Central Bank denies intention to delete the three zeros from currency

[SocalDinar]

Central Bank denies intention to delete the three zeros from currency

نشر بتاريخ الخميس, 25 نيسان/أبريل 2013 20:38 | كتب بواسطة: HM/B |  | |  | الزيارات: 184 | Hits: 184

 BAGHDAD / obelisk: CBI denied, Thursday, and reported on the media to restore the bank to restructure the Iraqi currency and deleting three zeros which, while stressed that the only reference to permit such things.

 

And between the Central Bank of Iraq said in a statement received "obelisk" a copy of which, "The news that circulated some of the media on the intention of the central bank to restructure the Iraqi currency and deleting three zeros of them, incorrect at the moment," stressing that "the reference and the The only statement about such things. "

http://translate.googleusercontent.com/translate_c?depth=1&ei=u9RmUfGyNYa7igLa-4G4Dw&hl=en&prev=/search%3Fq%3Dnahrain.com%26hl%3Den%26biw%3D1280%26bih%3D891&rurl=translate.google.com&sl=ar&u=http://www.almasalah.com/index.php/2012-06-25-12-38-33/11199-%25D8%25A7%25D9%2584%25D8%25A8%25D9%2586%25D9%2583-%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583%25D8%25B2%25D9%258A-%25D9%258A%25D9%2586%25D9%2581%25D9%258A-%25D9%2586%25D9%258A%25D8%25AA%25D9%2587-%25D8%25A8%25D8%25AD%25D8%25B0%25D9%2581-%25D8%25AB%25D9%2584%25D8%25A7%25D8%25AB%25D8%25A9-%25D8%25A7%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1-%25D9%2585%25D9%2586-%25D8%25A7%25D9%2584%25D8%25B9%25D9%2585%25D9%2584%25D8%25A9.html&usg=ALkJrhiaV9kNa9kRCBfM54VBv4pnsTtr_A

 

 

 

 

[easyrider]

     dont ya just love Iraqi news. You pulling the China card Iraq? the ole oakie dokie on us haha

Edited April 25, 2013 by easyrider

[LIBoy]

This is a good thing. Deleting the zeros would be a neutral event.

[jeepguy]

that this  news is incorrect at this moment  --- we wait too see what okie is going to tell us

[TQueezy]

So that news may be correct at a later time, just not now? The translation is horrendous...

[Laid Back]

Get it done, please.!!

[TotalNewb]

Saw this on another site...

"Remember... the raising of the foreign exchange rate and the new currency are 2 different things. They are functioning on USD now... they will be able to function in USD once they raise the rate.. and by doing so they will be able to draw in all of the triple zero notes from their economy. It will be AFTER they raise the exchange rate and have drawn in many billions (Trilllions?) more IQD.. that they eventually release the lower denominations. Deal is they want their citizens to go to the banks.

-

If they restructure the currency simultaneously with lifting the foreign exchange rate.. that does NOT force the citizens into the banks. The last thing they want is for citizens with hoarded triple zero notes to pull them from their mattress.. exchange them for lower denominations and then stuff them back into their mattress. The goal of the CBI is to create a thriving banking sector, Digital IQD.

-

Banking. Citizens savings IN BANKS. By restructuring the currency at the same time as a new rate.. they DO NOT ACHIEVE their goal. It is 2 different things.. the lifting of the rate.. be it float, staging rate or straight out RV... is NOT the same thing as the CBI releasing a SMALL amount of lower denominations for daily use by citizens in country. They want to become a CASHLESS society.. and get citizens and merchants to use SMART CARDS.. in place of CASH.

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There was just an article out today telling of the Parliament getting ready to destroy the old currency , which will run concurrent with the new currency for 2 years. The Parliament is planning to destroy old triple zero notes... so they seem to be anticipating a lot of them being brought in... I am not concerned about our investment. They need to establish political stability and they are preparing to lift the foreign exchange rate. That is all I care about. It will happen when it happens. The CBI is trying to get everyone off their backs.. especially the politicians who think they are in control of the CBI... and keep sticking their noses in where they dont belong. This statment makes those politicians sit down and shut up.

-

Don't freak out over this."

[Boozer]

Tomorrow a 180 !

[thylocene]

On again. Off again. On again. Off again........

[yota691]

Thanks SocalDinar...IMO this all about Political Stability on the CBI parts and the Issue with Mr. M...  lets hope we watch the work of the Independent of the CBI and they move this project forward for the folks of Iraq....  

