Are they really printing a new currency?

[speculatorsRIDE]

Found this from 2005 and it states that the lower denoms were printed when the current denoms that we hold were printed. So if we are to believe that they are printing a new currency, then the lower denoms they printed years ago and payed for, that have been stored for all these years would have been printed for nothing. I find this hard to believe. The current articles referencing re-denomination are smoke folks. Don't buy into all the hype. We have the 25k, 10k, 5k,1k, 500, 250, and 50 notes and the 25 and 100 coin for a total of 9 denoms. That leaves 5 more lower denoms that were printed and never released.

http://www.cipe.org/...ynopsis_ep6.pdf

Episode 6 Synopsis: The Financial Sector and Money Markets

Airdate: August 6, 2005

Featured Guests: Mr. Ali Hassan Abu Naila (Director General,

Exchange Department, Central Bank of Iraq), Mrs. Nibal Thanon Al-

Sai’gh (Director General, Transfer and Credits Department, Central

Bank of Iraq), Mr. Walled Eddy Abdul Nabi (Assistant Director

General, Exchange Department, Central Bank of Iraq), Mr. Hussam

Abid Ali (CEO of private bank: Economics Bank for Investments

and Funding), Mr. Moayad Basher Hadded (Financial Consultant),

and Dr. Emad Mohammad Ali (Professor of Economics, Baghdad

University).

The program discussed the financial sector and money markets in

Iraq, with a special focus on the role of the Central Bank of Iraq.

The program addressed the following topics:

• Regulation and stocking of Iraqi currency

• Monitoring of credits according to the general monetary

policies of the government.

• Fixing the rate of the Iraqi Dinar and fighting inflation

• Partnership opportunities between local and international

private banks

The three guests from the Central Bank discussed the bank’s

plan to enhance the Iraqi banking sector and financial markets

throughout 2006. They highlighted a series of steps that have

already been taken, including:

• Establishing the Central Bank’s independence from the

Ministry of Finance

• Training 70% of the bank’s staff on international best

practices

• Printing a series of 14 new Iraqi Dinar notes and coins

However, guests on the show representing private banks and the

private sector, as well as average Iraqis interviewed on the street,

voiced the following concerns about the policies of the Central

Bank:

• There is only one financial market within Iraq, the Iraq Stock

Exchange, which is dominated by a few key players.

• The procedures for participating in the Iraq Stock Exchange

are very cumbersome. For example, it takes 45 days for a

certificate to be issued to a new stockholder.

• Private banks require support from the Central Bank to

obtain training for their staff in areas such as information

technology, international best practices, and English.

• Checks issued by private banks are not accepted by state and

government entities.

Center for International Private Enterprise

1155 15th Street, N.W. • Suite 700 • Washington, DC 20005

iraq@cipe.org • (tel) 202-721-9200 • (f) 202-721-9250 • www.cipe.org

[Solarcloud]

Link broken sir.

[aszone]

You can read more about it here

[Carrello]

This is an interesting situation, and I cannot figure out why it has been stated the lower denoms have been printed and stored, and now they say they are reprinting, at great expense.

There are so many little side shows going on in this drama. How many books do you think will be written on this story?

[Dalite]

The new currency, when printed, will help satisfy Article 140; the Erbil Agreement...

It will contain Arabic as well as Kurdish.

The older lower denoms did not have the Kurdish requirement.

Not saying they won't use what was previously, but believe Article 140 needs to be met...

[speculatorsRIDE]

Lets try this link: http://www.cipe.org/regional/mena/iraq/pdf/bttv_synopsis_ep6.pdf

[Biker]

Well that saves time than, we dont have to wait for them to print money its all ready done. Just brings the RV closer as i see it.As long as it passes parlament we mite be home free.

[MovieMaker]

Yep, I remember reading this back then thanks for the reminder.

[RVDinar4MyFamily]

The new currency, when printed, will help satisfy Article 140; the Erbil Agreement...

It will contain Arabic as well as Kurdish.

The older lower denoms did not have the Kurdish requirement.

Not saying they won't use what was previously, but believe Article 140 needs to be met...

This is a major part of the arguement for new currency. It has been said over and over that the new currency will have the Kurdish language on it. It would seem pretty clear that they plan to introduce a new, redesigned, redenominated currency. The Question will be how they do it, and how it is used with the current denominations until they are removed from circulation. The articles today stating they are going to introduce a 100 dinar note to be the largest denomination and that they will introduce coins, points directly to this. We will have to wait and see if it is LIFT the Zeros or Delete th Zeros.

[FrankenSLI]

Perhaps release the already printed bills along witha a few to release in the Kurdistan region to satisfy the Kurds... Just an idea.

[quadraph0nic]

The 100,000 is coming get used to considering this idea....

[sandyf]

Perhaps release the already printed bills along witha a few to release in the Kurdistan region to satisfy the Kurds... Just an idea.

I think that you are on the right track. There was a lot of discussion towards the end of last year about an additional print with the Kurdish language for distribution in the Kurd area.

[LBFMlover]

I think that you are on the right track. There was a lot of discussion towards the end of last year about an additional print with the Kurdish language for distribution in the Kurd area.

.

interesting point,

.I remembered some years ago (like60) American Dollars had names of the States in upper left corners

[smee2]

The new currency, when printed, will help satisfy Article 140; the Erbil Agreement...

