Iraq is seeking to restructure the currency

[Markinsa]

Wednesday, 06/29/2011

Last Updated:1:23 AM Doha time

Iraq is seeking to restructure the currency 28/06/2011

IRIN - Baghdad

In a move aimed at the development of the payments system of

Iraq, the Iraqi Central Bank announced recently a plan to restructure the local

currency by raising the level of the local currency and the development of new

categories of paper.

He justified the appearance of the central bank adviser Mohammed

Saleh, a move that the Iraqi dinar has suffered through two decades of

significant deterioration.

Speaking of the island, Saleh said that the dinar is now behind

a structure is not commensurate with the payments system in the country of Iraq,

so it is in need of large currency transactions large and small need to exchange

for small transactions.

He added that the value of the dinar is stabilizing, especially

after the central bank reserves rose sharply and reached to nearly $ 250

billion, offset by the development in the country's oil exports.

Implementation mechanisms

and the mechanisms for the implementation of the project say the

benefit would be short blocks large cash in the categories of smaller but the

volume of purchases by large, commensurate with the nature of payments in the

country, adding that the accounting system and accounting firms, banks and even

a general budget of the Iraqi state has become read trillions, of this endeavor

government to create a mass of small cash, but met with great goods.

He pointed out that the project put forward by the Governor of

the Central Bank on the twentieth of this month during a session of the Council

of Ministers, has won the approval of the Council, is expected by the issuance

of special legislation to be implemented in stages.

He pointed out that the benefit of the new currency will be in

three languages: Arabic, Kurdish and English. stability and to link financial

expert and director of the National Bank of Warka Mohammed al-Samarrai success

of the project's political stability and security in the country.

The Samurai of the island revealed that the deletion of three

zeros from the Iraqi currency is aimed to get rid of the vast amount of the cash

block.

And whether the oil pipeline project, Samarrai said that would

address the accumulations of the past and the massive inflation in the country,

saying that the adoption of the much-delayed and that its implementation would

encourage investors.

And the impact of this project on the performance of private

banks, see Samurai that will help improve the performance of banks in terms of

the volume of money supply which are traded and transported, as well as in terms

of security would be better.

It is noteworthy that Iraq has seen since the great inflation of

1980-1988 war with Iran and the Gulf War of 1991 and the period of the siege,

which lasted more than 13 years.

Has seen the annual inflation index for the year 2010, down

significantly compared to years that preceded it, where the ratio of the index

of 3% in 2010 compared with 53% in 2006, and 7% in 2009.

[pokerplayer]

All these articles about the 3 zeros are really starting to make my head spin.

Thxs for the post

pp

[sandyf]

He pointed out that the project put forward by the Governor of

the Central Bank on the twentieth of this month during a session of the Council

of Ministers, has won the approval of the Council, is expected by the issuance

of special legislation to be implemented in stages.

Does this mean it is done or a vote still required. They haven't been in session since the 19th.

[bald1]

raising the level of the local currency and the development of new

categories of paper.

deletion of three

zeros from the Iraqi currency is aimed to get rid of the vast amount of the cash

block.

Sounds like the deletion of zeros will be the deletion of large bills. As we have been expecting NO LOP!!!!

[FrankenSLI]

I guess I wait and see. 50% / 50% RD/RV

[tilak]

All these articles about the 3 zeros are really starting to make my head spin.

Thxs for the post

pp

LOL drink a bunch of alcohol

GO RV

[stenz68]

raising the level of the local currency and the development of new

categories of paper.

deletion of three

zeros from the Iraqi currency is aimed to get rid of the vast amount of the cash

block.

Sounds like the deletion of zeros will be the deletion of large bills. As we have been expecting NO LOP!!!!

