Currency Revaluation Articles II

Central Bank of Iraq’s new currency … soon to market

Posted: July 7, 2012 

Iraqi 1 Dinar Note from 1971

MP from Kurdistan Alliance bloc Mahma Khalil, for contracting the Iraqi Central Bank with (4) known international companies for the printing of new currency for the printing of the new national currency after you delete the zeros of which, describing the project to delete the three zeroes from the currency as “successful” and the time is ideal for replacing them.

Khalil (of the Agency news) on Sunday:
The project to delete three zeros from the local currency is one of the important projects and at all levels, whether for economic or security to the country, pointing out that the topic of the program by the central bank and a good time to replace the ideal currency, which will be early next year.

He pointed out: that the central bank has contracted with (4) well-known international companies, and solid in the field of international currency printing, without giving their names or nationalities, saying: that it is too early to announce the nationalities of those companies.

Khalil added: The new currency will be a high specification and have the properties of security is very high is not as easy to be forged, in addition to the federal government has (25) organ The allergic and high distinguishes new currency counterfeit of good as well as import (25) another ATM by the central bank to detect counterfeit currency, calling for attribution and support this project because it will reform the Iraqi currency by reducing the money supply raised in the local markets.

The Attorney-Khalil: The new currency will consist of the categories (1, 2, 5, 10, 25 and 50, 100, 200) dinars, as well as small metal groups (50 and 250) fils.

As revealed deputy governor of the Central Bank of the appearance of Mohammed in favor of the existence of safety properties of high-tech and scientifically advanced in the new Iraqi currency after deletion of zeros of the three of them.

Saleh said in an earlier statement that the Central Bank of Iraq has reached advanced stages of preparations for the mission logistics project to delete the three zeroes from the Iraqi currency, and after obtaining approval from the federal government to implement it will be working on a larger scale because it is a legitimate strategic interest to the general of the Iraqi people.

http://bit.ly/IFWfHDTheCurrencyNewshound


Financial expert: the dinar to the economic stability needed to be a desirable out of Iraq

Posted: July 4, 2012 

Baghdad (news) .. Attributed the financial expert, wholesome Elias Abou, the cause of the unwillingness of countries in the world to deal with the Iraqi dinar to the fluctuation in the rate of exchange against foreign exchange and the absence of political and economic stability in the country.

said Abbou (of the Agency news) said on Wednesday: The monetary policy pursued by the central bank responsible for rejection regional countries and international dealing in Iraqi dinars, because they do not allow the exit of large amounts of local currency abroad and restricted passengers to take limited amounts of the dinar when traveling.

He added that the Central Bank of afraid to enter the counterfeit currency when allowed to enter and exit currency of Iraq, but allowed to get out of the country will force the countries in dealing with and become internationally accepted and has a real value against other currencies.

and between: that the Iraqi dinar needs political stability and then the economic goal of diversifying revenues and increase the total production of the country and maintain the rate of exchange against foreign currency as dollar to become the dinar currency international desirable in all countries of the world.

and often complains of Iraqi pilgrims and travelers from non-treated countries in the world, especially neighboring countries in Iraqi currency abroad for fear of fraud or speculation, as well as the continued decline of the value of the dinar against the dollar.

http://bit.ly/RbuARZ


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

By Khayoun Saleh

Azzaman, June 29, 2012

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 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.


Finance Committee: Beginning of 2013; Point to start currency exchange

Posted: June 27, 2012 

| on 6.27.2012 |

A member of the Finance Committee Haitham Jubouri today, Wednesday, that the beginning of 2013, is the point of initiation for the replacement of the currency and that will continue for two years and the withdrawal of the old will be for a period of ten years .

Jubouri said, told the integrity of electronic: The beginning of 2013, is the point of initiation for the replacement of the currency, which will continue for two years and the withdrawal of the old currency will continue to be ten years, so do not take advantage of weak people who possible tradeoffs priced at or below there is a hustle 

He continued, “The Iraqi currency in which eight cases of guarantee to protect it from forgery The new currency will be where (36) state guarantee is not fraud at all , indicating that the large Anlat will be either a paper will be a small metal “.

“The new currency will contain some of the cultural landmarks such as the Castle of Arbil and twisted Samarra and the Monument of Liberty and the ziggurat of Ur and raised . “

http://bit.ly/MTR9t2


Parliament and Fiance committee support revalue of Iraqi Dinar

26/06/2012 03:30

ERBIL, June 25 (AKnews) – The Iraqi Parliament and the Finance Committee support the Central Bank of Iraq (CBI)’s efforts to revalue of the Iraqi Dinar through the removal of three zeros from the currency.

The CBI has announced that it has finalized plans to remove three zeros from the Iraqi currency in order to revalue it. The smallest unit of the current Iraqi current is 250 Iraqi Dinars which is equivalent to $0.20

The removal of three zeros is expected to raise the value of the Dinar as well as facilitate dealing with the currency and the payroll system in the country.

The Iraqi government and the securities committee have sounded fear that the process will negatively affect the Iraqi stock exchange market.

 

A member of the Finance Committee Najeeba Najeeb told AKnews that “there is a trend in the attitude of the legislative authority to support the CBI to restructure the Iraqi currency and remove three zeros by early next year”

 

“This subject is starting to become more significant for the Finance Committee members and the Economic Committee day after day” she said, “though the preparations by the CBI to implement the process are ongoing, they are not complete yet”

 

According to Najeeba, the process of removing the zeros from the Iraqi Dinar will be implemented over a period of two years through governmental banks. Also, the new currency will include small bills and coins as well as large bills equaling about $180 each.

 

By Abdullah Sabri

RY/AKnews

Iraq is seeking to achieve rapid economic reform in the country

Posted: June 26, 2012 

26 June, 2012 09:30:00

Announced the government’s pursuit of rapid economic reform in the country within its plans for the advancement of all sectors during the next term.

The Deputy Prime Minister for Economic Affairs, Rose Nuri Shaways Iraq in a speech Bmenendy St. Petersburg International Economic Forum that this is a good opportunity to define the Russian companies and Russian businessmen, companies and investors from all countries, large investment opportunities in Iraq , a broad and promising, and we look forward to diversify the participation of everyone in the reconstruction of the country, like Iraq, rich in natural and its potential physical and human energies, and the prospects for its economy wide riser. “

He explained that Iraq Shaways viewed Russia as a pivotal state, and economic power in the region and large our country was and is still eager to establish better political relations, economic, cultural and scientific with it, especially that there are many things that characterize the relationship between our two countries being the of the largest producers of energy, especially oil and gas.

He looked Shaways Iraq to benefit from the Russian experience that preceded us, in the field of investment and the privatization of the public sector that took place and take place in Russia after the collapse of the Soviet Union, as long as the general trend in Iraq is moving towards the restructuring of companies and state institutions and reform economic, and broad support for the local private sector and foreign, and to create a real partnership between the public and private sectors.

Louay al-Rubaie


The legislature directed the Central Bank to support the deletion of zeros on the currency

25/06/2012 19:13

Erbil, June 25 (Rn) - The Finance Committee of the House of Representatives of ethnic Monday that the legislature go to support the central bank's policy on the removal of zeros from the currency.

Iraqi currency, MONEY, Para, iraq money The central bank says it completed a road map to get rid of three zeros from the currency to reduce the money supply and ease of financial transactions in line with the new situation of the Iraqi economy.

But the government and the Securities Commission Ibdita Khchithma that affect the process negatively on the financial trading market in Iraq Stock Exchange.

A member of the parliamentary Finance Committee Najiba Najib told the Kurdish news agency (Rn) that "there is a tendency by the legislature to support a political restructuring of the Central Bank of Iraqi currency and delete zeros at the beginning of next year."

She explained that "the subject began to mature day by day for the members of the Finance Committee and the Economic Commission," noting that "the preparations of the central bank to implement the project under way, but it is incomplete yet."

The Iraqi market is volatile in the weeks since the exchange rate of the dinar against the U.S. dollar, which experts attributed to the restrictions imposed by the Bank on the sales of hard currency.

Bank and the imposition of more stringent measures in the auction to sell the dollar after the currency had to go to neighboring countries, especially Syria and Iran, imposed economic sanctions on them.

She drew Najib is Deputy for the Kurdistan Alliance that "the project will be implemented over two years by government banks, and will be part of the new currency coins of small denominations as there will be coins large corresponding to $ 180 any 200 000 Iraqi dinars from the current currency."

"It's during the talks extensive with the central bank and what has been providing us with the studies from the World Bank, the project aims to support the Iraqi currency as well as introduction of new categories of currency markets as well as reduce the size of the money supply, as well as the inclusion of Arabic and Kurdish in the currency."

The main tasks of the Central Bank in managing monetary policy in the country and raise the level of the value of Iraqi dinar and deal with inflation in the country.

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul.

