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Central Bank wants Iraqis to drop the dollar in internal commercial transactions DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Central Bank wants Iraqis to drop the dollar in internal commercial transactions

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Central Bank wants Iraqis to drop the dollar in internal commercial transactions Empty Central Bank wants Iraqis to drop the dollar in internal commercial transactions

Post by Guest on Sat Jun 30, 2012 1:14 am

Central Bank wants Iraqis to drop the dollar in internal commercial transactions


The Central Bank has decided to remove three zeros from the dinar, a move it sees essential to strengthen local currency and tempt Iraqis to stick to it.

For months, the bank has been mulling the issue but only recently it said a decision has been made and it was a matter of time to translate it into action.

“The knocking out of zeros will save Iraqis using massive sums of paper money in their transactions,” said Central Bank Deputy Governor Mudher Saleh.

Saleh, speaking in a seminar on currency organized by the High Institute of Accounting in Baghdad, assured skeptic Iraqis that the removal of zeros from the currency “shall not affect your earnings, wealth, financial and transactions, financial obligations and duties.”
He said, on the contrary, the Iraqi economy and Iraqi citizens were to benefit from the move.

The Central Bank, awash with hard cash reserves estimated at more than $60 billion, is working hard to boost the dinar’s value against major convertible currencies.

A firmer currency along with the removal of zeros has been among the bank’s priorities.
But Saleh said the bank was concerned to see the economy being dollarized and one target behind the new move was to lessen dependence on the dollar in domestic transactions and dealings by Iraqis.

A dollar is now worth about 1,200 dinars.


http://www.azzaman.com/english/?p=179


bounce :happyjoy: bounce

This paragraph says it all to me:


Saleh, speaking in a seminar on currency organized by the High Institute of Accounting in Baghdad, assured skeptic Iraqis that the removal of zeros from the currency “shall not affect your earnings, wealth, financial and transactions, financial obligations and duties."

FINANCIAL OBLIGATIONS happydance happydance happydance

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Central Bank wants Iraqis to drop the dollar in internal commercial transactions Empty Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions

Post by IQD4US on Sat Jun 30, 2012 3:14 am

AND and IRAQ reporting agency at that - thank you for posting!!!

This solves my dilema. Since they are extending UNAMI by the request of Iraq, they DO NOT need to be out of Chap VII to revalue. Our only problem will be UNITL it is internationally traded - we will take a higher exchange hit to go back through the sellers to cash out.

I can smile again - what I've been reading was NOT making me happy - now I can smile.....
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Central Bank wants Iraqis to drop the dollar in internal commercial transactions Empty Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions

Post by Guest on Sat Jun 30, 2012 11:27 am

Iqd4us, i still think we will be able to go to the banks to cash out...

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Central Bank wants Iraqis to drop the dollar in internal commercial transactions Empty Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions

Post by Terbo56 on Sat Jun 30, 2012 11:57 am

Punisher- We WILL- I know of three banks down here, that WILL cash us in,and maybe there WILL be more, when this gets closer- My bank has told me that they WILL accept cashout of the dinar- All they WILL charge ONLY $7.50 per transaction- So, if anyone else tells you the banks will not cash you out, they are full of horse $#@! !!Twisted Evil

Thanks for that info and glad to know.
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Central Bank wants Iraqis to drop the dollar in internal commercial transactions Empty Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions

Post by Guest on Sat Jun 30, 2012 12:35 pm

Thanks for that info and glad to know.

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Post by Terbo56 on Sat Jun 30, 2012 12:44 pm

Punisher- No problem, brotherman!!:cheers:
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Central Bank wants Iraqis to drop the dollar in internal commercial transactions Empty Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions

Post by Catherine on Sat Jun 30, 2012 3:25 pm

punisher wrote:Central Bank wants Iraqis to drop the dollar in internal commercial transactions


The Central Bank has decided to remove three zeros from the dinar, a move it sees essential to strengthen local currency and tempt Iraqis to stick to it.

For months, the bank has been mulling the issue but only recently it said a decision has been made and it was a matter of time to translate it into action.

“The knocking out of zeros will save Iraqis using massive sums of paper money in their transactions,” said Central Bank Deputy Governor Mudher Saleh.

Saleh, speaking in a seminar on currency organized by the High Institute of Accounting in Baghdad, assured skeptic Iraqis that the removal of zeros from the currency “shall not affect your earnings, wealth, financial and transactions, financial obligations and duties.”
He said, on the contrary, the Iraqi economy and Iraqi citizens were to benefit from the move.

The Central Bank, awash with hard cash reserves estimated at more than $60 billion, is working hard to boost the dinar’s value against major convertible currencies.

A firmer currency along with the removal of zeros has been among the bank’s priorities.
But Saleh said the bank was concerned to see the economy being dollarized and one target behind the new move was to lessen dependence on the dollar in domestic transactions and dealings by Iraqis.

A dollar is now worth about 1,200 dinars.


http://www.azzaman.com/english/?p=179


bounce :happyjoy: bounce

This paragraph says it all to me:


Saleh, speaking in a seminar on currency organized by the High Institute of Accounting in Baghdad, assured skeptic Iraqis that the removal of zeros from the currency “shall not affect your earnings, wealth, financial and transactions, financial obligations and duties."

FINANCIAL OBLIGATIONS happydance happydance happydance

happydance :happyjoy: happydance Thanks P!

*****************
COME ON...
RV ALREADY!

Central Bank wants Iraqis to drop the dollar in internal commercial transactions Smiley-happy093Central Bank wants Iraqis to drop the dollar in internal commercial transactions 7_11_117Central Bank wants Iraqis to drop the dollar in internal commercial transactions Smiley-happy093
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Central Bank wants Iraqis to drop the dollar in internal commercial transactions Empty Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions

Post by Catherine on Sat Jun 30, 2012 3:26 pm

@IQD4US wrote:AND and IRAQ reporting agency at that - thank you for posting!!!

This solves my dilema. Since they are extending UNAMI by the request of Iraq, they DO NOT need to be out of Chap VII to revalue. Our only problem will be UNITL it is internationally traded - we will take a higher exchange hit to go back through the sellers to cash out.

I can smile again - what I've been reading was NOT making me happy - now I can smile.....

Awwwww!! bigsmile Ilikeyou

*****************
COME ON...
RV ALREADY!

Central Bank wants Iraqis to drop the dollar in internal commercial transactions Smiley-happy093Central Bank wants Iraqis to drop the dollar in internal commercial transactions 7_11_117Central Bank wants Iraqis to drop the dollar in internal commercial transactions Smiley-happy093
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Central Bank wants Iraqis to drop the dollar in internal commercial transactions Empty Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions

Post by Catherine on Sat Jun 30, 2012 3:28 pm

@terbo56 wrote:Punisher- We WILL- I know of three banks down here, that WILL cash us in,and maybe there WILL be more, when this gets closer- My bank has told me that they WILL accept cashout of the dinar- All they WILL charge ONLY $7.50 per transaction- So, if anyone else tells you the banks will not cash you out, they are full of horse $#@! !!Twisted Evil

Thanks for that info and glad to know.

REALLY?!?!? Dang tell me which banks cuz...well I don't wanna kill the joy going in this thread Terbs!

*****************
COME ON...
RV ALREADY!

Central Bank wants Iraqis to drop the dollar in internal commercial transactions Smiley-happy093Central Bank wants Iraqis to drop the dollar in internal commercial transactions 7_11_117Central Bank wants Iraqis to drop the dollar in internal commercial transactions Smiley-happy093
Catherine
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