Iraq: Parliamentary financial confirms the deletion of zeros from the currency in early 2014

[Frangipani]

The parliamentary Finance Committee Unveils delete zeros of the Iraqi currency in 2014

 

There is a photo of the new currency at this website.

04/09/2013

 

 

Agency here South News/editorial 
The Finance Committee, unveiled Wednesday, that 2014 will delete the zeros of the Iraqi currency, indicating that deleting will be in coordination with the Central Bank.
Committee member Abdul Hussein Al-yasiri in a press statement that "the deletion of zeros from the local currency will start in 2014, by agreement with the Central Bank", stating that "this project will reduce the rate of the national currency in circulation from 4 billion to 1 billion.

"The size of the value will be reduced to a quarter and this will enhance the value and easy to transport,

Noting that "fraud or manipulation of currency, it will be very difficult."

It should be noted that "the CBI identified earlier that this year will see the implementation of the project to delete zeros from the national currency, the Iraqi Government asked the World Bank to wait with the project for fear of the emergence of counterfeit currency during operation switch.

 

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.dorar-aliraq.net%2Fthreads%2F190195-%25D8%25A7%25D9%2584%25D9%2584%25D8%25AC%25D9%2586%25D8%25A9-%25D8%25A7%25D9%2584%25D9%2585%25D8%25A7%25D9%2584%25D9%258A%25D8%25A9-%25D8%25A8%25D8%25B1%25D9%2584%25D9%2585%25D8%25A7%25D9%2586%25D9%258A%25D8%25A9-%25D8%25AA%25D9%2583%25D8%25B4%25D9%2581-%25D8%25B9%25D9%2586-%25D8%25AD%25D8%25B0%25D9%2581-%25D8%25A7%25D9%2584%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-%25D8%25A7%25D9%2584%25D8%25B9%25D8%25B1%25D8%25A7%25D9%2582%25D9%258A%25D8%25A9-%25D9%2581%25D9%258A-%25D8%25B9%25D8%25A7%25D9%2585-2014

Edited September 4, 2013 by Frangipani

[SgtFuryUSCZ]

***///

 

Ok, Parliament --- now publish it in The Gazette so it's set in stone.

 

well, as much as anything CAN be over there......

 

reduced to a quarter, huh.... hmmnn.....

[WISKY291]

Well that doesn't sound good.

[zigmeister]

I find it curious they are stating there is 4 billion in circulation......so that is what is in Iraq?  I was wondering where the trillion jargon went.

[bamjack75]

"There is a photo of the new currency at this website"

 

The photo is of the currency that we all hold now.  Nothing new!!!!

 

What is new is circulation #'s.

 

 

[Boozer]

This was the same thing they posted last year this time. It's a never ending story.

[keepmwlknfny]

I find it curious they are stating there is 4 billion in circulation......so that is what is in Iraq?  I was wondering where the trillion jargon went.

Number of notes I assume......

[zigmeister]

Number of notes I assume......

It's interesting, your assumption is probably correct.  I guess then my question would be why the change up?  It was always in trillions.  Maybe it is the way Turki approaches it now.  Curious.

[imgesing]

Does the year mean jan. or after the budget of 2014? It isnt ever clear and they will not let anyone know a date or time.

For them to foreshadow a later date and release sooner is or would be smarter IMHO. However, the political implications of Syria luming in the not too distant future has its implications too. Also elections etc... So if I personally have to wait until April 2014, gritting my teeth but fine by me. I again do not understand how they can hold off from this change and stay away from the WTO. You'd think they would be doing all they can to speed up,international trade etc.

Don't be fooled to believing the good ol USA isn't there leading them to this change. It's an OBAMAnation to my spirit... What choice do we have. I need to stop reading the Gurus who say it is every other day. Peace fellow dinar owners. Have a great day.

[zigmeister]

Does the year mean jan. or after the budget of 2014? It isnt ever clear and they will not let anyone know a date or time.

For them to foreshadow a later date and release sooner is or would be smarter IMHO. However, the political implications of Syria luming in the not too distant future has its implications too. Also elections etc... So if I personally have to wait until April 2014, gritting my teeth but fine by me. I again do not understand how they can hold off from this change and stay away from the WTO. You'd think they would be doing all they can to speed up,international trade etc.

Don't be fooled to believing the good ol USA isn't there leading them to this change. It's an OBAMAnation to my spirit... What choice do we have. I need to stop reading the Gurus who say it is every other day. Peace fellow dinar owns. Have a great day.

Sometimes I think they speel off these dates because they get so many inquiries as to when they are going to do this from the people in Iraq and financial committee's.  I guess if they are basing it on elections, then hell they don't know because the elections are an on again and off again kind of thing.

[SocalDinar]

It's interesting, your assumption is probably correct.  I guess then my question would be why the change up?  It was always in trillions.  Maybe it is the way Turki approaches it now.  Curious.

pretty sure that Keep is right Zig. Tryed to dig up the articles stating 4 Billion notes in circulation but it evades me. Trillions have always been the value of the notes.

