Currency Revaluation Articles III

Parliament: great difficulties facing banks

Posted: May 19, 2012

On: Saturday 19/05/2012 6:40

member of the Economic Committee in the House of Representatives Hussein Almrobei The Iraqi banks facing great difficulties, pointing to the existence of more than 30 trillion dinars without the mechanism of action.

said Almrobei in a statement summed up by the term during his visit to Karbala The law of banks in need of major repairs

He pointed out that the House of Representatives in connection with a conference brings together Iraqi banks with central bank governor.

He added that the decision to postpone the Almrobei deletion of zeros from the currency was due to the existence of problems related to the process in order to avoid any negative impact on the citizen and the Iraqi economy in general and called for the need to facilitate the mechanism of credit and deposits, warning of the occurrence of financial corruption.

http://bit.ly/L6LewZ


Member of the parliamentary Economy: Hosting Shaways and Shabibi today for questioning about the fluctuation of the exchange rate of the Iraqi dinar against the dollar

Posted: May 7, 2012 

Monday, 07 May / May 2012 11:54

A member of the Committee of Economy and Investment parliamentary Salman Mohsin al-Moussawi said “his committee will host the Deputy Prime Minister for Economic Affairs, Rose Nuri Shaways and Central Bank Governor Sinan Cpie for questioning about the fluctuation of the exchange rate of the dinar against the dollar. “

He said al-Moussawi told all of Iraq [where] the day that “the Committee will be a range of topics on the reasons for the fluctuation rate of the dinar against the dollar and the decline as well as the smuggling of currency and financial and administrative corruption of the civil companies that convert the money.”

He continued, “There are several proposals to reduce the fluctuation of the exchange rate, and that one of these Amegrahat cancel corporate civil and refer to the mechanism of old, which was followed in the eighties of the last century is that the central bank is taking on the responsibility for transfer of funds against invoices, contracts and import licenses for the Eradication of Corruption , and the second proposal is to adopt the ministries with respect to the conversion process Astiradadtha, “and the third is the proposed formation of a committee within the integrity of the central bank made up of a group of experts in accounting and management audit of their contracts.”

And witness the Iraqi market rise significantly once in a while in the exchange rate of the dollar against the Iraqi dinar, as it arrived in hair buy dollars in some of the past few days to 1300 dinars, while the price specified by the Central Bank to this day is 1166 dinars, an increase of 134 dinars per dollar, and that is equivalent to about 11 percent of the officially set price.

As announced the General Secretariat of the Council of Ministers formed under the chairmanship of Deputy Prime Minister for Economic Affairs [Ruz Nuri al-Shawish] and the membership of the Deputy Prime Minister for Energy [Hussain al-Shahristani] and members of the Committee on Economic Affairs and the Secretary General of the Council of Ministers [on the Keywords] to study the fluctuation of the exchange rate of the Iraqi dinar recently, in addition to propose appropriate solutions and to address and prevent harm to the national economy. “

The central bank attributed the might and the words of Deputy Governor of the Bank of the appearance of Mohammed’s [where] the high dollar exchange rate and increase the demand for it in Iraq to the global financial restrictions imposed on some neighboring countries, referring to Syria and Iran.

http://bit.ly/Iy9t7R


Economist: Likely no contention from banks in case of deleting zeros from currency

Posted: October 26, 2011

Financial Expert: There will be no contention on the banks in case of replacement

Likely an economist and financial success of the process of replacing the currency, as what was done early in 2012 confirmed that he will not get any crowd in the banks on this.

The expert said the financial and economic Hilal Taan: »The decision to switch the currency and delete zeros of which was correct, especially at the present time».

He’s (Citizen): »The decision to switch the currency came after in-depth study by experts, specialists in this respect».

He pointed out »that in the case of currency exchange there will be no contention on the banks, as happened during the replacement of the currency during the former regime».

He Taan »that the replacement will be smooth and without any problems because the process is in accordance with the deliberate plan». Affirming »that the new currency and financial cover quantity is limited and known and will facilitate all measures in this side».

The head of the Finance Committee, the parliamentary Haider al-Abadi, had confirmed that the deletion of zeros from the currency Iraq is an important and necessary condition that the procedures associated with sound and correct.

http://bit.ly/vYhF0v


Report from The American Contractor October 24th 2011

The Iraqi Minister of Oil recently announced that Iraq had
increased their oil output to 2.9 million barrels a day. However,
that figure is exaggerated. Iraq only exported 2.2 million barrels
a day due to the limitations of the infrastructure. Iraq is hoping
to reach 3 million barrels a day in out put oil production by the
end of the month. This remains to be seen as going from 2.9 to 3
million barrels a day in output capacity with the current
limitations will be difficult. In any case, this is a milestone for
Iraq.

http://www.foxbusiness.com/industries/2011/10/22/iraq-oil-output-capacity-jumps-to-250-million-bd-oil-minister/

The Troops here in Iraq are definitely leaving at the end of the
year and with this goes the hundreds of millions of dollars the
troops or the US government brought to Iraq. This will have a
lasting effect on the Iraqi economy. This scenario could be short
lived if the Iraqi government can acquire foreign investments. The
Iraqi government will now have to find the funds to fill the void.

After numerous meetings and consulting with various entities the
consensus is that there will not be any movement with the Iraqi
Dinar currency. The Iraq currency reform report will not commence
this year as the Iraqi parliament will not schedule this for
discussions.  This remains in the hands of the Council of
Ministries who have already reviewed the currency reform report
courtesy of Governor Sinan al-Shabibi. In addition, the Currency
Reform report has also been reviewed by a committee that has been
set up by the Iraqi Parliament.
There will be no action taken this
year as more debates and discussions are continuing with the
government and private enterprise. This is the reason for the
continued articles in the media referencing the same facts over and
over. The Central Bank of Iraq (CBI) continues to move at a snails
pace when it comes to removing the 25k notes from circulation and
at such time will be replacing those denominations with another
newer Iraqi currency. There are six new denominations being
considered and when the decision is finalized they will be printed.
Many claim this is premature as the Iraqi Parliament, Council of
Ministries and the legal department are still reviewing and
debating the Central Bank of Iraq Currency Reform report.


The Iraqi Parliament did accomplish one major goal and that is the
appointment of the new Ministry of Electricity, Abd Al-Karim Aftan.
The appointment of this new Minister casts doubt on Iyad Allawi who
is showing to be less relevant in the political process. Al-Karim
Aftan is from the al-Hal Party which is a small faction of the
Iraqi National Movement. The new Electricity Minister also has a
brother who is the Minister of Industry. You can count on both
brothers to be supportive of PM Maliki which will enforce his  grip
of power. PM Maliki is also looking forward to completing his
second term and possibly a third.

Prime Minister Maliki does not want the U.S. Troops to remain past
the agreed deadline of 31 Dec. If he didn't voice this he would
lose all support from the same political groups that are keeping
him in his position as Prime Minister.

http://www.alsumarianews.com/ar/1/29164/news-details-.html


The Kuwaiti government is continuing with the construction of their
new port of Mubarak despite the Iraqi government politicians
opposition. The only Iraqi government officials who currently have
no problems with the new Kuwaiti port is Prime Minister Maliki and
the Ministry of foreign Affairs Zebari. But rumor has it that
 Zebari has been accepting gifts from the Kuwaiti government. The
Kuwaiti government gave Zebari the gifts in exchange for his
influence in continuing with the Kuwait Port of Mubarak. This is
not the good economic partnership for both the Iraqi new Port and
the Kuwaiti Port of Mubarak that you're led to believe. The fact is
that it blocks the shipping lanes and makes navigation to the Iraqi
port very difficult.

