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Thursday, November 29, 2012

Delete the zeros MUST be at the beginning of a fiscal year - Supporting Archived Article

Delete the zeros MUST be at the beginning of a fiscal year - Supporting Archived Article


SEPT 6, 2012 - Does the project will remain a dead letter permission as described by Central Bank Deputy Director Mohammad Saleh appearance? .... Was the decision to delete zeros of the Iraqi currency in many opinions Pro and con, economists believed that the resolution would lead to the collapse of the national currency and some other that he would return to the country with great interest and unfortunately its await as a joint venture between the Government and the Central Bank. As long as the Government seeks to postponed due to security concern, it could not be implemented this year or the year after – as Deputy Director of the Central Bank — the timing is very important in this case and that its implementation must coincide with the beginning of the fiscal year, so you will not find a space for implementation this year inevitably ... Regrets for the delay of the country's economic performance will improve efficiency as long as currency and reduce the influence of big numbers, monetization needs to cash large and small groups will be dealing with categories such as (50 dinars) and (100 dinars) and (200 dinars) in addition to the categories below as dinar (half dinars and quarter-dinars) and (50 Fils, 25 Fils).Source

SEPT 6, 2012 - The policy of the Central Bank — by Salih to the stability of the dinar against the US dollar,likely equal the price of the Iraqi dinar against the US dollar over the next two years after the implementation of the project to delete the three zeros Iraqi currency. Source


AUG 29, 2012 - A few steps has been taken up by the country to stabilize the economy of the country. The government has decided to make adjustments in the currency. Since 2007, the government has been discussing about removing 3 zeros from its currency. It means that 1000 dinars of this time, will become 1 dinar in near future after the change is implemented. This is one of the most controversial issues, but till now the change is scheduled to happen in the year 2013. This change in the dinar will ensure that the country will have a stable currency and a stable economy. Source

         *AUG 10, 2012 - Juburi, said Finance Committee draft supports the deletion of zeros and the currency switch, the Government must be involved in this project as responsible for the country's fiscal policy ", likely to be direct in this project by July next year 2013". Source (see below, July is off limits because its in the middle of a fiscal year) 

AUG 20, 2012 - Saleh drew the interest of the Exchange must be with the new fiscal year, "the Iraqi Government's accounts cannot be registered in the same year, two forms of financial values"Source

AUG 17, 2012 - The CBI said seeking to reduce the use of cash (CASH) in the country, because of the challenge of geography and security issues that make money transfers within the country difficult and risky. The Bank said in a statement carried by the official (independent Iraqi news agency) "go endeavour to automating reconciliations for checks and payroll and activate automation systems e-card, to keep more cash in bank accounts". Source

AUG 17, 2012 - Said the Iraqi Central Bank: "The dollar selling to banks aimed to withdraw liquidity from the market as is the case in which the majority of the world's central banks and the bank said in a statement yesterday:" The majority of markets where price official price parallel, the World Bank seeks to minimize the difference between the two rates through inspection teams, to comply with the instructions of the Central Bank, which sells the dollar to all government and private banks and branches of foreign banks, not the banks civil just pointed out: "The policy followed by the Bank since 2004 and so far is one of the successful policies, as has cut inflation from 50% to 5.8% and a drop in prices and stability result tools that were in place and that was investing night and deposits of maturities / 7 and / 14 and /30 days of the dinar, in addition to investment and night deposits of maturities / 7 and / 30 and / 90 / days of the dollar "..
Indicating that the Bank canceled tools mentioned except deposits to order 7 days of the Iraqi dinar only to encourage banks to grant credit for industrial projects, agricultural and residential and pointed out that the monetary policy was welcomed by the International Monetary Fund. Source
AUG 18, 2012 - She stir up against you is to adopt the Iraqi Center plans and scientific programmes in order to create the stability of the dinar against the US dollar, with the civil almsark welcomed the Central Bank took over responsibility for overseeing national allowance system PBX, foreign companies will bring great prosperity in the work of the banks. She explained: the PBX system will serve as a national focal point in which all feed into bank accounts throughout the year and will settle the bank accounts of the creditor banks and condemned for not falling banks a financial loss. The PBX system will enrich the national banking sector from dependence on foreign companies and would reduce Melasma and risk of dealing with foreign companies. Source