Abdullah Sabri

Member of the Finance Committee: Applying delete zeros project depends on political and economic stability in the country

Posted: June 22, 2012 

Date: Friday, 22-06-2012 01: 48 pm

Baghdad (News) … She is a member of the Finance Committee Coalition Deputy from//the Kurdish blocs, Najib Risalat project restructuring of the Iraqi currency after deleting three zeros were subject to political and economic stability in the country.

Najib said (to news agency news) on Friday that the Central Bank has completed all procedures relating to the three zeros deleted project local currency and wait for the signal from the Executive and legislative branches to initiate its implementation.

She explained: the project has been delayed by Government indefinitely as a result of the political crisis in Iraq in addition to the instability of the exchange rate of the Iraqi dinar against the US dollar, saying that the project is subject to political and economic stability in the country.

Noted: increased dollar greatly to dinar during the last period to make the Central Bank and the legislative and executive powers are given to the project because it dramatically matter all citizens need an integrated economic feasibility before applying it.

The Central Bank of Iraq was announced (September 29, 2011) to 2013 will see the deletion of zeros and the currency changeover, which warned officials and economists because of the Division of work preparing to falsify trillion Iraqi dinars to replace them in the light of the forthcoming changes.

The Student Council of the Prime Central Bank to wait to delete the three zeros from the local currency, confirmed that a large project and needs sufficient time to apply it

http://bit.ly/MziuAQ


Finance Committee Member: next year will see the circulation of two currencies at the same

Posted: June 20, 2012 in Iraqi Dinar/Politics

20/06/2012 10:03

BAGHDAD / Center Brief for the Iraqi Media Network – revealed the parliamentary finance committee that Iraq will see the two currencies traded at the same time over the next year 2013 of the new currency in circulation after deletion of zeros with the survival of the current currency trading throughout the year in question.

A member of the Finance Committee Hassan Salman’s (Center Brief for the Iraqi Media Network) that “the central bank operates in more than six months from now on the position of the deletion of zeros from the Iraqi currency and the current that will be applied starting from next year.”

He pointed out that “the Finance Committee informed and in constant contact with the central bank governor and his aides who constantly learn about the Finance Committee on the details of this issue and the process of replacing the current currency the new currency will continue over the next year.”

He said, “will end the current currency, the beginning of 2014 and this process will lead to the strengthening of the Iraqi currency fluctuations, especially after the Iraqi dinar exchange rate against the U.S. dollar in recent times.”

And that “currency adjustment will benefit the Iraqi economy and will facilitate the handling of cash in the country by reducing the money supply in circulation now, which Tkdrbhawwala 30 trillion dinars.”

He revealed the CBI earlier that the new Iraqi currency will increase by three zeros, indicating that he made an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to regulate the banking sector.

http://bit.ly/KkvhDp


CBI: economies in transition to a free market in Iraq, the stage is limited

Posted: June 15, 2012 

Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh, said that the current financial democracy today a source of conflict between state capitalism and financial capital Ahli extremes has not been resolved yet in the arena of economic policy today.

Saleh added, “is supposed economies in transition to take over the financial sector itself and the function of economic stability and regulate the movement of capital, Al-Ahli, which requires the availability of financial institutions, independent, but that in order to discharge the economic role of the institution of the state in assigning the function of economic development and to support economic growth and social condition converted from being a provider of growth and an engine for development and function to enable the development and growth.

He said he can understand that the economies in transition to a free market in our country is only a stage of limited did not move the market, the financial sector to the free market and the promise of a transition financially abstract simulates trade finance consumer of Foreign Affairs and a one-way working on the transfer of financial wealth missing (seed capital of Mali Ahli negative / savings or negative) financial wealth Otthoelh to complete (my family financial seed capital positive / Awadkhar positive). “

He stressed that the financial economies in transition, is himself Atktml degree Antqalith free market to the domestic financial phenomenon unless it is integrated with one-way free-market external (international financial market).

http://bit.ly/Mb5YWe


The Central Bank introduced a new strategy for equal dollar dinar

2012-05-29

البنك المركزي بدأ تطبيق ستراتيجية جديدة لتساوي الدينار بالدولار


Baghdad/JD/...The Central Bank announced new steps would raise the value of the Iraqi dinar against the dollar. Deputy Central Bank Governor Mohammad Saleh appearance in a special correspondent (JD) that the Central Bank began applying a new strategy will emerge with the equation equal the dollar if the dinar had the right atmosphere. Saleh said the new strategy will upgrade the Iraqi dinar as a step towards reform of the financial system in Iraq and stimulate the economy, and then move the draft to delete zeros out the equation equal the Iraqi dinar with the dollar and this requires several factors such as the advancement of agricultural, industrial and service sector investment. The current situation is optimistic about the future of the economy and devaluation and their purchasing power./finished/20

Height of the Iraqi Central Bank reserves to 60 billion dollars

11/05/2012 11:58

Baghdad, May 11 / May (Rn) - The Iraqi Central Bank Governor Friday high bank cash reserves of $ 50 billion to 60 billion dollars, indicating that the process of deleting the zeroes will begin early next year.

Para-Dolar-Borsa-Hawali Aburi He said Central Bank Governor Sinan Shabibi told the Kurdish news agency (Rn) that "Iraq's cash reserves rose to $ 60 billion after it was last year's $ 50 billion."

He explained that "the central bank seeks through cash reserves to shore up confidence in local currency and increases the stability and regulates financial dealings in Iraq."

Regarding the project to delete the zeros Shabibi said that "the project to delete the zeros will be launched in January (Jan) and next, which would address the problems of inflation and the budget and commodity exchange on the grounds that Iraq is moving towards a free economy."

Authority announced the Iraq Stock Exchange earlier that the deletion of three zeros from the local currency will not affect the level of equity investment of external and internal.

The parliamentary Finance Committee had warned earlier in the Secretariat of the Council of Ministers of trying to dominate the monetary policy of the Central Bank of Iraq and curbing the powers of the province, noting that this was a violation of the constitution and has serious consequences on the Iraqi economy.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

From: Saman Daza Yei. Open: Abdullah Sabri




Iraq to cut off dinar zeros by January 2013



17-05-2012 - 05:00


Business

| Source:  


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alsumaria

Iraqi Parliament Finance Committee revealed, on Tuesday, that cutting zeros off Iraqi dinar and its redenomination will be taking place in January 2013 adding that printing the new currency will start as of September 2012.
“Zeros will be cut off Iraqi dinar and the currency will be denominated in January 2013,” Finance Committee member Haitham Al Jabouri told Alsumarianews noting that printing the new currency bills will start in September 2012. 
“The redenomination of old Currency requires a whole year and the old currency will be fully withdrawn from Iraqi market in the first half of 2014,” Jabouri said stressing that cutting the three zeros off the currency and its redenomination intend to stabilize Iraqi Dinar and decrease demand on the hard currency.
“Central Bank of Iraq dissipated all fears from money laundering during the redenomination process,” Jabouri stated explaining that it has a special apparatus to fight money laundering.
“Reform of Iraqi currency management system is a major duty of Central Bank of Iraq and cutting zeros off is one of its strategic tasks,” Jabouri uttered assuring that the Parliament Finance Committee support Central Bank’s strategy.
Iraqi Cabinet Secretariat issued a resolution, on April 2012, to halt all procedures relating to cutting zeros off the dinar until further notice.
Iraq is not ready yet for this step, some economic experts believe pointing out that such action requires security and political stability in addition to economic stability.
Central Bank of Iraq announced, on January 2012, it is determined to release 3 Iraqi dinar bills of high value i.e. 200, 100 and 50 dinars after the cutting off of zeros from the currency. Dinar redenomination requires 2 years, Central Bank of Iraq informed.




Central Bank: The rising foreign reserves enhances confidence in local currency
On: Saturday 05/12/2012 7:05

Baghdad / term
Announced the Central Bank Governor Sinan Shabibi for high reserve bank cash of $ 50 billion to 60 billion dollars, indicating that the process of deleting the zeros will begin early next year. Shabibi said (Rn): The reserves of Iraq cash rose to $ 60 billion after the year was the past 50 billion.

He added that the central bank seeks through cash reserves to shore up confidence in local currency and increases the stability and regulates financial dealings in Iraq.
Regarding the project to delete the zeros Shabibi said that the project to delete the zeros will be launched in January next, which would address the problems of inflation and the budget and commodity exchange on the grounds that Iraq is moving towards a free economy. 


Authority announced the Iraq Stock Exchange earlier that the deletion of three zeros from the local currency will not affect the level of equity investment of external and internal.
The parliamentary Finance Committee had warned earlier in the Secretariat of the Council of Ministers of trying to dominate the monetary policy of the Central Bank of Iraq and curbing the powers of the province, noting that this was a violation of the constitution and has serious consequences on the Iraqi economy. 


At the same time acknowledged the existence of the Central Bank of imbalance in the exchange rate of the dinar, stressing his quest to unify the exchange rate between him and the local markets, denying at the same time, any deterioration of the value of Iraqi dinar. 


The central bank last week accused the four countries to "conspiracy" to hit the financial economy of Iraq to empty its market of its financial strength, indicating that the free trade corridors in Iraq is becoming the means adopted to hit the economy. 


