Central Bank confirms its willingness to delete the zeros from the currency after the formation of the government directly

[sunshinelvr]

Central Bank confirms its willingness to delete the zeros from the currency after the formation of the government directly

Author: HM Editor: SS | MF Tuesday, 14 September 2010 07:24 GMT

Alsumaria News / Baghdad

The Central Bank of Iraq, on Tuesday, his willingness to delete the zeros of the Iraqi currency after the formation of the Iraqi government directly, pointing at the same time that those zeros that are added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars.

Adviser, said Iraqi Central Bank Governor appearance of Mohammed Saleh said in an interview for "Alsumaria News", "The zeros that are added to the Iraqi currency, during the last period, formed a cluster of large cash amounting to more than four trillion paper cash, financial value of 27 trillion Iraqi dinars, up from 25 billion dinars in 1980, "adding that" Iraq is not capable of managing the bloc because it is a small country where the large number of money circulating in the Iraqi market has led to a confusion in business dealings in the work of large banks. "

The Iraq and gradually issuing new banknotes after 1991 when it began currencies are scarce in the market Iraq for several reasons, notably the high demand for them to meet sales and purchases, as well as the smuggling of currency abroad, and to the north of Iraq, which split its time for the central administration, which made the Iraqi government allows Central Bank of printing new banknotes to meet local needs, and continued the process of lifting the zeroes of the dinar to the post in 2003 through the issuance of a class of cash amounting to 25 thousand dinars.

Saleh added that "the Bank has fully prepared to delete the zeros of the Iraqi dinar, once the Iraqi government," noting that "the deletion of zeros is a national issue and may need to special legislation, despite the fact that the Central Bank of Iraq is a reform of the currency management system from the core of his work , and delete the zeros is one of the strategic functions of the Central Bank of Iraq. "

Saleh pointed out that "the Bank had, during the last period, to reduce the level of inflation to the level of one decimal place, after more than twenty years," noting that "Iraq could for the first time to reduce inflation to 3%, which reflects the success of Iraq policy," monetary .

For his part, said the economist Bassem Jamil Antoine in an interview with "Alsumaria News," that "Iraq is not ready at the present time 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."

Antoine said that "the central bank by attempting to delete the zeros of the Iraqi dinar is designed to give moral force, and not the material of the dinar," noting that "delete the zeros needed to create and cultural awareness for the Iraqi people and the Iraqi market."

The CBI, with headquarters in Baghdad, has four branches in Basra and Sulaymaniyah, Irbil and Mosul, and founded a bank independent Iraqi under the law of the Iraqi Central Bank of the sixth of March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including policies, prices exchange and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector.

http://www.alsumarianews.com/ar/3/11199/news-details-Iraq%20business%20news.html

[brookie]

They are just looking for a way to get over. The rest of the world would be fools to let them off the hook like that.

[oildriven]

Thanks for the post. As has been posted in the past. The large denoms with three zeros attached will eventually be taken out of circulation. Nothing more,nothing less.

[tampa1000]

Smoke screen, they will put out miss information before an RV!!!

[dinarinmi]

The only thing that bothers is me is how they say, “delete the zeros of the Iraqi currency.” Why are they never quoted as saying something like, “remove the large denominations from circulation,” which is the verbiage WE use in the forums?

I’m not a “LOPster,” but it’s a little unsettling nonetheless.

[MovieMaker]

The only thing that bothers is me is how they say, “delete the zeros of the Iraqi currency.” Why are they never quoted as saying something like, “remove the large denominations from circulation,” which is the verbiage WE use in the forums?

I’m not a “LOPster,” but it’s a little unsettling nonetheless.

took the word right out of my mouth.

[zantac]

Having read this post when it was first listed I telephoned my informative source to ask the implications of it.

In brief he believes this is the largest smoke screen that has come out of Iraq, due to the removal of sanctions by OFAC they are no running around like headless chickens looking to stem of any more investors.

Also he believe now the US department of treasury have started the ball rolling you will over the next few days see some major changes in the way the media will report on the GOI.

Lastly I still hold firm for or around the 17th of this month due to the ISX going live on the 17th of October.

I have asked many questions to many sources about the tradable currency 30 days before theory.

The more I keep pushing the more I seem to get

Great post just goes to show we now have the undivided attention of the CBI & the GOI

Edited September 14, 2010 by zantac

[keepmwlknfny]

The only thing that bothers is me is how they say, “delete the zeros of the Iraqi currency.” Why are they never quoted as saying something like, “remove the large denominations from circulation,” which is the verbiage WE use in the forums?

I’m not a “LOPster,” but it’s a little unsettling nonetheless.