A talk show host recently reported that Iran was a third world
country and that they have no money. I was astonished at this claim
because this host is supposedly an expert on Iraq, or so he claims.
In regards to Iran, the GDP of Iran is almost 900 billion dollars.
Now, compare this to Iraq which is barely 110 billion dollars.
Clearly, Iran is far from being broke. When you hear these
different reports from these various hosts on different topics
please fact check or verify them. If this reporter was so educated
on the topic of Iran then he would've known that Iran and Turkey
have already traded 15 billion dollars in the first 8 months of
2011.

http://en.wikipedia.org/wiki/Economy_of_Iran

http://tehrantimes.com/index.php/economy-and-business/3835-iran-turkey-trade-to-reach-15-billion-in-2011


Opening justice

عادل عبد المهدي - 18/10/2011 - 8:11 م | عدد القراء: 209 Adel Abdul Mahdi - 18/10/2011 - 20:11 | Hits: 209


اثار قرار الاصفار نقاشاً واسعاً بين مؤيد ومعارض.. The decision of the zeros of a broad debate between supporters and opponents .. وكنا نتمنى نقاشاً اوسع في الجامعات ومجلس النواب وبقية المؤسسات... We wish a broader debate in the universities and the Council of Representatives and the rest of the institutions ... بل شرحاً بالصورة والصوت والكارتون لتهيئة الجمهور لهذه العملية. But an explanation of the picture, audio, and cardboard to create the public to this process. رغم ذلك، فالنقاشات ظاهرة صحية لانضاج الرأي. However, the phenomenon of health Valenqashat to mature opinion.

لاسيما مع توفر كافة المعلومات، مثل الكتلة النقدية وعدد الاوراق النقدية واسعار الصرف وغيرها. Especially with the availability of all information, such as money supply and the number of banknotes, exchange rates and others. وعندما تتوفر المعلومات الاساسية لاي ملف فان النقاش يصبح ايجابياً، وليس مجرد مجادلات في الاشاعات ومانشيتات الصحف وشريط الانباء. When available the basic information of any file, the debate becomes positive, and not just rumors and controversies in the headlines of newspapers and news bar.
الاعتراضات على عملية الغاء الاصفار تناولت احتمالات التزوير. Objections to the process of canceling zeros addressed the possibility of fraud. واستشهدت بتغيير العملة (15/10/2003- 15/1/2004)، التي -ولقصر المدة- شابها التدافع ولاشك بعض اعمال التزوير، رغم ان تلك العملية سمحت بتحقيق امور كثيرة منها.. She cited the changing currency (15/10/2003- 01/15/2004), which - and the short term - marred by stampedes and no doubt some of the acts of fraud, although that process has allowed them to achieve many things ..
1-توحيد العملة بدل العملات الرئيسية انذاك وهي الدينار السويسري ودينار صدام والدولار.. 1 - instead of the single currency at the time the major currencies and the Swiss dinar Saddam dinar and the dollar .. عدا اخرى كثر تداولها في مناطق معينة كالتومان الايراني والليرة التركية والدينار الاردني. Other than worn in certain areas Kaltoman Iranian and the Turkish lira and the Jordanian dinar.
2-سمحت العملة الموحدة بتنظيم سياسة نقدية ناجحة للبنك المركزي في ظروف صعبة.. 2 - the single currency has allowed the organization of a successful monetary policy of the Central Bank in difficult circumstances .. فرفع احتياطات العراق من الصفر ليصل 58 مليار دولاراً امريكياً اليوم.. Iraq reserves raised from zero to reach 58 billion U.S. dollars a day .. والسيطرة على تضخم تجاوز ثلاثة ارقام قبل 2003.. And control of inflation exceeding three figures before 2003 .. وبلغ 75% سنوياً قبل اربعة سنوات.. And was 75% per year four years ago .. ليصل اليوم الى 5،2% سنوياً.. Up today to 5.2% per year .. والحفاظ على استقرار العملة وقوتها.. And to maintain currency stability and strength .. مما ولد طمأنينة الاسواق والمعاملات.. Born tranquility, which markets and transactions .. وهذه اهداف نقدية اساسية لا يقلل من شأنها بعض الثغرات والاخطاء. The basic objectives of cash would not reduce some of the gaps and errors.
3-يجب الاعتراف للبنك المركزي بانه اعاد بعض اموال الشعب للشعب.. 3 - must be recognized that the central bank repeated some of the people's money to the people .. اذ احتسبت قيمة 1500 دينار= دولاراً عند تغيير العملة.. As the calculated value of 1500 dinars = dollars when you change currency .. وقيمته اليوم 1180 ديناراً للدولار.. And value of today's 1180 dinars to the dollar .. اي استعاد كل مواطن ما يعادل 21،3% من موجوداته النقدية. Any recovered every citizen the equivalent of 21.3% of its assets cash. خلافاً للسياسات السابقة التي آكلت الموجودات النقدية ببلوغ الدينار 3000/دولار واكثر. Contrary to past policies that ate the cash assets to reach KD 3000 / dollars and more.
اما الاعتراضات فستطرح العملة الجديدة,. The objections Vsttrah the new currency,. وستتعايش العملتان لعام او عامين. Sttaih and currencies for a year or two years. ويتم سحب ذات الاصفار بالتدريج كلما تصل للمصارف، فلن يحصل تدافع.. Be withdrawn with zeros up gradually as the banks, you will not get a stampede .. بل قد تسمح العملية بكشف اعمال تزوير للعملة المتداولة اليوم.. But may allow the process to disclose acts of forgery of currency in circulation today .. اما اعتراضات الكلف، فان طباعة اوراق باقل (1000) مرة من الاوراق المتداولة سيكون اجدى بالضرورة، علماً ان عملية الطبع مستمرة سنوياً لسحب الاوراق التالفة او لزيادة الكتلة النقدية. The objections to costs, the less printing papers (1000) once traded securities will be necessarily more feasible, note that the printing process continues annually for the withdrawal of securities damaged or increasing the money supply.
لن تغير الاصفار من قيمة العملة، وستساعد في سهولة تداول العملة وتجزئتها وخزنها وحسابها.. Will not change the zeros of the value of the currency, and will help to ease currency trading and fragmentation, storage and calculation .. وهذه صفات جيدة للعملة والتي اهمها بالطبع استقرارها والثقة بها. These good qualities of the coin, which of course the most important of stability and confidence.



International Center for Development Studies: Economic chaos threatens Iraq; Monetary policy needs reform

Posted: October 19, 2011 

BAGHDAD (Iba) .. Warned the International Center for Development Studies of the high rates of inflation in Iraq to the numbers may exceed the 10% in the next few months, after it reached an average of up to approximately 6% during the third quarter of this year 2011.

The Center said that the prices of commodities, particularly food and fuel will witness a remarkable increase of the burden of the Iraqi citizen simple.

He attributed the status of this increase to several factors the most important policy advances large government granted by the Iraqi government to the staff and the size of financial

aid and loans, which leads to the accumulation and the growth in the money supply in the Iraqi market and reduces the strength of the Iraqi dinar purchasing power without creating real investment opportunities develop national wealth or maintain power.

And supports these expectations the sharp rise in food prices around the world and the adoption of Iraq is almost entirely on imports to get food consumption basket. Add to that the concerns arising from the economic recession in the global capital markets which will reflect negatively on oil prices, which is expected to reach below the barrier of $ 90 per barrel.

The Director of the Center, an economist Sadiq Hussain Rikabi that Iraq will be in the unenviable position if oil prices fell to below those levels, because of its adoption by 95% as derived from oil revenues.

The center said in a statement that the current monetary policy of the Iraqi government does not serve the Iraqi people, but on the contrary, it is expected in the trap of a major financial and restricts future forbidden to make any progress on development.

He warned that the current monetary policy lead to the Iraqi government to lower the value of the Iraqi currency and to the more negative effects of this particular, with regard to the ability to attract foreign investment.

He pointed out that Global investment funds prefer markets stable financially and politically, which is not seen in the Iraqi economy, the current, noting that millions of dollars out of the circle of the Iraqi economy in recent years to invest in regional countries adjacent to the existence of incentives and laws encouraging attract capital to it.