And saw the price of the dollar compared to a rise in local currency during the past few days, which officials attributed to a local banking companies, the central bank to take additional action in the auction sale of hard currency. 


And picked up local media reports about the widening phenomenon of smuggling hard currency from Iraq to Syria and Iran on the border crossings which has not been confirmed by the CBI. 


And subject its nuclear program by Iran and Syria as a result of popular protests to UN sanctions are harsh and markets both countries to an economic collapse because of poor cash flow of hard currency. 


The deputy governor of the Bank according to the appearance of Mohammed (Rn) does not exist in the current phase of any deterioration of the value of Iraqi dinar and this is important, "but he came back and acknowledged" the existence of an imbalance in the exchange rate of the dinar. " 


Saleh explained that the central bank seeks to unify the exchange rate of the dollar against the dinar between the central bank and domestic markets (corporate banking) and uniformity depends on the volume of sales of the bank. " 


He pointed out that the volume of central bank sales of the dollar is approaching 200 million dollars a day which is close to last year's sales. "
The main task of the central bank in maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.



Economic Commission calls for bold action to strengthen the Iraqi dinar
Posted: April 13, 2012 

11/04/2012 20:22:00

The independent Iraqi news agency / follow-up. The member of the parliamentary Economic Committee Abdul-Hussein Abtan to take bold steps and quick to raise the Iraqi dinar exchange rate against the U.S. dollar.

Abtan said in an interview quoted (and independent Iraqi news agency) that the low price of the Iraqi dinar had burdened the poor citizen because of the openness of the domestic market is witnessing As well as import goods from abroad. “

He added That everyone is aware that the price of the Iraqi dinar four years ago is Xaara three months ago did not see any fluctuation in price, despite the reserve of the Central Bank of Iraq.

Stressing that strengthening the purchasing power of the citizen comes by increasing the Iraqi dinar exchange rate against the dollar. “

He noted that the Parliamentary Economic Committee has hosted more than once, the central bank governor and asked him to take bold steps and quick to enhance the value of Iraqi dinar against the U.S. dollar. “

http://bit.ly/IQGr1K



Member of Finance Committee: You must develop a strategic plan based on a scientific basis for the advancement of the economy
On: Tuesday 10/4/2012 8:27


Baghdad (news) .. Member of Finance Committee called on the MP / Kurdistan Alliance bloc / Najiba Najib to activate the various economic sectors through the development of a strategic plan based on a scientific basis for the advancement of the Iraqi economy.

The answer (of the Agency news): You should develop a strategic plan, whether a five-year or decimal, including rehabilitation and activation of all economic sectors in the country, especially (agricultural, industrial and tourism) in the advancement of the Iraqi economy and transform the economy of a yield mono source to a robust economy, supported on large segments of non-oil .

They attributed the Kurdistan Alliance MP: the cause of failure of the national economy and not to promote him to the lack of genuine will and vision are diagnosed in the obvious economic constraints faced by the Iraqi economy and resolution.

She added that Iraq is rich enjoy the fundamentals of economic, largely untapped, both in agricultural and industrial sectors, tourism, pointing to the existence of agricultural land of many across the country, invested properly for Iraq had become of the countries exporting the product of agricultural, in addition to what is owned by the coefficient of a large industrial and natural resources as well as tourist sites such as tourism, religious and geographical.

The member of the Finance Committee representative: that the activation of these sectors needs a strong will by the federal government to draw the map of investment and the development of a strategic plan for how to advance the national economy, and in the case of promotion will lead to increased Iraqi dinar exchange rate against the dollar as it was at the end of the seventies and early eighties of the century the past, where he was one of the Iraqi dinar more than (3) U.S. dollars, as a result the power of the Iraqi economy at that time. / Finished / 8. d. Q /

Currency Redenomination Advisor/Consultant (Ankara, Turkey)


Date: 2012-02-27, 12:57PM EST
Reply to: jacquew@metricanet.com [Errors when replying to ads?]

Currency Redenomination Advisor/Consultant in Ankara, Turkey

On behalf of The U.S. Treasury Department, Metrica, Inc. is recruiting an adviser who is required to provide technical assistance to the Central Bank of Iraq (CBI) on physical features of their new redenominated currency. After many challenges, the CBI has succeeded in achieving monetary stability in Iraq and intends to celebrate this accomplishment by removing three zeros from its currency, so that 1.17 redenominated dinars will be worth one USD instead of the current 1,170 Iraqi dinars being worth one USD. This also occurs at a time when the existing stock of dinars is old and in need of being replaced.

Expertise is needed to assist the CBI in selecting the size dimensions and especially the security features of the new currency. Counterfeiting has been a longstanding problem facing Iraq. Meanwhile, rapid technical change has resulted in many improvements in the security features available for bank notes. The adviser must have experience in these areas and be on top of the current state of bank note security issues. The adviser should also be very knowledgeable in the area of bank note costs to assist the CBI in achieving the most cost-effective features of the new bank notes and to be able to evaluate proposals submitted to the CBI by global currency printers.


  • Location: Ankara, Turkey
  • Compensation: Based on Experience
  • Principals only. Recruiters, please don't contact this job poster.
  • Please, no phone calls about this job!
  • Please do not contact job poster about other services, products or commercial interests.




PostingID: 2873584888

Economic Commission: Proportion of counterfeit currency in Iraq least in the world

Posted: February 22, 2012 

TUESDAY, FEBRUARY 21, 2012

The Commission on economy and investment representative, Tuesday, that the counterfeit currency in circulation in Iraq is “the least” compared to the proportions existing in the countries of the world, pointing out that the central bank “failed” the measures taken to reduce the price of hard currency in front of the Iraqi dinar.

A member of the Committee of Economy and Investment Abdul Hussein Abtan in an interview with “Twilight News” that his committee “reviewed the details of the issue of counterfeit currency, and found that the ratio existing in the country is much lower than the rest of the world,” stressing that “no country is free from counterfeit currency, but with varying proportions. “

The Abtan that “the central bank has taken measures to reduce the price of the dollar against the Iraqi dinar, but the results were on the contrary,” noting that “the Commission demanded that the central bank to take new steps to address this matter.”

He accused the Member of the economy and investment did not identify points of being behind the deployment of counterfeit currency and promote them.

The Committee on the economy and investment representative had met on Monday with representatives of the central bank to stand for the economic conditions in general, and discuss the most important issues related to the policy of the currency in the country.

The Central Bank of Iraq, the sixth of January, a rise in foreign currency reserves to $ 60 billion, for the first time in the history of Iraq, after it was its reserves in 2010 had reached $ 58 billion.

The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks that fund the traders from the private sector, excluding public holidays on which depends the World Bank for these auctions, and the sales either in cash or in the form of money orders sold out for a commission of certain.

http://bit.ly/z5297e


Saleh: Dinar is covered heavily by $60B in foreign reserves; Goal is to be equal to the dollar

Posted: February 11, 2012 

CBI Deputy Governor: Dinar became more like a strong and hard currency
On: Saturday 02/11/2012 12:30

Baghdad (news) .. Commended the deputy governor of the Central Bank of the appearance of Mohammed that the dinar covered in hard currency by more than (100%) and not fear him from the vagaries of currencies of neighboring countries.

Saleh said the Agency (news) said on Saturday: The dinar today has become a strong and like a hard currency through the Bank’s policy Central control of the cash raised in the local market.

He explained: that the dinar covered in hard currency at a rate of more than (100%), and this rare condition, and has a cash reserve large hard currency than for (60) billion dollars retained by the face of difficult circumstances that may occur in the country, giving the power of the dinar against foreign currency.

He pointed to: that the goal of central bank policy at the moment is the stability of the exchange rate of the dinar against the U.S. dollar, but our goal in the long run be equal to it being a process needs a strong economy and inflation is low and a cash reserve large .

and it was a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri who said it may likely equal to the price of the Iraqi dinar against the dollar during the next biennium after the implementation of the project to delete three zeros from the Iraqi currency.

Jubouri said in an earlier statement (the news): The approach undertaken by the Bank Central retention rate of the dinar against the dollar during the current indication that monetary policy in the country able to make the dinar equivalent of the U.S. dollar.

http://bit.ly/zcEjUV


CBI to take a new policy to avoid the dinar exchange rate affected by the neighboring countries

Posted: February 2, 2012 

02 February, 2012

Central bank also unveiled a new policy to avoid the risk of the impact of currencies of neighboring countries on the Iraqi dinar exchange rate, because it has a cash reserve large hard currency.

And Deputy Governor of the Central Bank of the appearance of Mohammed Saleh said that the Central Bank has the largest financial reserve of hard currency in the history of Iraq and $ 60 billion dollars, to face the difficult circumstances that may pass in the country.

