Iraq halts plans to cut zeros off dinar currency-cabinet

[R Veyron]

The wait for the revaluation of the Iraqi dinar has caused me to fall into dire straights. Since I still have not given up completely, I do not want to sell my dinar; However due to my great financial need, I have 3 acres of prime beachfront property ( fantastic ocean view ) in Arizona that I am willing to let go at a bargin. If you are interested, just drop a line on my profile page. ( Hey, if you'll believe some of the B.S. coming out of Iraq right now, you'll believe anything, lol ).

RSS

I hear Arizona's beaches are beautiful this time of year and one of Okies favorite vacation destinations.

[zigmeister]

Smee I believe restructuring of the currency does have to go by Parliament. Especially when you are going to change out currency and then print new. However an RV CBI can do any time without Parliaments approval. As you remember the 4 pip rv? CBI did not have to tell Parliament what they were going to do, they just did it. Perhaps a larger RV they may need a heads up. But the changing out of currency needs the nod from Parliament. As I understand it.

[TimS]

Council of Ministers postponed the process of removing the zeros from the national currency

Date: Thursday, 12/04/2012 14:00

I

Baghdad (news) .. Council of Ministers decided to wait in the application process to delete the zeros from the national currency until further notice.

The Director General of the Department of Cabinet Affairs in a press statement received the Agency (news) a copy of it on Thursday that the decision requires to stop all actions relating to the operation until further notice.

added : The Council of Ministers Resolution No. (111) for the year 2012, adopted at the fifth regular session, held the day before yesterday was based on what I expounded on the Committee on Economic Affairs. /Finished / d. Q /

http://www.ikhnews.com/news.php?action=view&id=38953

I think nobody wants to believe anything except that we'll see a significant Rv...and soon. Why does anybody bother to look at the news at all. ...you don't want to believe what is right in front of you and this is a prime example. I'm sorry folks, but IMHO that makes you just as delusional as the Okies of the world. He sees stuff that isn't there....you don't see what is right in front of you????

We claim we want real news and not all the made up trash from the pumpers, but when we get real nerws that runs contrary to what we want to believe...we say it's misinfo or smoke and mirrors? Look in the mirror, check the other posts, then look in the mirror again...everything I'm saying here is true and can be seen with your own eyes, it cannot be denied....oh, wait....it's all smoke and mirrors

Bash away, but I know the truth hurts And since I'm giving my 2 cents for which I'm sure I'll be accused of being a nay sayer, but here's another tidbit for you.....IMHO combined with 15 years experience in the brokerage business and the many contacts I still have in the currency markets and banking indusrty, plus an eye for the reasonable, common sense and rationale factors that always come into play in a venture of this sort.....the Iraqi dinar will NOT RV for at least another 2 years. Write it down, save it, we can talk about it in 2014 when we're still waiting

[bamagirl]

TimS you aren't gonna be happy with any article are you.....if you are so sure about it being 2 years away then why do you daily waste your time on here??? Just wondering....

[zigmeister]

TimS you aren't gonna be happy with any article are you.....if you are so sure about it being 2 years away then why do you daily waste your time on here??? Just wondering....

Eeyore is in the House!

[rsskelton]

Is there a bridge anywhere near your property?

As a matter of fact there is. It's called Carrello Bridge, and from what I hear, it is also for sale. Lots of Arizona property on the market right now.

[Sanssouci]

Well theres a bridge over trouble water creek I heard him say.

Where's that confounded bridge? (from Led Zeppelin's song "The Crunge")

I think nobody wants to believe anything except that we'll see a significant Rv...and soon. Why does anybody bother to look at the news at all. ...you don't want to believe what is right in front of you and this is a prime example. I'm sorry folks, but IMHO that makes you just as delusional as the Okies of the world. He sees stuff that isn't there....you don't see what is right in front of you????

We claim we want real news and not all the made up trash from the pumpers, but when we get real nerws that runs contrary to what we want to believe...we say it's misinfo or smoke and mirrors? Look in the mirror, check the other posts, then look in the mirror again...everything I'm saying here is true and can be seen with your own eyes, it cannot be denied....oh, wait....it's all smoke and mirrors

Bash away, but I know the truth hurts And since I'm giving my 2 cents for which I'm sure I'll be accused of being a nay sayer, but here's another tidbit for you.....IMHO combined with 15 years experience in the brokerage business and the many contacts I still have in the currency markets and banking indusrty, plus an eye for the reasonable, common sense and rationale factors that always come into play in a venture of this sort.....the Iraqi dinar will NOT RV for at least another 2 years. Write it down, save it, we can talk about it in 2014 when we're still waiting

That is a most copious use of emoticons.

