Diwaniya calls for government banks to take over the affected currencies being guaranteed by the Central Bank

[patriotic party girl]

guaranteed by the Central Bank

Editor: SZ | BK

Tuesday, 10 K 2 2012 11:33 GMT

Alsumaria News / Diwaniya called Diwaniyah, Tuesday, government banks in the province to take over the Iraqi currency affected by the different groups, confirming that they are guaranteed by the Central Bank of Iraq. The deputy governor of Diwaniya for Financial Affairs Abbas Jubouri in an interview for "Alsumaria News", "on the banks government in the province recognizes the currency-affected citizens, especially of the class 250 and 1000 dinars if the damage was not lost its features completely. " He added Jubouri that "the banks and filling stations, merchants and community collection refuses to recognize those currencies of the citizens who obtained it by trading in local markets," , noting that it "damaged the economic citizen and the province." The Deputy Governor that "the Iraqi currency is guaranteed by the Central Bank of Iraq in all categories," noting that "banks do not account for receipt of such currency Petkdsha in their vaults asset frozen refrain public treasury for receiving the" . The Jubouri that "maintaining the readiness to address any government issued orders to banks to refrain from receipt of the Iraqi currency is affected." For their part, a number of citizens to maintain their surprise of the failure of government banks for receipt of such currencies affected. Moualem said Saad-Ghorayeb's "Sumerian News "," filling stations refused to recognize the category of a thousand dinars, even if they were affected a little bit, "pointing out that" the banks declined to the other for receiving, causing loss of time and money. " confirmed employee Magda Abdel Hussein that "Ratbna Monthly includes the amounts of currencies different, many of which affected to varying degrees as a result of trading continued, "adding that" the government banks refuse to replace them, leading to losing her, despite the limited our income. " The Iraqi Central Bank Governor Sinan Shabibi confirmed at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in the 19 June 2011, ready to create all the supplies to replace the Iraqi currency, urged the Adviser to the Prime Minister for Economic Affairs on 25 August 2011 the Central Bank of Iraq to stop the action to change the currency, warned of "mafias currency" is preparing to rig the trillions of dinars exploited to change the currency, also confirmed that it will result in a huge mass of cash is difficult to confront. The Diwaniyah, 180 kilometers south of Baghdad, the second poorest provinces, with the proportion of poverty by 35 percent, according to official statistics.

http://www.alsumarianews.com/ar/3/34354/news-details-.html

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[E. 1999]

so is Sinan Shabibi trying to keep the dinar and revalue it? it sounds like Sinan is calling maliki out for trying to destabilize the currency so that it has to change into a mafia currency which is not what we want...also it sounds like Sinan is claiming that through malikis actions (changing currency) he is ultimately hurting the iraqi dinar (which is what Maliki wants?)

Here is a more blunt version of what i think happened at the meeting

Maliki: ahhh Sinan my friend how goes it

Sinan: Mr. maliki we need to talk

Maliki: Sinan, talk away i am all ears

Sinan: well your purportedly hurting the iqd so as to hurt its value so that you can empliment your own mafia currency

Maliki: lets schedule a meeting so we can discuss this matter.....

[zigmeister]

I'm not sure what this means. More confusion.

[pattyangel]

I'm with you zigmeister...I'm confused also. Someone come in and make it simple or simpler in my case.

With all the articles today... everything is moving so fast I'm having trouble reading between the lines.

Don't bash just help.

[jeepguy]

sounds like they are talking about damaged dinar ,,, the central bank will honor them {c,b,i} if they are not total loss,,, like our banks when you take a torn bill with one side having all numbers in the serial they will honor it,,, now the other part seems like they are getting worried about the conterfetting ,,,,the longer they wait too revalue and start handleing dinars ,,will give the mofia bunch more time too make better qualitiy dinars that will fool any bank cashier,,,, seems too me they are trying too push this fast ,,,just get the rest of the members of parliment too move on it

[Alex38]

sounds like they are talking about damaged dinar ,,, the central bank will honor them {c,b,i} if they are not total loss,,, like our banks when you take a torn bill with one side having all numbers in the serial they will honor it,,, now the other part seems like they are getting worried about the conterfetting ,,,,the longer they wait too revalue and start handleing dinars ,,will give the mofia bunch more time too make better qualitiy dinars that will fool any bank cashier,,,, seems too me they are trying too push this fast ,,,just get the rest of the members of parliment too move on it

agreed. That's what I get from it also.

[pattyangel]

Thanks Jeepguy, Now why couldn't I come up with that, I guess my brain is starting to shutdown.

Taking a timeout.

[tigerstripes]

I'm not sure what this means. More confusion.

I think it means the same as when the article came out a couple of days ago. It would seem that nobody is accepting damaged currency (filling stations, merchants etc) as a valid form of currency. Even it is only a little bit damaged. They are also saying that when people go to their local government bank, they won't exchange the damaged currency for new.

This is really, really, really good news. Not so great for the Iraqi people, because it puts a strain on their already limited income. But it means that hopefully, a lot of the notes that are damaged are not being accepted and therefore, hopefully, not making their way back to the central bank to be taken out of the money supply.

The Governor of Diwaniya is saying that the government must enforce on the government banks, the acceptance of damaged notes if they haven't completely lost all of their features.

Not too sure about the last part. It talks about how Shabibi advised the government back in July about the plan to replace the currency, and then the Financial advisor to the Prime Minister advised him not to go ahead with the plan, because they think that counterfeitting will be a problem.

He also talks about a large mass of cash being difficult to confront. He could either be saying that producing a new currency means a whole lot more notes (which to me suggests he doesn't understand the process, or he's saying that there will be a whole lot of currency being turned in to exchange, which will be a problem for the banks etc.