He noted that the Central Bank of Iraq in control of the local market by injecting liquidity or withdrawn and has a policy on the near and medium term to avoid the risk of impact Tdhoramlat neighboring countries to the Iraqi currency.

http://bit.ly/z7NP8K


CBI: The Politics of raising the Iraqi dinar against the dollar will contribute to strengthen the Iraqi economy

Posted: January 30, 2012 

Denied the deputy governor of the Central Bank of the appearance of Mohammed Saleh cited some of the media to remarks from some officials for the failure of the central bank to raise the Iraqi dinar against the U.S. dollar.

He told all of Iraq [where] that “the Iraqi Central Bank to raise the dinar against the U.S. dollar at the present time is a positive step measured accurately,” adding that “the statements that dealt with the failure of the Bank in a political lifting the dinar against the dollar reflects the contract and hatreds personal.”

.He added that “Iraq has a lot of money and the reports of failure of the Central Bank in the management firm has no basis in truth,” adding that “the central bank responsible for managing 130 trillion dinars a day from Zakho to Basra managed all honesty,” as he described.

He pointed out that “the Central Bank has provided a stable environment and maintain the stability of the Iraqi market in light of the political situation is stable,” adding that “in case of failure in the completion of projects it is not decent load the central bank responsibility for those failures and wondered about the source of this statement and is the agenda that stands behind it and what its objectives??.

The wants and crude oil exported from Iraq resource is the basis of the national financial income for the country and more than [85%] of the financial budget of the State.

The Adviser to the Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge had criticized earlier in the policy of the Iraqi Central Bank to lift the Iraqi dinar against the U.S. dollar, “adding that” the bank did not coordinate with the Economic System in addressing the situation, “asserting that” those political violate the productive base in Iraq and that the Iraqi Central Bank to raise the dinar against the U.S. dollar at the present time is incorrect because it is a real increase.


I have highlighted in red an important statement near the bottom of this article. As i have stated before, Iraq keeps using this term "activate" in relation to the private sector, industry, agriculture and so on. Activate means to suddenly start something as in push a button, turn on a machine etc. The RV is the only thing that can fulfill this much quoted saying!

Financial committee working to reduce inflation in the 2012 budget

Posted: January 29, 2012 

29/01/2012 09:19

Baghdad, January 29 (Rn) – The Finance Committee of the Iraqi Council of Representatives, on Sunday, it was working to reduce inflation in the budget in 2012, which is valued at 10 trillion dinars, by expanding the participation of investment at the expense of operating expenses.

The Central Bank of Iraq, last Tuesday, for the budget deficit in 2012 of 20 trillion Iraqi dinars, or gain of 10% of the gross domestic product, adding that the budget deficit by default and can be treated through the stabilization of world oil prices remain above the $ 104.

And inflation is the excessive rise in the general level of prices, high cash income, as well as high costs and create excessive cash balances. It is expected to increase inflation in the budget in 2012 due to continued attention to the operational aspects at the expense of the investment part of the budget.

Announced that the Finance Committee representative Monday that Iraq will not need to borrow from the IMF, which is hoped to give Iraq $ 4 billion, while Iraq’s cabinet approved in its emergency meeting in (05/12/2011) budget in 2012 by $ 100 billion (about 117 trillion Iraqi dinars) and a deficit of up to $ 13.5 billion (about 17 trillion dinars).

A member of the Committee Najiba Najib told the Kurdish news agency (Rn) that “the parliamentary Finance Committee is working to expand the options of inflation in the budget in 2012 through work on the grant of gravity of the investment projects at the expense of operational projects and reduce the excess of government expenditures.”

She explained that “inflation could hit rate to 20 trillion Iraqi dinars, which could be addressed through the implementation of the investment plan accurately on the ground,” indicating that “the investment projects is the only solution to reduce costs through a program of ambitious investment is working to complete the government during the budget year 2012 “.

It was hoped that the House proceed to discuss budget items in preparation for approval, but the emergence of political problems hit the legislative institution of the kind of inertia.

Najib said and continued “The Finance Committee will approve the draft budget in 2012 to activate the private sector and regulate the entry of foreign industries and not to allow goods that can be manufactured within the country.”

The country has a political crisis triggered by the Iraqi judiciary, days after the U.S. withdrawal, when it issued an arrest warrant for Vice President Tareq al-Hashemi, on charges related to leadership involvement in death squads and cooperation with “terrorism” in addition to al-Maliki sought to isolate his deputy, Saleh al-Mutlaq.

And raising the Iraqi parliament in the last weeks of its more than once to a lack of quorum due to the continuing its boycott by the members of the Iraqi List, which is the second largest parliamentary bloc.

http://bit.ly/xESYxF




While the below article doesn't mention anything about revaluation, what it does shed light on is that before Iraq can move in a positive direction economically, they have to shed the last item of being confined by chapter 7. They mention at the bottom of this article that "The Iraq when the economic blockade imposed on him in the nineties of the last century, was placed under Chapter VII of the UN before making it restricted his actions and financial transactions with foreign affairs." So in my humble opinion, this action restricted economic development and until it is lifted, Iraq will not step forward into economic independence. Thus no ascension into the WTO, no international banking events, no RV! Do you blame them?

International Banks will only cooperate with banks when CH VII lifts; Currency traders in Iraq will eventually pull out

Posted: January 29, 2012 

Economists: hard currency traders are pulling out of Iraq .. The seventh item on the merchant to make deals with banks is sober
On: Sun 01/29/2012 12:32

Baghdad – He specialized in the economic importance of removing Iraq from Chapter VII imposed by the United Nations to give Iraq in general and the Iraqi trader in particular to deal with the international banks sober and well-known in the process of Transfer of funds (money orders) when the importation of goods from abroad, for fear of the vulnerability of Iraqi funds to money laundering or to embezzlement by shell banks and informal in most countries of the world, calling the talk (of the Agency news) to move toward the United Nations to lift the seventh item on the Iraq.

A member of the Economic Commission MP Nora Salem: The international banks known not to deal with Iraqi traders they deal in huge amounts, and Iraq still implies under Chapter VII, they are afraid of dealing with countries subject to this item.

The Salem in a statement to the Agency ( news) and there is a bold decision issued by the Economic Committee of the Council of Ministers established the Bank shareholder participation by local and international banks in order to facilitate the work of traders and investors in the process of transferring large sums of money to and from Iraq, calling for the necessity of applying for the protection of Iraqi assets from loss, not what happened recently, as we heard that the merchants of the Kurdistan region have to transfer money to merchants in Iran, the rejection of one of the banks delivered the pretext that the traders Kurds did not do the process of transfer of funds, and continued to be the establishment of the bank and have a large capital allows investment companies and traders Iraqis abroad transfer money to Iraq.

and called Salem Federal Government and the Parliament to move towards the lifting of what they called “injustice item VII” for Iraq that there are many things to Iraq, a parked because of this separation imposed by the United Nations.

The member of the Economic Commission for Investment: that the Iraqi trader have a significant role in the bleaching (money laundering) of the Iraqi funds since it deals with the banks is not an official because of the Chapter VII imposed on Iraq.

For his part, exclude a member of the Economic Commission Vice Qusay Fri incidence of money laundering Iraq during the current period, particularly in Baghdad, the fact that there is strict control by the central bank to funds that go out and get into the country, but fear the exposure of funds the Iraqi trader for embezzlement

, said Friday in a statement to the Agency (news): expanded meeting was held between the Economic Commission representative and the Department of Money Laundering of the central bank, and notified us of a central bank with adequate information and the development of processors sufficient for the emergence of any cases of money laundering or the like.

Gom’a the absence of the phenomenon to the process of bleaching of money, but there are operations to drain the difficult process of Iraq as merchants Iranians and two walls as a result of the deterioration of their currency because of political turmoil in which they live, stating: There are traders from Syria and Iran are withdrawing the dollar from Iraqi banks and local markets, which led to the depletion of foreign currency in Iraq.

While stressing the economic expert as beautiful on the need to handle the Iraqi trader with global banks sober and well-known in its financial transactions for receiving financial guarantees under the smuggling-money laundering, as a result of conditions the political situation in the region, particularly in Syria and Iran.

Jameel said in a statement to the Agency (news): Iraq still under Chapter VII, making the Iraqi trader restricted from dealing with international banks in the process of turning his money through the import of commodities and goods from abroad, although that international banks provide guarantees to enter the goods matching the specifications and they refused to deal amounts of imports of goods poor before shipment, calling for the need to lift the seventh item on Iraq to facilitate financial transactions with international banks.

The economist is that bank credit is a form of systems to ensure the trader and the source delivery amounts against the shipment of goods according to the specifications, noting that the Iraqi trader now pay part of the exaggeration or all of the processed and shipped his goods without the presence of safeguards and controls on the type of imported goods to the interior, especially with Iran, which lead to money laundering operations and other operations outside the law.

in Parallel to that, the Chairman of the Economy Bank Husam Obeid on the importance of raising Iraq’s Chapter VII as a grant to the Iraqi banks to deal with the international banks.

Obaid said in a statement to the Agency (news): Iraq is still shackled to item VII of the UN which impact on the work of Iraqi banks being given a bad reputation in its external and international, which led to the refusal of international banks to deal with Iraqi banks and merchant Iraqi import of goods from abroad.

and stressed the need to remove Iraq from Chapter VII because it gives freedom to deal with international banks in particular countries Representative of the UN Security Council, calling the move towards the lift for the advancement of the Iraqi economy and Ttaiwiraml Iraqi banks.

