News About the 3 Zeros III


Expert: the time is perfect for the deletion of zeros from the currency of the instability of political situation

Posted: April 7, 2012

On: Saturday 07/04/2012 13:32

Baghdad (news) .. Economic analyst warned Ibrahim al-Mashhadani, the implementation of the project to delete the three zeros from the Iraqi currency early next year, being an important project needs to be political and economic stability in the country more when applied.

He said al-Mashhadani (of the Agency news) on Saturday: The time set by the Central Bank for the implementation of the project to delete the three zeroes from the Iraqi currency and due early next year is not ideal and needs to reconsider it, because it is a project task is sensitive and can not be passed through a period of time a few, he needs to a longer time to study it in detail and find out pros and cons to avoid economic problems may occur because of it.

He added that the project needs to stabilize the economic and political more before its implementation, and these two factors are not available at this time as a result of the exceptional circumstances experienced by the country, although it is important in terms of easing the money supply that are exposed to cases of fraud are many and difficult circulation, noting that countries that fought that experience had enjoyed economic and political stability in countries such as Turkey, which had been deleted (6) zeros from its currency.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh: The project to delete the three zeroes from the Iraqi currency does not need to legislate a new law but needs to issue a regulation to serve as instructions as stipulated by the Central Bank Law.

Saleh added in an earlier statement (of the Agency news): The Central Bank Law gave the full power of the monetary authority to change the structure of the Iraqi currency, or delete the zeros of which, and the executive and legislative familiar with it, noting that the project needs to be regulation as the instructions are published in the Official Gazette , and the central bank is now in the process configured

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Ministry of Finance is a plan to increase the value of Iraqi dinar


Iraqi currency
Ministry of Finance has prepared a plan to increase the value of the dinar against the dollar and then delete the three zeros from the value of the dinar to contribute to the advancement of the Iraqi economy in the coming period, while the Iraqi Central Bank denied the rumors by making the dollar worth a thousand dinars, A statement issued by the Ministry of Finance, the Minister of Finance (Bayan Jabr) said during his recent visit to the Jordanian capital Amman, said the Central Bank of Iraq confounded financially estimated (twenty two) billion dollars and three tons of gold intended to support the dinar, saying that successful fiscal policy pursued in Iraq have contributed to increasing the value of the dinar against the dollar, noting that all efforts will be channeled to delete three zeros from the value of the dinar.

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CBI intensifies efforts to delete zeros from the Iraqi currency
 
Posted: March 16, 2012

Translation 1:

Iraqi Central intensify its efforts to delete the zeros of the Iraqi currency
Tuesday, 13/03/2012 10:11

BAGHDAD – ASHA: the Iraqi Central Bank continues to work on the project to delete the zeros of the Iraqi currency.

The bank adviser said the appearance of Mohammed Saleh – in a statement to Radio Sawa on Tuesday – “The Committee is tasked with developing the project to delete blocks of zeros of the Iraqi currency in the process of completing its work,” noting that the project will be launched early next year.

He noted the benefit to the new currency that contained the categories of paper and metal, stressing the importance of the project to delete zeros in facilitating financial transactions, and pointed out that government banks are the only outlet for the process of replacing the currency that will continue over two years.

It is noteworthy that Article 36 of the Law on Central Bank of Iraq gives him the right to replace the currency

And adjusted according to the list of control governing the work of the new currency.



Translation 2:

CBI intensify efforts to delete the zeros of the Iraqi currency

Tuesday 2012/3/13 10: 11 am

Baghdad-a u a: continue to the Central Bank of Iraq project delete zeros of the Iraqi currency.

The Bank adviser said the appearance of Mohamed Saleh. in a statement to radio (Sawa) Tuesday. “the Committee charged with establishing the building blocks


of zeros from the currency project deleted in the process of completing its work in Iraq,” he said, adding that the project will be launched early next year.

He fit that new currency contained metal kite categories, stressing the importance of the draft delete zeros in facilitating financial transactions, said State banks


were the only port for the replacement of currency that will continue for two years.

Recalls that article 36 of the law on the Central Bank of Iraq granted right to replace currency And modify in accordance with regulations governing the work of the


new currency controls.

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Parliamentary Culture: Central Bank of the process of printing the currency bearing the image of the tragedy of the Kurds Faili

Thursday, March 15 / March 2012 15:15


Twilight News / revealed to the Committee on Culture and the media, Thursday, for the determination of the central bank printed new currency with one of the categories of image embody the "tragedy suffered by the Kurds Alfelaon," indicating that the direction the central bank to print the currency came the proposal of the General Secretariat of the Council of Ministers.

A member of the Committee on Culture and Media Saman Fawzi's "Twilight News" that "in memory of the tragedy of the Kurds Faili and to consider the crimes committed against them, crimes of genocide, central bank decided to put a picture embodies the tragedy in the new currency after the application of the deletion of zeros from the Iraqi currency current and Asadr new currency" .

"The central bank did not specify now to any of the categories will be charged a currency Faili Kurds."

Fawzi and that "the central bank went to print the currency was based on a proposal from the General Secretariat of the Council of Ministers."

The Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh revealed, earlier, for "Twilight News" that the new Iraqi currency will increase by three zeros, indicating that the central bank conducted a thorough study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.

The exposure of thousands of Kurds Faili to the operations of the displacement by the former Iraqi regime began on the 4 April 1980, where he was deported to Iran after the confiscation of their movable and immovable, and documents supporting such as nationality and a certificate of Iraqi nationality under the pretext that their origins go back to Iran, forcing some them to change their names to safeguard their lives and their families from murder and displacement.

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Experts (range): Delete the zeros does not affect the purchasing power of consumers 

3/12/2012
On: Tuesday 13/3/2012 9:41
Baghdad / Mohammed Habib

The whole number of economic experts that the process of deleting the zeroes do not affect the purchasing power, stressing it a bold step towards the restructuring of the local currency. The deputy governor of the Central Bank of Iraq the appearance of Mohammed Saleh (range): The mass circulation of cash exporting over 30 trillion Iraqi dinars to the various groups
And reflected by the number of securities traded $ 4 trillion paper money is the product of a long period of inflation and economic decline, where the index of consumer prices base 1993 from 100 to 200,000 in the midst of 2003, which means that the item that was sold for 100 dinars became sold for 200,000 dinars.

Saleh added: In such a circumstances increased the coin larger than 25 dinars to 25000 dinars, which means that inflation is added, these zeros, at the time that inflation means rising prices of money on goods and services (ie, how much money we need to swap package of goods and services The more .. increase the amount of money allocated to the swap on the package itself mean that there is inflation or a rise in the price of money).

He continued in favor: that the value of money is inversely proportional to their prices, especially if we know that price is the value of goods and services expressed in currency, and since the money is anything agreed upon by the community to become a medium of exchange and store of value and unit of account, the money (legal) issued by the Authority cash under the law with the power of discharge of the receivables and is seen as a social institution increases the efficiency of the economy and its economic efficiency in moving the exchange of that social institution or money, and vice versa.

And Saleh said the price stability and optimism in Iraq's future development, it became necessary radical reform the system of management of the currency and the re-structure commensurate with the structure of prices, the new different and stable levels of wages and salaries, which differed significantly from the last thirty years, as well as handle the mass of large cash weak in components so that the currency has become the largest category, but not worth $ 21 U.S. for the time being. Saleh also explained that the increase in gross domestic product of Iraq's $ 140 billion at year-end 2010 to more than $ 300 billion at the end of 2015 the money supply will raise the export of 30 trillion dinars to about 70 trillion dinars.

He noted the benefit that Sweden, for example, where there is currently one of the best systems of cash payments in the world, however, the cost of trading cash counting and sorting, transport and storage of the coin cost the national economy, representing 4% of gross domestic product of Sweden. How can we compare the country such as Iraq shall be managed so amounts of cash tremendous weak structure, which adds the cost of cash transactions may have up to 8% or more of the gross domestic product, a burden borne by the individual in his dealings, which took reduces the efficiency of the exchange as a social institution support to institutions of various economic including the market as evidenced by the large cash transaction limit for payment in U.S. dollars.

For his part, said banking expert Abdul Aziz Goldfinch (range): The process of removing the zeros, according to experiences of other countries will see a state of imbalance is a natural condition, leading to osteoporosis is simple in prices due to lack of understanding of customers and used by some indicating that the block size of cash in Iraq massive and deal tired, noting that 30 trillion figure is very large and if the zeros will be deleted to facilitate the counting process, transport and avoid the risks and even storage.

In turn, the economic expert Ali gnathion NA (range): The process of deleting the zeroes do not affect the purchasing power because the exchange rate is linked to the dollar, whether zeros exist or not exist, adding gnathion NA: The state is worried about the economic adjustment due to lack of visibility and there are many things must to be completed but fear prevents them, stressing that reform needs to be bold and success needs to be big steps.

For his part, the citizen just a gesture that the deletion of zeros under the conditions of volatile economic and security threaten the economic reality of the existence of financial mafias lie in wait for the occurrence of such projects.

Meanwhile, a citizen Ali Kemash that the deletion of zeros will reduce the manipulation of numbers by adding zeros to the accounts in banks and thus reduce or eliminate the economic corruption, banking, and made the home of Saif Amer shop owner for the franchise that the deletion of zeros will reduce the big numbers that contribute to facilitating the processes calculation.

SOURCE

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Economic parliamentary and CBI to form a higher committee to start deleting the zeros Currency
 

Posted: March 10, 2012

Formed the parliamentary Economic Committee in cooperation with the Central Bank of Iraq a joint committee to begin the process of deleting the zeros of the local currency.

A member of the Committee Abdul-Hussein Abtan “It is scheduled to begin the process of removing zeros from the local currency during the month of September next,” he said

That “the Commission will provide technical and legal requirements, and administrative nature of paint the
Iraqi market and its relevance to the deletion of zeros. “

He pointed out that “the central bank promised that he could make a change of currency and delete zeros in order to reduce inflation in the country.”

The central bank announced it was considering the requirements of the project to delete cracked the zeros of the local currency to enact a law governing the implementation of the project or not, noting he is looking this file with the cabinet because he is a national project to support the Iraqi economy.

Updating :: 09/03/2012 10:32

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Economist: delete the zeros a very positive step given the strength of the currency and eliminate cash-density 

2012-03-06 10:09:11



BAGHDAD (Iba) said ... Husam Obeid, an economist on the need to speed up the deletion of zeros from the Iraqi currency, because such a step of positive returns.

The head of the Board of Directors of banks, economy, investment and finance, told the independent press (Iba) to delete the zeros of the Iraqi currency has become an urgent need to raise the value of the currency and to maintain balance in the market, noting that this procedure need to be a political decision.

Obaid said that Iraq is not the only country that resorted to this option, many of the countries of Europe followed after World War II, including Germany, Turkey has recently embarked on a 6 delete zeros from its currency.

He explained that the move to Atntoa any negative repercussions, as it is a very positive step given the strength of the currency and contribute to the elimination of the negative consequences arising from the density of cash as one of the main problems that we have in the banking business, both in the operations of counting currency, sorting categories and destroy the bad of them and provide security measures necessary for the transfer.

The Central Bank of Iraq and on to San bank adviser appearance of Mohammed Saleh stressed the need for Iraq to the process of administrative reform of the currency cash and that the project to delete the zeros is a step comes as part of the country's need to the process of administrative reform of the currency in order to reduce the cost of cash transactions in the economic process as well as the need to provide currency cash used in small groups of small transactions daily circulation.

The officials at the Central Bank as well as some politicians and economists urged the government to delete the zeros from the currency and the issuance of new currency denominations as well as large cash to the presence of small coins.

Observers say that the government intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar is that economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the expected benefit of raising the zeros. (End)

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06-03-2012 | (Voice of Iraq) Baghdad - where

Said Husam Obeid, an economist that the step to delete the zeros of the Iraqi currency has become an urgent necessity in order to raise the value of the Iraqi currency against foreign currencies added to maintain the balance in the market.

