restructuring of the Iraqi dinar will not start before 2013

[BradyBear]

Central Bank: restructuring of the Iraqi dinar will not start before 2013 or intention for the printing of new categories of cash

rocky on Mon Nov 28, 2011 4:26 am

.Denied the central bank, issuing coins, a large, stressing that the Iraqi dinar has become more currencies in the region stable region, The thing on it. And while noting that the inflation that took place in the country are imported, pointed to a gradual decline in rates until stability increases are reasonable in the prices.

While the detection of moving ahead with the project to restructure the currency, confirmed the presence of coordinating high-level contacts with the government after uploading an ambiguity and uncertainty that surrounded the process, noting that the project will see the light before the year 2013.

In an interview with the “world,” said the appearance of Mohammed Saleh, adviser to the central bank, “there is no intention for us at the present time for the printing of any denomination at all, and those who say such rumors are bubbles of the market are driven by narrow interests,” noting that “statements made in this regard was launched and intended to normalize groups of large cash after the implementation of the restructuring of the currency.”

The agencies have quoted, Saleh as saying that the Iraqi Central Bank is working to issue a new currency, a large category of 50 thousand dinars in order to reduce the size of the money supply in local markets.

Salih said that the “Iraqi dinar is the currency the strongest and most stable in the region, add to that covered by a large financial is the first volume in the history of modern Iraq, as the reserve reaches almost $ 60 billion.”

He pointed a senior official at the Central Bank that “the goal that yearn it central is price stability and reducing inflation, “explaining that” the reduction of inflation does not return the price to what it was, it is difficult, but we can do to reduce price increases, so does not increase the prices are obscene, but in a reasonable manner and digestible.”

He continues, “The inflation that has occurred but it is imported, and not stem from inside Iraq, but because of the currency crisis the world across Europe and hit the confidence currency cash than GA concerned to speculation in oil, gold and food, which is reflected on world prices and the impact heavily on Iraq, he is on the increase Food prices, on the other hand raise the prices of oil, which returned him the benefits of large financial.”

Underlines Saleh, said that “Iraq is an integral part of the world, and we influence and are influenced, but there are two types in the world, the type of continuing progress and development, such as China and other Asian countries, and type the other affected by the recession as is the case in the countries of Europe, which was quick to replace their currencies to the cash that have lost an item with other materials such as oil, gold, and food, which raise the prices of these materials is remarkable.”

However, Chief Financial great saying that “inflation is generally reduced by good all the world and reflected on Iraq, too, has rate at the month of September last 7.3 percent, compared Boilol in 2010, while the 6.1 percent in the month of October (October) the past, compared with a year ago, which indicates significant decrease in the rate of inflation.”

Predicted “the continuation of the process of decline until reaching a proportion of the stability and reasonableness in the price increase.”

And on the implementation of the project for restructuring the currency announced by the Central Bank of Iraq, says Saleh, speaking for “the world”, “The project is intended well and there is a complete study about it, “explaining that” there is coordination between high-level with the concerned parties within the government and the House of Representatives, and gave them a complete study about it, and got us some questions, where we clarify them and raise confusion and ambiguity surrounding the process, which was cause of lack of understanding of the government initially for the content of the process, “noting that” we are currently awaiting a government response, we do not expect to start the process before the year 2013.”

And that the benefit of the “process aimed at raising the efficiency of cash payments in Iraq, then we can print currency monetary value high, without affecting the currency, as in the euro, which has the currency of the category of 500 euros, equivalent to $ 700, while the largest currency we have now is the category of 25 000 is equal to only $ 21 only.”

The Iraqi Central Bank has announced a project replacement of the currency and delete zeros them in order to reduce the large numbers of objectionable transactions, which will reach trillions, and monetary blocs will be shortened without disparage wealth or income.

[storm1]

Gee when I posted I thought RV wouldnt happen until 2013, I got chastized

[Luigi1]

Gee when I posted I thought RV wouldnt happen until 2013, I got chastized

Same here. Shabibi stated at the Jackson Hole Monetary Conference, 2 years.

[haymon]

Is there mouth moving? Hear what's coming out, but watch what they do.

[Anti This Anti That]

Could not this 2013 include the RV then? The Iraqi's are living off USD, and seems to not be in any rush about an RV.

[Theflyingbird]

Quit ruining my holiday season! Just kidding. Don't take it personal. I really believe it will RV before 2013 but who knows. I figured it would be done by now too, and you all can see how that turned out. Hopefully this article is all smoke and mirrors. Go RV!!!!!

[vomer]

Not good.

[betty1970]

I think it's quite a positive article actually. It will more than likely take two years to get it all up and running, but I think they will revalue next year and Shabs will most probably take two years to get it all on track.

When he states that 25k is only worth $21.00 think it is showing that it is not acceptable. Anyway I am keeping my smiley face on.

[hoopdog]

Ahh yes another well written article out of Iraq. I don't know how anybody can stand to read these articles. They make no sense, so it is very difficult to determine exactly what the articles are saying or meaning. I wouldn't read to much into it. Although it is very possible that they won't do anything until 2013 or later if at all. It is a third world country after all.

[4aprofit]

The statement about 2013...is about as hilarious as the one where Shabibi said there "doing it now"...a few months ago...and then they've even said on several occassions...that it would be "soon"....which is it?...now or later???....they surely don't want us to know!...lol....

[4aprofit]

On another note...this would be like Haiti hitting Gold....and then the entire world showed up to exploit their wealth...how long do you think Haiti's currency would stay at appx. 40 to 1...when Panama, Ecuador, The Bahama's, Belize, Etc...are all I believe at appx. 1 to 1 with the U.S. Dollar....(As I know several of those countries are 1 to 1)...and remember, Iraq is the one that has all the influx of commerce and the trillions of investors monies being moved in...not their next door neighbors that they have....their neighbors already have dinars that are worth from appx. $1.50+/- in Jordan, appx. $2.50+/-in Bahrain and appx. $3.50+/- in Kuwait.....what folks don't realize is that they are actually running out of time to do this....as a country has to have a strong currency to go before the world with...especially if they have these type resources...it's no different than if the U.S. Dollar dropped to a worth of a nickel today....what do you think would happen to us and our buying power on the streets as a people?...our markets?...our countries future sustainability?......it's ineveitable...it would be a disaster!...Iraq has one shot to do this and to do it right...and IMO..it won't be years down the road...hell, at the rate things are falling apart, if this plan that the dinar was originally designed for, is not initiated sooner than later, it really won't matter...let's say give things another year at the rate things are crashing...it wont really matter what color or type money your holding..it will be over...done...wipeout...nothing left to come back to or from...anywhere...IMO...whoever has a plan will need to act on it soon!

P.S. I do believe they've taken things all the way down to the wire...as more control is gained by large monetary entities as these plummetting swings occur....