[20MillionDinar]

Where's that confounded bridge? (from Led Zeppelin's song "The Crunge")

That is a most copious use of emoticons.

Hey Sanssouci! Where have you been lately? Haven't seen you post in what seems like ages!

[Sanssouci]

Hey Sanssouci! Where have you been lately? Haven't seen you post in what seems like ages!

How are you, Terry? Honestly, I got a bit disgusted with the seeming tendency of members to hang on every word of every article that was coming down the pike. I've been traveling a bit the last two months at least, blowing off some steam. Now, I'm rested and ready for this thing to POP!

[20MillionDinar]

How are you, Terry? Honestly, I got a bit disgusted with the seeming tendency of members to hang on every word of every article that was coming down the pike. I've been traveling a bit the last two months at least, blowing off some steam. Now, I'm rested and ready for this thing to POP!

Haha, I feel you on that, it can get a little annoying sometimes.

I'm doing alright, enjoying life out here in paradise I'm steady trying to make 2012 a great year! The most I've traveled in the past few months was around the island. Took me about an hour and a half LOL

Good to see you back in action!

[Sanssouci]

Haha, I feel you on that, it can get a little annoying sometimes.

I'm doing alright, enjoying life out here in paradise I'm steady trying to make 2012 a great year! The most I've traveled in the past few months was around the island. Took me about an hour and a half LOL

Good to see you back in action!

Thanks, man. I'll be around from time to time.

[k98nights]

Iraq halts plans to cut zeros off dinar currency-cabinet

шаблоны сайтов

joomla

Details Published Date Written By Halgord Category: Iraq Hits: 8

Iraq halts plans to cut zeros off dinar currency-cabinet

By Aseel Kami

Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, the cabinet secretary said on Thursday.

The central bank said last August it planned to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised and dominated by oil, and where deals are often carried out in cash.

The proposal to restructure the dinar to bring more liquidity into the market has been awaiting parliamentary approval since last year.

On Thursday, a statement on the website of the cabinet secretary said the cabinet had decided to halt all procedures relating to the redenomination of the dinar "until further notice".

"The economic committee discussed this issue and so did cabinet ... There is a possibility that it could cause some problems in the economic situation. Besides that, this operation is so big that cabinet sees circumstances are not right to control this," cabinet secretary Ali al-Alaq told Reuters.

Iraq is slowly getting back on its feet after years of war and sanctions. Oil accounts for 95 percent of government revenues and the country's banking system is still highly underdeveloped.

HUGE PROCESS

The central bank has kept the dinar fixed at 1,170 dinars to the dollar in its daily auction but it recently moved to revalue the dinar slightly to 1,166 dinars after demand for the U.S. currency soared.

The central bank said it also had to tighten regulations over who can participate in the auctions as Iraqi traders sought to snap up dollars for resale in neighbouring Syria and Iran, both under Western economic sanctions.

Sales of dollars in currency auctions held by Iraq's central bank rose as high as $400 million on some days in December from a previous average of $150 million, according to central bank data.

"We have more than 30 trillion dinars in circulation. To withdraw this amount from the market and then to examine them and to dispose of them is a huge process. Even the technical and the monetary capabilities to control a process like this, we consider as insufficient and it is not seen as a priority currently," Alaq said.

The central bank says Iraq's large foreign reserves, which have risen to a record $60 billion on the back of high oil prices, will shield it from any damage to its financial system on the national level.

Source: Reuters

PUKmedia 13-04-2012 09:26:21

http://pukmedia.co/english/77/iraq/471-iraq-halts-plans-to-cut-zeros-off-dinar-currency-cabinet

[TimS]

TimS you aren't gonna be happy with any article are you.....if you are so sure about it being 2 years away then why do you daily waste your time on here??? Just wondering....

It's the easiest thing I can do while I'm on hold....plus I always hope I'm wrong and I'm going to discover some earth shattering change in the current situation. Bottom line is....the 6 o'clock news doesn't carry much about what's going on in Iraq, so this is as good as place to keep current. Out of all the sites...Adam's has the most level headed members IMHO.