He stressed the International Center for Development Studies on the need to speed up Iraq to diversify its economy and to focus these investments on new sectors not only on the energy sector, saying that investment in agriculture, industry and services in addition to human resource development has become a matter of urgency to get out of the cycle of dependence on

oil as the only source of income .

The position that the economic risks posed to Iraq at the present time is not caused by lack of financial resources as they are caused by the inability to manage funds for Iraq and its resources properly, and called to the need for private sector participation in the development process especially in the sector of private banks which may result in development to create new investment opportunities to contribute to the progress of the economy and provide real jobs for large numbers of unemployed.

http://bit.ly/oca5io


This article indirectly paves the way for what Iraq has been talking about doing for so long, currency revaluation. It's only a matter of time until it gets done.

Economic analyst warns: increasing the rate of inflation will hamper the process of investment in Iraq

Posted: October 16, 2011 

Said economic analyst for the spectrum Abdul Salem said that the continued rise in inflation will lead to the reluctance of investors to enter into Iraq for the purpose of investment, calling to find solutions to reduce or minimize the rate of inflation in the country.

Abdul Salim told the reporter Agency (news) said on Sunday: The persistence of increase the rate of inflation for consecutive months in Iraq will lead to a flight of investors from entering the country for the purpose of investment, indicating that inflation is one of the issues that are a sign of weakness in front of the investor and hinder the process of investment within the country.

He noted that this increase is the sequence of inflation came as a result of the presence of imbalances of the structure of the Iraqi economy and the instability of prices in the market.

The Abdul Salim in the Iraqi markets when prices are high, they did not fall, which lead to increased inflation rate in Iraq, and continued: that most of the world get the increase in prices for a limited period and then return to the Fares old.

and stressed economic analyst the need to find a package of administrative reforms and accurate studies for the purpose of reducing the inflation rate in Iraq, or reduce it, calling for a role of oversight and follow up the real by the government on the markets.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh in an earlier statement (of the Agency news) that the policy cash and of the Central Bank is able to take the necessary steps and actions necessary to curb inflation happening in Iraq, through the control of the proportion of cash as much as possible and to influence the external value of money, in addition to using some of the policies as a policy the exchange rate or interest in order to reduce the rate.

Salih stressed that inflation is under control, unlike conversations exaggerated that it reached the extent of risk, and continued: it becomes more serious when a proportion of tied places and now is the rank of one decimal.

The Deputy Governor of Central Bank: In the past, the inflation rate does not exceed (3%) and now become (4%) due to the world’s expectations of inflation, which led to increased wages for real estate, food, etc., making the inflation builds himself and heading upward, calling for monetary policy to take the tools necessary and the procedures necessary to halt the inflationary expectations and reduce the constant increase it.

http://bit.ly/pi43Ya


Expert Opinion: Delete the zeros must be accompanied by technical support does the economy

Posted: October 5, 2011 

06/10/2011
Collect a number of economic experts, the importance of the trend towards reduction of the currency by removing three zeros of them, but they asked not to adopt this step at this time, because the reality of the situation the country’s economic walking directions do not agree with it, despite the achievements relative in the investment arena, but it may disrupt the local economy.

Economic expert sword Hilfi said that the process of deletion of zeros include elements of success in more than one side, but the elements of failure are many, pointing out that the central bank today is required to determine the odds of success and failure in this process, indicating that Once we are able to change the process must begin the Central Bank to determine the rate of the dinar against the dollar, after a reduction of the currency and the deletion of zeros it becomes a dollar dinars? Is that the central bank supports it first.
Technical specifications developed

He said in an interview (morning) that the process of deletion of zeros must be accompanied by a supporting stability of the security for the new currency that will be printed within the specifications of advanced technology.

Here is a must have the security capabilities that can prevent the forgery of this process, which forces the relevant authorities to study this subject with extreme precision, as we need technical support in the subject of switching the currency equivalent of a major operation in this size.
Processors

He pointed to the existence of a large mass of cash in the country identified by the Central Bank, but the reduction is not a final solution to address this cluster and the resulting negative on the economy.

Indicating that countries that adopt this approach to not be in front of solutions, other secondary, and that this process should be preceded by a processor number and after the complete phase processors States enter the stage of the deletion of zeros, saying we did not enter the stage of processors, including the system of electronic payment and clearing system.
These systems are done recently in Iraq, which help to contain inflation, mass cash surplus in the markets and towed to the banks, which in turn drive permits or cards used by citizens

of shopping anywhere, and it is these regimes to withdraw liquidity from the domestic market and the citizen and restored to incubators banking, and that these banks are pumping liquidity by the major economic projects, explaining that the application of these systems, we see the results after two or three years, and that this stage must be accompanied by an educational program directed to segments of the society shows the importance of advanced banking technology in the local economy.

Hilfi saying goes: that means the withdrawal of liquidity, which also said electronic clearing system, which managed the private banking sector Ptivh threatened failure of the insistence of the banking sector on the government not to use it and do not know what reason, and this confirms that the challenges are great in front of the application of this process.

The expert pointed out the need to provide supplies necessary for the withdrawal of liquidity in order to achieve the desired success in changing the currency and the deletion of zeros.

Impact on investment
He Hilfi saying: that the country began receiving foreign investments directly benefiting from the security and stability of relative, as well as Machdth area of events, led the investment process to go to Iraq, and that changing the process will carry a significant impact in the form of the local economy, which confuses the reality of investment business because it knows the economy in the coming period, and that too much talk on this side Born imbalance in the investor went to Iraq.
He called for the need to review before adopting this approach the process of removing the zeros that relate to the rights of citizens and the economy in general.
Five years

Increased Hilfi saying that the reality of the Iraqi economy needs to five years to build this step, where the time will be more stable in all fields of productivity.

But today it can not be reduced to the process without examining the economic reality and political security.
He said, for example, that one has a (100) million dinars, was to adopt a resolution to delete the zeros will have two options either going to turn it into another constant, a dollar will be equal to (300.38) thousand dollars, or will be reduced to the process and becomes the amount (100) thousand dinars, but How much is equal to the dinar against the dollar, and returned to confirm that the operation is correct and successful, but not at this time.

http://bit.ly/qOYEgC

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Fears of manipulation in the Iraqi economy while changing the currency and the lifting of the zeroes

Posted: October 5, 2011 

Craftsmen in print: fraud may be only for the purpose of sabotage can not be achieved in Iraq

In 2013 will see Iraq, according to observers, the process is of great economic delete three zeros and the replacement of the current currency traded Iraqis after 2003.

Committees, organizations and government figures and non-governmental organizations warned of the process and indicated that they will see a wide range of corruption after the introduction of the altered and forged new.

Iraqi craftsmen in the printing industry played down the significance of such information and indicated that Iraq or even the Middle East are not able to counterfeiting Bmousvat high

and the process of fraud that took place will be open and clear, even for someone simple and can distinguish the original from the counterfeit currency.

He said peace Alaidana, owner of OS for printing and publishing and advertising in Basra, in an interview (citizen) that «the modern techniques of fraud did not enter Iraq, nor even to neighboring countries and that the cost of counterfeit currency will be higher than the value of cash in the market therefore ruled that it« he said, adding that »quality of paper used in the Iraqi currency is not available and there is the impossibility to get it Vhoogali price so you will not benefit from the want of fraud, we find that most of the counterfeit currency is the U.S. dollar or the euro (the currency of the European Union) in which the value dissuade them very high fill the cost of the fraud, so I think that fraud would be obtained if only to sabotage «

For his part, Haidar al-Moussawi, the owner of Press imagination in Baghdad, said that «the dough’s currency is not available and expensive either printing techniques are available,

so we find that the Iraqi currency a few fraud« He added that »the interest of material from the process is feasible, but there may be gangs or states you want to hit the rigging of the process of the country’s economy and this may be the main reason of the receipt of certain information to the competent authorities according to given antibiotic drops gangs want to make a big fraud and I think that this is an event that one who stands behind him and states, not individuals «

The Advisor to the Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge had indicated in a press statement that «it will return the largest of corruption in Iraq’s history and

will add trillions of counterfeit currency that will go to the Holocaust in exchange for currency» useful that «the information is almost certain for the presence of mafias operate from now

on counterfeiting ».

