CBE: the Iraqi currency will not change in the near future

[Bumper64]

25.06.2010 14:28

Baghdad, June 25 (Akaniwz) - The deputy governor of the central bank, said Friday that the process of lifting the zeroes of the Iraqi currency require more time, being a very complex process because of routine procedures that require, while denying any role played by this process in support of the Iraqi economy.

وقال احمد سلمان الجميلي، لوكالة كردستان للأنباء (آكانيوز) إن "عملية تغيير العملة العراقية في الوقت الحاضر تواجه المزيد من الصعوبات بسبب التداخلات المالية للعراق مع دول الإقليمية والعالمية". Said Ahmed Salman Jumaili, told the Kurdistan News (Akaniwz) that "the process of changing the Iraqi currency at the present time is facing more difficulties because of Iraq's financial interactions with the countries of the regional and global."

وأضاف أن "تغيير العملة العراقية في الوقت الحاضر لم يؤثر على الاقتصاد العراق وانما هي مسألة ادراية تنظيمية فقط". "The change of the Iraqi currency at the present time did not affect the economy, Iraq, but is a question of both administrative regulations only."

ويرتبط تغيير العملة في العراق بشكل دائم بالوضع السياسي وما يتعلق به من تغييرات كبرى فعندما أسست الدولة العراقية في العام 1921، تم سك عملة جديدة للمملكة العراقية واستمرت حتى 14 من تموز العام 1958، وبعد إعلان النظام الجمهوري تم استبدال العملة الملكية بالعملة الجمهورية، وعندما سقط النظام السابق في العام 2003، تم تغيير العملة التي تحمل صورة لرموز النظام السابق وإصدار عملة جديدة وهي المتداولة حالياً في الأسواق. Associated with changing the currency in Iraq permanently on the political situation and related major changes, when established the Iraqi state in 1921, has been coined a new currency of the Kingdom of Iraq and continued until 14 July 1958, after the announcement of the republican system has been replaced by currency Property currency of the Republic, when he fell the former regime in 2003, changed the currency bearing the image of the symbols of the former regime and the issuance of a new currency is traded on the market.

وبين الجميلي أن "رفع الاصفار الثلاثة عن العملة العراقية لن يكون في ليلة وضحاها والوضع في البــلاد لايتحمل مثل هذا التغيير في الوقت الحاضر". Jumaili and that "raising the three zeroes from the Iraqi currency will not be overnight and the situation in the country to Aithml such a change in the present time."

وأشار إلى أن "عملية التغيير ستكون كفيلة بالمستقبل وليس هناك نية في الوقت الحاضر للبنك المركزي تغيرها إلا أنها ممكن في المستقبل إذا تطلب الأمر". He pointed out that "the process of change will ensure its future, and there is no intention at the present time the central bank changed it possible in the future if needed."

يذكر أن البنك المركزي العراقي، ومقره الرئيسي في بغداد ولديه أربعة فروع في البصرة والسليمانية وأربيل والموصل، أسس كبنك عراقي مستقل بموجب قانون البنك المركزي العراقي الصادر في 6 آذار 2004، ويكون مسؤولاً عن الحفاظ على استقرار الأسعار وتنفيذ السياسة النقدية بما فيها سياسات أسعار الصرف وإدارة الاحتياطات الأجنبية وإصدار وإدارة العملة، إضافة إلى تنظيم القطاع المصرفي. The CBI, with headquarters in Baghdad and has four branches in Basra and Sulaymaniyah, Irbil and Mosul, he founded the bank independent Iraqi under the law of the Iraqi Central Bank of 6 March 2004, and shall be responsible for the maintenance of price stability and the implementation of monetary policy, including exchange rate policies and management foreign reserves and the issuance of currency management, as well as to regulate the banking sector.

http://translate.google.com/translate?hl=en&ie=UTF-8&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2/158306/&prev=_t&rurl=translate.google.com&twu=1

More smoke and mirrors I hope!

