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Iraq studying the restructuring of the national currency

Posted: April 26, 2011 by dinar site info disallowed on this site (24/4/11)

Iraqi Central Bank is currently studying a draft restructuring of the national currency, which contains a deletion of three zeros from Iraqi dinar traded at present.

The project is of strategic projects sought by the Central Bank to be applied during the next five years to reform the monetary system in Iraq

The adviser said the Central Bank of Iraq, the appearance of Mohammed Saleh, said in an interview for my home, “The Iraqi economy and after the oil investment on the verge of a major boom will make it a major economic power in the Middle East, and this prosperity would not be commensurate with the presence of currency replete with zeroes.”

Salih stressed that the bank is still in the study phase of the project from all aspects to create an integrated vision for it. The study will then present the project to the Iraqi government, which in turn will examine and submit to the House of Representatives for approval.

Saleh pointed out that inflation and the slowdown in economic growth in Iraq over the past three decades has contributed to leave a negative impact on the Iraqi currency, from an Iraqi monetary bloc not to exceed two billion dinars in 1979, arrived today to more than 28 trillion dinars.

“This is a large amount of money made from trading the cash in banks and banks become more complex, processes of counting and arithmetic are not free of problems and difficulties because of the magnitude of financial transactions.”

Saleh pointed out that the idea of ​​re-structuring of currency came to avoid such complications and to facilitate the payments, especially of the wage in order to achieve a working cruise. To by the lifting of the burden on banks and citizens in order to be dealing with monetary units easy to count, pregnancy and trading.

Played down in favor of the fears of restructuring the Iraqi dinar, saying “This measure will not affect the local economy.” He pointed out that “the incomes and wealth of individuals and companies will remain protected, but what happens is the re-characterization of the currency in line with the stage of prosperity and growth expected.”

Expects the project needs to be a long time may not be less than the year to see the light. And begin implementation in a gradual and not sudden.

Edited by pleasantvalleySunday
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well that blows, i'm out, can't do this any more, all the bs is driving me nuts, is there any body with good info on when this might happen, fed up with the rumor mill, we need real intell, oxymoron, if you guys don't have any real info stop typing, if you can't provide a link don't type, in other words if you don't have a clue keep your opinion to yourself, I guess you could say i've had it with b@@l s#!t intel.

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This guy is just running off at the mouth! Iraq just does not have the luxury of that much time to get the ball in play. Hang in there don"t go nuts, try penny stocks for a while they can produce good returns and it will keep your energy focused on investing without all of the jacking around!! biggrin.gif

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any day till late 2012 imho...

Hope for tomorrow, but I keep busy looking for the next investment that is out there.

Go RV!

... the NEXT investment?

Have you ever heard the expresssion ... "glutton for punishment"... ?

:huh:

smee2

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oh comon just yesterday shabs was saying very soon... so don't go getting your negapanties in a bunch over this... it's just Selah's opinion and probably his job to put out confusion and contradictions anyway either way if someone told you hey in a year your going to get half a million dollar if you can wait that long. Would that be so hard to do? <_<

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Boy, the worry warts are out in force today! The more negative news, the better IMO. Do you really think that CBI is going to come out and say "Hey, check it out world, we are going to revalue our currency"!? I would not be one bit suprised if Shabbs gave an hour long speech talking about how ludicrous the thought of a straight up RV is. If you are not strong enough to handle this rollercoaster, get off and shut the hell up!

Edited by deenar
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I take this as great news! Since Shabs said he was gonna RV soon, it looks as if we will have an RV without a lop. Then at some point down the line they will have to lop their bills. Or this may be more of smoke and mirrors that we know countries do just before an RV to keep investors guessing. Either way this article doesn't make me want to sell my dinar. Stand strong in your investment. STOP reading the worst into every post. Go RV April 2011.

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