This repealed the law under the Iraqi Central Bank Law No. 56 of 2004

[patriotic party girl]

Part IV

Currency

Article 32

1 - The unit of currency in the Republic of Iraq is the Iraqi dinar, and composed a thousand equal part, each resort called him (fils).

2 - equivalent to the value of the Iraqi dinar (2.48828) grams of pure gold.

3 - may be a presidential decree, on the proposal provided by the Bank to change the value of offsetting referred to in paragraph (2) of this Article, in cases of emergency conditions that the national economy's vulnerability to risks.

Article 33

1 - each sale is being or fulfillment or any other financial obligation in the Republic of Iraq in Iraqi dinars, and must be written by all the support, contract or document whatever, or if they contain called a financial commitment.

2 - may be used for the purposes of foreign currency mentioned in paragraph (1) of this Article, provided it is done in accordance with the provisions of this Law and the regulations and instructions issued thereunder.

Article 34

Bank is the only body authorized to issue currency in the Republic of Iraq, which is the only legal currency of the exculpatory edema, taking into account the provisions of Article 36 of this Law.

Therefore, in order to include the following: -

1 - take the measures necessary for the printing of banknotes and minting coins made available for circulation.

2 - to issue or reissue or replacement of banknotes and coins at its center and its branches and agents.

3 - take the necessary measures for the withdrawal of the banknotes or coins that are no longer fit for circulation.

4 - to cancel and annul and destroy banknotes withdrawn from circulation, or in his possession.

Article 35

1 - banknotes issued on behalf of the bank, and signed by the Governor.

2 - consisting of cash securities Manalviat the following: -

Quarter of a dinar, half a dinar, one dinar, five dinars, ten dinars, and twenty-five dinars.

3 - of the bank to issue banknotes to other categories, in addition to the categories provided for in paragraph (2) of this Article.

4 - identify shapes and drawings, designs and other specifications of the banknotes, a presidential decree.

Article 36

1 - coining the bank and issued coins for use in the Republic of Iraq, and has the same purpose minting commemorative coins to mark the occasions of national or a national or international, historical, or scientific, with the possibility of selling all the coins out of Iraq at more than face value, as determined by the Bank, either coins model , as determined by the Bank, either coins model may be sold inside and outside Iraq at more than face value, as determined by the Bank as well, and the Bank of the allocation of all or part of the proceeds from commemorative coins (the typical and ordinary), to international organizations, or regional, or institutions scientific, or charitable in Iraq and the Arab countries.

2 - had Akiem and descriptions, sizes and weights and forms of coins mentioned in paragraph (1) of this article, and installation of metal, and the percentage variation allowed in terms of weight and mineral composition, by presidential decree.

3 - coins that are legal tender issued by the Bank, and has a strong discharge unless he has obtained disposed illegally, according to paragraph (5) of this Article within the following limits: -

A - unlimited coins for a five dinars and above.

B - Reduction of fifty dinars coins from the category of one dinar.

C - Reduction twenty dinars for the coins of five hundred fils categories, or two hundred and fifty-penny, or cent fils, or fifty fils.

D - limit of five dinars for the coins from the category of less than fifty fils.

4 - the official departments and all the semi-official, to accept the coins issued by the Bank of any amount was, If it does not dispose of them illegally, according to paragraph (5) of this Article.

5 - is unlawful for the purposes of this law, if damaged coins or small, or cut down or reduced or distorted because of the use is not due to normal, and the Bank of such coins withdrawn from circulation and cut or broken or destroyed or re-minting.

6 - only the right bank of melting coins and the sale of minerals, or re-minting Almeskumat withdrawn from circulation, or in his possession.

Article 37

1 - Alpmk not required to pay compensation for paper money lost, stolen or destroyed or mutilated in whole or in part, has to pay, in accordance with conditions established by the compensation for such securities, and claim expenses that may ensue.

2 - do not need the bank to pay compensation for the lost coin, stolen or destroyed or disposed of illegally, he may pay, in accordance with conditions established by the compensation for such coins.

Article 38

Takes note of the bank's public statement published in the Official Gazette, declares with other media, types and specifications of the currency you decide to put in circulation.

Article 39

1 - The Bank Ashabr any class of issued currency from circulation, for the purpose of replacement, and to compensate the nominal value of legal process, in a statement published in the Official Gazette, declares with other media, taking into account the following: -

A - set the appropriate time limit to replace, not less than thirty days and not more than two years.