[luckylucy]

I'd like to hear from some others who understand this better ... but, to me, this is referring to the re-denomination ... not an RV. I've always understood that the re-denomination (the lop where smaller bills replace larger bills) would could much later anyway.

I'd love to interview these guys .. maybe we can get some questions together and ask one of the US news reporters to get us some answers.

[muydinar]

Apparently this guy hasn't been reading the diner forums or he would know its RVing by July 26. Doesn't the CBI have internet?

[gbrlgms]

this people they don't know what there doing they are very in responsible too many conflicting statements I hope the people of Iraq make more riots.

[The Watcher]

25.06.2010 14:28

Baghdad, June 25 (Akaniwz) - The deputy governor of the central bank, said Friday that the process of lifting the zeroes of the Iraqi currency require more time, being a very complex process because of routine procedures that require, while denying any role played by this process in support of the Iraqi economy.

وقال احمد سلمان الجميلي، لوكالة كردستان للأنباء (آكانيوز) إن "عملية تغيير العملة العراقية في الوقت الحاضر تواجه المزيد من الصعوبات بسبب التداخلات المالية للعراق مع دول الإقليمية والعالمية". Said Ahmed Salman Jumaili, told the Kurdistan News (Akaniwz) that "the process of changing the Iraqi currency at the present time is facing more difficulties because of Iraq's financial interactions with the countries of the regional and global."

وأضاف أن "تغيير العملة العراقية في الوقت الحاضر لم يؤثر على الاقتصاد العراق وانما هي مسألة ادراية تنظيمية فقط". "The change of the Iraqi currency at the present time did not affect the economy, Iraq, but is a question of both administrative regulations only."

ويرتبط تغيير العملة في العراق بشكل دائم بالوضع السياسي وما يتعلق به من تغييرات كبرى فعندما أسست الدولة العراقية في العام 1921، تم سك عملة جديدة للمملكة العراقية واستمرت حتى 14 من تموز العام 1958، وبعد إعلان النظام الجمهوري تم استبدال العملة الملكية بالعملة الجمهورية، وعندما سقط النظام السابق في العام 2003، تم تغيير العملة التي تحمل صورة لرموز النظام السابق وإصدار عملة جديدة وهي المتداولة حالياً في الأسواق. Associated with changing the currency in Iraq permanently on the political situation and related major changes, when established the Iraqi state in 1921, has been coined a new currency of the Kingdom of Iraq and continued until 14 July 1958, after the announcement of the republican system has been replaced by currency Property currency of the Republic, when he fell the former regime in 2003, changed the currency bearing the image of the symbols of the former regime and the issuance of a new currency is traded on the market.

وبين الجميلي أن "رفع الاصفار الثلاثة عن العملة العراقية لن يكون في ليلة وضحاها والوضع في البــلاد لايتحمل مثل هذا التغيير في الوقت الحاضر". Jumaili and that "raising the three zeroes from the Iraqi currency will not be overnight and the situation in the country to Aithml such a change in the present time."

وأشار إلى أن "عملية التغيير ستكون كفيلة بالمستقبل وليس هناك نية في الوقت الحاضر للبنك المركزي تغيرها إلا أنها ممكن في المستقبل إذا تطلب الأمر". He pointed out that "the process of change will ensure its future, and there is no intention at the present time the central bank changed it possible in the future if needed."

يذكر أن البنك المركزي العراقي، ومقره الرئيسي في بغداد ولديه أربعة فروع في البصرة والسليمانية وأربيل والموصل، أسس كبنك عراقي مستقل بموجب قانون البنك المركزي العراقي الصادر في 6 آذار 2004، ويكون مسؤولاً عن الحفاظ على استقرار الأسعار وتنفيذ السياسة النقدية بما فيها سياسات أسعار الصرف وإدارة الاحتياطات الأجنبية وإصدار وإدارة العملة، إضافة إلى تنظيم القطاع المصرفي. The CBI, with headquarters in Baghdad and has four branches in Basra and Sulaymaniyah, Irbil and Mosul, he founded the bank independent Iraqi under the law of the Iraqi Central Bank of 6 March 2004, and shall be responsible for the maintenance of price stability and the implementation of monetary policy, including exchange rate policies and management foreign reserves and the issuance of currency management, as well as to regulate the banking sector.

http://translate.google.com/translate?hl=en&ie=UTF-8&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2/158306/&prev=_t&rurl=translate.google.com&twu=1

More smoke and mirrors I hope!

