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

[dontlop]

It's just the opinion of ac it's not a news article or from iraq

I think he's just piecing together a bunch of articles over the years with his analogy

Most of which none of the things they said they were doing ever happened

They said new currency in 2010 2011 2012 2013 2014 now 2015 next year they will say 2016

[ReinMan]

The RFE article, the first link above, is dated 2011.

 

"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."

 

Well there you have it.

A LOP will happen SOMETIME.

Is there ANY country that has ONE NOTE worth $75,000?!

I'm posting this in the LOPster tank.

 

NEVER take the news of "they're printing / going to release new currency" as good news, don't share the poster's excitement.

New currency DOES NOT MEAN RV, it means RD - redenomination.

 

Sorry to be a wet blanket, but it sure seems plain as day.

[AmericaInc]

this article was not translated.

it's english

[bostonangler]

Sorry I didn't know the history of this... I saw it pop up on a news feed, so I thought I would share.

 

B/A

[easyrider]

The RFE article, the first link above, is dated 2011.

 

"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."

 

Well there you have it.

A LOP will happen SOMETIME.

Is there ANY country that has ONE NOTE worth $75,000?!

I'm posting this in the LOPster tank.

 

NEVER take the news of "they're printing / going to release new currency" as good news, don't share the poster's excitement.

New currency DOES NOT MEAN RV, it means RD - redenomination.

 

Sorry to be a wet blanket, but it sure seems plain as day.

haha keep believing this rediculous articles hook line and sinker. Better go tel your lopster buddies

[Laid Back]

This article is a smoke cloud.

 

Go increase exchange rate

[RVWITHME]

Pretty sure I heard it said as:

Early 2012...

Early 2013 (for sure)...

Early 2014 now...

Why not 2015, 2016 or 6210 as fast as these blowhard cameljockeys "work"...

 

GOI needz a committee to look into forming a committee to study how a committiee could be formed to create a committee to study how the IQD value could possibly be raised.

 

Then they gotta get that petition read 4 times cause they can't do anything right the first time (surprised refried beans weren't invented by the iraquis instead of the mexicans) so they might not have the clout to form a committee in the first place before they go on vacation, which will force them to start the whole process over again cause most of them have to be retrained for their jobs if they get an extra hour for lunch break...

[MyLadiesDaddy]

Snowglobe got it exactly correct.

Let's see, there is also another article stating that salaries must be paid in dinar.

And then this B.S. supposedly telling everyone they got nearly a full year to save

as much dinar as they can. Cause the central bank is so caring and really wants

to make everyone a millionaire. Is that about right? These morons actually think

everyone on earth is as ignorant as they are.

[stealthwarrior]

RVWITHME,That is some funny sh*t

[siberian_shaddow]

Thanx Bump, sounds familiar let's see here Iraqi politicians keep getting richer and delaying things and citizens keep getting screwed, well the results are in their really are just like the US politician's way to go Obama and friends.

[ReinMan]

Not believing, but just preparing myself for the probable.

You have to to take in all possibilities but hope for the best.

 

I encourage everyone to stay grounded.

[bigwave]

 

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.

My goodness does anyone know if this is a picture of Iraq????

[dontlop]

I would say no

Iraq has rivers that's not it I'm sure

That's New York city

Lol

They remodeled it

Edited February 24, 2014 by dontlop

[wlfpac_5]

I think that is Dubai, not Iraq

[Djorgie]

ReinMan,

 

I don't mind if they redenominate... just as long as they revalue first Hee... Hee...

[wlfpac_5]

I still think, even if there is no RV, that the dinar would appreciate modestly over time.  When I got the dinar I never thought, or knew about, an RV anyway.

[PartyTime]

Allegedly all the banks in Iraq had to turn over all their dinar to the CBI as of the 16th of Feb. These dinars were to allegedly be deposited in an account with the CBI which now is what is being used to draw down from to purchase USD with.

 

If this is the case then I do not see how they will last until 2015. Iraq cannot operate without any currency and as soon as these accounts run out of dinar that was deposited the banks will have nothing left to purchase USD with for the citizens to use as currency to buy anything with.

