New banknotes to be introduced in September

[OregonMan]

Mideast

Saturday, 25 February 2012,

The Kurdish Globe

Views differ on financial and socioeconomic impacts

Despite fears of a negative economic impact, the Central Bank of Iraq will remove three zeros from Iraqi dinar notes and print new banknotes in 2013.

The Central Bank of Iraq has agreed with the Economic Committee of the Iraqi Parliament to introduce the new banknotes in September 2012, which will be used in parallel with the current banknotes for a year. The CBI will completely withdraw the old banknotes by September 2013.

Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September, and it will take a year to complete. The new banknotes will be printed in Arabic, English and Kurdish.

The CBI will introduce three new banknotes: 50 dinars, 100 dinars and 200 dinars. For smaller transactions, the CBI will also issue 1-dinar and 2-dinar coins which Iraq currently does not use.

MP Abtan says "The grant agreement is to ensure that during the one year process, the old banknotes are traded in the market and replaced by the new one."

The CBI expects this move to positively impact the country's economy; however, some parties say the negative consequences will be more serious.

The Security Commission says deleting the zeros will have a negative impact on financial trade in the stock market. Other opponents of the move argue it would pave the way for money laundering and want the government to reconsider its decision.

Supporters of the idea believe the introduction of the new banknotes will help reduce inflation, strengthen the Iraqi dinar in the international market, facilitate trade with international banks and other financial institutions, as well as reduce the social gap between classes.

"The process of removing zeros from the currency will contribute to dealing better with inflation, facilitate economic cooperation with international banks and reduce the differences in [standards of] living in society," Abtan explained. Mahma Khalil, another Member of the Iraqi Parliament and official spokesperson of the Economic Committee says an agreement has been reached about the mechanisms of introducing the new banknotes after a series of meetings and discussions with the CBI Governor Dr. Sinan Al Shibibi.

"According to the agreements, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market," explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000.

The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar, which would in turn increase the balance of the Iraqi dinar and there would be sufficient reserves of that currency," explained MP Khalil. "Additionally, the economy of Iraq would grow and oil sales would also increase." Khalil added that Iraq has a reserve of $60 billion in the CBI.

The CBI previously stated it would consult with Parliament and representatives to see whether there would be a need for a law to be passed for this shift. The Economic Committee announced on 19 February it was introducing new legislation for the purpose and would also address the inflation issue in the country.

The introduction of new banknotes and withdrawing the current ones from the market is generally expected to reduce and control the number of dinars in circulation and would also help facilitate payment systems and control the banking transactions in the country.

My link

[zigmeister]

I remember this article, at first it sounded good until the new against the old will be 1 to 1,000.

[bamjack75]

Mideast

Saturday, 25 February 2012,

The Kurdish Globe

Views differ on financial and socioeconomic impacts

Despite fears of a negative economic impact, the Central Bank of Iraq will remove three zeros from Iraqi dinar notes and print new banknotes in 2013.

The Central Bank of Iraq has agreed with the Economic Committee of the Iraqi Parliament to introduce the new banknotes in September 2012, which will be used in parallel with the current banknotes for a year. The CBI will completely withdraw the old banknotes by September 2013.

Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September, and it will take a year to complete. The new banknotes will be printed in Arabic, English and Kurdish.

The CBI will introduce three new banknotes: 50 dinars, 100 dinars and 200 dinars. For smaller transactions, the CBI will also issue 1-dinar and 2-dinar coins which Iraq currently does not use.

MP Abtan says "The grant agreement is to ensure that during the one year process, the old banknotes are traded in the market and replaced by the new one."

The CBI expects this move to positively impact the country's economy; however, some parties say the negative consequences will be more serious.

The Security Commission says deleting the zeros will have a negative impact on financial trade in the stock market. Other opponents of the move argue it would pave the way for money laundering and want the government to reconsider its decision.

Supporters of the idea believe the introduction of the new banknotes will help reduce inflation, strengthen the Iraqi dinar in the international market, facilitate trade with international banks and other financial institutions, as well as reduce the social gap between classes.

"The process of removing zeros from the currency will contribute to dealing better with inflation, facilitate economic cooperation with international banks and reduce the differences in [standards of] living in society," Abtan explained. Mahma Khalil, another Member of the Iraqi Parliament and official spokesperson of the Economic Committee says an agreement has been reached about the mechanisms of introducing the new banknotes after a series of meetings and discussions with the CBI Governor Dr. Sinan Al Shibibi.