B - The category to decide the currency withdrawn illegally from the expiration of the replacement mentioned in paragraph (a) of this Article, the holder can be replaced with the bank and its branches only in the Republic of Iraq within five years from the date of publication of a statement withdrawing them in the Official Gazette.

2 - pay the bank after a period of five years mentioned in paragraph (1 - of this Article, to the Public Treasury, which decides the value of currency withdrawn, that were not brought him to replace, and reduce the amount paid from the account of the currency in circulation.

Article 40

1 - The Bank maintains assets as cover for a currency, not less than its value in no time for the full value of the banknotes and coins (other than commemorative coins) that are in circulation.

That those assets consist of all or some of the following items, as decided by the Council: -

A - gold bullion and / or gold coins.

B - foreign currencies convertible in cash or securities or assets, and defended or certificates of deposit.

C - money orders or treasury bonds issued by the Arab governments or foreign organizations or international financial or monetary editor in convertible currencies, that does not exceed a maturity of ten years from the date of acquisition by the Bank.

D - Assets of special drawing rights arising under the Convention on the International Monetary Fund.

E - Iraq creditor balances in foreign currencies for payment agreements or clearance or any other economic agreements.

And - transfers treasury Awsndhat the Iraqi government or bonds secured by it.

G - bonds, loans granted by the Bank under Article 2 of the twenty-guarantee from the Minister of Finance.

2 - should not be less than the sum of assets mentioned in paragraphs (a - e) (1) of this rule at any time of the (50%) fifty percent of the currency in circulation.

http://www.iraq-ild.org/LoadLawBook.aspx?SP=&SC=120120066646396&PageNum=2

Edited July 6, 2011 by patriotic party girl

[vern]

So are they saying the Dinar aint worth anything? ... It will be a long time before it will pay out. Wheels grind slow over there----must be the sand in the gears -

[tamiflyer]

How old is this?

[IQD1217]

Please explain this to me patriotic party girl thanks

[patriotic party girl]

Please explain this to me patriotic party girl thanks

I wish i could was digging around in there laws and the revisments of them came across the one for the cbi bank started reading them and seen where they said 1 5 10 notes thought i would share it to see what everyone thought about it .

[MAW33326]

This is possibly stating the new denoms that will be incorporated to assist in the ability for the iraqi people to buy say a loaf of bread after rv.

They have to have higher denoms for larger transactions, hence the ones that currently exist.

They have already stated that, before removing the zeros, both currencies will co-exist and the zeros will slowly be phased out of circulation.

We are ok.... Just relax... good things will come to those that wait....

[Serenity]

Did you guys notice this? Article 32

1 - The unit of currency in the Republic of Iraq is the Iraqi dinar, and composed a thousand equal part, each resort called him (fils).

2 - equivalent to the value of the Iraqi dinar (2.48828) grams of pure gold.

3 - may be a presidential decree, on the proposal provided by the Bank to change the value of offsetting referred to in paragraph (2) of this Article, in cases of emergency conditions that the national economy's vulnerability to risks.

Read #2

[patriotic party girl]

How old is this?

Legislation was added to Iraq until the month of April 2011

[coolbeans]

Part IV

Currency

Article 32

1 - The unit of currency in the Republic of Iraq is the Iraqi dinar, and composed a thousand equal part, each resort called him (fils).

2 - equivalent to the value of the Iraqi dinar (2.48828) grams of pure gold.3 - may be a presidential decree, on the proposal provided by the Bank to change the value of offsetting referred to in paragraph (2) of this Article, in cases of emergency conditions that the national economy's vulnerability to risks.

.

http://www.iraq-ild.org/LoadLawBook.aspx?SP=&SC=120120066646396&PageNum=2

1 troy oz = 31.1034768 grams

1 0z of gold today = $1,517

So (2.48828) grams of pure gold today = $120

So at todays gold rates 1 IQD = $120

Wait till Okie hears this!

[dinarx2]

At that rate (2.48828 grams of gold) a dinar would be worth 130.00 dollars

Wouldn't that be nice but very unlikely

[The RockStar]

1 troy oz = 31.1034768 grams

1 0z of gold today = $1,517

So (2.48828) grams of pure gold today = $120

So at todays gold rates 1 IQD = $120

Wait till Okie hears this!

hahaha Im not waiting on Okey to chime in .this it what they were referring to when they said 1 dinar =to 100 American dollars .And with fractional banking at 8 to 1 rate that supports a lot of DINAR!!!!!!!!!!

