Central Bank Rejects Redenomination Of Dinar !

[DinarThug]

CNN. Broadcasting A Rejection Notice !

 

 

 

Central Bank Rejects Redenomination of Dinar 
Iraq, May 9, 2015 

The parliamentary economic and investment commission has reportedly said that the Central Bank of Iraq (CBI) is not able to redenominate the Iraqi dinar, deleting the three zeros.

According to a report from Shafaq News, this is “due to the unstable economic situation.”

Instead, new banknotes worth 50,000 dinars are to be printed, while the introduction of a new 100,000 dinar note is to be postponed.

http://iraqdailyjournal.com/story-z10798060

[Jessica Rae]

So am I crazy to read it as deleting the zeros is a redenomination or what some call the bad L word? If this is accurate, I'm so confused. An unstable economy would cause such action wouldn't it? I thought a stable country wouldn't want to RD.

Edited May 11, 2015 by Jessica Rae

[Boozer]

I'll be back next year , and read the same new's   SOON !       Moe, Larry, Curley

[Markinsa]

Central Bank of Iraq is heading to the big printed banknotes

 

In the world of economics and business  

May 10, 2015

 

Said Iraqi Prime Minister for Economic Affairs Adviser to the appearance of Mohammed Saleh in a statement to «life», that the draft Print Central Bank of Iraq large cash categories, an important step on the road to monetary reform, which supports the country's economy, pointing to a market need for large denominations, and that the deal a very large monetary blocs in Iraq, especially that cash payments outweigh the instruments to deal cards and electronic payments.

 

He pointed out that printed large cash categories not related to monetary policy but the payments system project management, pointing out that this plan will be condensed amounts of money, especially large groups that make up 90 percent of the money supply in circulation.

 

He explained, that put these large groups is to put the same amount of monthly money supply in the market but different categories, and not increase the original amount.

 

He ruled out the potential for inflation by the implementation of the project, pointing out that the «Central» does not lend the government.

 

He said: «in case of lending to the government and the issuance of large cash categories can get price inflation (...) the country is suffering a contraction in liquidity both in dinars or in dollars with Abalg monetary bloc in Iraq size less than 40 trillion dinars» (about $ 31 billion).

 

The traders in the currency market fears of a new high amounts of cash currency issue, pointing out that such a measure would lead to the loss of monetary value, as it is imperative that any action aimed at revitalizing economic sectors.

 

He quoted economist described the policy now in Iraq with «Deflationary», and this issue needs to be process of balance in the exchange rate can not be spending on the investment side because of a lack of imports and mismanagement of funds in the last period and the absence of productive sectors, also warned the continuation of the wrong policies on the monetary policy level, calling on government officials to recognize the importance of the subject in connection with all economic sectors.

 

He ruled out the economic expert contrary goldsmith feet «Central» on the Iraqi process of removing zeros from the currency in the current circumstances due to the economic situation is stable, and therefore such a procedure does not lead to increased economic activity because the cash value comes from the size of the country Activity in sectors that contribute supporting the exchange force.

 

The governor of the Central Bank announced before the economic and investment commission in the House of Representatives that the bank in the process of printing new securities category of 50 thousand dinars to enhance the efficiency of the payments system.

[DinarThug]

Here's Comments From BLC's Admin Tlm !

 

Hey - What's DV's JeepGuy Doing In There ?

       

 

Morning News Comments 05/10/2015

Central Bank Rejects Redenomination of Dinar 

Iraq, May 9, 2015 

[tlm724] now lets stay calm about this one, it is nothing we didn't already know ! The important thing is this, when the CBI adds value to the dinar which we hold then we won't care if they redenominate or not !

[tlm724] and lets not forget that we have NOT heard anything officially from the CBI yet also    

[jeepguy] tlm724 that is true about the when they raise the value
~~~

 

shunshine] right you are tlm724

[oldbarbie] tlm724 add value now !

[tlm724] exactly !

[shunshine] Means nothing till CBI says so.

[tlm724] shunshine right !

[jeepguy] the only thing I guess is the larger notes will be for large bank account payments ? just a thought only

[tlm724] jeepguy yes inter govenment transactions IF they actually introduce a 50,000 note

~~~

Youth and Sports invites visual young people to volunteer and contribute to the preparations for lifting the ban on stadiums

[tlm724] the preparations for lifting the ban on stadiums

[tlm724] is preparing for a friendly match for the national team on the large sports stadium in the city of Basra.

[jeepguy] didn't they lift that ban like 2 or 3 years ago ? sports back in Iraq is a big deal

[tlm724] success of the task of the Ministry of Youth and Sports and the Football Association in lifting the ban on our stadiums.

[jeepguy] just before arab spring-a-ling thing

[tlm724] jeepguy this is important to let me explain

[tlm724] I talked with BondLady about this. When all the sanctions were put on Iraq it included their beloved sports and

[tlm724] they have struggled for years to be allowed back into the international arena, it is the one thing that brings all Iraqi's together, Sunni's Shiites etc..

