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Central Bank: the deletion of zeros from the Iraqi currency has nothing to do public prices or exchange rate


dflake
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Central Bank: the deletion of zeros from the Iraqi currency has nothing to do public prices or exchange rate

Sunday, June 26, 2011 10:43

iiiii.jpg

[Diwaniyah - Where]

A Deputy Governor of Central Bank of Iraq, Ahmed Ibrihi that "the deletion of zeros from the Iraqi currency has nothing to do at the exchange rate and prices."

Ibrihi said in a statement to the Agency all of Iraq [where] on Sunday, said: "Some people imagine that the state wants to influence prices or exchange rates (a reduction or waiver) by the deletion of zeros and this is not true."

He added that "the deletion of zeros nothing to do with price and exchange rate and that the addition of larger groups of the currency does not require the deletion of zeros."

He continued that "it is not expected to convene official in the state to promote a false consciousness about life and the promotion of economic illusions create disorder."

It should be noted that the "plan of deleting three zeros from the Iraqi currency is one of the proposed projects. Emphasizes economists that this 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 the U.S. dollar, which could reach the cash transactions to the trillions the require complex calculations to see the results of those transactions in the profit and loss, and others. "

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.

The "International Monetary Fund calls 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 the support of the International Fund." Ended 23

http://translate.goo...lrF7pOrGtYvpilw

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Financial representative denies mentioning the issue of changing the Iraqi currency

26/06/2011 10:48

Sulaimaniya, June 26 (Rn) - A member of the Finance Committee in the House of Representatives of Iraq, that the committee did not address the issue until now to change the Iraqi currency.

Iraqi dinar, Iraq money She said Najiba Najib told the Kurdish news agency (Rn) that he "had not been talking so far in the Finance Committee representative on the issue of changing the Iraqi currency, having met some time ago the Governor of Central Bank of Iraq and the Minister of Finance, has not had discussions in this regard so far."

She Najiba that "the Iraqi dinar exchange rate compared with the U.S. dollar is stable at the present time, the central bank could maintain the stability of the Iraqi dinar exchange rate against the dollar."

"The currency change would not cause a rise in the value Aldenarabraghi, and there are a number of accounting measures should be taken by the central bank, in order to stabilize the dinar exchange rate, including the buying and selling bonds, and dealing with international banks in various countries."

In order to obtain additional information on this subject, tried (Rn) Contact agent of the Ministry of Finance of Iraq, but Almmhaullac failed to connect.

And we are talking some time ago in the Iraqi media regarding the change of currency, and issuing a new currency, and is noted that there are changes will occur in the form of new Iraqi currency, including the removal of zeros, and the inclusion of the Kurdish language to the Arabic language in the currencies.

He was adviser to the CBI the appearance of Mohammed Saleh, said in an earlier statement (Rn) that "the central bank decided to Aelchora the execution of the strategic and long-term, in order to reorganize the Iraqi currency and the currency system in the development of the country."

"The central bank began to raise the value of the Iraqi dinar, the currency and the issuance of a large class of equivalent value (100) the American dollar is likely to contribute to bridging the economic gap in the financial system in the country." Noting that "the project in progress, and needs to support the government and the parliament."

He expressed the IMF in August / August, during the implementation of a number of economic measures, support for the Iraqi economy, in the privatization of banks, and the removal of zeros from the Iraqi currency, and the granting of loans and compensation.

There has been several changes to the Iraqi currency, was most recently in 2004, after it was rejected by the currency back to the reign of the former regime.

Dilshad of Sayf al-Din, see: Wafaa Zangana

http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=auto&tl=en&u=http%3A%2F%2Fwww.aknews.com%2Far%2Faknews%2F2%2F248581%2F

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Do they think we are fools? if a 10K note can buy them a loaf of bread and then now when they delete the zeroes off, it's a 10 dinar note, do u think we are fool that the purchasing power is not increased??

It's simple people, if they do 10K dinar to 10 dinar, they need to increase the exchange rate or else how can they import or export.. Common Sense.. They're hurting our common sense by coming out with these articles.

Michel! :)

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Do they think we are fools? if a 10K note can buy them a loaf of bread and then now when they delete the zeroes off, it's a 10 dinar note, do u think we are fool that the purchasing power is not increased??