Earlier, The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh that the entry of global investment firms to Iraq subject to the exit of Iraq from Chapter VII, because they are afraid to enter Iraq the implementation of investment projects.

Salih said in an earlier statement (of the Agency news): The exit of Iraq from Chapter VII is very necessary for the transfer of foreign expertise and technological modern in various economic fields, the fact that Iraq needs a network of international contractors in the implementation of investment projects.

The benefit of to: that the local contractors who are not experienced, which led to a delay in the implementation of many investment projects in the country, indicating that the rate of implementation of projects per year of (30%) due to lack of experience and not to transfer technological modern Iraq.

He added that foreign companies, international contractors are afraid to enter the territory of Iraq because Iraq is still under Chapter VII and a bad reputation generated by the item on the peoples imposed on it.

and in favor: that Chapter VII allows the force and economic sanctions on countries that infringe on the world peace, stressing that the international community still believe that Iraq aggressor to world peace.

He continued in saying: It is assumed at the exit of U.S. troops from Iraq, it gives a signal to the international community that Iraq is safe and does not need to use force against him, calling the move towards the United Nations to remove Iraq from the desk of the seventh item to be a country safe open on the world.

The Iraq when the economic blockade imposed on him in the nineties of the last century, was placed under Chapter VII of the UN before making it restricted his actions and financial transactions with foreign affairs.

http://bit.ly/wyfdhf




PM’s Economic Advisor criticizes the policy of the CBI to raise the dinar against the dollar

Posted: January 28, 2012 in Iraqi Dinar/Politics, Top Headlines
Tags: , , , , , , ,

28.01.2012 Sumerian News / Baghdad criticized the Adviser to the Prime Minister for Economic Affairs Abdul Hussein Al-Anbuge, Saturday, the Iraqi Central Bank’s policy to lift the Iraqi dinar against the U.S. dollar, while noting that the bank had not coordinated with the Economic System in addressing the situation, saying that such policy violates the productive base in Iraq.

said Abdul Hussein Al-Anbuge in an interview for “Alsumaria News”, “the Iraqi Central Bank to raise the dinar against the U.S. dollar at the present time is true that the rise is real,” noting that “the image of the Iraqi economy is reflected in the exchange rate of the dinar.”

and added Anbuge “Raising the price of the Iraqi dinar look like this now will help to promote the phenomenon of economic rent because it will make imports cheaper and thus lead to a deepening of this phenomenon,” adding that “the phenomenon You will feel the citizen that he should remain imports which are not the productive base in the Iraqi economy, which seeks to get to the economic development in all other sectors. “

He Anbuge that “the Bank in this way serves to protect the foreign product at the expense of the local product,” pointing out that “the bank did not coordinate with the system policies of other economic in addressing the economic situation in Iraq. “

The Anbuge that “there is a misconception to the issue of independence by the Central Bank of Iraq, which does not usually mean that the decisions taken far from the interests of the economy, which is supposed to be ruling in that.” , asserting that “monetary policy is a policy adapted to the economic policies of the other.” and had previously objected to an adviser to Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge the policy of the Iraqi Central Bank, which aims to cancel the deletion of three zeros from the Iraqi dinar and the currency exchange, noting that it would cause great mischief.

He was Deputy Governor of the Central Bank of the appearance of Mohammed Saleh announced in an interview for “Alsumaria News”, in the 19 of January in the current, for he raised the price of the Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign currency at the rate of four dinars, indicating that dinar nominal is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar.

It is noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays which stops the bank from those auctions, is the Central Bank of Iraq under its law of the sixth of March of 2004, which refers to him as an independent body which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the financial system competitive and independent.

http://bit.ly/xsmnl3


Editorial: Do you delete the zeros is the solution or create a new problem or an economic futility

I will make an effort to interpret Google's badly translated verbiage!

Posted: January 25, 2012 in Iraqi Dinar/Politics

We do not know how came the idea to delete the zeros has not changed the currency to replace the word was the word to delete the zeros is less severe and resistant to change of a word to replace the coin.

This economist is saying he doesn't know who's idea it was to delete the three zeros and eludes to wording changes even on the coins.

That have proved their purchasing power and who is behind this absurd economic Sazelzel Iraqi currency after it saw the light and recovered it is an economic plan for foreign countries or domestic destinations purpose of which is their money laundering and curb runaway Iraqi dinar, which began publishing

Above I believe he is saying when the idea first came to light, it seemed like an economic recovery plan for domestic purposes and foreign countries that ran away with the Dinar.

Power and influence in the region and who are the leaders of the replacement and why this insistence on the replacement amnesty to delete the zeros increased in recent media statements of politicians, journalists and professionals from the financial experts and economists about the strategy to delete the zeros between the opposition and pro adopted by the Central Bank of Iraq in order to be defined more accurately must ask the following questions and answer them

Leaders of power and influence in the region have given amnesty to Iraq and at the same time insist on it deleting the three zero's. While statements by politicians, journalists and professionals from the financial sector have strategized about the pro's and con's of the project. He's saying they must ask themselves these questions.

1- Is the replacement process increases the purchasing power of the Iraqi dinar

Will the process increase the purchasing power of the Iraqi Dinar?

2- Is the new version reduces the money supply.

Will it reduce the money supply?

3- Is the new version needs to coin metal cash and categories of the largest

What does the new currency need to be as far as metal coins, notes and categories for their value?

4- Is the new version affects the traded commodities, fixed, especially real estate

How does the project affect fixed and traded commodities and especially real estate?

5- – Is the currency caused the current economic problem at the moment and must be changed

Is the current currency causing an economic problem and if so, why must it be changed?

6- Is the new version accompanied by corruption

How would the new currency be affected by corruption?

In order to answer these questions must know that there are several other major countries are to have the same zeros in the currency did not constitute a hindrance or have any economic problem. أن

In order to answer some of these questions, just look at the other major countries who have done the same thing and did not have any economic hindrances or problems.

To answer the first question is that the process of replacing the currency increases the purchasing power of the new Iraqi dinars.

In answering the first question, the replacement of the currency will increase the purchasing power of the Dinar.

That any replacement of the coin, at least accompanied by economic benefits, accompanied by a feasibility study and financial and monetary, social and psychological process of offering new currency replace the other currency is not marred by anything, but must put a strong currency any have purchasing power of her employer can not be falsified need to pause and less estimate the contribution of the new currency to increase the power of the Iraqi dinar in the short term or long term, but after asking many professionals in the field of economics, monetary, fiscal and banking response was that the process of replacing the currency does not increase the purchasing power of the Iraqi dinar new and this was confirmed by the appearance of Dr. Vice-President of the Central Bank in a seminar about deleting the zeroes in the College of Management and Economics at the University of Qadisiya, also confirmed by Dr. Ahmed Bureihi economics professor, deputy central bank earlier this case must stand up and focus and think deeply if the replacement process does not have any relationship is not directly or indirectly to increase the purchasing power of the Iraqi dinar

Any replacement of the coin will be accompanied by economic benefits, because it was accompanied by a feasibility study that showed the financial, monetary, social, and psychological affects that were positive. It showed that the implementation of the currency would contribute to an increase in purchasing power in both the short and the long term. But some of the financial professionals claimed that replacing the currency would not increase its purchasing power which was confirmed by Dr Qadisiya, Vice-President of the Central Bank and Dr. Ahmed Bureihi an economics professor of the Central Bank. He says in either case it must stand on its own and be deeply thought about whether the project/process will directly or indirectly increase the purchasing power of the Dinar!

So there will be a backfire, according to my modest opinion that the replacement process will reduce the purchasing power of the Iraqi dinar because of the psychological factor that would accompany the switch and this was confirmed by Mr. adviser to Prime Minister Dr. Abdul Hussein Al-Anbuge when hosted in the Economic Committee in the Iraqi Council of Representatives and was his bold and I add my opinion to his opinion and this produces when you switch the product price was very high in numbers at a lower price would create a psychological condition in clinging to price up or huge figure and this will lead to increased prices of products traded by 2% to 5%, while the goods fixed 5% to 15%

He is insinuating the project could back fire because of the psychological affect accompanying the switch in currency and that this will cause a reduction in the purchasing power of the Dinar because of the market reaction that will cause traders prices to rise by 2% to 5% and fixed goods by 5% to 15%.

If I want to address this increase, it needs to five years, at least if used monetary policy and media are excellent and that will lead us to the purchasing power at today’s prices and this part of the economic logic and philosophy of administrative, financial and cash is not acceptable and stand seriously the direction of this process in the Iraqi Parliament and the Economic and all the political blocs .

He thinks this process needs five years to implement and that media promotion and monetary policies need to go hand in hand and then it will logically lead to an increase in the purchasing power of the Dinar and that the Iraqi Parliament and political blocs aren't accepting this.