It is worth mentioning that the central bank had earlier announced his intention to replace the currency after you delete the zeros of them, prompting many observers of economic

affairs to the warnings of this process, seeing it as damaging to the Iraqi economy.

http://bit.ly/ojbgHB

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Delete the zeros of the draft is coming

Posted: October 5, 2011 

06/10/2011
Raging debate on a draft resolution to delete the zeros from the currency and change with the consensus of economists on the importance and timing is the cause of controversy.

While heading the Iraqi Central Bank to prepare for the promotion of this resolution in accordance with the requirements of persuading citizens and make them understand Bamadaminh face at the same time a number of criticisms launched from the challenges he sees the owners of the objection as essential and must be taking into account the rationales

Point of the objection see in the circumstances it is not conducive to such a measure at this time in particular of non-political and economic stability, which justify the mob’s currency

from the investment of these circumstances, including voiding the decision of the substance and goals and what makes matters worse, referring to cases of fraud expected it are not

given way to achieve the goals of change in the treatment of inflation and other, not to mention the great social problems that may result in the lack of awareness of large segments of the community content of the resolution and the real value of cash and not affected by the change.

In the eyes of the central need to move a campaign of awareness and guidance on the mitigation of the problems expected as a result of lack of understanding, and wonder to what extent the wait and we believe that three years may be sufficient for the legislation and proceed with its implementation, stressing the inevitability of change.

Agreed on its importance and about the perceptions and the center of the objections you find Central past in the implementation of plan expected to last for three years at least.

One of the proceeds of the objections brought to my attention when noted economist said there are flaws in some of the requirements of the requirements to be met by referring to the positive results of the process of removing the zeros and change the currency in order to pull the cluster large cash from circulation, but in contrast raised the subject of great importance when he referred to non-completion of procedures mechanization banking (electronic clearing) that contribute a lot in the process of withdrawing cash from circulation without significant damage.

This mechanism universally agreed and imposed by the central banking sector carried out by private banks, and lagged by government banks, which pay Executive Director of the Association of private banks to warn that e-clearing project is threatened with failure because of the insistence of the government banks are not implemented, the largest depositor of the instruments.

This challenge reflects the intersection large in the proceedings of the relevant departments that are supposed to be the main factor in resolving the challenges and facilitate the implementation of the draft resolution aimed at withdrawing the monetary bloc, seen above that this controversy by means of the press and media economists is very useful in the detection and diagnosis of the strengths and weaknesses of any economic decision with full transparency and disclosure and that is what drives us to repeat the call for the need to

satisfy any bill that economic discussion before it is approved to overcome the mistakes and challenges, This confirms the importance of prayers are continuing to establish the

economic council of experts economy the task of the study and analysis and evaluation of projects of economic decisions.

And thus dissociate the partial solutions through press releases and media that Atkhalo of errors, especially in the handling and dealing with the assessment decisions vocabulary devoid sometimes fitness of words to criticize the decisions, because the solution to the Ekman shortening others, but lies in the discussions quiet leading up to the mature economic decisions sound and successful and meaningful, and the bottom line, the project is coming to the deletion of zeros Amehal ripening and we have less losses.

http://bit.ly/oHUWxM

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An economic study: Iraq needs a monetary system easy to handle and small groups

Posted: October 1, 2011 

On: Saturday 10/01/2011 10:45

Baghdad (news) .. A study prepared by a specialist in economic affairs Dargham Muhammad Ali (of the Agency news) on the need to change the currency and the deletion of zeros, and to control the flow and management of the monetary cost of the cluster optimally.

The study pointed out that the trading bloc cash exporting more than (30) trillion Iraqi dinars to the various groups and reflected by the number of securities traded the (4) trillion banknote is the product of a long period of inflation and economic decline, in light of economic conditions and volatile financial and the pressures of inflation which has been in our country before.

The study showed that these blocks of cash led to negative effects on the regularity of the commercial market, labor markets and production and living standards of citizens, it has generated distortions many structures, economic relations, among which was the Activity block cash many zeros of little value and in a manner not commensurate with the future developments in the present and the future of the economy Iraq, which requires a solution to these conditions and their droppings.

And a specialist in matters economic in the study solutions, through the reform of management system currency through the structure and the deletion of zeros to control the flow and cost management of the cash block the optimal and that the trading bloc cash exporting more than (30) trillion Iraqi dinars to the various groups, which reflected Number of securities traded the (4) trillion banknote is the product of a long period of inflation and economic decline, rising, for example, the index of consumer prices base 1993 from 100 to (200000) in the middle of 2003, which means that the item that was sold (100 ) are sold for dinars (200000) JD .. Thus, under such circumstances, the deterioration of the currency increased the value of the coin of the largest (25) dinars to 25,000 dinars, which means that inflation is the one who added these zeros.

The study pointed out that the denomination as the current does not fit with the current economic situation and future Shortly before the outbreak of the Iran-Iraq war was a class of 25 (d) Yanar equivalent to (75) dollars purchasing power of the time or the equivalent at the present time (300) thousand dinars, this has added inflation in the country over three decades of zeros to the currency, although this did not raise those zeros of the purchasing power of the largest group of currency is the (25) thousand dinars, which is equal to the day (21) dollars so we need today to restructure currency.

Focused specialist in economic affairs that the zeros large mean cluster of large cash in circulation of the day around (30) trillion dinars, which requested the circulation of cash directly to the cost of large-counting and it takes time and the properties of space and security, in the price system is the price is the value expressed criticism and thus the structure of costs and payments Cubs, salaries and the transaction eventually become all are not commensurate with the country’s need to a cash management consistent with the restructuring of the real sector and price levels reached, the country needs to monetary system easy to handle and small groups and large reflect the cost of that structure, the real, especially

Said Dargham Muhammad Ali as Maalmana that inflation means himself prices money money price of goods and
services (ie, how much money we need in exchange for package of goods and services .. the more increase the amount of money allocated in exchange for the package itself means that there is inflation or a rise in prices money), note that the value of money is inversely proportional with the price of money, especially if we know that price is the value of goods and services expressed in cash.

Since the money is anything agreed upon the community to become a broker of exchange and store of value and unit of account, the money (legal) issued by the Monetary Authority under the law and with the power of discharge of the receivables and is seen as a social institution Social Institution increases the efficiency of the economy and economic ventures in moving the exchange efficiency of the institution social or money, and vice versa, has led inflation continued to rise no currency in circulation (23) billion dinars in 1991 to about (30) trillion dinars at the present time, high largest category currency (25) dinars to 25,000 dinars over the time. “

A specialist in economic affairs that the fee inflation numbers of new currency in circulation by adding three zeros, which increased the amount of cash operations in nominal and arranged the production costs of large quantities of which were accompanied by operations, storage, and distribution of promise, sort and check to accompany her and the levels increase, helped to increase the operational risks associated In the absence of stability.

http://bit.ly/pmJ2Vm



(Original article has been slightly modified in the attempt to make it clearer and more easily understood.  Original article can be found in the second half of the article at this link… http://www.gods-kingdom-ministries.org/weblog/WebPosting.cfm?LogID=2465 . Modifications have been done by Sam.)

What’s Really Behind this Dinar Revaluation?

The Babylonian system intends to use this to infuse a huge amount of cash into its near-collapsed world-wide banking system.  Essentially, they are monetizing Iraq’s natural resources–that is, they are printing up debt notes (thought to be money) to sell the Iraqi’s oil and natural gas that is yet in the ground.