Obaid said in a statement received by all of Iraq [where] that "this procedure need to be a political decision," calling for "the need to speed up the deletion of zeros from the Iraqi currency, because the move from large and positive returns on the Iraqi economy."

He added that "this step is not involved in any negative repercussions, as it is a very positive step given the strength of the currency and contribute to the elimination of the negative consequences arising from the density of cash as one of the main problems that we have in the banking business, both in the operations of counting currency, sorting categories and damage including the poor and the provision of security measures necessary to move them. "

And that "Iraq is not the only country that resorted to this option, many of the countries of Europe followed after World War II, including Germany, Turkey has recently embarked on a six zeros from the deletion of its national currency."

The Central Bank of Iraq and on to San bank adviser appearance of Mohammed Saleh told Al [where] the need for Iraq to the process of administrative reform of the currency cash and that the project to delete the zeros is a step comes as part of the country's need to the process of administrative reform of the currency in order to reduce the cost of cash transactions in the economic process as well as to the need to provide small groups of coins used in daily circulation of small transactions.

The officials at the Central Bank as well as some politicians and economists urged the government to delete the zeros from the currency and the issuance of new currency denominations large cash in addition to the presence of small coins.

Observers say that the government intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar is that economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the expected benefit of raising the zeros.

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Economic News 

Economist calls to speed up the deletion of zeros from the currency
04/03/2012 01:24
Called an economist Husam Obeid central bank to speed up the deletion of zeros from the Iraqi currency to eliminate the negative actions arising from the density of cash. Chairman of the Board of Directors of banks, economy, investment and finance said that the deletion of zeros from the Iraqi currency has become an urgent need to raise the value of the currency and maintain the balance in the market , indicating that the move to Atntoa any negative repercussions, as it is a very positive step given the strength of the currency and contribute to the elimination of the negative consequences arising from the density of cash as one of the main problems that we have in the banking business, both in the operations of counting currency, sorting categories and destroy the bad of them and the provision of the necessary steps to transfer.
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Economist calls to speed up the deletion of zeros from the currency 

Posted: March 5, 2012

04/03/2012 01:24
Economist Husam Obeid called on central bank to speed up the deletion of zeros from the Iraqi currency to eliminate the negative actions arising from the density of cash.

Chairman of the Board of Directors of banks, economy, investment and finance said that the deletion of zeros from the Iraqi currency has become an urgent need to raise the value of the currency and maintain the balance in the market.

indicating that the move to Atntoa any negative repercussions, as it is a very positive step given the strength of the currency and contribute to the elimination of the negative consequences arising from the density of cash as one of the main problems that we have in the banking business, both in the operations of counting currency, sorting categories and destroy the bad of them and the provision of the necessary steps to transfer

http://bit.ly/ylzmfJ

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CBI: Responds to counterfeit currency statements in the media; Cancellation of zeros in coming days

 Posted: March 1, 2012

Posted 28/02/2012

Detect Iraqi Central Bank Governor of the Bank during the coming period to cancel the zeros of the Iraqi currency in order to absorb the inflation of the Iraqi market as well as reducing the size of the Iraqi currency currently in circulation is an existing project will see the light in the coming days.

after the completion of it, pointing out that there is an integrated study on the matter and in the final stages of discussions, the decision was taken and must be submitted to the relevant authorities for the purpose of legislation by the House of Representatives and the Council of Ministers.

Dr. Shabibi in an exclusive interview with (the people) shall be published later that the removal of zeros from the Iraqi currency at the moment was inevitable and will contribute to facilitate the work of the government and Atathirat real current economic situation, stressing that it will be canceled three zeros from the current currency will be printed six to seven categories of a new Iraqi cash.

Shabibi said that the central bank supervision and the role of Sergeant on the performance of all government and private banks and is also evaluating its performance on a regular basis which improves the performance of the banking system.

And his view of the federal budget, which passed last week Shabibi noted that it’s budget ambition and budget execution properly is the one who will create some sort of supply and which will therefore reduce the rate of inflation happening in the country and not to influence the economic stability and needs to be an act of solidarity significant of all.

And the size of the money presented by the Central Bank in the Iraqi market, said the governor that he was more than 150 dollars Mellon on a daily basis and are purchased by the government and private banks and is subject to constant monitoring and supervision by the Central Bank of Iraq.

On the other hand denied Shabibi the existence of any negative economic impact on the spread of counterfeit currency in the local market in Iraq, noting that the issue of counterfeiting, was given a size bigger than true to size, explaining that the process of fraud are almost non-existent in the market and there was a fraud he is by people specific and does not affect the money supply in the domestic market in any way and that the bank has the financial capacity of the enormous and that through which it can influence a course of the domestic market, saying “We are preparing the largest player in the domestic market and control the course of events in economic terms, and I confirm that the currency issue false statements to the media is just to change my actual facts and not on the ground and have no real impact on real perspective.

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Change the Iraqi currency and the expected effects
الإثنين, 27 فبراير 2012 Monday, February 27, 2012
ذكاء مخلص الخالدي * Intelligent loyal Khalidi *

أعلن مصدر في المصرف المركزي العراقي قبل أسابيع نية الحكومة تغيير العملة من خلال حذف ثلاثة أصفار من الجانب الأيمن من فئات العملة الحالية، أي تقسيم فئات العملة الحالية على ألف، وبذلك تصبح فئة الألف دينار الحالية، مثلاً، مساوية لدينار جديد والخمسة آلاف مساوية لـ 50 ديناراً جديداً والمئة ألف مساوية لمئة دينار جديد. A source at the Central Bank of Iraq weeks before the government's intention to change the currency by deleting three zeros from the right side of the categories of the current currency, any division of denominations present on A, and thus become a category one thousand dinars, the current, for example, equal to the new dinars and the five thousand is equal to 50 new dinars and a thousand percent, equal to a hundred new dinars.

وستُطرح العملة الجديدة في 2013 وسيستغرق إحلال العملة الجديدة محل الحالية سنتين تبطَل في نهايتها العملة القديمة، لكن المصارف ستستمر في استلامها لـ 10 سنين بعدها لأغراض التبديل وليس لأغراض التداول. And will be the new currency in 2013 and the establishment of the new currency will take place of the current two-year void at the end of the old currency, but banks will continue to receive for 10 years after the switch for the purposes and not for circulation.

وأضاف المصدر أن القيمة الشرائية للعملة الجديدة ستظل مساوية للقيمة الشرائية للعملة الحالية. The source added that the purchasing power of the new currency will remain equal to the value of the current purchasing power of currency. فالسلعة التي قيمتها ألف دينار حالياً تصبح قيمتها بالعملة الجديدة ديناراً، والتي قيمتها الحالية مليون دينار تصبح قيمتها ألف دينار، وهكذا. Valslah worth a thousand dinars, which now becomes the new dinars worth of currency, which the current value of becoming a million dinars worth a thousand dinars, and so on.

وبسبب أهمية الموضوع وسوء فهم البعض له إذ ثمة من يعتقد أن في الإمكان تحقيق أرباح من شراء الدينار العراقي الحالي وبيعه في ما بعد، يجب طرح سؤالين - الأول: ما هو هدف الحكومة من هذا التغيير؟ Because of the importance of the topic and some people have a misunderstanding as there are those who believe that it is possible to make profits from the current Iraqi dinar buy and sell in the post, you should ask two questions - first: What is the government's goal of this change? والثاني: كيف ستتمكن الحكومة، خصوصاً السلطة النقدية، من ضمان العلاقة التعادلية بين العملتين الحالية والجديدة لئلا يؤدي التبديل إلى الإضرار بأحد؟ The second: How will the government, especially the monetary authority, to ensure the relationship between the two currencies offsetting existing and new so as not to cause harm to any of the switch?

يمكن القول في إجابة على السؤال الأول إن الدينار العراقي كان حتى عام 1981 مغطى جزئياً بالذهب وعملات أجنبية (70 في المئة)، وجزئياً بأذونات الخزينة العراقية إذ كان العراق يطبق بقايا نظام قاعدة الذهب. It can be said in answer to the first question that the Iraqi dinar was until 1981 partly covered with gold and foreign currencies (70 percent), and partly because the Iraqi treasury permissions Iraq was applied to the vestiges of the gold standard. ولأجل المحافظة على الغطاء، ظلت الحكومات المتعاقبة تربط سياستها المالية، خصوصاً الإنفاق الجاري والإنفاق الاستثماري في حالة ميزان المدفوعات، أي بمقدار عائدات العراق من الموجودات الأجنبية، خصوصاً عائدات تصدير النفط، باحتياط الذهب. In order to maintain the cover, successive governments have continued to link fiscal policy, especially current expenditure and investment expenditure in the case of balance of payments, an increase of the revenues from Iraqi foreign assets, especially oil export revenues, reserves of gold.

ولإنجاح ذلك الربط طبِّقت قيود إدارية على التحويل الخارجي بشقيه، تجارة السلع والخدمات، وحركة رأس المال، وطبِّقت سياسات نقدية ومالية محافظة. The success of this linkage applied administrative restrictions on foreign exchange, both, trade in goods and services, and capital movement, and applied monetary and fiscal policies of the province. وظل الدينار العراقي نتيجة لذلك محافظاً على استقراره وعلى سعر صرفه الرسمي البالغ 3.2 دولار للدينار. Iraqi dinar remained a result, maintaining a stable exchange rate and the official of $ 3.2 of the dinar. وكان الدينار العراقي يتمتع باعتبار كبير كمخزن للقيمة داخل العراق وفي الأسواق الخارجية، خصوصاً أسواق الدول المجاورة. The Iraqi dinar has as large a store of value inside Iraq and in foreign markets, especially markets of neighboring countries. لكن بعد تلاشي احتياطات العراق الضخمة من العملة الأجنبية بعد نشوب الحرب العراقية -الإيرانية وبتأثير من نفقات الحرب الباهظة، تركت الحكومة العمل بقانون العملة وبدأت تنفق من دون قيود كمية، الأمر الذي أدى إلى انخفاض متواصل في سعر صرف الدينار العراقي وفي قيمته الشرائية. But after the disappearance of Iraq's vast reserves of foreign currency after the outbreak of the Iraq war - Iran and the impact of the high costs of the war, the government left the labor law of the currency and started to spend without quantitative restrictions, which led to a continuing decline in the Iraqi dinar exchange rate in the value of purchasing power.

وزاد الحصار الاقتصادي الذي فرِض على العراق في 1990 الأمر سوءاً. And increased economic blockade imposed on Iraq in 1990 it worse. وعلى رغم تمسك الحكومة العراقية بسعر الصرف الرسمي البالغ 3.2 دولار للدينار في التعاملات الرسمية، أبرزت التطورات سعراً آخر للدينار هو سعر السوق السوداء الذي يتحدد بقوى العرض والطلب، ووصل هذا السعر إلى ثلاثة آلاف دينار للدولار. Despite the government's adherence to the Iraqi official exchange rate of $ 3.2 of the dinar in official dealings, highlighted the developments of the last price is the price of dinars on the black market, which is determined by the forces of supply and demand, and reached the price of three thousand dinars to the dollar. وبعد احتلال العراق ورفع الحظر عن صادرات النفط وعن احتياطات البلاد في الخارج، ولجوء المصرف المركزي العراقي إلى تنظيم مزادات يومية لبيع العملة للمصارف، ارتفعت قيمة الدينار العراقي من ثلاثة آلاف دينار للدولار إلى نحو 1125 ديناراً حالياً. After the occupation of Iraq and the lifting of the ban on exports of oil reserves of the country and abroad, and turning to the Iraqi Central Bank to regulate the daily auctions for the sale of currency for the banks, the value of Iraqi dinar than three thousand dinars to the dollar to about 1125 dinars now.

