Central Bank: Delete Iraqi currency zeros in process of study & debate, but will take a long time

[rocketman2010]

Central Bank: Delete Iraqi currency zeros in process of study & debate, but will take a long time

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Central Bank: Delete the zeros of the Iraqi currency in the process of study and debate, but will take a long time

Sunday, 13 October / 2 November 2011 10:36

[baghdad - where]

The Central Bank of Iraq's need for Iraq to the process of administrative reform of the currency cash.

The central bank adviser said the appearance of Mohammed Saleh told all of Iraq [where] that "the proposed change the currency in Iraq is a step comes as part of the country's needs to the process of administrative reform of the currency in order to reduce the cost of cash transactions in the economic process as well as the need for coins of categories of small used in the circulation of small transactions daily."

He added that "all proposals and needs were studied and included a project to delete the zeros from the currency of Iraq has been submitted to the government and is now in the process of study and debate, but will take a long time until the direct implementation because of the draft Strategy affect the country's economy and if the program was approved Vstsahbh education process and the announcement of the citizens and the statement of duties and necessity".

Saleh continued, "with regard to government's efforts to raise oil exports to increase Allowaradt and financial income of the state must deal with this side of caution and not to build great hopes on rising world oil prices as much reliance on the capacity expansion of exports if Maraafqatha increase in prices and this is the best and which should go to activate economic movement in the country and reduce the real physical capital in other sectors of the economy and this is the real economic map that should be at this picture."

And that "Iraq is a rich country and has a wealth of great natural, but we now need to regulate the administrative, economic better addition to having a strong will and agenda of the right economic than what exists today on the political agenda and quotas factional and party as well as the cooperation of all for the advancement of the country and raise the standard of living of citizens.".

The officials at the Central Bank as well as some politicians and economists urged the government to delete the zeros from the currency and the issuance of new currency denominations large cash in addition to the presence of small coins.

Observers say that the government intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar is that economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the benefit expected to raise zeros."

And Abdul Hussein Al-Anbuge Adviser to the Prime Minister for Economic Affairs had warned earlier that the removal of zeros from the currency in the events will cause big problems and disrupt the Iraqi economy.

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[redsand]

WILL TAKE A LONG TIME MY *EXPLETIVE*

[Alex38]

TThey can take as long as they want to delete those zeros. But I would love it for them to ADD VALUE to the money in circulation!!!!!

[Canuklady]

WILL TAKE A LONG TIME MY *EXPLETIVE*

[bamjack75]

Come on, double digit inflation!!!!!!!!!!!!!!!

[thylocene]

I do not think that they have the luxury of being able to wait for a long time. Items like inflation will force them show their hand sooner rather than later.

[Brisco]

WOW talk about SMOKE & MIRRORS -- UNBELIEVABLE these CLOWS just never cease 2 AMAZE me.

[YourIntelSux]

Hey 20 million! I know youre out there. Remember when we were discussing that all these misleading articles are NOT an education campaign but so many of the lopsters insisted otherwise. We both thought that if this was an education campaign, wouldn't the CBI use one consistent PDF and start to educate after parliament approved it?

Well my friend, here you go. This clearly says an education campaign will commence AFTER it is discussed and debated. So this being a education campaign is out the window.

[redsand]

Hey 20 million! I know youre out there. Remember when we were discussing that all these misleading articles are NOT an education campaign but so many of the lopsters insisted otherwise. We both thought that if this was an education campaign, wouldn't the CBI use one consistent PDF and start to educate after parliament approved it?

Well my friend, here you go. This clearly says an education campaign will commence AFTER it is discussed and debated. So this being a education campaign is out the window.

Hey, what are you trying to say here...if you don't mind me butting in.

[sonny1]

i dont find this to be bad, they should raise the value in the near future, my guess a dime or so, then they can do what ever they want with there zeros, i find these articles so b.s though, were supposed to believe there plan isnt done, shabbs said that june 28th the plan was complete, and sent to parl. i hate saying it, but everyone involved with any government position in iraq is a complete idiot....

[Rogue Knight]

This article has been posted three times in the last 24 hours...

[redsand]

i dont find this to be bad, they should raise the value in the near future, my guess a dime or so, then they can do what ever they want with there zeros, i find these articles so b.s though, were supposed to believe there plan isnt done, shabbs said that june 28th the plan was complete, and sent to parl. i hate saying it, but everyone involved with any government position in iraq is a complete idiot....

Im glad you are thinking this Sonny...because I remember not too long ago you weren't liking the chances of an RV with the troop withdrawal. Your opinion is always taken into consideration in my book.

[YourIntelSux]

Hey, what are you trying to say here...if you don't mind me butting in.

There have been some saying that it's over and the education campaign has begun to let the the public know a RD is official. Fact is, why would they start an education campaign on something that hasn't even been approved by parliament yet? That would cause mass confusion if plans change.

Secondly, not all the articles have been consistent if this was an education campaign. One article says soon, the next days years away. One states value is not affected, one says enhance value. I think shabbs and the gang are smart enough to be extremely clear on the process which ever they choose, rd or RV.

[Francie26]

Hey 20 million! I know youre out there. Remember when we were discussing that all these misleading articles are NOT an education campaign but so many of the lopsters insisted otherwise. We both thought that if this was an education campaign, wouldn't the CBI use one consistent PDF and start to educate after parliament approved it?

Well my friend, here you go. This clearly says an education campaign will commence AFTER it is discussed and debated. So this being a education campaign is out the window.

This may just be more of their smoke and mirrors, the shimmering reflections of shadows, confusion and denials, to get some people to be so confounded that they sell their dinar before the RV so the Iraqis won't have to buy their dinar at the new, higher rate.

[3Dinar]

How does Iraq measure a LONG TIME?? GO RV!!!

[coldwarvet]

I think that they attempted to persuade their parliament that an RD was the way to go. It didn't succeed. Now, with inflation a very near term threat, they appear to have only two options: further devalue the currency, which not only would all but eliminate our investment opportunity, but would also drive investors AWAY from Iraq; or RV the doggone thing. The economists have dickered and delayed for months, now it's time to pull the trigger. Here's hoping for a very Happy Thanksgiving!

[k98nights]

everyone involved with any government position in iraq is a complete idiot....

So damn true

[fastarnie]

How does Iraq measure a LONG TIME?? GO RV!!!

Better yet what does SOON mean to Iraqis.

[Danan]

Just do it.