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The central bank issues a decision to cover the market need of small monetary categories


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6 hours ago, 4twenty said:

 

It is my understanding that this scenario puts us back to where we started in this investment... if I purchase a 25k note for $25, then you drop the zeros off 25k note, wouldn’t “25 dinar” note equal to $25... which does not change the value. Not sure if I’m understanding your enthusiasm, but you are correct, 1 dinar will equal to 1 dollar, however this does not increase the purchasing power of the dinar.

 

I also don’t understand how the rate in country can be different from the actual value outside of Iraq... could someone explain that to me? If the exchange rate outside of Iraq was higher, wouldn’t all the Iraqis choose to exchange elsewhere? 

 

I am not or trying to be rude, just trying to understand. 

 

Thank you in advance!

 

This is the way I have come to understand it:

 

First, after the Iraq War, we (Dinar investors) recapitalized the CBI and by doing this we kept Iraq from financial ruin.  The appreciation of the Dinar is supposed to be our reward/compensation for this.  This is how we will get to exchange our dinars for our own country's currency with the zeros still intact, while in Iraq, the zeros will be deleted so that Iraqis can have lower denomination bills, like most of the world.  Also, since Iraqis are so used to using the dollar, it will be an easy transition for them.

 

Secondly, when the CBI says over and over in articles, that they will remove the zeros from the currency, that's what they will do.  Consider this - Why would they remove three zeros from the nominal rate (in other words .00086, the current exchange rate)?  Do Iraqis care what the exchange rate is?  If you live in America, do you care what the exchange rate of the Euro is?  Or the Japanese Yen?  Or the Chinese Yuan?  You would only care about exchange rates if you were traveling to these countries and needed to exchange your money.  Also, removing the zeros from the exchange rate would still leave them with 3 zeros on the bills.  So, in order to accomplish their goals, will they have to remove the zeros from both the exchange rate AND the currency?  Sounds like a bit much.

 

My feeling is that Iraqis will be able to keep their 50,000 25,000, 10,000, 5,000 and 1,000 notes and use them as 50, 25, 10, 5 and 1 (as if there were no zeros on the bills), and as the 3 zero notes wear out, they will be replaced with the "lower denoms".  I feel this is the reason for injecting 100, 250 and 500 notes into the economy.

 

I have previously been of the opinion that we would exchange our 25,000 notes at a .10 exchange rate, making a 25,000 note worth $2,500.  Since the latest articles from Iraq are saying that the CBI will put 100, 250 and 500 notes into the marketplace, it is making me think that it's possible the get a $1.00 exchange rate instead of 10 cents.  Either way, I'm happy after this long wait but, of course, I would prefer $1.00.

 

This is only my opinion, which differs from the opinion of some others.

I hope I have answered your questions and thank you for asking so nicely.  I appreciate it, 4twenty.  😊 

 

 

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Release date: 2018/9/12 8:17  948 times read
The central bank intends to put huge amounts of currency in small groups
(Baghdad: Al-Furat News) The Central Bank of Iraq intends next month, to put large amounts of local currency, with small groups.
The governor of the bank Ali al-Aal in a press statement that "the Central Bank of Iraq, the development of a plan to compensate the market in small categories of local currency, as will be next month large quantities and huge ones," noting that "these quantities will meet the need of the local market for those categories of currency" . 
He added that "the bank continues to receive local currency damaged by citizens and replace them with new currencies," revealing at the same time, "the existence of a competent committee to examine the damaged papers to ensure their safety from fraud and manipulation."
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8 hours ago, Laid Back said:

I know you just checking,

I'm a believer of revaluation at $1:1

Why?

- easiest way to Dedollarize the country 

- easiest transitition for the Iraqi citizen

- cheaper to rebuilt the country

- real purchasing power

 

Go RV

Go $1:1

I agree with this... probably a bit less to be driven up on the market quickly, it'll become overbought very quickly then settle down...but ONLY if the government has their shizzen together ie. Iran and government corruption is shut down.

 

Why would the CBI give the bad guys more purchasing power to internally destroy that country even further?

