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Dinar Redenomination To Cost Iraq Billions

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Post by Kevind53 on Tue Sep 11, 2012 9:26 pm

Notice that this is NOT an article from the CBI, but appears to be an Op-Ed quoting a member of the Finance Committee. We already know that the CBI and Finance Committee are far from seeing eye to eye.

Posted on 11 September 2012.

The process of scrapping old dinars and deleting zeros from Iraq’s currency to replace it with more manageable numbers could cost the country billions, according to Ahmed Faizullah, the deputy chairman of the Parliamentary Finance Committee. Redenominating is up to Iraq’s central bank, but it would cause chaos for government by redenominating after it has set an annual budget in the existing denomination. That’s why no redenomination will take place in 2013and maybe 2014 as well.

Removing zeroes makes it easier print money, read it and add it up, and reduces the need to cart around too many notes to pay for goods and services in a country that relies almost wholly on cash. Iraq puts just 1% of all its transactions on credit card.

Although cutting zeros adds to costs and confusion, Faizullah says: “It is basically the process of currency switching and common people will take some time to get used to it. That is all.”

As Fabil Nabi, Iraq’s deputy finance minister, helpfully confirmed for some confused, amateur currency investors, “eliminating zeros from Iraq’s currency will not increase the value of Iraqi dinars.”

http://www.iraq-businessnews.com/2012/09/11/dinar-redenomination-to-cost-iraq-billions/

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Dinar Redenomination To Cost Iraq Billions Empty Re: Dinar Redenomination To Cost Iraq Billions

Post by Guest on Wed Sep 12, 2012 2:11 pm

FC spells BS to me, sorry...

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Dinar Redenomination To Cost Iraq Billions Empty Re: Dinar Redenomination To Cost Iraq Billions

Post by SEBtopdog on Wed Sep 12, 2012 2:21 pm

What it says to me is that we can't trust ANYTHING that comes out of Iraq, whether it be from the CBI, the FC or the Parliament. So far it all seems to be blah, blah, blah. Dinar Redenomination To Cost Iraq Billions 1649822485

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