أفقدت الحرب العراقية - الإيرانية والحصار الاقتصادي بعدها الدينار العراقي كثيراً من اعتباره كمخزن للقيمة وكواسطة للتداول، ما تسبب في تحول معظم المعاملات إلى الدولار. Deprived the Iraq war - the economic blockade of Iran and the Iraqi dinar after a lot of consideration as a store of value and medium of the circulation, causing the transformation of most of the transactions to the dollar. وبذلك حصلت دولرة الاقتصاد العراقي. And thus the dollarization of the economy got in Iraq. وسيكون أول تأثير لقرار تغيير العملة إعادة الاعتبار إلى الدينار وفسح المجال لكل فئات العملة بما فيها الصغيرة لتجد طريقها ثانية إلى التداول وكذلك لإنهاء دولرة الاقتصاد العراقي والعودة إلى التعامل بالدينار فقط. It will be the first impact of the decision to change the currency to the rehabilitation of the dinar and make way for all denominations, including small to find its way back to trading as well as to end the dollarization of the economy and return to the Iraqi dinar to deal only.

أما بالنسبة إلى السؤال الثاني وهو الأهم، فلضمان العلاقة التعادلية بين العملتين الحالية والجديدة، تحتاج السلطة النقدية إلى إصدار تعليمات تنص على الآتي: As for your second question, and most importantly, Vldman offsetting the relationship between the two currencies existing and new, you need the monetary authority to issue instructions provided on the following:

تقسَم نفقات الحكومة العراقية ومن ضمنها رواتب الموظفين على ألف أيضاً. Divided the Iraqi government expenses, including salaries of staff at A as well. فالموظف الذي يستلم حالياً 1.5 مليون دينار عراقي يصبح راتبه 1500 دينار جديد، وتقسم أسعار كل السلع والخدمات على ألف أيضاً، فتصبح السلعة التي قيمتها حالياً ألف دينار مساوية لدينار وتفرَض رقابة على التنفيذ. The civil servant who receives currently 1.5 million dinars become a new salary of 1500 dinars, divided the prices of goods and services on A as well, becomes a commodity that is worth a thousand dinars and the dinars, equal to the censoring effect.

وتقسَم الديون القائمة على الأفراد والحكومة والشركات والقطاع المصرفي على ألف أيضاً، فالشخص الذي بذمته للمصرف مليون دينار حالي يصبح بذمته ألف دينار جديد. And divide the existing debt on individuals and the government, companies and the banking sector A as well, the person that his trust to the bank becomes a current million dinars his trust again. وتأخذ كل المحاكم والجهات القضائية بهذا التقسيم عند استلامها لشكاوى معينة. And take all the courts and judicial authorities in this division, upon receipt of specific complaints. أما إذا كان الدَّين بالدولار فيستمر الإيفاء به بالدولار. But if the dollar of the debt shall continue to fulfill it to the dollar. وكذلك تقسَم ودائع المصارف على ألف. As well as bank deposits are divided over a thousand.

لكن السلطة النقدية ستظل تواجه المهمة الأصعب وهي تحديد سعر صرف الدينار العراقي. But the monetary authority will continue to face more difficult task is to determine the exchange rate of the Iraqi dinar. فهل ستلجأ إلى تثبيته تجاه الدولار أو سلة من العملات أو تتبع أسلوب التعويم المنظم أي تتركه، كما هو الوضع حالياً، يتحدد حسب قوى العرض والطلب من ضمن هامش مقبول تتدخل السلطة للمحافظة عليه. Will resort to install it to the dollar or a basket of currencies or managed float method of tracking any leave, as is currently the case, is determined by the forces of supply and demand within the margin of acceptable power to intervene to maintain. ويعتبَر الخيار الأنسب بالنسبة إلى ظروف العراق كبلد نامٍ هو تثبيت سعر الصرف سواء تجاه الدولار أو تجاه سلة من العملات، واختيار سعر الصرف المناسب لأن سعر الصرف الرسمي السابق 3.2 دولار للدينار كان أصلاً مبالغاً فيه ويجب اختيار سعر صرف أقل وقد يكون السعر الذي وصله الدينار تجاه الدولار حالياً بعد تقسيمه على ألف ليصبح 1.125 دولار للدينار سعراً مناسباً. The most appropriate option for the conditions in Iraq as a developing country is to stabilize the exchange rate, both against the dollar or to a basket of currencies, and choosing the appropriate exchange rate because the official exchange rate of the previous $ 3.2 of the dinar was originally overstated and should be chosen exchange rate less may be the price at which the link dinar against Currently the dollar after dividing it into a thousand dollars to 1.125 dinars a good price.

* كاتبة متخصصة في الشؤون الاقتصادية - بيروت * Writer specializing in economic affairs - Beirut
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The Kurdish Globe


Views differ on financial and socioeconomic impacts

Despite fears of a negative economic impact, the Central Bank of Iraq will remove three zeros from Iraqi dinar notes and print new banknotes in 2013.

The Central Bank of Iraq has agreed with the Economic Committee of the Iraqi Parliament to introduce the new banknotes in September 2012, which will be used in parallel with the current banknotes for a year. The CBI will completely withdraw the old banknotes by September 2013.

Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September, and it will take a year to complete. The new banknotes will be printed in Arabic, English and Kurdish.

The CBI will introduce three new banknotes: 50 dinars, 100 dinars and 200 dinars. For smaller transactions, the CBI will also issue 1-dinar and 2-dinar coins which Iraq currently does not use. **(Note..you can't have a value this low without an high exchange rate)

MP Abtan says "The grant agreement is to ensure that during the one year process, the old banknotes are traded in the market and replaced by the new one."

The CBI expects this move to positively impact the country's economy; however, some parties say the negative consequences will be more serious.

The Security Commission says deleting the zeros will have a negative impact on financial trade in the stock market. Other opponents of the move argue it would pave the way for money laundering and want the government to reconsider its decision.

Supporters of the idea believe the introduction of the new banknotes will help reduce inflation, strengthen the Iraqi dinar in the international market, facilitate trade with international banks and other financial institutions, as well as reduce the social gap between classes.

"The process of removing zeros from the currency will contribute to dealing better with inflation, facilitate economic cooperation with international banks and reduce the differences in [standards of] living in society," Abtan explained. Mahma Khalil, another Member of the Iraqi Parliament and official spokesperson of the Economic Committee says an agreement has been reached about the mechanisms of introducing the new banknotes after a series of meetings and discussions with the CBI Governor Dr. Sinan Al Shibibi.

"According to the agreements, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market," explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000.

The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar, which would in turn increase the balance of the Iraqi dinar and there would be sufficient reserves of that currency," explained MP Khalil. "Additionally, the economy of Iraq would grow and oil sales would also increase." Khalil added that Iraq has a reserve of $60 billion in the CBI.

The CBI previously stated it would consult with Parliament and representatives to see whether there would be a need for a law to be passed for this shift. The Economic Committee announced on 19 February it was introducing new legislation for the purpose and would also address the inflation issue in the country.

The introduction of new banknotes and withdrawing the current ones from the market is generally expected to reduce and control the number of dinars in circulation and would also help facilitate payment systems and control the banking transactions in the country.

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Editorial: The essence of the deletion of zeros .. Technical or economic?Posted: February 24, 2012

23/02/2012

In Laymen terms...


There are discussions ongoing about the importance of changing the currency or the deletion of zeros in particular, and most recently told the CBI on the intention to perform this task next year, this issue is a technical matter of form, but in fact is directly related to the general economic situation, it is wrong to the large separation of monetary policy economic policy, there is a close correlation between them.

There are ongoing discussions about deletion of the three zeros. Most recently the CBI has stated it's intent to perform this task by next year. This is technical matter at heart but is also related directly to the economic situation. It is wrong to separate monetary policy and economic policy because of their close relationship.


And if we wish to offer on such a step we have to look at the economic reality and analyzed accurately, the country in a difficult regardless of the talk is much that is said here and there, it’s economy is not uniform and suffers from gaps seriously, the situation in Kurdistan separate cases almost in terms of economic processes and financial and in the provinces are making contacts and initiatives and attempts to declare the so-called federalism here and there.

We have to analyze accurately at the economic reality if we are to take such a step. The country is in a difficult economic situation as it stands and regardless of talk, there are many gaps that are not uniform. There are several gaps in Federalism between the different provinces, like in Kurdistan, the situation is different, we have a problem when it comes to how contracts are signed and economic progress is monitored.


When we take the monetary policy we have to work out an account of the situation in banking .. The problems of monetary policy in some way highlight the crisis in the banks ..

The problems of monetary policy are highlighted because of the crisis in the banks with the monetary accounts.


Us, nearly seven state banks, and nearly 42 private banks (my family) .. Research into this issue in isolation from the problem of banks, a big problem. If we want to be a natural case of banks which is an essential point for monetary policy, it would be wrong to imagine that monetary policy can promote and advance unless there is life sound banking.

Ourselves, nearly seven state banks and nearly 42 private banks have done research into this problem. We found that some banks are isolated from the others. So if we want our banking processes to go smoothly, there has to be some advancement in order to have sound banking processes.


Life Banking in Iraq still depends on the state where the two banks large possess About 90 percent of bank deposits and otherwise, the 10 percent return for domestic banks that are really more like houses by private and is a big problem for Iraq .. if we like it that we step forward in this area we have to calculate the account for the reform of the banking sector is justified. I have seen some of the details recently. Said that the National Bank, a bank my family, could not change its location without the
approval of the Central Bank Is this can be true or logically? This is a very serious matter and you need to discuss seriously. That means if you had a site in this area and you want to change to another locality, how to take the time? How many procedures and communications must be made to achieve this goal?
The second task is the state dealing with private banks as a natural way to deal with government banks? I think this is now based in Iraq ..

Ninety percent of societal banking in Iraq, is still handled by the two largest state banks, while only ten percent is handled by the smaller domestic banks. If we are to move forward, there has to be drastic banking reform and the details have to be cleared up. One example of banking problems is, in order to change locations, we have to have approval from the Central Bank. Does this sound logical? This matter needs serious discussion and in order to do that, many procedures have to be followed and discussions held. The second problem is the state doesn't deal with private banks the same way they deal with government banks.


This is indicated by the World Bank report issued last September on the status of the financial sector in Iraq.

This was brought to the forefront by a report issued by the World Bank last September about the financial sector in Iraq.


I do not agree with the notion that the issue of art, then it could be only a technical issue and you have a unified economy is structurally distorted and fragmented, and its institutions ineffective.

I don't agree that this is only a technical issue when you don't have an economy that is uniform, and Iraq's institutions are structurally distorted, fragmented and ineffective.


Now is not the Iraqi economy by the close correlation exists, as in earlier periods or for the economies, led by oil as in Saudi Arabia, Qatar and other Gulf regions, and when looking this issue we have to take into account the situation of the banking sector and the difficulties it faces.

There is no close correlation in the Iraqi economy in comparison to oil centered nations like Saudi Arabia, Qatar and other gulf regions when it comes to the economy.


Ask here hoping to discuss the idea is clear: what is the problem that arise on the link between inflation and currency?

We're asking for discussion and for a clear idea as to what the link is between inflation and currency?


I am the truth so far have not fully absorbed Inflation in Iraq is not the case for a separate state of the economy, trade policy in Iraq is now supported on the outside, you can not now be moving in any field unless you think in the import of this item or that. In return for this we note that domestic goods are more expensive than imported goods such as fruits, vegetables and other things similar.

To tell the truth, we have not understood how inflation is separate from the state of our economy and trade policies in Iraq now supported from outside sources? If you think you can examine the categories of domestic goods, and compare import and local prices, why are local prices more expensive than imported goods like for example, fruits and vegetables and similar things?


We have another problem related to trade policy, as it is in Iraq, which fails to protect (Protectionism) We have no definitions Kmarkip complete, a rarity in the world and can not to this country to continue in this way remains an open economy and suffers from serious consequences.

We also have another problem in Iraq that fails to support protectionism. We have no definitions when it comes to markups on the products. We can not remain this way if we are to have an open market economy, there are too many consequences.


And can not control the currency and we can not announce the deliberations of cash are controlled if they were not to have the keys and clear to all the economic situation, there is the banking sector and trade policy, Add to that the fiscal policy, where it is policy based on spending, primarily because the resources are guaranteed and are derived from oil, and if I got no problem now for the oil, the economy depends.


