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Representative: economic new year will witness the birth of a new Iraqi currency

boomer113189

By boomer113189,
in Iraq & Dinar Related News

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boomer113189 Newbie

boomer113189

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12 - 2 - 2012

Twilight news/excluded the Parliamentary Committee on the economy and investment, Sunday, to witness the new year the birth of new Iraqi currency, three zeros deleted, noting that the Central Bank of Iraq had to be equal the value of one dinar to the dollar.

The Rapporteur of the Committee, said in an interview for mohama Khalil "twilight news" that "the new year will see the restructuring of the Iraqi currency, delete the three zeros, and therefore will not witness the birth of a new Iraqi currency because of the refusal of the Government to this project", stating that "the Government considers that this is not a priority."

He added that "the Commission on economy and investment has supported this project with the Central Bank Governor that purely economic and intended to maintain Iraqi currency from counterfeiting, corruption and fraud".

Khalil said that "there were States with successful experiences in this field and restructuring its currency and has deleted some zeros, and we seek to follow suit."

Khalil said that "under article 46 of the law on the Central Bank of its powers to issue new currency or new categories and preserve the value of the Iraqi dinar against other currencies".

Khalil said that "it was up to the Bank of the move is that the Iraqi dinar is equal with one US dollar after deleting zeros and the promoters of bogus currencies, as well as the new currency was not easily perishable."

The Central Bank of Iraq began consideration of an amendment last year dinar, categories, and is still a significant part of the payments are in cash as a result of the underdeveloped banking system.

The Cabinet decided, in mid-April last year, wait in the application project delete zeros from the currency.

Finance Committee revealed in the House of representatives, last month to defer the deletion of zeros from the Iraqi currency intended for Central Bank launched to 2014.

My link bit.ly/UiMQK1

Edited by boomer113189
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easyrider Newbie

easyrider

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blink.gif so if they are to make it a 1 to 1 without new currency and deleting the 3 zeroes which means they would need to raise the value then how does this help anything? this makes no sense.

lopsters have always said when they delete the 3 zeroes that our ( old) dinar wouldnt be worth anything but the new dinar will be at the new rate but then how does that happen when they say they are not introducing any new currency lol

Edited by easyrider
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Badrabbit Newbie

Badrabbit

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Khalil said that "there were States with successful experiences in this field and restructuring its currency and has deleted some zeros, and we seek to follow suit."

Read more: http://dinarvets.com/forums/index.php?/topic/135504-representative-economic-new-year-will-witness-the-birth-of-a-new-iraqi-currency/#ixzz2DuYbbRUh

I also like this statement...I take it as that they (some states) have removed some of there big bills (notes) from there streets by simply removing them from circulation when they come into the banks and that Iraq is going to follow there programs :)src="http://dinarvets.com/forums/public/style_emoticons/default/smile.gif"> (or has been removing notes - which We already know they have been doing)

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boomer113189 Newbie

boomer113189

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Khalil said that "there were States with successful experiences in this field and restructuring its currency and has deleted some zeros, and we seek to follow suit."

this is saying that iraq will follow suit of deleting the zeros off of there currency just like other countries that did. so if you want to found out how it will turn out just google other countries that removed zeros cause according to this article iraq is going to follow them because they have had success doing this.

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SPRAYERDUDE Newbie

SPRAYERDUDE

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Sounds positive and the only way to suppress the removal of the 3 zero bills from circulation is to release new. The 250000,00 bill is crucial at the existing rate "worth $25" if these bills were to be removed without a rate increase the Citizens would have to tote around a ton of the old worthless lower denomination notes "at today's rate" to buy a loaf of bread, and the Dollar would survive and escalate even higher in the markets as the Currency of choice. GO RV !

