Curreny Revaluation Articles

CBI pulls smaller paper currencyBanknotes Iraqi Banknotes Iraqi

01/03/2015

Iraqi Central Bank decided to smaller paper currency which is the withdrawal of 50 dinars value of trading after it no longer needed due to the low value and stop circulation, as well as the lack of acceptance in the banks. Said an official statement issued by the Central Bank that citizens can switch possession of Banknotes fifty dinars category in government banks.

In an interview with Radio Free Iraq, economic advisor to the prime minister the appearance of Mohammed Saleh pointed out that fifty-class dinars were printed after 2003, but an increase in the rate of inflation in 2006 after raising fuel prices has led to the erosion of the currency and the difficulty of trading them to become the 250 dinars smaller category paper currency at the moment.

He said economic expert Hilal Taan that inflation witnessed in Iraq led to the extinction of most of the small coins of the fifty-class dinars and 100 dinars, and become the 250 smallest currency and thus the government is forced to destroy the small coins. He expressed his opposition Taan printed currencies of large groups because this will lead to price hikes and a decrease in the value of the Iraqi dinar "because inflation based in Iraq comes because there is a large cash currency."

As an economic advisor to the prime minister called for the appearance of Mohammed Saleh to the need to print large coins for circulation in the market, considering it of health phenomena and noting that Iraq is in the monarchy printed currency 100 dinars worth the time, "as there are coin 500 euros, equivalent to more than 600 US. "

Saleh also said he "was supposed to delete the zeros from the currency, a project has been prepared in advance and prepared the floor, however, many reasons led to the postponement of an unknown time," pointing to "the need to reduce turnover in Iraq since the deal today talking about trillions while strive to be trading billions. "

Central Bank statement said that the time that the replacement of these banknotes will be which is among the first of March to 30 of April next, stressing that once the replacement period banknote will be null and void and will not be accepted in Iraq.

It is noteworthy that 50 dinars category is the smallest process paper of paper within the categories that also include 250 dinars and 500 dinars and a thousand dinars and 5 thousand dinars and 10 thousand dinars and 25 thousand dinars, which were issued after 2003 in the wake of the overthrow of the former regime.

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Expert: delete the zeros supports the national currency and reduce inflation in the country
03-04-2015



BAGHDAD / ... confirmed an economic expert d. Peace Sumaisem, on Thursday, on the importance of the subject of the deletion of zeros from the Iraqi dinar, considering it as a support of the national currency, and a reduction of inflation in the country.

Sumaisem said, in a statement to "Ein Iraq News", "delete the zeros includes two basic objectives, the deletion of zeros, and the restructuring of the Iraqi currency, instead of the $ 100 equals 120 000 Iraqi dinars, after deleting three zeros become a $ 100 equals 100 Iraqi dinars, which is equal to the dollar and the dinar This means strengthening the Iraqi currency. "

"The country suffers deficit as Iraq does not it can support its currency unless received grants from third parties, and whether this possible implementation it is important, reframes the value of the currency indirectly supporting the national currency, and when structuring currency returned it reduces inflation Iraq ". Finished / 13


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Give the green light to implement a project to delete the zeros
اعطاء الضوء الاخضر لتنفيذ مشروع حذف الاصفار
14:13
03/03/2015

Governor of the Central Bank announced on the Keywords, on Monday, the deletion of zeros existing project, as pointed out it was given the green light for its implementation, he stressed that this process will be preceded by regulatory and administrative operations. 


Keywords and said in a press conference held at the bank building and attended by Alsumaria News, that "the project to delete the zeros is based has been put into practice and gave the green light to start with," noting that "The project needs a period of time may extend to two years or more." He added that the relationship "

This operation will be preceded by regulatory and administrative processes and the form in which it will start moving in," adding that "the Bank began creating currency models and training of cadres to it."


The Iraqi Central Bank announced in May 2012 that the process of deletion of zeros from the country of Iraq will be transferred to (from) sic the trillions of (to the) sic billions, indicating that the process of replacing the currency needs to be approved by parliament.


 He accused the central bank, in (12 September 2011), government agencies obstructing monetary reform and vowed to persecuting, blaming those actors responsible for exposing the financial interests of the country to danger. It is noteworthy that some economists believe that Iraq is not ready at the moment to delete the zeros from the Iraqi dinar, pointing out that the deletion needs to security and political stability as well as the stability of the economy.

http://www.waradana.com/news/iraq/22/77529/%D8%A7%D8%B9%D8%B7%D8%A7%D8%A1-%D8%A7%D9%84%D8%B6%D9%88%D8%A1-%D8%A7%D9%84%D8%A7%D8%AE%D8%B6%D8%B1-%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%AD%D8%B0%D9%81-%D8%A7%D9%84%D8%A7%D8%B5%D9%81%D8%A7%D8%B1



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Relationship: delete zeros project and gave the green light for its implementation
Tuesday 3 March 2015 12: 47


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Alsumaria news/Baghdad
The Governor of the Central Bank for relations, Monday, that the deletion of zeros-based project, as he was giving the green light for its implementation, he stressed that this process would be preceded by organizational and administrative operations.

Allaq said at a press conference the Bank building and Alsumaria news, attended the "project delete zeros and put into practice and we gave a green light to start with", stating that "the project needs a period of time may extend to two years or more."


He said that this process would be preceded by "organizational and administrative processes that will be launched by walking," Noting that "the Bank began by creating models and train on it."

The Central Bank announced in May that the deletion of zeros from the country of Iraq would be redeployed to the trillions of billions, noting that the process of replacing the currency needs to be approved by the Parliament.

The Central Bank, accused in (12 September 2011), the Government of blocking the monetary reform and vowed to prosecute, blaming them for endangering the interests of the country to danger.

