Central Bank calls for formation of a Joint Coordinating Committee to resolve the problem delete the zeros

[alan_coaks_3]

5 - 15 - 2012

BAGHDAD / JD / .. called on the Iraqi Central Bank to set up a joint coordination committee of the parliament and the government to resolve the issue of the project to delete the zeros of the Iraqi currency. The deputy governor of Bank of the appearance of Mohammed to the reporter and the agency / JD / delete the zeros that the draft project is a radical change includes modification of accounting systems for all aspects of the state and is not easy. He added that the main problem in the delay of the project lies in the fear of many officials of the project, noting that this fear caused by lack of knowledge of the benefits of the project and its effectiveness in supporting the Iraqi economy. And that while the benefit to Oakd meeting of the Joint Committee, the decisions will be binding for all. He noted there is a problem of timing, as the opinion of the Council of Ministers on the patient in the project due to the timing may not be appropriate to start such a move, because similar projects carried out in a more stable political conditions. The Central Bank of Iraq plans to make a radical change in monetary policy through a deletion of three zeros from the monetary issuance, which is estimated at 32 trillion offset 4 billion banknotes and different categories and this number is large, either in the case of application of the new system, it will provide for the issuance and printing of 4 one billion paper currency of the new categories of old, where damage to ancient coins every 5 years and new Ataatlv so quickly so the project is very economic. The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

My link

[Laid Back]

0.00086 = 0.86

Do it for your country, for your people and for US

Get it done

[alan_coaks_3]

lol its off of the currency not the exchange rate

Edited May 15, 2012 by alan_coaks_3

[KamelKeeper]

Thank you, Alan, for the article. More progress, no matter how painful, is never been a problem for the CBI. They just keep moving forward like a glacier.

Alan, have you seen anything on the cleaning up of the books and value for Rafidain and Rasheed banks?

[tilak]

Just get it done already!!!!!!!!

[alan_coaks_3]

i am giving you all + for being nice tonight

[despain]

Man, I don't think there are any people left in Iraq that are not a part of a committee to do something in regards to the government or the CBI. Everybody MUST be a part of a committee to study something go on over there.

[lionfish]

Did you see the disparity between the regular worker and a member of the parliament? 200 a month for hard labor or barely working thinking about a committee is $22,000 in the parliament. If I was an Iraqi...I would try my best to be a parliament guy!!!

Come on RV!!

[k98nights]

Central Bank calls for the formation of a joint coordination committee to resolve the problem of deletion of zeros

05/15/2012

BAGHDAD / JD / .. called on the Iraqi Central Bank to set up a joint coordination committee of the parliament and the government to resolve the issue of the project to delete the zeros of the Iraqi currency. The deputy governor of Bank of the appearance of Mohammed to the reporter and the agency / JD / delete the zeros that the draft project is a radical change includes modification of accounting systems for all aspects of the state and is not easy. He added that the main problem in the delay of the project lies in the fear of many officials of the project, noting that this fear caused by lack of knowledge of the benefits of the project and its effectiveness in supporting the Iraqi economy. And that while the benefit to Oakd meeting of the Joint Committee, the decisions will be binding for all. He noted there is a problem of timing, as the opinion of the Council of Ministers on the patient in the project due to the timing may not be appropriate to start such a move, because similar projects carried out in a more stable political conditions. The Central Bank of Iraq plans to make a radical change in monetary policy through a deletion of three zeros from the monetary issuance, which is estimated at 32 trillion offset 4 billion banknotes and different categories and this number is large, either in the case of application of the new system, it will provide for the issuance and printing of 4 one billion paper currency of the new categories of old, where damage to ancient coins every 5 years and new Ataatlv so quickly so the project is very economic. The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector. Ended / T 20

http://www.dananernews.com/News_Details.php?ID=691

[Furbrain]

Did you see the disparity between the regular worker and a member of the parliament? 200 a month for hard labor or barely working thinking about a committee is $22,000 in the parliament. If I was an Iraqi...I would try my best to be a parliament guy!!!

Come on RV!!

That sounds like the same disparity we have here. Hard labor = $25,000 a year and CEO's, Senators and cabinet members are making between 2-50 million a year. Yeah, that sounds about right.

Maybe I am reading this incorrectly but the article states the monetary issuance is estimated at 32 Trillion.

The Central Bank of Iraq plans to make a radical change in monetary policy through a deletion of three zeros from the monetary issuance, which is estimated at 32 trillion offset 4 billion banknotes

That seems like an enormous amount of currency.

