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CBI announces completion of plan to remove zeros from currency; Reprint 30 trillion dinars

Psych

By Psych,
in Dinar Rumors

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Psych Newbie

Psych

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Iraq to remove three zeros from the dinar -

Published August 4th, 2011 – 09:24 GMT

The Iraqi Central Bank announced the completion of a plan to remove three zeros from the dinar, replacing current banknotes with new ones. The Bank will re-print 30 trillion dinars (26 billion dollars).

According to Mazhar Mohammad Saleh, an expert in the Iraqi Central Bank, in a speech with the ALHAYAT of London, “our problem lies in the timing of the currency exchange, as we need to select a suitable time for implementing the project without obstacles.”

The Central Bank planned to remove three zeros from the Iraqi dinar, after suffering from inflation and the decline of the currency during the nineties, due to economic sanctions. The value of the dinar decreased internationally to its current value of approximately 1120 dinars per dollar.

In 2003, the Central Bank adopted a new mechanism to maintain the dinar’s exchange rate. It created a foreign exchange auction to sell dollars that Iraq obtained from the sale of oil in the global markets and then transferred to the bank to sell in local currency, which helped raise the value of the dinar over the last few years to more than 2000 points.

Saleh estimated the government will exchange more than 30 trillion Iraqi dinars, or more than $26 billion dollars. The most important change after deleting the zeros, is to reduce the number of banknotes in circulation, simplifying the payment system in Iraq.

Some economists have warned that the process of exchanging the Iraqi currency will be rife with corruption due to the inaccurate structuring of Iraqi banks. Previous attempts to exchange the currency resulted in major corruption, costly to the Iraqi economy. However, Saleh responds that the process of changing the currency in 2004, occurred under the exceptional circumstance of an occupation, was managed by a civil American governor, and was still successful.

The Central Bank sells, through a daily auction, between $150 million dollars and $190 million dollars daily to clients of private banks and the financial companies. (Source: www.yallafinance.com)

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ashtray Newbie

ashtray

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think about this .....

why would they create smoke and mirrors ?

is it because they just lost all their net worth and they are just covering it up ?

or is it because they are protecting their wealth thats about to be exposed ?

i see no reason to create all this smoke and mirror . "propaganda" for any other reason , besides they are up to something very big and are keeping a tight lid on it. man a dollar per dinar would be nice .. but 3.22 would be a dream come true

they have 30 trillion dinars right now . and are creating 30 trillion new ones .. that sounds like even swap

they have 7 trillion notes right now .. ifthey print out 30 trillion new notes in small denominations .. they would need alot more than the 7 trillion notes they have right now

so how do ya reduce the 7 trillion actual phisical notes with smaller denomination notes ..and come up with less actual phical notes? yes its very confusing and i think its the plan .. mislead <>guide , in any direction but the real direction ... 30 trillion new notes ..hmm ?

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gman51 Newbie

gman51

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The interesting part of this article is when they say that they "raised the value of the Dinar to more than 2000 from 1120" I'm sorry guys but 2000 is almost half the value of 1120, not higher. Remember, the lower the number, the more the value.

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splicer09 Newbie

splicer09

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I'm getting to the point where I don't trust any article coming out of Iraq. One day they say they are doing this and the next day an article comes out saying something completely different. So confusing! :blink:

Great point FlyingBird. I have tryied, but with little listening from others, to speak out on numerous occasions that governments have always used means of mass confusion to misdirect attention to what is really going on. They wiil not devulge 100% of the truth. Period. The problem is there are too many people that believe in what's on the news and in print.( hence why many wait on mondays following guru garbage). I am not one who holds onto conspiracy therories nor do I believe in the ones stirred up by others, but propaganda is not a conspiracy therory it is a fact. Maybe there are too many younger dinarees who never heard of Orson Wells and the famous " The Martians Have Landed "radio broadcast in the 50's. His point was made because chaos had started to break out and only because people believe this radio newshound was telling the truth. Saleh might devulge some fact, but he surely has been wrong and I truely believe he is misleading on purpose. Many seek the truth so hard that the will believe whatever they are told and when the actual truth does come they may have already given up or may miss what is really going on. Accept the fact that propaganda exists. The GOI and CBI will not lay down the final pieces of the puzzle until it's time to nor will they point you in the direction of the whole truth.

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keepmwlknfny Newbie

keepmwlknfny

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So they are going to print 30 trillion more dinar, and have everyone swap out the bills we have now???? I give up trying to figure out what these clowns are doing.....

That just doesnt make any sense.......unless they are going to replace the bills we have now, change the pricing system inside the country of Iraq, and leave the exchange rate where it is??

If they are printing lower denoms and keep the same amount of cash, how could they raise the exchange rate? Something fishy is going on here......

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Skybear Newbie

Skybear

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This is ALL PURE GARBAGE!

The Rate has NOT BEEN CHANGED one ioata. Here is TODAY's Auction results at the SAME OLD 1170 rate it HAS been for YEARS! Almost 200 MILLION dollars! That is HOW MANY more BILLIONS of dinars???