It's simple people, if they do 10K dinar to 10 dinar, they need to increase the exchange rate or else how can they import or export.. Common Sense.. They're hurting our common sense by coming out with these articles.

Michel! :)

Exactly, a typical smoke and mirror campaign

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I don't know what this means, but the CBI link to the exchange rates does not work and gives an explorer page of not being able to display.

http://www.cbi.iq/do...GE_AUCTIONS.pdf

I tried it earlier today and it was just giving me a blank page with no numbers but now it does not work at all. GLTA

It's working now for me. Thanks for the post. GO RV!!!smile.gif

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Hmmmmm....this reminds me of Kuwait's full page ad that they released in their newspaper that they would not revalue their currency....and of course, later in the day, they revalued their currency. Either they are telling the truth....or they are lying...I am hoping for the latter.

Shabibi mentioned in his speech in the US this past April that raising the zeros and an RV were very closely related.

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Hmmmmm....this reminds me of Kuwait's full page ad that they released in their newspaper that they would not revalue their currency....and of course, later in the day, they revalued their currency. Either they are telling the truth....or they are lying...I am hoping for the latter.

Shabibi mentioned in his speech in the US this past April that raising the zeros and an RV were very closely related.

I agree with you. All their articles are contradictory. We just won't know until they do it. And shabibi did mention that removing the zeros and the exchage rate change would happen simultaniously so this article is pointless.

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Normally, I try and breakdown articles and create as many scenarios as possible. In this case, it's beginning to be clear to me that they are trying to create confusion and blurry the upcoming event as much as possible. I say, let's just sit back and let this unfold. I doubt very highly that we will be disappointed, unless we are looking for a $3 rate right out of the gates. That, I doubt..

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Brought over from another site. Blah. Doesn't sound good.

A Deputy Governor of Central Bank of Iraq, Ahmed Ibrihi that “the deletion of zeros from the Iraqi currency has nothing to do at the exchange rate and prices.”

Ibrihi said in a statement to the Agency all of Iraq [where] on Sunday, said: “Some people imagine that the state wants to influence prices or exchange rates (a reduction or waiver) by the deletion of zeros and this is not true.”

He added that “the deletion of zeros nothing to do with price and exchange rate and that the addition of larger groups of the currency does not require the deletion of zeros.”

He continued that “it is not expected to convene official in the state to promote a false consciousness about life and the promotion of economic illusions create disorder.”

It should be noted that the “plan of deleting three zeros from the Iraqi currency is one of the proposed projects. Emphasizes economists that this 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 the U.S. dollar, which could reach the cash transactions to the trillions the require complex calculations to see the results of those transactions in the profit and loss, and others. “

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.

The “International Monetary Fund calls 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 the support of the International Fund.”

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

Edited by shiFT_yourworld
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I am not sure, but I believe the next to the last paragraph may have some meaning for us.....cash transactions in the trillions?

I don't understand some of their statements, could anyone translate for me?

It states: "Emphasizes economists that this 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 the U.S. dollar, which could reach the cash transactions to the trillions the require complex calculations to see the results of those transactions in the profit and loss, and others."

Am I reading it wrong?

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I dont see how one has nothing to do with the other. If they delete the zeroes and start using lower denoms they won't be able to do daily business wih small denoms if they don't change their rate of exchange. I think the revaluation will come before or at the same time, IMO thats the only way ths will work for them.

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Thank you Dflake for the article. By looking at the picture of Dinar bundles... it would appear there is a shortage of Rubber Bands. Perhaps that is another place we can mutually invest in Iraq. Making a rubber band factory. I will add it to our list guys.:D

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It should be noted that the "plan of deleting three zeros from the Iraqi currency is one of the proposed projects.

Read more: http://dinarvets.com.../#ixzz1QPHXjUkN

Dont get the cart before the horse folks one word sticks out here "proposed" they haven't set any action in motion yet. We have to many articles starting to contradict. Appears everybody has a plan that they are trying to get support for. Kinda like Democrats vs Republicans.

Edited by bald1
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Sounds to me like an in country lop. Remember theat the IQD is not an internationally recognized currency. As such they can do whatever the heck they want in country before they hit the big stage. That way they can release the lower denoms and collect all the 000's in Iraq before they go international with the currency and open the flood gates.

This could be a very good thing for us. IMO. Fingers crossed!

Peace

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