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Director of Bank Assoc.: Excludes revaluation by deleting three zeros


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Director of Bank Assoc.: Excludes revaluation by deleting three zeros

October 4th, 2011 06:41 am

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://www.ikhnews.com/news.php?action=view&id=19429

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Donny you may be right. But then again we would also expect to see articles like this right before an RV as well correct? I am not saying or even implying that be the case but it seems they are really focusing on anti speculation as of late. Only time will tell and since we all are already invested I guess we just hang on and see what really happens! :D

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I believe the quote "same old, same old" applies here...

You are correct, Sir.

It is exactly the same thing that the CBI and MOF has been saying since 2006.

Others claim hearing it first in 2003..

Nothing has changed......

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' 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

This is not "same old" but very specific....

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Donny you may be right. But then again we would also expect to see articles like this right before an RV as well correct? I am not saying or even implying that be the case but it seems they are really focusing on anti speculation as of late. Only time will tell and since we all are already invested I guess we just hang on and see what really happens! :D

Why would we see articles like this right before a RV? Why would they put any articles out at all? Seems silly, think about it this way, if your trying to keep people from figuring out what your doing, are you going to tell them the opposite of what is true, so that the only two guesses are your lying or telling the truth, or are you just not going to say ANYTHING and leave an infinite amount of possibilities on the table

I don't buy the smoke screen thing....these aren't they type of articles we'd see right before a RV, we wouldn't be seeing ANY articles that imply ANYTHING before a RV, athough these ARE EXACTLY the kinds of articles that need to go out before a RD to inform the Iraqi people of the process

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Why would we see articles like this right before a RV? Why would they put any articles out at all? Seems silly, think about it this way, if your trying to keep people from figuring out what your doing, are you going to tell them the opposite of what is true, so that the only two guesses are your lying or telling the truth, or are you just not going to say ANYTHING and leave an infinite amount of possibilities on the table

I don't buy the smoke screen thing....these aren't they type of articles we'd see right before a RV, we wouldn't be seeing ANY articles that imply ANYTHING before a RV, athough these ARE EXACTLY the kinds of articles that need to go out before a RD to inform the Iraqi people of the process

Your right. Would Apple or Microsoft announce that Monday their stock was being revalued. Not. Think about all the people that would go and buy. Not going to happen. I Wish.

Go RV

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Why would we see articles like this right before a RV? Why would they put any articles out at all? Seems silly, think about it this way, if your trying to keep people from figuring out what your doing, are you going to tell them the opposite of what is true, so that the only two guesses are your lying or telling the truth, or are you just not going to say ANYTHING and leave an infinite amount of possibilities on the table

I don't buy the smoke screen thing....these aren't they type of articles we'd see right before a RV, we wouldn't be seeing ANY articles that imply ANYTHING before a RV, athough these ARE EXACTLY the kinds of articles that need to go out before a RD to inform the Iraqi people of the process

Smoke screen / no smoke screen, propaganda / truth. I really do not think anyone knows what to believe or not believe anymore. This is an investment based on speculation, opinion, and the hope to turn a little profit. Would this be the first time that a government has used reverse psycology, or propaganda?? No.. Do I belive this is all smoke??? Who knows... Although I would not reccomend going out and buying more Dinar I would reccomend hanging on to what we already have (unless you need the cash) and keep expectations low. That way if things go bad, no real dissapointment, and if things go well then it is a bonus!

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What's the point of making LOWER DENOMINATIONS if the value of the currency will not change? Why would someone want to use tons of small bills to purchase something? Aren't the people already pissed they have to use a ton of large notes now?

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What's the point of making LOWER DENOMINATIONS if the value of the currency will not change? Why would someone want to use tons of small bills to purchase something? Aren't the people already pissed they have to use a ton of large notes now?

Good to see you GPCarter, I hope all is well with you.

