Parliament and Finance committee support revalue of Iraqi Dinar

Miskebam wrote:Parliament and Fiance committee support revalue of Iraqi Dinar
26/06/2012 03:30

ERBIL, June 25 (AKnews) – The Iraqi Parliament and the Finance Committee support the Central Bank of Iraq (CBI)’s efforts to revalue of the Iraqi Dinar through the removal of three zeros from the currency.

The CBI has announced that it has finalized plans to remove three zeros from the Iraqi currency in order to revalue it. The smallest unit of the current Iraqi current is 250 Iraqi Dinars which is equivalent to $0.20

The removal of three zeros is expected to raise the value of the Dinar as well as facilitate dealing with the currency and the payroll system in the country.

The Iraqi government and the securities committee have sounded fear that the process will negatively affect the Iraqi stock exchange market.



A member of the Finance Committee Najeeba Najeeb told AKnews that “there is a trend in the attitude of the legislative authority to support the CBI to restructure the Iraqi currency and remove three zeros by early next year”



“This subject is starting to become more significant for the Finance Committee members and the Economic Committee day after day” she said, “though the preparations by the CBI to implement the process are ongoing, they are not complete yet”



According to Najeeba, the process of removing the zeros from the Iraqi Dinar will be implemented over a period of two years through governmental banks. Also, the new currency will include small bills and coins as well as large bills equaling about $180 each.



By Abdullah Sabri

RY/AKnews
http://www.aknews.com/en/aknews/2/314130/

Catherine wrote:THANKS I was gonna get sad!! :(

I did notice that that article is from April, 2012-could they have actually sped things up in June?!! They are known for their speediness-HA!! :shock: "Slightly less than $1.00"?!? What about that IQD4US?

punisher wrote:

Catherine wrote:THANKS I was gonna get sad!! :(

I did notice that that article is from April, 2012-could they have actually sped things up in June?!! They are known for their speediness-HA!! :shock: "Slightly less than $1.00"?!? What about that IQD4US?

The recent article miskebam put up speaks volumes.

Catherine wrote:THANKS I was gonna get sad!! :(

I did notice that that article is from April, 2012-could they have actually sped things up in June?!! They are known for their speediness-HA!! :shock: "Slightly less than $1.00"?!? What about that IQD4US?

IQD4US wrote:

Catherine wrote:THANKS I was gonna get sad!! :(

I did notice that that article is from April, 2012-could they have actually sped things up in June?!! They are known for their speediness-HA!! :shock: "Slightly less than $1.00"?!? What about that IQD4US?

I did mention in the previous post - at the time the report was due - April 30th, Iraqi had postponed the decision on the revalue. Again - they could pick it up and run with it again at any point after that - and about 3 weeks ago I started seeing small mentions in the Iraqi papers - but nothing worth getting excited over. BUT NOW, now I am.

As far as the slightly less than $1 - that is exactly what the SIGIR report says as presented to the UNSC in line with thier "banking trasparency" and their return to "international acceptance". For THEM - this is huge. Let's say we could go but a loaf of bread for $1 USD - they are spending 1164 IQD. If they could spend 1 IQD for the same loaf of bread - the country becomes richer, and they can lower the usage of USD in Iraq - remember - they don't like us.

If you look at the IMF and the UNSC reports, sanctions, releases, demands, memos - you will see Iraq wants an internationally tradeable currency. If they suddenly come out at 1 IQD = say $3USD - how factual do you think the rest of the world will take that? Money has to be spent for them to improve their oil process, harvest the natural gas and gems. No country is going to come in and work with them if they put out their "valued money" - like USD - only to have it be worth only 1/3 when the work is done. In business that wouldn't make sense - so there had to be a plan a long time ago as to how this would progress. That plan has been revealed - and at the time "postponed indefinately" - and now it is rising to come into effect.

How I would love the rate to be higher - but I just don't see it. And c'mon - be reasonable - Turning $1200 into 3 mil - 6 mil - 12 mil - NOT HAPPENING. But for a war revaged county to rebuild and have tradeable items to back thier monetary value - a 1:1 is the best odds I believe we will see - to start. I am sure it will gain in value over time but out of the gate - I do see it slightly less than the dollar minus the exchange fee. I'd say plan on seeing about .50 (fifty cents) per dinar see your pocket to stay after fees and any taxes. Can anyone really scoff at seeing $1200 turn into $500,000? If they do - that's just greed.

