CBI decides to develop coins in his plan to restructure the currency

[tamiflyer]

CBI decides to develop coins in his plan to restructure the currency

16/07/2011 16:06 16/07/2011 16:06 <P style="TEXT-ALIGN: left; DIRECTION: ltr">

Baghdad, July 16 (Rn) - An adviser to the CBI, Saturday, part of a plan to restructure the banks, currency and coins for the development of financial trading bank to support the Iraqi economy.

The appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank decided to introduce coins as part of his plan to restructure the currency, which require the approval of the government and the House of Representatives because it is a strategic plan will help support the value of the Iraqi dinar in the trading of Finance."

He added that "the draft coins in 2004 was not successful because he has not been as comprehensive reforms to support the financial value of the Iraqi dinar in the global market."

He pointed out that "the coin is not a low currency, but will be important medium of exchange which are used for simple banking transactions in the internal business transactions."

The Iraqi Central Bank announced in June 22 last he decided to restructure the local currency in order to develop the payment system in the country.

He expressed the IMF in August / August, his support of the Iraqi economy in the event of having 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.

The Iraqi government has denied any change in the local currency this year to reduce inflation.

The local Iraqi currency has gone through several changes in its history, most recently in 2004 when the former Governing Council replaced the previous currency, which was the symbol of the former regime.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

من جعفر الونان،تح:سلام بغدادي Wanan of Jafar, the Open: Peace Baghdadi

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%2F207868%2F

[goldengoose]

'tamiflyer',

Good morning!

Very good article.......progress is good, even if it seems to have been completed for sometime and now just being placed on "the front burner!"

Thank you,

GG

[sunshinelvr]

When posting articles in the forum, Please post the exact title so that others can see that article is posted and we dont have duplicate postings of the same artcle. Thank You for your contribution. Great find!

[dinaronmind/mindondinar]

This sounds good...really really good.

[Dalite]

Possibly some very good news here

The Iraqi government has denied any change in the local currency this year to reduce inflation

I read that to mean any action prior to January 1, 2012 would not include a RD.

If we can believe Baghdad Bob's half-brother Saleh, this could be very revealing.

This is a good reminder also:

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

They seem to be distancing themselves from Shabibi's main objective; controlling inflation....Interesting - no mention in the tasks...

Whatever the outcome, the flurry of articles from CBI staff indicate they are serious about some kind of forward motion...

[dinarx2]

This is actually a logical extension of the currency reform. The last time they did coins they failed because the dinar was not worth anything. What good is a 25 dinar coin when the rate was 3000 to one dollar. Now they are going to bring in coins as he says

"the coin is not a low currency, but will be important medium of exchange which are used for simple banking transactions in the internal business transactions."

So now they are saying they will support the value of the dinar so the coins will be worth using. This is good it means they are going to change the value of the dinar otherwise the new coins will be no better than the old ones

Edited July 16, 2011 by dinarx2

[theadicts]

This is actually a logical extension of the currency reform. The last time they did coins they failed because the dinar was not worth anything. What good is a 25 dinar coin when the rate was 3000 to one dollar. Now they are going to bring in coins as he says

"the coin is not a low currency, but will be important medium of exchange which are used for simple banking transactions in the internal business transactions."

So now they are saying they will support the value of the dinar so the coins will be worth using. This is good it means they are going to change the value of the dinar otherwise the new coins will be no better than the old ones

Well technically they could make a large denomination "coin". Don't see the purpose, but possible.

[dinarx2]

Well technically they could make a large denomination "coin". Don't see the purpose, but possible.

Had not considered that but it is possible. It could be a quick fix. They might even make gold coins. Unlikely with the wildly fluatation price of gold and the fact that Counterfeiting coins using any other metal is much easier than counterfeiting paper bills. It would be easy for the country to be flooded with bogus coins. So it is unlikely that the coins would be of a high value.

Edited July 16, 2011 by dinarx2

[zaborniake]

Well, they have a 100 and 25 dinar coin on the CBI site. Those definitely wouldn't be considered low currency. I'm not sure if he's referring to minting new coins, or using the ones on the site. If they introduced the 100 dinar coin, it would replace the largest USD note in circulation and aid in the de-dollarization. IMO.

http://www.cbi.iq/index.php?pid=Banknotes

Had not considered that but it is possible. It could be a quick fix. They might even make gold coins. Unlikely with the wildly fluatation price of gold and the fact that Counterfeiting coins using any other metal is much easier than counterfeiting paper bills. It would be easy for the country to be flooded with bogus coins. So it is unlikely that the coins would be of a high value.

The coins on the CBI site are made from nickel and copper plated steel.

Edited July 16, 2011 by zaborniake

[Laid Back]

GO RV > GO STRONG 3+

[theadicts]

GO RV > GO STRONG 3+

This guy says the same thing every post.

[fastarnie]

Tamiflyer thank you for the post. Seems like good news to me though. Hopefully they do this soon.

Go Iraq, Go Rv

[idplzr]

IMO this leads me to believe they will be rolling out coins made in 2004. That being said they also probably have smaller paper denoms from 2004 also. They have stated they will be making bills with Kurdish language also. I see no reason why they will not R/V with the smaller bills and coins while honoring the bills in circulation now. They can still introduce the new bills with the Kurdish language once made in the same way we do in the U.S. I know every once in a while I get an old small face Benjamin with my new big face Benjamins at the bank. They are not as common anymore but we still use them. This is just an opinion but I think the R/V is coming and they will honor the big notes and trade 10,000 notes for one hundred 100 denom notes...

[ThePeoplesChamp]

This guy says the same thing every post.

Not Necessarily, when laid back post in rumors he says " GO RV>GO TRUE>GO STRONG 3+" Stay positive, all will work out.

[LA2009]

My link

I found this today

I know the 5000 notes have been out for awhile,

but wondered if this was the ''new" 5 with kurd language?

I tried to put the picture in,

the link has it, it's the 3rd one down

sorry if I am wrong

just curious

Middle East

Banknote News

text from website:

Iraq new date (2010) 5,000-dinar note confirmed

Jul 15, 2011 11:16 AM

5,000 dinars (US$4.25), ٢٠١٠ - ١٤٣١ (2010/AH1431). Like P94b, but new date.

Courtesy of Haider Saffar.

http://www.banknotenews.com/index.php

[JuryPicker]

This guy says the same thing every post.

GO RV > GO STRONG 3+

[IowaDinar]

Backup LinkForex World Site