So we conclude that the new version does not increase the purchasing power of the new Iraqi dinars.

The second question: Is the version of the new money reduces the mass of cash or the volume of money the answer is very easy because the process is never reduce mass cash as possible to reduce to a year or two, but the process of all is simply the process of replacing paper money with another example, a ten thousand change the category of the ten dinar.

In the above statement he is saying that this will not reduce the money supply because there would be a one to one replacement of the notes.

Thus, for the rest and here would be an increase in the money supply additional metal is the main purpose of the switch. we conclude that the monetary mass is increasing with the new version in the shorter.

So the mass of cash in society is actually increasing in the short term because of this, including the coins.

Question three: Is the version you need to minting currency, metal and categories of low-value production more than the value used in addition to carrying the Central Bank of the costs of population and currency printing the new and the costs of the Damage the old currency and the replacement process and the cost of others pending concern the banks, management and staff and this needs time and time itself, the cost and paperwork, and others

So for the new currency, they need to mint coins, and lower note categories and that will cause them to be of a value lower than what is being used and that the costs of this process are high and they need time to do all this because of the costs.

Will create problems, especially with instruments, etc. These costs very large it not better to bring these costs for the development of the banking sector is not it more appropriate that we develop our banks to become internationally certified instead of the bank per a TBI-Government banking and trade with the world is not it supposed to develop the Banking and access to deal-mail instead of rely on old ways most of the banks in Iraq and improve it

He's saying that with these costs they need  to develop the banking sectors so they can become internationally recognized and certified to be able to trade with the world instead of relying on the old ways of doing things.

if the central bank was able to actually make the new Iraqi dinar is equal to the dollar at the rate we are all with the replacement of the Iraqi dinar as the currency has become a strong and corresponds to the dollar.

If the Central Bank was able to make the value of the Dinar equal to the dollar then the Dinar would become strong like the dollar.

Fourth question: After the review of financial experts has been asked Is the new version affects the traded commodities, fixed, especially real estate

After the financial experts reviewed the situation, they were asked how it would affect the market.

The answer was that the goods fixed prices will rise relatively These linked at the psychological factor, especially if given the replacement process a longer period, for example if a property value 100000000 hundred million van when the replacement will be 100,000 hundred thousand dinars, the seller will sell at $ 120,000 or more or a little less this increase sends reassuring here will be accompanied by psychological and Stock Exchange real estate slowdown in the early years.

The answer to the fourth question is that goods prices will rise relative to the psychological factor. especially if the replacement period is long. Compare a property value at 100,000,000 with a replacement value of 100,000 then the seller will psychologically try to sell at 120,000 or more because of the psychological affect of the currency replacement.

Question V: Is the current currency caused the problem at the moment it needs to be replaced with the large difference between the current currency and the currency of the former regime, which replaced the issue Iraqi dinars new October 15, 2003 to January 15, 2004 This was the currency printed in the Press Dallarro in Britain and was printed with good specifications are difficult to falsify were used in all parts of Iraq including the Kurdistan region in northern Iraq and has a currency exchange where the Replace each dinars printed in Iraq or China dinar new Iraqi. note that there is convergence between the process of replacement in 2004 and 2013 in terms of time, note that the currency Current currency is good and not subject to fraud and earned the trust and confidence of all its citizens and businesses of all kinds authorized the replacement for what or what is the reason that leads us to replace

The current currency that replaced the older Saddam era currency was issued between October 15th of 2003 and January 15th of 2004 and printed in Britain. It was printed with good specifications and difficult to falsify and was used in all parts of Iraq including the Kurdistan region where they replaced the currency that was printed in Iraq and China. So it is not subject to fraud and earned the trust of the government, businesses and the people. So what leads us to the reason to replace it?

Question VI: The process of administrative and financial corruption has become rampant in most state institutions, as well as banks are not free of this process is the person who ensures that the manipulation and fraud and corruption when replacing the new currency there are more than 800 bank in Iraq, if 10% of them where there is corruption there 80 How the Bank will control this process and there is fear of replacement by new counterfeit currency, which will lead to inflation, the currency in terms of money supply and the replacement process more than the true figure of the old criticism. But the controversial what is the use of the replacement process if they do not increase the purchasing power does not exceed the discharge of the Iraqi dinar against the dollar and the other hand, bear the cost of minting coin and paper currency and need machines and foreign companies to print and address fraud and corruption, administrative and financial problems of individuals and the costs and psychological effort effort of the people for the replacement process not to mention the social problems reflect the replacement process first replaced by the currency where replaced in the currency of good difficult to forge and had a value greater than the purchasing power and a good example of the rate of exchange the Iraqi dinar was more powerful when the replacement was an urgent need to switch because of the form of currency is desired by the citizens of the replacement process was successful but the process of replacing today’s need to Tignes

Administrative and financial corruption are rampant in most state institutions as well as banks and they need to assure there is no corruption in the replacement of the currency. With more than 800 banks in Iraq, if even 10% of them allow currency fraud, how could this process be controlled and it would lead to inflation and criticism. But the argument is, what is the use of replacing the current currency if it doesn't lead to more purchasing power of the Dinar against the dollar and help bare the brunt of the costs of the purchase of the equipment and minting and printing of the new currency? This would cause social problems and it would be hard to effectually raise the purchasing power of the Dinar. When the old currency was replaced,there was an urgent need to do it because it was desired by the citizens and it was successful, but today's need is not the same.

Was the answer to a specialist in this area that the replacement process has the advantage of only one is to reduce the zeros from the currency will lead to minimize accounting errors which it is located as a result of the large numbers of accountants in the accounting and banking transactions than those who confuse this work.

The only answer we have to the current need for the replacement is the advantage to accountants who's needs are to make less mistakes in the confusion that is caused by so many zero's in the process of keeping records.

This in itself is condemned by the Iraqi Accountant Is it conceivable that the staff of the accounts in Iraq depends mathematical reasoning and arithmetic have increased because of the zeros and zeros if you omit this accountant will be smarter this idea Ibkhst the right of the Iraqi accountant who knew the language of figures of all peoples.

The Iraqi accountant condemns this move, but at the same time by not doing it, it causes accountants to have to use more reasoning and arithmetic because of the zeros. So if you omit the zeros, the accountant can work smarter who knows the language of the people.

But the bottom line is the final beneficiary of the replacement process and is it a political interest or the interest of the Qaúmin process switch. And governance of the Iraqi people.

The bottom line now and final question is, who will benefit from this replacement process? Is it a political interest or just currency switch, or is it for the governance of the Iraqi people?

The God of the intent behind
Attorney / Professor Dr. Yusuf al-Tai


***No contractor wants to work in Iraq under the current conditions, they can't get paid electronically, so they would have to ship crates of cash in and out for debts and payments. There's a big problem with security. ***


Central Bank calls for serious action government to get out of Chapter VII

بتاريخ : الإثنين 16-01-2012 06:40 صباحا Date: Mon 01/16/2012 6:40

□ بغداد/ المدى □ Baghdad / term
دعا نائب محافظ البنك المركزي مظهر محمد صالح الحكومة الى التحرك على المستوى الدولي لرفع البلد من طائلة البند السابع من أجل تهيئة المناخ المناسب لدخول الشركات العالمية الكبرى. Meanwhile, deputy governor of the Central Bank of the appearance of Mohammed for the government to take action at the international level to raise the country from Chapter VII in order to create the right climate for the entry of major global companies.
وقال صالح (للوكالة الاخبارية للانباء) : إن خروج العراق من البند السابع ضروري جداً لنقل الخبرات الاجنبية والتكنولوجية الحديثة في شتى المجالات الاقتصادية، كون العراق بحاجة الى شبكة من المقاولين الدوليين لتنفيذ مشاريعه الاستثمارية. Saleh said (of the Agency news): The exit of Iraq from Chapter VII is essential for the transfer of foreign expertise and modern technological in various economic fields, the fact that Iraq needs a network of international contractors for the implementation of investment projects.

واضاف أن المقاولين المحليين هم ليسوا ذوو خبرة واسعة، مما أدى الى تأخر تنفيذ الكثير من المشاريع الاستثمارية في البلد، موضحاً، أن نسبة تنفيذ المشاريع سنوياً تبلغ (30%) نتيجة قلة الخبرة وعدم نقل التكنولوجية الحديثة الى العراق. He added that local contractors are not people with extensive experience, which led to a delay in the implementation of many investment projects in the country, explaining that the rate of implementation of projects per year (30%) due to lack of experience and not to transfer modern technology to Iraq.
وتابع : إن الشركات الاجنبية العالمية للمقاولين تتردد أيضاً من الدخول الى العراق لأنه ما زال تحت البند السابع ذو السمعة السيئة على الشعوب المفروض عليها. He continued that the foreign companies, international contractors are also reluctant to enter Iraq because it is still under Chapter VII with a bad reputation on people imposed on it. وأوضح أن البند السابع يبيح استخدام القوة والمقاطعة الاقتصادية على البلدان التي تعتدي على السلام العالمي، وأن المجتمع الدولي مابرح يعتقد بأن العراق معتد على السلام العالمي. He explained that Chapter VII allows the use of force and economic sanctions on countries that infringe on the world peace, and that the international community Mibrh believed that Iraq was an aggressor to world peace. وبين أن الحكومة العراقية عليها العمل بقوة على تطمين المجتمع الدولي بأن البلد آمن ولا حاجة لاستخدام القوة ضده، بعد خروج القوات الأميركية. And that the Iraqi government should work hard to reassure the international community that the country is safe and does not need to use force against him, after the departure of U.S. troops.