 

Now get the calculator out and divide the M1 by 1 Billion factoring in 1s 5s 10s 20s and 100s. No mention of the Fils so Im guessing they are not part of this 1 Billion number

 

Thanks Frangipani

[zigmeister]

pretty sure that Keep is right Zig. Tryed to dig up the articles stating 4 Billion notes in circulation but it evades me. Trillions have always been the value of the notes.

 

Now get the calculator out and divide the M1 by 1 Billion factoring in 1s 5s 10s 20s and 100s. No mention of the Fils so Im guessing they are not part of this 1 Billion number

 

Thanks Frangipani

I just don't recall they have ever referenced the dinar in circulation as in billions.  Keeps thought would make sense.  Please don't make me get the calculator out......I would rather stick toothpicks up my nose.

[cabinetman]

Anyone want to bet in 2014 they say,,,2015? Nuff said!

[zul]

I just don't recall they have ever referenced the dinar in circulation as in billions.  Keeps thought would make sense.  Please don't make me get the calculator out......I would rather stick toothpicks up my nose.

 

Zig

Trillions is the amount/value of dinar in circulation.

Billions is the number of bank notes.

[zigmeister]

Zig

Trillions is the amount/value of dinar in circulation.

Billions is the number of bank notes.

I understand that....but why the change up.  It doesn't matter.  Just curious.

[SocalDinar]

Take a look at this article Zig. It says 6 Trillion Notes. Its dated Jun 24 2011

I like 4 Billion notes

Wouldn't that be something

 

Iraq Said To Be Planning Currency Overhaul, Redenomination

 

•  

 

Iraq's 25,000-dinar banknotes apparently won't get you as far as they used to.

 

 

 

 

 

 

June 24, 2011

BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.

Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.

He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.

He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.

In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.

He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.

Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.

Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund, of which Iraq has been a member since 1945.

The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament.

Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign.

 

http://www.rferl.org/content/iraq_said_planning_currency_overhaul_redenomination/24245867.html

 

[Biker]

I think the bills are the same size as US dollars and the dollar bill will be a coin, worth 1 to one US dollar. But yes we herd this song and dance last year also.

[waterman13]

I find it curious they are stating there is 4 billion in circulation......so that is what is in Iraq?  I was wondering where the trillion jargon went.

Yeah, where's the 30 Trillion?

 

 

Take a look at this article Zig. It says 6 Trillion Notes. Its dated Jun 24 2011

I like 4 Billion notes

Wouldn't that be something

Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.

 

 

There it is!

WM13

[ronscarpa]

Thanks for the articles Frangipane & SocalDinar (+ each)...!   

[sandfly]

THEY SAID NEXT YEAR BUT IT STILL CAN BE THIS YEAR

[docneedles]

I think this is great. They want to:

1. reduce the volume of old, tattered triple zero paper notes,  

2. reduce counterfeiting  (mainly 25k notes) that is funding terrorists in neighboring countries and

3. eventually go to lower denims and coins. It looks promising. They are doing a great job of getting them of the street. Must be difficult for the people. I think the CBI is scared and cautious. 

 

I think it is wonderful that there are so many articles about "the project to delete the zeros." It has not lost momentum. (whatever happened to Erbil)  Remember all the articles about Chapter 7, and then it was almost magically done.

 

It still makes sense to me to unlink from the dollar, go international in Oct. and float it up and be at 1:1 at Jan 1, 2014 with the new budget. just my uneducated humble, hopeful opinion...

[zul]

I remember this news / but 29 trillion dinar represented by 6 trillion banknotes is mathematically wrong. 29/6 trillion will give an average of 5 dinar per note (roughly), but in actual fact, most of IQDs are made up of 3 zeros notes.

 

Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.
 

[zigmeister]

 

Take a look at this article Zig. It says 6 Trillion Notes. Its dated Jun 24 2011

I like 4 Billion notes

Wouldn't that be something

 

Iraq Said To Be Planning Currency Overhaul, Redenomination

 

•  

 

Iraq's 25,000-dinar banknotes apparently won't get you as far as they used to.

 

 

 

 

 

 

June 24, 2011

BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.

Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.

He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.

He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.

In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.

He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.

Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.

Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund, of which Iraq has been a member since 1945.

The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament.

Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign.

 

http://www.rferl.org/content/iraq_said_planning_currency_overhaul_redenomination/24245867.html

 

 

Good find Socal.......definitely!

[txdinargirl]

I'm still trying to wrap my mind around how we go from trillions to billions.....yes, they've worn out their currency, yes the cbi has pulled some in - but that many? really?  

[jg1]

They keep saying they are not ready, not ready. How about this idea. Write a list of the things that need to be done, and do them one at a time until your ready. You probably should have done this years ago. Get it done you bunch of nincompoops. 

I'm still trying to wrap my mind around how we go from trillions to billions.....yes, they've worn out their currency, yes the cbi has pulled some in - but that many? really?  

I didn't read it all but what I got out of what I read was there are trillions worth of dinars but, billions of dinar bills which are of different value , 25000, 1000, ect.