 

It's a Catch-22 for them, LB.

 

Unless the government problem wanes, it won't happen in the near-term.

 

Always appreciate your input here.

 

:twocents:

 

 

 

 

 

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3 hours ago, justchecking123 said:

I agree with this... probably a bit less to be driven up on the market quickly, it'll become overbought very quickly then settle down...but ONLY if the government has their shizzen together ie. Iran and government corruption is shut down.

 

Why would the CBI give the bad guys more purchasing power to internally destroy that country even further?

 

It's a Catch-22 for them, LB.

 

Unless the government problem wanes, it won't happen in the near-term.

 

Always appreciate your input here.

 

:twocents:

 

 

 

 

 

Agree my friend, they have to deal with corruption and Iranian intervention first.

Thanks for your input.

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AFTER THE WAR; No Electricity but Kuwait Reopens Its Banks

By DONATELLA LORCH and SPECIAL TO THE NEW YORK TIMES

Banks reopened for the first time since Iraqi occupation forces shut them down in December. Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new ones and to withdraw a limited amount of money.

Without electricity, the banks services were slow, limited to money exchange and withdrawal. There was no telex, no electronic money transfer and no telephones. The computers were unusable, so all transactions had to be entered by hand.

"It's like going back 20 years," said Mohammed al-Yahya, the manager of the Commercial Bank of Kuwait, the nation's second-largest bank. Seized Dinars Canceled

The Central Bank is canceling the value of Kuwaiti dinars that were seized from the Central Bank and put into circulation by the Iraqis. The invalid serial numbers were posted today in front of all banks in the city.

All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.

Although it is severly handicapped without electricity, the Commercial Bank, like many other major banks, was able to open for business because its records had been saved from the Iraqis. Mr. Yahya hid the bank's balance sheets in his home and sent its computer records to London via Syria with an Indian employee, who packed the tapes into the back of a trailer.

 

The banks also face serious personnel shortages. Only 11 of the Commercial Bank's 35 branches opened today, with 137 out of 1,300 workers.

Before the Iraqi invasion, only 17 percent of the bank's staff was Kuwaiti. Many of the foreign workers -- Jordanians, Palestinians and Indians -- fled and now cannot re-enter the country.

For those exchanging money today, there was little they could buy in Kuwait. Many of those in line said they planned to use their money for vacations or for shopping trips to Saudi Arabia to buy generators and food.

"I need to get away from this pressure," said Abdul Mohammed Hussein, a computer engineer in his early 40's who said he was withdrawing 1,500 new dinars to take a vacation in the United Arab Emirates. "Everywhere you go you find lines. At the supermarket, you find lines. To get petrol for the car, you find lines."

Abdul Hamed al-Atar, a 50-year-old retired Interior Ministry official, said this was the first time he had set foot in a bank since September, and he seemed relieved. "Kuwaits always keep a lot of cash with them," he said as he was handed crisp new piles of money that he stuffed into a small bag. "It's a comfort to have money in my hands."

 

https://www.nytimes.com/1991/03/25/world/after-the-war-no-electricity-but-kuwait-reopens-its-banks.html

 

So, OK, the Kuwaiti Dinar is NOT a one to one comparison to the Iraqi Dinar. However, there was a one to one exchange in country noted with the serial numbers of the Kuwaiti Dinar issued by the Iraqis as invalid. This was 1991. The technology is so far advanced today especially with the ultra modern banking systems operating in Iraq and world today related to the Iraqi Dinar. From March 25, 1991 (article date) to May 7, 1991 is nominally six weeks for the exchange. A similar time frame could be introduced in Iraq to vacuum out all the large denominations (5,000, 10,000, 25,000, and 50,000 notes) to exchange for other notes or possibly smaller denominations at whatever conversion.

 

My opinion only, the rest of the world needs an economic jump start so the Iraqi Dinar exchanges will be handled differently in Iraq compared to exchanges outside of Iraq. With Iraq being stable, the further extremely beneficial Iraqi Dinar exchange will rocket Iraq's and other countries doing business with Iraq economies. Whenever this hits, there may be information, misinformation, seemingly bad news, or whatever so we just need to be prepared and hold on!!!

