from alswsat Iraq

[stevethecloser]

Aswat Al Iraq / Economy , Baghdad

--------------------------------------------------------------------------------

Changing of Iraq’s currency represents largest corruption process in country’s history, official says

9/4/2011 10:04 AM

BAGHDAD / Aswat al-Iraq: The Economic Advisor of Iraq’s Prime Minister, Nouri al-Maliki, has described the plan of the Central Bank of Iraq (CBI) to change the Iraqi currency as “the worst corruption and money-laundering process in the history of Iraq.”

“The CBI must understand that it is playing with fire and undermining the course of the consumers, producers and the economic changes in the country,” Abdul-Hussein al-Anbaky told Aswat al-Iraq news agency on Sunday, adding that the said step was taking place “at a time when the Iraqi economy was suffering from instability and chaos.”

Anbaky’s statement was issued after one day had passed on an announcement by the Central Bank of Iraq of its intention to cancel the zeros from the Iraqi currency and to change it, in order to ease out the current inflation, and to encourage citizens to use their own currency, instead of depending on the US dollar.

“The changing of the currency shall be the greatest corruption process in the history of Iraq, because the currency counterfeiting Mafias are ready to change the counterfeited currency with the new currency,” Anbaky said, adding that “the money-laundering merchants would come with trillions of dinars to change them.”

Anbaky, at his position as the government’s economic advisor, had called on the Economic Committee of the Council of Ministers “not to respond to the draft-law for changing the Iraqi currency, raised by the CBI to the Council for ratification.”

what does this mean?

[bigdog]

That "mafia" he is referring to is here in Chicago.......

[Biker]

I think this is an old post but thanks.

[billio0]

Hi Stevethecloser,

I believe this is in reference to the following post:

Posted Yesterday, 08:08 PM

[kaperoni] Please no typing…to prevent yourself from getting kicked while your sitting idle, periodically click the “Online” button above the list of names.

[kaperoni] I notice everyday, the gurus saying the rv is here, then tomorrow the rv is here…they continue to be wrong and they say…”don’t be mad at me, it’s our information that is wrong”…lol

[kaperoni] Well, I will tell you, if they read only one news article a day, they could be more accurate than they are. That tells me pretty clearly they have no contacts, no information, no sources and no expertise in following this investment.

[kaperoni] I hate to bash anyone, but lets be honest and call out these fakes. We all have come too far in this investment to let this kind of information misguide us.

[kaperoni] For over 5 years now, I have stayed true to the real information, the facts, the articles, the research documents. I truly believe this type of information will be more accurate in the long run than any so-called “contact” rumors.

[kaperoni] That being said…Let’s get started. Tonight’s chat is a “where are we at chat?” For those of you new, these chats are basically to get us updated on the facts in recent days, as we know them.

[kaperoni] To first recap our last chat…we learned several things from my Arabic interpretor. As we have always stated, Arabic is more of a language of interpretation than translation.

[kaperoni] Therefore, that is why the Google and Bing translators leave so much to be desired. Having a translator that provides these interpretations is absolutely necessary when it comes to understanding what is really is going on inside Iraq.

[kaperoni] In the last chat, he told us that the CBI is frustrated with the GOI. They are working only with the Finance Committee and the Council of Ministers to push this along.

[kaperoni] We know the CBI is frustrated with an abundance of fake 3-zero notes being circulated and wants the GOI to do more to take care of this problem.

[kaperoni] We also know in some capacity the CBI is “frustrated” in regard to where this project is because in their own statement..They were prepared to remove the 3 zeros back around June 23rd.

[kaperoni] And their recent statement saying they hope to get this done “before to much damage is done the economy” clearly tells us the sense of urgency.

[kaperoni] We know removing the 3 zeros and restructuring it will decrease the US Dollar's presence in Iraq and will give more purchasing power to people and will have many benefits for the Iraqi economy.

[kaperoni] That tells us two things, the rate will be at least over the USD (1 to $1), and this is a revaluation and not any other type such as a devaluation or LOP.

[kaperoni] And lastly, we heard from an Iraqi journalist following this project say, they feel… “removal of the 3 zeros will be soon because of all the activity that CBI has been doing.”

[kaperoni] That being said, let’s now move into this week. This past weekend was a bonanza of CBI, Economist and GOI articles all talking about the dinar. Truly the best news articles to date.

[kaperoni] There are some pretty powerful statements in some of these articles. Rather than post each article…I am going to take just a few quotes from various articles and lay them out in this chat for you…

[kaperoni] Someone by the name of He Taan said …“economic recovery phase in Iraq was now led to reconsider the restructuring of the currency of Iraq and starting from the deletion of zeros.”

