sound like SMOKE?

New banknotes to be introduced in September

Saturday, 25 February 2012, 07:58 GMT

The Kurdish Globe

Views differ on financial and socioeconomic impacts

Despite fears of a negative economic impact, the Central Bank of Iraq will remove three zeros from Iraqi dinar notes and print new banknotes in 2013.

The Central Bank of Iraq has agreed with the Economic Committee of the Iraqi Parliament to introduce the new banknotes in September 2012, which will be used in parallel with the current banknotes for a year. The CBI will completely withdraw the old banknotes by September 2013.

Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September, and it will take a year to complete. The new banknotes will be printed in Arabic, English and Kurdish.

The CBI will introduce three new banknotes: 50 dinars, 100 dinars and 200 dinars. For smaller transactions, the CBI will also issue 1-dinar and 2-dinar coins which Iraq currently does not use.

MP Abtan says "The grant agreement is to ensure that during the one year process, the old banknotes are traded in the market and replaced by the new one."

The CBI expects this move to positively impact the country's economy; however, some parties say the negative consequences will be more serious.

The Security Commission says deleting the zeros will have a negative impact on financial trade in the stock market. Other opponents of the move argue it would pave the way for money laundering and want the government to reconsider its decision.

Supporters of the idea believe the introduction of the new banknotes will help reduce inflation, strengthen the Iraqi dinar in the international market, facilitate trade with international banks and other financial institutions, as well as reduce the social gap between classes.

"The process of removing zeros from the currency will contribute to dealing better with inflation, facilitate economic cooperation with international banks and reduce the differences in [standards of] living in society," Abtan explained. Mahma Khalil, another Member of the Iraqi Parliament and official spokesperson of the Economic Committee says an agreement has been reached about the mechanisms of introducing the new banknotes after a series of meetings and discussions with the CBI Governor Dr. Sinan Al Shibibi.

"According to the agreements, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market," explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000.

The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar, which would in turn increase the balance of the Iraqi dinar and there would be sufficient reserves of that currency," explained MP Khalil. "Additionally, the economy of Iraq would grow and oil sales would also increase." Khalil added that Iraq has a reserve of $60 billion in the CBI.

The CBI previously stated it would consult with Parliament and representatives to see whether there would be a need for a law to be passed for this shift. The Economic Committee announced on 19 February it was introducing new legislation for the purpose and would also address the inflation issue in the country.

The introduction of new banknotes and withdrawing the current ones from the market is generally expected to reduce and control the number of dinars in circulation and would also help facilitate payment systems and control the banking transactions in the country.

http://www.kurdishglobe.net/display-article.html?id=3CBF63FA930E6C8FF6BBF1EDC3B7D027

The rv at the latest should happen by September based on this article.

I believe the intel givers give us what they get,,I also believe that there sources are the ones
blowing smoke,,per the PTB,,but the PTB are making the Dinar Traders very rich,, while we wait for our blessing ,,and no guru has a clue when that we be,,imho!

who's talkin' about guru's...this is an article dated TODAY

revenuerog wrote:who's talkin' about guru's...this is an article dated TODAY

I guess Dundee was just answering the title of your post.

Since the term smoke came from the gurus and they always refer to articles that contradict them as "smoke", Dundee was saying that the articles arent smoke but the gurus intel is smoke per their sources.

He was answering your question by saying that this article is not smoke.

Actually, the term originated in the illusionists of old who used smoke to distract while they moved mirrors about to make things appear and disappear.

punisher wrote:The rv at the latest should happen by September based on this article.

Unfortunately what they are talking about is a re-denomination or lop. Most of the articles have been alluding at a RD, the statement "He added the exchange rate between the new banknotes and the old ones would be 1:1,000." says it all. Maybe all these gurus are right about an RV but they haven't been right about much so far. Everyone needs to at least consider that a Lop is a very real possibility and be prepared to accept a loss or small profit instead of the windfall we hoped for

Come rv.

How can that mean a lop? 1:1000 means the 1 new dinar will be equal to what the 1000 note is worth now, which is abt .86.