[SocalDinar]

Thanks SocalDinar...IMO this all about Political Stability on the CBI parts and the Issue with Mr. M...  lets hope we watch the work of the Independent of the CBI and they move this project forward for the folks of Iraq....  

Yota,

I wish we had a name to go along with this article. Who said this? bad translation and all it sounds like they are stating their role in monetary policy.

I still am taking notice of the huge cash portions of auctions. They are growing week by week. Something is up in Baghdad.

[JMULS31]

Hopefully non of this is true. Go RV $)

[dweave69]

Yes they're not. No they are .

[Markinsa]

Anyone, there was no quote from a specific person, just the "CBI"?

 

This has been mentioned in another thread by another member. 

 

-

[zul]

And in another news, they are talking about formation of committees to oversee the process of destroying the old currency. 

 

 

 

"Deputy: the need to control the formation of committees to destroy the old currency in the implementation of the project to delete the three zeroes

25-04-2013 12:27 PM

Baghdad (news) .. Stressed member of the Economic Commission MP / National Alliance / Abdulabas the Xiaa, the importance of the formation of the supervisory committees of all state institutions to pursue the process of destroying the old currency in the implementation of the project to delete the three zeroes from the national currency......"

Edited April 26, 2013 by zul

[grand pubah]

I have decided to donate all my dinar to my wife. She keeps all the money anyway and then I want have to worry about this neverending story about a "one day" RV!

 

If and when RV occurs she can just give me my weekly allowance of $25 a week. Man life is good

[Tirebiter]

More smoke & mirrors imo.  Who knows anymore?  I'm not negative on this investment speculation, but it seems like as the country devolves more and more into chaos it is difficult to try to track progress and what direction they are actually headed.  I often wonder how many of these articles are propaganda for the rest of the world to try to continue to prop up Iraq.  I still have confidence, but as the country continues to slide politically, socially, and economically, it makes me wonder where the "bottom" truly is before they get it together.  Even Egypt has a more stable situation than Iraq and they are dying economically and financially currency-wise.  If Iran is having the influence we are led to believe, there is a long wait ahead of us.  I just don't see the UN and the rest of the financial world at large taking a risk on Iraq despite their resource potential.  I hope I'm wrong.  

[uncirculd]

Just another 3 zero article.  A bit here, we're deleting, we're not deleting.  Don't care what they do with the zeros, just honor all 3 of ours with a better rate.  sounds simple to me....lol

[Nelson0528]

Yota,

I wish we had a name to go along with this article. Who said this? bad translation and all it sounds like they are stating their role in monetary policy.

I still am taking notice of the huge cash portions of auctions. They are growing week by week. Something is up in Baghdad.

 

Yeah something is up in Baghdad... it's the oil production/sales... requires more USD to be converted.... JM2CW...

[dinarbeleiver]

Very much like post war Germany and Japan

[yota691]

one more..

Central bank: no intention to restructure the currency and delete the zeros 

Published in: 9:46 pm, April 25, 2013 Editor: ipa 2

 

BAGHDAD (Iba) .. The Iraqi Central Bank to the absence of any intention for him to restructure the currency and delete the zeros at the moment.

He denied a statement issued by the Central Bank of Iraq and received the independent press (Iba) a copy what تداولته "some media statements about the intention of the Iraqi Central Bank to restructure the Iraqi currency and delete the zeros of them."

He stressed that the only reference to a statement about things like this. (End)

•  

[OZmosis]

Thanks Yota.  Keywords being "restructure the currency and delete the zeros at the moment."  Interesting re the restructure mentioned before the delete the zeros bit of do they mean part of the same process.  One thing is for sure - Iraq does intend to improve the value of the dinar in comparison to the US$ benchmark.  We don't know how, we don't know when.   We can only guess as to what "restructure currency means." 

 

In the meantime, tomorrow we will get bombarded with stupid guru announcements that are gathered from news items like the one above - then twisted and contrived into something it is not - and then broadcasted stating that their inside tel told them they are now not removing zeros today but tomorrow but to not tell anyone but keep your eyes on the screens as it is happening within hours.!!!!!   They think that they are being really smart to stand on their soap boxes and belt out daily bulletins based only on their desires to provide mental anguish and harm to those who own some dinar.  We at dinarvets might get a bit of a laugh out of their posts, but many just get conned.  Reality is, when it is good and ready, Iraq will definitely make some decisions and activate strategies to improve the value of the dinar.  Right now, it is time for the crazy guru's...terryk's, blaino's, okie's and bears etc.... to take a break.  They do more harm than good.    I personally believe that the guru hype and rumors creating thorns in the system that possibility aggravate the potential for Iraq to RV.  Stupid guru's just have tunnel vision.  The best possible action anyone can take right now is to keep the faith and just sit back and wait and see what happens - read news items as per the one above, analyse them as best we can, and keep the faith.  So thanks again Yota - for bringing us real news.  I don't know what we'd do without you.