[tlm724] Basra built a huge state of the art stadium to host the big game BUT were told hey you have everything right EXCEPT security, you can't protect the other team and people in the stadium

[tlm724] so at the last minute they moved the game to Kuwait

[jeepguy] Aahhhh

[tlm724] NOW they must have made huge progress in security because they lifting the ban on the stadiums and that is very encouraging because the more secure Iraq is the more secure our investment is !   

[shunshine] Right score!!! 

~~~

[jeepguy]

Jessica rae !   and  a  welcome  too the  crazy world  of  dinar !         yes  the  redenomination  is  a  big  topic  in all arena`s  of  dinar ,   for  a  lot of folks ,  who  read on this ,  have   spoken  of  the  raise  the zeros  as in  taken  the  larger  notes off  the  streets  of  Iraq ....  in  the  auctions  of  the u.s. dollar  they   basically  pay for dollars  with  dinar .....  as in the article  it seems to state  that  the  central bank   rejects  the  whole  redenomination idea .....   so  I  also  wonder  if they mean ,  print  a 50,ooo   get it out in circulation  and  { like in bond ladies  chatters , with shred ,   the  new 50,ooo  will have  a  higher value  ----> worth 50,ooo  ????    the big question  for sure }                                                  ................. hahahahahaha   o kay  clownster  thuggie wuaggie ,     ya  caught  me   !   I do  like  spending  time  in the  kitty kat klub     at  bond ladies  area !    { I wonder     what  is  thuggies  i.d.  }        

[skeetdog]

Thanks DT.... Does anyone smell smoke....E-Bankin' is covenant an instantaneously if the funds are on the books...The bigger the notes the less hassle with people tryin' to counterfeit it....You'd think the 25,000 dinar note would be big enough...they worked for their time-spane, now it's time to move-on....All countries that forgave 80% of Iraq's debit own dinar...plus what the citizens of each country posses. Accountability is the name of the game once the worth of the dinar increases. These newer big notes will never hit the street to protect their integrity of bein' counterfeited....The best of the 25,000 dinar notes will be kept to complete the denomination sequence. The majority of the 25,000 dinar notes will be destroyed by the CBI to be replaced by this newer, larger and uncirculated dinar...All countries will have to tally up their 25,000 dinar fortunes and request Iraq to replace them with the newly economy size international Iraqi petro dinar...An international currency swap to an uncirculated dinar note...what better security for the ''High-Rollers''...      

[tlars brother]

skeetdog, of course this is smoke...and the first article above has NO ONE quoted directly.  Just a bunch of misdirection.  It's what the IMF wants Iraq to do.

[SocalDinar]

I Wish I had a dinar for everytime someone called smoke

[justchecking123]

skeetdog, of course this is smoke...and the first article above has NO ONE quoted directly. Just a bunch of misdirection. It's what the IMF wants Iraq to do.

Unless Iraq goes it alone ie. Iceland and Russia, TB's right. The IMF is Rothchild's tool, the connection to the connection. If there's a currency revalue or redenomination, The IMf pulls the strings...and they''re run by the US and Europe.

[Palmtree1970]

Like SoCal heard the smoke word for way too long now.....

[Atheist]

Ok boys that's a wrap. Let's all turn in our dinar, walk away and be done with this joke. But..uh..you go first.

[Rabbi]

OK, we know that the delete-the-three-zeroes project will cause the need for the CBI to issue the new lower denominations (1,5,10,25, a new 50, 500 Fils, and 250 Fils) because deleting the 3 zeroes will result in the exchange rate being "slightly less than a dollar" at $.86.  Now, with the introduction of this 50K-dinar note, the current three-zero denominations match up perfectly with the new LD line-up.  I hate to say it, but one could certainly make the case that a lop may be in order, especially with them using the word re-denomination in this statement.

 

Ah, but then again, why would there be sooooo much back-and-forth diatribe over a project that doesn't create any additional wealth or liquidity in the economy?  After a lop, the Iraqi money supply would still have the same value as it does today.  Instead of 40 trillion dinars at $.00086/dinar, there would only be 40 billion dinars at $.86/dinar, still valued at a mere $34.4 billion?  This certainly will NOT provide any stimulus to get the private sector off the ground.  Nor would there would be any concern about how much dinar Daash may or may not have if a lop was in the offing.  The CBI could have done a lop long ago.  Shabibi, Turki, or Keywords could've easily pulled the trigger on it, as the LDs have been printed and ready for distribution for years now.  In addition, there was no reason for Maliki to fear a lop, as it wouldn't give the Iraqi citizens any additional wealth (and hence, additional power to control their own destinies). 

 

Of course, this whole thing could be a translation issue.  Or, yes, it could be disinformation.  But we KNOW that in the April, 2012 SIGR Report to Congress, it was stated that the plan was to "re-value" the IQD from one-tenth of a cent to the aforementioned "slightly less than a dollar."  And we also KNOW that the FMV of the Iraqi economy (both private and public sectors combined) is way, way, way more than $34.4 billion.  That's just a drop in the bucket of the wealth of Iraq!  So, no, they're not going to just do a re-denomination of the dinar!!!!

[new york kevin]