And we paid approximately .00086 per dinar (even if we paid .001124 per dinar) the investment would profit us handsomely. Isn't that what we wanted, a profit?

Now the difference between a profit and a PROFIT may be a subject of debate, however either is still on the plus side no matter how you look at it. I for one will accept that rather than the alternative (being a loss, which all of us have had on some investment at sometime in our lives).

As to the right or wrong of this RV being called, canceled, called, delayed, etc. we all need to remember that WE DO NOT CONTROL THIS PROCESS and our information comes from many sources - some of which (even our own 3 letter agencies) blow "smoke" for their own morbid reason(s). Getting frustrated about this is not good but it IS part of the investment as established since day one. Accept that and move on. IT IS WHAT IT IS.

I am hoping that once we do cash in all of the bickering, whining and frustration disappears. But being realistic I know that for some this amassing of wealth will become yet more frustrating than the ride. If you have not prepared yourself for this vast difference in status and planned logically what to do HISTORY has shown that you will not have this blessing in 1 to 2 years. Greed works both ways.

Before this blessing comes down upon our heads let's all take some time and THINK about what we are about to receive. Ensure that we have our plan and it is in place BEFORE we cash in and then follow the plan. Always think of this little sentence before you spend money i.e.: "A penny saved is a penny earned." Do you really need 3 yachts, 4 homes, 6 cars and a donkey? If you aren't careful with the blessing all that you will end up with is the donkey and won't be able to feed it.

Me? I only will be thinking of the donkey (and trying not to be one).

Aksafeone- 'BINGO!!

I already have a donkey...so I'm WAY ahead of the game

Inquisitive one wrote:How can that mean a lop? 1:1000 means the 1 new dinar will be equal to what the 1000 note is worth now, which is abt .86.

Or maybe, just maybe a new note of 100 dinar will be equal value of 100,000 old dinar (todays dinar), just saying is all...

aksafeone wrote:And we paid approximately .00086 per dinar (even if we paid .001124 per dinar) the investment would profit us handsomely. Isn't that what we wanted, a profit?

Now the difference between a profit and a PROFIT may be a subject of debate, however either is still on the plus side no matter how you look at it. I for one will accept that rather than the alternative (being a loss, which all of us have had on some investment at sometime in our lives).
.

If it is a straight re-denomination (LOP) there is no profit and if you cashed in it would be a substantial loss. There will also be cost for us to exchange our "old" note to the "new" smaller notes if we want to stay in the investment. The 1:1000 exchange rate means a 25,000 note is traded for a 25 new note, 10,000 for a 10, 5000 for a , etc. I hope all the gurus are right and I'm wrong but I'm smart enough to read the articles and see what the Iraqis are saying. Some may want to call the article "smoke" but reading articles from Iraq sure beats listening to the gurus. Have their "sources" ever never been right?

were theres fire you will have smoke this is done on purpose. in reality very few people really know the truth . many think or make up what sounds logicalbut it is false but people read it and then believes its true just like a hook line and sinker. iraq is so rich in oil and minerals they need to be out of chap 7 so they can can really make money. now there are two thoughts to this the first one is they need to do this before the arb summitt to look good and be a major player or the second one which you will not like and i hope its not true. we. . are all aware that m has been doing everything possible to stall and he has been behind the violence in iraq now if he stirs up the violence now and it is bad enough they will cancell the summitt and he does not have to rv.the way it is now the ministers in the mid eastdo not trust iraqs security and do not even want to stay there during the summit

I hope m has the brains to let what will be just be. Come rv.

Some good points jayzze. One thing I always remember when reading the news is that news media and accuracy in the same sentence is somewhat of an oxymoron these days. I have personally seen articles on fires or accidents I was involved in and wondered if they were at the same scene I was at. To compound this we are dealing with translations from a language that does not translate well into English. On top of that I swear that many times the PTB in Iraq are deliberately contradictory and ambiguous. So take it all news, guru pronouncements and other with more than a couple grains of salt. It's OK to enjoy the anticipation of what seems about to happen, but stay grounded in the very real possibility that it might not.

kevin very true but the fact remains with iraqs wealth they have to be out of chap7 needs wto imf and etc so it has to happen . logically it should have but me mindset is so different then ours very hard to predict. istill believe very soon and still 1 to 1 then eventually pass kuaitt jmo

jayzze wrote:kevin very true but the fact remains with iraqs wealth they have to be out of chap7 needs wto imf and etc so it has to happen . logically it should have but me mindset is so different then ours very hard to predict. istill believe very soon and still 1 to 1 then eventually pass kuaitt jmo

I like your opinion 1 to 1 and then $3 sounds good.

