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Parliamentary Finance: the next budget will be free of zeros


yota691
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Parliamentary Finance: the next budget will be free of zeros

BAGHDAD - World

Parliamentary Finance Committee announced, Tuesday, that the budget for next year 2013 will be the new currency after deleting three zeros from the current currency, arguing that the reluctance of traders and companies from trading in the Iraqi currency behind the adoption of the Central Bank project to delete the zeros.

Said committee member Najia Najib said in an interview for "Alsumaria News" that "the budget next year will see a deal in the new currency after deleting three zeros from the current currency," indicating that "the process of switching the currency and delete the zeros will take nearly two years after the preparations for the process, which began over a year ago ".

The answer that "the Council of Ministers approved during a meeting with the Governor of the Central Bank on the project to delete the zeros and switch Iraqi currency after deciding earlier to wait the project as a result of the high price of the dollar in the local markets over the past months," noting that "the project to delete the zeros and the currency exchange aims to restructuring of the Iraqi currency and a way that is consistent with doing business in Iraq, internally and externally. "

She stressed that "the Finance Committee and the central bank agreed at its last meeting to be next year as the date to start deleting zeros and be balanced in 2013 in the new currency only if there is an obstacle transmitting without it," emphasizing "the need to support the government and parliament of the project to restructure the Iraqi currency."

Naguib considered that "the reluctance of traders and companies for the use of the Iraqi currency and trading may push the central bank to adopt the project to delete the zeros", stressing that "this project would reform the system of currency management and ease of use." http://www.alaalem.com/index.php?aa=news&id22=48665t

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looks like they are " getting the locals " ready for change , but , in the last few sentences , unless there is an obstacle , might as well throw out a "complaints start here sign" ,, those in parliment will still gripe about ,, to early needs to be later in year,, and those that want it now, ,, surely they will not keep the same crappy rate :o ,,,, come on anything above a quarter

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here is the same story ----- but read a little different ----- Palm – central bank adviser said the Iraqi appearance of Mohammed Saleh, said that the bank is serious implementation of the project to delete three zeros from the national currency in the near future.

Salhan said it depends on at the present time to form the next government and parliament two new Saokhman upon themselves determine the mechanism under which the application of the deletion of zeros from the Iraqi currency.

He added that the deletion of zeros will contribute to reduce the size of the inflation and reduce the size of the money supply in the market of 26 trillion Iraqi dinars to nearly 25 billion dinars, indicating that the Kurdish language to be added to the new currency as well as Arabic and English.

He pointed out that the large number of funds traded in the market led to get confused in the large commercial transactions, and in the work of banks, adding that the deletion of three zeros from the Iraqi dinar will lead to reform the system of management of the national currency and thus improve and revitalize the Iraqi economy.

i called my contacts over there , and here is what my really higer ups replyed :o:lol: hahhahah my ssources .... depends on at the present time to form the next government and parliament two new Saokhman upon themselves determine the mechanism under which the application of the deletion of zeros from the Iraqi currency.<--- this part tells me not going to happen ..... but i`m willing to let them make me wrong, even with a 2 to 1 ratio on dinar ;)

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I'm gonna throw an idea out there and would like some people's thoughts on it...

Iraq is launching an in country lop while they are still under chapter 7 and do not have an international currency. This will allow them to collect the remaining three zero notes inside Iraq from the citizen's. Then once they feel all the notes are off the streets chapter 7 can be lifted and the currency becomes international. At this time they raise the value and the remaining three zero notes become extremely valuble.

The plan is to allow the people of Iraq to gain wealth through the HCL, not through an increase in currency value. Otherwise every citizen in Iraq would be come millionaires overnight from the currency and that would be a very bad thing for Iraq as a whole.

So in this scenario, the people of Iraq gain moderate wealth slowly through HCL and foreign investors gain wealth because we had the foresight to invest in their currency.

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I like the sound of it any way . We have not had any real posative news in weeks, atleast this sounds like there doing something in the right direction. Come on RV. Just hope it happend befor Obammas new tax goes in place the 1st of Jan.We can only pray. :rolleyes:

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I'm gonna throw an idea out there and would like some people's thoughts on it...

