Government of Iraq recognizes its inability to cancel three zeroes of the dinar

[jonjon]

Government of Iraq recognizes its inability to cancel three zeroes of the dinar

06/02/2013 09:44

Iraq government ruled out replacing its local currency dinar or cancellation of three zeroes at the present time, noting that it intends to increase its value from 1166 to 1000 dinars to the dollar indicating that high value opportunities available with the growing backlog in the Central Bank, which skip the $ 65 billion.

To read more about the Iraqi economy:

Economists any problem in about the support of the Iraqi dinar

Russian arms deal for Iraq $ 4.2 billion

Administrative corruption impediment to investment in Iraq

For its part, explained official sources within the Central Bank of Iraq that the draft deleted three zeros from the Iraqi dinar would cost the state budget $ 172 billion dinars ($ 150 million). She noted that the replacement of the Iraqi dinar Btabath new which will be issued in three languages ​​Arabic, Kurdish and English and printed to be forwarded to one of four international companies specialized cost $ 150 million spread over printing, transportation, insurance and work outside working hours to destroy the old currency which will be within the Bank Central.

 

The CBI said in August last he plans to delete the zeros from the Iraqi dinar to facilitate financial transactions made through cash in most cases. Among the difficulties faced by Iraq if they are to foot the deletion of zeros from the dinar is the withdrawal of about 30 trillion dinars in circulation in the Iraqi market (about 27 billion dollars) and then disposed of and replaced with a new currency.

 

In this context, said the economic advisor to Iraqi Prime Minister Abdul Hussein Al-Anbuge The process of deletion of zeros from the local currency will increase the phenomenon of money laundering. He noted that the government informed the Central Bank of the existence of threats to economic security in the event of bank insisted on the deletion of zeros from the local currency. He added that this process costs time and effort of the government and the Central Bank and raises the level of fraud some terrorist groups to carry out smuggling money out of the country.

The increased reserves of the Central Bank of Iraq in hard currency to $ 67 billion, after it was 63 billion last year. This is the reserves are the largest in the history of Iraq.

 

And so stressed financial expert Majid picture that increasing currency reserves Iraqi would increase global confidence in Iraqi currency and enhance the status of the Iraqi economy between developing economies and the currency reserves have risen the end of 2011 to $ 58 billion in the end of 2012 rose to $ 60 billion.

 

Author Ahmed Aboul Naga

Iraqi Dinar (IQD) 1,164.50 Change (0.04%) 0.50 19:40 07/02/2013

Tags: Government of Iraq dinar

[RVPleaseToday]

It seems to me they are saying they aren't going to do anything with the currency but adjust the exchange rate to compensate for the increase in reserves. Not exactly what we hoped for.

[yota691]

Here we go again its like a have at it... Thanks jonjon

[RVPleaseToday]

We are just sojourners in this strange land. Iraq's gonna do what Irag's gonna do.

[JWJW11]

It seems to me they are saying they aren't going to do anything with the currency but adjust the exchange rate to compensate for the increase in reserves. Not exactly what we hoped for.

Brilliant.....its pretty clear what they are saying at this point.....but again they are not gunna tell you their true intentions.......are you really looking for them to come out and tell you that their gunna RV their currency tomorrow? Thats not gunna happen......and thatstthatsthebone true fact in this thing....everything thing else is whether you choose to follow or lead

We are just sojourners in this strange land. Iraq's gonna do what Irag's gonna do.

Now that I agree with....except the US has a little more say

[dontlop]

what i dont get ... ive bought and sold currency on line .. people do it every day to make money .. never have i seen a country come out and tell everyone their currency is going up in value ...it just doesnt seem right . there telling everyone to buy the dinar and make 15% , never heard of that before

[SocalDinar]

Good! Let's see some movement.

Thanks JonJon

[dontlop]

its like they are assuring us this is going to get better ,,,and telling us to hang on to our dinars ,,

why would they want us to hang on to our dinars ,, maybe its a message to the iraqis ,, but it is a message to hang on to your dinars

[staunch]

The problem with buying more is that the dealers move lockstep with each pip. You won't make money buying it, just from what you already have.

[dontlop]

the picture with the article looks like a display of dinar .. the way its stacked .. like merchandise

Edited February 8, 2013 by dontlop

[hame55]

Government of Iraq recognizes its inability to cancel three zeroes of the dinar

06/02/2013 09:44

Iraq government ruled out replacing its local currency dinar or cancellation of three zeroes at the present time, noting that it intends to increase its value from 1166 to 1000 dinars to the dollar indicating that high value opportunities available with the growing backlog in the Central Bank, which skip the $ 65 billion.

