Central Bank: ready to intervene in the case of the inflation rate exceeds the red line

[DRV1804]

Interact issue of rising inflation rates in the country and many specialists as well as citizens concerned about the news related to this, especially since the rise in inflation was not a bit within a year as it ranged from 6 7%.

The central bank announced that the annual inflation rate in the country amounted to more than 6 percent this year, with the exception that this rise is equal to twice what it was last year, attributing it to increased inflation, the dollar area at the global level.

The central bank adviser said the appearance of Mohammed in an interview for "Alsumaria News", "rate of inflation in the country since February, and to June of this year amounted to 6.4% after it was 3%, in 2010," indicating it was due to " vulnerable to the phenomenon of inflation in the dollar on the global level, and because Iraq used the dollar in import operations.

Saleh added that "food have risen since July 2010 to July 2011 increased by 40%, and industrial materials by about 38%," pointing to "ready the central bank to intervene in order to maintain monetary stability in the event exceeded the rate of inflation, the red line and approached the two places decimal places or less of them a certain rate. "

Saleh pointed out that "the general budget or planning for Iraq estimated for one year and not of income, capital," pointing out that "the expenditure extends throughout the year, and therefore, there is a balance between revenues and expenditures."

He noted the benefit that it "has been developed a budget based on an estimated deficit of about 17 trillion Iraqi dinars, and based on the price of $ 76 and a half of a barrel of oil, with export capacity of 2.0002 million barrels a day," stressing that "if Iraq sold its oil at a higher price of 76 dollars and a half it would be a surplus budget. "

The CBI predicted in the 22 of June, the volume of inflation in Iraq during the month to 7%, while noting that high oil prices in world markets, one of the causes of inflation in the country, he stressed that commodity production National weak compared with the service production which is witnessing a rise.

Has already said the Ministry of Planning and Development Cooperation, in the 19 of June, the inflation index has been rising slightly in May 2011, compared to the previous month, stressing that the rate of inflation rose by a large margin compared with May of last year 2010.

The Central Bank of Iraq was established as a bank independent under the law of the Central Bank of Iraq issued on March 6, 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies, and management of foreign reserves, and the issuance of currency management, as well to regulate the banking sector to promote a competitive financial system and independently.

And the central bank denied that there was fraud, entered the country which led to the postponement of the project to delete the three zeros, adding that the process of removing the zeros facing the reactions of the strong points.

The central bank adviser said the appearance of Mohammed Saleh: No health on the entry of counterfeit currency into the country led to the postponement of the deletion of zeros to the notice, and that the project still exists, but ink on paper was not being implemented yet.

Saleh added that the issue of fraud and breach of law and economic crimes that exist in the list of all the countries of the world. And he continued, we faced a very strong reaction by the other parties to achieve the project to delete the three zeroes from the Iraqi currency, but despite this we as an authority we consider critical strategic project and must be applied in one day.

And between the central bank adviser to the project to delete three zeros is to re-structure of the Iraqi currency and start a new currency system, in addition to the replacement of groups 250 and 500 dinars metal currencies to facilitate a lot of things.

http://translate.google.com/translate?langpair=ar|en&u=http%3A%2F%2Fwww.newsabah.com%2F

I couldnt find it sorry if its been posted.......

[Carrello]

This is another indicator of CBI's intentions and plans. I would really like to know what "and must be applied in one day" translates from. Blue Orchid, any input on that?

Saleh added that the issue of fraud and breach of law and economic crimes that exist in the list of all the countries of the world. And he continued, we faced a very strong reaction by the other parties to achieve the project to delete the three zeroes from the Iraqi currency, but despite this we as an authority we consider critical strategic project and must be applied in one day.

And between the central bank adviser to the project to delete three zeros is to re-structure of the Iraqi currency and start a new currency system, in addition to the replacement of groups 250 and 500 dinars metal currencies to facilitate a lot of things.

[Dalite]

This is another indicator of CBI's intentions and plans. I would really like to know what "and must be applied in one day" translates from. Blue Orchid, any input on that?

