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DrJohn

By DrJohn,
in Dinar Rumors

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DrJohn Newbie

DrJohn

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Alsumaria News / Baghdad

Central Bank of Iraq, on Tuesday, he is about to finish the project raise three zeroes from the currency, noting that the project is considered strategic, and submitted to the Council of Ministers and legislators if completed.

The central bank adviser said the appearance of Mohammed in an interview for “Alsumaria News”, “The draft raise three zeros from the dinar is a strategic project and the Central Bank is in the process of finalizing the project, the idea of ​​theory into practice, and is nearing completion, and submitted to the Council of Ministers and House of Representatives. “

The benefit, “This project will reduce the cost of transactions and reduces the carry cash,” adding that “Iraq is on the verge of producing 6 to 12 million barrels of oil and this will impact on the development and raise the value of the Iraqi dinar.”

The adviser to the CBI that “the Bank has achieved three things during the last stage, as the first building reserves from zero to $ 50 billion, within the past five years, reduce the price of the basic inflation from 34% to 4 or 3%, and achieved stability in the Iraqi dinar exchange “.

He was adviser to the CBI the appearance of Mohammed Saleh, said in an interview earlier “Alsumaria News”, the bank’s readiness to delete the zeros of the Iraqi currency, pointing out 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.

On the other hand, revealed adviser to the CBI, that “Iraq enter for the first time a system of payments between banks has been the transition to electronic clearing away from the hand and entered into by the six banks and the exchange of instruments between banks electronically and will link the smart card and credit system with the central bank.”

Continued by saying that “the central bank would be three years after the so-called Council of the payments, which sets protocols and is the infrastructure of Iraq.”

Previously, specialists Iraqis in the field of economics that played down the impact of the central bank to delete zeros from the currency the purchasing power of the Iraqi dinar, also hopes the government from behind the move, as the view of researchers that the cost of lifting of the zeroes will be the biggest of its usefulness, given that the currency’s strength is measured by the stability of disbursement which is based on the strength of the productive sector can provide goods and services.

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DeadGuy Newbie

DeadGuy

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Posted (edited)

The article stated taking three zeros OFF the CURRENCY. Isn't that the money? The PHYSICAL money?

They never mentioned exchange rates. Just currency.

The article is at the top of the news section for link people.

Edited by DeadGuy
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jeepguy Mentor

jeepguy

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from another topic post on this site same type talk raise zero`s ----sounds like it is from the currency,,,not the current rate of exchange---- man i hope it is the .00086- it only make since it would keep it in range of the currency around that area also according to -----okie it is tomorrow hahahahaha please don`t quote me on that one :lol:

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easyrider Newbie

easyrider

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Not possible it can be higher. More likely .04 cents to .08 cents without a LOP. I would love to see .086 cents. That would be fantastic, but not likely.

GTFO your name says it all you are mental I would never believe you nor anyone else all we can do is WAIT.

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Babs47 Newbie

Babs47

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I believe that "the project of the raising of the three zeroes" means "the RV project" rather than literally taking away three zeroes from anywhere (the dinar notes or the .00086 figure). I wanted to know what (and when) the "Council of the Payments" was (or will be), so I googled it and found this article (previously posted on another site:

03/03/2011

CBI plans to the Board of Finance for payments in 2013

Baghdad, The Central Bank of Iraq, for the formation of the financial payments 2013, according to the plan developed by the World Bank.

The adviser said the central bank, the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Council of financial payments will be organized protocols and agreements and transactions undertaken by banks, governmental and non-governmental organizations, particularly with regard to the mail and insert programs computing to work the cash."

"The Council of monetary payments that would be managed by the central bank will share the membership of the Ministry of Finance, the Integrity Commission, the Office of Financial Supervision, banks, government and private."

The benefit, "The Council will begin its work in providing legal cover for the developments in electronic banking and cash which the banks have started to work."

He pointed out that "the Council of monetary payments is established one of the important pillars in the development of the internal structure of the banking business for both private and government sectors in the country,"

Noting that "the central bank, confirmed on Wednesday that the government and private banks began using the electronic clearing system."

And the World Bank allocated $10 million to restructure state banks and activate the electronic dealings.

The unit announced restructuring banks in Iraq earlier that it was extended unit banks for a period of one year because of security concerns.

Iraq had decided the beginning of 2006 the restructuring of banks in order to get rid of heavy debt.

The Ministry of Finance of Iraq for its efforts during the next year to develop an integrated plan to develop e-government banks and financial relations in the activation of this aspect.

The Iraqi government is still limited in its financial transactions on the government banks approved by 85%.

And called on the Ministry of Finance earlier, the Iraqi Central Bank to take resolute action in granting licenses for the establishment of private banks.

http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2&rurl=translate.google.com

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