News About The 3 Zeros IV

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

Posted: October 26, 2011 by THE CURRENCY NEWSHOUND - Just Hopin in Iraqi Dinar/Politics

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

(**remember, Google translator is lousy and if this mentions 2012, it's talking about what will happen, not what's happened.**)


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

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

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

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

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

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

http://bit.ly/vYhF0v


Experts: Delete the zeros does not adversely affect trading on the stock exchange

Posted: October 26, 2011 by THE CURRENCY NEWSHOUND 

Baghdad / Ahmed Abed Rabbo – long the whole number of economic experts that the deletion of zeros from the local currency does not have any effect on the Iraqi market, stressing that the move is working to facilitate the calculations in price policy and the banking system in Iraq.

At the time said the Securities Commission that Iraq is not qualified economically to delete the zeros of the local currency to the presence of a significant impact on financial trading in the stock market. and said economic expert Majid picture: that is to delete the zeros of the local currency Saatheraly trading financial trading inch.

He said the picture (l term economic): The process of deleting Asvarmn making the task of the government and parliament alike. He said the picture: that the deletion of three zeros from the local currency will help to facilitate the calculation and shorten inflate the figures, indicating that the issuance of small groups of certain work to facilitate the accounts of price policy .

He drew the picture to the presence of some of the problems facing the process as a subject of the value for the different institutions as well as to the value of capital, referring to the need to find appropriate solutions and the adoption of the foundations of modern that make the process more streamlined. He explained that the release will be followed by some of the obstacles Kokchav fraud earlier during the withdrawal the old currency, and others.

He said the picture that the inventory of the cash block Bolasaddaralnkadi the new and the switch must be in sufficient time so as to avoid any forms may occur in addition to the need for campaign awareness suitable for all economic actors and popular to explain the whole issue and bring relief to the imposition of Zbabih on the process of switching the currency that can be used by some of the aspirants in the graft.

it unlikely for economic expert Sohail Abbasi and any damage due to switch the local currency and delete Asvarmnha indicating that the new value will be the same for BD without Asfarmakda the advance publicity for the government about the process of deleting Alasfarghyr true at the present time.

The economist said Suhail Abbasi’s (range economic): it was a big mistake committed by the government is announced prior to the deletion of zeros without the direct and fully prepared for this process what is happening confusion and concern for citizens as well as it would hamper the work of government and private banks .

He said Abbasi: After direct comes the stage of creating citizens and banks to withdraw the old currency and replace the currency of modern, pointing out that Turkey during the switch its currency committed by the secret and not to leak any information during the development of plans there so it did not occur any problems delayed the cruise.

The head of the Securities Abdul Razzaq Saadi said earlier: (a) n deletion of zeros from the local currency will affect the financial trading in the stock market. He said Abdul Razzaq al-Saadi, according to (Rn) that “Iraq is not qualified economically to delete the zeros of the local currency to the presence of a significant effect on trading the financial stock exchange, referring to Some companies registered Appropriation Financial is less than the Iraqi dinar and delete the zeros will cause it to third dinar volume of trading the Iraqi market for securities one billion Iraqi dinars a day.

Saadi said: There are service projects such as building power stations, most of the deletion of zeros, which cost Iraq billions of dollars as the economic situation which is still not at the level required to remove three zeroes. “

In the same context, the government said that the process of removing zeros from the currency ornament will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project. And the central bank of Iraq to the new 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 currency.

The Securities Commission, said that Iraq provided the countries of the region the size of financial trading increased by 70%. The stock market began its activities in 2004, and shifted from manual trading to the use of screens handle electronic 2009 and open for trading two hours a day five days a week.

http://bit.ly/vYcoKl


Securities Commission: Delete the zeros from the Iraqi currency and its impact on financial trading in the stock market

Posted: October 25, 2011 by THE CURRENCY NEWSHOUND 

25/10/2011 11:56

Baghdad, October 25 / October (Rn) – The head of the Securities Commission of Iraq, Tuesday, that the deletion of zeros from the local currency will affect the financial trading in the stock market.

Abdul Razzaq al-Saadi told the Kurdish news agency (Rn) that “Iraq is not qualified economically to delete the zeros of the local currency to the presence of a significant effect on trading the financial stock market,” adding that “some companies registered Appropriation Financial less than the Iraqi dinar and delete the zeros will make (them profit by 2/3rd's as much) her third dinar.”

The size of the Iraqi market for the trading of financial (finances equals a) Orac billion Iraqi dinars a day.

He noted that “there are service projects such as building power stations, most of the deletion of zeros, which cost Iraq billions of dollars as the economic situation which is still not at the level required to remove three zeroes.”

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

He revealed the CBI on Monday (said) 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 Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where the (bank) (independently) 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 (goal of the) Manmam Central Bank in managing monetary policy in the country (is to) and raise the level of the values ​​of the Iraqi dinar and tackle inflation in the country.