 

Just my conjecture, thoughts, opinion, and :twocents: for whatever THAT is worth!!! CAVEAT EMPTOR, Reader!!! :o

 

In The Mean Time...............................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

:rodeo:   :pirateship:

 

Edited by Synopsis
currency conversion error
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This announcement that the CBI has put out i strongly believe is part of an education process(an awareness)...before the CBI starts injecting these lower notes into the market, I strongly believe this education is starting now despite of what is going on in Basra. This process may take as long as that of the kuwait or maybe shorter because the CBI already has everthing in place..this is all just my understanding of things going on now.Cheers all

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8 minutes ago, navira said:

This announcement that the CBI has put out i strongly believe is part of an education process(an awareness)...before the CBI starts injecting these lower notes into the market, I strongly believe this education is starting now despite of what is going on in Basra. This process may take as long as that of the kuwait or maybe shorter because the CBI already has everthing in place..this is all just my understanding of things going on now.Cheers all

 

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7 hours ago, Floridian said:

 

This is the way I have come to understand it:

 

First, after the Iraq War, we (Dinar investors) recapitalized the CBI and by doing this we kept Iraq from financial ruin.  The appreciation of the Dinar is supposed to be our reward/compensation for this.  This is how we will get to exchange our dinars for our own country's currency with the zeros still intact, while in Iraq, the zeros will be deleted so that Iraqis can have lower denomination bills, like most of the world.  Also, since Iraqis are so used to using the dollar, it will be an easy transition for them.

 

Secondly, when the CBI says over and over in articles, that they will remove the zeros from the currency, that's what they will do.  Consider this - Why would they remove three zeros from the nominal rate (in other words .00086, the current exchange rate)?  Do Iraqis care what the exchange rate is?  If you live in America, do you care what the exchange rate of the Euro is?  Or the Japanese Yen?  Or the Chinese Yuan?  You would only care about exchange rates if you were traveling to these countries and needed to exchange your money.  Also, removing the zeros from the exchange rate would still leave them with 3 zeros on the bills.  So, in order to accomplish their goals, will they have to remove the zeros from both the exchange rate AND the currency?  Sounds like a bit much.

 

My feeling is that Iraqis will be able to keep their 50,000 25,000, 10,000, 5,000 and 1,000 notes and use them as 50, 25, 10, 5 and 1 (as if there were no zeros on the bills), and as the 3 zero notes wear out, they will be replaced with the "lower denoms".  I feel this is the reason for injecting 100, 250 and 500 notes into the economy.

 

I have previously been of the opinion that we would exchange our 25,000 notes at a .10 exchange rate, making a 25,000 note worth $2,500.  Since the latest articles from Iraq are saying that the CBI will put 100, 250 and 500 notes into the marketplace, it is making me think that it's possible the get a $1.00 exchange rate instead of 10 cents.  Either way, I'm happy after this long wait but, of course, I would prefer $1.00.

 

This is only my opinion, which differs from the opinion of some others.

I hope I have answered your questions and thank you for asking so nicely.  I appreciate it, 4twenty.  😊 

 

 

Thank you Floridian for taking the time to respond to my question in great detail. I really appreciate everyone's insight and opinions to how this will all play out! Hopefully we will see our investment come to fruition shortly. Thanks again and mahalo!

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22 hours ago, Floridian said:

 

The CBI has said over and over again, in articles, that the zeros will be deleted from the currency.

Tlar is the one who came up with the phrase - they will delete the zeros from the nominal rate.

 

Show me the articles that say that.  Of all the articles I have read it just says delete the zeros.  DELETE THE ZEROS FROM WHAT????????.  There has not been any article that states between the notes or the rate.  When they are referring to deleting the zeros they are referring to getting the 3 zero notes off the streets and out of the mattresses.  So when they do change the rate those hoarding millions of $25K notes will not be instant millionaires.  Although in my mind they should keep what they get after all they have been through.

