New Dinar? Maybe.... Maybe not

[Redwizard]

Not sure if this has been posted....

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.”

[Mazzz27]

also, it will piss alot of people off.

[momoney1]

GOOD POST RED THX

[Dalite]

And this was answered by the CBI the next day

********************************************

* CBI plays downs change in currency will open door to corruption and money laundering

Al_husabihoualemoatn operations will not be harmed

Monday, September 05 – September 2011 12:53

Played down the Iraqi Central Bank of the importance of the accusations made ​​by one adviser to Prime Minister on Sunday, 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 and reflects the ignorance of the content the entire project.

He was an adviser to Prime Minister for Economic Affairs Abdul Hussein Al-Anbuge, he said, on Sunday, said the decision to change the currency announced by the central bank would be “the biggest corruption and money laundering in the history of Iraq,” saying the decision in vain to increase the chaos, and helps to increase the proportion of inflation.

The Anbuge that corruption will accompany this process, “because the mafias counterfeiting will work to replace the fake new ones, and the owners of money laundering will come trillions of dinars to change it.”

this and replies appearance of Dr. Mohamed Salih, adviser to the Iraqi Central Bank, on Sunday, the statements made by the Economic Adviser to the Prime Minister Abdul Hussein Al-Anbuge on the feasibility of the process of replacing the currency, saying: “These comments show the ignorance of the view the content of the project prepared by the bank, and not understand the fundamentals of the economy,” explaining that “the restructuring of the currency is not related to the inflation bulb, Inflation Abbar e about the accumulation of historical imbalance in the economy over the years and decades, and the restructuring of the currency is a program of administrative reform is purely. “

Saleh added that “Iraq and throughout the last 30 years has suffered from the burden of the mass of large cash-sized, but weak performance,” noting that “the biggest currencies in the eighties of the last century was the category of 25 dinars, which is equivalent to their purchasing power is currently 300 thousand dinars equivalent to almost $ 250, “noting that” the currency is currently the largest is 25 thousand dinars, equivalent to $ 21 only. ” He noted that “the difference is clear and significant between the two figures if he wanted the citizens to buy goods in an amount equal to $ 1000 it will need to get a large number of denominations, as well as the employee who caught his salary he will have to receive a large number of them and this is what we are working to repair now so we can get the categories of cash fewer and more efficient. “

and asked for “Can Mr. Anbuge to answer me why fleeing officials of talk in local currency and the resort to the dollar? because of the lack of efficiency for sure.”

and accused Anbuge of monetary policy, the new that it will increase inflation and reduce the purchasing power of the citizen, said adviser to the CBI, speaking of “the world”, that “the citizen will not be negatively affected by this, Instead of a product that purports to be purchased to 1000 dinars, will be one dinar and one, not linked to the subject of inflation, which requires an economic policy of efficient and effective to eliminate on it. “

On the adviser, the Prime Minister on the entry mafia fraud in order to obtain benefits by the process of replacement, Saleh said that the “forgery economic crime punished by law, not without a country, and it has been the currency most prominent in the world” dollar “to the fraud many and the task of arresting counterfeiters is the prerogative of the executive branch, not the bank. ” The central bank adviser that “these words mean that we will work as long as there are concerns of this nature.”

Salih noted that “the currency exposed to damage every 5 years, they shall be replaced during that period, and this would cost us a lot if we consider that the amount of national income has currently 30 trillion dinars, but after the process of restructuring, it will be reduced to 30 billion, “adding that” the national income is increasing due to rising oil exports in the coming years and this is what requires the issuance amount of cash is greatest. “

Saleh also highlighted that “Iraq and the U.S. the only countries in the world that are used number (one trillion) because that is one of America runs the world economy, and you need these numbers in their dealings, either in Iraq, due to the low value of the currency has. ” “So here we need to reducing its currency, which will benefit us in reducing the number of banknotes needed, and facilitate the figures and calculations, which is reflected positively in reducing its overall economy.”

and on the printed currency for 3 languages, Saleh said that “it is the people who decided that Arabic and Kurdish two official languages ​​in the country according to the Constitution and we should implement, either Critics us about it, they have to talk to the people who approved the official languages. “

He did not favor any value speculative for the new currency against the dollar, but he counted the work of “a legitimate bullish involves the improvement of the overall economy".

http://www.albaghdadia.com/n/economy/31197-2011-09-05-09-55-47.html

[Redwizard]

Dalite thank you for the response. I have been busy with work and not keeping up with things like I maybe should.

[Dalite]

Dalite thank you for the response. I have been busy with work and not keeping up with things like I maybe should.

There is a little power struggle going on, and they have flung a few arrows back and forth.

The CBI was quick to counter this one.

If it comes down to Maliki VS.Shabibi, my money is on Shabibi...

[Redwizard]

I need to catch up. Thanks.

[Carrello]

Dalite thank you for the response. I have been busy with work and not keeping up with things like I maybe should.

It is always good to see Maliki's propaganda. Thank you.

Dalite thank you for the response. I have been busy with work and not keeping up with things like I maybe should.

You did not miss a beat. You put up Maliki's response, and Dalite posted Shab's counter. Thx again.

[HawaiianGal]

Think about it guys... the people most pissed off about the currency change are going to be the counterfeiters. Their plates won't be good any longer. They will want to postpone this as long as possible to get as much fake money out there that they can (and get it exchanged for the real stuff...)

When people turn the counterfeit stuff in at the bank, somebody is going to be disappointed, because they won't accept it.

[Sanssouci]

With the Delarue machines in use, isn't this a moot point?

[Nottoolate]

This is the most secured currency in the world. Very difficult to make a counterfeit. IMO they are using crap like copy machines and the Iraq's are having trouble telling the difference. When this currency was produced it has more marks and security features than any currency in the world. I think we are seeing smoke and mirrows to delay the revalue and confuse the investors. Me I say GO RV

[SPRAYERDUDE]

Not sure if this has been posted....

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.”

Why Would Anybody Exchange "Trillions" Of Counterfeit Bills? If they are dumb enough not to check the bills for authenticity they shouldn't be allowed to run a country.