If we don't hold the key to a clear banking sector and trade policy, we can not control the deliberations of cash and we can not control the currency. The economy depends primarily on guaranteed natural resources like oil.


There are more than 5 million people beholden to the state of employees and retirees, and if we assume that the number of family members per 5 people, there are 25 million people beholden to the state (5 million × 5 مليون = 25 million) This is a big problem for Iraq in many ways, economic and livelihood.

There are more than 5 million people supported by the state between employees and retirees. We can assume that the number is equal to about 5 people per family so there are at least 25 million people depending on state funds. This is a big problem for Iraq when their livelihood depends on it.


Who will speak on the subject of the currency in terms of technical and isolating it from the financial and economic situation in a big mistake Vsika Valmsaltan are interrelated.

Who is it that is technically isolating the subject of currency from the financial and economic situation in Iraq? This is a big mistake because they are all interrelated.


The other problem is the unemployment situation in Iraq as it is not a simple matter. Recently it was said that the unemployment rate became 15 percent, I do not know any scales depend, and what criteria are used? Unemployment situation is very bad in Iraq, there are people who Aaoklon and this fact is not exaggerated, but the fact is clear everywhere.

The problem of unemployment in Iraq is not a simple matter either! It has been estimated that the unemployment rate is at 15%, what are they comparing it with, or how are they measuring it? The unemployment situation in Iraq is very very bad and these people are distorting it and underestimating the real numbers. However, if you look, it is clear everywhere.


Is there a clear plan of the Central Bank in the field of currency exchange? This is an important question if there was a plan must be discussed. And I like to know what is the case for other areas related to currency.

Does the Central Bank have a plan concerning the issues of currency exchange, if they do, it needs more discussion and how it will relate to the other areas not yet brought up that will be affected.


The other thing is the case of salaries and wages, which are really one and connected per second and this also needs to discuss and clear and explicit, and I think that what happened in Turkey as mentioned began in 2005 and ended in 2009. Pre-2005 Turkish economy rebounded and became another case is different. For this I imagine that the thinking on this issue should be linked to the plan are clear and well thought out so that we can reach a reasonable result, any issues addressed in an overview and interdependent.

The other issues concerning this is that of salaries and wages which are connected and need to be discussed and made clear. I think that what started happening in Turkey in 2005 and ended in 2009 is different from this case in Iraq. Before 2005 the Turkish economy had rebounded. This is not the case in Iraq. So our plans have to be clear, well thought out and that will allow us to reach reasonable results and have an overview of any issues that may be interdependent.


http://bit.ly/AdUTDv

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CBI: [Denies] the news is true for the deletion of zeros from the currency in next MayPosted: February 21, 2012

21/02/2012 PM – 3:18 PM | Hits: 24

Denied the deputy governor of the Central Bank of the appearance of Mohammed Saleh, the central bank measures to remove zeros from the currency in the month of May next.

He said in a press statement that “what appeared in the media about the start of procedures to delete the zeros in the month of next May, is unfounded,” noting that such a move begins with the beginning of the new fiscal year and not in the middle of it.

Saleh continued, “the central bank will, starting from tomorrow new measures provide for the banks interest rate on the price of foreign currency to the sale of not more than 10 dinars, because the central bank sold dollars to banks at 1179 dinars, and should not be selling them to citizens more than the price of 1189 dinars. “

He noted that banks in case of violation of the new instructions will be the withdrawal of a license to deal in the market, including the central bank auctions of foreign currency.

He stressed that this measure was to prevent the monopoly of the banks that are not consistent with the policies of the Central Bank, which states not to take advantage of citizens to raise interest rates to the degree of influence on the exchange rate of foreign currency in the domestic market.

The news indicated the start of the process of deleting the zeros in the beginning of next May

http://bit.ly/zeRyWa
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Banks follow the procedures; CBI to reduce the counterfeit currency…Start the process of deleting the zeros in September nextPosted: February 20, 2012

Announced that the Economic Commission for parliamentary [in] agreement with the Central Bank of Iraq to begin the process of removing zeros from the local currency in September.

The central bank announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.

A member of the Economic Commission Abdul-Hussein Abtan told the Kurdish news agency said that «the Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next».

He added that «the grant agreement to ensure the process of switching the currency for a full year that the two currencies are traded the old and new in the market during this phase».

And describes the CBI process of switching the currency national project in support of the economy in the country, while expressing the Iraqi government for fear of the project as it will increase the phenomenon of money laundering «according to the belief», which is working to convince the central bank to stop the implementation of the project, and be approved by the securities the government’s position of deletion of zeros and says it will affect negatively on the financial trading in the stock market.

The Abtan that «the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in the community».

The Committee emphasized the financial representative that the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying that the law was passed would give Iraq an opportunity to address economic inflation, as experts predict a rise of inflation in the budget in 2012 because of continued attention to operational aspects at the expense of part investment from the general budget.

And inflation is excessive in the general level of prices and rising incomes as well as higher cash costs and create excessive cash balances.

He concluded his speech by saying that Abtan «Central Bank looking to send a bill to change the currency to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency».

The functions of the central bank conduct of monetary policy in the country, including exchange rate policies and the management of foreign reserves and the issuance of currency management, and raise the level of the values of the Iraqi dinar and deal with inflation in the country, which is responsible also for the maintenance of price stability, as well as to regulate the banking sector.

For its part, reduced the Finance and Administration Committee in the province of Salah al-Din of the size of the spread of counterfeit currency in the province and confined to banking offices, while affirming that they follow closely Thread to guard against any forms may occur.

And entered the Iraqi market in recent times large quantities of counterfeit currency into the category of 10 thousand dinars, which led to the reservation of many shopkeepers to handle them.

An official of the Finance Committee and Administrative Council in the province of Salah al-Din Niazi Muammar Ihsanoglu told the Kurdish news agency, maintaining that the banks follow the procedures and instructions by the Central Bank of Iraq and move according to his instructions.

Ihsanoglu said that the proportions of fraud in the province do not indicate a concern and that more money is discovered by the banking offices rather than state banks.

And warned the financial authorities in Iraq, the owners of banking offices from the exploitation of their offices in the illegal operations such as the promotion of counterfeit currency, or involvement in money laundering operations, which reports local and international that it takes place on a large scale in Iraq and that most affected are traders and staff.

Ihsanoglu pointed out that any amount paid to the citizen will be examined and audited by the Treasurer, as a people Bank staff also examined, and can be a citizen of the refund in the event of any fraud discovered before going out from the bank, noting that most of them workers with experience.

The official said Finance and Administration Committee that he had told state banks to maintain non-payment of any amount deposited in the same day and wait 24 hours and subsequently disbursed to those who deserve it after making sure no forgery.

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Removing zeros from Iraqi dinar, replace current banknotes with new ones to start in SeptemberPosted: February 20, 2012

20/02/2012 10:15
BAGHDAD, Feb. 20 (AKnews) – The process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September, announced the economic committee of the Council of Representatives as part of an agreement with the Iraqi Central Bank (ICB).

The announcement, which will see the ICB re-print 30tr dinars ($26bn), was made despite government fear over the project.

Economic committee member Abdul-Hussein Abtan said: “The agreement includes granting the process of switching currency [for a] full year where [both the] old and new currencies will be dealt in the market during this stage.”

The ICB described the project as a positive move for the Iraqi economy.

But particular arms of government expressed fear that the project will increase cases of money laundering and are working to convince the ICB to stop the process.

The securities committee said deletion of the zeros will affect negatively financial trading in the stock market.

Abtan added however that the process “will contribute to dealing [with] inflation and facilitating economic cooperation with international banks and reducing social differences in the community.”

The ICB previously said that it will consider the requirements of the project with the Council of Ministers to determine whether or not a law needs to be implemented.

The financial committee of the Council of Representatives said on Sunday that the passing of such law would allow Iraq to address economic inflation.

The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq’s payment system.

The ICB is responsible for maintaining price stability, implementing monetary policy and regulating the banking sector.

http://bit.ly/yxQTZt
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Remove zeros from currency in SeptemberPosted: February 19, 2012

Posted 19/02/2012 08:05 AM

BAGHDAD – Babinaoz (Reuters) – announced that the Economic Committee in the House of Representatives, in an agreement with the Iraqi Central Bank to begin the process of removing zeros from the local currency in September.

The central bank had announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.

A member of the Economic Commission Abdul-Hussein Abtan “Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next “.

He added that “the agreement granting process to ensure the currency switch for a full year on the two currencies that are traded the old and new in the market during this stage.”

Abtan explained that “the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in society.”

He described the Abtan plan the Central Bank in the subject as good, he said, “It was the Bank’s previous experience in the replacement of the currency and thus became his experience there will not be any problems associated with the process of deleting the zeroes on the reverse of what it was the situation when you decide to switch the operation several years ago.”

And describes the process of the Iraqi Central Bank currency exchange project in support of the national economy in the country, while the Iraqi government expresses its fears of the project will increase as the phenomenon of money laundering, “according to her belief ” , and is working to convince the central bank to stop implementation of the project, agree the Securities Commission with the government’s position to delete the zeros and says it would negatively affect the financial trading in the stock market .

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Parliament Economic Committee: Process to start removing zeros from the currency in SeptemberPosted: February 18, 2012


Baghdad, February 18 (Rn) – The parliamentary economic committee, Saturday, in agreement with the Iraqi Central Bank to begin the process of removing zeros from the local currency in September next.

The central bank announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.

A member of the Economic Commission Abdul-Hussein Abtan told the Kurdish news agency (Rn) that “the Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next.”

He added that “the agreement granting process to ensure the currency switch for a full year that the two currencies are traded the old and new in the market during this stage.”

And describes the CBI process of switching the currency national project in support of the economy in the country, while expressing the Iraqi government for fear of the project as it will increase the phenomenon of money laundering, “according to belief,” and is working to convince the central bank to stop the implementation of the project, and be approved by the securities the government’s position of deletion of zeros and says it will affect negatively on the financial trading in the stock market.

Abtan explained that “the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in the community.”

The Committee emphasized the financial representative, on Sunday, the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying that the law was passed would give Iraq an opportunity to address economic inflation, as experts predict a rise of inflation in the budget in 2012 because of the continuing interest in aspects of operational at the expense of the investment part of the general budget.

And inflation is excessive in the general level of prices and rising incomes as well as higher cash costs and create excessive cash balances.

He concluded his speech by saying Abtan that “the central bank looking to send a bill to change the currency to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency.”

The functions of the central bank conduct of monetary policy in the country, including exchange rate policies and the management of foreign reserves and the issuance of currency management, and raise the level of the values of the Iraqi dinar and deal with inflation in the country, which is responsible also for the maintenance of price stability, as well as to regulate the banking sector.

http://bit.ly/xzBgg1
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Parliamentary Finance Committee: Delete the zeros and the process of administrative reform of the Iraqi currencyPosted: February 2, 2012

01/02/2012

Denied a member of the parliamentary finance committee Ibrahim Rikabi possibility of money laundering and financial corruption Adareifa the process of deleting the zeros of the Iraqi currency

Affirming that are untrue news or fears of these processes as much as is the process of reform and management of the currency. “

“ It is expected to be a process of replacing the currency, according to the reports of the Finance Committee and estimates of the Central Bank during the year and a half after it begins trading currency, the old El Jadida of through the payment of salaries to civil servants in ministries and government institutions and the establishment of private banks replace balance of cash, or even through a review of the citizen himself to these banks and to replace the amounts.

“and we are talking some time ago regarding the change of currency, and issuing a new currency, be noted that there are changes that will occur in the form of Iraq’s new currency, including the removal of zeros, and the inclusion of the Kurdish language to the Arabic language in the currencies.

http://bit.ly/x9YPQp
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MP: Deleting the zeros from dinar is a bold step – would raise exchange rate; It’s impact will be greater if placed within an economic planPosted: February 2, 2012

Delete the zeros dinar a bold step and its impact will be greater if placed within the plan

01-02-2012

Praised the MP for the mass of the citizen Hussain Abtan, the central bank steps to delete the zeros of the Iraqi dinar, pointing out that these steps be a greater impact on the Iraqi economy in the event of a court established within the plan.