Saleh added that the issue of fraud and breach of law and economic crimes that exist in the list of all the countries of the world. And he continued, we faced a very strong reaction by the other parties to achieve the project to delete the three zeroes from the Iraqi currency, but despite this we as an authority we consider critical strategic project and must be applied in one day.

And between the central bank adviser to the project to delete three zeros is to re-structure of the Iraqi currency and start a new currency system, in addition to the replacement of groups 250 and 500 dinars metal currencies to facilitate a lot of things.

Let's see if Blue Orchid can come up with a better translation.

When this came up before, I had guessed it meant at some time in the future, as in one day it will be applied.

[Deltori]

I'm not sure but this certainly sounds like urgency and RV!

[Amber Williams]

In the very near future, like Sep. 11, 2011.

You need to understand the Muslim mind to see this,

They hit us 10 yrs ago on that date, and, imho, they want to

hit us again on that date with the greatest transfer of wealth

the world has ever seen. This will in the long run remove America

from the reserve world currency. And you can bet you a** that

every Muslim wants to be the one to do that. Just look at your prez.

wow... do you really think they would do it on that date specifically?

[DRV1804]

In the very near future, like Sep. 11, 2011.

You need to understand the Muslim mind to see this,

They hit us 10 yrs ago on that date, and, imho, they want to

hit us again on that date with the greatest transfer of wealth

the world has ever seen. This will in the long run remove America

from the reserve world currency. And you can bet you a** that

every Muslim wants to be the one to do that. Just look at your prez.

Seriously J.F?? Come on put this crap in off topics, or opinions, gee thanks for helping translate this article...post like this piss me off....putting EVERY MUSLIM in the same basket as the dirtbags that attacked on 9/11 is just pure ignorance!!!!! I will pray for you

[Carrello]

In the very near future, like Sep. 11, 2011.

You need to understand the Muslim mind to see this,

They hit us 10 yrs ago on that date, and, imho, they want to

hit us again on that date with the greatest transfer of wealth

the world has ever seen. This will in the long run remove America

from the reserve world currency. And you can bet you a** that

every Muslim wants to be the one to do that. Just look at your prez.

Ignorance and bigotry make for an evil cocktail. You need to broaden your landscape and horizons .

Remember: A mind is a terrible thing to waste.

Adios!

[DRV1804]

Ignorance and bigotry make for an evil cocktail. You need to broaden your landscape and horizons .

Remember: A mind is a terrible thing to waste.

Adios!

AGREED CARRELLO!!!!!!

[FrankenSLI]

There does seem to be a sense of urgency here. Of course we all know that we are only getting half truths or outright lies in half of the news spouting from Iraq. (Reminds me of home) I feel we may be very close to this thing coming to a conclusion. (whatever that conclusion may be)

All I can say Is GO RV!! *And please be patient*

[zigmeister]

There does seem to be a sense of urgency here. Of course we all know that we are only getting half truths or outright lies in half of the news spouting from Iraq. (Reminds me of home) I feel we may be very close to this thing coming to a conclusion. (whatever that conclusion may be)

All I can say Is GO RV!! *And please be patient*

Adam Montana did mention in yesterdays chat there was in urgency to RV before it was too late. I wondered what he meant by that.

[TFK]

Adam Montana did mention in yesterdays chat there was in urgency to RV before it was too late. I wondered what he meant by that.

7% Inflation and Growing! 10-12% GDP Yearly!

This will quickly collapse their economy if not dealt with soon. As prices continue to go up because of increasing demand on goods and services, severe inflationary pressures will continue to rise.

Add to that Iraq's amazing GDP, increasing at 10-12% a year. Wait... there's more! Include in the mix, the current world economic downturn, the sinking US petro dollar and wages that can't possibly keep up with inflation, and you've got the perfect storm for economic chaos in Iraq! It threatens to tear the place apart again!

They must revalue their currency, even if only by a moderate amount at this time, to get things under control. It would be great to see them keep the same currency and just continue to revalue it incrementally until they are ready for a substantial increase and open world currency trading.