AUG 16, 2012 - the Bank canceled the tools mentioned with the exception of deposits to term of seven days for Iraqi dinar only to encourage banks to grant credit for projects of industrial, agricultural and residential, and drew that monetary policy has been welcomed by the International Monetary Fund. Source
AUG 11, 2012 The parliamentary financial warns of economic crisis ... And next year's budget will be in the new currency She explained that "the recommendations issued by the Committee of finance to the Central Bank include issuing new Iraqi currency during the next yearand other recommendations relating to indebtedness upon completion of the new currency."  On the subject of"petrodollar distribution to citizens pointed out Najib" there is text in the budget gives authority to the Government to grant the surplus of oil profits to citizens after issuing instructions from the ministries of finance and planning, banner that delay distribution is due to return supplementary budget to Parliament by the Government.Source

AUG 11, 2012 - Iraqi Central Bank, foreign exchange reserves rise to 67 billion dollars, adding that these reserves are the largest in the history of Iraq, noting that these reserves is one monetary policy to reduce inflation in Iraq. Deputy Central Bank Governor Mohammad Saleh appearance that "Iraqi Central Bank reserves of hard currency rose to 67 billion dollars, up from 63 billion dollars at the end of may", stating that these "reserves are the largest in the history of Iraq".  Source

AUG 7, 2012 - the House of Representatives received a formal letter from the Central Bank containing details of the project to delete the three zeroes from the currency and calls for its application early next year, saying there is no objection large by the House of Representatives on the implementation of the project that the country is still is poised to replace the national currency. Source

AUG 6, 2012 - The Committee also discussed the papers received from title research service/our green economy to achieve sustainable development and reform of environmental indicators highlighted the fact Iraqi oil to discuss adding the book received from Central Bank of Iraq, containing the position of the dollar sales for may 2012 banks, the book received from the Central Bank, containing the draft restructuring of currency/project delete zeros. Source

AUG 3, 2012 - A member of the parliamentary finance committee, Najiba Najib, in a press statement, said that there is a tendency by the legislature with the support of the Central Bank's policy to restructure the Iraqi currency and delete zeros at the beginning of next year. She explained that this issue began to mature day by day for the members of the Finance Committee and the Economic Commission, noting that preparations for the central bank to implement the project under way, but it is incomplete yet. They pointed out Najib, the Deputy for the Kurdistan Alliance, that the project will be implemented over two years by government banks, and will be part of the new currency coins of small denominations. Source

July 29, 2012 - The parliamentary Finance Committee said earlier that the process of replacing delete zeros from the currency and will be gradually beginning next year, noting that the process takes two to three years. Committee Member said Hasan aozmn said the Central Bank will begin to withdraw the current currency next year start gradually and keep the current currency trading to give citizens sufficient time to Exchange ". He aozmn Exchange and delete zeros successful and useful for the Iraqi economy through its success in several other countries, pointing out that "process will contribute to ease carrying banknotes to the citizen and will not have any negative impact on the economy (according to him). The parliamentary Finance Committee announced early this month that next year's budget in the new currency will be 2013 after deleting three zeros from the current currency, saying that the reluctance of traders and trading companies behind the Iraqi currency the Central Bank adopted draft delete zeros. Source

July 28, 2012 - Deputy Central Bank Governor Mohammad Saleh appearance that» three zeros deleted project of Iraqi currency in need of a new financial period, because all accounts start with the new currency and accounting notebooks may be registered in a currency different from the currency in which the beginning of the year «recorded. »  Start the deletion of zeros from the currency in mid-2013 is the proposal with members of the Finance Committee in the Chamber of Deputies but the Central Bank held talks on the proposal and found it may not start with the project in the middle of a new fiscal year.  Source

July 24, 2012 - Shabibi "The main reason for the process to delete the zeros due to the economic stability experienced by the country and large cash capacity in the Central Bank." And on the currency auction Shabibi said: "The operation as a window to enter the foreign currency and raise the value of Iraqi dinar."