"According to the agreements, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market," explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000.

The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar, which would in turn increase the balance of the Iraqi dinar and there would be sufficient reserves of that currency," explained MP Khalil. "Additionally, the economy of Iraq would grow and oil sales would also increase." Khalil added that Iraq has a reserve of $60 billion in the CBI.

The CBI previously stated it would consult with Parliament and representatives to see whether there would be a need for a law to be passed for this shift. The Economic Committee announced on 19 February it was introducing new legislation for the purpose and would also address the inflation issue in the country.

The introduction of new banknotes and withdrawing the current ones from the market is generally expected to reduce and control the number of dinars in circulation and would also help facilitate payment systems and control the banking transactions in the country.

My link

Why are you bringing this to the forum, AGAIN? Consider the source of the article. Wow!!!

[MrOptimistic]

Kurdish news is better than news coming from Baghdad lol and this article is great. Reminds us of the plan they have in place. Quit hatin'.

[Maggie123]

I remember this article, at first it sounded good until the new against the old will be 1 to 1,000.

I know Huh Ziggie. Let's hope it doesn't happen that way.

[uncirculd]

I remember this article, at first it sounded good until the new against the old will be 1 to 1,000.

I definitely trust the globe more than any Baghdad news old or new. But think about this. They came out and said the exchange would be 1 to 1000. They don't tell you the exchange. This article to me says sell your dinars your not going to make any money on them. So, instead we keep them knowing they gave us a false rate. They are not going to tell us the exchange rate. That would be catastrophic to their economy. Even if this is just an educational piece for the citizens. They surely do not know what the true rate will be.

Also this is not the CBI talking, it is 2nd hand news. So maybe it was an example or deliberately to throw speculators out of the mix. I am more in tune to believe the way Shabibi puts it. More buying power, the strongest currency in the ME etc. He has never gave us a rate of exchange.

[Maggie123]

Uncirculd Out of +'s or I'd happily give you one.

Sure hope you are right, Dear!

[uncirculd]

Uncirculd Out of +'s or I'd happily give you one.

Sure hope you are right, Dear!

Your so sweet. No, I use my to even out when some are putting negs for very silly reasons. When someone works as hard as yota, knights, zig, Carrello, etc etc and then they get a neg for just bringing in an article. That is nuts. I use mine on fixing.

Edited August 5, 2012 by uncirculd

[Maggie123]

I do that too. That is why I am always running out when I really would like to give credit where it is due.

I guess you'll just have to accept my hugs, after all, we do need 3 a day to stay healthy.

Hugs to you, Uncirculd!

[sxsess]

I do that too. That is why I am always running out when I really would like to give credit where it is due.

I guess you'll just have to accept my hugs, after all, we do need 3 a day to stay healthy.

Hugs to you, Uncirculd!

Pathetic liberals need constant hugs and reassurance from other pathetic liberals because they in a bubble of lie. Wake up.

[Maggie123]

I'm no "Pathetic Liberal" as you like to call me all the time... But I'll send a hug your way too sxsses.

You really seem to need one. Maybe Three!

[snakes251]

STOP REPOSTING CRAP. NEWS SHOULD BE NEW. NOT OLD. (p.s. love you guys)

[one2one]

the new small denom's will not buy anything now---they have to RV somewhat equal to the USD :

and they can't remove the zeroes from notes already printed

removing the zeroes can also mean .00086 [ current value ]-- means .86 [ new value ]:

:rolleyes:

[zigmeister]

STOP REPOSTING CRAP. NEWS SHOULD BE NEW. NOT OLD. (p.s. love you guys)

Iraq recycles old news all of the time. Why can't we? We can then see just how far down the road we have come. Right?

[MovieMaker]

Thanks for taking the time to share for some who have not seen this yet.

[Carrello]

Uncirculd Out of +'s or I'd happily give you one.

Sure hope you are right, Dear!

I got Uncirculd for you.

[steveh12]

STOP REPOSTING CRAP. NEWS SHOULD BE NEW. NOT OLD. (p.s. love you guys)

WELL FOR GOODNESS SNAKES!!

[FireandRain]

Both parties are problematic, but it appears there are more dangerous members of the Democratic party, as in those who truly want to dismantle America as we know it. We are headed down the road of being a third world country, a country of people who just want handouts, immigrants who use America as squatters and never truly assimilate or learn the language. We have a broken education system. We have parents who send their children to school having learned no manners, morals or value for education. Bigger government, sky high taxes and fewer and fewer freedoms every day. This makes for an easier populace to control.

