The CBI stresses the need to delete the zeros and issuing new currency in three languages

[fadli]

New Central Bank of Iraq, Friday, stressing the need to delete the zeros and the issuance of new currency, saying that there is a need for large cash categories to fill large transactions in addition to the existence of small currencies, he noted that the new currency will be in three languages.

Deputy Governor Central Bank of Iraq the appearance of Mohamed Saleh said in an interview for “Sumerian news”, “installation of faulty currency, as the largest category of Iraqi currency now equals $ 21, and therefore used by traders and dealers to deal with the United States banknotes and 100 dollars, for example if I gave them $ 10 class, they do not accept them”.

Saleh said that “this issue if this figure with the evolution of the economy and growth will be disabled, thus we must restructure the currency and delete zeros in that one.”

Saleh said there was “a need to small groups consisting of metal currency cash transactions, large groups to fill large cash transactions prepared in first-class institutions around the world global co.,” “lack of possibility of printing currency inside Iraq after that accompanied this experience several problems during the 1990s”.

Iraq has already the oldest printing currency within the country, the impact of the economic embargo imposed following the occupation of Kuwait in 1990, where it witnessed the Iraqi market, unprecedented inflation, as well as the increasing incidence of counterfeiting of currency at the time due to a lack of sound international standards in the course.

And he said that “the new currency would carry three languages are Arabic and Kurdish and English, we know that the Swiss currency bearing four languages”, stressing that “currency symbols will be national Iraqi civilization legacy spanning 8,000 years, thus reflecting the Iraqi nation, 100 percent.”

Has said the Central Bank of Iraq on 23 June last year expressed readiness to delete zeros of Iraqi currency, and stressed that this step is the Bank’s strategic posts, he noted that the new currency with the Kurdish language in addition to Arabic.

The Advisor to the Prime Minister for Economic Affairs in the 25 August, the Central Bank of Iraq to stop the procedures for changing currency, warning of “maviat” preparing for counterfeiting trillions of exploiting dinars, currency change with stressed that it would result in enormous cash block are difficult to face.

The Iraqi specialists in the field of economy pared the impact that the Central Bank currency zeros omitted on the purchasing power of the Iraqi dinar, the Government also hopes the step, researchers also finds that the cost increase would be greater than the benefit of zeros, as measured by the strength of the currency stability disbursement based on the strength of the productive sector capable of providing goods and services.

The Iraqi Central Bank Governor Sinan Al-Shabibi said during a meeting of independent bodies with Prime Minister Nouri al-Maliki held, in the 19 June, ready to initialize all items to replace the Iraqi currency.

Wheelock, the Central Bank of Iraq four branches in Basrah, Sulaymaniyah, Erbil, Mosul, where a separate Iraqi bank was established under the Central Bank of Iraq Act of 6 March 2004, and is responsible for maintaining price stability and the implementation of monetary policy including exchange rate policies and management of foreign reserves and currency management version, in addition to regulating the banking sector.

http://bit.ly/nhR4am

[Markinsa]

Looks like the fear of counterfeiting is coming from when Iraq printed their own currency. Now that the CBI is using modern techology and techniques to prevent counterfeiting the CBI isn't worried.

GOI raised concerns, CBI answered. Full steem ahead!

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[Mazzz27]

deletion of the zeros....bad juju

[PhillyDinar]

deletion of the zeros....bad juju

thanks for posting the same usless crap in multiple articles. glad to see your doing your part in making this situation transparent for everyone. great work and keep it up. haha that was sarcasm

[countryroads]

How many times have we herd this. The CBI or the GOI stresses that it is important for them to delete the 3 zeros. I get it already

[FloridaEd]

the part that worries ME the most is the printing of new money in 3 languages. I completely understand the desire of the Kurds to have their language on the money. In fact, I see them splitting from Iraq,..... someday. Wouldn't the new money make ours worthless???? It seems that people are not at all concerned about this.

[OKLAHOMA]

Sure, I think about it. I guess that goes with risky business . If they do like they did with the first reform oct to jan, calling in and exchanging the old dinar for new and only exchanging in Iraq then yes, we're stuck with collectable money from iraq. So we wait until it happens and see what our options are. Unless you have a Warka account then it would just switch out to new currency over there. Hopefully if our banks wont except it , the dealers will buy it back or maybe our personal banks will I dont think they will be able to exchange for the new dinar since just printed they may not have access to it. My chase bank told me they stopped selling a couple of years ago when speculation started to get overwhelming , they said sure banks sell dinar fo people for travel but when the speculation took over they stopped. So we wait and see!!

[mrref]

How many times have we herd this. The CBI or the GOI stresses that it is important for them to delete the 3 zeros. I get it already

Herd this how about heard this

[magawatt]

IF they want large bills why would they eliminate the 000 bills? If they oniy have 0000 and 00 and 0 bills they would need tons of 00 bills to make proper change- they will need 000 bills. To me this reinforces the thought that the 000s deleted will be from the exchange rate.

Edited October 4, 2011 by magawatt

[zigmeister]

IF they want large bills why would they eliminate the 000 bills? If they oniy have 0000 and 00 and 0 bills they would need tons of 00 bills to make proper change- they will need 000 bills. To me this reinforces the thought that the 000s deleted will be from the exchange rate.

yeah that caught my eye.

[SPRAYERDUDE]

Blah Blah Blah They can talk all they want but until international status is achieved its meaningless. Once their H.C.L. / FULL G.O.I. and Erbil agreement are agreed upon "International status" rules will apply and I guarantee just showing their real worth will be a gain in itself even without a formal RV

[donnydoright]

Shouldn't this Article be in the Lop Section?

[Carrello]

Herd this how about heard this

How about this: If you don't like the news, go out find something that interests you, and bring back for everybody's pleasure and satisfaction.

How about that?

(this wasn't meant towards you mrref - it was your gateway - thx)

Edited October 4, 2011 by Carrello

[fnbplanet]

the part that worries ME the most is the printing of new money in 3 languages. I completely understand the desire of the Kurds to have their language on the money. In fact, I see them splitting from Iraq,..... someday. Wouldn't the new money make ours worthless???? It seems that people are not at all concerned about this.

I believe that thier intent is to also be a "regional currency" in the Arab world. If the Kurds seceded, it wouldn't make a difference.