Iraqi Association of Private Banks: Removing zeros is only a modification, not a revaluation

[fadli]

Bank excludes revaluation by deleting three zeros

On: Saturday 03/09/2011 10:18

Baghdad (news) .. The director of the Association of private banks Abdul Aziz Hassoun that the project to delete the three zeroes from the Iraqi currency is simply a modification of the categories of cash and is not intended to raise the Iraqi dinar exchange rate against the dollar or other currencies, pointing out that the strengthening of the currency comes through security and stability and increasing domestic production in the country.

He said Hassoun, a reporter for the Agency (news) on Saturday: the project to delete the three zeroes from the Iraqi currency intended to modify the denominations do not is not to raise the price of the Iraqi dinar exchange and support, and continued as long as there is no local production is real and security stability in the country it is difficult to raise the price of exchange of the dinar.

Hassoun and expressed concern that the project is accompanied by the deletion of zeros of some negative aspects such as what happened in the year (2004), the project likely to affect prices in the market, stressing at the same time that its impact will be in my time on the consumer until the stability in the circulation.

The Director of the Association of private banks: There was a proposal could be altered some of the large groups of the coin instead of the currency completely, but there are different points of view other that there is significant inflation in the amount of currency in circulation and are aiming to reduce to the extent reasonably possible, and called to have a production of a national real and the Iraqi dinar in order to be an international currency are treated abroad.

The Central Bank of Iraq has confirmed that the new currency will be printed in three languages ​​Arabic, Kurdish, English for the application referred to by the Iraqi constitution, noting that the old currency will be dispensed gradually.

The Advisor to the Central Bank of the appearance of Mohammed Saleh said earlier in (the news): The new currency will work in three languages: Arabic, Kurdish and English, the real opportunity to apply what was referring to the Iraqi constitution, stressing that the aunt of old has not been canceled but will be dispensed gradually and work together with the new currency.

Saleh pointed out that there is no difference and disagreement about the rights of the exchange rate and purchase, noting that when we want to buy the rotor b (1200), we will buy dinars Bdenaro (200) fils.

He added that the project to delete the zeros approved by the Department of the Central Bank has been forwarded to the Council of Ministers and House of Representatives, explaining the government’s approval if it will work by hand.

The central bank adviser that the purpose of the project to delete the zeros of the three is to reduce the large numbers that we are exposed by Bataamlat that reach trillions, and shorten the blocks of cash without disparage and wealth or income, they are all be fixed.

And that the project will be working gradually, and differs from the previous project, which began at the end of the year (2003) and continuing until the end (2004), is most probable that this project will take Nada time broader and continue to the year and thus we note that the old currency will gradually disappear.

The project to delete the zeros of the three is the restructuring of the Iraqi currency and start a new currency system is the replacement of categories (250.500) JD currencies metal to facilitate a lot of things.

http://bit.ly/oM2hOS

Alternate translation of same article”

Price excludes Bank dinar by deleting three zeros

Date: Saturday, 03-09-11 10: 18 am

Baghdad (newsletter).The Director of the Association of private banks, said Abdel Aziz Hasson on draft deleted three zeros Iraqi currency is simply modified cash categories is not intended to raise the price of the Iraqi dinar against the dollar or other currencies, adding that strengthening currency comes through security stability and increase local production in the country.

Hasson said reporter (News Agency KCNA) Saturday: draft deleted three zeros from the Iraqi currency meant to modify categories only cash and not to raise the price of Iraqi dinar and support, and continued as long as there is no local production and security in real stability of the country it is difficult to raise the exchange rate of the dinar.

He expressed concern that the accompanying Hassoun draft deleted some negatives as zeros in (2004), likely to affect the project at market prices, but added that its impact is my time to the consumer until stability in circulation.

The Director of the Association of private banks: there was a proposal that could be altered some large groups of currency currency allowance, but there are different views on the existence of significant inflation in the amount of currency in circulation and aim to reduce it to a reasonable extent, calling for there to be a national production and real Iraqi dinar to be international currency traded abroad.

