New Iraqi Dinar To Be Issued Early January 2015: From A.C.

[Bumper64]

 

In 2006, the Iraq Ministry of Finance (MOF) told the Iraq Central Bank (CBI) to create a plan to introduce new Iraq Dinar currency. No actual date was set until the CBI developed a plan on how it was going to accomplish this task. The CBI sent their plan to the Iraqi government financial committee and the Iraqi government agreed on the plan.

 

On February 6, 2010, Radio Free Europe Radio Liberty (RDE/RL) reported the intent of the plan by the Iraqi government to redenominate the countries currency. At the time Mudher Salih, who is now the former Deputy Governor of the Central Bank was a member of the Central Bank advisory panel. Salih stated that by the end of 2010 the new Iraqi dinar would be printed and placed into circulation.  The old banknotes would be removed from circulation, as both the old and new currencies would co-exist. The Iraq government and the Central Bank did not introduce the new Iraqi dinar in 2010.

 

The Central Bank has stated on numerous occasions that the new Iraq currency would improve the purchasing power of the Iraqi dinar. There are other positive points of having the new Iraq currency: easier to handle in day to day cash transactions, control inflation, help facilitate payment systems, control banking transactions.

 

During the years 2011 and 2012 the Central Bank would leak articles to the media about their plan to introduce the new Iraq dinar.  The CBI stated that they would release denominations of 50, 100, and 200, as well as one and two dinar coins. Another very significant piece of information that was made public was that the window to conduct the exchange was going to only be one year.  The Central Bank announced through the media that they would introduce new currency in September 2012.  This was widely reported in the Baghdad local media.

 

Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad, stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September 2012. This was great news and people all over the world were excited about the new Iraq currency. However, not everyone was pleased with this news and on board with this plan.  The Securities Exchange in Baghdad had a problem with the CBI and their new currency plan saying it would interfere with the value of the price of stock.

 

A European company was commissioned to print the new currency and was set to schedule a release into Iraq.  The currency would be printed in Arabic, English and the Kurdish language.

 

As the world waited again for the release of the new Iraq currency in September 2012 the time came and went without any release.  It was another major disappointment.  It appears that there was too much interference from the committees inside the Iraq government as well as inside the Central Bank.  They clearly could not come to an agreement on the timing as well as the plan.

 

There were two committees set up within the Iraqi government for the deleting of the three zeros.  The Parliamentary Economic Committee and the Parliamentary Finance Committee.  The Parliamentary Economic Committee thought the deletion of the three zeros would strengthen the Iraqi dinar currency.  However, the Parliamentary Finance Committee members feared that it would cause money laundering and counterfeit operations.

 

Abdul Abbas Shayya, a member of the Parliamentary Economic Committee said “Reforming the management of the Iraqi currency now requires the deletion of the three zeros.  This has been endorsed by the Parliamentary Economy and Investment Committee.” Shayya is a member of State of Law Coalition, led by Prime Minister Nuri Maliki. Shayya has been quoted as saying “that the Iraqi currency is weak and that the money supply has amounted to multi-trillions because of the existence of these useless zeros”. 

 

Also quoted was “that the country will witness a significant increase in oil revenues, financial earnings and high budgets”.  Thus, “we will need to print new banknotes, as estimated by the Central Bank”.  Shayya also stated to Al-Monitor “Iraq will need about 9 billion banknotes in the event of applying the three zeros”.  Iraq today is dealing with 4 billion banknotes.”

 

In more recent times, the Council of Ministers has requested a delay in introducing of the new currency because of fears of money laundering.

Today, the current situation in Fallujah and Ramadi has the attention of high officials in the Iraqi government.

 

The Parliamentary Economic Committee member, Aziz Sharif Mayahi has stated that the committee understands that political blocs are preoccupied with the upcoming elections.  The process to delete the zeros and introduce the new Iraqi dinar currency has now been delayed till January 2015.  

 

The Former Deputy Governor Salih stated in a June 24, 2011 article with the RFE/RL media that large denominations equivalent to approximately $100 dollars would be issued to simplify major purchases and new coins.

 

There is no one individual outside of Iraq who is privy to know when this is all going to go down or happen.  Only the Iraqi government can give the go ahead and issue the new Iraq currency.