July 23, 2013 - The CBI predicted delays in putting the new currency early next year and to developments and discussions with the Government. Prime Minister Nuri al-Maliki demanded earlier with the Bank to wait with his work and put it in the currency changeover from January of 2013. Central Bank Governor Sinan Al-Shabibi: "put the currency early next year is uncertain because of the recent discussions and debates with the Government". Al-Shabibi said "it would be in the process of cooperation with the Government." Central Bank Governor noted that the continuing currency switch, and the previous dates for remaining but developments have delayed. The Bank confirmed the earlier: "ask the new currency would be 1/1/2013, despite Government demands a wait operation"The World Bank official letter to Cabinet explaining pros switch currency market and money supply and exchange rate increase and other issues. Source

July 23, 2013 -  Central Bank currency reserves have so as to cover the deletion of zeros Shabibi: noting that the Central Bank has a reserve currency enabling a process delete zeros and coverage. Al-Shabibi said that the main reason for the deletion of zeros due to the country's economic stability and the ability of large cash at the Central Bank. And on the auction currency between Al-Shabibi said the operation as a window to enter the foreign currency and raise the value of Iraqi dinar. Source

July 16, 2013 - the Bank attributed the reasons to delete the zeros of the first three reasons that the deletion of zeros will be an opportunity to #1 add new properties to the Iraqi currency to prevent potential counterfeiting of the new currency through the use of high security specifications, thereby increasing the confidence of stakeholders (public institutions) as a result of reduced or no cases of counterfeiting. He said #2 the second reason that the deletion of zeros will lead to reduction of alakiam digital currency financial walmahasbet and the play of reduce the time and effort and cost required to complete financial transactions and accounting as well as the possibility of reducing the number of banknotes in circulation, especially if the banknotes were printed in large groups. ". The reason #3 the third Ankh enhances the possibility of maintaining the exchange rate of the Iraqi dinar against foreign currencies gained the confidence of its clients. Source

July 12, 2012 - Najib announced (the third of July, current), that the budget next year 2013 will be the new currency after deleting three zeros from the current currency, arguing that the reluctance of traders and companies from trading in Iraqi currency behind the adoption of the Bank Central project to delete the zeros. Jubouri revealed on 15 May 2012, that the month of January of next year 2013 will see the deletion of three zeros and the replacement of the currency, as will next September 2012 the direct printing of new currency in different categories. Source

July 11, 2012 - Economic Committee confirmed the continuation of the old currency for the biggest time possible will be replaced early next year, stating that the banks will pull all old currency market and inject new currency charge. Rep. Committee Abdul Hussein ressan told future news agency reporter today, Wednesday, said: "the Central Bank in accordance with court plan strategy prepared in advance to replace the currency in coordination with the financial and Economic Committee and the relevant authorities both in the Executive or Legislative Council, include withdrawal of old currency for almost two years and delivered to banks which in turn will deliver the currency to the Central Bank over the past ten years of destruction". He said: "the new currency will be offered to the market by early 2013, as well as the presence of old currency that will operate over ten years ago, and that the new currency after two years will be available in local markets after the end of the old currency. Source

July 8, 2012 - Fayez said in a press statement: that the deletion of zeros will help citizens to ease trading and exchange currency and ease of download categories a few cash in purchasing goods and goods. He added: the operation would raise the moral value of the Iraqi currency and does not leave any damage or danger to the Iraqi economy. And: the Iraqi currency will be pumped to zeros deleted market and will work with the old currency to the old currency is withdrawn permanently from citizens. Source

July 1. 2012 - Iraq market for securities befriends a software to develop its work / NASDAQ OMX /Arabic & English for use in 2013 the Board of Governors with honest company (NASDAQ OMX) a software license (Ticker Tape System) for the Iraq market for securities to broadcast real-time information in the Hall (Online) on two screens they prepared for this purpose in Arabic and English. Source

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