[kaperoni] Saleh said that… "this issue if it continues like this with the development of the economy and growth will be disabled, and therefore must restructure the currency and the deletion of zeros at the same time."

[kaperoni] Saleh also said…. “this new currency will carry the three languages, Arabic, Kurdish and English, stressing that "symbols of national currency will be the legacy of the Iraqi civilization,

[kaperoni] which extends eight thousand years, and therefore reflect one hundred percent of the Iraqi nation.”

[kaperoni] Now,

[kaperoni] This is key as it will be widely accepted and desired within Iraq. It also goes to the strength of the New Iraqi Dinar.

[kaperoni] He also said.. “there a need for small denominations of currency represented by coin of the transactions small and large groups to meet the trading large cash

[kaperoni] that is prepared in the first class institutions in the world and a world-class, pointing out the lack of the possibility of printing the currency in Iraq, after taking this experience several problems during the nineties of last century”

[kaperoni] You see here they are “telling us” that both the paper notes and coins will be if not already, will be made by “world class” companies outside of Iraq.

[kaperoni] We also heard from the Adviser to the Prime Minister..That he is trying to stop the CBI from going forward.

[kaperoni] He says.. “stop the action to change the currency, warning of the mafias currency is preparing to rig the trillions of dinars exploited to change the currency,

[kaperoni] as he emphasized that it will result in a huge mass of cash is difficult to confront.”

[kaperoni] We heard a rebuttal from the CBI stating..

[kaperoni] “Played down the Iraqi Central Bank of the importance of the accusations made by one adviser to Prime Minister on Sunday,

[kaperoni] to the Bank's policies, which count the deletion of zeros currency "in vain to open the door to more corruption in Iraq's history," adding that the charges has not been connected with reality

[kaperoni] and reflects the ignorance of the content the entire project.

[kaperoni] Later Dr. Mohamed Salih, adviser to the Iraqi Central Bank said again..

[kaperoni] saying: "These comments show the ignorance of the view the content of the project prepared by the Bank, and the lack of understanding of the basics economy.”

[kaperoni] So we know the CBI does not respect or is considering his views…lol

[kaperoni] Now,

[kaperoni] Again Dr. Mohamed Salih said… “that the lifting of the zeroes will strengthen the value of the Iraqi currency.”

[kaperoni] And another gem… “process of deleting three zeros from the Iraqi currency will lead to increased value and to increase the purchasing power of citizens”

[kaperoni] And finally, we get some great quotes from the Iraqi parliament - Mahma Khalil…

[kaperoni] “deletion of three zeros from the Iraqi currency will increase the confidence and international credibility .”

[kaperoni] “The Iraqi government is planning to increase the value of the Iraqi Dinar to become the "strongest in the Middle East" by removing three zeros, says a member of Iraqi parliament's Economic Committee.”

[kaperoni] And one more.. "The Central Bank of Iraq (CBI) has a real strategy for this issue"

[kaperoni] Now, here is where the mass amount of articles gets a bit confusing in regard to their intention…

[kaperoni] We see this quote from an article… “it becomes difficult to enhance the value of the Iraqi dinar, as the value of the dinar is different at home

[kaperoni] for what are abroad and it will be just like any other currency sovereign like with neighboring countries when the country's economy buoyant through construction projects and investment.

[kaperoni] The Central Bank of Iraq has put the idea of ​​raising three zeros from the Iraqi currency, in order to give support to the currency and reduce inflation rate and give them more confidence and acceptability in the financial transactions in global markets.

[kaperoni] So,

[kaperoni] You see the CBI clearly stating they need to move forward with their own economic plans which will reduce inflation, build confidence and be internationally recognized for financial transactions in the global market. All of which will help the Iraqi economy.

[kaperoni] Now, we also get some facts on where this matter is…

[kaperoni] ”With conflicting views on the importance of the deletion of zeros from the currency of Iraq and issuing a new currency, the Council of Ministers is working now to study

[kaperoni] the new draft law on the issuance of new currency after receiving them from the Central Bank for comments and amendments prior to referral to the House of Representatives for a vote “

[kaperoni] So we know, there is no RV and deletion of the 3 zeros until there is a vote! Sorry rumor Gurus!

[kaperoni] I have stated several times that this “vote” IMO is needed either to activate or make the new currency “legal tender” or to approve the funding required to proceed with the printing, distribution etc.

