Central Bank: the end of 2012 will see the currency exchange

[trooper]

Central Bank: the end of 2012 will see the currency exchange

On: Sun 08/01/2012 18:10

Iraq will not use the dinar in the sales of oil citizen - the follow-up denied the Central Bank of Iraq and there are efforts to use the dinar in the sales of some of the oil exports of the country, because the «market speculators will buy the dinar to sell to countries dealing with the country's oil, and we will enter into a whirlpool of speculation in the dinar, and we are already to reduce inflation, which has suffered monetary Ktltna ».

The Vice-Governor of the Bank Mazhar Mohammad Saleh said that countries that have turned their currencies to the international currency has a very strong economy, such as the European Union, China, Japan and the United States.

The Iraq covering the dinar in hard currency through the credits worth $ 53 billion. and the project to delete three zeros from the dinar, Saleh said that «the central bank ended the preparations for the replacement process end of the year», pointing out that «dinar witnessed the first process of replacing a successful 2004, when Replace more than six trillion dinars Bdnanar new and is expected to begin the process of replacement of a second after the removal of three zeros end of this year, and this will be decided by the government ».

The size of the Iraqi currency traded locally about 33 trillion dinars, after he was no more than six trillion in 2003, by banks, to 70 per cent of the money supply.

Salih stressed that auction the central bank sold $ 40 billion over the past year, pointing out that «the auction is one of the most important means of monetary policy shift in which oil revenues to the liquidity of local insurance requirements of government budgets, as well to the control of the dinar exchange rate and reducing inflation ».

He said, «Central will be obliged to issue a block additional cash during the current year, due to the increased size of the budget, and this means insurance reserves an additional hard currency, which is normal with overall economic growth of the country».

He explained that Central Bank is obliged offering larger quantities of the dollar through auction the higher government expenditures denominated in dinars, as 60 per cent of the proceeds of the sale go expenses-governmental organizations, and the remaining are for the benefit of the private sector, and expected to increase demand for the dollar in the current year because of the adoption by the Government budget is the highest in the history of the country.

The government decided to cut the budget this year of $ 115 billion to 100 billion, based on the price of a barrel of oil equals $ 85, and a deficit of $ 14 billion would be covered through internal and external borrowing from the IMF and World Bank. The volume of trade State of Iraq in the last year, according to the benefit of $ 46 billion, two-thirds of the private sector.

It is noteworthy that the Iraqis would prefer to deal in dollars because of the low value of the dinar, as the value of the banknote the same category Top 25 thousand dinars (equivalent to $ 20). to that, the Central Bank that will support the opening of the Rafidain and Rasheed in the Kurdistan region, stressing that he had not received any formal request so far on the subject of the Departments of the two banks.

Salih said (Rn) that »the CBI supports the opening of branches of the Rafidain and Rasheed in the Kurdistan region that it will support Autism financial market in general».

Saleh pointed out that «the banking market is not adversely affected by administrative boundaries, and the opening of branches of the Rafidain and Rasheed in the Kurdistan region will stimulate bank transactions and boost the economy in the country ».

Saleh added by saying that «the central bank waiting to provide Departments of Rafidain and Rasheed wrote a formal request through the approval to open branches in the Kurdistan region».

The Iraqi Ministry of Finance had announced earlier that it is serious in opening branches of the bank Rafidain and Rasheed in the Kurdistan region, noting that he will be able to staff in the province pull advances the property of those branches. and according to statistics released by the Iraqi Ministry of Finance recently, there are 25 banks waged, and five state banks in Iraq , and most of those five is the Rafidain banks, which has 190 branches in all provinces and abroad, except for the Kurdistan region in addition to the Rasheed Bank, which has 150 branches in and outside the Kurdistan region of Iraq, except to the bank's real estate, agricultural and industrial.

http://almowatennews.com/news_view_33268.html

[mariejose]

OK. IT SEEMS TO ME THAT THIS ARTICLE IS IMPLYING THAT EXCHANGE WILL NOT TAKE PLACE UNTIL THE END OF THIS YEAR?

IF THAT IS SO. THEN I FOR ONE, DO NOT WILL NOT BELIEVE IT.

[cgbrown]

Thanks for the post.

[JWJW11]

Wow! That's all I got....

[Alex38]

Possibly 2013? Hmmmmm....

[LDJ]

smoke did somebody say smoke? Smells maybe a little like smoke, just maybe.

[lotsofdinar]

Iraq sure seems to be in no hurry to do whatever they plan to do with their currency.

[jas428]

I don't know folks, after 6+ uears of hearing that everything is "smoke", perhaps we should start seeing some things as truth. So far all the smoke from years past has not been smoke at all, as proven by no RV yet. In any case 2013 still isn't that far away to those of us who have many years invested.

[Shelley]

Wow! That's all I got....

That was more than I had !!!! I really don't know what to read and believe today, it seems every article is a contridiction to one another !!!! I'm just looking for a crumb of all that patience I wrote about last week

I wanna believe, I wanna believe, I wanna believe .... aaahhh that didn't work !!!!!

[Alex38]

That was more than I had !!!! I really don't know what to read and believe today, it seems every article is a contridiction to one another !!!! I'm just looking for a crumb of all that patience I wrote about last week

I wanna believe, I wanna believe, I wanna believe .... aaahhh that didn't work !!!!!

crazy days..... Ugh....

