Najiba Najib calls for restucturing of the Iraqi Currency

by Guest Mon Apr 15, 2013 2:29 pm

From my friend Phil who quotes Kaperoni!

From Kaperoni:

Seems to me in the last 48 hours things are getting serious! As I said last night in other posts. There is no LOP. Sit tight, "let it come to us."

As this article mentions..Shabibi has a stellar reputation with the world. The plan has not changed to bring value to the dinar..only the method may have. In any event, one with that reputation, does not screw the very people he negotiated with for debt forgiveness. It has been stated by numerous individuals that the printed face value of the paper dinar will remain. That is all we care about. The dinar will rise, hopefully in the very near future. But as I said at least a 100 times, do not expect a RV, but a gradual rise (float) over a period of time which will gradually remove all remaining notes in country as mentioned above. In fact, Najiba Najib says it could take two years (I beleive 6 months or less to get to 1 to $1) to complete this process which is even more confirmation of a float.

Just to let you guys know I disagree with Kaperoni theory on a free float....IMO, with all the wealth that Iraq processes the WHALES (people with huge sums of money) would run the rate up to $9 overnight, Iraq can't afford a free float only a managed float somewhere in the neighborhood of $3.

Phil

Najiba Najib calls for the restructuring of the Iraqi currency and reduce the incidence of counterfeiting and forgery

Published in: 3:07 pm, April 15, 2013

Najiba Najib calls for restucturing of the Iraqi Currency %D9%86%D8%AC%D9%8A%D8%A8%D8%A9-%D9%86%D8%AC%D9%8A%D8%A8-370x285

BAGHDAD (Iba) .. Considered a member of the Finance Committee MP Najiba Najib, said the draft restructuring of the Iraqi currency and the removal of three zeroes is a critical necessity for being a project of economic feasibility and large positive effects.

Najib said in a statement to the independent press agency (IBA) on Monday, "said the draft restructuring Iraqi currency despite face challenges and difficulties economic, security and political, but a feasibility great for the country, noting that" the project is a necessity that must be implemented on the ground in the period Current ".

He added, "The project needs to solidarity and cooperation of all government institutions from the central bank and owes the executive and parliament to legislate some laws, including the law which guarantees debt to the creditor the right amount condemned after the deletion of zeros."

She noted that "the former Directors of the Central Bank, led by Sinan Shabibi and the appearance of Mohammed Saleh recommended this project to the decisive endings and negotiated with international companies sober have a strong reputation in the world in terms of accuracy and reduce the incidence of fraud and counterfeit currency."

She is a member of the Finance Committee that "the great harmony between institutions of the state executive and legislative measures will increase the success of the process especially since the period in which they will be removing the zeros will take more than two years."

The parliamentary Finance Committee confirmed that the central bank, according to the official correspondences begin this year procedures for the deletion of three zeros from the local currency, stressing that it would lead to the development of cash transactions and international economic. (End)

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