Geithner urges more currency flexibility

U.S. Treasury Secretary Timothy Geithner (L) speaks next to Japan's Finance Minister Jun Azumi during their joint news conference at the Finance Ministry in Tokyo January 12, 2012.   REUTERS/Toru Hanai

U.S. Treasury Secretary Timothy Geithner (L) speaks next to Japan's Finance Minister Jun Azumi during their joint news conference at the Finance Ministry in Tokyo January 12, 2012.

Credit: Reuters/Toru Hanai

Thu Jan 12, 2012 11:38am EST

(Reuters) - Treasury Secretary Timothy Geithner said on Thursday that key emerging-market nations must let their currencies rise in value in order permit more stable global growth.

In an interview in Tokyo with Japanese broadcaster NHK, Geithner appeared to refer to China when he spoke about the role of emerging market countries in creating a more stable monetary system.

"You want to see those currencies continue to reflect the substantial upward pressure you're seeing in fundamental economic forces that are going to push them gradually to appreciate and strengthen against the dollar, the yen and the euro," he said.

"It's going to have to continue on a sustained basis."

Geithner was wrapping up a quick visit to Beijing and Tokyo that was principally aimed at soliciting cooperation in tightening sanctions against Iran to curb its disputed nuclear program.

Geithner was asked whether the International Monetary Fund should play a larger role in helping the Euro zone countries deal with their debt crisis. He said the IMF was already helping and Europe needs to get a grip on its own problems.

"We have a very good record of moving very, very quickly to make it possible for the IMF to do what it needs to do to help its member states but we have to make sure that Europe moves first and gives the world something that the world can support," Geithner said.

(Reporting By Glenn Somerville; Editing by Andrew Hay)


Canceling Iraqi currency’s Zeroes discussed – MP

Iraqi Dinar Revaluation - File Photo




Friday, January 13, 2012


BAGHDAD / IraqiNews.com: Iraqi Parliamentary Economic Commission MP disclosed that discussions were conducted with the Central Bank of Iraq the cancellation of the zeroes from Iraqi currency. MP Aziz Shareef al-Mayahi  added that detailed discussions were held today with economic experts. The commission will study the suggestions in order to reach a suitable response on this question, he added. Other economic topics were discussed, like inflation and means to minimize its effects on Iraqi economy.



















Jubouri calls the central bank to raise the value of Iraqi dinar against the U.S. dollar exchange rate

Posted: January 8, 2012 

08/01/2012 11:29:00

The independent Iraqi news agency / Baghdad / p. X … A member of a coalition of state law, the Attorney Haitham Jubouri that the Iraqi currency Recent big fluctuations experienced a significant decline in the price of the Iraqi dinar against the U.S. dollar and the economic disaster that threatens to inflict damage to all citizens and called the Central Bank to work to raise the value of Iraqi dinar against the U.S. dollar exchange rate.



He Jubouri reporter (independent Iraqi news agency) that the central bank should take its role in this matter as the issue price of the dinar based on supply and demand and therefore must move toward maintaining the value of Iraqi dinar and U.S. dollar equivalence.

He added that it is necessary Jubouri do no harm to the Iraqi dinar and the national economy as a whole. Before the adoption of the budget in 2012 of the budget to be determined properly.

He pointed out that the currency fluctuation prices bear the central bank and traders …

http://bit.ly/yQPmZr


University of Qadisiyah to host symposium on deletion of zeros from the Iraqi currency

Posted: December 25, 2011 

2011-12-25 14:33:45

Diwaniyah (Iba) .. Organized by the Faculty of Management and Economics at the University of Qadisiyah, specialized scientific symposium for the deletion of zeros from the Iraqi currency and its implications in the Iraqi economy.

A source at the university, said the seminar included a lecture entitled to delete the zeros of the Iraqi currency and raised on the Iraqi economy delivered by the Deputy Governor of Central Bank of Iraq, Dr. the appearance of favor in which he discussed the importance of money and the impact of conditions in Iraq on the economy, noting that the Iraqi economy was Mekpottafa under the previous regime because Aharopoanhiar the infrastructure.

The source added that the deputy central bank governor said steps include replacement Declaration of the state budget and write all the accounting records and bank currency Aljdidhmodha that the process of replacing the currency will be extended to two years as well as the process of destruction of the old currency will be held at the Central Bank of Iraq.

http://bit.ly/cmwh6b



Finance confirmed that the advance percent salary benefits not covered by the drop

Posted: December 18, 2011 in Iraqi Dinar/Politics
Tags:

The Ministry of Finance of Iraq, Saturday, to advance percent salary for state employees not covered by dropping interest rates, while ruling out replacing Iraqi currency during the next two years.

The Finance Minister Rafie al-Issawi said in an interview for “Alsumaria News”, “advance percent salary for State employees will not be covered by dropping the interest is of 8%,” attributing the cause to “link the Rafidain and Rasheed Man stirring advance is Baidaat the public.”

Issawi said that “banks are pushing the benefits of 6% of the citizens of depositors have and therefore, they are not able to lend to employees without the benefit of,” noting that “the loans covered by dropping the interest is included loans of Agricultural Bank and Mortgage and Housing Fund and retroactively.”

He said al-Issawi that “the Iraqi budget for next year 2012, and developed a material that exempting all borrowers from the bank and agricultural real estate and housing fund of interest in order to encourage construction of housing units and the elimination of the housing crisis in Iraq.”

And approved the Iraqi Council of Ministers on the eighth of December the current budget next year 2012, of 117 trillion dinars and a deficit of 14 trillion dinars, while the operating budget 80 trillion dinars and 37 dinars trillion as investment budget.

The Ministry of Finance has decided since 2008, and through the Rafidain and Rasheed, in coordination with the ministries and government departments grant advances and loans to staff different, but less than the staff member for five years in accordance with the conditions and controls specific to that, that does not exceed the loan of 50 million and an interest rate of 8 percent on the repayable over ten years.

In another context, the Secretary of Finance “to replace the current Iraqi currency with new ones during the next two years because of the Economic Commission not to adopt the draft of the new currency provided by the Central Bank of Iraq to delete the zeros and issuing forms for the new currency.”

The Deputy Governor of the Central Bank of Iraq predicted the appearance of Mohammed Saleh in an interview for “Alsumaria News”, in September of this year, that is the currency exchange in the new fiscal year for the year 2013.

The Iraqi Central Bank Governor Sinan Shabibi confirmed at a meeting of independent bodies with Prime Minister Nuri al-Maliki, in the 19 of June, ready to create all the supplies to replace the Iraqi currency.

http://bit.ly/vM1mkV


Deputy in the Finance Committee: Currency to equal the USD during the next biennium

Posted: December 11, 2011 in Iraqi Dinar/Politics 

On: Sun 12/11/2011 12:19

Baghdad (news) .. Most likely a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri Sarraldenaralaraca equal to the U.S. dollar during the next biennium (two years) after the implementation of the project to delete three zeros from the Iraqi currency.

Jubouri said in a statement to the Agency (news) said on Sunday: that the approach that the Central Bank of Iraq’s retention rate Dinaromam dollar during the current period, it Maharidl that monetary policy in Iraq is able to make the Iraqi dinar is equal to the U.S. dollar “any Dinaraluahd matched by one dollar .

He pointed to: that this was retained by selling huge amounts of dollars at auction, and inject them into some other Iraqi banks to control the price of the Iraqi dinar against the dollar.

He Jubouri the next biennium will see a different direction with the central bank to make Aldenarabraghi equal to the dollar through the pump Okbermn dollar and sell it at auction project to delete Alocefaralthelat of the Iraqi currency as it makes the size of the Iraqi currency Bakdralamlh the U.S., and continued: Therefore, the citizen and the Altagralaraca does not need to replace Atarand his money to buy a commodity or a car or Other, confirming that the draft deleted Alasfaralthelat currency “based”, and issued its decision, irreversible and started his first steps will be implemented during the next two years from now.

Zkredo and Finance Committee that the Central Bank of Iraq will continue its policy to support Aldenarabraghi, expected next year, the Iraqi dinar will remain conservative on the price front Aldolarralomirka.

Earlier, the parliamentary financial Eliminated Edwalganh and MP / Kurdistan Alliance / Najiba Najib increase Sarraldenaralaraca to the Dollar over the next year as a result of the Iraqi economy is still dependent on oil revenues annually.