 

Also, that statement made about Jan 2015 is from a member of Parliament which everything coming from those guys has proven not reliable. The only one's with any reliability is from the CBI.

[Tripphood]

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....

No worries. I believe that they are still on target. They will accept article 8 in the next few months, releasing the Dinar To be internationally traded and then by the first of 2015, they are expecting the Dinar to be equal to $1 at which time they will release the new lower denominations.

[MITCH10]

If they keep this crap up I will be retired before I can tell my boss to stuff it!

[phlip]

In 2004 the CBI was chartered for and is therefore obligated (then and now) to promote the IQD’s value against the USD while at the same time continuing to make progress in de-dollarizing Iraq.

It’s publicly stated intentions have always been just that; including the eventual issuance of new lower denomination, internationally tradable IQD notes which are supposed to have a higher exchange value (than the large denomination Bremmer’s) against the USD.

 

By now the Directors of the CBI, in conjunction with the GOI/MOF were supposed to have already brought the financial affairs of Iraq (including having a viable, tradable, international currency) into compliance with the IMF and the World Bank financial (transparency) rules that the other (approximately) 170 IMF member countries follow.

The CBI started its second (supposedly final) two year probationary period, called a Stand-By Arrangement (SBA) in February 2010; and that SBA was supposed to have ended in February 2012.
The CBI asked for and received 2 extensions to that particular SBA ~ the first for 5 months and the second for 7 months.

The second extension ended a year ago in February 2013 ~ a year later than the (second) SBA probationary period was supposed to have ended in the first place.

 

Now, in February 2014, it’s another year later, and I have no idea whether the CBI got yet another extension from the IMF and/or is still under a SBA; or if they finally passed all the compliance tests to become fully fledged members of the central banking community.
An IMF declared end to any Iraqi SBA probationary period is probably only going to happen if Iraq has a respectable international currency and the CBI has some working electronic banking procedures in place to back it up.

 

At this point, at the beginning of 2014, with Warka still down for the count and with no CBI publicly stated intention of processing even an internal RD, let alone an international RV this year, I’d say there has been another extension request from the CBI, and/or a brand new (3rd) chance, two year SBA offered by the IMF to Iraq with a stipulated amount loaned to Iraq through the World Bank in order to see the CBI through the probationary period ~ again.

But that’s just a guess, and hopefully the new loan from the World Bank will include enough to make Warka whole again.

If there is a 3^rd two year SBA in place, then we may be looking at February of 2015 before the CBI is really free to RV and/or exchange currencies internationally. 

The UN and the IMF and the World Bank are certainly not going to allow the CBI to mix currencies with the rest of the international community until Iraq has completed a satisfactory financial probationary period and can demonstrate an ability to trade for goods and services globally and with its own currency managed through the CBI.

[Rayzur]

 

 

Well there you have it.

A LOP will happen SOMETIME.

Is there ANY country that has ONE NOTE worth $75,000?!

I'm posting this in the LOPster tank.

 

 

Are you talking about in addition to / or other than the 100,000 US dollar note with Woodrow Wilson on the face.... which is still legal currency, but with a numesmatic value much greater..... We the US had a 10 thousand, 5 thousand 1 thousand and 500.00 note as well in our not so distant past.... 

[yota691]

My goodness does anyone know if this is a picture of Iraq????

Jumeirah Lake Towers Dubai 

[Luigi1]

Fear not...Okie has landed...TNT Tony says tonight and at the bank in the morn.

If you have 'em...light 'em up...If not bring out the boat drinks.

[captl1]

They could have lopped the currency at anytime they wanted... This does not change the purchasing power of the people....

[ReinMan]

Are you talking about in addition to / or other than the 100,000 US dollar note with Woodrow Wilson on the face.... which is still legal currency, but with a numesmatic value much greater..... We the US had a 10 thousand, 5 thousand 1 thousand and 500.00 note as well in our not so distant past.... 

 

1934.