Iraq Working to Reduce the Mass of Cash

[carlablum]

Iraq working to reduce the mass of cash through the deletion of zeros

16/11/2011 14:31

Baghdad, November 16 (Rn) - The Central Bank of Iraq on Wednesday that seeks to reduce the monetary mass of 25 trillion dinars to 15 billion dinars over the deletion of zeros to facilitate cash transactions in the financial markets and banks.

Iraqi dinar, Iraq money The appearance in favor of Bank vice-president, told the Kurdish news agency (Rn) that "Iraq today is dealing lump cash of $ 25 trillion Iraqi dinars, while the largest currency which does not exceed 25 thousand Iraqi dinars, and the purchasing power it does not exceed $ 23."

He pointed out that "in cash transactions in the Iraqi market needs a large amount of banknotes and thus there is a difficulty in the transfer of funds in the form of bags in case of large transactions."

Saleh pointed out that "the Iraqi banks do not accept deposits, sometimes due to problems in number and the account for such large amounts of money."

The vice president of the bank "We want to usurped the money supply of 25 trillion to 15 billion dinars," adding that "the central bank fixes the payments system in Iraq and the policy of the monetary authority."

He stressed, saying "monetary mass will be reduced soon, through the issuance of new currency by three zeros are canceled."

Salih stressed that "this action is an important part of the reform process will facilitate the management of currency and payment system and the elimination of the vestiges of past inflation through the mass of strong cash handling and easy."

From: Sam and dry. Open: Abdullah Sabri

http://translate.google.com/translate?act=url&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=ar&tl=en&twu=1&u=http://www.aknews.com/ar/aknews/2/272826/

[Soeharto]

The Question is WHEN?

Only Talk No Action....AKA Mr. Saleh

[VIZIOIRAQI]

Iraq Working to Reduce the Mass of Cash Through the Deletion of Zeros

16.11.2011 | (Voice of Iraq) - Add Comment - (Rn) of the Iraqi Central Bank announced on Wednesday that seeks to reduce the monetary mass of 25 trillion dinars to 15 billion dinars over the deletion of zeros to facilitate cash transactions in the financial markets and banks. The appearance of Saleh is vice president for Kurdistan News Agency (Rn) that "Iraq today is dealing mass cash a $ 25 trillion Iraqi dinars, while the largest currency which does not exceed 25 thousand Iraqi dinars, and the purchasing power it does not exceed $ 23." He pointed out that "in cash transactions in the Iraqi market needs a large amount of banknotes and thus there is a difficulty in the transfer of funds in the form of bags in the event of trading large. " Saleh pointed out that "the Iraqi banks do not accept deposits, sometimes due to problems in number and the account for such large amounts of money." The vice president of the bank "We want to usurped the money supply of 25 trillion dinars to 15 billion," adding that "the central bank fixes the payments system in Iraq and the policy of the monetary authority." stressed by saying "there will be reduction of the cash block soon through the issuance of new currency canceled by three zeroes. " Salih stressed that "this action is an important part of the reform process will facilitate the management of currency and payment system and the elimination of the vestiges of past inflation through the mass of strong cash handling and easy." From: Sam and dry. Open: Abdullah Sabri

http://translate.google.com/translate?sl=ar&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.sotaliraq.com%2Fbusiness.php%3Fid%3D4611%23axzz1dsLHTDKk

[Flash101]

Thank You Bud

[Maggie123]

The vice president of the bank "We want to usurped the money supply of 25 trillion dinars to 15 billion," adding that "the central bank fixes the payments system in Iraq and the policy of the monetary authority." stressed by saying "there will be reduction of the cash block soon through the issuance of new currency canceled by three zeroes. "

Thank You VIZIOIRAQI for bringing this Great Article to us.

I am curious about the statement of usurped the money supply from 25 trillion to 15 billion. Is there a clue to the rate there? or is it just talking about reducing the money supply to make the RV work...

I LOVE THAT LAST LINE! AWESOME!

[sirlep33]

" stressed by saying "there will be reduction of the cash block soon through the issuance of new currency canceled by three zeroes. "

This statement seems to really make me think more about how the US dropped our three zero bills in the past. For example: I had a 1000 dollar bill, took it to the bank and they exchanged it for 10 new 100 dollar bills. The new currency really does not bother me either because we have new currency printed all the time and it just phases out the old. So in short, Iraq IMO is following our method of getting rid of older currency with 3 zeros and replacing it with the new currency (that meets all their laws about currrency) without the three zero's.

[unirod]

" stressed by saying "there will be reduction of the cash block soon through the issuance of new currency canceled by three zeroes. "

This statement seems to really make me think more about how the US dropped our three zero bills in the past. For example: I had a 1000 dollar bill, took it to the bank and they exchanged it for 10 new 100 dollar bills. The new currency really does not bother me either because we have new currency printed all the time and it just phases out the old. So in short, Iraq IMO is following our method of getting rid of older currency with 3 zeros and replacing it with the new currency (that meets all their laws about currrency) without the three zero's.

This is good reasoning.But it would increase the number of notes in circulation.This does the Iraqi people no good becuase they still need the rate of exchange to be more than the USD.