Najib said in an earlier statement (of the Agency news): I expect during the year (2012) retained Aldenarabraghi its price against the U.S. dollar did not increase its value the fact that Iraq continues its economy unilaterally dependent on oil Baaradath annual.

The answer: If the government wants the federal and relevant state of Iraq to make a strong Aldenarabraghi toward foreign currencies, it should consider how to strengthen the Iraqi economy and its diversity through the activation of all economic sectors in the country

http://bit.ly/rGqWq3


Iraq discusses the issue of a new exit from Chapter VII

Posted: December 4, 2011 in Iraqi Dinar/Politics

imageIn the light of the visit of Prime Minister Nuri al-Maliki’s visit to Washington is clear that the visit mentioned will not focus on any of the topics circle in the orbit of political analysts, as well as the people of withdrawal and the implications beyond the readiness of our military and security to the surprises after the departure of the Americans where will these things be discussed between the parties of Iraq and the U.S..

The rest will be on what is being revealed from leaked news that the Prime Minister will hold up his sleeve other issues will be over the discussion The results will remain under Baldharov According to the subscriptions may make this or that party and governed originally Pfjoy agreements intended between Iraq and Washington, which regulates the relations of two countries, which was It’s going to take such economic talks in general.

Upcoming visit may have something else, will discuss the fate of Iraqi funds abroad, and the foundations of protection, especially as Iraq is still under Chapter VII of the Charter of the United Nations and the words, You are disclosed under the tutelage .. From here the Prime Minister also discussed the importance and the need to get out of Iraq this item for a full-fledged hit him in the decision-making from national terrestrial and independence. Economic Aspects, therefore, is the axis that will take place by the central as well as the visit of Mr. al-Maliki on the subject of the development of the Iraqi banking transactions, which we believe will give the prestige of the Iraqi dinar as well as other foreign currencies after the level of the Iraqi currency has seen a sharp decline in global stock exchange.

And the importance of these aspects that are related to existential situation of the Iraqi market and to find factors that promote national and supportive … Which makes it easier for investors to contribute to trends in development and rehabilitation of infrastructure .

http://bit.ly/rYgSkz


Economist: delete the zeros and replacing negative currency effects at
بتاريخ : السبت 26-11-2011 12:57 مساء On: Sat 11/26/2011 12:


بغداد (الاخبارية)..حذر الخبير الاقتصادي أسعد العاقولي من استبدال العملة دون العمل على دراسة بشكل دقيق من جميع جوانبه، مؤكداَ أن ذلك سيكلف ميزانية الدولة مبالغ كبيرة، في وقتٍ توجد ردود أفعال واسعة بين الأوساط الاقتصادية والمالية رفضت هذه العملية بشكلها الحالي، وتاثيراتها على الأسواق. Baghdad (news) ..'s chief economist happiest bugsbunny of replacing the currency without working on the study accurately in all its aspects, (without revaluing) (sic) emphasizing that it would cost the state budget large sums at a time when there are reactions and wide between the economic and financial circles rejected this process in its current form, and their effects on the markets.
وقال العاقولي(للوكالة الاخبارية للانباء) اليوم السبت:إن عملية حذف الأصفار واستبدال العملة ستكون لها أثار سلبية على الاقتصاد العراقي، لافتاً الى أن عملية رفع الأصفار تحتاج الى استبدال شكل العملة مما يعني تأثيرها على الاقتصاد العراقي وميزانية الدولة. The bugsbunny (of the Agency news) on Saturday: The process of deleting the zeros and replacing the currency will have negative effects on the Iraqi economy, pointing out that the process of raising the zeros need to replace the form of currency, which means its impact on the Iraqi economy and state budget.
وبين العاقولي: أن الاقتصاد العراقي حالياً يعاني من مشاكل عديدة واستبدال العملة ستكون له نتائج سلبية في هذا الجانب، كما أن من السابق لأوانه الشروع بتنفيذ هذه العملية في ظل الظروف الاقتصادية الحرجة الحالية، وتابع: السوق يتاثر بالوضع الاقتصادي العام للبلد واي خطوة غير ناجحة ستؤدي الى مشاكل أخرى، لاسيما أن البنك المركزي العراقي قد أعلن أن قرار رفع الأصفار من العملة العراقية مُتخذ لكنه يحتاج الى عمل ميداني. And bugsbunny: that the Iraqi economy is currently suffering from many problems and the replacement of the currency will have negative results in this aspect, as it is too early to begin the implementation of this process in the economic circumstances of critical current, and continued: the market is influenced by the general economic situation of the country and any step is successful will to other problems, especially since the Central Bank of Iraq has declared that the decision to raise zeros from the Iraqi currency maker, but he needs to field work.
يذكر أن مستشارالبنك المركزي مظهر محمد صالح في تصريح سابق(للاخبارية):أن قرار رفع الاصفار من العملة العراقية مُتخذ ولكنه يحتاج الى عمل ميداني على مستوى المصارف والحسابات الدولية أضافة الى سحب العملة القديمة، وأن العمل الميداني مهم لأتمام مثل هذه الخطوة كونها تحتاج الى تهيئة المصارف للتعامل مع الأجهزة المختصة بالعملة الجديدة./انتهى/12.ن.ص/ The Mscharalpennek appearance of the central Mohammed Saleh in an earlier statement (the news) that the decision to raise zeros from the Iraqi currency maker, but it needs to field work at the level of banks and international accounts, the retirement of the old currency, and that field work is important for the completion of such a step being the need to create banks to deal with the competent organs of the new currency. / End / 12. n. r /

Iraq: Iraqi dinar is stronger currencies Arab region

Posted: November 28, 2011 

25/11/2011

The dawn of the Iraqi Central Bank economic surprise announcement that the Deputy Governor Reserve Bank’s foreign currency amounted to about sixty billion dollars, the highest on Iraq.

This announcement was commonly denied or that the common problems in Iraq permanently, but encompassed the other surprise is that any currency dinar has become one of the strongest currencies in the region including the Gulf currency, according to contexts of monetary policy.

We will try in this episode, that translate to the Iraqi citizen How will this surprise on his daily life.

http://bit.ly/uLDw48


Iraqi Dinars “One of the Most Foolhardy Investments you can Make”

Posted on 11 November 2011. Tags: , , , , , , , ,

Pages: 1 2

A local newspaper in Georgia, USA, reports that some local residents are buying Iraqi dinars in cash form, in the hope of profiting from a revaluation of the currency.

According to the Moultrie Observer, people are buying boxes of crisp Iraqi dinars that look fresh off the printing press. It goes on to quote a local commodities trader as saying he could possibly think of worse investments than Iraqi money at this time, but would be hard pressed to do so:

If you want to make a wild investment, I’d buy Russian rubles … It (the dinar) would be one of the most foolhardy investments you can make.

Meanwhile, CNBC columnist Kelley Holland says the dinar is the subject of a variety of scams, and regulators and watchdogs are sounding alarms:

If someone has been telling you about the rosy prospects for the dinar, please, please, be careful. It’s almost certainly too good a story to be true.”

On Thursday, Komo News in Seattle, Washington, ran a news report on the dinar and interviewed one woman who had actually bought what she believes to be Iraqi dinars on the internet. You can find the full video report on the next page …  http://www.iraq-businessnews.com/2011/11/11/iraqi-dinars-one-of-the-most-foolhardy-investments-you-can-make/2/


Cancellation of “zeros” from Iraqi currency won’t solve Iraq’s economic crisis, expert says

BAGHDAD / IraqiNews.com: The cancellation of  ”zeros” from the Iraqi currency, announced by the Central Bank of Iraq (CBI) won’t solve Iraq’s current economic crisis, especially the problem of the deteriorated living standards and services in the country, according to the Banking Expert, Samir al-Nuseiry on Saturday.  “The process of cancelling the ‘zeros’ from the Iraqi currency won’t solve the economic crisis, suffered by Iraq, especially the downfall of the living standards, unemployment and deterioration of services in all fields,” Nuseiry told IraqiNews.com news agency.


The Central Bank of Iraq had announced last September its intention to cancel the 3 “zeros” from the end of the Iraqi dinar currency in 2013, stating that the process would ease down the inflation, calling on Iraqi citizens to use their own (dinar) currency, instead of the US dollar.

“The process of cancelling the ‘zeros’ from the Iraqi currency shall lead to  cut short the cash size, thing that shall have its direct impact on the basic salaries, shares, bonds and prices,” Nuseiry said, adding that “such measure would make any citizen feel poor, as he who has 10 million Iraqi dinars, for example, won’t possess more than 10,000 dinars from same, thing that would lead to undermine consumption and thus have its passive impact on the economic situation in the country as a whole.”

Noteworthy is that the Advisor of Iraq’s Prime Minister for Economic Affairs, Abdul-Hussein al-Anbaki, had criticized the plan for the cancellation of  ’zeros’ from the Iraqi currency, considering it as “the largest corruption process in the history of Iraq, “because Mafias of currency fabrication will be prepared for changing the distorted currency with a new currency, along with elements who lean towards currency laundering would pump trillions (t) of Iraqi dinars for their transformation.

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