Announcement No. (1952)

The latest daily currency auction was held in the Central Bank of Iraq on the 4-AUG-2011. The results were as follows:

Details Notes

Number of banks 18

Auction price selling dinar / US$ 1170

Auction price buying dinar / US$ -----

Amount sold at auction price (US$) 188,650,000

Amount purchased at Auction price (US$) -----

Total offers for buying (US$) 188,650,000

Total offers for selling (US$) -----

Exchange rates

Dollar's exchange rates / in Baghdad markets

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Darin Newbie

Darin

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So they are going to print 30 trillion more dinar, and have everyone swap out the bills we have now???? I give up trying to figure out what these clowns are doing.....

That just doesnt make any sense.......unless they are going to replace the bills we have now, change the pricing system inside the country of Iraq, and leave the exchange rate where it is??

If they are printing lower denoms and keep the same amount of cash, how could they raise the exchange rate? Something fishy is going on here......

Doesn't apply to your LOP theories, huh? LOL

I think that meanings of the article is lost in translation.

Woudl it make more sense if they said 30 billion?

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Off-the-grid Newbie

Off-the-grid

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I think the problem lies in "completion of the plan". May mean that the process has been finalized, perhaps even set in motion, but there may be several steps it will work through before the actual RV. NOT saying the RV is done, but the mechanism the end of which is the RV has been "turned on" and is now running its course, but not telling us what the actual time table is (big surprise). So no longer "thinking about doing" but are actually "doing."

Peace and Prosperity

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Dalite Newbie

Dalite

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So they are going to print 30 trillion more dinar, and have everyone swap out the bills we have now???? I give up trying to figure out what these clowns are doing.....

That just doesnt make any sense.......unless they are going to replace the bills we have now, change the pricing system inside the country of Iraq, and leave the exchange rate where it is??

If they are printing lower denoms and keep the same amount of cash, how could they raise the exchange rate? Something fishy is going on here......

Grab hold to the floor, cause this one will make your knees buckle....

If the CBI could cover 59t in Dinar liabilities, and reissue at a new rate, do you think they would do so?

Follow this, as my thoughts aren't fully developed.

$59 billion would buy the total liability the current currency; the IQD.

Hide it away, RD and sell bonds to back it and reintroduce it at a later date; fully backed.

Introduce an equal amount of new Dinar, NID, at whatever exchange rate the GDP, minus the old M2 liability will support.

The account holding the old EO13303 funds has apparently been enhanced with the EO13315 seized assets. It has been reported to be the 250 billion we have been hearing about. Iraq has been moving funds from an average $7 billion balance in what was the DFI. If this account now has the additional 250 billion, then the CBI should be able to wrangle a loan of 59 billion to make the liability of the IQD move into a long term investment.

This opens the door for a new currency, the NID, backed by both bond sales, and the captured IQD.

Now, have you ever heard something that is so far fetched that it might actually work?

There are a lot of IFs here. I haven't though this all the way through. The IMF is encouraging the CBI to do something, and Shabibi has apparently fired all of his inflation control cannons at once to achieve the 3% inflation reported for last month.

Treat this as fantasy, but give it the once over and let me know what you think...

May as well dream big...

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horns Newbie

horns

Posted
Posted

Grab hold to the floor, cause this one will make your knees buckle....

If the CBI could cover 59t in Dinar liabilities, and reissue at a new rate, do you think they would do so?

Follow this, as my thoughts aren't fully developed.

$59 billion would buy the total liability the current currency; the IQD.

Hide it away, RD and sell bonds to back it and reintroduce it at a later date; fully backed.

Introduce an equal amount of new Dinar, NID, at whatever exchange rate the GDP, minus the old M2 liability will support.

The account holding the old EO13303 funds has apparently been enhanced with the EO13315 seized assets. It has been reported to be the 250 billion we have been hearing about. Iraq has been moving funds from an average $7 billion balance in what was the DFI. If this account now has the additional 250 billion, then the CBI should be able to wrangle a loan of 59 billion to make the liability of the IQD move into a long term investment.

This opens the door for a new currency, the NID, backed by both bond sales, and the captured IQD.

Now, have you ever heard something that is so far fetched that it might actually work?

There are a lot of IFs here. I haven't though this all the way through. The IMF is encouraging the CBI to do something, and Shabibi has apparently fired all of his inflation control cannons at once to achieve the 3% inflation reported for last month.

Treat this as fantasy, but give it the once over and let me know what you think...

May as well dream big...

Ya, hehehehe, sounds great, hehehe. Let me call Cheney to translate.

confused.jpg

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estewart Newbie

estewart

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The interesting part of this article is when they say that they "raised the value of the Dinar to more than 2000 from 1120" I'm sorry guys but 2000 is almost half the value of 1120, not higher. Remember, the lower the number, the more the value.

I've seen that word, "raised," over and over. I think it is a bad translation. They are meaning, erased. Or eliminated.

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Dalite Newbie

Dalite

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The interesting part of this article is when they say that they "raised the value of the Dinar to more than 2000 from 1120" I'm sorry guys but 2000 is almost half the value of 1120, not higher. Remember, the lower the number, the more the value.

I believe this refers to an increase in the exchange rate from a low of around 3120 to the 1120 claimed in the article.

Translated that the CBI policy increased the Dinar value by 2000 Dinar to the dollar TO 1120 Dinar to the Dollar.

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