To read more about the Iraqi economy:

Economists any problem in about the support of the Iraqi dinar

Russian arms deal for Iraq $ 4.2 billion

Administrative corruption impediment to investment in Iraq

For its part, explained official sources within the Central Bank of Iraq that the draft deleted three zeros from the Iraqi dinar would cost the state budget $ 172 billion dinars ($ 150 million). She noted that the replacement of the Iraqi dinar Btabath new which will be issued in three languages ​​Arabic, Kurdish and English and printed to be forwarded to one of four international companies specialized cost $ 150 million spread over printing, transportation, insurance and work outside working hours to destroy the old currency which will be within the Bank Central.

 

The CBI said in August last he plans to delete the zeros from the Iraqi dinar to facilitate financial transactions made through cash in most cases. Among the difficulties faced by Iraq if they are to foot the deletion of zeros from the dinar is the withdrawal of about 30 trillion dinars in circulation in the Iraqi market (about 27 billion dollars) and then disposed of and replaced with a new currency.

 

In this context, said the economic advisor to Iraqi Prime Minister Abdul Hussein Al-Anbuge The process of deletion of zeros from the local currency will increase the phenomenon of money laundering. He noted that the government informed the Central Bank of the existence of threats to economic security in the event of bank insisted on the deletion of zeros from the local currency. He added that this process costs time and effort of the government and the Central Bank and raises the level of fraud some terrorist groups to carry out smuggling money out of the country.

The increased reserves of the Central Bank of Iraq in hard currency to $ 67 billion, after it was 63 billion last year. This is the reserves are the largest in the history of Iraq.

 

And so stressed financial expert Majid picture that increasing currency reserves Iraqi would increase global confidence in Iraqi currency and enhance the status of the Iraqi economy between developing economies and the currency reserves have risen the end of 2011 to $ 58 billion in the end of 2012 rose to $ 60 billion.

 

Author Ahmed Aboul Naga

Iraqi Dinar (IQD) 1,164.50 Change (0.04%) 0.50 19:40 07/02/2013

Tags: Government of Iraq dinar

First of all, not to worry about corruption - many countries have rampant corruption, like Pakistan - it's institutionalized. Western countries make big investments all the time. Part of cost of doing business. Don't worry about it. Washington corrupt? You betcha.

Secondly, the movement - this is good. They have been moving it up steadily for years from 4000. Now it's 1000. ( unless it's another pumping scam from Iraqi media) So it means they are on the same track, steady increases...and lowers a chance of an LOP, even if it plateaus at 1000 and seems easy to LOP at that point.

Chances are they will keep climbing, hopefully by bigger steps.

[LIBoy]

It seems to me they are saying they aren't going to do anything with the currency but adjust the exchange rate to compensate for the increase in reserves. Not exactly what we hoped for.

I have to disagree. I think this is exactly what we want. They are basically saying in this article that they are not going to replace the currency (Redenomination) but rather keep the existing currency and raise the rate slowly. To me this paragraph states exactly what we want to hear.....

The CBI said in August last he plans to delete the zeros from the Iraqi dinar to facilitate financial transactions made through cash in most cases. Among the difficulties faced by Iraq if they are to foot the deletion of zeros from the dinar is the withdrawal of about 30 trillion dinars in circulation in the Iraqi market (about 27 billion dollars) and then disposed of and replaced with a new currency.

This is great news, if true. Keep the faith. We need to remember that God lead us down this path for a reason. Good things will come to those who wait.

[keepmwlknfny]

....except the US has a little more say

You really think the US has power in what Iraq does with its currency?

[dontlop]

AUTHUR AHMED <<< CAN BE GOOGLED

Ahmed Aboulnaga is a Technical Director at IPN Web, Inc., a full life cycle systems integrator headquartered in Maryland, USA. Ahmed’s professional focus is in technical management, architecture, and consulting within the Oracle Fusion Middleware stack, having implemented enterprise solutions for commercial, government, and global customers throughout the years. Ahmed has an OCE (Oracle SOA Architect) and OCA (Oracle Application Server) and has presented at OpenWorld, Collaborate, OAUG, IOUG, and various Oracle users groups in the past. He actively contributes to the online community in areas of WebLogic Server, SOA Suite, Application Integration Architecture, Oracle Service Bus, Grid Control, and other Oracle middleware technologies as well. Ahmed is currently president of the Western Michigan Oracle Users Group.