This is possibly misinformation... Lets hope so.

[inheritance]

I'd like to hear from some others who understand this better ... but, to me, this is referring to the re-denomination ... not an RV. I've always understood that the re-denomination (the lop where smaller bills replace larger bills) would could much later anyway.

I'd love to interview these guys .. maybe we can get some questions together and ask one of the US news reporters to get us some answers.

Could you tell me how they can RV and not bring out smaller bills?

[rottentwink]

Sigh!!! Time to put the dinar away again... sorry everyone, all the speculation and rumors are wrong!! Maybe in a year or two

[Kimjackie]

This article is saying they will not lop the zeroes and it would be a gradual replacement of larger bills. We have been told over and over again that when they RV that we will be given time to turn in our larger notes. I find this news exciting.

[ajskj]

Sounds like the same thing China did....came out and said that currency would NOT change...twenty four hours later it did....

[Unitedrich]

Like Sonny said, there will be many of these type articles out to intentionally give out misinformation

[LazySusan]

Apparently this guy hasn't been reading the diner forums or he would know its RVing by July 26. Doesn't the CBI have internet?

Good One muydinar! LMAO

[pujols]

If they were going to Lop the zeroes gradually, why would they need to rv? You would either do one or the other - you wouldn't need to do both. I know Medic explained this article away, but I'm telling you, after reading the actual article about this, it's extremely disheartening. I know these sites are based on "it's going to rv on Monday!!!!!", and I want this to happen as much as the next person....... but my brother has been stationed in Iraq for 3 tours - He's been stationed inside the Green Zone twice - and he's been telling me all along that even the Iraqi citizens know that any change in the currency won' take place for a couplle of years. I hate talking to my brother about it. He has a pretty substantial stash of Dinar here in the U.S., but he is adamant about them not being close to a change in their currency. He says all he hears is "a few years".The Iraqi's that he's got to know on a personal level, have told him it's a good investment (they call it a "maturing investment"), but he said even they know it won't happen for a few years..... and even then, the increase will be very gradual. Now, for the record, I am whole heartedly behind what Adam and Sonny are saying, but I just hope their contacts are better than my brothers.

[Flamtap]

Sigh!!! Time to put the dinar away again... sorry everyone, all the speculation and rumors are wrong!! Maybe in a year or two

You sure have the right user name........

[fsavahge]

There is the G-20 meeting this weekend in Toronto. The Oil situation is huge for Iraq specially with talks of moratorium in the Gulf and they are going to talk about currencies and emerging countries. There is hope. I never expected the RV to be an overnight event. I do think it is going to be gradual and when it happens it will give time for the larger bills to be eliminated and for some people to invest more and others to sell a little at a time. There will be more countries adding it to its reserves, causing to currency to revalue faster, and creating a snow ball effect. That has always been my opinion. Go RVVVVVVVV MONDAY!!! Good luck to all.

[LOCOMOJO]

the change is an entire currency swap and that wont take place till they go to the "Gulf Dinar" with the GCC group

the translation word "RAISE" shows up in these articles for our word 'conclude',the Iraq currency has to be globally recognized this summer, Allawi is personally couriering paperwork from the USA to the UN headquarters as we speak

the Kurds seem to have gotten the article 140 completed in their favor, Chinese are returning to the oilfields,...the RV of the Dong will likely happen simultaneously to avoid a "double Dip" as it were,.......the "Hydrocarbon law" has been completed awaiting implementation protocol and procedure,........the civil unrest seems to have been quelled swiftly, (a promise made perhaps?),,,,,,,,,,,,Maliki is out of it and will be on the run soon or in jail,

I can feel it coming

[trishberg]

You sure have the right user name........