The Securities Commission, said that Iraq provided the countries of the region the size of financial trading increased by 70%.

The Iraq Stock Exchange has started its activity in 2004, and shifted from manual trading to the use of e-dealing screens in 2009 and open for trading two hours a day five days a week.

http://bit.ly/t3wz7h



Editorial: Towards a stable dinar .. Easy handling and storage and arithmetic

Posted: October 22, 2011

The decision of the zeros of a broad debate between supporters and opponents .. We wish a broader debate in the universities and the Council of Representatives and the rest of the institutions … But an explanation of the picture, audio, and cardboard to create the public to this process. However, the phenomenon of health Valenqashat to mature opinion.

Especially with the availability of all information, such as money supply and the number of banknotes, exchange rates and others. When available the basic information of any file, the debate becomes positive, and not just rumors and controversies in the headlines of newspapers and news bar.

objections to the process of canceling zeros addressed potential fraud. She cited the changing currency (15/10/2003- 01/15/2004), which – and the short term – marred by stampedes and no doubt some of the acts of fraud, although that process has allowed them to achieve many things ..

1 – the single currency instead of major currencies, then the dinar Swiss and Saddam dinars and the dollar .. Other than worn in certain areas Kaltoman Iranian and the Turkish lira and the Jordanian dinar.

2 – allowed the single currency to organize a successful monetary policy of the Central Bank in difficult circumstances .. Iraq reserves raised from zero to reach 58 billion U.S. dollars a day .. And control of inflation exceeding three figures before 2003 .. And was 75% per year four years ago .. Up today to 5.2% per year .. And to maintain currency stability and strength .. Born tranquility, which markets and transactions .. The basic objectives of cash would not reduce some of the gaps and errors.

3 – must be recognized that the central bank re-some people’s money to the people .. As the calculated value of 1500 dinars = dollars when you change currency .. And value of today’s 1180 dinars to the dollar .. Any recovered every citizen the equivalent of 21.3% of its assets cash. Contrary to past policies that
ate the cash assets to reach KD 3000 / dollars and more.

The objections Vsttrah the new currency,. Sttaih and currencies for a year or two years. Be withdrawn with zeros up gradually as the banks, you will not get a stampede .. But may allow the process to disclose acts of forgery of currency in circulation today .. The objections to costs, the printing papers less (1000) times the securities traded will be more feasible necessarily knowing that the printing process continues annually for the withdrawal of securities damaged or increasing the money supply.

will not change the zeros of the value of the currency, and will assist in the ease of trading currency and
fragmentation, storage and calculation .. These good qualities of the coin, which of course the most important of stability and confidence.

http://bit.ly/nwPH8A


Report from the American Contractor October 24th 2011

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

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

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

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

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

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

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


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

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

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

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


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Editorial: Where is the problem in deleting three zeros from the Iraqi dinar?

Posted: October 20, 2011

11-10-2011 | (Voice of Iraq)
I had mentioned in a previous article on the following link:

Entitled “Iraqi dinar between the present and future,”

To the need to move forward with the project important cash of deleting three zeros from the Danarena Iraq, and it is encouraging that the Central Bank of Iraq seems serious and determined to move forward with this matter after a thorough study of the consequences of this action on the Iraqi market and the strength of the currency of Iraq and then provide proposed to the House of Representatives for decision and ratification and adoption, has been described in my previous article above that benefits the great return to the status of the Iraqi dinar and the strength and credibility after the adoption of this procedure is important cash, and of curbing inflation in the local market in Iraq and facilitate the handling of cash and financial transactions Iraqi and restored (prestige), the Iraqi dinar and the reduction of the magnitude of the current Iraqi mass cash and the reduction of the phenomenon (dollarization) that still dominate the large cash transactions in the current Iraqi market.

But very happy people do not realize, and every idea is supported by opposed, and both teams have reasonable arguments in this regard. So, I would like to touch on in this article to the “health” of the views of opposition to the adoption of this procedure is important that I consider myself an enthusiastic supporter of him and his defenders. I would like to touch on in this article for some of the arguments of opponents of this idea in good faith (the arguments of ill-intentioned opponents of each idea that optimization of the Iraqi reality a little or a lot, there is no need to discuss it because those are not the benefit of discussion with them already, you will not accept you. “Baathists and Salafis” until you follow their religion), with a pink profile on each of the points which I will address below:

First:
Opponents of this idea that the process of improving the Iraqi economy and the fight against inflation should be made ​​through the plans and development projects, real for the advancement of industry and agriculture of Iraq and the service sector (semi-inactivated we have in today’s Iraq), etc., and not just “Vzlkh” delete three zeros from the Iraqi currency current . The Japanese do not see the need to remove two zeros from the yen exchange rate to become comparable to the U.S. dollar, and Zimbabwe did not stop the inflation did not satisfy people hungry after that removed six zeros from its currency.