Some economists believe that Iraq is now prepared to delete the zeros of the Iraqi dinar, stating that deletion requires political and security stability as well as the stability of the economy.


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Iraqi Officials Divided Over Dinar 'Reset'

Two Iraqi parliamentary committees monitoring fiscal policy in Iraq have held two contradictory positions on the Iraqi currency “reset” project, which would delete three zeros from the currency. There has been much debate about the project's feasibility and the date of its implementation.

About This Article

Summary :
Various bodies within the Iraqi government are debating the implications of a move to “reset” the national currency by deleting three zeros from it.
Original Title:
Iraqi Division Over Currency “Reset”
Author: Omar al-Shaher
Posted on: July 22 2013
Translated by: Naria Tanoukhi
Categories : Originals Iraq  

While the parliamentary Economic Committee believes that the deletion of three zeros from the Iraqi currency would strengthen it, the parliamentary Finance Committee fears that this project would open the door to counterfeit operations.

In a statement to Al-Monitor, Mudher Mohammad Saleh, former deputy governor of the Central Bank of Iraq, warned against the consequences of such a step if it is not implemented at the appropriate time.

Abdul Abbas Shayya, a member of the Economic Committee in the Iraqi parliament, told Al-Monitor, “Reforming the management of the Iraqi currency now requires the deletion of three zeros. This has been endorsed by the parliamentary Economy and Investment Committee."

Shayya, an MP for the State of Law Coalition led by Prime Minister Nouri al-Maliki, added that the Economic Committee "asked the government and the Central Bank to quickly replace the current Iraqi currency with another that is less [in value] by three zeros."

"The Iraqi currency is weak, and the money supply has amounted to multi-trillions because of the existence of these useless zeros," he said. "The country will witness a significant increase in oil revenues, financial earnings and high budgets. Thus, we need to print new banknotes, as estimated by the Central Bank."

"Iraq would need about 9 billion banknotes in the event of applying the deletion of zeros. Iraq today is dealing with 4 billion banknotes," he said.

MP Nahida Daini of Ayad Allawi's Iraqiya List agrees with Shayya, her colleague in the Economic Committee. In an interview with Al-Monitor, she stressed the need to implement the Iraqi currency “reset” project. However, she said that the government fears money laundering operations in the event of the project's implementation.

She said, "The Economic Committee last week requested to implement the deletion of zeros from the currency, but the Council of Ministers asked to delay the process for fear of money laundering operations."

Daini believes that the government's fears "are mere concerns." She said, "There are regulators in Iraq who can follow up and ensure the integrity of the project."

Meanwhile, the parliamentary Finance Committee believes that channelling resources toward ensuring the stability of the local currency exchange rate is better than the deletion of zeros.

Magda al-Tamimi, member of the parliamentary Finance Committee, told Al-Monitor, "The delay in deleting zeros from the currency was due to fears of possible fraud operations. The Finance Committee is currently focused on controlling the currency auction," which is carried out by the Central Bank to ​​provide merchants with hard currency necessary for import.

Iraq’s fiscal policy has come under criticism due to the fluctuation of local currency exchange rates against global currencies.

According to Tamimi, "Iraq is not ready to control the possible currency fraud that may result from the deletion of zeros." The Finance Committee, Tamimi added, "is now working toward controlling the Iraqi currency auction, which is witnessing a significant fluctuation in the exchange rate of the Iraqi dinar against the dollar."

"Development is the gateway to strengthening the currency. Thus, raising the value of the dinar is more important than the deletion of zeros," she said

Saleh told Al-Monitor, "The deletion of three zeros from the currency means deleting three grades from the calculation records of the Republic of Iraq. The decision to implement the deletion of zeros next year is very dangerous and risky. This issue must be done at the appropriate time."

Saleh added, "We need to reform the currency management and accounting systems in the country in general. This can only be initiated in a new fiscal year." 

"There are many encouraging positive factors to reform the currency management system," he said, also noting that the deletion of zeros "does not only involve changing the design of the currency. It implies changing the economic system in the country in general."

Omar al-Shaher is a contributor to Al-Monitor’s Iraq Pulse. His writing has appeared in a wide range of publications including France’s Le Monde, the Iraqi Alesbuyia magazine, Egypt’s Al-Ahaly and the Elaph website.


Read more: http://www.al-monitor.com/pulse/originals/2013/07/iraq-currency-debate-reset-fiscal-policy.html#ixzz2ZpGjpAff
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Iraq: Permit the governor «Central» the power to raise the value of the dinar
BAGHDAD - Naseer Goldfinch
Sunday, December 16, 2012

Council authorized the management of the Central Bank of Iraq the new governor Abdul Basit Turki powers raise the value of the Iraqi dinar against other foreign currencies early next year, after former governor considered judicially supplements Shabibi these powers and mechanisms in violation of the law and harmful to the economy of Iraq.

The «Central» middle of the year announced his intention to raise the value of the dinar against the dollar from 1120 dinars to the dollar to thousand dinars, in preparation for a project to replace the currency currently in circulation with new ones after deleting three zeros. 

https://sites.google.com/a/easyenglish4u.com/www/central-bank-related-1

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CBI Source: Reveal the intentions of raising the value of each Iraqi dinars to equal one dollar

Original Date: 03/21/2012  

Last updated: 12/09/2012

A source at the Central Bank of Iraq for four companies currently competing to win a draft print the new Iraqi dinar, which will generate graceful after deleting three zeros from him, while Samay central bank to raise the value of the dinar against the dollar gradually down to the day to start replacement where the value will be in the absence of a fluctuating one Iraqi dinars equivalent to U.S. dollars one.

https://sites.google.com/a/easyenglish4u.com/www/central-bank-related-1

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