Abtan said in a statement to the Euphrates News Agency that “the central bank steps to remove the zeros of the Iraqi dinar, a bold and would raise the exchange value of the dinar against the U.S. dollar.”

Iraq is working on a project to delete the zeros from the currency to facilitate financial transactions in the country with the country’s openness to international markets and try to attract capital and investors to contribute to government efforts to rebuild the crumbling infrastructure as a result of decades of war and siege.

Abtan said, that “the steps the bank will be the largest impact on the Iraqi economy and the lives of citizens in the event of an economic plan put in one of its components are the central bank.”

The CBI had announced earlier that the new Iraqi currency will increase by three zeros, indicating that he had conducted an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.

The MP said that he “can not load the bank’s management responsible for the deterioration of the economic reality in the country, he is responsible for fiscal policy only.”

http://bit.ly/xLvAgQ
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CBI responds: Our “Dropping of the Zero’s” policy is successful and Anbuge personal criticism doesn’t represent the opinion of the governmentPosted: January 29, 2012

29.01.2012 | Baghdad described the Central Bank of Iraq, Sunday, his policy of raising the value of the Iraqi dinar against the dollar to “successful”, saying that the criticisms made ​​by the Adviser to the Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge personal and do not represent the opinion of the government.

See related article: http://wp.me/pZC7o-ccX

The deputy governor of the Bank Mazhar Mohammad Saleh in an interview for “Alsumaria News”, “The Central Bank maintained the value of Iraqi dinar and stability in the difficult conditions that prevailed in the country,” noting that “the Iraqi government and international organizations confirmed that the policy Bank raised the value of the dinar against the dollar successful. “

Saleh added that “the Director of the IMF France Christine Lagarde praised the other successes of the Central Bank of Iraq during a meeting with Prime Minister Nuri al-Maliki in Washington,” adding that “the Bank has a lot of problems, he was able to achieve some goals. ” Prime Minister Nuri al-Maliki visited, in the 12 of December last in 2011, Washington, at the head of a delegation that included a number of ministers and advisers in the government, where he met President Barack Obama and a number of American officials.

Salih stressed that “the purchasing power of Iraq at this time a stable and good, compared to previously when it was the Iraqi citizen carries money is worthless, “pointing out that” the criticisms made ​​by the Adviser to the Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge the bank does not represent the opinion of the government. “

He was an adviser to Prime Minister for the economic Abdul Hussein Al-Anbuge criticized, on Saturday (January 28 now), the policy of the Iraqi Central Bank 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 . and had previously objected Anbuge the policy of the Iraqi Central Bank aimed at deleting three zeros from the Iraqi dinar and the currency exchange, noting that this would cause great mischief.

The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh in the 19th of this January, for having raised Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign currency at the rate of four dinars, indicating that the rate of the 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. (Note: The recent increase equated to .34%)

It is noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays on which depends the Bank for these auctions, and is the Central Bank of Iraq under the law issued on 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/AmVXsN
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CBI to study the legislation to legalize the process of removing zeros from the local currencyPosted: January 30, 2012

Baghdad, January 30 (Rn) – The Central Bank of Iraq, on Monday, he began to study the need of the project to delete the zeros to submit a bill to the House of Representatives for the purpose of legislation setting out the mechanisms and controls the process of removing three zeroes from the local currency, stressing that its law gives him the powers of a change in their local currency.

This comes at a time confirmed the Parliamentary Finance Committee, on Sunday, the central bank lingered in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, confirming the same time the law was passed that would give Iraq an opportunity to address inflation.

And inflation is the excessive rise in the general level of prices and higher 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.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the CBI submitted a working paper for the project to delete the zeros of the local currency to the Council of Ministers for the involvement of ministries and bodies in the requirements process to delete the zeros to prevent harm from the process.”

The Iraqi government says that the process of deletion of zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.

Saleh added that “the central bank is considering sending a bill to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency.”

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where the 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 the organization of the banking sector.

He continued that “the proposed deletion of zeros from the currency needed to raise the awareness of national popularity and status of the regulations limiting the phenomenon of currency manipulation during the period of replacement.”

The main Manmam Central Bank in managing monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation in the country.

http://bit.ly/xIl06a

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Finance Committee: CBI to wait to introduce Currency reform bill; Committee to study bill further and revise to address inflation and security issuesPosted: January 29, 2012

Parliamentary Finance: Central lingered in the provision of a bill to delete the zeros

Baghdad, January 29 (Rn) – The parliamentary Finance Committee, Sunday, to loiter in the Central Bank to introduce a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying [if ]the law was passed that would give Iraq an opportunity to address inflation.

A member of the Committee Najiba Najib told the Kurdish news agency (Rn) that “the central bank lingered in the provision of a bill to delete the zeros of the local currency to the Finance Committee to study and add some stuff it and then submitted to the House of Representatives for the purpose of voting upon approval.”

He added that the “delete the zeros of the most prominent treatment of the local currency to solve the problem of inflation with the expansion of the investment plan of the budget and reduce spending.”

And inflation is the excessive rise in the general level of prices and higher 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.

She noted that the deletion of zeros from the currency requires a “big job”, because this task requires the provision of economic security for the commercial market in Iraq.

The Iraqi government says that the process of deletion of zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.

And harmony of the Securities of the government’s position to delete the zeros and says that adversely affect the financial trading in the stock market.

The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where the 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 the organization of the banking sector.

The main Manmam Central Bank in managing monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation in the country.

http://bit.ly/xFlWZd
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CBI responds: Our “Dropping of the Zero’s” policy is successful and Anbuge personal criticism doesn’t represent the opinion of the governmentPosted: January 29, 2012

29.01.2012 | Baghdad described the Central Bank of Iraq, Sunday, his policy of raising the value of the Iraqi dinar against the dollar to “successful”, saying that the criticisms made ​​by the Adviser to the Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge personal and do not represent the opinion of the government.

See related article: http://wp.me/pZC7o-ccX

The deputy governor of the Bank Mazhar Mohammad Saleh in an interview for “Alsumaria News”, “The Central Bank maintained the value of Iraqi dinar and stability in the difficult conditions that prevailed in the country,” noting that “the Iraqi government and international organizations confirmed that the policy Bank raised the value of the dinar against the dollar successful. “

Saleh added that “the Director of the IMF France Christine Lagarde praised the other successes of the Central Bank of Iraq during a meeting with Prime Minister Nuri al-Maliki in Washington,” adding that “the Bank has a lot of problems, he was able to achieve some goals. ” Prime Minister Nuri al-Maliki visited, in the 12 of December last in 2011, Washington, at the head of a delegation that included a number of ministers and advisers in the government, where he met President Barack Obama and a number of American officials.

Salih stressed that “the purchasing power of Iraq at this time a stable and good, compared to previously when it was the Iraqi citizen carries money is worthless, “pointing out that” the criticisms made ​​by the Adviser to the Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge the bank does not represent the opinion of the government. “

He was an adviser to Prime Minister for the economic Abdul Hussein Al-Anbuge criticized, on Saturday (January 28 now), the policy of the Iraqi Central Bank 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 . and had previously objected Anbuge the policy of the Iraqi Central Bank aimed at deleting three zeros from the Iraqi dinar and the currency exchange, noting that this would cause great mischief.

The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh in the 19th of this January, for having raised Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign currency at the rate of four dinars, indicating that the rate of the 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. (Note: The recent increase equated to .34%)

It is noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays on which depends the Bank for these auctions, and is the Central Bank of Iraq under the law issued on 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/AmVXsN
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Member of Parliamentary Commission on the Economy: Not afraid of the money laundering associated with currency exchangePosted: January 24, 2012

Confirmed Member of the Economic Committee in the Iraqi Council of Representatives, the Committee Otmint procedures for the central bank to prevent money laundering associated with replacement of the Iraqi currency

Said Abdul-Hussein told Resan Dhi Qar news “that the Committee hosted the Director General of the Division of laundry in the Central Bank and the Ministry of Interior to discuss the measures to prevent these operations.”

He Resan “that the Committee supported the measures and procedures of the Central Bank and Ministry of Interior, which will accompany the process of replacing Iraqi currency in early 2013.”

The central bank has approved in earlier deletion of three zeroes from the Iraqi currency to curb inflation happening in the Iraqi currency.

Iraq has seen this in 2004 the process of switching the currency and then there was talk about big money laundering operations accompanied this process.

http://bit.ly/AfRAYz
Bill deleted three zeros from the currency carries a positive effectPosted: January 22, 2012

22/01/2012 06:42

Three zeros formed state of the debate and questions among the circles of the citizens in the event of adjournment of the Iraqi dinar
Economists are interested in and confirmed that the step has a positive impact on the Iraqi currency .

The draft law submitted to the Council of Ministers stressed that the central bank holds in its several steps, including changing the structure of the Iraqi currency.

http://www.imn.iq/news/view.9508/

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Delete the zeros from the IQD: the fear of inflation and overloading of the shoulders of the citizenPosted: January 24, 2012

01.22.2012

Mutnon expressed concern about the project to delete three zeros from the Iraqi currency, which called for by the Central Bank of Iraq recently, saying that «the project would put particular strain the shoulders of the Iraqi citizens and raise the price of materials, particularly of food in the market is not subject to any control».

While the central bank recently said that «the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and the category of 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham».

But the citizens feared «re-experience the abolition currency small and put in place of another currency, and that was parallel to it, most likely, will not be dealt with at the level of traders, which leads to weakening and then cancel at the level of trading between citizens and between small traders and others» , confirming that the »Delete the zeros will cancel the usual small currency in circulation by the local class (250) such as rent, for example, transfer».

Pointing out that «the category of (250) is one of the categories the task and traded heavily in the vegetable market of Iraq in particular», noting that they they adopt in the purchase of vegetables, seasonal «For example, the price per kg of tomatoes was recently (750) dinars, and like the islands, but onion has reached its price (500) BD », according to the saying.

Member of the Finance Committee in the Iraqi Council of Representatives confirmed this by saying «the project to delete three zeros from the currency, according to the Parliamentary Finance Committee, will not lead to increase the value of the Iraqi currency, but the project was accompanied by significant inflation in the country, which would put particular strain the shoulders of the Iraqi citizen».

And called on the Attorney Najiba Najib to find the means and studies in order to strengthen the Iraqi currency, noting that the project to delete the zeros of the three will accompany high inflation in the country does not lead to the strengthening of the currency.

Noting that the Central Bank of Iraq is determined to implement the project under the pretext of restructuring, wondering about the feasibility of re-structuring of currency without increasing its value, citing the need to lay the foundations and studies by the Central Bank in order to increase the value of the Iraqi dinar against foreign currencies.

And demanded that the parliamentary finance committee of the Central Bank to provide full studies on the project to delete three zeros to determine the negative and positive aspects of this project, in addition to that he needs new legislation and submitted to the House of Representatives for a vote, as a matter of the draft of the Iraqi people.

Najib said that «the project needs to have plenty of time to implement it, and must develop a new mechanism and accurate by the central bank to ease the currency switch to the Iraqi people.

Some economists believe that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the project needs to be political and security stability as well as economic stability, but the Central Bank of Iraq, he had revealed his intention to put forward three categories significantly after deleting three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years and is committed to withdrawing them from circulation three stages.

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh told a press, said that «the Bank will present three classes a great addition to the categories of mineral (metal), after the deletion of three zeros from the Iraqi dinar», indicating that «the process of switching would reform the system of currency management and ease of use» , and drew for that «the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only», stressing that «the currency exchange will not affect the per capita income or wealth, or its contractual obligations».

Saleh pointed out that «the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers», stating that «the bank waiting for approval by the Council to begin the replacement of the new currency and which must be with the new financial year and proposed by the Bank with the beginning of the year 2013».