This is nothing to worry about....there is a discrepency in translating what they say to english....they use different words then us to describe actions they take so we dont know what they are saying....it just doesnt make sense for them to redenominate when they have had newer denominations printed since 2006.....its simple....they will introduce the newer denominations and gradually pull in the larger bills like what the US did with the 1000 dollar bills cause they are not practical for everyday use....they stated back in feb they were 50% done removing the larger bills and exchanging them for smaller denoms in the banks reserves....so for them to redenominate when already removing them does not make sense.....like I and scooter have both been saying, the closer we get to the action, the more confusing and misinformation we will see about the currency....i have been talking with warka and they will know and have confirmation from the CBI if they are implementing any changes and they have told me again today that none of that is happening, so its null in void as far as they are concerned....so until they have been notified of something like this its all just talk to mislead us....notice how they say as soon as the govt is formed which we know they dont control the CBI's actions and they are trying to keep down speculation as much as possible because most everyone thinks as soon as they seat they willk RV....they are trying to get everyone to sell there dinars so just sit tight people and stay focused....too much is riding on Iraq raising the value, not redenominating....the simple purpose of removing the zeros is to ease cash transactions in the marketplace which will be accomplished with the smaller denoms......STAY THIRSTY PEOPLE!!!!

[radar47]

Thanks for the post.

[Doc31]

Having read this post when it was first listed I telephoned my informative source to ask the implications of it.

In brief he believes this is the largest smoke screen that has come out of Iraq, due to the removal of sanctions by OFAC they are no running around like headless chickens looking to stem of any more investors.

Also he believe now the US department of treasury have started the ball rolling you will over the next few days see some major changes in the way the media will report on the GOI.

Lastly I still hold firm for or around the 17th of this month due to the ISX going live on the 17th of October.

I have asked many questions to many sources about the tradable currency 30 days before theory.

The more I keep pushing the more I seem to get

Great post just goes to show we now have the undivided attention of the CBI & the GOI

Agreed and well said

Thanks for the post!

[dlbfilm]

Well said... thanks for the post...

[mrref]

The only thing that bothers is me is how they say, “delete the zeros of the Iraqi currency.” Why are they never quoted as saying something like, “remove the large denominations from circulation,” which is the verbiage WE use in the forums?

I’m not a “LOPster,” but it’s a little unsettling nonetheless.

Of course you are, you are a newbie. Just relax and enjoy the ride you are not going to get rich over nite. :lol:

[Carloshz09]

This is nothing to worry about....there is a discrepency in translating what they say to english....they use different words then us to describe actions they take so we dont know what they are saying....it just doesnt make sense for them to redenominate when they have had newer denominations printed since 2006.....its simple....they will introduce the newer denominations and gradually pull in the larger bills like what the US did with the 1000 dollar bills cause they are not practical for everyday use....they stated back in feb they were 50% done removing the larger bills and exchanging them for smaller denoms in the banks reserves....so for them to redenominate when already removing them does not make sense.....like I and scooter have both been saying, the closer we get to the action, the more confusing and misinformation we will see about the currency....i have been talking with warka and they will know and have confirmation from the CBI if they are implementing any changes and they have told me again today that none of that is happening, so its null in void as far as they are concerned....so until they have been notified of something like this its all just talk to mislead us....notice how they say as soon as the govt is formed which we know they dont control the CBI's actions and they are trying to keep down speculation as much as possible because most everyone thinks as soon as they seat they willk RV....they are trying to get everyone to sell there dinars so just sit tight people and stay focused....too much is riding on Iraq raising the value, not redenominating....the simple purpose of removing the zeros is to ease cash transactions in the marketplace which will be accomplished with the smaller denoms......STAY THIRSTY PEOPLE!!!!

Nicely said.

[Soldier]

I mean this with no disrespect. You people really think that Iraq wants to revalue their money to make everyone of you zillionaires. Why would you honestly think that. This will break their backs and they will have no money for reconstructions for years to come. This will not help Iraq at all.

The most logical way is to give EVERYONE a thirty day cash out of large denoms and than a Revalue of their currency. Basically, you go to the bank trade in the large denoms and receive american cash back. Than in thirty days when the large notes are worthless than a ReValue. This is logical.

Now if you are holding large notes. Figure out quickly how to get small ones. This may give you a fighting chance.

[Frank61]

This is nothing to worry about....there is a discrepency in translating what they say to english....they use different words then us to describe actions they take so we dont know what they are saying....it just doesnt make sense for them to redenominate when they have had newer denominations printed since 2006.....its simple....they will introduce the newer denominations and gradually pull in the larger bills like what the US did with the 1000 dollar bills cause they are not practical for everyday use....they stated back in feb they were 50% done removing the larger bills and exchanging them for smaller denoms in the banks reserves....so for them to redenominate when already removing them does not make sense.....like I and scooter have both been saying, the closer we get to the action, the more confusing and misinformation we will see about the currency....i have been talking with warka and they will know and have confirmation from the CBI if they are implementing any changes and they have told me again today that none of that is happening, so its null in void as far as they are concerned....so until they have been notified of something like this its all just talk to mislead us....notice how they say as soon as the govt is formed which we know they dont control the CBI's actions and they are trying to keep down speculation as much as possible because most everyone thinks as soon as they seat they willk RV....they are trying to get everyone to sell there dinars so just sit tight people and stay focused....too much is riding on Iraq raising the value, not redenominating....the simple purpose of removing the zeros is to ease cash transactions in the marketplace which will be accomplished with the smaller denoms......STAY THIRSTY PEOPLE!!!!

