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CBI: Iraq needs a new system of payments and the distribution of the 100 salary does not affect the size of inflation

Thursday, June 23, 2011 13:25

Mohammed Saleh - CBI Advisor

The central bank on “the need for Iraq to a new system of payments in line with the next phase of its new financial and government plans to distribute the (100) salary does not affect the size of inflation in the country.”

The central bank adviser said the appearance of Mohammed Saleh told all of Iraq [where] on Thursday, said: “Iraq needs a system of payments again in light of the growing economic position and export of crude oil to the world and plans of the Ministry of Oil to raise Iraq’s production of oil in the coming years.”

He added that “the government’s efforts to distribute the loans and advances (100) will not affect the salary of the central bank plans to address and reduce inflation in Iraq if they spent in the field of real estate and other goods and that I act as money in the commercial market.”

And on the Bank’s issuance of currency equal to the value of percent U.S. dollar, the benefit of it “focus within the restructuring currency and Plan of deleting three zeros from the Iraqi currency, a project will facilitate cash transactions; because the handling of cash in Iraq is complex; due to the variation in currency exchange between the Iraqi dinar and U.S. dollar, which up to trillions of cash transactions and it needs to complicated calculations to find out the results of those Amuallamat in the profit and loss and others. “

He pointed out that “the value of the Iraqi dinar in the past was worth three dollars, and today as a result of conflicts and inflation reached more valuable currency in Iraq is the twenty-five thousand dinars to the twenty-three dollars, and this affects the value and volume of trade in Iraq.”

The Central Bank of Iraq has decided to restructure the local currency in order to develop the payment system in the country, and start execution of the strategic long-term, specializes in the restructuring of the local currency for the development of the payments system in Iraq.

And demands that the International Monetary Fund Iraq a number of economic measures including the privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq, if Iraq’s desire to receive support the International Fund.

http://wp.me/pZC7o-8N8

http://another site.wordpress.com/2011/06/23/cbi-currency-reconstruction-needed-to-ease-complex-transactions/

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CBI: Iraq needs a new system of payments and the distribution of the 100 salary does not affect the size of inflation

Thursday, June 23, 2011 13:25

Mohammed Saleh - CBI Advisor

The central bank on “the need for Iraq to a new system of payments in line with the next phase of its new financial and government plans to distribute the (100) salary does not affect the size of inflation in the country.”

The central bank adviser said the appearance of Mohammed Saleh told all of Iraq [where] on Thursday, said: “Iraq needs a system of payments again in light of the growing economic position and export of crude oil to the world and plans of the Ministry of Oil to raise Iraq’s production of oil in the coming years.”

He added that “the government’s efforts to distribute the loans and advances (100) will not affect the salary of the central bank plans to address and reduce inflation in Iraq if they spent in the field of real estate and other goods and that I act as money in the commercial market.”

And on the Bank’s issuance of currency equal to the value of percent U.S. dollar, the benefit of it “focus within the restructuring currency and Plan of deleting three zeros from the Iraqi currency, a project will facilitate cash transactions; because the handling of cash in Iraq is complex; due to the variation in currency exchange between the Iraqi dinar and U.S. dollar, which up to trillions of cash transactions and it needs to complicated calculations to find out the results of those Amuallamat in the profit and loss and others. “

He pointed out that “the value of the Iraqi dinar in the past was worth three dollars, and today as a result of conflicts and inflation reached more valuable currency in Iraq is the twenty-five thousand dinars to the twenty-three dollars, and this affects the value and volume of trade in Iraq.”

The Central Bank of Iraq has decided to restructure the local currency in order to develop the payment system in the country, and start execution of the strategic long-term, specializes in the restructuring of the local currency for the development of the payments system in Iraq.

And demands that the International Monetary Fund Iraq a number of economic measures including the privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq, if Iraq’s desire to receive support the International Fund.

http://wp.me/pZC7o-8N8

http://another site.wordpress.com/2011/06/23/cbi-currency-reconstruction-needed-to-ease-complex-transactions/

Thanks DRV...another great find. :twothumbs:

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It seems to me, if the 3 zeros are lifted from the IQD, then .00086 to 1 USD would change to .86 to 1 USD. If an Iraqi was being paid 234,000,000 IQD a year ($20,000 USD) before RV, then post RV he would be paid 23,400 IQD to equal $20,000 USD (or something similar). Today, both currencies are used, but because of the "fixed rate" of the Dinar, it takes a thousand times more Dinar to buy what a Dollar costs. (Hence, the 5,000 and 10,000 and 25,000 Dinar notes, instead of 1 Dinar, 5 Dinar, 10 Dinar, 20 Dinar, 50 Dinar and 100 Dinar. Even 1,000 Dinar were not needed with an abundance of 1 Dollar bills...)