[JWJW11]

based on the article out yesterday describing the 3 phases..... I believe that will be the completion of process.....RV not the 3rd phase

Also keep in mind throughout the end of 2011 they continually referred to the 2 year process which we now know we are in year 2......process complete by 2013....end 2012

Here they pretty munched just described the entire process......speculators will sell their dinar to their countries....the countries will then turn into international currencies

.........and the reference the US China Japan and euro.........looks like the.petrol dollar to me

This seems to be an announcement........as its every good spice of info.....in one article.....I like it

[easyrider]

guys stick to the truth are they gonna wait to implement their 2012 budget with no adjustment to the exchange rate? this is complete smoke unless they plan on waiting to implement one of their biggest budgets in history till 2013 then i can say this is accuraate but i will say this is BS.

Edited January 8, 2012 by easyrider

[lotsofdinar]

So Iraq is announcing an Rv? Doesn't seem like something they would do.

So, Easy, what does it mean if they approve the budget before an RV actually happens?

Edited January 8, 2012 by lotsofdinar

[truthful1]

So now we see a reference of increase to 33 trillion.. if thats the case, the money supply is increasing not decreasing, despite popular beliefs.

[JWJW11]

In addition......they say the EXCHANGE......not the change in the exchange rate......I think they are referring to the fact it will take until the end of 2012 to finish the EXCHANGE....meaning the full completion of the phase and the lower denoms will be the final stage....think about it....you cant have lower denoms out first

And I agree with easy....watch the budget.....

Also once the HCL is complete....its done

[Carrello]

based on the article out yesterday describing the 3 phases..... I believe that will be the completion of process.....RV not the 3rd phase

Also keep in mind throughout the end of 2011 they continually referred to the 2 year process which we now know we are in year 2......process complete by 2013....end 2012

Here they pretty munched just described the entire process......speculators will sell their dinar to their countries....the countries will then turn into international currencies

.........and the reference the US China Japan and euro.........looks like the.petrol dollar to me

This seems to be an announcement........as its every good spice of info.....in one article.....I like it

Thanks for staying grounded and not jumping off the ledge.......

[leola]

--It seems they have all that reserve money($58 BILLION )and they are trying to figure out a way to steal from the people,,,,,go figure,,,,,,they are becoming more like the U.S.A. every day.........

[Shelley]

crazy days..... Ugh....

You know what Alex, I believe it's a purposeful crazy on Iraq's part !!! But at least I'm starting get that believe in an rv feeling back

[RocketDinarest]

Thank you trooper for this very valuable article. I read it in Arabic, and it made lots of sense, and it answered many of the questions I had. PEOPLE, THIS ARTICLE IS VERY IMPORTANT, LOGICAL, AND DIRECT TO THE POINT. I liked what I read very much .

GO RV.

[Shelley]

based on the article out yesterday describing the 3 phases..... I believe that will be the completion of process.....RV not the 3rd phase

Also keep in mind throughout the end of 2011 they continually referred to the 2 year process which we now know we are in year 2......process complete by 2013....end 2012

Here they pretty munched just described the entire process......speculators will sell their dinar to their countries....the countries will then turn into international currencies

.........and the reference the US China Japan and euro.........looks like the.petrol dollar to me

This seems to be an announcement........as its every good spice of info.....in one article.....I like it

WOW, what you get some red bull in ya !!!!! you came strong with this one .. Cheers my friend

[sxsess]

guys stick to the truth are they gonna wait to implement their 2012 budget with no adjustment to the exchange rate? this is complete smoke unless they plan on waiting to implement one of their biggest budgets in history till 2013 then i can say this is accuraate but i will say this is BS.

Yes I agree. The longer those morons wait to push their country forward the more likely hyperinflation and total collapse of their economy

[simon8957]

Easy and JWJW I totally agree with you both. My thought after reading the artice about the 3 phases yesturday and phase 1 being complete is this. The main component of phase 1 was to get the machinery (de laru machines). This was done back last summer sometime, thus making me think they are further along in the process then they lead onto. Easy I totally agree with you and the smoke and mirrors. There is no way with the increasing of oil exports, the saleries and the ATM cards can they wait to 2013 to pass the budget. JWJW I caught the same thing it says "exchange"..not exchange rate. Makes me think they want to have all the 000's exhanged by 2013....go RV and cheers to ya all!!

[lotsofdinar]

speculators will sell their dinar to their countries....the countries will then turn into international currencies."

I still can't figure out where the U.S. is going to get the trillions of dollars to buy our dinar from us. That's the big rut in this road to me.

[Hamels]

I don't know folks, after 6+ uears of hearing that everything is "smoke", perhaps we should start seeing some things as truth. So far all the smoke from years past has not been smoke at all, as proven by no RV yet. In any case 2013 still isn't that far away to those of us who have many years invested.

Very True, newbies need to get used to dealing with Iraqi dinar...it is a very speculative investment ,at best.............Just because it does not fit into your GONNA RV EVERY OTHER WEEK attitude, ...It becomes smoke...just check out Scooters chat...the guy is a realist, along being an economic major...we all hope something will happen someday, but time will tell.......being in this for just a lil over 2 years, guess I am a newbie to some of the elders here

[Cole Pruitt]

Adam, what is your take on this, please? Go RV