[SPRAYERDUDE]

BLAH BLAH BLAH How many times are they going to publish the same articles, Instability is Iraq's forte do they actually think that Saddam's times were stable and it warranted a $3+ economy? Iraq has the highest foreign reserves and are pumping the most oil ever in their history. Now that a share will go to the people "that makes Iraq a country" they are coming up with the same old dribble time after time, while poverty is a way of life for their people and it doesn't have 2B.

Edited May 15, 2012 by SPRAYERDUDE

[KamelKeeper]

Furbrain, with all due respect, there is no senator or cabinet member that makes $2 million dollars a year, period. A US Senator makes $174,000 annually, and cabinet members make varying amounst in six digits.

[Furbrain]

Furbrain, with all due respect, there is no senator or cabinet member that makes $2 million dollars a year, period. A US Senator makes $174,000 annually, and cabinet members make varying amounst in six digits.

Your are correct sir. However, the perks they enjoy are far beyond the amount they make in salary. Not to mention the book deals, speaking engagements, diner events etc that they make money from.

[jrfan]

GO RV....!!!!!

[KamelKeeper]

Well, no wonder Congress and the Cabinet get nothing done: they are writing books and speaking around the country. That is a full time job right there, not to mention their full time job. I know several US Congress women from California, and neither of them have written a book. They have really missed that gravy train.

[zigmeister]

That sounds like the same disparity we have here. Hard labor = $25,000 a year and CEO's, Senators and cabinet members are making between 2-50 million a year. Yeah, that sounds about right.

Maybe I am reading this incorrectly but the article states the monetary issuance is estimated at 32 Trillion.

The Central Bank of Iraq plans to make a radical change in monetary policy through a deletion of three zeros from the monetary issuance, which is estimated at 32 trillion offset 4 billion banknotes

That seems like an enormous amount of currency.

Iraq likes big.

[yota691]

Central Bank calls for the formation of a joint committee to resolve the issue

On: Wednesday 16/5/2012 6:35

 Baghdad / term follow-up

to the Central Bank called for the formation of a joint coordinating committee of the parliament and the government to resolve the issue of the project to delete the zeros of the Iraqi currency. The deputy governor of Bank of the appearance of Mohammed, according to the agency (JD), the draft projects to delete the zeros is a radical change includes modification of accounting systems for all aspects of the state and is not easy.

Saleh added: The main problem with the delay of the project lies in the fear of many officials of the project, noting that this fear is the result of lack of knowledge about the benefits of the project and its effectiveness in supporting the Iraqi economy. And the favor: there is a problem of timing and the opinion of the Council of Ministers on the patient in the project.

at the same time revealed the Finance Committee, the parliamentary that the deletion of zeros and replacing Iraqi currency Seetman early January 2013, as pointed out it will start printing the new currency in various categories in September next .

A member of the Finance Committee Haitham Jubouri "Alsumaria News" that "the month of January of next year 2013 will see the deletion of three zeros and the replacement of the currency," adding that "as of next September 2012, will be the direct printing of new currency in different categories." The Jubouri that "the process of replacing the old currency will continue to a full year to be the withdrawal of the old in full within the first six months of the year 2014," noting that "delete three zeros and replace it from would be afterbirth on the stability of the currency and reduce the demand for hard currency."

He Jubouri "The central bank dispelled all concerns relating to money laundering and forgery during the process of replacing the old currency El Jadida," explaining that "has a special organ to combat money laundering."

The Jubouri to reform the system of currency management at the heart of the Central Bank and the deletion of zeros is a function of strategic He added that the Finance Committee in the Parliament supports the central bank policy in this direction.

In the meantime, the Member of the economy and investment parliamentary Aziz Sharif Mayahi charged to the House of Representatives of being behind the failures of the Central Bank.

said Mayahi in a press release: The neglect of the House of Representatives oversight role in following up the bank Iraqi Central Bank has continued in the failures that resulted in the continuing rise in the U.S. dollar and confusion in cash transactions through a bank's policies wrong in the auction currency.

added Mayahi that different teams currency this will make the budget approved for the ministries and provinces is disproportionate to the actual needs and this is what will sign the government in embarrassments.

It is noteworthy that the central bank intends to make a radical change in monetary policy through a deletion of three zeros from the monetary issuance, which is estimated at 32 trillion offset 4 billion banknotes of different categories and this number is large, either in the case of application of the new system, it will provide for the issuance and printing 4 billion of new paper currency of the old categories where damage to ancient coins every 5 years and no new damage so quickly so the project is very economic. The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

http://almadapaper.net/news.php?action=view&id=65900

[jonjon]

32 trillion offset 4 billion banknotes of different categories

Read more:

The notes will Average $8,000.00 each

I don't think so