I believe that this was the plan of the bankers and oil companies from the beginning. Trick Saddam Hussein into attacking Kuwait so that there was an excuse to put Iraq under UN Sanctions. Then there would be a two-pronged attack on Iraq: the first by militarily taking over the country, and the second by financially taking over the country’s natural assets (oil and gas).

The military phase is finished, for all practical purposes.  Once “stability” is established, then Phase II can occur.  “The Fed” has reportedly bought about $7 trillion Iraqi dinar at low, low prices–probably no more than $2-3 billion in all, and when the Iraqi Dinar is revalued, the Fed (or rather those who own the banks that own the Fed) has incentive to push for a high rate of exchange in order to increase its profit.

Secondly, apparently, “the Fed” has “agreed” not to dump Iraq’s Dinar on Iraq all at once, but to use them to purchase oil at a predetermined low rate of about $40 per barrel (some have stated the price to the US is to be no more than $32 per barrel – but who or what is meant by “the US”?).  With the price of oil now about $90 per barrel, this means that the Fed’s Iraqi Dinars–whatever the revalued rate turns out to be–will be worth at least double to them than what the Dinar will be for us in actual purchasing power.

If the revaluation comes in at, say, $5/dinar, then the Fed’s $7 trillion worth of Dinar would be worth $35 trillion toward the purchase of Iraqi oil and gas. And, they will get to purchase Iraq’s natural resources at a low, low rate, essentially doubling the purchase power of their Dinar to the equivalent of $70 trillion or more.

Hence, for a mere 2-3 billion dollars (of their own Federal Reserve Notes?), “the Fed” has by its plan, mortgaged Iraq’s entire wealth in the ground for the next century.  The cost of securing these resources militarily cost them nothing, because the US Treasury paid the troops to do their work for them.  The US Treasury paid for it by borrowing more “money” (Federal Reserve Notes) from “the Fed”, which was created for “the Fed” at a cost of nothing to them, and then loaned to the US Government – plus interest.

I deplore this plot against Iraq, but, I understand that certain men have been doing such things for a long, long time, and America too, has been a victim of the same kind of takeover by monetary manipulation. Such is the nature of the beast of Babylon.

Some may ask, then why we should participate in the plot by buying Iraqi Dinar?  First, there are supposedly about 3 million American “little guys” who have only purchased about $1.6 trillion Iraqi Dinar.  Most other nations (if not all) have laws prohibiting the sale of Iraqi Dinar within their countries.  “The Fed” has succeeded in limiting these sales to Americans (by publicizing it is a scam, along with banks that do not want their employees to become millionaires and quit their jobs – which the bank trained them to do), not because they like us so much, but because when we cash inthe revalued Iraqi dinars at the bank (exchange Dinar for bank credits or Federal Reserve Notes), the dinars make their way to the bank vaults of “the Fed”! “The Fed” pays the banks for the Dinar with Federal Reserve Notes or credits, but these Dinar are worth at least twice as much to “the Fed” in purchasing Iraqi oil and gas (which is then sold to whom…for what price?).

So, those who own the banks that own “the Fed” are using us (Americans) to legitimize their plan to enhance their balance sheets.

So much for the plans “of mice and men”.  The real question is: What is God’s Divine Plan in all of this?

When we look at the prophetic history of Babylon and see Iraq as a type of Babylon, the plan unfolds perfectly. When the kings of the East conquered Babylon in the days of Daniel, they first diverted the Euphrates River and then walked into the city on the dry river bed. They killed the king (Belshazzar), and the city fell to them intact.

The drying up of the Euphrates is mentioned in Isaiah 44, as well as in Revelation 16, where it is pictured as part of the prophetic sequence of events. The Euphrates is the life blood of Babylon, and it prophetically represents the life blood of modern Mystery Babylon. That life blood is MONEY. It is cash flow – liquidity, is the river current (currency).

When the Iraqi dinar revalues, it is prophetic of the diversion of the Euphrates before the fall of Babylon–i.e., the “type” of Babylon, which is Iraq today.  We will have a short time in which to cash in/exchange dinars before “the city falls”.  I do not suggest holding on to Iraqi Dinar while awaiting an increase in their value. Let “the Fed” do that, because their greed will be their downfall.

Iraq‘s Prime Minister is Mr. Maliki. The Hebrew word for “king” is Melek. It appears to me that Maliki is prophetically representing the “king of Babylon,” or Belshazzar of old. It appears to me that Mr. Maliki will be overthrown at some point, more likely killed (assassinated), and that this will enflame the entire country in a civil war. The nation will split into three parts, as Revelation 16 indicates.

Iraq is already politically and religiously divided into three parts, and it is presently taking “a lot of glue” to hold them together. I believe that an assassination would split the nation into three parts along those natural fault lines. When this happens, none of those three pieces will honor the present Dinar but will begin printing their own currencies.

“The Fed” will then be caught with close to $9 trillion “confederate” Iraqi Dinar that will be as the worthless pieces of paper they once were. That, I believe, will cause the final collapse of Mystery Babylon - in the bigger picture. In other words, the “type” (Iraq) will be a regional picture of a much bigger collapse of the entire Babylonian worldwide system.

This is my opinion and understanding of the prophecies in Scripture. As always, I may be wrong, but this is how I see it working out. The final outcome of the great conspiracy of “the Fed against Iraq will backfire because they do not know that God is running a counter-conspiracy to catch them in their own trap.

I believe that God is going to use this situation to help fund the Kingdom. There will be a short window of opportunity that may only last a few months or a year.  So, if you find yourselves with Iraqi Dinar that are worth something, do not plan to hold on to it hoping it will increase in value or as you might if it were “precious metal”.  Use it to help build the Kingdom and to prepare for the overthrow of “that great City”.  Use the money to buy things of real value that will be useful in the times ahead, so that you will be part of the solution, rather than be destroyed along with what has been the problem.

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Investigations and contemporary society: a controversial issue; the project to delete the zeros of the local currency between the timing and economic feasibility

Posted: September 24, 2011   

Not Dated  - This in my opinion is a culmination of opinions but then expressed, by one or two economists. It has some rather pointed statements, see what I have highlighted in red. They mention doing it in the last period toward the paragraph about "Risks to the economic security" @@ I will believe this to mean in the last quarter of the fiscal year.

Poll: Qasim flavor still

Tributary Sadiq
Raised the project to delete the zeros of the local currency, which was announced the CBI on June 22 last debate between the economic and financial circles, at the time raised the reactions of the popular wondering about the timing and economic feasibility of the process that could cost millions of dollars and spoke upheaval in the domestic market. (Union) polled a number of experts and academics on the dialectic of the deletion of zeros from the local currency over the following survey:

Ready to erase the zeros
Iraqi Central Bank confirms its willingness to delete the zeros of the local currency pointing at the same time that those zeros that are added to the Iraqi currency during the last period formed a cluster of large cash hit (27) trillion dinars, and said the appearance of Mohammed Salih, adviser to the Iraqi Central Bank: This step is jobs strategy of the Bank, and the zeros that are added to the Iraqi currency during the last period formed a cluster of large cash amounted to more than four trillion paper reviews categories of the Iraqi currency value of financial Bgt (27) trillion Iraqi dinars after it was (25) billion dinars in 1980 He pointed out: that Iraq is unable to manage this block because it is a small country where the large number of money circulating in the Iraqi market has led to a confusion in business dealings in the work of the huge banks .. Adding that the bank has fully prepared for the deletion of zeros from Iraqi dinar and that the deletion of zeros is a national issue and may need to special legislation, although the Central Bank of Iraq is the reform of management system of currency from the heart of his work and that the deletion of zeros is one of the strategic functions of the Central Bank of Iraq, noting : that the bank was able during the last period to reduce the level of inflation to the level of one decimal after the passage of more than twenty years .. Indicating: that Iraq was able for the first time to reduce inflation to 2%, which reflects the success of Iraq’s monetary policy.