For Iraq to continue on this same path is suicide for the dinar. People already use the USD for many purchases. The GOI doesn't want the dinar to loose anymore credibility. If the people loose anymore faith in it, they will dump it for dollars and the dinar will be no more.

We are very close. Be patient, hold fast!

Edited August 25, 2011 by TFK

[Carrello]

Basic question: What would happen to all of the contracts with international companies if the IQD did not revalue and fell in value? What happens to all of that investment, if anything?

[Priscilla]

There does seem to be a sense of urgency here. Of course we all know that we are only getting half truths or outright lies in half of the news spouting from Iraq. (Reminds me of home) I feel we may be very close to this thing coming to a conclusion. (whatever that conclusion may be)

All I can say Is GO RV!! *And please be patient*

Trying to be patient!!!! Trying

[BlueOrchid919]

This was a tough translation even in French and Spanish. I did the best I could by taking the context of the entire paragraphs – which are always backwards in English. Hope this helps a bit....

There IS a sense of urgency in this article.

Interact issue of rising inflation rates in the country and many specialists as well as citizens concerned about the news related to this, especially since the rise in inflation was not a bit within a year as it ranged from 6 7%. Translated about the same.

The central bank announced that the annual inflation rate in the country amounted to more than 6 percent this year, with the exception that this rise is equal to twice what it was last year, attributing it to increased inflation, the dollar area at the global level. Translated about the same.

The central bank adviser said the appearance of Mohammed in an interview for "Alsumaria News", "rate of inflation in the country since February, and to June of this year amounted to 6.4% after it was 3%, in 2010," indicating it was due to " vulnerable to the phenomenon of inflation in the dollar on the global level, and because Iraq used the dollar in import operations. Translated about the same

Saleh added that "food have risen since July 2010 to July 2011 increased by 40%, and industrial materials by about 38%," pointing to "ready the central bank (Central Bank is ready) to intervene in order to maintain monetary stability in the event exceeded the rate of inflation, the red line and approached the two places decimal places (a limit approaching a double digit) or less of them a certain rate (or below/under a specific/predetermined rate). "

Saleh pointed out that "the general budget or planning for Iraq estimated for one year and not of income, capital," pointing out that "the expenditure extends throughout the year, and therefore, there is a balance between revenues and expenditures." (This did not read any better)

He noted the benefit that it "has been developed a budget based on an estimated deficit of about 17 trillion Iraqi dinars, and based on the price of $ 76 and a half of a barrel of oil, with export capacity of 2.0002 million barrels a day," stressing that "if Iraq sold its oil at a higher price of 76 dollars and a half it would be a surplus budget. " (Note from me: he is speaking of the existing 2011 budget)

The CBI predicted (anticipated) in the 22 of June, the volume of inflation in Iraq during the month to 7%, while noting that high oil prices in world markets, one of the causes of inflation in the country, he stressed that commodity production National (the nation's commodity production is) weak compared with the service production which is witnessing a rise. (Note from me: Commodities = exports = revenue. Service = jobs = spending = imports)

Has already said the Ministry of Planning and Development Cooperation, in the 19 of June, the inflation index has been rising slightly in May 2011, compared to the previous month, stressing that the rate of inflation rose by a large margin compared with May of last year 2010.

The Central Bank of Iraq was established as a bank independent (as an independent bank) under the law of the Central Bank of Iraq issued on March 6, 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies, and management of foreign reserves, and the issuance of currency management, as well to regulate the banking sector to promote a competitive financial system and independently (independence).

And the central bank denied that there was fraud, entered the country (denied that fraud within the country) which led (has led) to the postponement of the project to delete the three zeros, adding that the process of removing the zeros facing the reactions of the strong points (is facing opposition on key points).

The central bank adviser said the appearance of Mohammed Saleh: No health on (issues/matters of) the entry of counterfeit currency into the country led (did not lead) to the postponement of the deletion of zeros to the notice, and that the project still exists, but ink on paper (signed agreement) was not being implemented yet.

