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article on dd just posted about iraq printing new money


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RD is, by all appearances, happening or going to happen soon. BUT, it is a good thing because there is forward movement. When they complete their actions...we will still make money....that's the goal, isn't it? Make a little, some or a lot...it's good!

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This is good news IMO- If they are printing lower denoms then the value of the currency must be going up. Here is a simple example.

Their currency was devalued in 2004. Before the de-value let's say a loaf of bread cost 1 dinar. After the devalue the cost was 1,000 dinar.

Now they will be rolling out new lower denom. If the don't revalue then they would have to give the store owner one thousand of the new 1 dinar bills.

There is no logic for them to print lower denoms unless the value of their currency is increasing - otherwise they could just use the existing 1,000 denom bill.

Regarding our currency Shabibi has already stated that the 2 currencies will co-exist so don't worry about your existing currency. For example if you own a 25,000 bill then the re-value rate will be applied against that bill.

As a side note did you know that the US at one time had denoms greater than a $100 bill?

Take a look at this website: http://www.highdenomination.com/index2.asp

You will see bills as high as $10,000. You can still walk into your bank and deposit the higher denom bills.

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I translated the link YANNAVIA posted...

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.

(this is my fist post, btw.) :)

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This is good news IMO- If they are printing lower denoms then the value of the currency must be going up. Here is a simple example.

Their currency was devalued in 2004. Before the de-value let's say a loaf of bread cost 1 dinar. After the devalue the cost was 1,000 dinar.

Now they will be rolling out new lower denom. If the don't revalue then they would have to give the store owner one thousand of the new 1 dinar bills.

There is no logic for them to print lower denoms unless the value of their currency is increasing - otherwise they could just use the existing 1,000 denom bill.

Regarding our currency Shabibi has already stated that the 2 currencies will co-exist so don't worry about your existing currency. For example if you own a 25,000 bill then the re-value rate will be applied against that bill.

As a side note did you know that the US at one time had denoms greater than a $100 bill?

Take a look at this website: http://www.highdenom....com/index2.asp

You will see bills as high as $10,000. You can still walk into your bank and deposit the higher denom bills.

There currency was not devalued in 2004.....it crashed way before we invaded....due to inflation and saddam printing excessive amounts of dinar.....

Unfortunately it seems its not going to work out in the manner you desribed...they are submitting the plan to parliment for a redenomination....

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  • Central Bank declares its readiness to start deleting zeros from the Iraqi currency, and add the Kurdish language on the new المحرر: CC | AA Editor: CC | AA الخميس 23 حزيران 2011 14:02 GMT Thursday 23 حزيران 2011 14:02 GMT $(document).ready(function() { var IE6 = (navigator.userAgent.indexOf("MSIE 6")>=0) ? true : false; if(IE6) { $("#loop").hide(); } /* START: Image, Video, Audio */ $("#idPicture").click(function() { $("#idPicture").removeClass("blue_picture_news"); $("#idVideo").addClass("blue_videos_news"); $("#idAudio").addClass("blue_audio_news"); $("#idCaption").html($("#idPicture-Description").html()); $("#idPlayScroll").hide(); $("#idPlayVideo").hide(); if(!IE6) { $("#loop").show(); } $("#NewsDetialsBgImage").css("height",199); }); $("#idVideo").click(function() { $("#idPicture").addClass("blue_picture_news"); $("#idVideo").removeClass("blue_videos_news"); $("#idAudio").addClass("blue_audio_news"); $("#idCaption").html($("#idVideo-Description").html()); $("#idPlayScroll").hide(); $("#idPlayVideo").show(); $("#loop").hide(); $("#NewsDetialsBgImage").css("height",200); }); $("#idAudio").click(function() { $("#idPicture").addClass("blue_picture_news"); $("#idVideo").addClass("blue_videos_news"); $("#idAudio").removeClass("blue_audio_news"); $("#idCaption").html($("#idAudio-Description").html()); $("#idPlayScroll").show(); $("#idPlayVideo").hide(); $("#loop").hide(); $("#NewsDetialsBgImage").css("height",199); }); /* END: Image, Video, Audio */ }); 23866 http://www.alsumarianews.com/ NewsDetails 23866 http://www.alsumarianews.com/ NewsDetails <H5 style="TEXT-ALIGN: left; DIRECTION: ltr"></H5>السومرية نيوز/ بغداد Alsumaria News / Baghdad
    أعلن البنك المركزي العراقي ،الخميس، عن استعداده لحذف الأصفار من العملة العراقية، وفيما أكد أن هذه الخطوة تعتبر من الوظائف الاستراتيجية للبنك، أشار إلى أن العملة الجديدة ستحوي على اللغة الكردية بالإضافة إلى اللغة العربية. 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.
    وقال مستشار محافظ البنك المركزي العراقي مظهر محمد صالح في حديث لـ"السومرية نيوز"، إن "الأصفار التي أضيفت إلى العملة العراقية خلال الفترة الماضية، شكلت كتلة نقدية كبيرة بلغت 28 تريليون و500 مليار دينار عراقي وما يقارب خمسة تريليون ورقة نقدية"، مبينا أن "البنك هيأ كافة المستلزمات لحذف الأصفار من العملة". 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."
    وأضاف صالح أن "العملية تعتبر من الوظائف الاستراتيجية للبنك المركزي العراقي"، مشيرا إلى أن "السياسة النقدية للبنك تقوم على هيكلة وتقليص حجم العملة في بلد ينتقل إلى مرحلة الاقتصاد". 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."
    وأكد صالح أن "مشروع حذف الأصفار قد تم الانتهاء منه وسيتم عرضه على إدارة البنك المركزي العراقي خلال جلسته المقبلة، ومن ثم سيرفع أمام مجلس الوزراء ليتم عرضه على مجلس النواب للتصويت عليه"، لافتا إلى أن "آليات تبديل وتغيير العملة ستكون تدريجية تسبقها حملات توعية للمواطنين". 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. "
    وتابع صالح أن "العملة الجديدة التي سيتم طبعها بعد عملية حذف الأصفار ستحوي اللغة الكردية بالإضافة إلى اللغة العربية، فضلا عن بعض الصور التي تشير إلى تراث وحضارات العراق ورموز لعلماء ومفكرين عراقيين". 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."
    وكان محافظ البنك المركزي العراقي سنان الشبيبي أكد خلال اجتماع الهيئات المستقلة مع رئيس الوزراء نوري المالكي والذي عقد، في الـ19 من حزيران الجاري، استعداده لتهيئة كافة المستلزمات لاستبدال العملة العراقية. 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.
    يذكر أن البنك المركزي العراقي، يملك أربعة فروع في البصرة والسليمانية وأربيل والموصل، حيث تأسس كبنك عراقي مستقل بموجب قانون البنك المركزي العراقي الصادر في السادس من آذار عام 2004، وهو المسؤول عن الحفاظ على استقرار الأسعار وتنفيذ السياسة النقدية بما فيها سياسات أسعار الصرف وإدارة الاحتياطات الأجنبية وإصدار وإدارة العملة، إضافة إلى تنظيم القطاع المصرفي. 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.
    Thanks and yes this is great info!! Not to long now!!

