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Central Bank began printing Iraqi currency after deletion of zeros


JustNTime
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Sources: Central Bank began printing Iraqi currency after deletion of zeros

  • Tuesday, March 20, 2012 08:18

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BAGHDAD / Baghdadiya News / .... sources from within the Central Bank of Iraq that the latter already begun the contracting process to print a new Iraqi currency after deleting three zeros of which,

Pointing out that the central bank just waiting to give him the green light if there were objections to the drawings and designs.

The sources indicated in comments summarized by / Baghdadiya News / "The central bank introduced a draft law to delete the zeros to the Chairman of the House of Representatives Osama Najafi, and ensure that everything about this great project which will start work by the process of offering the new currency for circulation early next year, and will continue to drive the replacement of three years.

"The House of Representatives has no objections to the project except the subject of graphics that will come within the designs, adding there are those favored by nature and one favored by Islamic history, stressing that the initial indications stating that everyone agreed on the historic monuments in Iraq.

And was a member of the Economic Commission parliamentary Nora Salem Albjara described in a statement to / Baghdadiya News / replacement process and delete three zeros to "step" that Iraq must start with, but for many reasons, including elimination of the problems of the current currency, especially after the emergence of the phenomenon of counterfeiting of currency from the category of the ten thousand dinars. "

She said also that "the restructuring of the currency has become an urgent need now, it is reasonable to continue the circulation of currency issued in times of Iraq was then suffering from inflation and the deterioration of Danarh, and this has increased the amounts of money in circulation in the market."

She said "Iraq is currently trading at least 33 trillion dinars, and this is a very huge amount causes a lot of confusion in cash transactions, and more effort and time and a lot of risk in carrying large amounts of banknotes in the pocket, and this is why the Iraqi citizen of the tendency to deal in dollars, to become the market dollarized the Iraqi market, and must be maintained on the national currency.

It showed that "new dinar will be printed also groups as large as the 100 dinars, equivalent to the current currency 100 thousand dinars, as well as 50 dinars and twenty-five and categories of the youngest is ten dinars, five dinars, which without it would be a coin will be the favorite being the most traded in return will not be worn out."

http://translate.goo...J-AkAZHJAE.html

Edited by JustNTime
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But if you read the title, "Central Bank begin printing currency after deletion of zeros". My take on this is they are comfortable with the amount of large zero notes they have pulled in. Now with the contracting of 4 componies to print their new dinar, sounds like they are in a rush now.

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But if you read the title, "Central Bank begin printing currency after deletion of zeros". My take on this is they are comfortable with the amount of large zero notes they have pulled in. Now with the contracting of 4 componies to print their new dinar, sounds like they are in a rush now.

I believe they are concerned if these articles are anywhere close to the truth in that, they do not want their hard currency supply to go dry. They seem to be in a spot, however it may be the spot CBI wants to be in to push this through the Parliament or who ever it is that is suppose to give them a grant.

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This reads like they have ALREADY deleted the zeros, as in pulling a satisfactory amount in, and now they're ready to continue....urgently!!! If I am taking this the right way it spells NO lop.....the 33 trillion number bit me but I don't believe the numbers they throw out....I hope I am not reading this wrong.....

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Through the daily auctions, Shabibi has been taking in dinars and selling dollars. The question remains as to how many of those 33 trillion dinars are still in circulation outside the treasury at the CBI. 20 trillion? 15 trillion? Only Shabs knows

I have always thought this pending RV to be analogous to an IPO, with Iraq being the corporation about to "go public" and the dinar as a share of stock in that corporation. In my analogy, (1) the RVed exchange rate is the IPO price, (2) the dinars in circulation are the shares of stock outstanding, and (3) the dinars in the CBI's vault (those that are no longer in circulation) as "treasury stock" of the company. In this scenario, the FMV of the company's assets (i.e., Iraq's oil, gas, gold, diamonds, phosphates, etc.) is applied ratably to each share of stock (i.e., each dinar) outstanding. The less shares of stock (dinars) that remains in circulation and outside of the treasury, the more of this wealth that can be allotted to each share of stock. In other words, the less dinar in circulation, the higher the exchange rate that can be justified economically to be applied to the dinar upon RV.

Edited by Rabbi
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Through the daily auctions, Shabibi has been taking in dinars and selling dollars. The question remains as to how many of those 33 trillion dinars are still in circulation outside the treasury at the CBI. 20 trillion? 15 trillion? Only Shabs knows

I have always thought this pending RV to be analogous to an IPO, with Iraq being the corporation about to "go public" and the dinar as a share of stock in that corporation. In my analogy, (1) the RVed exchange rate is the IPO price, (2) the dinars in circulation are the shares of stock outstanding, and (3) the dinars in the CBI's vault (those that are no longer in circulation) as "treasury stock" of the company. In this scenario, the FMV of the company's assets (i.e., Iraq's oil, gas, gold, diamonds, phosphates, etc.) is applied ratably to each share of stock (i.e., each dinar) outstanding. The less shares of stock (dinars) that remains in circulation and outside of the treasury, the more of this wealth that can be allotted to each share of stock. In other words, the less dinar in circulation, the higher the exchange rate that can be justified economically to be applied to the dinar upon RV.