GOT TO BE SOMEONE ELSE .. https://www.google.com/search?q=Ahmed+Aboul+Naga&hl=en&tbo=u&tbm=isch&source=univ&sa=X&ei=q18UUa3LFKm70QGg3YHYAg&sqi=2&ved=0CEAQsAQ&biw=1366&bih=640

Edited February 8, 2013 by dontlop

[hablrob]

Yes. We all do.

You really think the US has power in what Iraq does with its currency?

[imgesing]

You really think the US has power in what Iraq does with its currency?

ABSOLUTELY.... There is no doubt in my mind what so ever... You can either believe me when I say I know this for a fact or not.

I just dont like listing any sources and having to defend them. YEP, the USA is involved heavily and in fact OWNS their current currency.

Peace.....

[JWJW11]

You really think the US has power in what Iraq does with its currency?

Absolutely....without a doubt

[jeepguy]

let us put the header in this mode --- iraq goverment can`t remove the zero`s --------> meaning iraq goverment can`t do anything , they are stuck in a muddy hole and no camel to pull them out, the parliment is fussing at the house representatives and the g.o.i is falling apart , so the header is missleading in my thinking, when i first read this article a week ago , about the 15% movement i thought it was a done deal , but now most likely just another pump, ----------> hopin i`m wrong on all of the above but g.o.i has proving this many times already , to many cooks in the kitchen so-to- speak ...... i can`t go on it will start to look like i`ve lost my mind ................. anyone seen it by the way

[keepmwlknfny]

Wow............

[hammer911]

I have to disagree. I think this is exactly what we want. They are basically saying in this article that they are not going to replace the currency (Redenomination) but rather keep the existing currency and raise the rate slowly. To me this paragraph states exactly what we want to hear.....

The CBI said in August last he plans to delete the zeros from the Iraqi dinar to facilitate financial transactions made through cash in most cases. Among the difficulties faced by Iraq if they are to foot the deletion of zeros from the dinar is the withdrawal of about 30 trillion dinars in circulation in the Iraqi market (about 27 billion dollars) and then disposed of and replaced with a new currency.

This is great news, if true. Keep the faith. We need to remember that God lead us down this path for a reason. Good things will come to those who wait.

I am glad you made that comment... I am on the same page as you... It is best to keep our current notes and have the value go up than get new notes and then go up!!!!!

Example= 25,000 dinar note @ 1-1 is basically, $25,000... New note 25 dinars at 1-1 is $25.00... I thought I misunderstood... but now I am good.... GO RV!!!~~~

[RVPleaseToday]

"ABSOLUTELY.... There is no doubt in my mind what so ever... You can either believe me when I say I know this for a fact or not.

I just dont like listing any sources and having to defend them. YEP, the USA is involved heavily and in fact OWNS their current currency"

imgesing, you are spouting utter nonsense. To make such an assertion while refusing to back it up labels you as someone to be ignored. You are pitching some fantasy conspiracy theory.

[keepmwlknfny]

"ABSOLUTELY.... There is no doubt in my mind what so ever... You can either believe me when I say I know this for a fact or not.

I just dont like listing any sources and having to defend them. YEP, the USA is involved heavily and in fact OWNS their current currency"

imgesing, you are spouting utter nonsense. To make such an assertion while refusing to back it up labels you as someone to be ignored. You are pitching some fantasy conspiracy theory.

But its the only way to explain how some of this will work out in our favor!

[RVPleaseToday]

The last few weeks have become crazy with a breathless frenzy of RV now hysteria. The Iraqi government is in complete disarray. Does anyone really think behind all of this chaos they are plotting an imminent historic RV?

[bodiddily]

There has been many articles of late, indicating that they intend to delay the removal of three zero's, this in my mind is very good news and gives us a better than average chance in the near future of a decent return on our investment.

[JWJW11]

"ABSOLUTELY.... There is no doubt in my mind what so ever... You can either believe me when I say I know this for a fact or not.

I just dont like listing any sources and having to defend them. YEP, the USA is involved heavily and in fact OWNS their current currency"

imgesing, you are spouting utter nonsense. To make such an assertion while refusing to back it up labels you as someone to be ignored. You are pitching some fantasy conspiracy theory.

No conspiracy theoey....you do remember the invasion/war right?

But its the only way to explain how some of this will work out in our favor!

No other explanation needed baby boy....youve got so much to learn