The Central Bank of Iraq had stressed that the new currency will be printed in three languages, Arabic, Kurdish, English application indicated the Iraqi Constitution, pointing out that the old currency gradually will be dispensed with.

Central Bank Adviser was the appearance of Mohamed Saleh said earlier (News): the new currency will work in three languages are Arabic and the Kurdish and English this is an opportunity for real application indicated by the Iraqi Constitution, stressing that the old aunt was not abolished but gradually will be dispensed with and work together with the new currency.

Saleh said there was no difference and difference of rights over the exchange rate and purchase, stating that when we want to buy swivel b (1200) JD we will buy the dinaro 200 Fils.

He said the draft approved by deleted zeros Central Bank management and forwarded to the Council of Ministers and deputies, saying if the Government agrees to work on it directly.

Central Bank Adviser stated that the purpose of the draft deleted three zeros is reducing the large numbers that are exposed by the ataamlat by the trillions, and monetary blocs shortcut without shortcut income rights and wealth, they all be fixed.

The project will be introduced gradually and differs from the previous project, which began at the end of the year (2003) and continued until the end (2004), the more likely that this project will take a broader and continue Nada years therefore note that the old currency will gradually disappear.

Project deleted three zeros is restructuring Iraqi currency and launching a new currency system been replaced categories (250, 500) dinars coins to facilitate a lot of things.

[bamagirl]

My translation: Blah, blah, blah...RV tomorrow!!

[Mazzz27]

deletion of the zeros...bad juju

[lightfighter]

So, simply, we are making it to were you, the Iraqi people, have to carry an enormous amount of currency in your daily transactions. We thought what the hell we've done more stupid things than that and just wanted to say thanks for being an Iraqi!

I believe this advisor is definitely Muslim and full of Sheite

[Bobbydee]

Here we go again. More news about destroying their economy and people. They tell their people they will raise the value of the Dinar and then tell them they won't. Makes a whole lot of sense. Really cracks me up. This has been one of the craziest ride I have ever been on. Never a dull moment. Thanks for the post. I guess we will see what tommorrow brings. God Bless Semper Fi

[zigmeister]

This article is bad juju.

[Rogue Knight]

Do we honestly believe that they would tell us straight up, that they are going to revalue their currency? I think not...more smoke and mirrors folks.

Edited October 4, 2011 by Rogue Knight

[sfredieu]

They are trying to blow smoke,but technically he is right the removal of the zeros is not going to raise the exchange rate,because raising the exchange rate is part 2 of the plan he was just speaking of the 1st part of the plan.they are just trying to throw off the speculation don't worry guy's we will be OK.

[olivesman]

SMOKE...MIRRORS...NO MORE...NO LESS....just sayin.

[fastarnie]

Might as well be an opinion piece as far as i'm concerned. It's all good.

[won-uh-bee]

We soooo do not want to believe that this thing will not RV that we often block the facts our of our mind! There is a possibility of this "Speculative Investment" going the total opposite of what we wish for!!!! I hope not but READ what this article is saying, read what future articles have said. It is definitely a "BUZZ KILL", but a REAL possibility.

I hope that it RVs just like Germany and Kuwits money did years ago however the chance of it RDing only is STILL possible. Stay grounded but know that we all may end up with PIE in our face!!!

[olivesman]

We soooo do not want to believe that this thing will not RV that we often block the facts our of our mind! There is a possibility of this "Speculative Investment" going the total opposite of what we wish for!!!! I hope not but READ what this article is saying, read what future articles have said. It is definitely a "BUZZ KILL", but a REAL possibility.

I hope that it RVs just like Germany and Kuwits money did years ago however the chance of it RDing only is STILL possible. Stay grounded but know that we all may end up with PIE in our face!!!

Um...How is this possible?