Edited by SPRAYERDUDE
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VIZIOIRAQI Newbie

VIZIOIRAQI

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blink.gif so if they are to make it a 1 to 1 without new currency and deleting the 3 zeroes which means they would need to raise the value then how does this help anything? this makes no sense.

lopsters have always said when they delete the 3 zeroes that our ( old) dinar wouldnt be worth anything but the new dinar will be at the new rate but then how does that happen when they say they are not introducing any new currency lol

new year would witness the birth of the new Iraqi currency deleted three zeros

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zul Newbie

zul

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blink.gif so if they are to make it a 1 to 1 without new currency and deleting the 3 zeroes which means they would need to raise the value then how does this help anything? this makes no sense.

Easy :D/>/>

The other option / alternative to new currency is, NEW CATEGORIES...(to the existing 2003/2004 series)

".....Khalil said that "under article 46 of the law on the Central Bank of its powers to issue new currency or new categories and preserve the value of the Iraqi dinar against other currencies".

Edited by zul
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Highlander Newbie

Highlander

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The Rapporteur of the Committee, said in an interview for mohama Khalil "twilight news" that "the new year will see the restructuring of the Iraqi currency, delete the three zeros, and therefore will not witness the birth of a new Iraqi currency because of the refusal of the Government to this project", stating that "the Government considers that this is not a priority."

He is saying that this event must occur at the start of a fiscal year (just as saleh and shabibi held to which is not entirely true it is just better if it does) but it won't happen at the start of the upcoming year because of the governments refusal to give this project priority and putting the process on hold back in April. So basically until you see the council of ministers give an okay to some sort of plan we are stuck. Hopefully they will take the hold off soon and we can an idea of when (and what now that Shabs is gone!) this can happen.

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unirod Apprentice

unirod

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Easy :D/>/>/>

The other option / alternative to new currency is, NEW CATEGORIES...(to the existing 2003/2004 series)

".....Khalil said that "under article 46 of the law on the Central Bank of its powers to issue new currency or new categories and preserve the value of the Iraqi dinar against other currencies".

Zul,

I agree with your other option, new catagories. This makes more sense if the intention is to de-dollarize and keep the value of 1-1 equal with the USD. Articles saying recently that there is going to be an issuance of fresh bills in the 1000K and 250 Dinar catagories. Whats not being said is the additional lower notes. The delete 3 zero plan has to be off the current exchange rate. They WILL NOT get investors to flood the country by LOP'ing 3 Zeros off the currency. How would this help the growth of the ISX? The world does not revolve around us Dinar investors, we are but a drop in a very large bucket....IMO

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SocalDinar Proficient

SocalDinar

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I highly doubt we will see an approved budget by Jan 1st. Can you imagine them trying to agree on a budget with all the numbers missing 3 zeroes. Without a budget I don't think we'll see the notes on the 1st. But they could correct the rate anytime

Edited by SocalDinar
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dontlop Newbie

dontlop

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this is easy to break down ...

i`ll break it down for ya in good ole english terms ..>>>> >>>>>>>>>>>>>>>>> NOYES DID NOT TO WILL !!!!! <<<<< 5 WORDS EXPLAINS THE ENTIRE ARTICLE IN ARABIC .. no wonder they been killing each other for thousands of years in the middle east .. i think the sun bakes their brains B)

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dontlop Newbie

dontlop

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If the intention of the CBI is to LOP the zeros and replace the currency then why wait till the beginning of the fiscal year? A LOP, being a zero sum event, would render any fiscal timeline irrelevant.

yes .. me too on this ..

they do say both currencies new and old will co exist 2 years .. so why the beginning of the year date ... and if a exchange rate is established .. who cares what day it is when they do it .. unless its supposed to co inside with bilateral agreements they made in the past few years . it has to be understood with all govts around the world before its implimented . the govts . know before the public knows . that way they can prepare for it .. like exchange taxes .. the cliff .. that would be wild if the new dinar did become a new reserve currency ..and we did become rich . and the lobsters jumped off the golden gate bridge

they will all be saying ... how did you know ?.. and i will be saying .. i didnt know .. i guessed .. i guessed i would get rich off the dinar, so i bought some.. holding dinars is like holding oil .

whats in it for iraq and the world .. ?

a democracy in the middle of the middle east .. able to buy all the military might necessary to defend itself against any threat from any dictator in that region :o

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