 

So I'll go back to my previous example to refresh your unproven theory.  You have a $25,000 iraqi dinar that at the present is worth $21.50.  Now you delete the zeros off the note and don't change the rate.  Now you have a $25 iraqi dinar at .00086 exchange rate.  That note is worth  $0.22.  If you have a $25 iraqi dinar and they change the exchange rate to 1:1 then you have $25 american dollars.  THAT IS A LOP.  There will be no difference in the exchange rate inside or outside of Iraq.

 

Now what we want and what is predicted to happen is this.  They remove the 3 zeros off the exchange rate from .00086 to .86 or for simpler terms have a 1:1 ratio.  Which would make the $25K dinar worth $25k dollars.  This would be the exact same exchange rate across the board both inside and outside of Iraq.  There will not be a different exchange rate.

 

Now I pose the question to you.  What would you rather have a $25k iraqi dinar worth $25k american dollars or a $25k iraqi dinar with $25 american dollars?????

 

No so called "guru" knows anything that is going to happen anymore than anyone else.  From all of your posts, and I have read a lot of them, you are trying to prove a theory from a "guru".  And therein lies your issue is that you are listening and reading on bubkus information.  "Their" interpretation. 

 

Did I pretty much sum that up correctly @Botzwana

 

SR

 

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5 minutes ago, FXStockpiling said:

I remember an article that talked about deleting 1 zero if this is a possibility then maybe that's why they are making the smaller denominations for deleting 2 zeros 250 500 and the 100 would be a coin that replaces the 10000. Just a thought...

 

Ya I remember reading something about that some time ago.  But I think it was a one off thing.  I can't see them deleting 1 zero at a time off the notes I think that would be to confusing.  But hey this is Qari we are talking about and they do a lot of things bassakwards.

 

SR

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Here is something from 2010

 

What I thought was enlightening about this article was it mentioned it would take 2 years...well guess what we are in that 2nd year! This is OUR year!:D

BAGHDAD: The Central Bank of Iraq has taken steps to rebase the Iraqi dinar and issue new banknotes, a senior official at the bank has said.

“We have reached a conclusion that we should take off three zeroes from the current Iraqi dinar banknotes,” Mudher Qasim, the bank’s senior advisor, told Dow Jones Newswires in an exclusive interview.

“The process is progressing and we have taken some steps,” Qasim said. “We will issue a decision in due time.”

Qasim didn’t give a timeframe when that decision would be taken, but said printing new banknotes and fully replacing old notes would take two years from the time the decision is taken.

Iraqi Finance Minister Bayan Jabor said his ministry had suggested to the central bank to take off three zeroes from the current Iraqi dinar banknotes. “The Central Bank governor (Sinan Al-Shabibi) has informed me that the bank is in the process of taking that decision,” Jabor told the state-run Al-Iraqia Satellite Channel this week.

“The Central Bank of Iraq supports what the finance minister was saying,” Qasim said.

If the rebase decision is taken, it means a current 25,000 Iraqi dinar banknote will become 25 dinars, for example. When three zeroes are knocked off the Iraqi dinar, a dollar will equal only 1.20 dinars.

Currency rebasings are usually monetarily neutral and are introduced to make commercial calculations and cash dealing easier and cheaper. Turkey knocked six zeroes off its lira currency January 1, 2005, for example. Russia did the same for its currency.

“In a country like Iraq where cash consists 80% of money dealing, we need smaller bank notes,” Qasim said, adding that current Iraqi banknotes were difficult to store and need strict security measures when moving money from one place to another.

There are now some 20tn Iraqi dinar banknotes in use in the market, which is a very big amount and if Iraq knocked 3 zeroes it would become 20bn dinars which is a reasonable amount, he said.

Qasim also said one of the reasons for rebasing the Iraqi dinar is because the bank has managed to reduce the country’s high rates of inflation. The inflation rate fell to 14.7% in May this year from a record high of 60% in late 2006.