Iraq is launching an in country lop while they are still under chapter 7 and do not have an international currency. This will allow them to collect the remaining three zero notes inside Iraq from the citizen's. Then once they feel all the notes are off the streets chapter 7 can be lifted and the currency becomes international. At this time they raise the value and the remaining three zero notes become extremely valuble.

The plan is to allow the people of Iraq to gain wealth through the HCL, not through an increase in currency value. Otherwise every citizen in Iraq would be come millionaires overnight from the currency and that would be a very bad thing for Iraq as a whole.

So in this scenario, the people of Iraq gain moderate wealth slowly through HCL and foreign investors gain wealth because we had the foresight to invest in their currency.

Chapter 7 doesnt have bearing on the value of their currency and revaluing those are UN sanctions, what we need to see is them enter into Article 8 through the IMF which deals with their currency going international they are 2 seperate things completely. Therefore i believe they can still revalue being present under chapter 7 sanctions. There are Articles and there are sanctions dealing with borders and war reparations, also countries to start arming themsleves those are the type of sanctions they are under

i do believe a change in the currency is happening in January

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Chapter 7 doesnt have bearing on the value of their currency and revaluing those are UN sanctions, what we need to see is them enter into Article 8 through the IMF which deals with their currency going international they are 2 seperate things completely. Therefore i believe they can still revalue being present under chapter 7 sanctions. There are Articles and there are sanctions dealing with borders and war reparations, also countries to start arming themsleves those are the type of sanctions they are under

:twothumbs: Thanks Easy..+1

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Member of the Finance Committee: the current crisis, the central bank does not affect the project to delete the zeros .. And will be implemented through the year (2014)

Date: 28/11/2012 08:22:38 Wednesday

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Baghdad (news) .. Ruled out by the Finance Committee MP / National Alliance / Amin Hadi Abbas, the impact of the crisis the central bank the current project to delete the three zeroes from the national currency, stressing implementation exists and will probably be during the year (2014).

Abbas said (of the Agency news): The device Bank Central large and complex, as it contains multiple partitions and a large number of financial experts and economists, so the projects strategy is not linked to a particular person in the bank (governor).added: that the draft reform of the national currency when deleting the three zeroes which is based will not be affected sack central bank governor because strategic project matter general of the Iraqi people and the national economy. and likely Abbas: implementation of the project during the year (2014) as the central bank said no intention to implement the project to delete the zeros in (2013), calling for the nomination of a personal professional with news highfinancial management central bank to maintain stabilize the value of the Iraqi dinar, and the balance of foreign currency sovereign. / end / 8. n. p /

http://www.ikhnews.c...view_65096.html

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Sound like two years to cash in but clearly says nearly.

"the process of switching the currency and delete the zeros will take nearly two years after the preparations for the process, which began over a year ago ".

Sure would like to see a drop dead date and not the word nearly.

Why have we not seen the new notes?????? Phase 2 of this plan is to educate the public. I would think they would at a minimum make the people aware of what the notes look like, not just a vague description

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Chapter 7 doesnt have bearing on the value of their currency and revaluing those are UN sanctions, what we need to see is them enter into Article 8 through the IMF which deals with their currency going international they are 2 seperate things completely. Therefore i believe they can still revalue being present under chapter 7 sanctions. There are Articles and there are sanctions dealing with borders and war reparations, also countries to start arming themsleves those are the type of sanctions they are under

i do believe a change in the currency is happening in January

Hello easy,

If we look historically we see that no country has revalued their currency while having sanctions against them by the UNSC. This holds true with Iraq also. Being removed from CH7 will provide the country to be completely free and in control of itself. At this time and not before, they can enter into an agreement with Article 8 and bring an international value to their currency. The WTO just provides a country to be tradable in its commodities with other countries and being a full member provides them with a backing of sorts. Has nothing to do with whether they increase their currency value. A good example of this would be Viet Nam, which is a full WTO member and a currency value worse than Iraq. I agree with you that we may see this complete either at the very end of Dec or the beginning weeks of January 2013.

Edited by icfaith
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Parliamentary Finance: the next budget will be free of zeros

BAGHDAD - World

Parliamentary Finance Committee announced, Tuesday, that the budget for next year 2013 will be the new currency after deleting three zeros from the current currency, arguing that the reluctance of traders and companies from trading in the Iraqi currency behind the adoption of the Central Bank project to delete the zeros.