[theadicts]

Haven't been on the site in weeks and this is what I find. Not surprised one bit. I am really starting to think this whole thing is a bust. Sorry im not much of a wishful thinker.

[magawatt]

"The director of the Association of private banks Abdul Aziz Hassoun that the project to delete the three zeroes from the Iraqi currency is simply a modification of the categories of cash and is not intended to raise the Iraqi dinar exchange rate against the dollar or other currencies, pointing out that the strengthening of the currency comes through security and stability and increasing domestic production in the country."

Well if I were planning to RV my currency that's what I'd be saying about now.

I'd also be buying back as much outstanding currency as I could get my hands on, at least $150,000,000 a day.

Edited October 10, 2011 by magawatt

[CO.5-0]

So, simply, we are making it to were you, the Iraqi people, have to carry an enormous amount of currency in your daily transactions. We thought what the hell we've done more stupid things than that and just wanted to say thanks for being an Iraqi!

I believe this advisor is definitely Muslim and full of Sheite

They don't have to carry an enormous amount of cash.....they delete the zero's, not just from the money but from the coast of everything......instead of a candy bar costing 1000 it costs 1.....although I believe it will revalue, I've always been hopefully optimistic but skeptical about millions......lop the zeros and revalue to somewhere in the mid $3.00 range......a nice profit but nothing to retire immediately on......I'd like to be way off base here but this seems like the most logical and realistic outcome based on everything I've read, etc.....

[magawatt]

They don't have to carry an enormous amount of cash.....they delete the zero's, not just from the money but from the coast of everything......instead of a candy bar costing 1000 it costs 1.....although I believe it will revalue, I've always been hopefully optimistic but skeptical about millions......lop the zeros and revalue to somewhere in the mid $3.00 range......a nice profit but nothing to retire immediately on......I'd like to be way off base here but this seems like the most logical and realistic outcome based on everything I've read, etc.....

IF Iraq's going to lop, why bother spending half a billion dollars a week buying back dinars?

[Deep Purple]

Really, why buy back 500 million dollars worth of dinar a week if they were going to lop? Don't make any sense at all. I say they are going to RV after they pull in a huge amount of these dinars still left in Iraq.

[keepmwlknfny]

IF Iraq's going to lop, why bother spending half a billion dollars a week buying back dinars?

They buy and sell USD and dinar to stabilize the exchange rate and I believe also to try and control inflation....

So regardless of what they plan on doing with the currency, they will continue these auctions and will probly continue them even after any RV or RD....

Its a good tool for up and coming countries to help stabilize the economy....

[OhMyGoodnessKate]

If they delete the three zeros, and RV later... how will we know whether our notes are still worth 25,000 or 25?

[leanonme]

More misinformation. Bring it on!

[caughtinthecrossfire]

Haven't been on the site in weeks and this is what I find. Not surprised one bit. I am really starting to think this whole thing is a bust. Sorry im not much of a wishful thinker.

DANGIT...this post is drawin FLIES....(swat,swat,swat....dangit...SWAT....siiiiigh)

:wave:Gud to c ya again, amigo!

[CO.5-0]

IF Iraq's going to lop, why bother spending half a billion dollars a week buying back dinars?

Great question.....the way I understand the auctions, local banks buy US Dollars with Iraqi Dinar.....they do this because they need US Dollars to conduct business outside of Iraq (investments, etc) since the IQD is not accempted/ internationally recognized......what happens toi asked what becomes of those Dinar?? Does the CBI return them to circulation??? Withold whatever they feel necessary??? No one seems to be able to answer that for certain......However, if the CBI is buying 150-180 million worth of Dinar 5 days a week, that works out to approximately 175,500,000,000 Dinar each day, 5 days a week, since last October....If they aren't re-cirulated, they are no Dinar left on the streets.....

Keep in mind, the currency is not worthless, there's just a lot of it......if a bbl of oil is $100, its still $100......doesn't matter if its a single c-note or 117000 Dinar....