Good post, thanks.

[marknet73]

This is nothing to worry about....there is a discrepency in translating what they say to english....they use different words then us to describe actions they take so we dont know what they are saying....it just doesnt make sense for them to redenominate when they have had newer denominations printed since 2006.....its simple....they will introduce the newer denominations and gradually pull in the larger bills like what the US did with the 1000 dollar bills cause they are not practical for everyday use....they stated back in feb they were 50% done removing the larger bills and exchanging them for smaller denoms in the banks reserves....so for them to redenominate when already removing them does not make sense.....like I and scooter have both been saying, the closer we get to the action, the more confusing and misinformation we will see about the currency....i have been talking with warka and they will know and have confirmation from the CBI if they are implementing any changes and they have told me again today that none of that is happening, so its null in void as far as they are concerned....so until they have been notified of something like this its all just talk to mislead us....notice how they say as soon as the govt is formed which we know they dont control the CBI's actions and they are trying to keep down speculation as much as possible because most everyone thinks as soon as they seat they willk RV....they are trying to get everyone to sell there dinars so just sit tight people and stay focused....too much is riding on Iraq raising the value, not redenominating....the simple purpose of removing the zeros is to ease cash transactions in the marketplace which will be accomplished with the smaller denoms......STAY THIRSTY PEOPLE!!!!

Thanx for the post. That really helps answer a question that I've wondered about since I've been invested. Hopefully getting closer to the finish line...

[marknet73]

I mean this with no disrespect. You people really think that Iraq wants to revalue their money to make everyone of you zillionaires. Why would you honestly think that. This will break their backs and they will have no money for reconstructions for years to come. This will not help Iraq at all.

The most logical way is to give EVERYONE a thirty day cash out of large denoms and than a Revalue of their currency. Basically, you go to the bank trade in the large denoms and receive american cash back. Than in thirty days when the large notes are worthless than a ReValue. This is logical.

Now if you are holding large notes. Figure out quickly how to get small ones. This may give you a fighting chance.

This is definitely something to chew on. From what I've seen there aren't any immediate plans to remove the large denoms and if there are then why is there talk about printing a 100K bill? It seems like its in their best interest to revalue pretty soon if they're gonna get an internationally recognized currency and increase their ability to purchase imports. What about a moderate RV of say less than a dollar? Would that still break their backs? Maybe with their amount of natural reserves they can afford to do this and not piss off a bunch of investors. The big question I have is are other countries significantly invested in the dinar or is that just a bunch of hype? I'm hoping we can all get a really decent return on this and at the same time Iraq can accomplish their economic goals. Just some food for thought.

[usndiver]

I mean this with no disrespect. You people really think that Iraq wants to revalue their money to make everyone of you zillionaires. Why would you honestly think that. This will break their backs and they will have no money for reconstructions for years to come. This will not help Iraq at all.

The most logical way is to give EVERYONE a thirty day cash out of large denoms and than a Revalue of their currency. Basically, you go to the bank trade in the large denoms and receive american cash back. Than in thirty days when the large notes are worthless than a ReValue. This is logical.

Now if you are holding large notes. Figure out quickly how to get small ones. This may give you a fighting chance.

Your theory holds no water sir.

[dandinar]

This is definitely something to chew on. From what I've seen there aren't any immediate plans to remove the large denoms and if there are then why is there talk about printing a 100K bill? It seems like its in their best interest to revalue pretty soon if they're gonna get an internationally recognized currency and increase their ability to purchase imports. What about a moderate RV of say less than a dollar? Would that still break their backs? Maybe with their amount of natural reserves they can afford to do this and not piss off a bunch of investors. The big question I have is are other countries significantly invested in the dinar or is that just a bunch of hype? I'm hoping we can all get a really decent return on this and at the same time Iraq can accomplish their economic goals. Just some food for thought.

Well said. How much is a decent return for you? If you dont want to anwser I understand, just curious.

[marknet73]

Well said. How much is a decent return for you? If you dont want to anwser I understand, just curious.

I'd like to see $1.00 but for me .10 or better would be a really decent return. I know it isn't what a lot of us are hoping for but it would still be an awesome return on our investment. I think this is more realistic than $3.86 or $5.72 like some are predicting but if their economy can sustain a higher RV then that definitely works for me!

Edited December 22, 2010 by marknet73

[concretr]

is it not possible for our US reserve to hold the dinars for future business....say maybe for oil???

[JCOUTEE]

Thanks for the post !!!!!!