Answer:
Who said that originally dropped three zeros from the currency obviates the need to develop plans and projects to promote the real development actually the Iraqi economy? The deletion of three zeros is the process will work to reduce the magnitude of the cash block traded and thus facilitate the deal the state and citizens with financial transactions and large amounts of cash and to remind the Iraqis psychologically past (bright) to Danarhm Iraq, which is not a substitute for nor preclude the necessity advancement of the Iraqi economy through other means, which is understood by economists.

Second:
Opponents say that the process of deleting three zeros will lead to breakdowns and confusion in the local market and the spread of the phenomenon of “monetary illusion” because of the existence of “two currencies” old and new traders and would play into the prices of goods and commodities.

Answer:
This speech, Ward and possible if the process of converting to numbers is regular (as happened when the transition from the Deutsche mark or French franc, for example to the euro exchange rate of fractional complex), exploited merchants of this calculation to raise prices and gain higher money at the expense of the citizens, but in the Iraq operation is is just (remove / add) three zeros to convert between the expense of the Iraqi dinar old and new, and does not require any complex financial calculation, to distinguish between the price of the commodity business and the old dinar dinar new price. I do not think that there is one in Iraq today is capable of hitting any number divided by a thousand or a thousand in less than one second!

Third:
Opponents say that the process of replacing the currency will lead to the occurrence of chaos in the street because the Iraqi people stand in queues at the gates of new banks to replace the current Iraqi banknotes with those of the new banknotes. And established the phenomenon of black market speculators, taking advantage of the chaos that would arise from a changing of the currency.

Answer:
This will not happen again. The process of standing in queues at the gates of the banks to replace the currency occurred during the revolution of July 14, 1958 to replace the currency in the currency of the new republic property. In our case, the contemporary of this, there will be a “transitional period” determined by the Central Bank of Iraq a few years, in which both currencies old and new two windows, while the central bank gradually to absorb the currency notes of old pump leaves the new currency to the market, just like what happened in the European countries decided to join the currency “euro”. To this day, in the Czech Republic, for example, still crown the Czech currency, the euro both of two windows and the prices are written with both currencies (although the calculation of complex unlike the case of Iraq), while the ultimate goal is to get rid of the crown of the Czech and the adoption of the euro currency in full at the end in 2012 .

Fourth:
Some opponents say that the idea was good in the basis that the timing is not appropriate because of the recession and widespread unemployment, a process that would cost the state large sums of money to print a new currency.

Answer:
Economic recession and the concept of relative not absolute. Even the richest countries in the world and the most freedom and development, such as Japan and the United States complain press is always a recession or depression by comparison with the previous figures for subjects of comparison and of the complaint, while proud of the media’s totalitarian state Stalinism of its people hungry and the slave, such as North Korea’s economic prosperity under the leadership of the “party”, for example. Thus, there is no clear definition of the parameters we have to decide which is absolutely good that the economic situation has become a favorable time to take this step. And my view that the timing is very appropriate now, and can not be regarded as the Iraqi economy today, “stagnant” or “Kassado” compared with the phase of the unjust economic blockade, which ended the fall of the idol and liberate Iraq from the grip of the former regime.

The question should be printing a new currency (and being a costly operation), they are of a necessity (as I mentioned in my previous article on the link above), an opportunity to hit several birds with one stone, some of which get rid of those three zeros unpleasant, including normalize currency of the latest and the most beautiful and the benefits of stronger security and more, including work on the introduction of the Kurdish language (the second official language of the Republic of Iraq) on the paper money as we did in the passports, and other government documents.

Whatever the cost of printing the new currency security features more powerful and disobedience to the fraud (with interest accruing to the state and its currency in the long run), it is less than the cost incurred by the state because of the fraud the current Iraqi currency (and in particular the category of 10 thousand dinars to be the largest value and easier to fraud class of 25 thousand dinars), and the Central Bank of Iraq was already in all cases that prints banknotes for the new pump in the domestic market, either with or without the three zeros, this is the main function.

Fifth:
At which point the most important and most sensitive at all, with opponents saying that the counterfeiters and (mafias) money laundering and smugglers of currency will take advantage of the new situation in the “wash” of Iraqi dinars old forged and replaced by new or the smuggling of Iraqi dinars a real out of the country for the purposes of terrorism and organized crime, it which will lead to lethality economic security of Iraq.

Answer:
As I noted above, the replacement process will not be immediate, but will gradually transition over a certain period of years determined by the Central Bank of Iraq. If counterfeiters can use the current Iraqi Dnanaarham counterfeit in the Iraqi market, local damage is already existing and will not appear after the launch of the new currency, and the phenomenon of counterfeiting is a phenomenon found in all the countries of the world. It will be the Iraqi currency printed new currency stronger and wiser in terms of security using the latest technologies used in printing currency and banknotes in the printing world specialized and, therefore, put the new currency security features more and more powerful is that would make the process of counterfeiting, money laundering and kill the local economy is more difficult on counterfeiters and black market traders who are in every time and place originally. And not, as opposed to the idea of fear.