[dontlop]

Iraq

Banknote News

Iraq discloses designs for redenominated banknotes slated for July 2013

 

According to Iraq's semi-official Alsabaah newspaper, the finance committee received specimens of the new Iraq banknotes from the Central Bank of Iraq. The specimens were of the 25, 50, 100, and 200 dinars. The committee urged the central bank to delay the introduction of the new currency from January 2013 to July 2013 to study all the aspects of the process.

Other Iraqi media reports state that the new currency will be issued in denominations of 5, 10, 25, 50, 100, and 200 dinars for banknotes and 25, 50, 100, 250, and 500 fils, plus 1 and 2 dinars for coins. The designs have been already chosen for banknotes and coins:

5 dinars: Beck waterfall and palm tree
10 dinars: dinar coin minted in the reign of the Umayyad dynasty and lighthouse Hadba in Mosul
25 dinars: King Hammurabi receiving the law and farming of Iraqi Kurdistan
50 dinars: King Codaa and Fort Ukhaydir
100 dinars: Central Bank building in Azwaip area in Baghdad and ziggurat
200 dinars: bridge and school

Courtesy of Mosab K. Ibrahim.

[yota691]

 

Iraq

Banknote News

Iraq discloses designs for redenominated banknotes slated for July 2013

 

According to Iraq's semi-official Alsabaah newspaper, the finance committee received specimens of the new Iraq banknotes from the Central Bank of Iraq. The specimens were of the 25, 50, 100, and 200 dinars. The committee urged the central bank to delay the introduction of the new currency from January 2013 to July 2013 to study all the aspects of the process.

Other Iraqi media reports state that the new currency will be issued in denominations of 5, 10, 25, 50, 100, and 200 dinars for banknotes and 25, 50, 100, 250, and 500 fils, plus 1 and 2 dinars for coins. The designs have been already chosen for banknotes and coins:

5 dinars: Beck waterfall and palm tree

10 dinars: dinar coin minted in the reign of the Umayyad dynasty and lighthouse Hadba in Mosul

25 dinars: King Hammurabi receiving the law and farming of Iraqi Kurdistan

50 dinars: King Codaa and Fort Ukhaydir

100 dinars: Central Bank building in Azwaip area in Baghdad and ziggurat

200 dinars: bridge and school

Courtesy of Mosab K. Ibrahim.

 

Thanks dontlop here the date that on your article Jul 21, 2012 08:17 AM Category:  from the web site Banknote News

[dontlop]

Iraq halts plans to revalue dinar

Apr 16, 2012 07:50 AM Category: Middle East

According to a Reuters article dated 12 April 2012, Iraq has decided not to move forward with revaluing the dinar 1,000:1 this coming September as originally planned, because cabinet secretary Ali al-Alaq says the economic climate is not suitable for such a move. The redenomination is on hold "until further notice

Iraq planning new 50,000-dinar note

Mar 08, 2012 11:45 AM Category: Middle East

According to an article on Iraq-Business News dated 28 November 2011, the Central Bank of Iraq confirmed it will issue a new banknote valued at 50,000 dinars (US$43), but marked as 50 dinars. Deputy Chairman Dr. Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq. Currently the largest denomination in Iraq is the 25,000-dinar note (Pick 96). The new currency will include symbols that reflect the diversity of Iraq’s sects and cultures including the Kurdish culture. “Iraq needs to support its economy and its currency through the issuance of a currency similar to foreign ones like the $100 bill,” Saleh added.

Keep in mind, for the past four years Iraq has reportedly been attempting to revalue its currency, and just last month it was reported that new notes would be issued in September 2012.

Courtesy of Mehdi Kasumov.

Iraq to revalue dinar and introduce new notes in September 2012

Feb 25, 2012 07:26 AM Category: Middle East

According to an artilce in The Kurdish Globe dated 25 February 2012, the Central Bank of Iraq has agreed with the Economic Committee of the Iraqi parliament to introduce new banknotes in September 2012, and withdrawl old notes within a year of that date. The new notes will be denominated in dinars, which will have three zeros removed to revalue them 1:1000 compared to the existing notes. The new 50-, 100-, and 200-dinar notes will be printed in Europe and feature Arabic, English, and Kurdish text.

Tags: Iraq