Fear of counterfeit currency
The economic researcher Abdul Salam Jumaili he says that the project to delete the zeros regulating mechanism for lifting the three zeroes to promote the value of local currency in circulation economic, external and internal which is a strategic project aimed at reducing the rates of inflation experienced by the Iraqi market, as it will free the Iraqi economy from the restrictions and damaged the value of the Iraqi dinar the World Bank’s fund .. Adding: when we want to buy dollars in 1200 dinars, we buy at one dinar and 200 fils, while the researcher says economic Mohammed Hatem Al-Kaabi on the subject: that most of the speakers with him from supporters and opponents disagree on the subject of hand out a good idea or not so good, everyone has the conviction that the deletion of zeros to be that is one day, but the objectors whom I am standing on the timing and feasibility of the process could cost millions of dollars may occur upheaval in the domestic market, which obviously he does not need a case of confusion, new point: that this amount is higher than the money, according to reports of the Central Bank of Iraq four trillion banknote is difficult to alter without constraints, the question arises how will change the currency, and alter the currency and to ensure the absence of manipulation during the switch, it is a matter numbers and zeros lift the zero set zero of sin, and confirms Al Kaabi said the draft of zeros and delete them in this way is a green light the mafias counterfeiting to put forged banknotes can be lost from the process of exchange coordination and purchase of receivables As for the priorities do not say more than what specialists in this area because the economic situation need to follow the structural and the money that will be spent on the switch I see that the sectors of interest to the citizen first, such as the health sector and education and increase the productive capacity of the country and the adoption of incomes of a new alternative for oil will run dry one day and we will find ourselves in the desert where no water, no green in the face of good I do not think that the story is far from the political, there are those who want to say I made the dinar as the dollar and this phrase will go on citizen unnoticed.

Risks to the economic security
The economic adviser in the government Hussain Anbuge: The process of deletion of zeros from the currency will increase the phenomenon of money laundering and the government is working to convince the central bank need to stop work on the implementation of the project, indicating: that the government had informed the Central Bank of the existence of a risk to economic security in the event insisted the bank to delete the the zeros of the local currency .. He continued by saying that this process costs time and effort of the government and the central bank raises the level of fraud, some terrorist groups to carry out the smuggling of money out of the country, either the stock market in Iraq, in turn, will be affected by the process of deletion of zeros from Iraqi dinar, according to a member of the Federation of Iraqi mediators Mohammed Ismail, who said: that in the case of deletion of zeros from the currency will drop capital companies proportions of zeros and that, for example, if the company’s capital of three billion will be three million dinars, and in this case will be in front of the stage must be where the market closed for a certain period for the issuance of certificates of new shares to holders with the remaining number of shares on the situation and to draw: that the process of removing the zeros economic process difficult and complex needs numbers and accurate statistics for all economic activities, not Iraq has like, banking offices, in turn expressed their discontent with the process and said that Ahmed Rikabi the banking alligator in the Karrada district, who refused to portray his place explanation: that the situation the security situation being experienced by banking offices how the country has proved to the world that he is unable to protect its banks and its markets and banking offices in which to replace its currency, removing the zeros in the light of ignorance of the concrete of the ordinary citizen of what is happening in the financial transactions and where to go the budget years that exceeded the barrier of $ 300 billion either for offices Banking and says: All I fear is the increasing numbers of banknotes counterfeit, and it certainly will dominate the market and spread the idea of ​​change, and delete the zeros indicating: that the project to delete the zeros from the currency will negatively affect the Iraqi economy that has not been made by careful examination by specialists in financial matters The cash is certain: if the monetary mass that remained unchanged no value to the project to delete the zeros .. As for Dr. Bassem Jamil Antoine Vice-President of the Federation of Iraqi businessmen, he said: In fact, the meaning of the process of removing the zeros is to reduce the currency’s size I do not think that this step will be an impact on the Iraqi economy, which is noted by the recession and lack of economic growth and this process if I want her to bear fruit must be economic steps, accompanied by economic plans are clear and the whole process needs to create and to keep logistics through seminars, meetings and workshops for Iraqi banks for the ordinary citizen to be aware of the move, so do not be fooled and be easy prey to gangs, extortion and laugh at the simple citizen, and I think The issue needs to study more than one year so satisfying topic of research and educate all segments of the community and listen to all opinions noting: that the Iraqi currency is divided into two parts: the first in the banks, and the second when the citizen so we need to tightened security measures along with significant economic gains can be switched dinar from local currency to a global currency .. And inflation and its relationship to Balasfar said inflation does not address in this way never, but addresses the scientific studies that can promote the private sector and eliminate unemployment and do the industrial sector, government and civil and promote the agricultural sector, it is not hidden on the events of 80 percent of the basket of Iraq are imported from abroad, and this means that out of hard currency clarity the day, this with reference to the seven million Iraqis are living below the poverty line, and draws Antoine that this experience is not the result of Iraqi thought and came before them, Italy and Turkey when Khzvt zeros six but vary the timing and the necessities of phase, while the researcher believes the economic Karim Hilfi: The Bank’s decision Central deletion of three zeroes in the long term, not a new decision on the economic scene has preceded us several countries to the special mention of Germany, adding that the situation in Iraq where there are no objective conditions for deletion, because Iraq is suffering from problems of structural economic and inflation is strong as well as high rates of How unemployment will be the deletion of zeros from the dinar, which is basically non-existent .. And between: that Iraq is able to move forward with this decision either short or long, both saying that the explanation: it is possible to delete the zeros when the output strong and Jlth Department in addition to the absence of structural imbalances or inflation, and unemployment is less than 10 % noting: the decision can not be implemented only after a long time, even if carried out within a year or two it will be a negative impact because the economy is in recession now.
In turn, drew the academic researcher Hilal Taan: that the project to delete the zeros is a project proposed by former Finance Minister Bayan Jabr, and can be applied and studied as a medium or long term, can not be applied only after the stability of the economic situation and improve the Iraqi dinar exchange rate .. He Taan: The project has several requirements the most important he needs a stable economy in some respects, and needs substantial financial resources in addition to supporting the Iraqi dinar, foreign stocks, @@ and it could be applied during the last period but for the effects of the global financial crisis on the Iraqi economy .. Considered the economic and safety expert: The process of deletion of zeros from currency is a good step, but requires more efforts of the media of economic efforts and attributed the reason is that the market will be exposed to vibration as soon as the citizen’s belief that the deletion of zeros will affect negatively on the real value of the coin .. She added that the real value of the coin is the value of goods received by the individual and that on the strength of the national economy, saying: These things can be achieved stability of the security situation in addition to the media a major economic effort to educate citizens about the positive results of the process of removing the zeros.

Citizens propose
Ali Faraj, 35, says that the process of deletion of zeros from the currency will contribute to raising the purchasing power, and also that efforts to raise the zeros and change the current currency contributes to the creation of a state of confusion in the monetary policy, compared to no changes in the value of purchasing real currency .. Adding that there is a risk of leakage of foreign currency abroad after the ratification of the policy of freedom of exchange, especially as the auctions the central bank of the dollar contributed to the exit of large amounts of foreign currency from Iraq, while he says Muhannad Salem employees that the process of deletion of zeros from the local currency’s decision is not feasible and will not contribute to raise the value of the Iraqi dinar, while cause when applied to problems of multi-dimensional added to the problems suffered by the Iraqi economy, including confusion and disorganization of the market in buying and selling and debt among citizens as well as confuse the mental state that Stantab the citizen as a result of the emergence of a new phenomenon require adaptation by the are of the view of Hamza Hussein : that the project and before applying it requires coinage small denominations of currency, which represent parts of the dinar, and that these currencies would cost the state large sums eight project does not enhance the value of Iraqi Dinar where it will remain a value as it is and the results are equal, is certain: the need to deal with this project with caution because it may cause economic problems in the Iraqi Central Bank as well as presenting the project to specialists in economics to indicate their opinion on the subject before the application and noted citizen Hassan Hamid to the approval of a project that aims to raise the value of the Iraqi dinar to its former value to return is equal to $ 3.33 U.S. through several measures, including a review of the proposed import because it drains excess foreign currency and deposited with the Central Bank of Iraq as well as reducing public spending to the state and its departments with regard to import of expensive furniture can be obtained through the local market

http://bit.ly/ovRDdS

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Economist: Control of inflation depends on increasing the supply and restrict government spending

Posted: September 10, 2011  

On: Sat 10/09/2011 8:36

Baghdad (news) .. ruled out economic expert Ahmed Abreha control the inflation rate (5%) in 2012, but increased supply of goods and services and to restrict government spending to exceed the terms of the offer.