As for those who work on the smuggling of the old Iraqi currency, they will lose their validity at all after the end of the transition period to switch between the two currencies, and then leaves will become worthless, and then working on the smuggler currency (Tnqaaha) and drinking its water! It wants to spend from his own pocket to buy Iraqi currency current and out of Iraq to reduce the number of Iraqi dinars traded in the domestic market, and thus increase its value while he keeps stacks of paper the old to make them cushions sleeps, is a person who should thank him for his support of the Iraqi economy, not be afraid of it anyway!

Whatever the concerns above real, including the face in particular, currency smuggling and counterfeiting, money laundering, each state procedures cash to combat these phenomena, as well as with the CBI its own procedures already, and will not be affected by the importance or usefulness of these measures negatively or positively, the process of replacing currency, does not mean the process of replacing the currency and should be abandoned for these precautions, it is meant that work to strengthen and increase the effectiveness and efficiency, it is where the fear then? Where is the problem and gentlemen customers in deleting three zeros from the current Iraqi dinar (consider the many benefits of this process in return)?

So the idea of deleting three zeros from the Iraqi dinar current idea of a good and necessary in my opinion and benefits than disadvantages and must move forward through as soon as possible (taking into account the reasonableness of the two periods preparatory and transitional), a matter of time is a must, and God knows what is right anyway.

Munaf Winner – Abu Dhabi

 http://bit.ly/p06Nxj

Supplement to the article

The denominations of the Iraqi dinar current (and future old) are as follows:

Mineral groups: no (was introduced two categories of 25 and 100 dinars in the year 2004, but it did not work was withdrawn from the market in 2008).

Categories of paper: 50 dinars (become little use today because of high prices and lack of value), 250 dinars, 500 dinars, 1000 dinars .5000 dinars, 10,000 dinars 0.25000 dinars (which is the highest denomination of the Iraqi dinar, is currently not sufficient to manage the enormous mass of cash from Dnanerna Iraq now, they are not equivalent to only $ 21).

I suggest (and I expect) to become denominations of the new Iraqi dinars (current and future) are as follows:

Mineral groups: 50 fils, 100 fils, quarter of a dinar, half dinar, one dinar (like the old days).

Categories of paper: 5, JD 10, JD 25 JD 0.50 dinars (perhaps 100 dinars, not to be in circulation in the local market, such as the 50 dinars, because the class of the JD 100 is also working to facilitate spending and rising inflation), and must be groups of 25, 50, 100 dinars printed on paper security features are very strong to prevent fraud, as are those security features followed in most world currencies currently (see class 20 or £ 50 as an example of the security features powerful and anti-fraud, but if the O rings fraud and money laundering we have in Iraq, “Ohtr” than in Britain, and that is not my belief).

http://bit.ly/puqyE1


Related: inflation is unlikely because the control of the central bank currency

Posted: October 10, 2011 

He specializes in economic affairs Dargham Muhammad Ali, that the volume of currency in circulation in the local market is (4) trillion dinars is controlled by a

central bank and this prevents the inflation for next year, noting that most of the ministries of the State does not need to the degree of functional and she is

suffering from sagging career, which would negatively affect the investment budget and fully reflected in the Iraqi economy.

The Muhammad Ali in a statement to the Contact Agency (news) on Monday: “The issue of inflation is unlikely in the coming months due to the control of the

central bank currency in the local market, which amounted to (4) trillion dinars and through his control also on the exchange rate which is the scale determines

the price of goods imported from abroad and mass of cash in the marketplace. “

He pointed out: The Central Bank is working to absorb the Iraqi dinar by offering more than the dollar Through the use of tools the interest rate that can control

this issue, which will make the Iraqi citizen saves his money instead of spending and this works to withdraw currency from the market.

and saw Muhammad Ali said that most government ministries do not need to degrees of functional and she is suffering from sagging career and thus will

increase in the operational expenditure at the expense of development and investment, which reflected negatively on the economy of the country.

is noteworthy that the Iraqi economy has seen serious inflation is unprecedented on the basis of all press reports and a summary of seminars and economic

studies on this aspect as well as the concrete facts on the ground has decreased the real value of money in the Iraqi market is strikingly, no longer in large

quantities sufficient for the purchase of a commodity or service is simple, so are the follow-up to increase prices of goods and services in Iraq to assess the

rates process fraught with difficulties, due to the continuous increase in prices

http://bit.ly/rfi2wz





Economists: The process may produce positive effects in light of economic stability