So it's like Adam has said all along, no lop, right? That's how I see it. Move along folks nothing to see here. The same thing goes for the larger denims if they actually are used for bank to bank transfers, and large ticket item purchases.

[SnowGlobe7]

Wait...there is a club for Kitty cats???.

 

Jeep are you SERIOUS????

[drj]

CNN. Broadcasting A Rejection Notice !

 

 

 

Central Bank Rejects Redenomination of Dinar 

Iraq, May 9, 2015 

The parliamentary economic and investment commission has reportedly said that the Central Bank of Iraq (CBI) is not able to redenominate the Iraqi dinar, deleting the three zeros.

According to a report from Shafaq News, this is “due to the unstable economic situation.”

Instead, new banknotes worth 50,000 dinars are to be printed, while the introduction of a new 100,000 dinar note is to be postponed.

http://iraqdailyjournal.com/story-z10798060

 

Interesting...they are specifically stating that they will NOT redenominate the IQD.  My take with that kind of talk is that we are closer than ever to an RD/RV!   The next month should be very interesting!

[shydude]

Every Year they 

2010

 

Iraq to redenominate notes by end of 2010
Feb 07, 2010 08:30 AM Category: Middle East
According to a report on Radio Free Iraq dated 6 February 2010, the Central Bank of Iraq “is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money. Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year. Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued. Both will be legal tender in Iraq until the old notes are completely withdrawn.”
Tags: Iraq

 

2011

 

Iraq planning to delete zeros from dinar
Jun 25, 2011 09:02 AM Category: Middle East
According to an article in Alsumaria, on 23 June 2011 the Central Bank of Iraq announced it is planning to delete zeros from the Iraqi dinar, and add Kurdish to the Arabic text on the notes.

Said the adviser of Iraqi Central Bank governor Mothahhar Mohammed Saleh, “The project of deleting zeroes is complete. It will be submitted to the central bank’s administration in the next session. Then, it will be passed to the ministerial council before presenting it to the Parliament for vote. The mechanisms of changing the currency will be gradual. It will be preceded by awareness campaigns for citizens. The new currency will be printed after deleting the zeros and will include the Kurdish language in addition to the Arabic language. It will bear as well photos of Iraq’s civilizations and patrimony in addition to symbols of Iraqi intellectuals and figures.”

There have been similar reports of revaluing the dinar since 2007, but to date none have come to fruition.

Courtesy of Richard Miranda.
Tags: Iraq

 

Iraq denies rumor of new 50,000-dinar note
Nov 29, 2011 04:46 PM Category: Middle East
According to an article in Alsabaah Daily, the Central Bank of Iraq is planning to issue a 50,000-dinar (US$42.77) note to facilitate transactions. It plans to restart the issue of coins too. The new issues will not affect the redenomination plans, which will take more than one year to be implemented.

The plans mentioned above were denied in an article dated 11 November 2011 on The Currency Newshound, in which an anonymous source states that the bank is actually planning to redenominate its currency by removing three zeros from the dinar.

Courtesy of Mosab K Ibrahim.

Tags: Iraq

 

2012

 

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.
Tags: Iraq

 

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."

Tags: Iraq

 

2013

 

Iraq discloses designs for redenominated banknotes slated for July 2013
Jul 21, 2012 08:17 AM Category: Middle East
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.
Tags: Iraq

 

http://www.banknotenews.com/files/tag-iraq.php

Edited May 11, 2015 by shydude

[TQueezy]

Has anyone though that maybe, just maybe, that one of these days Iraq is really going to do it and we'll all just be shocked and awed that it snuck up on us even with all of these obvious signs some people like to think is smoke and mirrors.

[EagleEye]

 oh noooo NOW we have a "Dinar Nazi " !!! 

[Laid Back]

I think this is a CBI campaign to inform the people in Iraq that changes are coming.!

Get it done.!

[shydude]

Has anyone though that maybe, just maybe, that one of these days Iraq is really going to do it and we'll all just be shocked and awed that it snuck up on us even with all of these obvious signs some people like to think is smoke and mirrors.

 

 There is a possibility that you may be right TQ and we will break even with our Dinar. I for one think there will be a profit for us; as to how much, I do not know. Either way I have not seen as many articles going one way or another in such a short time as in the last 2 months. Usually you have it spread through out the year. This in itself speaks volumes to me that we are on the last whoopty doo before the ride ends.

[drj]

 There is a possibility that you may be right TQ and we will break even with our Dinar. I for one think there will be a profit for us; as to how much, I do not know. Either way I have not seen as many articles going one way or another in such a short time as in the last 2 months. Usually you have it spread through out the year. This in itself speaks volumes to me that we are on the last whoopty doo before the ride ends.

 

I agree 100% and especially, with all of the talk of the HCL recently.  IMO, the HCL is what makes the difference in your earlier post on Iraq's statements in 2010, 2011, 2012 and 2013.  Something is going to happen and I feel that it will be good.  Only time will tell...