[IQD1217]

or maybe its $1.20!!!

[TexasGranny]

The following is at the top of the page - I would guess that it means the 1976 law is no longer valid.

Note: this Act was repealed by the Central Bank of Iraq Act No. 56 of 2004

[IQD1217]

It's not the price of gold traded but the Standard gold rate lent to the banks which is $45 Troy ounce.

[rwharnden]

1 troy oz = 31.1034768 grams

1 0z of gold today = $1,517

So (2.48828) grams of pure gold today = $120

So at todays gold rates 1 IQD = $120

Wait till Okie hears this!

Listen to Phoenix's blog show he indicates the IMF price for gold is $45.00 set for world governments and financial organizations such as central banks. He said the math is $3.64.

[coolbeans]

Listen to Phoenix's blog show he indicates the IMF price for gold is $45.00 set for world governments and financial organizations such as central banks. He said the math is $3.64.

He put a change on his show that says this:

Correction! The IMF sold the gold for higher that $45 per oz.

Official U.S. Government Price for Gold is Only $42.22/oz.

http://www.munknee.com/2010/05/beware-official-u-s-government-price-for-gold-is-only-42-22oz/

1 - The unit of currency in the Republic of Iraq is the Iraqi dinar, and composed a thousand equal part, each resort called him (fils).

2 - equivalent to the value of the Iraqi dinar (2.48828) grams of pure gold.

1 Troy oz = 31.10 grams

So at that rate $42.22

1 Iraqi Dinar would be valued at: $3.37

$42.22 divided by 31.10 = $1.35

$1.35 X 2.48828 = $3.37

[HopefulTxn]

How old is this?

This was the OLD CBI banking laws from 1976. It has been repealed by the CBI Banking Law of 2004, as stated in the original posts' link.

Here is a link to the current CBI law (2004):

http://www.cbi.iq/documents/CBILAW-EN_f.pdf

[coolbeans]

This was the OLD CBI banking laws from 1976. It has been repealed by the CBI Banking Law of 2004, as stated in the original posts' link.

Here is a link to the current CBI law (2004):

http://www.cbi.iq/documents/CBILAW-EN_f.pdf

Nope I think you have that backwards.

This law from 1976 has been reinstated and repeals the 2004 law.

It states: "Note: This repealed the law under the Iraqi Central Bank Law No. 56 of 2004"

So they just put in place the old law from 1976 in repeal of the 2004 law.

[HopefulTxn]

Nope I think you have that backwards.

This law from 1976 has been reinstated and repeals the 2004 law.

It states: "Note: This repealed the law under the Iraqi Central Bank Law No. 56 of 2004"

So they just put in place the old law from 1976 in repeal of the 2004 law.

Seems it depends on which translator you are using on what that line states - Google Translate has it your way, and Bing has it as "Note: this Act was repealed by the Central Bank of Iraq Act No. 56 of 2004"

Given Bing's translation and the 2004 CBI Law Article 73 & 74, I am going to stick with the 1976 law being done and gone...

Article 73 Repeal

The Central Bank of Iraq Law No. 64 of 1976, as amended, shall be repealed when this Law comes into effect.

Article 74 Entry into Force

This Law shall enter into force on March 1, 2004

[TQueezy]

Check out this other site with a document that is a little more cleaned up and has an introduction:

http://www.iraqcoalition.org/regulations/20040306_CPAORD_56_Central_Bank_Law_with_Annex.pdf

Pay specific attention to this section in the introduction:

Section 1

Purpose

This Order establishes a safe, sound, and independent Central Bank for the purposes

of achieving and maintaining domestic price stability, fostering and maintaining a CPA/ORD/1 March 2004/56 2

stable and competitive market-based financial system, and promoting sustainable

growth, employment, and prosperity in Iraq.

Section 2

Central Bank Law

The Central Bank of Iraq Law attached to this Order in Annex A shall have the full

force and effect of law.

Section 3

General Provisions

The term “Appointing Authority” shall mean the Administrator in consultation with

the Governing Council, during the period prior to the transfer of full governmental

authority to the transitional Iraqi administration and the recognition of the sovereignty

of that administration by the CPA.