Posted: September 29, 2011 by THE CURRENCY NEWSHOUND  

Continuing controversy over the deletion of zeros from the currency

varied views of a number of experts and specialists in economic affairs in the process of deletion of zeros and replace the Iraqi currency, between a pro her

shows split most of the opinions of those interviewed (morning), while some see the importance that the central bank’s the application of fiscal policy without

confusion and as planned, others to seek central to the study of intensive and extensive process, which they said: It may not benefit the national economy

with something, and the number of experts pointed out that the application of the process of removing the zeros can not achieve success desired, but in light

of stable economic conditions, which is not seen Iraq at the moment, according to expert opinion, is that specialists others made ​​clear the importance of the

matter as it confirmed that it can maintain the stability of the dinar on one hand and reducing the mass of cash in the Iraqi market, which is approaching

four trillion paper reviews a the other. is not the time

He sees Dr. Mahdi Al-Hafiz was not the time to begin the implementation process of changing the currency and the deletion of zeros of them, pointing

Speaking (morning) that Iraq inherited a long period of economic instability, as well as passing through the current conditions Garmestqrh are all factors

that do not help in practice to the implementation of plans of large cash like that purports to the Central Bank implemented in the deletion of zeros,

calling for careful implementation of this matter until the stability of economic and political conditions and then consider changing the currency or

re-consider the calculation of the exchange rate.

In response to the opinion of Central Bank of Iraq on the gradual change of the currency in case of deletion of zeros, said Hafiz: Can not determine the

period of time to replace the currency, but after witnessing the national economy stable full  take advantage of the experiences of countries.

While confirming Hafiz not to fit the time with the process of removing the zeros due to instability economic, the Undersecretary of the Ministry of Planning

and Development Cooperation, Dr. ultra Abdul Rasul did not go away from that view when he said that monetary policy in Iraq is confused too … and confusing.

shows the agent during the interview (morning) that this policy is not based on a true understanding of the theory cash in the world based on the concepts

of two basic policies have contractionary and expansionary, adding that the proposal made ​​to Iraq is to adopt a free economy, and therefore everything is

going according to policy, deflationary, and led to the reduction of money supply and thereby raising interest rates and it was born severe pressure on the

possibility of banking facilities, but said Abdul Rasul in return called for a benefit from the experiences of countries that have preceded us in the process

of changing the currency to reduce the mistakes that you may encounter the process, and also said, is not new to Iraq, the process of lifting the zeros from

the currency has preceded us many of the States in that and I think the advantage of experiences of some countries will help the success of the issue which

is important experiments must be taken into consideration ..

the zeros added to strengthen the currency
in turn, considered the economic researcher as Abdul Hadi said the issue of changing the currency and to delete the zeros of which is premature, noting that

everyone knows that the zeros were added to the Iraqi currency as a result of economic weakness, which was suffered by the country, stressing that this

weakness is still present what he called to say: we printed currencies with large groups . He said Abdul Hadi said that if the deletion of zeros, to everyone

that he is certain that the Iraqi economy returned to a much stronger position than it was Accordingly, the opposite of what is going through economic reality now.

He assured the researcher of citizens, which is administered talk about what may accompany the process of removing the zeros, stressing the inability to

exploit it by the weak people, as rumored recently, and that the new currency to be printed is the currency of the same specifications highly difficult to forge

or imitate in any way.

to that supported economic expert on behalf of Jamil Antoine process of deletion of zeros from the currency, stressing the importance of curb what he

called (dollarization) and the frequent use of foreign currencies in the trading day for the local markets, said Antoine that the most prominent is imperative

for Central to change the currency, and to delete the zeros of which is the enormous mass of cash in the local market, estimated at more than four trillion

paper money, asserting that the deletion of zeros will reduce this number to reach after nearly two billion eight hundred million banknotes, explaining that

this process be shortened many of the daily dealings of the coin both in the banks or the rest of the accounting of financial markets or Chierfat especially

that of the Iraqi citizen does not believe in only dealing cash (Cache).

He said the expert also said the process of removing the zeros will enable traders to the currency storage and transport more easily than it is now, is that

the most prominent as possible

The resulting change the currency, according to Antoine is to reduce the trading in cash and raise the value of the dinar, which he said now with great

strength, especially in light of its support with a $ 58 billion is the value of reserves of the CBI

http://bit.ly/nKvD28

____________________________________________________________________________________

50 Dinar note 250 Dinar note 500 Dinar note
1000 Dinar note 5000 Dinar note 10000 Dinar note
25000 Dinar note 25 Dinar coin 100 Dinar coin
    (not in circulation) (not in circulation)

Debate over ‘Dropping of the Zeros’ bill begins in Iraqi House of Representatives; Raises fears of Parliamentarians

Posted: September 9, 2011 

Inflation block the Iraqi currency

Deletion of zeros from Iraqi dinar raises fears of Parliamentarians

Inflation block the Iraqi currency
09.09.2011
Samira Ali Mandi - www.iraqhurr.org

With the arrival of a bill deleting zeros from Iraqi dinar to the Iraqi Council of Representatives, began the debate in parliamentary circles about the feasibility of adoption of this project at the moment, and raised questions about the assurances of the Central Bank about the economic benefits of the move.

