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CBI announces completion of plan to remove zeros from currency; Reprint 30 trillion dinars

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CBI announces completion of plan to remove zeros from currency; Reprint 30 trillion dinars Empty CBI announces completion of plan to remove zeros from currency; Reprint 30 trillion dinars

Post by Duckyboy Thu Aug 04, 2011 7:53 am

CBI announces completion of plan to remove zeros from currency; Reprint 30 trillion dinars
Posted: August 4, 2011 by THE CURRENCY NEWSHOUND - Just Hopin in Iraqi Dinar/Politics
Tags: Central Bank of Iraq, Currency, Economy of Iraq, exchange rate, Iraq, Iraqi dinar, List of banks in Iraq, London
Iraq to remove three zeros from the dinar -

Published August 4th, 2011 – 09:24 GMT

The Iraqi Central Bank announced the completion of a plan to remove three zeros from the dinar, replacing current banknotes with new ones. The Bank will re-print 30 trillion dinars (26 billion dollars).

According to Mazhar Mohammad Saleh, an expert in the Iraqi Central Bank, in a speech with the ALHAYAT of London, “our problem lies in the timing of the currency exchange, as we need to select a suitable time for implementing the project without obstacles.

The Central Bank planned to remove three zeros from the Iraqi dinar, after suffering from inflation and the decline of the currency during the nineties, due to economic sanctions. The value of the dinar decreased internationally to its current value of approximately 1120 dinars per dollar.

In 2003, the Central Bank adopted a new mechanism to maintain the dinar’s exchange rate. It created a foreign exchange auction to sell dollars that Iraq obtained from the sale of oil in the global markets and then transferred to the bank to sell in local currency, which helped raise the value of the dinar over the last few years to more than 2000 points.

Saleh estimated the government will exchange more than 30 trillion Iraqi dinars, or more than $26 billion dollars. The most important change after deleting the zeros, is to reduce the number of banknotes in circulation, simplifying the payment system in Iraq.

Some economists have warned that the process of exchanging the Iraqi currency will be rife with corruption due to the inaccurate structuring of Iraqi banks. Previous attempts to exchange the currency resulted in major corruption, costly to the Iraqi economy. However, Saleh responds that the process of changing the currency in 2004, occurred under the exceptional circumstance of an occupation, was managed by a civil American governor, and was still successful.

The Central Bank sells, through a daily auction, between $150 million dollars and $190 million dollars daily to clients of private banks and the financial companies. (Source: www.yallafinance.com)

http://bit.ly/oScIkx


Last edited by Duckyboy on Thu Aug 04, 2011 9:24 am; edited 1 time in total
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CBI announces completion of plan to remove zeros from currency; Reprint 30 trillion dinars Empty total misinformation

Post by patC Thu Aug 04, 2011 8:28 am

How can the CBI say they will roll out the new money this week and reprint the entire M-2 supply of dinars in October?? Doe not make ANY sense!!

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Post by implode Thu Aug 04, 2011 8:33 am

patC wrote:How can the CBI say they will roll out the new money this week and reprint the entire M-2 supply of dinars in October?? Doe not make ANY sense!!

I caught that, too. Seems odd.

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Post by Bunky Thu Aug 04, 2011 8:51 am

Wow! Don't you think its possible they realize they need more than what they have?
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Post by Duckyboy Thu Aug 04, 2011 9:27 am

patC wrote:How can the CBI say they will roll out the new money this week and reprint the entire M-2 supply of dinars in October?? Doe not make ANY sense!!

PLEASE EXPLAIN....
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Post by Trainer2 Thu Aug 04, 2011 12:44 pm

Duckyboy wrote:
patC wrote:How can the CBI say they will roll out the new money this week and reprint the entire M-2 supply of dinars in October?? Doe not make ANY sense!!

PLEASE EXPLAIN....


DuckBoy,

This information you are they are referring to about October was Published July 8th, 2003 - 05:00 GMT

The US-led Coalition Provisional Authority (CPA) in Iraq announced that it will replace aging Iraqi banknotes beginning October 2003 with ‘new Iraqi dinars’.

The new Iraqi banknotes will be introduced on October 15, 2003. The normal Iraqi dinars (print dinars) in circulation in most of Iraq, and the former national dinars (Swiss dinars) in circulation in parts of Northern Iraq, will be replaced for ‘new Iraqi dinars’. One US dollar currently equals about 1,500 Iraqi dinars.

To Okie and Family,

I want to thank Okie and the entire team for all the information that they bring to all of us. I pray that everyone completely understands that we are all truly Blessed to be involved in this enormous wealth transfer that was not meant for the average person to be involved in. God seen fit for us to be apart of it all and we must know that He shall bring it forth in Due Season.
Hebrews 11; 1, says What is Faith? It is the confident assurance that what we hope for is going to happen!!! It is the evidence of things that we cannot yet see. New Living Translation


God Bless Everyone and keep this in mind, IF YOU HAVE THE FAITH GOD HAS THE POWER!!!

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Post by Catherine Thu Aug 04, 2011 12:58 pm

Iraq to remove three zeros from the dinar
Published August 4th, 2011 - 09:24 GMT


Where does it say October 2003?
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Post by Trainer2 Thu Aug 04, 2011 1:28 pm

Catherine wrote:Iraq to remove three zeros from the dinar
Published August 4th, 2011 - 09:24 GMT


Where does it say October 2003?

http://www.albawaba.com/business/new-iraqi-banknotes-be-introduced-mid-october

On this link.

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Post by greenlight Thu Aug 04, 2011 1:40 pm

Trainer2 wrote:
Catherine wrote:Iraq to remove three zeros from the dinar
Published August 4th, 2011 - 09:24 GMT


Where does it say October 2003?

http://www.albawaba.com/business/new-iraqi-banknotes-be-introduced-mid-october

On this link.

They introduced new currency in 2003 and they are getting ready to do it again. Many recent articles have stated this.
http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html
http://www.alsumaria.tv/en/Iraq-News/1-65688-Iraq%E2%80%99s-Central-Bank-to-delete-zeros-from-Iraqi-currency..html
http://www.iraq-businessnews.com/2011/07/05/new-dinars-for-old/
http://www.iraq-businessnews.com/tag/redenomination/

That should be enough to cover this
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Post by Duckyboy Thu Aug 04, 2011 1:48 pm

Just remember, the process is moving forward and misinformation is out there.... will it be printed again??? who knows. will it rv, yes. when? who knows... soon I hope
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CBI announces completion of plan to remove zeros from currency; Reprint 30 trillion dinars Empty Re: CBI announces completion of plan to remove zeros from currency; Reprint 30 trillion dinars

Post by Gmansaid Thu Aug 04, 2011 2:16 pm

IGNORE THIS OLD ARTICLE-IT IS A REHASH AND APPEARS TO BE PART OF A PLAN TO CONFUSE EVERYONE.


"New Iraqi banknotes to be introduced mid-October

Published July 8th, 2003 - 05:00 GMT"


THE TIME STAMP FROM THE ORIGINAL ARTICLE (ABOVE IN QUOTATION MARKS) TELLS IT ALL.



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