F-U-N-N-Y

[lgraham]

Here is a better way to read this. Anytime they say "raise the three zeros" or "lifting of the zeros", interpret the meaning this way.....exchanging the notes with three zeros( with equivalent smaller notes). or replacing notes with three zeros for the new notes and fils. Every time you use these definitions it will make the entire article make sense.

Lgraham

[Soldier]

Sorry, but with the post that came out yesterday or the day before regarding the World Bank loan. It seems like this is a true story. Sorry for anybody who hoped it would be over soon. Could be smoke and mirrors but it doesn't look like it.

If they were going to Lop the zeroes gradually, why would they need to rv? You would either do one or the other - you wouldn't need to do both. I know Medic explained this article away, but I'm telling you, after reading the actual article about this, it's extremely disheartening. I know these sites are based on "it's going to rv on Monday!!!!!", and I want this to happen as much as the next person....... but my brother has been stationed in Iraq for 3 tours - He's been stationed inside the Green Zone twice - and he's been telling me all along that even the Iraqi citizens know that any change in the currency won' take place for a couplle of years. I hate talking to my brother about it. He has a pretty substantial stash of Dinar here in the U.S., but he is adamant about them not being close to a change in their currency. He says all he hears is "a few years".The Iraqi's that he's got to know on a personal level, have told him it's a good investment (they call it a "maturing investment"), but he said even they know it won't happen for a few years..... and even then, the increase will be very gradual. Now, for the record, I am whole heartedly behind what Adam and Sonny are saying, but I just hope their contacts are better than my brothers.

I hear the same things from my buddies from my old unit who are there now. Seems your brother's opinion and my buddies that are there are exactly the same.

[SexyDinar]

You guy's can read all the stuff that they put out on a daily basis which is all drivel!!!

Iraq is not in control of this RV.

The countries that have been bailing them out for years are running the show behind the scenes like US, Britain, France, China, Germany etc.

They will not allow this charade to continue when all our economies are in such a mess but one simple revaluation of the IQD will pull the rest of the world out of recession.......................

This will happen and it will happen fast when it does because the markets are crying out for it to happen and most importantly IRAQ owe us!!!!!

[viper51]

I read it as they will make some changes later on but he did indicate in any way they would not RV or could not RV before the changes. They may remove the big bills which they are doing at this time and that tells me they will RV with the denominations they have now and introduce the newer bills as they go alone or even when they RV. They can"t drag there feet much longer due to the pressures from the powers that be.

Sry, he did NOT indicate in any way they would not RV

[brookie]

This just backs up what has already been said. They will phase out the big bill and there will be no lop. We already know they are bringing out small bills by the end of the year. I see this as good news that backs up what we already think will happen. They will rv/ri this year and phase out the big bills. If they do not get them all back in a coulple of years they will drop the zeroz. It kind of makes it sound like there will be a long window to exchange. ....I Like this news.

[nathan1606]

Here is a better way to read this. Anytime they say "raise the three zeros" or "lifting of the zeros", interpret the meaning this way.....exchanging the notes with three zeros( with equivalent smaller notes). or replacing notes with three zeros for the new notes and fils. Every time you use these definitions it will make the entire article make sense.

Lgraham

THATS A GREAT WAY TO LOOK AT IT , THANKS .....

[krucialmix]

Could you tell me how they can RV and not bring out smaller bills?

Umm...sure. The smaller bills come out when needed, like when it RV's. The banks have them, but what good would they do now being put into circulation?

By the time you see them in general circulation, it will have already RV'd.

This article doesn't concern me at all. They RV first, then start thinking about lifting zeros. By then I'll be all cashed in and they got all my zeros back. Win-Win.

IMHO.

