Banking experts: cautious optimism for the new Iraqi currency trading

[BondLady]

Banking experts: cautious optimism for the new Iraqi currency trading

By: Bian

on: Saturday, 09/24/2011

News Agency Baghdad International / Ammar Hlbh /

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh, said that inflation continued in Iraq has led to the high number currency from 23 billion dinars, P j in 1991 to about 30 trillion dinars in the present time, indicating that inflation is drawing new figures of the currency in circulation by adding three zeros, referring to the currency category of 25 dinars, which has become over time, 25,000 dinars.

Saleh added in an interview with the correspondent of news agency, Baghdad International "WAP" that this has increased the amount of cash operations in nominal and arranged for the costs of production costs in large escorted operations storage, and distribution of promise, sort and check to accompany her and levels to double, indicating that these things are attached helped to increase the operational risks associated with them.

Salih stressed the need for radical reform of the management system currency through restructuring in proportion and structure of the new price is different and stable, pointing to the stability and optimism Iraq's future development. and the benefit that the need for reform of the payments system cash is through the benefits of the first of the horizontal level of delete the three zeroes and transfer of 30 trillion dinars to 30 billion dollars and replace the existing currency new currency makes it easier to handle arithmetic with numbers are less numerous on the level of the accounts of the federal budget .

and he finished in favor of talk that the second advantage is the level of the vertical through the restructuring of the currency and installed as the currency of the large amount of 25,000 dinars, representing two-thirds the amount of securities traded, the issue categories of the largest mean reduction Alarabah trillion banknote in circulation is a number equal to 2.8 billion banknotes stressing that this process Stakhtzel large groups of the coin about 90% of the total categories exported to the circulation.

and the reasons for launching this project at this time Saleh said that the reasons for the change reflects the result of stability of stability of the Iraqi dinar exchange rate and lower inflation to the level of one decimal place and build reserves foreign support of the Iraqi dinar at levels not previously achieved during the last thirty years, which is the cover of the Iraqi currency.

For his part, Executive Director of the Association of Iraqi banks Abdul Aziz Hassoun, in a statement to the correspondent of news agency, Baghdad International "father" now is not suitable to replace the Iraqi currency, pointing out that direct this project has a Warning significant because it will lead to a failure of the Iraqi market, the process of replacing the process the current monetary currency cash new you'll need at least two years as this process must be gradual.

said Hassoun to this problems with aspects of economic, political, psychological, cultural, indicating that the effects of changing the currency on the citizens would be similar to that in other countries, pointing to the influence of acute left by the process of replacement of the currency on the consumer Turkey, where the rising price and time ratios are very high.

The Hassoun to direct this project you need to stable conditions, adding that Many countries with a stable economy does not turn to change its currency, cash, referring to Italy, which benefited from the devaluation of the Italian lira, which turned into reserves of the state is pending.

He Hassoun to a big problem facing banks in terms of how to calculate their assets after the release of the new currency because it will deal in two currencies for a period of of time that would disrupt the work of banks in general.

http://www.baghdadiabian.com/news.php?action=view&id=9654

[Deep Purple]

Banking experts: cautious optimism for the new Iraqi currency trading

By: Bian

on: Saturday, 09/24/2011

News Agency Baghdad International / Ammar Hlbh /

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh, said that inflation continued in Iraq has led to the high number currency from 23 billion dinars, P j in 1991 to about 30 trillion dinars in the present time, indicating that inflation is drawing new figures of the currency in circulation by adding three zeros, referring to the currency category of 25 dinars, which has become over time, 25,000 dinars.

Saleh added in an interview with the correspondent of news agency, Baghdad International "WAP" that this has increased the amount of cash operations in nominal and arranged for the costs of production costs in large escorted operations storage, and distribution of promise, sort and check to accompany her and levels to double, indicating that these things are attached helped to increase the operational risks associated with them.

Salih stressed the need for radical reform of the management system currency through restructuring in proportion and structure of the new price is different and stable, pointing to the stability and optimism Iraq's future development. and the benefit that the need for reform of the payments system cash is through the benefits of the first of the horizontal level of delete the three zeroes and transfer of 30 trillion dinars to 30 billion dollars and replace the existing currency new currency makes it easier to handle arithmetic with numbers are less numerous on the level of the accounts of the federal budget .

and he finished in favor of talk that the second advantage is the level of the vertical through the restructuring of the currency and installed as the currency of the large amount of 25,000 dinars, representing two-thirds the amount of securities traded, the issue categories of the largest mean reduction Alarabah trillion banknote in circulation is a number equal to 2.8 billion banknotes stressing that this process Stakhtzel large groups of the coin about 90% of the total categories exported to the circulation.

and the reasons for launching this project at this time Saleh said that the reasons for the change reflects the result of stability of stability of the Iraqi dinar exchange rate and lower inflation to the level of one decimal place and build reserves foreign support of the Iraqi dinar at levels not previously achieved during the last thirty years, which is the cover of the Iraqi currency.

For his part, Executive Director of the Association of Iraqi banks Abdul Aziz Hassoun, in a statement to the correspondent of news agency, Baghdad International "father" now is not suitable to replace the Iraqi currency, pointing out that direct this project has a Warning significant because it will lead to a failure of the Iraqi market, the process of replacing the process the current monetary currency cash new you'll need at least two years as this process must be gradual.

said Hassoun to this problems with aspects of economic, political, psychological, cultural, indicating that the effects of changing the currency on the citizens would be similar to that in other countries, pointing to the influence of acute left by the process of replacement of the currency on the consumer Turkey, where the rising price and time ratios are very high.

The Hassoun to direct this project you need to stable conditions, adding that Many countries with a stable economy does not turn to change its currency, cash, referring to Italy, which benefited from the devaluation of the Italian lira, which turned into reserves of the state is pending.

He Hassoun to a big problem facing banks in terms of how to calculate their assets after the release of the new currency because it will deal in two currencies for a period of of time that would disrupt the work of banks in general.

http://www.baghdadiabian.com/news.php?action=view&id=9654

I cannot quite understand all that, can you please explain it if you will?