The Abreha in a statement to correspondent Agency (news) on Saturday: “You can control the inflation, who had managed the Ministry of Finance to avoid inflationary pressures during the follow two directions, first to increase the supply of goods and services and the second restrict government spending where he can outpace supply.”

He Abreha: “The control of inflation begins by controlling the aggregate demand and improving supply, and continued: that the total aggregate demand to exceed the limit, which is available by the goods and services in Iraq, noting that the role of the Ministry of Finance guiding government spending even Aatjaz offer.”

The annual inflation rate in Iraq to the primary (7.1%) in July (6.4%) in June, mainly driven by the rise in house rents.

The Finance Minister Rafie al-Issawi that Iraq is seeking to keep inflation at five percent in 2012 to support the policies of the central bank to control the rising prices, he hoped to re-evaluate the Iraqi dinar by 2013

http://bit.ly/n8tCgL



CBI calls for the government to protect the local currency of the “mafias” fraud

Posted: August 26, 2011 

Komaki haiti, Para, Money

Baghdad, August 26 / August (Rn) – A Central Bank of Iraq, Friday, the government of protecting the local currency of the mafias specialized may rigged to block the project for restructuring the currency information disclosed by the government’s economic adviser.

He was economic adviser to the Iraqi government Abdul Hussein Al-Anbuge has revealed to the media, local, on Friday the existence of mafias are trying to breach the local currency during the project restructuring carried out by the CBI.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the Iraqi government to pursue a claim mafias are trying to exploit the currency restructuring the currency viscous tens of billions of dinars counterfeit” as was disclosed by an economic adviser to the government.

He added that “the central bank does not have the presence of mafias Chan currency because that is a specialty security services and which is supposed Manmmha track and expose such mafia before the launch of the restructuring of the currency.”

He explained that “the economic security of the Iraqi government allocated and not allocated from the central bank to draw it only on monetary policy in the country.”

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

The Iraqi Central Bank announced in June 22 last he decided to restructure the local currency in order to develop the payment system in the country.

And the International Monetary Fund expressed its support for the Iraqi economy in the event of his number of economic measures including the privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq.

The Iraqi government has denied any change in the local currency this year to reduce inflation.

The local Iraqi currency has gone through several changes in its history, most recently in 2004 when the former Governing Council replaced the previous currency, which was the symbol

of the former regime.

http://bit.ly/nhbzbO


The CBI’s plan for reducing the Iraqi dinar

Posted: August 4, 2011 

Paper of 25,000 dinars

04.08.2011

The oil wealth and progress of the proceeds of abundant, secure the cover of the national currency with the Iraqi dinar has become one of the strongest currencies in the Middle East.

The central bank has the distribution of foreign exchange reserves in a basket of currencies like the dollar and the pound sterling and the Japanese yen as well as its reserve of gold so that the cover of the Iraqi dinar remains strong, regardless of fluctuations in the currency market.

Until the early eighties was the Iraqi dinar equivalent of more than three dollars U.S., but the damage to the Iraqi economy since the invasion of Kuwait at this time 21 years ago and subsequent wars and international sanctions, ensured all firing runaway inflation destroyed the value of the Iraqi dinar so that the price now spent more than a thousand dinars to the dollar.

Coupled with the erosion of the value of the currency and banking financial difficulties and administrative and accounting are still different, especially in trade and handle daily cash.

Faced with this situation since the central bank decided early in 2010 a plan to drop three zeros from the Iraqi currency nominal and pave the way for a gradual procedure that preserves the purchasing power and prevent the exposure of the Iraqi market to the economic turmoil hurt consumers.

Radio Free Iraq adviser met with the Central Bank of the appearance of Mohammed Saleh, who reviewed the falling value of the Iraqi dinar, referring to the deletion of zeros is part of a project to reform the management of the national currency.

The Chancellor said Mohammed Saleh, the burden posed by the mass cash payment system, as reflected in the revenue budget figures, for example, trillions. Mohammed Saleh pointed out that the draft dropping zeros from Iraqi dinar is based on optimistic forecasts the prospects for the development of the Iraqi economy in the coming period.

He revealed the central bank adviser said the bank plans to return to the coin because of their preferences on paper currency, especially from small groups that are not worth the trouble worth dealing with.

Mohammed Saleh refused to set a date to launch new dinar, saying that the management reform of the national currency a strategic project, but stressed that the central bank will be within a month of the implementation of an integrated plan to the Cabinet the last word in this regard.

Expert in the Ministry of Finance Crescent Miller predicted that the result in the deletion of zeros from lower inflation, noting that countries such as Turkey and Brazil prior to Iraq in this area.

Miller noted the characteristics of the new currency trading is expected after this procedure, including the adoption of the three languages ​​are Arabic, Kurdish and English, only the symbols of civilization and to prevent the use of pictures of any official.

The expert in the Ministry of Finance on the conviction that the process of replacing the currency will be smooth, especially as the old currency will remain in circulation alongside the new currency of time to allow a gradual withdrawal of steps does not affect the daily exchanges.

Economic analyst, Basil Jamil Antoine ruled economy is affected by changing money, but called for an awareness campaign to prepare public opinion and to the logistical procedures in financial institutions involved.

One benefit of the consumer citizen is expected to result directly delete the zeros of the possibility of using vending machines that are still unknown in Iraq because of the technical and practical difficulties in the mobilization of these ATMs in Iraqi dinars now.


Economist: The return of the coin guide to control inflation

Posted: July 24, 2011  

Baghdad (news) .. was considered an expert economic peace Sumaisem work to re-coin evidence of controlling inflation, as well as to improve the value of the Iraqi currency.

The central bank decided to introduce coins as part of his plan to restructure the currency, which requires government approval and the Council of Representatives as they plan strategy will contribute to support the value of the Iraqi dinar in the trading of Finance. “

Said Sumaisem in a statement to the Contact Agency (news) on Sunday: The absence of coins in Iraq was caused by inflation, which occurred at the time of the country, so we export large groups did not, we can instrument a metal, a piece collected paper “explaining” the central bank’s decision to re-coin proof that there is no control on inflation with the benefit of the few categories, even if the means of transport (Karwa ownership).

She Sumaisem: Whenever there are small groups can be used in trading meaning inflation became high, ie, that plans for the structure of the currency moving properly, citing the need to encourage and support this step as it positively affect the Iraqi economy.

He said the central bank to the project of coins in 2004 was not successful because it has not been as comprehensive reforms to support the financial value of the Iraqi dinar in the market World, saying that “coins are not the low currency, but will be important medium of exchange which are used for simple banking transactions in the trading of the Interior.

http://bit.ly/nOP4CD


Money

CBI decides to develop coins in his plan to restructure the currency

16/07/2011 16:06

http://translate.google.com.hk/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=auto&tl=en&u=http%3A%2F%2Fwww.aknews.com%2Far%2Faknews%2F2%2F252090%2F

Baghdad, July 16 (Rn) - An adviser to the CBI, Saturday, part of a plan to restructure the banks, currency and coins for the development of financial trading bank to support the Iraqi economy.


Money The appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank decided to introduce coins as part of his plan to restructure the currency, which require the approval of the government and the House of Representatives because it is a strategic plan will help support the value of the Iraqi dinar in the trading of Finance."