In July 2004, the now dissolved US civilian authority in Iraq decided to print the current Iraqi banknotes replacing those used to bear the picture of the former Iraqi leader Saddam Hussein. Iraqis then had three months to swap their old dinars with the new ones.

“This time we aren’t in hurry, if it takes two years to swap the new currency with the old one, then let it so,” Qasim said.

The current banknotes were printed by Britain’s De La Rue, the world’s biggest commercial printer of bank notes.

Jabor said in November last year that the central bank would rebase the dinar in early 2008. – Dow Jones Newswires

source:

http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=237500&version=1&template_id=48&parent_id=28

 
Hope this helps or it could add more confusion.   :lol:
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3 minutes ago, ChuckFinley said:

Here is something from 2010

 

What I thought was enlightening about this article was it mentioned it would take 2 years...well guess what we are in that 2nd year! This is OUR year!:D

BAGHDAD: The Central Bank of Iraq has taken steps to rebase the Iraqi dinar and issue new banknotes, a senior official at the bank has said.

“We have reached a conclusion that we should take off three zeroes from the current Iraqi dinar banknotes,” Mudher Qasim, the bank’s senior advisor, told Dow Jones Newswires in an exclusive interview.

“The process is progressing and we have taken some steps,” Qasim said. “We will issue a decision in due time.”

Qasim didn’t give a timeframe when that decision would be taken, but said printing new banknotes and fully replacing old notes would take two years from the time the decision is taken.

Iraqi Finance Minister Bayan Jabor said his ministry had suggested to the central bank to take off three zeroes from the current Iraqi dinar banknotes. “The Central Bank governor (Sinan Al-Shabibi) has informed me that the bank is in the process of taking that decision,” Jabor told the state-run Al-Iraqia Satellite Channel this week.

“The Central Bank of Iraq supports what the finance minister was saying,” Qasim said.

If the rebase decision is taken, it means a current 25,000 Iraqi dinar banknote will become 25 dinars, for example. When three zeroes are knocked off the Iraqi dinar, a dollar will equal only 1.20 dinars.

Currency rebasings are usually monetarily neutral and are introduced to make commercial calculations and cash dealing easier and cheaper. Turkey knocked six zeroes off its lira currency January 1, 2005, for example. Russia did the same for its currency.

“In a country like Iraq where cash consists 80% of money dealing, we need smaller bank notes,” Qasim said, adding that current Iraqi banknotes were difficult to store and need strict security measures when moving money from one place to another.

There are now some 20tn Iraqi dinar banknotes in use in the market, which is a very big amount and if Iraq knocked 3 zeroes it would become 20bn dinars which is a reasonable amount, he said.

Qasim also said one of the reasons for rebasing the Iraqi dinar is because the bank has managed to reduce the country’s high rates of inflation. The inflation rate fell to 14.7% in May this year from a record high of 60% in late 2006.

In July 2004, the now dissolved US civilian authority in Iraq decided to print the current Iraqi banknotes replacing those used to bear the picture of the former Iraqi leader Saddam Hussein. Iraqis then had three months to swap their old dinars with the new ones.

“This time we aren’t in hurry, if it takes two years to swap the new currency with the old one, then let it so,” Qasim said.

The current banknotes were printed by Britain’s De La Rue, the world’s biggest commercial printer of bank notes.

Jabor said in November last year that the central bank would rebase the dinar in early 2008. – Dow Jones Newswires

source:

http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=237500&version=1&template_id=48&parent_id=28

 
Hope this helps or it could add more confusion.   :lol:

The biggest word here is “if” they make that decision to rebase..... that’s what would happen.... I believe this article was written to cause confusion 

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4 minutes ago, ChuckFinley said:

If the rebase decision is taken, it means a current 25,000 Iraqi dinar banknote will become 25 dinars, for example. When three zeroes are knocked off the Iraqi dinar, a dollar will equal only 1.20 dinars.

So 8 years ago they started this lopping idea? 1.2 dinars per dollar too. Sounds like it could be written today?