Saleh added that the issue of fraud and breach of law and economic crimes that exist in the list of all the countries of the world. (The issue of fraud, breach of law and economic crimes exist in all countries) And he continued, we faced a very strong reaction (opposition) by the other parties to achieve the project to delete the three zeroes from the Iraqi currency, but despite this we as an authority (we have the authority) we consider critical strategic project (and consider this strategic project critical) and must be applied in one day. And between the central bank adviser to the project to delete three zeros is to re-structure of the Iraqi currency and start a new currency system, (Note from me: the context of this paragraph alludes to the strategic project – remove 3 zeros/new currency/new currency system – be done in one day. In other words, a specific date/day for the project to be implemented). in addition to the replacement of groups 250 and 500 dinars metal currencies (the 250 and 500 dinar notes will be replaced with coins) to facilitate a lot of things.

[easyrider]

This was a tough translation even in French and Spanish. I did the best I could by taking the context of the entire paragraphs – which are always backwards in English. Hope this helps a bit....

There IS a sense of urgency in this article.

Interact issue of rising inflation rates in the country and many specialists as well as citizens concerned about the news related to this, especially since the rise in inflation was not a bit within a year as it ranged from 6 7%. Translated about the same.

The central bank announced that the annual inflation rate in the country amounted to more than 6 percent this year, with the exception that this rise is equal to twice what it was last year, attributing it to increased inflation, the dollar area at the global level. Translated about the same.

The central bank adviser said the appearance of Mohammed in an interview for "Alsumaria News", "rate of inflation in the country since February, and to June of this year amounted to 6.4% after it was 3%, in 2010," indicating it was due to " vulnerable to the phenomenon of inflation in the dollar on the global level, and because Iraq used the dollar in import operations. Translated about the same

Saleh added that "food have risen since July 2010 to July 2011 increased by 40%, and industrial materials by about 38%," pointing to "ready the central bank (Central Bank is ready) to intervene in order to maintain monetary stability in the event exceeded the rate of inflation, the red line and approached the two places decimal places (a limit approaching a double digit) or less of them a certain rate (or below/under a specific/predetermined rate). "

Saleh pointed out that "the general budget or planning for Iraq estimated for one year and not of income, capital," pointing out that "the expenditure extends throughout the year, and therefore, there is a balance between revenues and expenditures." (This did not read any better)

He noted the benefit that it "has been developed a budget based on an estimated deficit of about 17 trillion Iraqi dinars, and based on the price of $ 76 and a half of a barrel of oil, with export capacity of 2.0002 million barrels a day," stressing that "if Iraq sold its oil at a higher price of 76 dollars and a half it would be a surplus budget. " (Note from me: he is speaking of the existing 2011 budget)

The CBI predicted (anticipated) in the 22 of June, the volume of inflation in Iraq during the month to 7%, while noting that high oil prices in world markets, one of the causes of inflation in the country, he stressed that commodity production National (the nation's commodity production is) weak compared with the service production which is witnessing a rise. (Note from me: Commodities = exports = revenue. Service = jobs = spending = imports)

Has already said the Ministry of Planning and Development Cooperation, in the 19 of June, the inflation index has been rising slightly in May 2011, compared to the previous month, stressing that the rate of inflation rose by a large margin compared with May of last year 2010.

The Central Bank of Iraq was established as a bank independent (as an independent bank) under the law of the Central Bank of Iraq issued on March 6, 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies, and management of foreign reserves, and the issuance of currency management, as well to regulate the banking sector to promote a competitive financial system and independently (independence).

And the central bank denied that there was fraud, entered the country (denied that fraud within the country) which led (has led) to the postponement of the project to delete the three zeros, adding that the process of removing the zeros facing the reactions of the strong points (is facing opposition on key points).

The central bank adviser said the appearance of Mohammed Saleh: No health on (issues/matters of) the entry of counterfeit currency into the country led (did not lead) to the postponement of the deletion of zeros to the notice, and that the project still exists, but ink on paper (signed agreement) was not being implemented yet.