The Rapporteur of the Committee of Finance in the Iraqi Council of Representatives Rep. Najiba Najib, said that the Finance Committee discussed with the governor of the central bank and general managers in the bank bill deleting zeros from the dinar and asked to prepare a study on the reasons for its adoption and its advantages on the Iraqi economy, and drew Najiba to the fears of the high proportion of inflation.

Deputy Governor of the Central Bank of the appearance of Dr. Mohammed Saleh, said Radio Free Iraq that the draft law which was submitted to both the government and the parliament, includes all the details of the legislative and executive for the subject of deleting zeros from the dinar and the positive economic effects which would leave if passed, and attributed the fears of some parliamentarians to ignorance the subject of Representatives or the presence of personal motives that lie behind the concerns of politicians or citizens.

Chancellor appearance of Mohammed Saleh stressed the importance that has the law to delete the zeros with the consent of the government and the Iraqi Council of Representatives as it relates to the national economy, pointing out that many developed countries have resorted to this decision to reduce inflation and reduce the liquidity excess in Iraq suffers from sagging mass of cash.

The deputies considered the application of the law to delete the zeros of the Iraqi dinar as negative at the present time in the absence of security and economic stability in Iraq. Which is confirmed by the Rapporteur of the Committee of Finance of the House of Representatives by Rep. Najiba called to the need for economic reforms to increase the value of the Iraqi currency, instead of deleting the zeros.

Economic expert Hilal Taan agreed with the opinion of the Iraqi Central Bank’s view of the importance of deleting zeros from the dinar, and called deputies who worry about the adoption of this law to reduce their salaries instead of blocking a law that serves the Iraqi economy.

And ruled that the deputy Najib Najiba law shall be adopted during the year due to concern of the Finance Committee of the Federal budget for the year 2012, and pointed to the fears of parliamentarians from the exploitation of the law to delete the zeros by Alsemsarh and currency dealers and counterfeiters.

Hilal, an economist believes that fears of war. Parliamentarians have no basis for ruling out fraud for the new currency or the exploitation of the switch the old currency new currency by the counterfeiters.

On his part, appearance of the central bank adviser Mohammed Saleh lamented the existence of currents constantly obstruct and impede the implementation of any project aimed at Iraq’s progress.

Expressed by citizens and their concerns on the morning of the deletion of zeros currency they are dealing with for decades. However, ‘Abdul Hakim Jassim considered a positive step to delete the zeros in the event of currency maintained in monetary terms with the ease of handling.

Appearance of the central bank adviser Mohammed Saleh assured the citizens that the Iraqi currency will retain its value and that the Iraqi per capita income will not be affected by deleting the zeros, indicating that the process of switching the currency new currency may take a year or more according to the law to be approved by the House of Representatives.

http://bit.ly/mQtoCS



Economist: No need to fear from the process of switching the currency

تم قراءة الموضوع 321 مرة Thread has been read 321 times




الكاتب: المستقبل العراقي Author: the future of Iraq

08/9/2011 12:00 صباحا 08/09/2011 0:00

المستقبل العراقي/ خاص The future of Iraq / special
دعا الخبير الاقتصادي مناف الصائغ على عدم تخوف المواطنين من عملية حذف الاصفار من العملة العراقية مؤكدا ان الدينار العراقي سيكون أقوى من ما هو عليه حاليا فلا داعي للقيام بتحويل الاموال الى دولار، مبيناً ان هناك إرباك وتخوف واضح في الشارع العراقي على حقوقهم ومدخراتهم من هذه العملية. Called economic expert, contrary goldsmith not to fear of
citizens from the
process of removing the zeros from the Iraqi currency, stressing that the Iraqi dinar will be stronger than what it is now
there is no need to do to transfer the
money into dollars, indicating that there is confusion and fear evident in the Iraqi street, their rights
and their savings from this process .

وبين ان العملية ستكون على مراحل ولا يتم سحب العملة القديمة في يوم واحد وإنما ستنزل العملة الجديدة بالتناوب، سيتم التداول بالعملة الجديدة مع العملة القديمة معاً الى ان يتم سحب العملة القديمة من السوق بأكمله، مبينا ان العملية ستمضي بهدوء وبكل مرونة اضافة الى ان بعد حذف اصفار العملة العراقية سيرجع السوق الى ماكان عليه في السابق. He said the process will be
in phases and not
pull the old currency in one day, but will all the new currency in rotation, will be trading the new currency with the old
currency together until the withdrawal
of old currency from the market as a whole, indicating that the process will go quietly and with all
the flexibility in addition to that after the deletion zeros of
the Iraqi currency market will return to what it was in the past.