Again - this is only MY OPINION - and as usual is open to questions comments concerns berations laughs etc - no worries.

IQD4US wrote:

Catherine wrote:THANKS I was gonna get sad!! :(

I did notice that that article is from April, 2012-could they have actually sped things up in June?!! They are known for their speediness-HA!! :shock: "Slightly less than $1.00"?!? What about that IQD4US?

I did mention in the previous post - at the time the report was due - April 30th, Iraqi had postponed the decision on the revalue. Again - they could pick it up and run with it again at any point after that - and about 3 weeks ago I started seeing small mentions in the Iraqi papers - but nothing worth getting excited over. BUT NOW, now I am.

As far as the slightly less than $1 - that is exactly what the SIGIR report says as presented to the UNSC in line with thier "banking trasparency" and their return to "international acceptance". For THEM - this is huge. Let's say we could go but a loaf of bread for $1 USD - they are spending 1164 IQD. If they could spend 1 IQD for the same loaf of bread - the country becomes richer, and they can lower the usage of USD in Iraq - remember - they don't like us.

If you look at the IMF and the UNSC reports, sanctions, releases, demands, memos - you will see Iraq wants an internationally tradeable currency. If they suddenly come out at 1 IQD = say $3USD - how factual do you think the rest of the world will take that? Money has to be spent for them to improve their oil process, harvest the natural gas and gems. No country is going to come in and work with them if they put out their "valued money" - like USD - only to have it be worth only 1/3 when the work is done. In business that wouldn't make sense - so there had to be a plan a long time ago as to how this would progress. That plan has been revealed - and at the time "postponed indefinately" - and now it is rising to come into effect.

How I would love the rate to be higher - but I just don't see it. And c'mon - be reasonable - Turning $1200 into 3 mil - 6 mil - 12 mil - NOT HAPPENING. But for a war revaged county to rebuild and have tradeable items to back thier monetary value - a 1:1 is the best odds I believe we will see - to start. I am sure it will gain in value over time but out of the gate - I do see it slightly less than the dollar minus the exchange fee. I'd say plan on seeing about .50 (fifty cents) per dinar see your pocket to stay after fees and any taxes. Can anyone really scoff at seeing $1200 turn into $500,000? If they do - that's just greed.

Again - this is only MY OPINION - and as usual is open to questions comments concerns berations laughs etc - no worries.

Your opinions are always grounded ... and I might say "grounding". You kind of keep it real, IQD4US, and I appreciate that. While I agree with your comment: "If they could spend 1 IQD for the same loaf of bread - the country becomes richer, and they can lower the usage of USD in Iraq - remember - they don't like us.", I still remind myself that this is not about us -- either US or us as in you and me. We're just along for the ride and hoping to be the opposite of collateral damage in the process -- collateral improvement?

SEBtopdog wrote:

IQD4US wrote:

Catherine wrote:THANKS I was gonna get sad!! :(

I did notice that that article is from April, 2012-could they have actually sped things up in June?!! They are known for their speediness-HA!! :shock: "Slightly less than $1.00"?!? What about that IQD4US?

I did mention in the previous post - at the time the report was due - April 30th, Iraqi had postponed the decision on the revalue. Again - they could pick it up and run with it again at any point after that - and about 3 weeks ago I started seeing small mentions in the Iraqi papers - but nothing worth getting excited over. BUT NOW, now I am.

As far as the slightly less than $1 - that is exactly what the SIGIR report says as presented to the UNSC in line with thier "banking trasparency" and their return to "international acceptance". For THEM - this is huge. Let's say we could go but a loaf of bread for $1 USD - they are spending 1164 IQD. If they could spend 1 IQD for the same loaf of bread - the country becomes richer, and they can lower the usage of USD in Iraq - remember - they don't like us.

If you look at the IMF and the UNSC reports, sanctions, releases, demands, memos - you will see Iraq wants an internationally tradeable currency. If they suddenly come out at 1 IQD = say $3USD - how factual do you think the rest of the world will take that? Money has to be spent for them to improve their oil process, harvest the natural gas and gems. No country is going to come in and work with them if they put out their "valued money" - like USD - only to have it be worth only 1/3 when the work is done. In business that wouldn't make sense - so there had to be a plan a long time ago as to how this would progress. That plan has been revealed - and at the time "postponed indefinately" - and now it is rising to come into effect.

