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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
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
:happyjoy:
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
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
:happyjoy:
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
Guest- Guest
Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions
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.....
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.....
IQD4US- Elite Member
- Posts : 1005
Join date : 2011-12-16
Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions
Iqd4us, i still think we will be able to go to the banks to cash out...
Guest- Guest
Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions
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 $#@! !!
Thanks for that info and glad to know.
Thanks for that info and glad to know.
Terbo56- VIP Member
- Posts : 13675
Join date : 2011-06-18
Age : 67
Location : Central Florida-
Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions
Thanks for that info and glad to know.
Guest- Guest
Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions
Punisher- No problem, brotherman!!:cheers:
Terbo56- VIP Member
- Posts : 13675
Join date : 2011-06-18
Age : 67
Location : Central Florida-
Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions
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
:happyjoy:
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
:happyjoy: Thanks P!
*****************
COME ON...
RV ALREADY!
Catherine- Elite Member
- Posts : 2505
Join date : 2011-07-20
Age : 62
Location : USA
Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions
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!!
*****************
COME ON...
RV ALREADY!
Catherine- Elite Member
- Posts : 2505
Join date : 2011-07-20
Age : 62
Location : USA
Re: Central Bank wants Iraqis to drop the dollar in internal commercial transactions
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 $#@! !!
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!
Catherine- Elite Member
- Posts : 2505
Join date : 2011-07-20
Age : 62
Location : USA
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