Isn't that how the IQD would adjust relative to the USD? If 3 zeros are being lifted, or the 1,000 to 1 exchange is being changed to essentially 1 to 1, then employment contracts in IQD would be adjusted to reflect the new parity with USD.

Why couldn't large IQD in circulation co-exist for time as they get exchanged for smaller denoms? With the value of the IQD now equal with USD, it means you can use a 1 Dinar or a 1 Dollar note. The price of bread would not stay at 2300 Dinar, because then it would also cost 2300 Dollars. The Dinar would change relative to the Dollar, not vice versa. After an official RV, then Dinar in country could converted for Dollars according to the official exchange rate. All the Finance ministry has to do is broadcast the their national currency is now worth the same or MORE than the USD, the currency of their America conqueror. The proud Iraqi who wants all American gone, will gladly conduct business in Dinar exclusively, and charge a premium for Dollars if possible. Does that make sense?

You cannot simply lop the value off a 5,000 Dinar without also lopping the value of a 100 Dinar note. If you did, the 100 Dinar note would be worth a fraction of a penny. Does that make sense?

What does make sense is to change over to new value of currency, and therefor make the lower denoms worth something, and you only do that by making the large denoms worth much, much more. That requires exchanging for small denoms, and phases out the need to use USD 1, 5, 10, 20 and 100 notes. By making Dinar worth slightly more, there is no benefit to exhanging to USD unless traveling out of country.

I also can see that after an RV making the Dinar equal to the Dollar, lowering the amount of Dinar necessary to buy products by a factor of about 1,000 to 1, the CBI could then turn around and increase the value of the Dinar by tripling the value relative to the Dollar....making it 3.60 Dinar to 1 Dollar. That would then give Iraqi's 3 times the buying power of before, so then if they were being paid only 23,400 Dinar a year, it would then be equivalent to $60-70,000 USD.

Now that would make even those poor Iraqi much happier, putting them way ahead of inflation!

This is just my humble opinion, I am not a college graduate, but I adhere to the KISS philosopy of life.

God Bless America,,,,America, Bless God!

Read more: http://dinarvets.com/forums/index.php?/topic/71731-central-bank-declares-its-readiness-to-start-deleting-zeros-from-the-iraqi-currency/page__st__60#ixzz1Q8BpE9Xk

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Do you think if each one of us chipped in 1000 dinar and offered it to Shabbs he would come do a talk show with Phoenix and give full discloseure as to what these silly news articles mean since the translator on Google has me more confused than a Cubs fan at a world series game?

Peace

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Do you think if each one of us chipped in 1000 dinar and offered it to Shabbs he would come do a talk show with Phoenix and give full discloseure as to what these silly news articles mean since the translator on Google has me more confused than a Cubs fan at a world series game?

Peace

LOL Its worth a shot!! Although we might have better odds at a LOP than the Cubs makin it to the world series :P

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And demands that the International Monetary Fund Iraq a number of economic measures including the privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq, if Iraq’s desire to receive support the International Fund.

GO IMF!!!

cool.gif

Read more: http://dinarvets.com/forums/index.php?/topic/71763-more-currency-news/#ixzz1Q8hQYGaH

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Do you think if each one of us chipped in 1000 dinar and offered it to Shabbs he would come do a talk show with Phoenix and give full discloseure as to what these silly news articles mean since the translator on Google has me more confused than a Cubs fan at a world series game?

Peace

AHHH..... You just had to bring the Cubs into it...... thanks Munson!!!!! ;)

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Do you think if each one of us chipped in 1000 dinar and offered it to Shabbs he would come do a talk show with Phoenix and give full discloseure as to what these silly news articles mean since the translator on Google has me more confused than a Cubs fan at a world series game?

Peace

That was funny! :)

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Do you think if each one of us chipped in 1000 dinar and offered it to Shabbs he would come do a talk show with Phoenix and give full discloseure as to what these silly news articles mean since the translator on Google has me more confused than a Cubs fan at a world series game?

Peace

:lol: Good one TJ. :lol:

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