How I would love the rate to be higher - but I just don't see it. And c'mon - be reasonable - Turning $1200 into 3 mil - 6 mil - 12 mil - NOT HAPPENING. But for a war revaged county to rebuild and have tradeable items to back thier monetary value - a 1:1 is the best odds I believe we will see - to start. I am sure it will gain in value over time but out of the gate - I do see it slightly less than the dollar minus the exchange fee. I'd say plan on seeing about .50 (fifty cents) per dinar see your pocket to stay after fees and any taxes. Can anyone really scoff at seeing $1200 turn into $500,000? If they do - that's just greed.

Again - this is only MY OPINION - and as usual is open to questions comments concerns berations laughs etc - no worries.

Your opinions are always grounded ... and I might say "grounding". You kind of keep it real, IQD4US, and I appreciate that. While I agree with your comment: "If they could spend 1 IQD for the same loaf of bread - the country becomes richer, and they can lower the usage of USD in Iraq - remember - they don't like us.", I still remind myself that this is not about us -- either US or us as in you and me. We're just along for the ride and hoping to be the opposite of collateral damage in the process -- collateral improvement?

Anyway, keep it coming. Your opinions are pretty fearless. :flower:

punisher wrote:

Iqd4us, i respect your opinion alot. So you think 50 cents is what we will get per dinar and not. 86? Do you think it is feasible for the revalue to happen by the middle of july?

IQD4US wrote:

punisher wrote:

Iqd4us, i respect your opinion alot. So you think 50 cents is what we will get per dinar and not. 86? Do you think it is feasible for the revalue to happen by the middle of july?

My only reasoning about 50 cents instead of 86 it the change fees and taxes. My reference to 50 cents is what I believe will be the "we get to keep" portion. I do believe in the "somewhere around 86 cents", but then are they referring to value per the SDR rate or straight across the board USD to IQD. As of this posting, the USD value is only .8237. Hope that makes sense - It had been a long time of reads and studies for me to understand it myself - not sure I can explain without writing my own book (but them someone might think I was attempting to be a "guru" and I assure you I am not even close)

As for July - several things are happening. Now does one affect the other, do they go hand in hand, or are they completely separate from each other??? UNSC meeting on Chap VII, Ramadan, candidates for election, UNAMI supervision ending 06/30/12, talk of revalue, presentation of the news of new denoms.....the list goes on.

A revalue would be nice sooner than later, but I do not know - and cannot find concrete proof in the 86 + documents as to whether Iraq needs their money to have value internationally prior to release from Chap VII, or if the release allows them to. The Chap VII, the SC documents, the reports all say "with Iraq wanting to regain international standing", they all refer to it - but none say which comes first. I assume the release comes first - and I would hope the revalue and new denoms would follow in short suit.

Fortunately not everything relys on the Iraqi Government - CBI has authority over the banking and reports to IMF. Only certain things require government approval, and the government cannot force CBI.

Could it hapen mid July - I would have to give a maybe because we've never seen this done before - but I would follow it with probably not. Earliest in my opinion - August - but I don't know how Ramadan affects CBI or GOI. It Starts July 20 and goes for 30 days. That's the end of August. I believe September is elections. So I personally am not looking for it before October.

Catherine wrote:THANK YOU IQD4US for taking all that time to explain things to us. I for one appreciate it a lot. I don't like hearing 50 cents so I may need to tell myself it could be that low. No it is not a greed thing but for those like me who don't have anywhere near a million IQD it sounds really low. Sure those who have a million may get a half million out of it-sure that sounds good! Ok..done rambling...just wanted to say thank you!

punisher wrote:

Catherine wrote:THANK YOU IQD4US for taking all that time to explain things to us. I for one appreciate it a lot. I don't like hearing 50 cents so I may need to tell myself it could be that low. No it is not a greed thing but for those like me who don't have anywhere near a million IQD it sounds really low. Sure those who have a million may get a half million out of it-sure that sounds good! Ok..done rambling...just wanted to say thank you!