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42 minutes ago, SupraRacer said:

 

Show me the articles that say that.  Of all the articles I have read it just says delete the zeros.  DELETE THE ZEROS FROM WHAT????????.  There has not been any article that states between the notes or the rate.  When they are referring to deleting the zeros they are referring to getting the 3 zero notes off the streets and out of the mattresses.  So when they do change the rate those hoarding millions of $25K notes will not be instant millionaires.  Although in my mind they should keep what they get after all they have been through.

 

So I'll go back to my previous example to refresh your unproven theory.  You have a $25,000 iraqi dinar that at the present is worth $21.50.  Now you delete the zeros off the note and don't change the rate.  Now you have a $25 iraqi dinar at .00086 exchange rate.  That note is worth  $0.22.  If you have a $25 iraqi dinar and they change the exchange rate to 1:1 then you have $25 american dollars.  THAT IS A LOP.  There will be no difference in the exchange rate inside or outside of Iraq.

 

Now what we want and what is predicted to happen is this.  They remove the 3 zeros off the exchange rate from .00086 to .86 or for simpler terms have a 1:1 ratio.  Which would make the $25K dinar worth $25k dollars.  This would be the exact same exchange rate across the board both inside and outside of Iraq.  There will not be a different exchange rate.

 

Now I pose the question to you.  What would you rather have a $25k iraqi dinar worth $25k american dollars or a $25k iraqi dinar with $25 american dollars?????

 

No so called "guru" knows anything that is going to happen anymore than anyone else.  From all of your posts, and I have read a lot of them, you are trying to prove a theory from a "guru".  And therein lies your issue is that you are listening and reading on bubkus information.  "Their" interpretation. 

 

Did I pretty much sum that up correctly @Botzwana

 

SR

 

 

ARTICLES FROM 2010, 2014 AND 2018.   ENOUGH???????

 

~~~Posted on June 9, 2017 by jg1

 

They have been quoting this guy since 2010.

 

This was what he said in 2010:

 

ARTICLE: 

The Iraqi Central Bank: Willingness to Delete the Zeros of the Iraqi Currency After the Formation of the Iraqi Govt

 

16 Sep 2010

 

For his part, said economic expert on behalf of Jamil Antoine in an interview for “Alsumaria News”, “Iraq is not formatted for the time being to delete the zeros of the Iraqi dinar,” noting that “the deletion of zeros needed to stabilize the security and political, as well as economic stability.”

 

For 2018, again, his predictions is....AFTER the formation of the new govt. ~ "Antoine predicted that the project would be implemented after the legislative elections scheduled for next May"

 

-----------------------------------------------------------------------

 

Posted April 3, 2018 by Btifldrm:

 

Now that we're seeing the establishment of ATM's across Iraq - just a reminder from the past....

 

 

TV: Rafidain Bank in Dhi Qar confirms that the introduction of ATM depends on deleting zeros from currency.

 

Wed, 10 Dec 2014 

 

Ahmed Hassan: Said the director of the Rafidain Bank in Dhi Qar Hussein Abbadi in a televised interview broadcast by the local Nasiriyah that the introduction of ATM in the markets and banks are subject to the implementation of the decision to delete zeros from the Iraqi currency, pointing out that the Iraqi currency suffers from large inflation at the present time.

 

http://www.nasiriyah.org/ara/post/55155

 

----------------------------------------------------------------

 

Posted April 3, 2018 by Butifldrm

Is it time to delete three zeros from the currency?

 

http://economy-news.net/content.php?id=11818

 

 

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Thanks, Chuck Finley:

 

Here is something from 2010

 

What I thought was enlightening about this article was it mentioned it would take 2 years...well guess what we are in that 2nd year! This is OUR year!:D

BAGHDAD: The Central Bank of Iraq has taken steps to rebase the Iraqi dinar and issue new banknotes, a senior official at the bank has said.

“We have reached a conclusion that we should take off three zeroes from the current Iraqi dinar banknotes,” Mudher Qasim, the bank’s senior advisor, told Dow Jones Newswires in an exclusive interview.

“The process is progressing and we have taken some steps,” Qasim said. “We will issue a decision in due time.”

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