 

It is a high probability that some information maybe revealed by the Central bank and by other government officials to the local media.  With luck, the Central Bank and the Iraq government will follow through with next years plan to start the implementation of introducing the new Iraq currency.

[Texas1]

Bumper slipped into the rumor section..........

run Bumper run

[ReinMan]

"The process to delete the zeros and introduce the new Iraqi dinar currency has now been delayed till January 2015."
 

Sing like George Harrison:

 

"Here comes the LOP, do do do dooo...."

 

OK kids see ya next year!

Meanwhile take comfort in ANYTHING, ABSOLUTELY ANYTHING "gurus" post is an ABSOLUTE LIE til we exchange!!

[sandfly]

YEP

[Flash101]

Well I agree THNX Bumper

[jeepguy]

mmmmmmmmmm  seems like this would play into the idea  that maliki is about to get kicked out  , the new guy voted in , will need time to get informed , and on board with  projects in Iraq ,  BUT  from other articles about the currency ,  the prime ministers office has no authority in what the central bank is doing ,  I do think that  the currency could gain value after the elections, or around that time , but if not by then ,  it will be later in the year , closer to 2015,  it is above my pay scale as to why it has taken so long for these  ding-a-lings  to get together , and do good work for the average Iraqi   

[eburt]

WOW! In my opinion this not good....2015 yea right! These clowns in Iraq can't get nothing right!!! This ride may not ever come to end now!! I hope this is just another smoke screen....

[Saint]

[geman]

Whats another year. just keep working my real job till my dream comes in!!!

[DWitte]

Whats another year. just keep working my real job till my dream comes in!!!

What is a real job?  And what does it look like?

[geman]

What is a real job?  And what does it look like?

well for me it,s a mom and pop autoglass company that we have been struggling to stay a float for the last 8 of the 13 years we've been open. No thanks to Safelite gobbling up the US market. fyi they are a South African owned company. and O killing our country along with congress. LIFE IS GOOD!!!

[DWitte]

well for me it,s a mom and pop autoglass company that we have been struggling to stay a float for the last 8 of the 13 years we've been open. No thanks to Safelite gobbling up the US market. fyi they are a South African owned company. and O killing our country along with congress. LIFE IS GOOD!!!

Forgive me for asking, but are you the Mom or Pop?  And feel free not to answer.  No worries.

 

Had my own business for twenty plus years.  I thought everyone liked working for free.

Edited February 24, 2014 by DWitte

[skeetdog]

Thanks Bumper...This was my question to Adam last week...guess we're just suppose to keep an eye on the situation...this aint what I was lookin' for....

[mrref]

Lets see I lost count   I think this first of the year crap has been going on every year for the past 8 years.. So we wait for 2015, so that we can wait for 2016, this has become one big JOKE LOL....  

Edited February 24, 2014 by mrref

[geman]

Forgive me for asking, but are you the Mom or Pop?  And feel free not to answer.  No worries.

 

Had my own business for twenty plus years.  I thought everyone liked working for free.

Yes I am the pop, and I have thought about changing my company name to give it away auto glass. lol

[bostonangler]

Iraq Ministry of Finance: Re-Denominated Dinar to be Issued Early 2015

Monday, 24 February, 2014

 

 

In 2006, the Iraq Ministry of Finance (MOF) told the Iraq Central Bank (CBI) to create a plan to introduce new Iraq Dinar currency. No actual date was set until the CBI developed a plan on how it was going to accomplish this task. The CBI sent their plan to the Iraqi government financial committee and the Iraqi government agreed on the plan.

On February 6, 2010, Radio Free Europe Radio Liberty (RDE/RL) reported the intent of the plan by the Iraqi government to redenominate the countries currency. At the time Mudher Salih, who is now the former Deputy Governor of the Central Bank was a member of the Central Bank advisory panel. Salih stated that by the end of 2010 the new Iraqi dinar would be printed and placed into circulation. The old banknotes would be removed from circulation, as both the old and new currencies would co-exist. The Iraq government and the Central Bank did not introduce the new Iraqi dinar in 2010.

The Central Bank has stated on numerous occasions that the new Iraq currency would improve the purchasing power of the Iraqi dinar. There are other positive points of having the new Iraq currency: easier to handle in day to day cash transactions, control inflation, help facilitate payment systems, control banking transactions.