That's is what it says, NO LOP!! I agree 100%

[VanessaL4100]

hahaha wow. i love the news Iraq puts out. Just 4 or 5 days ago they said, "Iraq DENIED any Change in their Currency." This just shows that we can't really believe everything we read, since today this article pretty much changed Denied to IS in the article headline. lol

[429]

raising the level of the local currency and the development of new

categories of paper.

deletion of three

zeros from the Iraqi currency is aimed to get rid of the vast amount of the cash

block.

Sounds like the deletion of zeros will be the deletion of large bills. As we have been expecting NO LOP!!!!

Agree with you and stenz68.

Go RV

[BOSTON69]

THANK EACH AND EVERYONE OF YOU FOR YOUR RESEARCH. I TRULEY APPRECIATE YOUR TIME AND CONSIDERATION !

OFF TO WORK WE GO.

THANKS,

RICHIE V.

[rich daniels]

S said it had to be passed by concil of ministers (done) and the big S just said so in the about statment

and then passed by parliment (?) sounds pretty confident there too

smalls are on the way, when they get here we shall see lol

sounds good to me

that is all my little brain can do if there is a bigger brain out there

explain where i should be paying attention othere than that

peace brother

[tamiflyer]

Good one. IMO, the CBI wants all the big bills back so once the RV happens, these bills will be used only for intertrade between banks and not for the general public.

[nowhammies]

Did anyone catch that the reserves are now up to 250 billion? Last I knew they were saying 50 billion.

DFI funds maybe? Hmmm

[2fast4u2c]

Frank....that is your best post yet....+1

[FrankenSLI]

Did anyone catch that the reserves are now up to 250 billion? Last I knew they were saying 50 billion.

DFI funds maybe? Hmmm

I caught that too. Either DFI or they have been lying to us about how poor they are. :-)

[coldwarvet]

I agree with Vanessa. Take ANY of these articles with large grains of salt. Thanks for the post, though, Markinsa.

[Kanga]

Did anyone catch that the reserves are now up to 250 billion? Last I knew they were saying 50 billion.

DFI funds maybe? Hmmm

Interesting, maybe, but I thought DFI was returning on the 30th of June. So much Information, but looking likely it will RV soon.

[carlablum]

Iraq is seeking to restructure the currency

In a move aimed at the development of the payments system of Iraq, the Iraqi Central Bank announced recently a plan to restructure the local currency by raising the level of the local currency and the development of new categories of paper.

He justified the appearance of the central bank adviser Mohammed Saleh, a move that the Iraqi dinar has suffered through two decades of significant deterioration.

Speaking of the island, Saleh said that the dinar is now behind a structure is not commensurate with the payments system in the country of Iraq, so it is in need of large currency transactions large and small need to exchange for small transactions.

He added that the value of the dinar is stabilizing, especially after the central bank reserves rose sharply and reached to nearly $ 250 billion, offset by the development in the country's oil exports.

Implementation mechanisms

And mechanisms for the implementation of this project, says the benefit would be short blocks large cash in the categories of smaller but the volume of purchases by large, commensurate with the nature of payments in the country, adding that the accounting system and accounting firms, banks and even a general budget of the Iraqi state has become read trillions, of this government is seeking to create mass of small cash, but met with great goods.

The appearance of favor: a structure behind the dinar is not commensurate with the payments system (Alice)

He pointed out that the project put forward by the Governor of the Central Bank on the twentieth of this month during a session of the Council of Ministers, has won the approval of the Council, is expected by the issuance of special legislation to be implemented in stages.

He pointed out that the benefit of the new currency will be in three languages: Arabic, Kurdish and English.

Stability

And linking financial expert and director of the National Bank of Warka Mohammed al-Samarrai success of the project's political stability and security in the country.

The Samurai of the island revealed that the deletion of three zeros from the Iraqi currency is aimed to get rid of the vast amount of the cash block.

Samurai: write off three zeros from the dinar aims to get rid of the vast amount of the cash block (Alice)

And whether the oil pipeline project, Samarrai said that would address the accumulations of the past and the massive inflation in the country, saying that the adoption of the much-delayed and that its implementation would encourage investors.