It will contain Arabic as well as Kurdish.

The older lower denoms did not have the Kurdish requirement.

Not saying they won't use what was previously, but believe Article 140 needs to be met...

No matter the cost to reprint, aside from the fact that these people can afford it, the issue of including the Kurdish language on the bills is one that is a MUST for some degree of political stability and would not be set aside. If the bills printed in 2005 did not have this, and it is my understanding they did not and the inclusion of Kurdish was just decided a little over a year or so ago, then it makes sense that they would make a nice little bonfire with the old/new notes and reprint. Also, since 2005, seven years have passed. Every six months there is a new development in currency security. We are usually going Oooh and Aaah when our money is reprinted because it holds so much more in the security line, but in reality we could reprint every year and have something "new" incorporated into the security features.

So, all in all, I do not see any problem at all with them trashing whatever they printed in 2005. And we did get a lot of input about seven months ago or so about planeloads and truckloads of the Kurdish/Iraq bills being brought in to Iraq to await the RV.

smee2

[RICK C]

Perhaps this might be of some help=http://www.cbi.iq/index.php?pid=Banknotes

[MrFnHappy]

No matter the cost to reprint, aside from the fact that these people can afford it, the issue of including the Kurdish language on the bills is one that is a MUST for some degree of political stability and would not be set aside. If the bills printed in 2005 did not have this, and it is my understanding they did not and the inclusion of Kurdish was just decided a little over a year or so ago, then it makes sense that they would make a nice little bonfire with the old/new notes and reprint. Also, since 2005, seven years have passed. Every six months there is a new development in currency security. We are usually going Oooh and Aaah when our money is reprinted because it holds so much more in the security line, but in reality we could reprint every year and have something "new" incorporated into the security features.

So, all in all, I do not see any problem at all with them trashing whatever they printed in 2005. And we did get a lot of input about seven months ago or so about planeloads and truckloads of the Kurdish/Iraq bills being brought in to Iraq to await the RV.

smee2

A few days ago, Bondlady was discussing the unreleased denoms in another thread and I posted the CIPE link for her because some doubted that they were ever printed, and now it will get turned into a reason for an rv. Well, that may, or may not be the case.......the smaller denoms could be just as easily used for an rd as for an rv.

Regardless, I agree with you smee, they will most likely just trash them because of the lack of Kurdish language on them. If I'm not mistaken, the addition of the Kurdish language was added when they wrote their constitution after the printing and release of the current currency in circulation.

[gregp]

This is an interesting situation, and I cannot figure out why it has been stated the lower denoms have been printed and stored, and now they say they are reprinting, at great expense.

There are so many little side shows going on in this drama. How many books do you think will be written on this story?

Wow. That's what I've been wondering.

[buildingafortune]

New poster here so please bear with me if already covered else where.

Question 1, has anyone actually seen the lower denoms?

#2 - of the amount of currency originally printed, how much is actually in circulation vs held in reserves (including lower denoms)?

#3 - is it possible that the the lower denoms are part of their original "long term plan" as the currency increased in value to replace the higher bills with the lower ones?

[RVnow4meplease]

Thanks for the post. But there really, really need to get it done.

[hoosier1470]

I believe they will release the lowers.....RV...then in the near future...release new currency! They get things done, and also creates our window for cashin...probably about 3 months! Perfect timing!

[sheepdog]

Terminology: Lifting the 0's verses deleting the 0's. Anyone know What the difference is on the out come of our investment?

[MrFnHappy]

Terminology: Lifting the 0's verses deleting the 0's. Anyone know What the difference is on the out come of our investment?

Some will say there is a difference, but there isn't one. Lift, delete, or raise all amount to the same thing (not what we want).

[blknblu4evr]

No one will know, until it happens, how this will play out. I am hoping for the best scenario for all of us... thats for sure. I am hoping they issue the lower currency after the revalue and slowly pull the larger bills out of circulation as people cash them in. The United States has reprinted or changed our own currency many times will no change in value or any disruption...... the 100, 20, 10 and 5 dollar bills have all been changed in the recent past. Why couldn't Iraq release the new bills and recover the old as they came back to the banks? Just a thought. Take care and good luck to us all.

Blknblu4evr

[westy33567]

No matter the cost to reprint, aside from the fact that these people can afford it, the issue of including the Kurdish language on the bills is one that is a MUST for some degree of political stability and would not be set aside. If the bills printed in 2005 did not have this, and it is my understanding they did not and the inclusion of Kurdish was just decided a little over a year or so ago, then it makes sense that they would make a nice little bonfire with the old/new notes and reprint. Also, since 2005, seven years have passed. Every six months there is a new development in currency security. We are usually going Oooh and Aaah when our money is reprinted because it holds so much more in the security line, but in reality we could reprint every year and have something "new" incorporated into the security features.

So, all in all, I do not see any problem at all with them trashing whatever they printed in 2005. And we did get a lot of input about seven months ago or so about planeloads and truckloads of the Kurdish/Iraq bills being brought in to Iraq to await the RV.

smee2

True they could do that or they could either start off with the currency they have and phase in the new currency, or as was talked about introduce the kurdish version in that area, and eventually the rest of the country.

[zaborniake]

I don't understand the issue here. So what if they print new lowers? They aren't changing anything about the notes except the Kurdish language.