CBI decides to restructure the Iraqi currency

[hoosier1470]

sorry lol but its talkin about releasing the lower denominations from 1 to 100 iqd notes lol...BondLady

And in one article, it states that many have passed out...which leads me to believe that they are speaking in past tense! Therefore, I believe this has already been done. I would not be suprised to see an rv at any time...between now and next thursday! With this type of info coming out now, it is of my opinion that they could actually be ready to release this sometime this week....like maybe Thursday evening! Either way, I truely believe we will see this by June 30th....and therefore starting the second half of their fisical year (July st) with a new value! Things are looking very good for all concerned! Be Blessed!

[Nothing-Ventured]

And in one article, it states that many have passed out...

I just have to say this....everytime I read that one line from the article I chuckle I imagine them literally ...Passing Out.....

[MrFnHappy]

So if they "already" printed the 14 different denoms, then take the 9 posted on the CBI site and ADD the 1's-5's-10's-20's-100's you now have 14.

So they will "lift" or "raise" the large notes with the the 3 zeros from circulation slowly and "delete" or "remove" the 3 zeros on the nominal rate leaving it

at .86 or 1.17. IMO.

In the event of an rd, both old and new notes will coexist as legal tender for a specified amount of time . The minimum value would be $0.86 per dinar.

During the "specified amount of time", old notes presented for payment would be treated as the equivalent new note, eg; 1000 old dinar would be accepted as 1 new dinar.

[dinarpest3]

In the event of an rd, both old and new notes will coexist as legal tender for a specified amount of time . The minimum value would be $0.86 per dinar.

During the "specified amount of time", old notes presented for payment would be treated as the equivalent new note, eg; 1000 old dinar would be accepted as 1 new dinar.

MrFnhappy,-So you think Iraqi people are going to stand for walking into a store holding a 1000 IQD note and then agreeing that it now suddenly worth a 1 IQD note? ? You quote the translations of the articles literally and use the order of the words as a logical tell that this particular translation you have of this RV process is the only way it could be...however if youve noticed the ordering of words from these arabic articles are totally ass backwards everytime there is a new one and the translations lead to varying word orders from one person to the next. So I think taking a 3 word blurb from the translated article and sighting the order of the words in that blurb to hold literal or empirical logic is just not accurate.

[tjmunson]

Many people are saying this is talking about lower denoms. But is it? I haven’t heard anyone talk about the fact that the only denomination this refers to is one equal to the US $100. In the past they have talked about releasing a 100,000 dinar note and guess what, that would roughly equal US $100. The sticking point for me is the article says the new currency will “make it easier to do everyday transactions for their people”. How exactly would lower denoms do that at a 1170/1 rate? They wouldn’t. They would in fact make it worse. So unless they are outright saying there is a RV in the works I think we are gonna see a 100,000 dinar note before we see lower denoms.

Anyone here that knows me knows that I am not a glass half empty kind of guy and I really hope I'm interpreting this wrong but the article is causing me more concern at this point than joy. Sorry

[BBalls]

Central Bank declares its readiness to start deleting zeros from the Iraqi currency.

Thursday 23 2011 14:0GMT

Alsumaria News / Baghdad

Central Bank of Iraq, Thursday, for his willingness to delete the zeros of the Iraqi currency, and as he emphasized that this step is one of the strategic functions of the Bank, pointed out that the new currency will contain on the Kurdish language in addition to Arabic.

The adviser said the Iraqi Central Bank Governor appearance of Mohammed in an interview for "Alsumaria News", "zeros are added to the Iraqi currency during the last period, formed a cluster of large cash $ 28 trillion and 500 billion Iraqi dinars, nearly five trillion banknote," noting that "Bank created all the supplies for the deletion of zeros from the currency."

Saleh added that "the process is one of the strategic functions of the Central Bank of Iraq," adding that "monetary policy of the Bank based on the structure and reduce the volume of currency in a country moving to the stage of the economy."

Salih stressed that the "project to delete the zeros have been completed and will be presented to the management of the Central Bank of Iraq during its next meeting, and then will be submitted to the Council of Ministers to be presented to the House of Representatives for a vote," pointing out that "the mechanisms of switching and changing the currency would gradually be preceded by awareness campaigns to citizens. "

He added that the benefit of "the new currency that will be printed after the deletion of zeros will contain the Kurdish language in addition to Arabic, as well as some pictures that refer to the heritage and civilization of Iraq and symbols of Iraqi scientists and intellectuals."

The Iraqi Central Bank Governor Sinan Shabibi said at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in the 19 of June, and, ready to create all the supplies to replace the Iraqi currency.

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

http://www.alsumarianews.com/ar/5/16911/news-details-.html

[Hesalwayswithus]

Anyone know when the next meeting with the CBI is?? Curious to see if this is all going to happen in the next week.....

Thanks for the post!

Edited June 23, 2011 by Hesalwayswithus

[FrankenSLI]

Although I am not a believer in the L word this seems more and more like they will be trading in the 25k notes for a lower note.... I pray I am wrong...

[jon29]

This is interesting, thanks for posting.

[zaborniake]

Although I am not a believer in the L word this seems more and more like they will be trading in the 25k notes for a lower note.... I pray I am wrong...