Salih stressed that «the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt», pointing out that «the banks will continue to receive the old currency for ten years as rights, not for trading», and considered the Adviser to the Prime Minister for Economic Affairs in August 2011, that the lifting of zeros for Currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic.

http://bit.ly/yup7Gp
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Jubouri expects deletion of zeros to be complete by end of 2013; Explains 3 stages of currency reformPosted: January 17, 2012

15/01/2012 11:43:00

Signed by the parliamentary Finance Committee Haitham Jubouri currency to be replaced by deleting three zeros from the end of 2013.

He said in a statement to the Agency for National Iraqi News / Nina / Today: “The process of replacing the currency will be three stages of the first printing of new currency and the second came on the market and the third withdrawal of old currency, adding that he will be the completion of the purchase of equipment printing the new currency in the first half of this year “.

He Jubouri: “The Finance Committee was wary of deleting three zeros from the currency and cause an increase of the rate of inflation and exploited in the process of money laundering, but we got assurances scientific specialists in the Central Bank and Cdo that the replacement will support the Iraqi currency against other currencies so that there is a balance between the value in the hands of the citizen with the commensurate with the value of the real exchange rate markets. “

He explained: “The replacement of the existing currency will be accurate and thought no need to fear them or of the fraud, because it will print with the latest devices that can not be forged, adding that the process of replacing the currency does not need to be approved by Parliament, but was consulted committees of financial and economic developments in the House of Representatives He received the Central Bank approval.

He was adviser to the CBI the appearance of Mohammed Saleh said in a press statement prior to the completion of preparations for the implementation of the project to delete the zeros and the issuance of a new Iraqi currency, in the framework of the currency reform of management system in preparation for the next stage.

He noted that the decision by deleting the zeros will be followed by a period of awareness to dispel fears and shed light on the fact that the reform measure designed to facilitate the exchange will not affect the incomes and wealth.

The Iraqi Central Bank estimates that the amount of Iraqi dinars traded rose from about $ 25 billion in 1980 to about 27 trillion at the present time it has increased any thousand and eighty-fold.

http://bit.ly/zCUmpB
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Iraq Finance Committee: Announces the end of the first phase of the project to delete the zeros from the currencyPosted: January 7, 2012



Saturday, 07 December / 2 January 2012 12:11

{Baghdad} Euphrates News announced the Finance Committee in the Iraqi Council of Representatives on Saturday for the end of the first phase of the project to delete the zeros of the Iraqi currency, which included the purchase of equipment for the implementation of the project.

Iraq is working on a project to delete the zeros from the currency to facilitate financial transactions in the country with the country’s openness to international markets and try to attract capital and investors to contribute to government efforts to rebuild the crumbling infrastructure as a result of decades of war and siege.

A member of the Committee Haitham Jubouri, told {Euphrates News} that “the proposed deletion of zeros from the currency of the Iraqi Atksm into three phases, the first included the identification and purchase of equipment and the necessary equipment and completed the start of this year, and it is hoped that the project is completed within the next year to present the new currency in the market and is then gradually withdraw the old. “

The CBI had announced earlier that the new Iraqi currency will increase by three zeros, indicating that he had conducted an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.

He Jubouri that “the project will cost U.S. $ 150 million, and this little amount will be offset by the profits derived by the World Bank and the State Treasury of traders who Sistgnon the U.S. dollar, which they preferred for their small size and high value, and Istbdoulh currency of the new Iraqi.”

http://bit.ly/xPslft
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CBI: Parliament is convinced the process of deleting three zerosPosted: December 19, 2011



The Central Bank of the House of Representatives is satisfied the process of deleting three zeros from the currency after examining the details of the project with experts and economists in the House of Representatives. “

said the deputy governor of the Central Bank of the appearance of Dr. Mohammed Saleh (people) that “the central bank was able to answer all questions and inquiries by the Commission Parliament, which I listened to a detailed explanation on this subject, and persuaded the House of Representatives in the project and its positive effects on the Iraqi economy. “

He added that “The project is also being transmitted to the Economic Committee in the Cabinet for discussion, indicating that the deletion of the three zeroes from the local currency will be in 2013.”

He pointed to the “The system of financial management suffers from the legacy of a large and need to repair large to remove the legacy of the economy is open, which he inherited Iraq because of the policies of the former regime.”

The central bank said it plans to issue a new currency from the category of 50 dinars after deletion of zeros which is equivalent to $ 50 thousand JD at the moment. “

examines the central, since last June deleting three zeros from the local currency in an attempt to promote the value of currency in circulation, external and internal. Will be added the Kurdish language to the new currency in addition to Arabic. “

The Ministry of Finance to delete the zeros will free the economy from the constraints and enhance the value of the dinar in the International Monetary Fund.

He International Monetary Fund last August to support the Iraqi economy in the event of his a number of economic measures, including raising three zeros from the local currency.

http://bit.ly/sQcBMk
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Editorial: Three zeros and node statements!Posted: December 18, 2011

Issam Mahouelle why whenever we wanted to do something abound our statements? did this passion killer to speak and when? always before work! (proposed to build a statue of the word: I will because it is the most widely used after the word forbidden!).

even if we have restored the vast amount of comments (Gentlemen ) officials since 1958 for the horses to us that we live on the moon!

And we imagine ourselves masters of the world and all human beings come running to us to benefit from the ways we develop for life.

but … this is not the case and money! fact that we say M do not do … and say before the verb as a way of self-love and show the ability to draw the attention of Alglaby (! ) of the toiling masses.

Consider, for example: the question of the Iraqi currency. people living inflation without reservation definition. people live the tragedy of weakness of the Iraqi economy without the need to stock out for them trying to explain it!!

poor and living in poverty are not required to explain his condition, such as the brunt of heat summer, he does not want to say to him that above average temperatures!

with that out on people to speak about the deletion of zeros from the Iraqi dinar! Again and again and again! He does not know that people are no personal interest in his words …. just no longer care about the promises of electricity promised!

The odd thing is that one of the theorists in the affairs of the currency promised (!)

Said that it will be in three languages ​​(Arabic / English and Kurdish …)!! I do not know how the forgotten Turkmen language and Akkadian and Sumerian, Assyrian …….. ….. etc etc !!!!!

this war against the Arab identity of Iraq addressed? that Iraq be treated like this? Is this a reasonable and permissible? not and God

http://bit.ly/uNg5WT__________________________________________________________________________________________________
Read the article on the page titled "Iraq's Turmoil and Imploding Disposition" and then read the attached pdf at the bottom of the page if you can stomach it! Then realize corruption is our friend! These people are so corrupt that their greed is a motivating factor in the revalue as much as anything else would be, all politics aside!

CBI says important for Iraqi parliament to be convinced to deleted 3 zeroes from the dinarPosted: December 17, 2011

16.12.2011

The center of divergence of views, economists about the timing and feasibility of the project to delete three zeros from the dinar, the official predicted that the Central Bank of Iraq is the implementation of this project in 2013. The Central Bank of Iraq discuss the details of the project with the Commission on the economy and investment in the Iraqi Council of Representatives.

Deputy Governor of the Central Bank of Iraq appearance of Dr. Mohammed Saleh In a statement made by Radio Free Iraq, confirmed that the atmosphere of the discussions were positive, and the bank was able to answer all questions and inquiries of the Parliamentary Committee, which heard a detailed explanation on this subject, and convinced of the project and its positive effects on the economy Iraq, adding that the project is also referred to the Economic Committee in the Cabinet for discussion.

He expected the Deputy Governor of the Central Bank of Iraq that is to start the execution of the deleted 3 zeroes three of the coin with the development of the budget year 2013, pointing to the bank’s plan to implement the project will continue for two years and depends on offering new dinar with the current currency in order not to get the economy or the citizens harm.

Economic expert, Dr. Hilal Al-Taan consistent with the Central Bank of Iraq in the importance of this project and its economic feasibility, and finds that the current monetary bloc of 27 trillion Iraqi dinars, it is necessary to delete three zeros to become a mass 15 billion Iraqi dinars, which facilitates financial transactions daily.

However, the economic expert, Aladdin short does not agree with Taan, but finds that the project to delete 3 zeros will not contribute to improve the economy, but on the contrary, because of the security conditions and the economic situation deteriorating, and the absence of development programs, and the lack of a sound banking system, in addition to corruption and bureaucracy in state institutions.

Amid the varied opinions of observers of the economic affairs of Iraq about the effects of positive or negative for the deletion of three zeros from the dinar, warned an economic advisor in the government Abdul Hussein Al-Anbuge that the process of removing three zeros from the dinar will increase the phenomenon of money laundering, and that the government is working to convince the central bank need to stop working the implementation of the project.

But economist Dr. Hilal Al-Taan respond to these warnings and fears as unfounded, because the process is controlled by a careful and deliberate

http://bit.ly/tIZf4J
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Jubouri: There are indications that the Iraqi dinar is confirmed, the dollar during the next two yearsPosted: December 12, 2011 in Iraqi Dinar/Politics


Most likely a member of the Finance Committee and the National Alliance MP Haitham Jubouri price equal to the Iraqi dinar against the dollar over the next two years after the implementation of the project to delete three zeros from the Iraqi currency.

Jubouri said that “the trend that the Central Bank of Iraq’s retention rate of the dinar against the dollar during the current period, this index indicates that monetary policy in Iraq is able to make the Iraqi dinar is equal to the dollar” offset any dinar per 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 that the next two years will see a different direction with the central bank to make the Iraqi dinar is equal to the dollar by pumping larger quantities of the dollar and sell it at auction project to delete three zeros from the Iraqi currency.

He continued, therefore, the citizen and the Iraqi trader does not need to replace his money to Atarand buy a commodity or a car or not, stressing that the project to delete the three zeroes from the currency “based”, and issued its decision, irreversible and started his first steps will be implemented during the next two years from now .

http://bit.ly/tylOnl
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Editorial:Drop 3 zeros from the dinarPosted: December 12, 2011

By: Iraq

Stay tuned the biggest scam on the Iraqi people, the process of dropping three zeros from the Iraqi currency!!

Said that the U.S. Treasury Department to buy the Iraqi dinar at a rate of $ 150 million a day over the week and for the few months that preceded the withdrawal of U.S. forces, “declared” out of Iraq.

Goal is to save part of the U.S. economy deteriorating, and the process is a “recipe” on the back burner, underlying each of the “Chef” Biden and his aides! Case simply as follows:

buy American today 1170 dinars Iraqi amount of $ 1 and keep the financial asset beyond the stage of shooting down three zeros, then the equivalent of the CBI value of Iraqi dinar to one dollar, and then return the Americans to push Iraqi dinars, one for each dollar convicted by the swap transactions of economic (oil) with Iraq … This way, they pay the equivalent of $ 1170 “after dropping three zeros from the dinar,” what they bought only one dollar!!

Is not up yet?! … Well … The simplest form:

Today, Americans buy Iraqi dinars, and the fall of Iraq tomorrow, three zeros from its currency, bring down the effect of zeros does not apply outside the borders of Iraq ( This new law, “Lange” Year of Biden … Economists and butt their heads against the wall of the world!!)

Americans will respond to Iraq Iraqi amount of 1170 dinars for $ $ 1170 is payable for Iraq, “How many barrels of oil price,” which has already cost him just $ 1 …!http://bit.ly/tWPlg






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CBI responds: Our “Dropping of the Zero’s” policy is successful and Anbuge personal criticism doesn’t represent the opinion of the governmentPosted: January 29, 2012

29.01.2012 | Baghdad described the Central Bank of Iraq, Sunday, his policy of raising the value of the Iraqi dinar against the dollar to “successful”, saying that the criticisms made ​​by the Adviser to the Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge personal and do not represent the opinion of the government.

See related article: http://wp.me/pZC7o-ccX

The deputy governor of the Bank Mazhar Mohammad Saleh in an interview for “Alsumaria News”, “The Central Bank maintained the value of Iraqi dinar and stability in the difficult conditions that prevailed in the country,” noting that “the Iraqi government and international organizations confirmed that the policy Bank raised the value of the dinar against the dollar successful. “

Saleh added that “the Director of the IMF France Christine Lagarde praised the other successes of the Central Bank of Iraq during a meeting with Prime Minister Nuri al-Maliki in Washington,” adding that “the Bank has a lot of problems, he was able to achieve some goals. ” Prime Minister Nuri al-Maliki visited, in the 12 of December last in 2011, Washington, at the head of a delegation that included a number of ministers and advisers in the government, where he met President Barack Obama and a number of American officials.

