from currency newshound

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CBI: Currency reconstruction needed to ease complex transactionsPosted: June 23, 2011 by

Tags: Baghdad, Central bank, Central Bank of Iraq, Inflation, International Monetary Fund, Iraq, Iraqi dinar, Ministry of Oil 0CBI: 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.

[dinarhound]

It looks to me like this article is saying... "Iraq needs to RV currency so it will easily exchange with US Dollar" Of course I could be wrong.

[racprops]

It looks more like Iraq needs to remove the three zeros, it says it twice:

“focus within the restructuring currency and Plan of deleting three zeros from the Iraqi currency, a project will facilitate cash transactions;

AND

raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq

I have never liked this every time I read it.....and I have seen this kind of post for months.

[frankc]

My only concern is they are actually talking about it in the press. Does that worry any one else?

[Upgradable]

I read that this morning and thought it intriuging. My big suspicion regarding its veracity is that it is Saleh quoted, and he's been known to blow smoke before.

In the Chat forum, Kaperoni has a good perspective on this subject. He has a friend who has done translations of articles before, and I find that invaluable!

[pro1]

this article looks good!

[Bigboy0854]

The problem I've always had with this type of article is the translation form Arabic to English. I believe the meaning of "raise three zeroes from the local currency" is to lift or remove the three zeroes from the local currency. I have confirmation from a "Boots on the ground" source that the effort of removing of the three zero currency has been going on for several months.

[Upgradable]

Bigboy, have you read Kaperoni's chat? He has a bud who can translate accurately, and he has done so with a couple of these articles. It is in the Chat forum.