Those actions to be taken by “upon the recommendation of the Appointing Authority

and confirmation by the Legislature” under the Central Bank of Iraq Law in Annex A

shall be undertaken upon the recommendation of the Governing Council and

confirmation by the Administrator, during the period prior to the transfer of full

governmental authority to the transitional Iraqi administration and the recognition of

the sovereignty of that administration by the CPA. Likewise, during the that period,

those actions requiring nomination by the Appointing Authority and confirmation by

the Legislature shall be undertaken by way of nomination by the Governing Council

and confirmation by the Administrator.

Those actions to be taken by the Legislature by itself shall be undertaken by the

Governing Council with the approval of Administrator during the period prior to the

transfer of full governmental authority to the transitional Iraqi administration and the

recognition of the sovereignty of that administration by the CPA.

/endquote

So... were the transfers of full governmental authority to the transitional Iraqi administration and the recognition of the sovereignty of that administration given by the CPA?

Edited July 6, 2011 by TQueezy

[HopefulTxn]

The CPA gave up was dissolved in June, 2004 - where power was handed over to the interim government headed by Allawi.

The laws put into effect under the CPA remain in effect until they are repealed by the Iraqi government. One example is the 2006 investment law that repealed CPA Order 39. The big difference is that with this law that is being stated was resurrected never seemed to go to Parliament for a vote, nor has it been acknowledged by the CBI.

Given the lack of Parliament statement on the subject, no mention of it by the CBI, and nothing in the Iraqi news - IMO the Bing translation was more accurate in the context of the sentence than the Google translation.

These 2 sites below also gives the same outcome as the Bing translator.

http://translation.babylon.com/arabic/to-english/

http://www.listenarabic.com/translate/

[TQueezy]

The CPA gave up was dissolved in June, 2004 - where power was handed over to the interim government headed by Allawi.

The laws put into effect under the CPA remain in effect until they are repealed by the Iraqi government. One example is the 2006 investment law that repealed CPA Order 39. The big difference is that with this law that is being stated was resurrected never seemed to go to Parliament for a vote, nor has it been acknowledged by the CBI.

Given the lack of Parliament statement on the subject, no mention of it by the CBI, and nothing in the Iraqi news - IMO the Bing translation was more accurate in the context of the sentence than the Google translation.

These 2 sites below also gives the same outcome as the Bing translator.

http://translation.babylon.com/arabic/to-english/

http://www.listenarabic.com/translate/

I'm not so sure... it still seems like the translation is saying that this specific law, even though it shows it was enacted in 1976 or whenever, is repealing the No.56 law of the CBI in 2004. Why that would happen, I have no clue... apparently Phoenix said he needs to have someone do more research, but he remembers hearing about this law being repealed in April of 2011. With what? And where the proof of that being repealed is? I don't know...

[HopefulTxn]

I am not sure what Phoenix says about much - haven't followed him much at all - but this thread was a good example of the fact that different online translators will render different results on the context of particular statements.

[hoosier1470]

Anyway you want to look at it, I believe that this is fantasic news! Truely, I believe we have come to the end of this blessing! Its amazing to see news like this come out! It shows Iraqs true intensions as to what their plans are for REVALUATION OF THE IRAQI DINAR! I did not see or read anything in this that would reflect a lop....but to the contrary! We are going to see these smaller notes out, and co-exist with the larger! Seems that they would release the smaller notes they have already...until such a time that this new currency with the different language on it comes available. We will see this thing pop at ANY TIME! Could this finally be our week? I think that there is MORE THAN A VERY GOOD.CHANCE OF IT! God Bless You...and Keep You.

[chrissy101]

Anyway you want to look at it, I believe that this is fantasic news! Truely, I believe we have come to the end of this blessing! Its amazing to see news like this come out! It shows Iraqs true intensions as to what their plans are for REVALUATION OF THE IRAQI DINAR! I did not see or read anything in this that would reflect a lop....but to the contrary! We are going to see these smaller notes out, and co-exist with the larger! Seems that they would release the smaller notes they have already...until such a time that this new currency with the different language on it comes available. We will see this thing pop at ANY TIME! Could this finally be our week? I think that there is MORE THAN A VERY GOOD.CHANCE OF IT! God Bless You...and Keep You.

I AGREE!!!!