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Withdrawl of old currency...Your input please.


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

Question: I posted this article a few days back and got very little response. The link does not match the body of the words below but if this statement was made doesnt this sound somwhat past tense? The cbi and fc has taken many measures to relpace the iraq currency include the withdrawl of old currency over the years and handed over to the banks etc...This would bring the dinar count down to a more manageable level....very positive. Or am I reading this wrong?

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 /

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Jupiter Girl smile.gif Good Questions!

I twisted my brain into a pretzel trying to figure out what they meant and all I came up with is perhaps they are talking about Suddam notes? I say that because of the past 10 years they refer to and 2013 would be 10 years... unsure.gif

"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 /"

When I read this part, then it sounds like they are talking about our notes... blink.gif and the new currency we are waiting for.

Sorry I can't figure it, I just thought I'd throw the Saddam notes in as a "possibility"?

I hope someone else can figure it out... maybe it is meant to just cause confusion, period.

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Jupitergirl:: Its the bad translation.. The currency changeover will START 1/1/13. and will take an estimated 2 years... The MEASURES are the steps being taken now to prepare for the date..Think, all the bank accounts ,rents mortgages and prices of goods will be adjusted..And of course public and private salaries. As the worn bills come in they will be retired, replaced by new..They are taken a lot of steps to make sure the public is well informed..

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These are all good questions. At this time it is hard to say anything. Nothing will be known until "if" it ever happens and then Adam has Lawyers in place to answer all this.

Hope that helps.

What the Heck

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They have taken many measures in preparation of replacing the currency. They have stated it would take three phases and I think they are well into the first phase. It doesn't mean they are reducing the amount in circulation...which they aren't as indicated by their financials.

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if you want examples of currency replacing you should all look at other countries that took off 3 zeros from there currency and how they exchanged there currency cuz that is what iraq will do.

too funny to even provide a comment.

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Makes sense to me that they will float both currencies for a period of time (10 years?) slowly withdrawing the old currency and replacing it with the new (-3 zero) currency....

The sentence I like... and really want to read in to it is :

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

And what I would really like to read into that, is that the face value of the old currency (that which we hold) will be honored at the whatever exchange rate..... This is the first time I recall seeing a sentence connecting the word value to old currency and the words after the end (of said value). Could be a funky translation, but I really like what I am able to do as far as interpretation...... :D :D

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Rayzur & Laidback::: U 2 are making things too complicated and I dont know why ?Unless what you read is not what you want and need to find an interpretation that fits what you want!!! Some time after Oct 1 the CBI will announce a new currency , availiable Jan 1. at which time all exisiting dinar are revalued to 1/1000 th of face value., rate $0.86/ IQD....thereafter the current dinar will be gradually retired, a process estimated to take 2 years. not 10...

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Rayzur & Laidback::: U 2 are making things too complicated and I dont know why ?Unless what you read is not what you want and need to find an interpretation that fits what you want!!! Some time after Oct 1 the CBI will announce a new currency , availiable Jan 1. at which time all exisiting dinar are revalued to 1/1000 th of face value., rate $0.86/ IQD....thereafter the current dinar will be gradually retired, a process estimated to take 2 years. not 10...

Ohhhh hellllloooooo young man... tap tap on the monitor screen... you there? I'm crackin up laughing my tail feathers off... and guessing this is the first thing you have ever read of my postings... It stands in stark contrast to most of what I've (unfortunately) concluded... and I was very up front about being able to "read into" what was translated.....

My little demo of being able to take either side of the fence depending upon who is saying what that day.... and that notwithstanding.... I did get a little tingle of excitement at being able to "reach" for a conclusion different than the one that keeps beating the hell out of my brain these days... :D :D :D

And I still like the fanciness with which I was able to dance with the words on this one.. :lol: :lol:

And speaking of which, I would not disagree with your bottom line, but if you were able to get all of that out of this particular post, my hat is off to you my friend ;)

We are on the same depressing page :)

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Refute what he is saying? With what? Shabibi's "propagand-uh-uh-uh," or the incompetent IMF's oversight of the CBI's financials? The books are cooked!

You base all your doubt in what the CBI is saying with one word that doesnt even necessarily mean "false information campaign".......

You take that one word and run with it as if its a fact he was saying "we are lying to you", and everything else coming from Shabs is a lie.....

Do you have any evidence suggesting or supporting your claim??

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I mentioned it in the previous post. I don't know how you could have missed it. IMF senior economist Peter Doyle, in recent days, has resigned in protest, calling the IMF "incompetent." So, Keep, are we to qualify or reserve any further harsh judgment of the IMF's apparent lack of competence in its oversight of the CBI's financials only for the sake of upholding a dubious and often schizophrenic Iraqi media blitz?

All you had to say was no, that you dont......

Just because someone resigned from the IMF does not mean Shabs is lying or trying to cover anything up.....or that the CBI doesnt know how much currency it has issued....

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There cannot be smoke without fire. This game is called connect the dots, not color by number. ;)

Read more:

lol.

It's a wonder that anyone even trusts the IMF, because the IMF gives the appearance of a United States-centric organization whose goal is to keep the poorest nations poor. :angry:

Read more:

- My only reason for holding IQD... Corruption. Well said San.

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Why is that funny?? Can you not refute what he is saying?

Being argumentative again..... :o

Rayzur & Laidback::: U 2 are making things too complicated and I dont know why ?Unless what you read is not what you want and need to find an interpretation that fits what you want!!! Some time after Oct 1 the CBI will announce a new currency , availiable Jan 1. at which time all exisiting dinar are revalued to 1/1000 th of face value., rate $0.86/ IQD....thereafter the current dinar will be gradually retired, a process estimated to take 2 years. not 10...

Now see if you had been around longer and understood the 3 phase you would know thats not the case

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

Question: I posted this article a few days back and got very little response. The link does not match the body of the words below but if this statement was made doesnt this sound somwhat past tense? The cbi and fc has taken many measures to relpace the iraq currency include the withdrawl of old currency over the years and handed over to the banks etc...This would bring the dinar count down to a more manageable level....very positive. Or am I reading this wrong?

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 /

I see it as clearly describing the 3 phase process and confirm what the auctions are all about....the banks are setting up their capital in dinar....as they will deliver it to the CBI within in 10 years.....nice post jupitergirl

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