[kaperoni] Now I took this direct from the Iraqi Parliament website…

[kaperoni] http://translate.google. ··· d%3divns

[kaperoni] Schedule work session (27) Thursday ( September 2011

[kaperoni] Here is the agenda

[kaperoni] or part of it

[kaperoni] Second: The second reading of the bill of the National Council of the Supreme policies. (Legal) Committee. i] Now, we also get some facts on where this matter is…

[kaperoni] This is good as it moves forward Allawi’s position and is considered the “second reading.”

[kaperoni] And then this is stated…

[kaperoni] Seventh: the first reading of a bill disengagement House Mesopotamia for printing from the Iraqi Central Bank and annexed to the General Secretariat of the Council of Ministers. (Finance Committee, Education Committee).

[kaperoni] Now this tells us a few things…1. It is the “first reading” and 2, It appears to be the law the CBI has mentioned. It is a bit confusing as they use words like “bill disengagement” (separation)

[kaperoni] and “Mesopotamia” (independence) and “annexed” (joining). It’s a bit confusing and I would like to get my Arabic translator to look at it, but it seems to say they are asking for parliament to give independence

[kaperoni] and the authority to work with the Finance Committee, Education Committee. I don’t know if this is related to the RV or not, but clearly the timing seems interesting.

[kaperoni] I get the feeling these events are being scheduled and lined up in a way that they sequentially are completed.

[kaperoni] As we have stated for months

[kaperoni] that the Erbil agreement, Oil and Gas Law, Strategic Council, etc. must precede the RV.

[kaperoni] If that is correct, we could still be a week to several weeks out at the earliest before Shabibi may get the green light to move forward.

[kaperoni] Done

Read more:

[pizzaman]

Ok Now Im really confused!!!! I thought droping 3 zeros is the same as a lop. Wouldn't that be bad??? I have 25000 dinar and now if they drop 3 zeros I will only have 25 dinar. How is this a good thing even if it Rv's at 1.00???

[Dalite]

It is one of Maliki's lapdogs trying to sway public opinion away from the restructuring of the currency.

A little bit of a power play is apparently going on between Maliki and Shabibi.

Aswat Al Iraq / Economy , Baghdad

--------------------------------------------------------------------------------

Changing of Iraq’s currency represents largest corruption process in country’s history, official says

9/4/2011 10:04 AM

BAGHDAD / Aswat al-Iraq: The Economic Advisor of Iraq’s Prime Minister, Nouri al-Maliki, has described the plan of the Central Bank of Iraq (CBI) to change the Iraqi currency as “the worst corruption and money-laundering process in the history of Iraq.”

“The CBI must understand that it is playing with fire and undermining the course of the consumers, producers and the economic changes in the country,” Abdul-Hussein al-Anbaky told Aswat al-Iraq news agency on Sunday, adding that the said step was taking place “at a time when the Iraqi economy was suffering from instability and chaos.”

Anbaky’s statement was issued after one day had passed on an announcement by the Central Bank of Iraq of its intention to cancel the zeros from the Iraqi currency and to change it, in order to ease out the current inflation, and to encourage citizens to use their own currency, instead of depending on the US dollar.

“The changing of the currency shall be the greatest corruption process in the history of Iraq, because the currency counterfeiting Mafias are ready to change the counterfeited currency with the new currency,” Anbaky said, adding that “the money-laundering merchants would come with trillions of dinars to change them.”

Anbaky, at his position as the government’s economic advisor, had called on the Economic Committee of the Council of Ministers “not to respond to the draft-law for changing the Iraqi currency, raised by the CBI to the Council for ratification.”

what does this mean?

[uncs]

Hey Maliki, get a dlearue machine and stop the counterfeit bills you $ss wipe.

By the way......does anybody know what started today in south Louisiana.

ALLIGATOR SEASON. OFF TO THE PLANTATION TO FILL MY TAGS.

have a great weekend Cher,

GEAUX TIGERS

[Gooserider67]

QUOTE "[kaperoni] To first recap our last chat…we learned several things from my Arabic interpretor. As we have always stated, Arabic is more of a language of interpretation than translation"

I have been to the Middle East in my past and understand that arabic is a old language with many dialects and can be confusing even with a translator/interpreter, so to my point... they (CBI) keep saying that the deletion of the three zeros is important to the economy of Iraq. So that being said could they really be saying that is not a action to LOP but a plan to revalue 1 to 1 and remove the old currency with the three zero's from circulation under a time limit and let the new currency take over and once the currency with the zeros have been accounted for then raise the value of the new currency to match the surrounding nations? not sure but just thinking...