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Director of Bank Assoc.: Excludes revaluation by deleting three zeros

October 4th, 2011 06:41 am

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://www.ikhnews.c...n=view&id=19429

This is possibly some of the best news I have received all week. Correct me if I'm wrong but didn't the statement, and I quote "THERE WILL BE NO INCREASE OR CHANGE IN THE VALUE OF THE KUWAIT DINAR IN ANY WAY, PERIOD." come from the Central Bank of Kuwait , Just six hours and forty seven minutes prior to one of the largest currencies events in history? I think yes. The more we see this the closer we are. Couple this with 20 million Dinars, posts this morning and we should be very, very close indeed.

Happy RVing and may your day be filled with understanding and compassion for all who are so much less fortunate than each of us.

Love Light and dont forget the Salt,

Quietlearner.

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This is possibly some of the best news I have received all week. Correct me if I'm wrong but didn't the statement, and I quote "THERE WILL BE NO INCREASE OR CHANGE IN THE VALUE OF THE KUWAIT DINAR IN ANY WAY, PERIOD." come from the Central Bank of Kuwait , Just six hours and forty seven minutes prior to one of the largest currencies events in history? I think yes. The more we see this the closer we are. Couple this with 20 million Dinars, posts this morning and we should be very, very close indeed.

Happy RVing and may your day be filled with understanding and compassion for all who are so much less fortunate than each of us.

Love Light and dont forget the Salt,

Quietlearner.

That is what I have heard many times but I have never read the actual article. I would love to see the actual news document from that time. (it would not be internet based yet more than likely as it was in infancy)

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What's the point of making LOWER DENOMINATIONS if the value of the currency will not change? Why would someone want to use tons of small bills to purchase something? Aren't the people already pissed they have to use a ton of large notes now?

BINGO-

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What's the point of making LOWER DENOMINATIONS if the value of the currency will not change? Why would someone want to use tons of small bills to purchase something? Aren't the people already pissed they have to use a ton of large notes now?

If they have the same implied value as the larger notes, before they were divided by 1000, there would be no change felt by the public.

That is why most of the CBI generated articles try to go out of their way to state that it is a value neutral process.

The introduction of larger bills (50 and 100) lessen the number of the largest bills needed by a factor of 1/2 and 1/4 respectively.

When the exchange period is over, the implied rate becomes the published rate, and the currency goes international.

No country is taken seriously when it takes 1000 of their monetary units to buy a can of coke. When 1 unit has the same buying power as 1000 of the older currency did, a 100 dinar note has the same power that a hundred old 1000 dinar notes did.

I don't see a need to increase the amount of notes carried. This is why this is also prevalent in the CBI press releases.

This measure is not a reality. It is still in "committee", so to speak. It may never see the light of day.

However, what harm does it do to try to understand the process and be better prepared to find the most profitable path in case it does become reality.

As a Forex trader, you have access to the views of the forex market, and they are advising the potential traders to take the CBI seriously and invest accordingly.

All you have to do is determine if they are accurate, or just a necessary disclaimer.

Forex could be smoke and mirrors; just like all the CBI press releases...

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What's the point of making LOWER DENOMINATIONS if the value of the currency will not change? Why would someone want to use tons of small bills to purchase something? Aren't the people already pissed they have to use a ton of large notes now?

EXACTLY!!! Everyone read enjoy and don't worry about it!!! THIS IS A ROPE-A-DOPE!!!!! DONT BE THAT DOPE!!!!

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What's the point of making LOWER DENOMINATIONS if the value of the currency will not change? Why would someone want to use tons of small bills to purchase something? Aren't the people already pissed they have to use a ton of large notes now?

Your correct, This entire topic is filled with the wrong ideas of hope and only looking at the unchange. The exact same type of Investment speculation war that existed when the kuwait dinar revalued. Learn from history and understand that an investment is always called an investment for a reason, I for one hope that people continue to buy dinars, even if some decide not too, reguardless of what happens with our investment - I think our best shot and getting payed by my investment is to have iraq being invested in too in greater and greater amounts, the more stable the country the more powerful their hands of change are.

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