With any luck, Shabibi said to him something like "Don't worry, there's not that much out there anyway"

[Stryker365]

I think it means the same as when the article came out a couple of days ago. It would seem that nobody is accepting damaged currency (filling stations, merchants etc) as a valid form of currency. Even it is only a little bit damaged. They are also saying that when people go to their local government bank, they won't exchange the damaged currency for new.

This is really, really, really good news. Not so great for the Iraqi people, because it puts a strain on their already limited income. But it means that hopefully, a lot of the notes that are damaged are not being accepted and therefore, hopefully, not making their way back to the central bank to be taken out of the money supply.

The Governor of Diwaniya is saying that the government must enforce on the government banks, the acceptance of damaged notes if they haven't completely lost all of their features.

Not too sure about the last part. It talks about how Shabibi advised the government back in July about the plan to replace the currency, and then the Financial advisor to the Prime Minister advised him not to go ahead with the plan, because they think that counterfeitting will be a problem.

He also talks about a large mass of cash being difficult to confront. He could either be saying that producing a new currency means a whole lot more notes (which to me suggests he doesn't understand the process, or he's saying that there will be a whole lot of currency being turned in to exchange, which will be a problem for the banks etc.

With any luck, Shabibi said to him something like "Don't worry, there's not that much out there anyway"

Nice analogy tigerstripes, I think the long term effects will be what the Iraqi people need, oil profit sharing, loans for homes and things that they never had a chance for before, much higher per capita income (several articles about this yesterday) and pride just to name a few.

Thanks tigerstripes

[zigmeister]

Thanks tigerstripes, it was the last part that kind of confused me. Whether the worn and torn would be honored at the bank or hit the shredder not to be counted.

[tigerstripes]

Thanks tigerstripes, it was the last part that kind of confused me. Whether the worn and torn would be honored at the bank or hit the shredder not to be counted.

I think what this guy is saying is that they "should" be honored, but at the moment they aren't. It particularly affects people in his area as they have a high level of poverty there. Which would also explain why he talks about 250's and 1000's, rather than 25,000's and 10,000's. Or with any luck, there's not many of those notes anywhere in Iraq.

I think I read somewhere, that it is actually a law that damaged notes do have to be accepted, but I can't recall the details specifically.

I hope that they don't get returned, whether it be to a shredder, or to be exchanged. I hope the Iraqi's are using them to stoke their fires. If they get returned, they are counted in the money supply, whether they have to be shredded or not. I'm hoping that the reason the money supply keeps going up is because they have to replace currency that is damaged and thrown away, burnt.......whatever.

[yota691]

You reckon that why they call it New Iraq Dinar

Edited January 14, 2012 by yota691

[tigerstripes]

Nice analogy tigerstripes, I think the long term effects will be what the Iraqi people need, oil profit sharing, loans for homes and things that they never had a chance for before, much higher per capita income (several articles about this yesterday) and pride just to name a few.

Thanks tigerstripes

Well, hopefully there's more in it fo rthe people of Iraq than just an easier to handle money supply. My limited understanding of middle east history leads me to think that, sadly, that may not be the case.

[Stryker365]

Well, hopefully there's more in it fo rthe people of Iraq than just an easier to handle money supply. My limited understanding of middle east history leads me to think that, sadly, that may not be the case.

Well I do believe that the US has a big roll in what the overall outcome was designed to look like, now is it going to end up that way,.... this we are waiting to see. I do believe that after reading alot of posts here that many people have given up on a good outcome. We all, including myself question who is the good and bad guys and I do not think we are getting a fare understanding to truly make an intelligent determination. So all we have is our personal feelings that are influenced by our personal dealings in life. All it takes is reading to see what I'm talking about.

From an ex-military guy from Connecticut that is tired of hearing none serving military folks complaining that we had the wrong intentions in entering this war and sacrificing our young men and women for oil, is he wrong...no...he fought beside these hero's. Why can't we believe that we wanted to save innocent citizens of Iraq from mass murder, all you need to do is ask a Kurd. Is it to hard to think that there are still politicians that want to do for others as our forefathers did for us, not for me. Did it have to do with oil,... you bet,.... oil is money, money is power, power to buy weapons that kill. Control the oil and we can control the power then you can try and stop this from happening, Do we need the oil for us when we have so much of it?......If this was true than we would horde it all and still go get the oil from others. If this is what you think then why do we sell oil to countries that do not have any, could it be that we are still the Big Brother of the world and help to the point that it harms us.....yes but I for one would like to still think we have a responsibility to play the roll that we have been so very lucky to play.

Listen I am not trying to start a debate, I'll leave that to people that like that kind of thing, if I were to get a high off a good debate I'd been an attorney, haha., that's not me. I started this short post to tell tigerstripes that I believe that the ME can be a better place and got off on my soap box, sorry. Every once in a blue moon I read a interview or an article that tells me that things are not as bad as all the others make it look like. We just need to remember that they live to verbally abuse each other, thus all the different contradicting articles.

I know by fact that we have a Transition Team made up of some of the best minds in the world that are working right now, as we all try to make sense out of all this, Their job is to help build a new and better widget (government) that can show others a better way of life. This must happen or that part of the world will be the end of life itself for all the world, and it could be sooner than later, one word...Iran.

Have a nice night!

[Carrello]

Night Stryker. I hope all is well.

[tigerstripes]

I won't re-post your whole thing Stryker, but I will say it is well written. Not smoking and new job is obviously good for you.

I hope there is a positive future in the Middle East, but I have my doubts. These people have been fighting ever since the twelve tribes left ancient Sumeria. Whether it be trade routes, religious significance or oil, fighting is kinda what they do. Water will llikely be the next one.

At the moment, the west has a vested interest because of the oil, but that won't last forever.

Maybe there's a plan. Hope it's a good one.