And the impact of this project on the performance of private banks, see Samurai that will help improve the performance of banks in terms of the volume of money supply which are traded and transported, as well as in terms of security would be better.

It is noteworthy that Iraq has seen since the great inflation of 1980-1988 war with Iran and the Gulf War of 1991 and the period of the siege, which lasted more than 13 years.

Has seen the annual inflation index for the year 2010, down significantly compared to years that preceded it, where the ratio of the index of 3% in 2010 compared with 53% in 2006, and 7% in 2009.

Source:

http://aljazeera.net/NR/exeres/CA2BEA22-9731-48B5-BA78-F543C77EF494.htm

Edited June 29, 2011 by carlablum

[2fast4u2c]

Seriously?! This has been posted several times and your translator isn't very good.

Nice try tho...

[Bumper64]

In a move aimed at the development of the payments system of Iraq, the Iraqi Central Bank announced recently a plan to restructure the local currency by raising the level of the local currency and the development of new categories of paper.

He justified the appearance of the central bank adviser Mohammed Saleh, a move that the Iraqi dinar has suffered through two decades of significant deterioration.

Speaking of the island, Saleh said that the dinar is now behind a structure is not commensurate with the payments system in the country of Iraq, so it is in need of large currency transactions large and small need to exchange for small transactions.

He added that the value of the dinar is stabilizing, especially after the central bank reserves rose sharply and reached to nearly $ 250 billion, offset by the development in the country's oil exports.

The appearance of favor: a structure behind the dinar is not commensurate with the payments system (Alice)

Implementation mechanisms

And mechanisms for the implementation of this project, says the benefit would be short blocks large cash in the categories of smaller but the volume of purchases by large, commensurate with the nature of payments in the country, adding that the accounting system and accounting firms, banks and even a general budget of the Iraqi state has become read trillions, of this government is seeking to create mass of small cash, but met with great goods.

He pointed out that the project put forward by the Governor of the Central Bank on the twentieth of this month during a session of the Council of Ministers, has won the approval of the Council, is expected by the issuance of special legislation to be implemented in stages.

He pointed out that the benefit of the new currency will be in three languages: Arabic, Kurdish and English.

Stability

And linking financial expert and director of the National Bank of Warka Mohammed al-Samarrai success of the project's political stability and security in the country.

The Samurai of the island revealed that the deletion of three zeros from the Iraqi currency is aimed to get rid of the vast amount of the cash block.

Samurai: write off three zeros from the dinar aims to get rid of the vast amount of the cash block (Alice)

And whether the oil pipeline project, Samarrai said that would address the accumulations of the past and the massive inflation in the country, saying that the adoption of the much-delayed and that its implementation would encourage investors.

And the impact of this project on the performance of private banks, see Samurai that will help improve the performance of banks in terms of the volume of money supply which are traded and transported, as well as in terms of security would be better.

It is noteworthy that Iraq has seen since the great inflation of 1980-1988 war with Iran and the Gulf War of 1991 and the period of the siege, which lasted more than 13 years.

Has seen the annual inflation index for the year 2010, down significantly compared to years that preceded it, where the ratio of the index of 3% in 2010 compared with 53% in 2006, and 7% in 2009.

Source: Al Jazeer

http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Faljazeera.net%2FNR%2Fexeres%2FCA2BEA22-9731-48B5-BA78-F543C77EF494.htm

[1978parker]

What????

Oh, thanks bumper64 that's better

Edited June 29, 2011 by 1978parker

[Bumper64]

Thanks Carla for the post and for cleaning it up for us!!

What????

Oh, thanks bumper64 that's better

your welcome!

[OhioTom1]

Thank you Carla.. the link opened and it is in English.

[carlablum]

Thanks Carla for the post and for cleaning it up for us!!

your welcome!

Your welcome but I just noticed it was posted this morning.. So sorry!

I sure wish I could use my Whats New button