Edited April 13, 2012 by TimS

[zigmeister]

Where's that confounded bridge? (from Led Zeppelin's song "The Crunge")

That is a most copious use of emoticons.

Tim must be in a lighter mood today.

[TimS]

Tim must be in a lighter mood today.

You guys crack me up.....laughing is very good for the soul. Thank you...all

[zigmeister]

You guys crack me up.....laughing is very good for the soul. Thank you...all

Laughing is the best soul food.

[Azsunshine]

So Iraq, if this isn't a priority do you mind filling us in on what is?

[leesburg]

it seems to me they wanted to rd at 1000 to one and equal to a dollar ... but they say their currency value has fallen against the dollar .. so now it seems they are postponing the rd ...until they can bring the value of the dinar up to and possibly just a hair more valuable than the dollar .. so they can get iraqis to turn in dollars for dinars .... but some mo ron .. seems to of given syria and iran iraqi dinars for their strian and iranian currencies as they were dropping in value .. and iraq lost big time on the deal ..i think the idea was to try to prop up those currencys as they were dropping but their gamble lost them a few billion dollars worth of value towards their own currency ..at least they stopped .. hopfully ... now they have to bring the dinar value back up .. those morons .. theymessed with the big dogs that imposed sanctions on iran and syria ... they dont mess around .. they are what people call the elite .., but its just an agreement within the monetary community that cannot be looked at lightly .. if you are involved in the monetary system of economics .. you must tow the line or you will end up on the losing end of the battle

if ya cant hang with the big dogs ,,, get off the pourch .. go back to your exotic currency and good luck with that.. your fighting a losing battle

[mauser]

Iraq Halts Plans to Drop 3 Zeros from Dinar

Posted on 13 April 2012. Tags: forex, IQD, iraqi dinar, re-denomination, re-valuation, Redenomination, revaluation

Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, reports Reuters.

The central bank said last August that it planned to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised and dominated by oil, and where deals are often carried out in cash.

The proposal to restructure the dinar to bring more liquidity into the market has been awaiting parliamentary approval since last year.

On Thursday, a statement on the website of the cabinet secretary said the cabinet had decided to halt all procedures relating to the redenomination of the dinar “until further notice”.

“The economic committee discussed this issue and so did cabinet … There is a possibility that it could cause some problems in the economic situation. Besides that, this operation is so big that cabinet sees circumstances are not right to control this,” cabinet secretary Ali al-Alaq told Reuters.

“We have more than 30 trillion dinars in circulation. To withdraw this amount from the market and then to examine them and to dispose of them is a huge process. Even the technical and the monetary capabilities to control a process like this, we consider as insufficient and it is not seen as a priority currently,” Alaq said.

The central bank says Iraq’s large foreign reserves, which have risen to a record $60 billion on the back of high oil prices, will shield it from any damage to its financial system on the national level.

(Source: Reuters)

[wavggg]

for a country with so much gas - they seem to love the "brake pedal"

perhaps "until further notice" means on the day they do it?

go RV

gg

[dlnd]

I do not think the people of Iraq will not stand for this.

[Halo9678]

Not so sure this is a good idea considering that the 'removal' is the only thing that will inspire faith in the dinar muchless foster the de-dollarization effort let alone increase the value of the dinar. Sure, if you want to turn Iraq into a feeding ground for international big bussiness and have the people indebted, go ahead and not revalue your currency. Why pay full price when the gov't is giving it away at way less than the market value. Way to go, GoI. I hope the citizens remember these genuises names when it comes time for re-election... But maybe that's just me....

[truthful1]

I do not think the people of Iraq will not stand for this.

Stand for what?? A new currency. the price in the market is above 1350 per dinar......is unstable..issuing a new currency now would probably fail....the people are losing faith.....i bet they are glad.

none of this has anything to do with a rv........deleting zeroes is a neutral event and something im excited they decided not to do

[bamagirl]

It's the easiest thing I can do while I'm on hold....plus I always hope I'm wrong and I'm going to discover some earth shattering change in the current situation. Bottom line is....the 6 o'clock news doesn't carry much about what's going on in Iraq, so this is as good as place to keep current. Out of all the sites...Adam's has the most level headed members IMHO.

That was the nicest thing I've heard you say yet......have a great weekend!

[TexasGranny]

Merging this topic with one that is ongoing. http://dinarvets.com/forums/index.php?/topic/113679-iraq-halts-plans-to-cut-zeros-off-dinar-currency-cabinet/