وأشار الى ان حذف هذه الاصفار سيقلل من التضخم وقيمة الدينار ستكون متوافقة مع قيمة الدولار، مع إعطاء قيمة اكبر للدينار العراقي حيث لا تتوقف فقط على موضوع حذف الاصفار او بقاء الاصفار.
He noted that the deletion of these zeros will reduce inflation and the value of the dinar will be compatible with the value of the dollar,
giving greater value of the Iraqi dinar, where not only depend on the subject of the deletion of zeros, or the survival of the zeros.

من جهة اخرى حذر يوسف حجيم الطائي عن كتلة الاحرار من سيطرة دول الجوار على الاقتصاد العراقي وتدميره، اثناء عملية ابدال العملة العراقية باخرى جديدة على حد تعبيره.
On the other hand warned Yusuf Tai Hadjim on the mass of the free from the control of neighboring countries on the Iraqi economy and
destroyed, during the process of replacing the Iraqi currency with another new as he put it.

وقال الطائي: ان دول الجوار وغيرها من الدول ستقوم بضخ عملات مزورة لاجل السيطرة على الاقتصاد العراقي، من خلال افراغ العملة العراقية من قوتها الشرائية وسيطرة هذه الدول على الوضع المالي العراقي. Tai said: that the neighboring countries and other countries will inject counterfeit currency in order to control the Iraqi economy, through
the emptying of the Iraqi currency purchasing power and control of these countries on the financial situation of Iraq.

واضاف: ان عملية استبدال العملة ستحمل الدولة اعباء مالية جديدة في عمليات الطبع، وهذه العملية لاتخلو من مخاطر التضخم النقدي الذي قد يصاحبها.
He added that the process of replacing the currency will carry the state in the new financial burdens of copyright, and this process
Atkhalo the risk of inflation, which may be accompanied.

موضحا ان وقت اطلاق عملية الاستبدال غير صحيح، وجاء لاجل صرف نظر المواطن الى عملية التبديل وانشغاله عن المطالبة بتقديم الخدمات، ومن الافضل ان يكون استبدال العملة بعد ان يستقر العراق اقتصاديا وسياسيا. He explained that the time to launch the replacement process is not true, and came to in order to distract the citizens to
the switch and concern about demand service, it is better to be replaced after the currency to stabilize Iraq economically and politically.

وكان مستشار البنك المركزي العراقي مظهر محمد صالح اشار في تصريحات صحفية الى انجاز التحضيرات لتنفيذ مشروع حذف الاصفار واصدار عملة عراقية جديدة، في اطار اصلاح نظام ادارة العملة استعدادا للمرحلة المقبلة . He was adviser to the CBI the appearance of Mohammed Saleh said in a press statement to complete the preparations
for the implementation of the project to delete the zeros and the issuance of a new Iraqi currency, in the reform of the currency
management system in preparation for the next phase.

ولفت الى ان اتخاذ القرار بحذف الاصفار ستعقبه فترة توعية لتبديد المخاوف وتسليط الضوء على حقيقة ان الاجراء اصلاح يهدف الى تسهيل عمليات التبادل ولن يؤثر في دخول المواطنين وثرواتهم. He noted that the decision by deleting the zeros will be followed by a period of education 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.

From the Iraqi online news Gazette!

Finance Committee announces received a detailed report from the Central Bank of the Divisions reach deletion of zeros from currency

     
بغداد-وارع - BAGHDAD - babysit -

اكد عضو اللجنة المالية البرلمانية هيثم الجبوري اليوم الخميس ان اللجنة المالية تسلمت تقريرا مفصلا من البنك المركزي يتعلق بعملية حذف الاصفار من العملة العراقية . A member of the parliamentary Finance Committee, Haitham al-Jibouri said Thursday that the Finance Committee received a detailed report of the Central Bank of the process of deletion of zeros from the Iraqi currency.

وقال الجبوري في تصريح لوكالة انباء الرأي العام (وارع ):"ان البنك المركزي العراقي سلم اللجنة المالية تقريرا مفصلا يتعلق بعملية حذف الاصفار من العملية العراقية الحالية وتم عقد اجتماعا مطولا ضم محافظ البنك المركزي سنان الشبيبي والعديد من المستشارين واعضاء اللجنة المالية". Jubouri said in a statement to the news agency public opinion (and babysit): "The Central Bank of Iraq handed over the Finance Committee a detailed report on the process of deletion of zeros from the Iraq process, the current was held a long meeting included Central Bank Governor Sinan Shabibi and many of the advisers and members of the Finance Committee."

مشيرا الى ان الاجتماع افضى الى اتفاق بشان آلية حذف الاصفار من العملة ومناقشة مدى تاثيرها على العملة ". Noting that the meeting resulted in an agreement on the mechanism of deletion of zeros from the currency and discuss their impact on the currency. "

واضاف الجبوري :"ان عملية تبديل العملية نتيجة حذف الاصفار ستكلف قرابة 150 مليون دولار وستسمر عملية التبديل لمدة سنتين منها ستة اشهر لتوفير الاجهزة اللازمة لطابعة العملة وسنة ونصف لتبديلها بشكل تدريجي من خلال التعامل ". He Jubouri: "The process of switching process as a result of the deletion of zeros will cost approximately $ 150 million and would continue the process of switching to two years including six months to provide the services necessary for the printer, the currency and the year and a half to change them gradually through the deal."