Very Well Put. So Says..................DayTrader

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Through the daily auctions, Shabibi has been taking in dinars and selling dollars. The question remains as to how many of those 33 trillion dinars are still in circulation outside the treasury at the CBI. 20 trillion? 15 trillion? Only Shabs knows

I have always thought this pending RV to be analogous to an IPO, with Iraq being the corporation about to "go public" and the dinar as a share of stock in that corporation. In my analogy, (1) the RVed exchange rate is the IPO price, (2) the dinars in circulation are the shares of stock outstanding, and (3) the dinars in the CBI's vault (those that are no longer in circulation) as "treasury stock" of the company. In this scenario, the FMV of the company's assets (i.e., Iraq's oil, gas, gold, diamonds, phosphates, etc.) is applied ratably to each share of stock (i.e., each dinar) outstanding. The less shares of stock (dinars) that remains in circulation and outside of the treasury, the more of this wealth that can be allotted to each share of stock. In other words, the less dinar in circulation, the higher the exchange rate that can be justified economically to be applied to the dinar upon RV.

Huh? Yeah....just like that blink.gif I can't get past the 33 trillion ohmy.gif

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But what about the statement in the last paragraph....: "

It showed that "new dinar will be printed also groups as large as the 100 dinars, equivalent to the current currency 100 thousand dinars,

Read more: http://dinarvets.com/forums/index.php?/topic/110594-central-bank-began-printing-iraqi-currency-after-deletion-of-zeros/#ixzz1pfXLKQOQ

That is sounding frighteningly like a lop...

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They always have to throw this in the mix...

It showed that "new dinar will be printed also groups as large as the 100 dinars, equivalent to the current currency 100 thousand dinars, as well as 50 dinars and twenty-five and categories of the youngest is ten dinars, five dinars, which without it would be a coin will be the favorite being the most traded in return will not be worn out."

Then again... Maybe she's just mentioning that the current value of 100,000 would be the highest value of the new currency? WHAT YOU GUYS THINK?

Edited by AkinNAUY
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This reads like they have ALREADY deleted the zeros, as in pulling a satisfactory amount in, and now they're ready to continue....urgently!!! If I am taking this the right way it spells NO lop.....the 33 trillion number bit me but I don't believe the numbers they throw out....I hope I am not reading this wrong.....

I agree with you, but I think the entire article is past tense.

I think the 33 trillion is an old number, and I also think they have already printed the new currency.

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There are a lot of key words in this article.

cbi waiting on agreement of design before printing. So there waiting for the green light before printing. so its been contracted out, yet not started.

reference of the current currency and new currency. two different currencies. 100 new equal to 100k current. I hope no one wants there 100k in dinar being worth just 100 new dinar.

And of course 33 trillion. Wow in the last few years, its gone from 24 trillion to 30 trillion and now 33 trillion. theres no reduction going on with that statement. in conclusion, not good news......at face value....

Edited by truthful1
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She said "Iraq is currently trading at least 33 trillion dinars, and this is a very huge amount causes a lot of confusion in cash transactions, and more effort and time and a lot of risk in carrying large amounts of banknotes in the pocket, and this is why the Iraqi citizen of the tendency to deal in dollars, to become the market dollarized the Iraqi market, and must be maintained on the national currency.

My take on this statement; She says at least 33 trillion is being traded, currently. She says, the citizens tend to deal in dollars. Two opposite statements in my opinion. How could 33 trillion be in trade amongst the citizens when they tend to trade in dollars? I doubt they are under their mattress's by now.

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There are a lot of key words in this article.

cbi waiting on agreement of design before printing. So there waiting for the green light before printing. so its been contracted out, yet not started.

reference of the current currency and new currency. two different currencies. 100 new equal to 100k current. I hope no one wants there 100k in dinar being worth just 100 new dinar.

And of course 33 trillion. Wow in the last few years, its gone from 24 trillion to 30 trillion and now 33 trillion. theres no reduction going on with that statement. in conclusion, not good news......at face value....

I agree 33 trillion is not a number we want to hear,if accurate. Best to all

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My take on this statement; She says at least 33 trillion is being traded, currently. She says, the citizens tend to deal in dollars. Two opposite statements in my opinion. How could 33 trillion be in trade amongst the citizens when they tend to trade in dollars? I doubt they are under their mattress's by now.

They also came out and said 2 billion dollars is gone from the market. so take a pick, no dinar or no dollars

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