[stargazer55]

Sounds like the same thing China did....came out and said that currency would NOT change...twenty four hours later it did....

I hope your right!!!

[Doc31]

the change is an entire currency swap and that wont take place till they go to the "Gulf Dinar" with the GCC group

the translation word "RAISE" shows up in these articles for our word 'conclude',the Iraq currency has to be globally recognized this summer, Allawi is personally couriering paperwork from the USA to the UN headquarters as we speak

the Kurds seem to have gotten the article 140 completed in their favor, Chinese are returning to the oilfields,...the RV of the Dong will likely happen simultaneously to avoid a "double Dip" as it were,.......the "Hydrocarbon law" has been completed awaiting implementation protocol and procedure,........the civil unrest seems to have been quelled swiftly, (a promise made perhaps?),,,,,,,,,,,,Maliki is out of it and will be on the run soon or in jail,

I can feel it coming

Nicely done ... I'm not so sure about the Gulf Dinar and the GCC ... but that's a different story

For months we were inundated with LOP and "000's" articles ... daily people would freak depending on their insecurities.

When we finally separated the two ideas, the LOP, which occurs in hyperinflation economies we realized that with 3.9% inflation which has been reduced to 3% currently that this was crap. Additionally, when the news article would come out it was some guy you never heard of and who didn't have the authority to do such a thing ... an hour, a day, two at the most someone from the CBI (who did have the juice to do it) would come out and say, "no, of course not."

Next we were getting a ton of "000's" story ... I've always wondered why DV didn't change the terminology to "ABSORB" the big bills. Redenomination was threatened but the explanaion was the "000" mechanism ... SAY ABSORB THE BIG BILLS.

Redenomination, traditionaly goes along with the lop in an effort to get a handle on rampant hyperinflation and/or to get denoms that make sense in a particular environment. Folks ... the US doesn't have $10K notes nor $5000 notes nor $500 notes any longer. And for the $1K bill you have to petition the treasury while providing adequate security and informing the treasury when you intend to move it apparently. What nonsense ... if I give them ten $100 bills for a $1K note and I lose it ... didn't I just lose $1K ... why the hassle? (No, I am not going to cover Fiat currency!)

I digress ... Lgraham said it succintly ... (as usual)

interpret the meaning this way.....exchanging the notes with three zeros( with equivalent smaller notes). or replacing notes with three zeros for the new notes and fils. Every time you use these definitions it will make the entire article make sense.

Look at the responses ... oh, this is good go rv ... oh, this is bad I told you it was 2011 ... back and forth ... back and forth ... smoke and mirrors ... subterfuge etc ...

People just chill ... us wishing it into being won't help ... nor will our frustration

hfdmedic asked

hfdmedic, on 25 June 2010 - 09:13 AM, said:

I have a quick question for the members who have been here for some time. I am not new to the dinar, but just started actually following it this year. I have watched and read all of the chat logs from all of the most listened to individuals, I refrain from using the word "GURU" because each seems to have a following that will back them to the hilt.

My question is this, has there ever been a time when all of these individuals seem to be with in a 30 day window of each other as they are now?

For the record I joined this site because of Adam and Sonny1, but the posts of others keep me here. I.e. Ron, K98, Carla, ChiefV, Scooter, Sunshine and many others, Thnaks to you all!

I responded with:

I have been saying that for the last two weeks to my group. You are right ... IT'S DIFFERENT.

And, if they are wrong ... all of them are wrong!

Of course, maybe we are all just worn out, edgy, cross, pushed to the limit, etc., etc. ... LOL

I listen to Frank26 and hear the need for the pain to stop ... the IQD will certainly take care of that

I hear those in my group who are struggling to keep small businesses, their homes, kids in school, etc. etc ... the IQD will certainly take care of that.

Take a deep breath ... I, like you, believe that it is close ... (very close!)

Besides ... who can trust an article labeled the CBE?? ... LOL

Peace to all

Doc31

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Edited June 26, 2010 by Doc31