Margaret Thatcher said, "The problem with socialism is that eventually you run out of other people's money to spend." How true. Food stamps are advertised on TV now. In the past food stamps would have been a last resort for hard working people, but now it's a way of life, with half of our country on food stamps now. Obama is trying to change the welfare law so that recipients don't have to be actively looking for a job. I have students tell me that they don't need to learn how to construct a resume because they are going to live off of the government. Wow. What have we turned in to? Is it all a grand plan to bring down America? I'm beginning to believe that.

I have never come to terms with how an unvetted, inexperienced man such as Obama could be elected to be the leader of the free world. He is a puppet of Bill Ayers. He doesn't need a Congress. He governs by executive order. We are becoming a dependent society, just as they want.

I saw this on facebook, and wondered how, as a society, we did not demand better. I mean all of us, Republicans and Democrats. Copy and paste to your browser:

[Carrello]

Pathetic liberals need constant hugs and reassurance from other pathetic liberals because they in a bubble of lie. Wake up.

I am glad to see you can spell pathetic correctly. Most morons spell it with two 'a's. Good for you.

[zigmeister]

How did this thread become political?

[bamagirl]

Pathetic liberals need constant hugs and reassurance from other pathetic liberals because they in a bubble of lie. Wake up.

Hahaha.. I am as right wing conservative as they come and I love hugs too.... big hugs to my liberal friend Maggie and +1 to Uncirculd for an awesome post!

[FireandRain]

How did this thread become political?

Haha! Oooops...wrong spot. My bad.

[bamjack75]

Kurdish news is better than news coming from Baghdad lol and this article is great. Reminds us of the plan they have in place. Quit hatin'.

Ease up on the negs!! Not hatin'; It is just that this article is a little old. If the source is not Shabibi why do we all have to get worked up on what these articles mean. Oh, by the way Mr. Opt, what is the plan? Ha!

[Carrello]

STOP REPOSTING CRAP. NEWS SHOULD BE NEW. NOT OLD. (p.s. love you guys)

Snakes, I have an idea. You should go out and search through the 20 to 30 Iraqi news sites, do the Arabic to English translations on each, one by one pull the news you think is pertinent, bring it back over here and post it going through the machinations required, and then sit back and wait to possibly get a thank you or a kiss my ***, do better next time, where is the link?, or it's already been posted. Try it. It is really a lot of fun. Make sure you do in your spare, leisure time because you can easily spend 2-4 hours a day doing it.

Let us know how that works out for you. As a snake, if you have any hair left after that, I would be surprised.

Both parties are problematic, but it appears there are more dangerous members of the Democratic party, as in those who truly want to dismantle America as we know it. We are headed down the road of being a third world country, a country of people who just want handouts, immigrants who use America as squatters and never truly assimilate or learn the language. We have a broken education system. We have parents who send their children to school having learned no manners, morals or value for education. Bigger government, sky high taxes and fewer and fewer freedoms every day. This makes for an easier populace to control.

Margaret Thatcher said, "The problem with socialism is that eventually you run out of other people's money to spend." How true. Food stamps are advertised on TV now. In the past food stamps would have been a last resort for hard working people, but now it's a way of life, with half of our country on food stamps now. Obama is trying to change the welfare law so that recipients don't have to be actively looking for a job. I have students tell me that they don't need to learn how to construct a resume because they are going to live off of the government. Wow. What have we turned in to? Is it all a grand plan to bring down America? I'm beginning to believe that.

I have never come to terms with how an unvetted, inexperienced man such as Obama could be elected to be the leader of the free world. He is a puppet of Bill Ayers. He doesn't need a Congress. He governs by executive order. We are becoming a dependent society, just as they want.

I saw this on facebook, and wondered how, as a society, we did not demand better. I mean all of us, Republicans and Democrats. Copy and paste to your browser:

A puppet of Bill Ayers??? This is the most ridiculous post I think I have ever seen. Be careful: ignorance and bigotry are very dangerous.

[Realdinar]

Why are you bringing this to the forum, AGAIN? Consider the source of the article. Wow!!!

Im guessing but the person posting this probably forgot to change the date to august 5. Thats why people arent hollarin' for a party in vegas....