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Member of the Finance Committee: the withdrawal of the old currency will continue for two years through banks


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7 - 5 - 2012

According to a member of the Finance Committee/National Alliance Deputy/Risalat Najib Ibrahim, said the Central Bank has taken several measures to replace the Iraqi currency in coordination with the Finance Committee.

Najib said (to news agency news): the Central Bank, in coordination with the Finance Committee adopted several measures to replace the Iraqi currency include withdrawal of the old currency over two years and delivered to banks which in turn will deliver the currency to the Central Bank over the past ten years.

J said: in early 2013 will put the currency on the market along with the old currency, the currency withdrawal procedures will continue for two years, and several banks in receipt of old currency throughout Iraq.

Najib said: the new currency after two years will be available in local markets after the devaluation of the old.

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Quirky translation.... The exchange period is 2 years Per CBI.. The 10 years is in ref to the fact that the current dinar has been in existance for past 10 years...

They are not worried about dinar out of country BECAUSE LEGALLY It doesnt exist. See CBI banking law , chap 32 I believe.....

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Quirky translation.... The exchange period is 2 years Per CBI.. The 10 years is in ref to the fact that the current dinar has been in existance for past 10 years...

They are not worried about dinar out of country BECAUSE LEGALLY It doesnt exist. See CBI banking law , chap 32 I believe.....

This is why there are some Banks in the US selling Dinar because it's not legal currency? The CBI sells Dinar that's not legal outside of Iraq?

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Unirod ::I'm only stating what the law says ,in good english "issued for trade WITHIN the country". It may not be illegal to posess but has no value out of Iraq.. .. It may be a local policy but my BofA or Wells Fargo here will not take orders for dinar..

Sourpus::: I think the correct translation is that current dinar will be "demonitized" in 2 years...i.e. Worthless!.

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You cant issue for trade of a currency outside that country. It is issued for trade within that country.

I really do not see the problem in this statement. Unless you print and trade that currency outside the country, which makes no sense.

The currency they have they want to use outside their country and not keep it or they would not allow it outside at all. Logic needs to be used here too.

As for a 2 year flip to the new currency, this is great news for all of us. Using both side by side means that they will most likely maintain the value of the current currency while issuing the new. Just like the old 1000 dollar bills in the USA. I guess we will all see how this goes down.

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You cant issue for trade of a currency outside that country. It is issued for trade within that country.

I really do not see the problem in this statement. Unless you print and trade that currency outside the country, which makes no sense.

The currency they have they want to use outside their country and not keep it or they would not allow it outside at all. Logic needs to be used here too.

As for a 2 year flip to the new currency, this is great news for all of us. Using both side by side means that they will most likely maintain the value of the current currency while issuing the new. Just like the old 1000 dollar bills in the USA. I guess we will all see how this goes down.

I tried to modify what I typed above... This is a very interesting point. Yet, what baffels me if that GW BUSH allowed for us to buy this when it was issued. Why would this be done if we have no trade back? It just doesnt seem to make sense. IRAQ wants trade outside their country. How could they not honor the current currency? I suppose a plane ticket to IRAQ might be in order post RV. lol THAT SUCKS!

;)

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Quirky translation.... The exchange period is 2 years Per CBI.. The 10 years is in ref to the fact that the current dinar has been in existance for past 10 years...

They are not worried about dinar out of country BECAUSE LEGALLY It doesnt exist. See CBI banking law , chap 32 I believe.....

Jupiter girl just posted this and looks like the ten years is timeframe to banks destroying currency and not the years the currency has been around

On: Friday 06/07/2012 13:54

Baghdad (news) .. According to a member of the Finance Committee MP / National Alliance / Najiba Najib Ibrahim, that the central bank has taken several measures to replace the Iraqi currency in coordination with the Finance Committee.

The answer (of the Agency news): The Central Bank and in coordination with the Finance Committee has taken many measures to replace the Iraqi currency include the withdrawal of old currency over the years and handed over to the banks which in turn will deliver the currency to the Central Bank over the ten years to destroy.The j: in early 2013, will pump in the currency markets as well as the old currency, indicating that measures to withdraw currency will continue for two years, and several banks will take over the old currency in all parts of Iraq.

Najib stressed: that two years after the new currency will be available in local markets after the end of the value of old currency. / End / 21. D. Q /

http://translate.goo...view_15662.html

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Unirod ::I'm only stating what the law says ,in good english "issued for trade WITHIN the country". It may not be illegal to posess but has no value out of Iraq.. .. It may be a local policy but my BofA or Wells Fargo here will not take orders for dinar..

Sourpus::: I think the correct translation is that current dinar will be "demonitized" in 2 years...i.e. Worthless!.

Why would they have a law allowing $10,000 USD worth of dinar Max to be taken out of country in cash ?

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