Salih stressed that “the purchasing power of Iraq at this time a stable and good, compared to previously when it was the Iraqi citizen carries money is worthless, “pointing out that” the criticisms made ​​by the Adviser to the Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge the bank does not represent the opinion of the government. “

He was an adviser to Prime Minister for the economic Abdul Hussein Al-Anbuge criticized, on Saturday (January 28 now), the policy of the Iraqi Central Bank 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 . and had previously objected Anbuge the policy of the Iraqi Central Bank aimed at deleting three zeros from the Iraqi dinar and the currency exchange, noting that this would cause great mischief.

The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh in the 19th of this January, for having raised Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign currency at the rate of four dinars, indicating that the rate of the 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. (Note: The recent increase equated to .34%)

It is noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays on which depends the Bank for these auctions, and is the Central Bank of Iraq under the law issued on 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.________________________


In the name of God the Merciful


ماذا وراء إسقاط "أصفار" الدينار العراقي؟

! What is behind the drop "zeroes" the Iraqi dinar?!


شبكة البصرة Network Basra



7/12/2011 7/12/20 D. أبا الحكم Father of governance


منذ عقود وفكرة إسقاط أصفار عن الدينار العراقي ما تزال قائمة، وهي أصفار تكشف عن التضخم المزمن، الذي يعاني منه الاقتصاد العراقي المريض. For decades, the idea of dropping zeros from the Iraqi dinar is still exists, and zeros reveal chronic inflation, which affects the Iraqi economy, the patient. وإذا ما سقطت أصفار هذا الدينار- الذي كان يعادل في ما مضى (3،3) دولار- فأن الدينار العراقي، كما قيل، سيتساوى مع الدولار، بمعنى (إن ديناراً عراقياً واحداً يساوي دولاراً أمريكياً واحداً).. If the dinar fell zeros - which was equivalent in the past (3.3) dollars - the Iraqi dinar, as has been said, is confirmed, with the dollar, in the sense (if one Iraqi dinar is equal to U.S. $ one) .. وبهذه الطريقة يمكن امتصاص الأوراق النقدية المتضخمة من السوق والتي لا تغطيها سبائك الذهب، والعملة الأمريكية، الدولار, هي الأخرى تعيش حالة تضخم كبرى طالما استمر إصدار العملة الورقية الأمريكية والضخ بها، ليس في الأسواق المحلية فحسب، إنما ضخها في الأسواق الخارجية، الأمر الذي تسبب في زعزعة الاستقرار النسبي لسلة العملات العالمية على السواء وخاصة الـ(يورو) الأوربي!! In this way, absorption of banknotes bloated from the market and not covered by gold bullion, currency U.S. dollar, is also in a state of inflation, a major as long as the issuance of paper currency of America and the pumping out, not only in local markets only, but pumped in foreign markets, causing destabilizing relative to a basket of world currencies, especially on both the (euro) European!!

اقتصاديات دول العالم تتضرر بصورة عامة والدول المنتجة للنفط بشكل خاص جراء هذا التضخم، وارتباط أسواق النفط بالدولار المريض، والمستفيد هي الخزانة الأمريكية التي تسدد أقيام صفقات النفط بأوراق نقدية ليس عليها ما يسترها من الذهب في الخزائن المركزية، ومع ذلك تسكت دول الخليج المنتجة للنفط صاغرة!! The economies of the world suffer in general and the oil producing countries, in particular because of this inflation, and a link to oil markets, the dollar the patient, and the beneficiary is the U.S. Treasury that pay Okiem oil deals banknotes does not have what Istrha of gold in the central coffers, however silent the Gulf oil-producing recipient !!

التضخم آفة، والعملة في كل أحوالها ترتبط أساساً بالناتج القومي الإجمالي (GNP) The scourge of inflation, and currency in all their conditions are mainly related to the gross national product (GNP) للدولة، والمديونية الخارجية الأمريكية والتي هي (4) تريليون دولار باتت تأكل نسبة كبيرة من هذا الناتج.. Of the State, and U.S. foreign debt, which is (4) a trillion dollars now eat a large proportion of this output .. أما الدينار العراقي فهو يعيش حالة التضخم ويفتقر إلى خيط يربطه بالناتج القومي الإجمالي للعراق، حيث لا ناتج يمكن اعتباره بعد أن دمر الاحتلال القاعدة الصناعية والإنتاجية للعراق، فكيف يتخلص الدينار العراقي من التضخم، ويعدل وضعه دون أن يرتبط ذلك بالإنتاج؟!، فإذا كانت المصانع والمعامل مغلقة والناتج القومي الإجمالي صفراً، فكيف تتم المعالجة؟! The Iraqi dinar is in a state of inflation and lacked the taste of the GNP of Iraq, where the result can be considered as having destroyed the occupation of the industrial base and productivity of Iraq, how can get rid of the Iraqi dinar against inflation, and adjusted in position without being linked to production?!, If the plants and factories closed and the gross national product is zero, what is the treatment?! هل بإسقاط أصفار الدينار؟ Do you drop the zeroes dinar? ربما سحب الفائض من الورق، ولكن اللعبة الخطرة لا تكمن في أصفار الدينار العراقي التي ستعمل الإدارة الأمريكية للاحتلال مع حكومة الاحتلال على إسقاطها من الدينار العراقي معاً وبالتشاور المتزامن مع إعلان الانسحاب الأمريكي المزعوم من العراق. May withdraw the excess paper, but the game is not dangerous in the zeros of the Iraqi dinar, the Department will work with the American occupation of the Government of the occupation on the Iraqi dinar dropped from both the simultaneous and in consultation with the announcement of the alleged U.S. withdrawal from Iraq.

لماذا تشتري الخزانة الأمريكية مليارات الدنانير العراقية التي يأكلها التضخم الآن؟!، ولماذا تزامنَ هذا الشراء مع الإعلان عن الانسحاب؟! Why buy the U.S. Treasury billions of Iraqi dinars that inflation will eat it now?!, And why this purchase coincided with the announcement of the withdrawal?!

دعونا ندخل في التفاصيل، على الرغم من أني لست اقتصادياً ضليعاً في مسائل المال والعملات، ولكن يمكن تناول الموضوع من زاوية التبسيط بناءً على ما تم نشره مؤخراً وبما له من علاقة مع عالم السياسة من (أن الخزانة الأمريكية تقوم منذ وقت بشراء الدينار العراقي بمعدل (150) مليون دولار يومياً وعلى مدى الأشهر القليلة التي تسبق الانسحاب الأمريكي المزعوم. والتساؤل هنا، لماذا هذا الاهتمام وخاصة فبل الانسحاب؟ ماذا تستفيد منه الخزانة الأمريكية وهي تعاني من المديونية الخارجية، ومن تضخم الدولار الذي لا قيمة ذهبية تغطيه؟!، ثم لماذا تسمح حكومة الاحتلال في بيعه أو تسمح في امتصاص الفائض (بعد إسقاط أصفار الدينار) لحساب الخزينة الأمريكية؟! Let's get into the details, although I am not economically well versed in matters of money and currency, but can approach the topic from the perspective of simplification based on what has been published recently, including his relationship with the world of politics (the U.S. Treasury are from the time of buying the Iraqi dinar at a rate ( 150) million dollars a day and over the few months preceding the withdrawal alleged U.S.. The question here is, why this interest, especially Fbl withdrawal? What are the benefits from the U.S. Treasury is suffering from external debt, and inflation, the dollar, which the value of gold covered?!, then why allow occupation government to sell or allow to absorb surplus (drop the zeroes after the dinar) for the U.S. Treasury?!

فالدولار الواحد يساوي (1،170) دينار عراقي.. The dollar is equivalent to (1170) Iraqi Dinars .. يشتري الأمريكيون بدولار واحد ما يعادله ديناراً عراقياً ويخزنونه إلى ما بعد إسقاط أصفار الدينار وقيام البنك المركزي العراقي من معادلة الدولار بدينار، حيث يمسي الدولار يساوي الدينار، ويحفظون الكميات الهائلة من العملة العراقية، ومن هذه الكمية الفائضة : Buy one U.S. dollar equivalent of IQD and instead store to drop the zeros after the dinar and the Central Bank of the Iraqi dinar dollar equation, where the dollar is equal to the evening of the dinar, and keep the massive amounts of Iraqi currency, and the excess of this amount:

أولاً- تسدد أقيام النفط الذي تستورده الإدارة الأمريكية من العراق. First - paid Okiem oil imported by the U.S. administration of Iraq.

ثانياً- معالجة أزمة الاقتصاد الأمريكي الذي يعاني من الانهيار. Second - to address the crisis of the U.S. economy, which suffers from collapse.

ثالثاً- طبع العملة العراقية وكمياتها وفئاتها ستكون بالملايين (ولا أحد يشرف عليها)، والمتوقع نصفها يعلن عنه رسمياً، والنصف الآخر يدخل في الجيوب الخاصة!! Thirdly - printed Iraqi currency, quantity and categories will be millions (in a supervised), and half expected to be announced officially, and the other half enters the private pockets!!

(جو بايدن)، جاء إلى العراق ليحضر مراسم، قيل أنها تعبر عن الانسحاب العسكري الأمريكي من العراق في الموعد الذي أعلنه (أوباما)، ويلقي خطبة مشحونة بالمغالطات أثارت سخرية الشعب العراقي، الذي يدرك حجم انهيار الاقتصاد العراقي المنهار، وحجم دماء العراقيين التي سفكت، وحجم الخسائر التي تعرض لها العراق كدولة وكشعب لا أحد يستطيع أن يحجب حقيقة الدمار والنهب والخراب. (Joe Biden), came to Iraq to attend the ceremony, said to reflect the withdrawal of U.S. military from Iraq by the date announced by the (Obama), and delivers a speech fraught with fallacies raised the irony of the Iraqi people, who realize the magnitude of the collapse of the Iraqi economy collapsed, and the size of the blood of Iraqis, which shed , and the size of the losses suffered by Iraq as a state and as a people, one can not obscure the fact that the destruction and looting and destruction.

هذا (البايدن) جاء من مطبخ البيت الأبيض ليحقق صفقة العمر، نفط بـ(بلاش) ومعالجة الاقتصاد الأمريكي من أمراضه المزمنة، التي طالما عانت منها الإدارات الأمريكية المتعاقبة وأضعفتها وأسقطت بعضها بغطاء السياسة!! This (Albaidn) came from the White House kitchen to achieve the deal of a lifetime, oil (b Baleish) and to address the U.S. economy from chronic diseases, which has long suffered from successive American administrations, and undermined and brought down some cover politics!!

(جو بايدن) يراهن على تدمير الـ(يورو) الأوربي، ويراهن على وضع أوربا تحت الخيمة الأمريكية أو بالأحرى منعها من الخروج عن تلك الخيمة، ومنعها من أن تقف مستقلة، لها قرارها السياسي والاقتصادي، وقد بدأ الانهيار في اليونان ثم امتد إلى ايطاليا واسبانيا والبرتغال.. (Joe Biden) is betting on the destruction of the (Euro) EU, are betting on a Europe under the tent of America, or rather prevent it from getting out of the tent, and prevent them from standing independently, with its political, economic, and began to collapse in Greece and then spread to Italy and Spain and Portugal .. الانهيارات تأخذ مداها وتتسع كما لو أن (نظرية الدومينو) في الاقتصاد قد طغت في أوربا!! Collapses and expands its course as if (the domino theory) in the economy has been overshadowed in Europe!!

والصفقة ستنتهي بأن يكون برميل النفط العراقي الواحد بدولار واحد!! The deal will end to be a barrel of Iraqi oil per one dollar!!
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Finance Committee Member: Describes the deletion of zeros from the Iraqi currency; Says important and necessary
Posted: December 9, 2011 in Iraqi Dinar/Politics


Abadi, describes the deletion of zeros from the Iraqi currency, provided that necessary measures be associated with incorrect ..