مبينا انه سيتم تشكيل لجان خاصة ومبان محصنة للحد من عمليات تهريب العملة القديمة او ادخال عملة مزيفة ".منوها الى ان القيمة الشرائية للعملة الجديدة ستكون كما هي ولن يطرأ عليها اي تغيير ".ع/ح Indicating that it will be the formation of special committees and fortified buildings to reduce the smuggling of the old currency, or the introduction of counterfeit currency. "Adding that the purchasing power of the new currency will be as they are not undergone any change." P / h

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Bank Hussam Chairman: Delete Zeros Not Raise Inflation …And Increase the Dinar

Posted: September 7, 2011 by
THE CURRENCY NEWSHOUND

Invited the Chairman of the Board of Directors of the Bank Hussam economy need slave project delete three zeros from the Iraqi currency, which will increase Iraqi dinar exchange rate, saying it did not cause by raising inflation.

Obeid said in an interview with a reporter (News Agency KCNA) Wednesday: direct action project delete three zeros is currency is a good step by the Central Bank move to work though, would make the dinar value international purchasing.

He ruled that cause project delete zeros in the high inflation rate but lead to raising the rate of exchange for dinar international currencies.

He noted that the project was not confusion in the banking business but would facilitate a lot of things through a process of storage and transport, and also eliminate many problems, including incidents of theft and professional errors in counting and others.

And Chairman of the Board of Directors of the Bank commented economy about remarks made by some officials and refusing to delete three zeros from the currency: saying: several community views and ideas of all competent could put freely but this project become a reality and is binding on the State to accomplish because it will reduce the money supply, noting that the draft delete zeros will affect the economy, “Yes” through easy circulation in the market, carrying and transporting

http://bit.ly/qjkQAZ 


Iraq: $58bn in Currency Reserves, Should Redenominate Soon

Posted: September 6, 2011 by THE CURRENCY NEWSHOUND

The deputy governor of Iraq’s central bank has announced that foreign currency reserves have risen to close to $58 billion, and are expected to increase further thanks to a rise in oil revenues.

Mudher Kasim said higher global oil prices could result in a budget surplus for 2011.

Reuters quotes him as saying, “(The amount of reserves) has gradually increased since the beginning of last year, when it was $40 billion. Now it is close to $58 billion”, while AlsumariaTV puts the opening figure at $50 billion.

Last October, Kasim had put reserves at around $50 billion, with 45 percent held in dollars, 45 percent in euros and 10 percent mainly in gold and British pounds.

Iraq earned $34.1 billion in oil revenue, an increase of $8.7 billion, or 34 percent, over budgeted revenue, in the first five months of this year, Deputy Prime Minister Hussain Al-Shahristani said in June.

The deputy governor said inflation — which quickened to 7.1 percent in July from 6.4 percent in June — was under control but being monitored carefully.

Iraq, battered by years of war and economic sanctions, depends mainly on imports for most goods, including food and building materials.

“If prices continue to increase and the inflation rate approaches two digits, monetary policy tools will be strongly activated to fight inflation,” he said.

Kasim said a plan to take off three zeroes from Iraq’s currency to simplify financial transactions was awaiting parliamentary approval and said the government should approve the project sooner rather than later.

(Sources: Reuters, AlsumariaTV)



Warnings of money laundering-led government in the new currency

Posted: September 5, 2011 

MONDAY, 05 SEPTEMBER

Twilight News / Committee revealed the economy and investment representative, Sunday, the existence of corruption and money laundering plans to influential figures within the government to do in case of changing the current currency, calling for a review and deliberation on this matter.

And the Iraqi Central Bank intends to delete the three zeroes from the Iraqi currency for the purpose of lifting the current value.

The Chairman of the Committee of Economy and Investment parliamentary Ahmed al-Alwani in an interview with “Twilight News” that “change the existing currency by deleting the digit may be exploited by some weak people from government officials Ogerhm in corruption and money laundering, particularly as the financial and administrative corruption is rampant in government departments and institutions” .

The Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh said in an interview with “Twilight News” that the central bank has submitted the draft to delete the zeros from the currency to the House of Representatives and the government is now awaiting their decision in this regard.

The Alwani that “the deletion of zeros from the currency needs to be reviewed and in-depth study, because it depends on political situation and security and economic development in the country,” he said, adding that “the currency change would require a political consensus because the currency is one of the symbols in a sovereign country.”

The Central Bank of Iraq began to discuss amending the categories of the dinar, last year, and is still a large part of the payments being in cash due to the evolution of the banking system.

http://bit.ly/n68ZN4

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