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CBI Postpones Iraqi Currency Redenomination


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http://www.iraq-businessnews.com/2012/10/04/cbi-postpones-iraqi-currency-redenomination/

The Central Bank of Iraq (CBI) has ruled out deleting the three zeros from the Iraqi currency in 2013 because it needs time and a new fiscal year.

The Deputy Chairman of the CBI, Mudhir Mohamed Salih, told AIN on Wednesday:

“The project of crossing out zeros from the Iraqi currency takes time … The Council of Ministers has instructed to take extra time to consider this project.”

According to AIN, Salih denied “The reports over a malfunction that took place while implementing this project in the exchange rate of the Iraqi Dinar against the foreign currencies.”

The report also said that the Council of Ministers decided during its session on 10th April to postpone the deletion of zeros from the Iraqi currency until further notice.

(Source: AIN)

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http://www.iraq-businessnews.com/2012/10/04/cbi-postpones-iraqi-currency-redenomination/

The report also said that the Council of Ministers decided during its session on 10th April to postpone the deletion of zeros from the Iraqi currency until further notice.

(Source: AIN)

Read this on another site figured it was old news due to date.

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***///

Didn't we already see something like this...?

Is this a re-release press release..? :huh:

YES. But - The Deputy Chairman of the CBI, Mudhir Mohamed Salih, told AIN on Wednesday:

Apparently the deputy chairman reiterated the point yesterday (Wednesday).

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Hmmm... recycled or not... Good! I see this as continued chaotic misdirection... love it when nothing truly is clear! Fuzzier the better... so for all those in the know, of absolute meaning behind ANY article... an ongoing exercise in futility! Give it up... we'll know when we know!

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What am I missing. They knew this back in April?? But articles have been released saying the opposite and nothing about calling this off. I swear, the Iraqis screwing with investors minds down to a "T" lol..WTH!!

yes you are missing something ....it will be out tommarro another article saying they are deleting the zeros in january

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Now CBI, add value to the currency that your citizens are currently holding. Do the redenomination later.

If they were to revalue at par to the dollar there would be no need for a redenomination. Prices and salaries would drop automatically and lower denominations would be required.

Any future change in the banknotes would be a new issue and not a redenomination.

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Hmmm... recycled or not... Good! I see this as continued chaotic misdirection... love it when nothing truly is clear! Fuzzier the better... so for all those in the know, of absolute meaning behind ANY article... an ongoing exercise in futility! Give it up... we'll know when we know!

Your post is brilliant Jax. "We'll know when we know". Well said. :D

:peace: Ski

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OK, for those of us who are slower, why is this good?

Doesn't this just mean it won't happen until 2014 if they said they're waiting?

Capn They will never ellude to the proper time. It could mean MUCH sooner. The fact that they keep mentioning it is good though. It can be next week month or... year, but I believe sooner than later.

Think about why they would say next year and release it sooner... If they didnt they would be in for a flood which would be counter active. China said NEVER in all their media the day before they released theirs (as a side note).

I personally have been holding my breath for this way too long and dont know how those who have been in this for 7 or 8 years can handle it.

Good things are coming but when...? NO ONE HERE KNOWS. Period.

Peace... Dont even believe them when they say next year... maybe sooner and I hope not later.

Edited by imgesing
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Sounds good to me!!!!

This is actually something to be happy about......might force smaller appreciations towards the USD.....ANYTHING IS BETTER THEN REDENOMINATING!

I hope they float it. Lifting the zero's sounds scary to me. I'm not saying they can't RV. I'm just not gonna self delude myself into a fantasy land.

One thing you can believe. Everything you're told is a lie.

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IBN is usually a day behind on the news since they really don't have reporters but copy and paste much of their news .

The owners of IBN are from UK and deal in insurance. They probably follow DV and get their news from Yota! Lol

This news if true and I'm thinking it is , Is good news!

SHABS can not RD without approval from the ministry of finance but he can correct the rate anytime he deems necessary

Maliki can not stop him!

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If they were to revalue at par to the dollar there would be no need for a redenomination. Prices and salaries would drop automatically and lower denominations would be required.

Any future change in the banknotes would be a new issue and not a redenomination.

They could make the dinar .01 to the dollar. Salaries are not going to drop the average Iraqi makes 4,000 to 6,000 USD per year. I think a pay increase is in order not a pay decrease. But why should the rich uppper class Iraqis give money to the lower class. There is very little middle class in Iraq. They will just continue to keep the people poor. This "RV" won't happen for at least another year, if not longer, they don't need it to. They are making billions a month off of oil and they will keep playing the same ole game because the oil isn't running out no time soon. As long as Maliki is in office most things will continue the way they are. Shabs can add value to the current currency with no GOI approval but why should he, things are working the way they are right now why give the people some liberty. So just sit back and relax we still got a while IMO.

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Sounds good to me!!!!

This is actually something to be happy about......might force smaller appreciations towards the USD.....ANYTHING IS BETTER THEN REDENOMINATING!

Yes Sir!!

What am I missing. They knew this back in April?? But articles have been released saying the opposite and nothing about calling this off. I swear, the Iraqis screwing with investors minds down to a "T" lol..WTH!!

Masters of regurgitated information-Peace

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