During the years 2011 and 2012 the Central Bank would leak articles to the media about their plan to introduce the new Iraq dinar. The CBI stated that they would release denominations of 50, 100, and 200, as well as one and two dinar coins. Another very significant piece of information that was made public was that the window to conduct the exchange was going to only be one year. The Central Bank announced through the media that they would introduce new currency in September 2012. This was widely reported in the Baghdad local media. Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad, stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September 2012. This was great news and people all over the world were excited about the new Iraq currency. However, not everyone was pleased with this news and on board with this plan. The Securities Exchange in Baghdad had a problem with the CBI and their new currency plan saying it would interfere with the value of the price of stock.

A European company was commissioned to print the new currency and was set to schedule a release into Iraq. The currency would be printed in Arabic, English and the Kurdish language.

As the world waited again for the release of the new Iraq currency in September 2012 the time came and went without any release. It was another major disappointment. It appears that there was too much interference from the committees inside the Iraq government as well as inside the Central Bank. They clearly could not come to an agreement on the timing as well as the plan.

There were two committees set up within the Iraqi government for the deleting of the three zeros. The Parliamentary Economic Committee and the Parliamentary Finance Committee. The Parliamentary Economic Committee thought the deletion of the three zeros would strengthen the Iraqi dinar currency. However, the Parliamentary Finance Committee members feared that it would cause money laundering and counterfeit operations.

Abdul Abbas Shayya, a member of the Parliamentary Economic Committee said “Reforming the management of the Iraqi currency now requires the deletion of the three zeros. This has been endorsed by the Parliamentary Economy and Investment Committee.” Shayya is a member of State of Law Coalition, led by Prime Minister Nuri Maliki. Shayya has been quoted as saying “that the Iraqi currency is weak and that the money supply has amounted to multi-trillions because of the existence of these useless zeros”. Also quoted was “that the country will witness a significant increase in oil revenues, financial earnings and high budgets”. Thus, “we will need to print new banknotes, as estimated by the Central Bank”. Shayya also stated to Al-Monitor “Iraq will need about 9 billion banknotes in the event of applying the three zeros”. Iraq today is dealing with 4 billion banknotes.”

In more recent times, the Council of Ministers has requested a delay in introducing of the new currency because of fears of money laundering.

Today, the current situation in Fallujah and Ramadi has the attention of high officials in the Iraqi government.

The Parliamentary Economic Committee member, Aziz Sharif Mayahi has stated that the committee understands that political blocs are preoccupied with the upcoming elections. The process to delete the zeros and introduce the new Iraqi dinar currency has now been delayed till January 2015.

The Former Deputy Governor Salih stated in a June 24, 2011 article with the RFE/RL media that large denominations equivalent to approximately $100 dollars would be issued to simplify major purchases and new coins.

There is no one individual outside of Iraq who is privy to know when this is all going to go down or happen. Only the Iraqi government can give the go ahead and issue the new Iraq currency.

It is a high probability that some information maybe revealed by the Central bank and by other government officials to the local media. With luck, the Central Bank and the Iraq government will follow through with next years plan to start the implementation of introducing the new Iraq currency.

 

 

B/A

 

[SnowGlobe7]

This will just start to happen...there will be no announcement...the People will just go to the bank and they will have co existing currencies....just like here when they change the face of our currency and it was talked about for a while and now it looks funny when we get and old $20.00 bill.

 

I believe this is what is termed "SUDDENLY" by LGD.

[vietnam1969]

READ THIS FROM ANOTHER SITE LAST NIGHT BUT WE SHALL SEE WHAT THE FUTURE HOLDS. 

[ididitfirst]

i hope this is all volcanic ash hiding their intention of an rv .....by the end of march.....this year

[yota691]

Link....?

[staunch]

Not to raise any brown colored flags here but, the way this is written, it sounds like someone's personal synopsis of events past.

[gregp]

Opinions

[calkid11]

Thanks for the post, we shall wait and see.

[dontlop]

It's not news it's from another site and was posted in rumor section last night

It's from one of the gurus web site ac

Its a guru monologue of events over the past few years

[mrref]

Your right it was copied and pasted from another site, I also read it last night.. Its been post numerous times over the past years and its all B/S....