Saleh added that the issue of fraud and breach of law and economic crimes that exist in the list of all the countries of the world. (The issue of fraud, breach of law and economic crimes exist in all countries) And he continued, we faced a very strong reaction (opposition) by the other parties to achieve the project to delete the three zeroes from the Iraqi currency, but despite this we as an authority (we have the authority) we consider critical strategic project (and consider this strategic project critical) and must be applied in one day. And between the central bank adviser to the project to delete three zeros is to re-structure of the Iraqi currency and start a new currency system, (Note from me: the context of this paragraph alludes to the strategic project – remove 3 zeros/new currency/new currency system – be done in one day. In other words, a specific date/day for the project to be implemented). in addition to the replacement of groups 250 and 500 dinars metal currencies (the 250 and 500 dinar notes will be replaced with coins) to facilitate a lot of things.

yes this is how i read it as well. To me Shabbs is definitely ready and this needs to happen soon inflation is on the rise and is only going to expand throught the months. Something needs to be done and SOON. BTW thanks for the translation you did your best these articles are hard to paraphraase and disect most of the time.

Edited August 26, 2011 by easyrider

[Carrello]

Blue Orchid, thank you for the translation. Your time and effort is appreciated.

Carrello

[MrFnHappy]

Blue Orchid, thank you for the translation. Your time and effort is appreciated.

Carrello

Ditto!

[zigmeister]

I thank you as well Blue Orchid, this translation if very insightful.

[BlueOrchid919]

You're welcome!

I'm still working on the Shabibi speech transcript. A lot of 'hems' and 'haws' and 'ums' and 'errs'..... it's done, just need time now to fine tune. It's slow going. I'll get it posted in a new thread when I get it proofed and re-proofed.

[dinarck]

You're welcome!

I'm still working on the Shabibi speech transcript. A lot of 'hems' and 'haws' and 'ums' and 'errs'..... it's done, just need time now to fine tune. It's slow going. I'll get it posted in a new thread when I get it proofed and re-proofed.

Which speech Blue? The April DC speech or did I miss one that he gave while in the states recently?

[zigmeister]

You're welcome!

I'm still working on the Shabibi speech transcript. A lot of 'hems' and 'haws' and 'ums' and 'errs'..... it's done, just need time now to fine tune. It's slow going. I'll get it posted in a new thread when I get it proofed and re-proofed.

Thank you again.

[BlueOrchid919]

Which speech Blue? The April DC speech or did I miss one that he gave while in the states recently?

The one on the 19th. I've got it done. But now need to go through and proof it. I type pretty fast, but not fast enough in some places. The errs and umms were difficult too. Very distracting.

It's done, just needs cleaning up. It's worth a read and I know several members have difficulties with vids on their older systems. Also Shabs accent is pretty heavy and at times not so easy to follow.

[dinarck]

The one on the 19th. I've got it done. But now need to go through and proof it. I type pretty fast, but not fast enough in some places. The errs and umms were difficult too. Very distracting.

It's done, just needs cleaning up. It's worth a read and I know several members have difficulties with vids on their older systems. Also Shabs accent is pretty heavy and at times not so easy to follow.

Great!!! Thanks for taking the time to break that one down. I think that is an important speech and tells alot about their intentions. Couple months ago I posted the speech in print and gave a break down of it with my opinion on what was being said. Looking forward to yours.

[zaborniake]

Blue Orchid, thank you for the translation. Your time and effort is appreciated.

Carrello

Agreed.

So, if we're around 7% for July, I'm wondering how August and Ramadan inflated that number. Any ideas what the magic "red line" would be? Double digits?

I'd imagine any action taken by the CBI would take some time to bring the number down after implemented. I wonder what Shabbs' silver bullet is going to be?

[Joeshmoe]

The one on the 19th. I've got it done. But now need to go through and proof it. I type pretty fast, but not fast enough in some places. The errs and umms were difficult too. Very distracting.

It's done, just needs cleaning up. It's worth a read and I know several members have difficulties with vids on their older systems. Also Shabs accent is pretty heavy and at times not so easy to follow.

Blue orchid your time is GREATLY appreciated... I know we are all very grateful to have you here. On a different note do you think an RV will curb inflation or worsen it? I would think that if everyone suddenly has new wealth that it would worsen inflation. Are you still leaning towards RD only? I highly respect your take.