their dinar lost value so they started cashing them in to use the dollar.

The radio address was for the citizens, not us. Remember they won't cash in. They will have old notes (if they hoard) and new notes when they roll out the new notes. Those Iraqi's who already understand the process are hoarding. Those who don't are skeptical and using dollars. We would have confusion hear too if we were to change our currency and it's value. We would have to be educated and some will get it right away and some won't.

Another recycled article for us, and more education for them. It's hard to believe that we know more than they do but it is true. We have organized ourselves all for the same purpose of the RV. They have been told conflicting stories of the deleting the zeros and re denomination. Some of them think it will kill the economy and hurt their future.

Uncirculd, an article came out a few days ago with the same information regarding Saleh addressing the people on the radio, and my comment was basically the same as yours. It is education, education for the people of Iraq. You also make an important point about this being another recycled article for us (boo hoo) and education for the Iraqi people. We are so concerned about what this means for us, we forget that this is Iraq revaluing and educating their people. Does myopic ring a bell?

[uncirculd]

Carrello,

yeah, I think they are running out of things to put in the news. And what we want to hear they will make us wait.

[Blessed4ever]

JUST GET IT OVER WITH ALREADY!!

[Blu Collar Guru]

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.

IMO: Zig makes a great point here! When they actually complete things. That's when we should be excited! Remember that the Iraqi people want this even more than we do and need it more than we do! Imagine if our dollar was only worth a tenth of a "Penny"...................

[Carrello]

IMO: Zig makes a great point here! When they actually complete things. That's when we should be excited! Remember that the Iraqi people want this even more than we do and need it more than we do! Imagine if our dollar was only worth a tenth of a "Penny"...................

A touche' for Blu Collar Guru,and badda bing for Zig!

[Flyboy42]

Good article, thanks Sweetybird. And if I remember right, didn't someone say a while back that the closer we get to the actual RV, the more conflicting articles we'd see???

[Halo9678]

EUREKA!!!! I think I just figured it out!!!! Saleh is the voice outside of Iraq while ole Shabadabadoo is the voice INSIDE Iraq. Considering that Shabbs is THE GOVENOR and Saleh is the deputy, I'll go with Shabbs any day of the week. And as soon as the RV happens, I'll stroll right on down to the bank singing, "I shot the sherrif... But I should have shot the deputy!!!" LOL!!!!