Said committee member Najia Najib said in an interview for "Alsumaria News" that "the budget next year will see a deal in the new currency after deleting three zeros from the current currency," indicating that "the process of switching the currency and delete the zeros will take nearly two years after the preparations for the process, which began over a year ago ".

The answer that "the Council of Ministers approved during a meeting with the Governor of the Central Bank on the project to delete the zeros and switch Iraqi currency after deciding earlier to wait the project as a result of the high price of the dollar in the local markets over the past months," noting that "the project to delete the zeros and the currency exchange aims to restructuring of the Iraqi currency and a way that is consistent with doing business in Iraq, internally and externally. "

She stressed that "the Finance Committee and the central bank agreed at its last meeting to be next year as the date to start deleting zeros and be balanced in 2013 in the new currency only if there is an obstacle transmitting without it," emphasizing "the need to support the government and parliament of the project to restructure the Iraqi currency."

Naguib considered that "the reluctance of traders and companies for the use of the Iraqi currency and trading may push the central bank to adopt the project to delete the zeros", stressing that "this project would reform the system of currency management and ease of use." http://www.alaalem.com/index.php?aa=news&id22=48665t

I check into this article even though it was in the paper on Nov 28 it is still an old article that has been recycled. I hope the reason for it being shown again is a good one.

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Please correct me if I am wrong as I believe Iraq can revalue their currency at any time regardless of being under Chapter 7 sanctions. I understand for security reasons it might be a good idea to be out from under the restrictions of Chapter 7. Even so, they have already in fact adjusted their currency value to where it is at now (1166) while under Chapter 7 sanctions. So, can they revalue? Yes, I believe Iraq can revalue their currency at any time. Will they revalue? I personally believe that Iraq will adjust their currency rate again but this is my personal beliefs and you will need to come to your own conclusion. For me, the big questions are when will Iraq make their next currency adjustment and will they determine the rate or let the market determine where the rate should be?

My 2 cents and opinion only.

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Member of the Finance Committee: the current crisis, the central bank does not affect the project to delete the zeros .. And will be implemented through the year (2014)

Date: 28/11/2012 08:22:38 Wednesday

print_page.gifsend_f.gif

save.gif

Baghdad (news) .. Ruled out by the Finance Committee MP / National Alliance / Amin Hadi Abbas, the impact of the crisis the central bank the current project to delete the three zeroes from the national currency, stressing implementation exists and will probably be during the year (2014).

Abbas said (of the Agency news): The device Bank Central large and complex, as it contains multiple partitions and a large number of financial experts and economists, so the projects strategy is not linked to a particular person in the bank (governor).added: that the draft reform of the national currency when deleting the three zeroes which is based will not be affected sack central bank governor because strategic project matter general of the Iraqi people and the national economy. and likely Abbas: implementation of the project during the year (2014) as the central bank said no intention to implement the project to delete the zeros in (2013), calling for the nomination of a personal professional with news highfinancial management central bank to maintain stabilize the value of the Iraqi dinar, and the balance of foreign currency sovereign. / end / 8. n. p /

http://www.ikhnews.c...view_65096.html

Butifldrm, Is this article contradicting the one Yota posted or am I reading it wrong?GO RV!!!~~~ :huh:

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Release of Chapter 7 doesn't give them a trade-able currency, that comes from WTO and as far the rates, well I'll just keep MO to myself.. JMO and GM DV

Thanks Yota. I didn't mean to insinuate that the lifting of ch 7 would automatically make the currency international. I only meant that it would allow the process to move forward. IMO once ch 7 is lifted the currency becoming international is inevitable. My scenario was more meant to focus on the in country lop theory followed by a RV.

Thanks for your input and your relentless pursuit of posting valuable information for those of us that just have the time to do it for ourselves. It is priceless. :tiphat:

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Just a thought, could the Budget be drawn up without using the zeros in the budget's math. Essentially the figures would be calculated in the budget as if they are already at an .86 rate. Maybe thats what they mean when they say that the budget will not include the zeros?? Just a question/thought...

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