He added that "the draft coins in 2004 was not successful because he has not been as comprehensive reforms to support the financial value of the Iraqi dinar in the global market."


He pointed out that "the coin is not a low currency, but will be important medium of exchange which are used for simple banking transactions in the internal business transactions."


The Iraqi Central Bank announced in June 22 last he decided to restructure the local currency in order to develop the payment system in the country.


He expressed the IMF in August / August, his support of the Iraqi economy in the event of having a number of economic measures including the privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq.


The Iraqi government has denied any change in the local currency this year to reduce inflation.


The local Iraqi currency has gone through several changes in its history, most recently in 2004 when the former Governing Council replaced the previous currency, which was the symbol of the former regime.


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


Wanan of Jafar, the Open: Peace Baghdadi



Iraq Said To Be Planning Currency Overhaul, Redenomination

Iraq's 25,000-dinar banknotes apparently won't get you as far as they used to.

Iraq's 25,000-dinar banknotes apparently won't get you as far as they used to.

June 24, 2011
BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.

Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.

He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.

He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.

In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.

He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.

Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.

Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund, of which Iraq has been a member since 1945.

The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament.

Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign
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Iraq seeks to regulate the financial sector in order to avoid the financing of terrorism and money laundering

Tuesday, May 31, 2011
BAGHDAD - Naseer goldfinch

Financial sector is still suffering Iraqi Anflata as a result of lack of oversight and the absence of laws organized, especially remittances abroad, which amounted to $ 30 billion in 2010, according to Central Bank of Iraq. After 2003, and found a large proportion of cash in Iraq on its way out of the country, especially neighboring countries, did not work any governmental or private to determine the size of these funds. After the government's control over key ports, and because of the difficulty of transporting money to the deteriorating security situation on the roads, picked up what is known as foreign exchange offices, which began its work in the form of natural and without any approvals, laws or censorship.

Says the owner of «the sun for conversion» Diaa Mohamed told «life», the regulators on the work of office conversion in most cities in Iraq is security, not financial, Kalmsrv Central or the Finance Ministry or local governments, but there are reports of transfers the information of the intelligence service in each province To see the size of the balances that prevent some of the names to make sure that their association with the financing of terrorism. He added: «We are a small office space, do not turn the money over 50 thousand dollars», pointing out that the work of the offices in Iraq through the systems of money transfer companies.

The first expert in the Iraqi Central Bank the appearance of Mohammed Saleh told «life» that the bank, or any other Iraqi, can not prevent foreign transfers or rationing system, as Iraq is committed to the laws of the International Monetary Fund, which provides free current account in the system of payments to companies and individuals. He stated that «every citizen the right to transfer funds, on condition that the intersection with the financing of terrorism and money laundering, so we added a condition for conversion represented by the request and the documents showing the reasons for the conversion of the amounts in excess of 50 thousand dollars».

Central Bank Sales

He stressed that the bank sells in the form of daily between 150 million and $ 180 million, and prevents the private sector each year, about $ 35 billion, representing two thirds of the proceeds of Iraqi oil. He reported that it is not plausible that all of the conversions are intended to cover foreign trade, the imposition of the Central Bank to add an item requires another regulatory review of the General Authority for taxes on amounts in excess of 50 thousand dollars for the organization of the conversion process and the pursuit of tax evaders. He disclosed the presence of people turning $ 100 million, while they recognized that tax indicates otherwise.

In regard to the activity office conversion confirmed the appearance of it «adopt in its work on the Central Bank as a source of foreign currency», pointing out that Iraq's economy, Rei, and dependent on oil revenues transferred to the «Development Fund for Iraq» and then to the Central Bank to sell those currencies covering the needs of the budget. He said the bank's policies have contributed to the stability of the Iraqi market, even the Iraqi dinar has become one of the best currencies in the region because it is equal to 1.3 U.S. dollars, therefore the possibility of expansion content in the market during this phase.




CBI Re-denomination Revaluation Report Finalized

It has been a very productive week for the Central Bank of Iraq (CBI). The information from my close sources is that the Re-denomination Revaluation Report has been completed by the committee set up by the CBI. According to my sources it is finalized, after taking 4 years. The report is ready and the CBI committee is just waiting for Prime Minister Maliki to give the green light for the CBI to deliver the report directly to him. The Iraqi government has stated that they have some concerns upon release of the report and does not want the public to start to panic, manipulate prices or do anything with their current Iraqi dinar. The decision has been made to not have an education campaign with the public about the new currency as recently stated. When the Iraqi government gives the CBI the authorization to place
the order to print the new currency it will take some time to ship the dinar currency to Iraq and deliver it to the CBI. I would like to make everyone aware that in absolutely no terms has Dr. Shabibi been on any Baghdad news channel speaking about an RV or carelessly given any rate in regards to anything. If he had, I would know and be the first to be honest and upfront about it.


In reference to al-Warka Bank, the only update I have in regards to them is that the bank is telling depositors that they (al-Warka) are still waiting on a loan from the State Bank Rafidain for the huge influx of cash to assist the bank with liquidity. As it stands right now, they have no cash and have been suspended from any trading on the ISX. They have shut down operations and bank employees have told me that they have not been paid in over two months. There has been mention that there will be an upcoming merger with a British bank. Word of advice, don’t place a lot of faith in the merger. Dr. Shabibi is unwilling to sign off on any new bank licenses at this time.

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CBI: It is time to re-evaluate the currency, commensurate with the price changes and the wage in the economy
Posted: April 19, 2011 

 This article is a blend of news and citizen reaction to the the news of lifting the zeros.

Tuesday, 19 نيسان 2011 15:58 GMT
May not remain there is a need to act for this counter so quickly if applied to the central bank project by deleting three zeros from the Iraqi currency .. Bank, which sets monetary policy for the country confirms that it is time to re-evaluate the currency to suit the changes in the wage-price and economy.

The appearance of Mohammed Saleh / adviser to the CBI:
(Iraq after five years on the verge of producing a large oil 6 million to 12 million barrels of Iraqi oil would be a regional power in the management of energy in the world and will be the proceeds of a large system and the current cash management system currency in this way is a product of phase lag like it or not needed reform the management of currency after five years claimed the block becomes large cash)

Shops, banking companies were not enthusiastic about the project, which says that its application may cause economic problems or technical unnecessary at the present time.

Shop owner Banking
(Mo is the time because if Mistqr country’s economy and stabilize exchange rates, buying and selling of the dollar Menkdr use the lifting of the zeroes)

Shop owner Banking
(This thing we Menkdr TOGETHER we identify the issue depends on the application may show problems then the possibility of fractures disparity of individual things and things hobby art)
As for the citizens, the deletion of zeros memory bring them back to the days of the power of the Iraqi dinar which is welcomed by some, while others appeared unconvinced by the possibility of its application

Citizen
(God, Kalash Aoki suggested raising of the Iraqi economy and brings us back the dinar money days before the God who commissions Tasirlh value and purchasing power and the States they are)

Citizen
(Is the same thing if the lifting of the zeroes is the dinar Maltna and even abroad Mahd originally received by)

Citizen
(For the lifting of the zeroes FD Shi logical because the allowance Maiasir trillion words become even billions of people Fhm)
As for the economists Vitmonon The theme of the deletion of zeros will not make a difference in handling cash or in any way affect the Iraqi economy unless they take into account the changing value of exchange in relation to the dollar

Ali gnathion NA / Economist:
(This is an administrative process involving the central bank itself in the management of currency and the economy will remain only if the change rate of the Iraqi dinar for example, now is a dollar in 1180 JD permissible if Swoh means three whistle 118 or you will be 1.0 that Alukt if it has become one break zero dinar to the dollar means to improve the purchasing power of the dinar)

And show the Iraqi Central Bank reservation of criticism and reactions that have been raised about the project to delete the zeros from the currency, noting that his project is based on a thorough study to serve the Iraqi economy will be the case ended, the Council of Ministers and House of Representatives.

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