UPDATE: Iraq Ctrl Bank Plans To Rebase Dinar; No Time Fixed Yet

[johnnie]

UPDATE: Iraq Ctrl Bank Plans To Rebase Dinar; No Time Fixed Yet

rocky Today at 7:38 am

UPDATE: Iraq Ctrl Bank Plans To Rebase Dinar; No Time Fixed Yet

Monday, Mar 15, 2010

(Adds more quotes, details.)

By Hassan Hafidh

Of DOW JONES NEWSWIRES

AMMAN (Dow Jones)--The Central Bank of IraqCentral Bank of Iraq is planning to rebase the Iraqi dinar but hasn't decided yet on the timing of the move, the bank said in a statement Monday.

"The Central BankCentral Bank affirms its commitment to its strategic projects, particularly knocking three zeroes from the Iraqi dinar," the statement said.

http://www.zawya.com/marketing.cfm?zi&p=/Story.cfm/sidZW20100315000097/iq/ Ctrl Bank Plans To Rebase Dinar?cc

"Despite the technical and logistical preparations for the project we have yet to decide on suitable timing to implement the project," it said. Choosing a suitable time wouldn't be linked to economic aspects only, but rather to the security situation as well, it added.

Separately, the bank's senior advisor Mudher Qasim told Dow Jones Newswires that knocking off the three zeroes would improve the value of the Iraqi dinar which is trading Monday IQD1,170 against one US dollar.

If the rebase decision is taken it means a current 25,000 Iraqi dinar banknote will become IQD25, and a dollar will equal only 1.17 dinars.

The bank said that knocking off three zeroes from the dinar would "improve management of the currency and facilitate cash dealing." The decision was the result of debate with the economic commission at the Iraqi cabinet, it added.

Currency rebasings are usually monetarily neutral and are introduced to make commercial calculations easier and cheaper. Turkey, for example, knocked six zeroes off its lira currency in 2005. Russia did the same for its currency.

Qasim said one of the reasons for rebasing the Iraqi dinar is because the bank has managed to reduce the country's high rate of inflation. The inflation rate fell to 6.1% in December 2009 from a record high of 60% in late 2006.

In July 2004, the now dissolved U.S. civilian authority in Iraq decided to print the current Iraqi banknotes replacing those that used to bear the picture of the former Iraqi leader Saddam Hussein. Iraqis then had three months to swap their old dinars with the new ones.

The central bank's advisor said that if the project was implemented the central bank would need to print new banknotes.

- By Hassan Hafidh; Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com

Copyright © 2010 Dow Jones & Co.

(END) Dow Jones Newswires

15-03-10 1036GMT

[Qman]

http://en.aswataliraq.info/?p=128562

Omitting zeros currency strategic project – CBI

March 15, 2010 - 10:51:36

BAGHDAD / Aswat al-Iraq: Omitting zeros from Iraqi currency is a strategic project that has been implemented by Iraqi currency policy since 2007, Central Bank of Iraq (CBI) said on Monday.

“The project came after deep studies and discussions,” the CBI said in a release received by Aswat al-Iraq news agency.

It said that the process aims at redesign and reform Iraqi currency system relying on public and security circumstances.

“The project will not affect the state’s commitments,” the statement said.

MH (P) /SS

Edited March 15, 2010 by k98nights

[sivananthankandiah]

Omitting zeros currency strategic project

[jackdavis1364]

Time for the lopsters to step back in.

[Qman]

http://en.aswataliraq.info/?p=128562

[TMills6864]

"...dollar will equal only 1.17 dinars." -- hum ...

[rklnyc]

WTF???!! Sounds like a freakin Lop!!

[sunshinelvr]

Smoke and mirrors to the bitter end! Propaganda

[mrparrot]

They want to grab a bottle of White-out and make some

zero's disappear.

[Rickybobby]

Omitting zeros currency strategic project – CBI

Can someone explain this article I came across in Aswat today. What strategic project is this:

15/3/2010 - 10:51

BAGHDAD / Aswat al-Iraq: Omitting zeros from Iraqi currency is a strategic project that has been implemented by Iraqi currency policy since 2007, Central Bank of Iraq (CBI) said on Monday.

“The project came after deep studies and discussions,” the CBI said in a release received by Aswat al-Iraq news agency.

It said that the process aims at redesign and reform Iraqi currency system relying on public and security circumstances.

“The project will not affect the state’s commitments,” the statement said.

MH (P) /SS

Copyright

[EmilyJJJ]

I have to agree there

[zoomzoom]

If thats all it is I'll take it. This is still NOT A L.O.P

[vato96]

I was gonna say the same thing! Smoke and Mirrors folks

[mariejose]

this is called redomination, remember? Replacing the large notes with smaller. This was my immediate thought when i read this article.

[Bruce]

I've been tellin y'all this for months. This is how it's gonna happen

[Chief V]

RV, RI, RD, RB, LOP,RV, RI, RD, RB, LOP,RV, RI, RD, RB, LOP,RV, RI, RD, RB, LOP,RV, RI, RD, RB, LOP,RV, RI, RD, RB, LOP,RV, RI, RD, RB, LOP,RV, RI, RD, RB, LOP,RV, RI, RD, RB, LOP!!!!????

Sounds like unfortunatley it's a good find, but again......smoke & mirrors? Or language barrier misinterpretation??

That particular link is a marketing link as well to get you to sign up, although if you delete the ?iPass after the forward slash it will show the first portion and then redirect you to the sign up page.

[Mtyndall]

I'm so confused

[Teresa82]

you know, that's pretty plain and simple isn't it??? Why do we still insist that it isn't going to happen this way? Because we HOPE that it's not, but ............yeah right!

[northeastdinar]

Propaganda.

[valu]

expect smoke and mirrors and downright lies before the rv.

[valu]

they will tell your lies and disinformation along with reality. after all the intel that has come out did we not expect them now to try and curb the speculators. the truth is out for everyone except those diehards who cling to their pet lop theories.

[emgee]

Shoot, either way, I'd be happy! For every 25,000 dinar note for which I paid roughly $22, I'd make over $21,000? No matter how you look at it, still a really good ROI.

Edited March 15, 2010 by emgee
clarify

[k98nights]

I've been tellin y'all this for months. This is how it's gonna happen

Here come the Lopsters again! lol

[ghaggerty]

Not sure you''d be happy if your 25,000 became 25 and then 25x1.17 is not 22,000

not exactly or even close to the same thing....

Shoot, either way, I'd be happy! For every 25,000 dinar note for which I paid roughly $22, I'd make over $21,000? No matter how you look at it, still a really good ROI.

[luckylucy]

http://en.aswataliraq.info/?p=128562

Omitting zeros currency strategic project