Lowers! These notes were printed in 2003 and are among the most technologically advanced notes in the world. They aren't printing any more notes, they're implementing the lower denoms. As for when the next meeting with the CBI is, who knows?

Shabbs is in Rome today and tomorrow for the Arab banking conference.

[cooked]

Almost smells like the L word. Pray it's not.

[hoopdog]

And the wheels on the bus go round and round, round and round, round and round and the wheels on the bus go round and round all throught the town. It's not a L if you exchange a 25K bill for 25K worth of new bills.

Now you all have that song stuck in your head don't you....LOL

Edited June 23, 2011 by hoopdog

[Hesalwayswithus]

And the wheels on the bus go round and round, round and round, round and round and the wheels on the bus go round and round all throught the town. It's not a L if you exchange a 25K bill for 25K worth of new bills.

Now you all have that song stuck in your head don't you....LOL

That's my thoughts exactly. Just don't see them saying 'sorry for all you who have bought our currency the last 7 years, but now that it's worth more you're actually not going to benefit'

Hopefully Shabibi flies back and goes straight to the CBI!! and then on to wherever else he needs to go to make this thing happen

[Retiredofficer]

• No worries about the next CBI meeting. What concerns me most is obtaining Parliament's approval in a timely manner; their track record for getting 3 readings & subsequent votes could take weeks . This might be a appropriate time for some Divine Intervention!

[Goeers]

CBI Board meets once a month according to this........

http://www.cbi.iq/documents/CBILAW-EN_f.pdf

Article 17

[FatMan]

And the wheels on the bus go round and round, round and round, round and round and the wheels on the bus go round and round all throught the town. It's not a L if you exchange a 25K bill for 25K worth of new bills.

Now you all have that song stuck in your head don't you....LOL

I wonder where in the US we will be able to Exchange our Old for New? Do you think the New bills will just Flood all other countries? Will there be a Fee for trading them in? Hmmm... Crapcakes

Krem

[drox]

Lowers! These notes were printed in 2003 and are among the most technologically advanced notes in the world. They aren't printing any more notes, they're implementing the lower denoms. As for when the next meeting with the CBI is, who knows?

Shabbs is in Rome today and tomorrow for the Arab banking conference.

I know you and everyone else have been repeatedly told this Zab by these false Gurus... but it simply isn't true. As the article states.... they will be printed with the Kurdish language on them. That is the constitutional requirement that occurred after 2003! If the lower denoms were printed in 2003 as you state, then all of the notes you presently hold would also have the Kurdish language on them. Clearly they don't.

This is outlining a re-denomination which really really sucks. I truly wish they would consider a different route but they seem to be full steam ahead. I am quite concerned with the CBI's plan to facilitate fair exchange to international Dinar holders. Yes...US!

[Don & Rocio]

I know you and everyone else have been repeatedly told this Zab by these false Gurus... but it simply isn't true. As the article states.... they will be printed with the Kurdish language on them. That is the constitutional requirement that occurred after 2003! If the lower denoms were printed in 2003 as you state, then all of the notes you presently hold would also have the Kurdish language on them. Clearly they don't.

This is outlining a re-denomination which really really sucks. I truly wish they would consider a different route but they seem to be full steam ahead. I am quite concerned with the CBI's plan to facilitate fair exchange to international Dinar holders. Yes...US!

This really sucks. Do you really think Shabs cares about the folks holding Dinar outside the country?

[quadraph0nic]

This really sucks. Do you really think Shabs cares about the folks holding Dinar outside the country?

Well sometimes i feel like they sold their currency under this speculation to strengthen their reserves like they knew they were going to do this all along so they expanded the reserves, the money supply and after theyre done with that which they appear to be they will cut the money supply (our millions) but they still have our dollars in their foreign exchange reserve. When they complete this task the dinar should be just over a dollar if they go through with this without changing their monetary policy which as far as I can tell is full reserve or islamic banking whatever....

I don't like these articles

[Tiffani929]

Son of a ......

[shiFT_yourworld]

Sounds like a Redomination. Honestly if you get anything else out of that article your head is buried in the sand. The smaller denoms if printed in 2003 would not have the Kurdish language on them, how do I know you ask? Because our dinars don't have Kurdish on them. This is pretty black and white when it comes down to it. Now the question is, is it misinformation to cut down on speculation or actual truth. I believe the answer lies where the money is, the dinar dealers. Time will tell. I hope it's soon.

Edited June 23, 2011 by shiFT_yourworld

[FrankenSLI]

The only question I still ponder is what they will do for people with bank accounts? Cut three zeros from their accounts?? Or the people in country with large bills get screwed but the people in country with 50's are spared?? I would think they would find some sort of happy medium to quell these issues.

[emmet]

"Salih stressed that the "project to delete the zeros have been completed and will be presented--- to the management of the Central Bank of Iraq during its next meeting, ---and then will be submitted to the Council of Ministers ---to be presented to the House of Representatives for a vote," ---pointing out that "the mechanisms of switching and changing the currency would gradually be preceded by awareness campaigns to citizens. "

How many months will this action take? As slow as governments move this could be weeks.

[Danneedsrvnow]

CBI Board meets once a month according to this........

http://www.cbi.iq/documents/CBILAW-EN_f.pdf

Article 17

Actually it says "at least" once a month

[chris2k4]

The links dont show the article writed here, totally off topic..