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This is good news IMO- If they are printing lower denoms then the value of the currency must be going up. Here is a simple example.

Their currency was devalued in 2004. Before the de-value let's say a loaf of bread cost 1 dinar. After the devalue the cost was 1,000 dinar.

Now they will be rolling out new lower denom. If the don't revalue then they would have to give the store owner one thousand of the new 1 dinar bills.

There is no logic for them to print lower denoms unless the value of their currency is increasing - otherwise they could just use the existing 1,000 denom bill.

Regarding our currency Shabibi has already stated that the 2 currencies will co-exist so don't worry about your existing currency. For example if you own a 25,000 bill then the re-value rate will be applied against that bill.

As a side note did you know that the US at one time had denoms greater than a $100 bill?

Take a look at this website: http://www.highdenomination.com/index2.asp

You will see bills as high as $10,000. You can still walk into your bank and deposit the higher denom bills.

hopefully we can trust Shabs

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No worries! They are not replacing the high denominations we hold. They're collecting them + destroying most of them. They're printing lower denominations only, because they are now worth printing, because they'll be worth something after the imminent RV. We will get our just due from this investment, and more!

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There currency was not devalued in 2004.....it crashed way before we invaded....due to inflation and saddam printing excessive amounts of dinar.....

Unfortunately it seems its not going to work out in the manner you desribed...they are submitting the plan to parliment for a redenomination....

I have always differed with your viewpoint. Chinese refused to do the RV of their Yuan and the very next week they did it. These are the tactics used by the govt to demoralize people and make them sell their dinars till the very last minute. But what I honestly believe is, the stuff which has gone down should come up in the same direction in which it went. And the conditions are favouring for that to happen.

A national currency of a country, u think they're gonna devalue again by reducing their bills from 25K to 25Dinars, what will be the impression of huge Countries like US, India, China and all. Do you think that 25K dinar bill suddenly becomes 25 dinar and becomes much stronger than US without the knowledge of US citizens knowing the fact that their 25K dinar note is now 25 dinar. This is absolute cheat on the part of it's investors. Please understand the BFSI industry does not work as you said.

Michel! :)

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Is this credible "news"? Just because it is posted doesn't make it true. I will believe it when I SEE the new denoms.

Right on darlin, could not agree more. Any talk of "new Currency" is, IMO referring to lower denoms. For them to release a completely new currency would be political suicide. In other words....IT AIN'T GONNA HAPPEN!!!

Peace

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Right on darlin, could not agree more. Any talk of "new Currency" is, IMO referring to lower denoms. For them to release a completely new currency would be political suicide. In other words....IT AIN'T GONNA HAPPEN!!!

Peace

Why would it be political suicide?, Just curious. Why aren't they able to redominate and then begin the process of taking in all the large bills and replacing them with a lower denom with the kurdish language on it. I've said it before and I'll say it again. IF THE LOWER DENOMS WERE PRINTED IN 2003 ALONG WITH THE REST OF OUR BILLS, OUR 25k DINAR BILLS WOULD HAVE KURDISH LANGUAGE ON IT. I REALLY DON;t UNDERSTAND HOW THIS IS DIFFICULT TO UNDERSTAND.

I am however praying that every bone in my body is wrong about this recent article. Either way I'm ready to move on whether its a redomination or RV. Bring it CBI.

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