09/12/2011

The head of the parliamentary Finance Committee Haider Abadi, that with the deletion of zeros from the Iraqi currency as an important and necessary condition that the procedures associated with sound and correct.

Abadi and predicted that “the start of the new currency to replace the beginning of 2012, wondering whether enough time remaining to the procedures associated with the replacement of the currency or the extension period will be longer.

Abadi said that a number of precautionary measures have been discussed with the Central Bank to be the replacement process successful and correct.

The MP for the rule of law that one of the precautionary measures are to be currency safer and less fraud because the old currency and the percentage of fraud where few but the amount was large, pointing out that the fraud case of an international and not without a state by as long as any fraud rings Valtzoar is in America, Britain and other nations.

And Abbadi, “The new currency will not reflect negatively on the inflation situation in the country and financial transactions will be in Iraq, easier and better delete the zeros.

He noted that “the new place that will bring the process of replacing the new currency and destroying old currency not yet been determined.

Abadi said that the size of the Iraqi currency has become unreasonable and we are not the first country in the world to replace its currency, because many countries have preceded us in this context, such as France, Turkey and others.

http://bit.ly/w0kL8v
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Economist: 6% inflation rate and raise zeros from the currency will not be less,Posted: December 2, 2011 in Iraqi Dinar/Politics


Baghdad, December 2) Rn) – Iraqi economic Zkrkhbayr that the rate of inflation in the market and the banks at the moment of 6 percent and the lifting of the three zeros from the local currency will not affect the size of the inflation in Iraq.

Said Dr. Abdul peace gesture Said, a professor at Baghdad University / College of Business and Economics, told the Kurdish news agency (Rn) said Friday that “lifting the three zeroes from the local currency will not affect inflation in the Iraqi market, but will work to find the mobility of economic more effective than existing currency.”

“The inflation rate in the market and banks now not as portrayed by some who see it as of 6%,” but he also said, “It is not a frightening rate can affect the economic growth in the country.”

The Iraqi Central Bank has already announced its intention to raise three zeroes from the currency in order to reduce inflation and to increase our value of Iraqi dinar.

The bank said at the time he was nearing the completion of the project raise zeros from the currency, noting that a strategic project will be submitted to the Council of Ministers and House of Representatives in the event of completion.

http://bit.ly/w0KQ0b
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Economist: Delete the zeros from the currency reform is it of the Iraqi currency or cash arePosted: November 27, 2011 in Iraqi Dinar/Politics
Tags: bank, Central Bank Iraq, Currency, International Monetary Fund, Iraq, iraqi, Iraqi dinar, Monetary policy

Date: Wednesday, November 16, 2011

That the central bank adopts the so-called reform of management system currency of any transition from a small amount in the currency chasing a large amount of the price of services, which reflect the stage of stability, growth and prosperity,

and on this basis, the project to delete three zeros from the Iraqi dinar which made a thousand dinars, worth one Dinar stems from the considerations of good management of the monetary system and the shift of the mass of cash flaccid of thirtieth trillion dinars and do not meet the needs of the payments system in Iraq and encourage dollarization to the mass of cash of not more than (30) billion dinars easy exchange and easy to deposit in banks, stressing that the ability to savings banks are weak, for reasons operational because the banks do not have adequate capacity for counting and control currency counterfeit with tons of money it receives each day, so commercial transactions between traders, which is now resorting to weight rather than counting and sorting, and carrying the sidelines of the risk (1.3)% at a cost of transactions which is similar to the cost of counting is sometimes a cost inflation added to the value per transaction.

On this basis, the stage of development of modern Iraq and to engage in an era of stability and low inflation, rampant need to re-establish a new currency to issue monetary of high-value low-volume and this is what I did many countries in the world was suffering from hyper-inflation, also underlines the bank stated that the process of replacing the currency is not have an impact not only on the wealth of citizens or on their income and the system price and is working on is the process of organizing for macroeconomic management, a process that has a high efficiency instead of using the payments system is a legacy of the stages of the instability and economic inflation, the monetary policy of the Central Bank of Iraq moving towards improve the value of the dinar and enhance the value of exchange and long-term program being in this direction to keep the dinar, a profit-Azam because we are going to JD stronger and therefore bring the dinar instead of foreign currency or other assets that will result in the loss of the citizen and it should be encouraged citizen saving the Iraqi dinar (national currency) and deal of banking to win twice, the first benefit of the banking and the second high exchange rate of Iraqi dinar, one of the results of economic prosperity in which they operate monetary policy in Iraq to achieve it,

but there is another view in opposition to the proposal above confirm that the automation of the banking system and find a bank teller and (Alvezacart) and cards credit, remittances and exchange electronic bypass functions of classical and traditional banks to modern functions and new tools to ensure that the development of a system of risk management banking and credit system to support development efforts and reconstruction and to be diligent in the real side of the economy support the efforts of the operating and investment to increase production and to give facilities to ensure so do not run away to the proceedings is the same feasibility, as some believe that this operation will return Iraq to the economic period brightly and will enhance the value of the dinar to the IMF and the international community and will deal with economic problems, particularly inflation, others believe in the process the loss of currency value estimated one third Fbtkadirhm affected will be owners of salaries and wages because they have to enter the purchasing power less than the nominal value of the currency and believe that the cancellation of zeros will lead to a monetary illusion, that these attitudes are based on fragile foundations, and sometimes irrational, there is confusion and a clear distinction between cancellation of zeros and the improvement of the real exchange rate, and mixing of a second between the cancellation and Altzkhm, mixing third between this cancellation and reduction of the value of currency, the first position is just wishful thinking can not be achieved by deleting the zeros and the second position, with a mysterious how to delete the zeros leads to financial loss and identified on the basis of any one third?

Also, the deletion will not address inflation and will not contribute to the aggravation, nothing to do with the illusion and (more correctly illusion) cash subject matter, and notes that the process of deleting the zeros are known in several countries have preceded us to that of them delete the two zeros or three or even six zeros, as in Turkey, said that the reasons for the deletion of zeros is almost confined to the psychological aspect of Balbrgbh in the currency with the exchange rate is high, and this increase into joy to the heart of Iraq, the joy of the return of the dinar to its past, bright, but this joy does not conceal his conviction that the process of removing zeros will not address the economic crisis suffered by the private decline in standard of living, unemployment and the deterioration of security services, health, education and energy services, it should be noted that Abannmk Central abandoned the practice of fixed exchange rate system to adopt a floating and will lead the deletion of three zeros to reduce the mass of cash (the strict sense) and will be reflected directly on the nominal values ​​of salary, shares and bonds and the prices , where he leads the deletion of zeros to the feeling of poverty, it had ten million dinars now has only ten thousand dinars, may lead this feeling to reduce consumption, which reflected negatively on the macroeconomic situation of the country, even if we assume that the deletion of zeros alleviate inflation is no longer useful for this event because the Iraqi Central Bank data indicate that the rate of inflation has become only 7%.

If the deletion of zeros does not address inflation, it does not contribute to the height that the removal of three zeros impose a division of the nominal value of money is new to 1000 and at the same time be divided by this figure salaries, wages and other entry and nominal values ​​of shares and bonds as well as the prices of goods and services may increase the prices of some goods or services When you go to the new currency generating a popular feeling that the currency led to it, while must be pursued in the supply and demand to explain this rise, since a few months a lot of talk in Iraq, the emergence of monetary illusion in the case of Khzv zeros from the dinar, and the fact that he does not link to just cash sense of the above to remove zeros, because it requires high salaries by less than the rate of inflation, and when there is no relationship between nominal income and inflation is not correct to talk about the monetary illusion.

That the deletion of zeros may lead to the opposite sense of poverty according to the worker.

Any decline in consumption in the first stage and then returning to normal status in the next stage, and in all cases, psychological factors remain high and limited to a short does not apply to all individuals with the same intensity.

The conclusion that the deletion of zeros is not much different from adjusting the size of the banknotes or change colors or add a new fee or remove the image of.

This article comes from the Baghdad Chamber of Commerce

http://bit.ly/teLGRw

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خبير اقتصادي: حذف الأصفار واستبدال العملة لها أثار سلبية على الاقتصاد العراقي Economist: delete the zeros and replacing negative currency effects on the Iraqi economy

بتاريخ : السبت 26-11-2011 12:57 مساء On: Sat 11/26/2011 12:57




http://www.ikhnews.com/news_view_25484.html
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Iraq working to reduce the mass of cash through the deletion of zerosPosted: November 16, 2011

Baghdad, November 16 (Rn) – The Central Bank of Iraq on Wednesday that seeks to reduce the monetary mass of 25 trillion dinars to 15 billion dinars over the deletion of zeros to facilitate cash transactions in the financial markets and banks.

The appearance in favor of Bank vice-president, told the Kurdish news agency (Rn) that “Iraq today is dealing lump cash of $ 25 trillion Iraqi dinars, while the largest currency which does not exceed 25 thousand Iraqi dinars, and the purchasing power it does not exceed $ 23.”

He pointed out that “in cash transactions in the Iraqi market needs a large amount of banknotes and thus there is a difficulty in the transfer of funds in the form of bags in case of large transactions.”

Saleh pointed out that “the Iraqi banks do not accept deposits, sometimes due to problems in number and the account for such large amounts of money.”

The vice president of the bank “We want to usurped the money supply of 25 trillion to 15 billion dinars,” adding that “the central bank fixes the payments system in Iraq and the policy of the monetary authority.”

He stressed, saying “monetary mass will be reduced soon, through the issuance of new currency by three zeros are canceled.”

Salih stressed that “this action is an important part of the reform process will facilitate the management of currency and payment system and the elimination of the vestiges of past inflation through the mass of strong cash handling and easy.”

http://bit.ly/vOQa1y
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Round table discussion: Necessary for Iraq to reduce the money supplyPosted: November 14, 2011

Confirmed that the deliberations of the Round Table on the project to delete the zeros of the Iraqi dinar, the need to reduce the money supply in the country, and the radical reform of the management system of currency, with the choice of time for the implementation of the project, and benefit from the experiences of countries that have already replaced their currencies, and the project is put on public opinion to be discussed widely (for) by the direct implementation.

The table was convened last Friday before the Hall of Society of Engineers in Baghdad, and the initiative of local intellectuals in the Iraqi Communist Party.

Has contributed to a number of officials, politicians, economic experts and specialized scientific personnel, who discussed the motives and justifications put forward the project to delete the zeros of the Iraqi currency, and reservations that have cropped out the idea.

The Deputy Governor of Central Bank intervention who is in favor of the idea originally put forward the idea to delete the zeros from the dinar to the government in 2005, that was adopted by the Central Bank.

Salih stressed the importance of the project, and pointed to the experiences of other countries, especially the Turkish experience and the stages through which, also addressed the role of banks and government agencies and citizens in the success of this experiment.

For his part, spoke an economist Majid picture about the role of Iraqi banks in the implementation of the project, criticizing the fact that banks, pointing out some of the properties and structure of the Iraqi market that are influential monopoly of some senior traders and economic operators, as reflected by the high profit margins and the level of prices.

The independent political Mahdi al-Hafez, considered that the project is not of a technical nature only, but has economic dimensions and broader repercussions on economic activity and incomes, and thus the living standards of citizens, and concluded that there is much importance to this project that is connected and would fall within the economic policy package.

And conclude comrade Raed Fahmi, a member of the Political Bureau of the Iraqi Communist Dhav table conversation about the reality of the Iraqi economy, also addressed the right conditions to start the implementation of the project, and Tmahl government in dealing with the ongoing economic process in the country, reinforcing his concrete examples.

The table also participated in each of the President of the Union is willing Blibl businessmen, and Saad bugsbunny editor of that Union, and Khaled Cltag competent officer in the Iraqi Central Bank, and businessman Hassan Shammari and industrial oil researcher and high-Dabbas.

This will come back to the facts of the round table and results in a broader report we publish in a forthcoming issue of our newspaper this week.

Baghdad – by the people

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