Jayzze, no disagreement there ... probably should have mead a clearer segue ... I was focusing more on zonepirate's comments than yours.

punisher wrote:The rv at the latest should happen by September based on this article.

imho won't happen until obama is no longer president. vote your dinars and dollars folks.

mitkire wrote:

punisher wrote:The rv at the latest should happen by September based on this article.

imho won't happen until obama is no longer president. vote your dinars and dollars folks.

I dont know about that.

Kevind53 wrote:Some good points jayzze. One thing I always remember when reading the news is that news media and accuracy in the same sentence is somewhat of an oxymoron these days. I have personally seen articles on fires or accidents I was involved in and wondered if they were at the same scene I was at. To compound this we are dealing with translations from a language that does not translate well into English. On top of that I swear that many times the PTB in Iraq are deliberately contradictory and ambiguous. So take it all news, guru pronouncements and other with more than a couple grains of salt. It's OK to enjoy the anticipation of what seems about to happen, but stay grounded in the very real possibility that it might not.

Thing is that just about all the Iraqi news articles about the dinar over the last couple years are talking about the deleting the zeros and the new currency regardless of translation difficulties. I have a Kurdish friend who in fluent in Arabic and spent 2 tours as an interpreter during the war and has family in Iraq. The articles/translations he has looked for me are generally close. There is just too much there to ignore as "smoke". I'm still hoping and pulling for some type of RV but I hope everyone will at least consider that what the Iraqis are saying could be exactly what they intend to do. Could save a lot of heartache for those that have all their future riding on an RV that might not come

George Bush loves money and i would think he set all this up to make lots of it.

Thankyou, Punisher- That's exactly what I think!

Amen. Yes He Did , WOOOOOOHOOOOWOOOOO Go Tony Stewart GO RV GO WOOOHOOOOWOOOOOOOO

Yup, ol' George set her up and included us in it. GO RV!!!! Tony may be the current Champ, but Mark Martin shines!!!

Mark Martin has always shined, even on his worst day!!

I think they are both kinda busy right now!!!! 76 to go. Martin Truax won the halfway $200,000 (wonder if he has any IQD?). GO RVVVVVVVVVVVV!

Okay HeadNotTheTail I think you are off topic because I don't even know what you are talking about!!!! but I maybe can assume it is about racing I don't know!!!!!!!!!!!!!!!!!LOL

Smoke from engines I guess!!!

Yup, y'all mentioned Smoke (That is Tony Stewart). He wants it to RV TOO!!

Fang2- The thread kind of went in it's own direction,I guess- No biggie-

I like you terbo, you are awesome!!!!!!!

Think about it guys.......the end of the race is in sight. We know there will be accidents, as well as pit stops necessary before we are done. But, we are circling as fast as possible while we wait for the checkered flag! All of the cars are currency, and we are the spectators. IQD is in the lead and VND is in a close second. Either way, we win!!!

Come on currency!!!!!!!! You can do it now!!!!!!!!!!!!!!!! Come on IQD!!!!!!!!!! YOU can do it now!!!!!!!!!!!!

bigdaddytim wrote:Think about it guys.......the end of the race is in sight. We know there will be accidents, as well as pit stops necessary before we are done. But, we are circling as fast as possible while we wait for the checkered flag! All of the cars are currency, and we are the spectators. IQD is in the lead and VND is in a close second. Either way, we win!!!

Lol...nice post.

I'll root for that!!!!!! Puts a whole new meaning to the term "LEADERS." i LIKE THE IQD for 1st place!!! Go RV.

Nice one BDT!! 8)