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Thursday, October 20, 2016

STEVEI: DELETE ZEROES PROJECT, 20 OCT

Post By Stevel:   Greeting folks.
 
Here is an article sent to me and think it is worth posting or discussing.
 
The central bank project to delete the zeros will be implemented in early 2017
 
And independent Iraqi news agency and /. X
 
The governor of the Iraqi Central Bank, on Thursday, said the project to delete the zeros will be implemented in early 2017, indicating that the bank began to develop the first steps of the project.
 
And he said: " The aim of deleting three zeros from the Iraqi currency is to support the Iraqi dinar and make it a competitor of foreign currency", returned him as a "strategic project that will serve the country 's economy."


The Bank is working on the mechanisms in place towards the implementation of this project is expected to commence by the beginning of 2017 , " noting that " the central bank began the first steps of the project through the selection of designs, companies and the country in which it will be printed currency."
 
He pointed out that " the launch of the new currency does not mean the destruction of ancient coins , but it will continue to trade to about ten years , " pointing out that "this period will enable the central bank to withdraw the old currency in accordance with the mechanics will maintain market liquidity."
 
The Finance Committee in the House of Representatives earlier revealed, (2013 August 15), the postponement of the process of removing zeros from the currency until after the next parliamentary elections, while confirming that the government is demanding guarantees for non - substituent currency markets and return to forge.
 
The Central Bank of Iraq confirmed, in the (April 25, 2013), that there is no intention at the moment to restructure the currency and delete the three zeroes of them, denying the reports in this regard.
 
It referred to the General Secretariat of the Council of Ministers announced (April 12, 2012), for the patient in the application process of deletion of zeros from the national currency, which had to stop all actions related to the transaction mentioned until further notice.
 
It is noteworthy that some economists believe that Iraq is not formatted for the time being to delete the zeros from the dinar, pointing out that the deletion needs to be a security and political stability as well as economic stability. <-- This means freeing Mosul.
 
https://translate.google.com/translate?depth=1&hl=en&ie=UTF8&nv=1&prev=_t&rurl=translate.google.com&sl=auto&tl=en&u=http://www.ina-iraq.net/content.php%3Fid%3D27583
Here is another supporting document to back this one up.
 
The central bank project to delete the zeros will be implemented in early 2017
Last updated 10/11/2016   And independent Iraqi news agency and /. X
The governor of the Iraqi Central Bank, on Thursday, said the project to delete the zeros will be implemented in early 2017, indicating that the bank began to develop the first steps of the project.
 
Keywords and said that " the goal of deleting three zeros from the Iraqi currency is to support the Iraqi dinar and make it a competitor of foreign currency," returned him as "that strategic project will serve the country 's economy."
 
he added that " the Bank is working on the mechanisms in place towards the implementation of this project is expected to commence by the beginning of 2017 , " noting that " the central bank began the first steps of the project through the selection of designs, companies and the country that will be done Print currencies. "
 
He noted that" the introduction of new currency does not mean the destruction of ancient coins , but it will continue to trade to about ten years , "pointing out that" this period will enable the central bank to withdraw the old currency in accordance with the mechanics will maintain market liquidity. "
 
Finance Committee and was in former House revealed, (2013 August 15), the postponement of theprocess of removing zeros from the currency until after the next parliamentary elections, while confirming that the government is demanding guarantees for non - substituent currency back to themarkets and forge.
 
the Central Bank of Iraq confirmed, in the (April 25, 2013 ), that there is no intention at the moment to restructure the currency and delete the three zeroes of them, denying the reports in this regard. it is noteworthy that the General Secretariat of the Council of Ministers announced (April 12, 2012), for thepatient in the application process of deletion of zeros from the national currency, which had to be stop all procedures related to the transaction mentioned until further notice.
 
It is noteworthy that some economists believe that Iraq is not formatted for the time being to delete the zeros from the dinar, pointing out that the deletion needs to be a security and political stability as well aseconomic stability.
 
http://www.ina-iraq.net/content.php?id=27583
 
Central bank: 2017 will see the issuance of a new monetary categories
06.23.2015  Counting General Manager, version and inventories at the CBI Ihsan Yasiri delete the zeros of the Iraqi currency and a national project to feminine Iraqi currency, likely work on the project early in 2017.
 
"The Yasiri that" the Central Bank began to develop the study of new designs for the currency after removing the zeros it, "noting that" deleted zeros currency will deliberate for two Sntn in local markets, while the bank continues to center to pull the old category of the currency over a decade. "
 
He continued that "it is likely to launch a new class from the beginning of the currency in 2017 because there are a number of opponents of the project," pointing out that "monetary Asaddaramlat a class of 50, 100 and 200 to ease trading burdens currency after deletion of zeros, as well as the provision of liquidity to the means of transportation of currency."
 
And it decided the CBI earlier, re-exchange companies disadvantaged from the central auction of the coin and the end of their sentences.
 
As the central bank has decided to open a window in his headquarters in Baghdad to meet delegates and scholars requests outside the dollar and the official price.
 
http://www.khabaar.net/index.p.....html?print   (site closed for maintenance)
 
RMoore,  said:   Whoot Whoot on this statement:
 
He pointed out that " the launch of the new currency does not mean the destruction of ancient coins , but it will continue to trade to about ten years , " pointing out that "this period will enable the central bank to withdraw the old currency in accordance with the mechanics will maintain market liquidity."
 
Stevel:   However this is a great article, lets all stay grounded,
 
RMoore, , said:  Digging deeper, I think this article, though valid, is from 2015.
At the bottom of the article you'll find this:
Views 279 Added 06/25/2015 - 17:23 Last updated 10/13/2016 - 18:41 Content No. 27 583
 
In another article I found, with the link in Arabic, I find the date of 6/25/2015 8:05, the news outlet is - http://alghadpress.com/ar/      http://alghadpress.com/ar/
 =============================
 I then found this follow up from 2016:
 
The central bank applied the deletion of zeros and change the currency in early 2016
 
BAGHDAD / My today announced that a member of the economic and investment commission MP for the National Alliance and the fulfillment of cream:
 
"The Central Bank of the House of Representatives told to work on the application of my project to delete the zeros and change the currency together earlier this year , " 2016.oukalt
 
in a press statement that " the central bank governor Commission assured parliamentary that the project to delete the zeros is still under study, and work directly with will be the beginning of the year 2016 in conjunction with the replacement and change the currency ".ocdt committee economy parliamentary member , he said" the current reserves at the Central Bank of about $ 76 billion in DFI fund our $ 24 billion
 
She noted that "traded in the local market currency volume of 40 trillion dinars out of 47 trillion dinars . " She added cream that " the security situation existing in the country is not ready to proceed with the application of the project to delete the zeros and replace the currency" .opent
 
that "Parliament face to tighten controls on these projects financial and follow - up of corruption and fraud indicators. and it was agreed to pursue a serious oversight to file money laundering and maintaining the financial policy of the country ", warning that" the entry coins forged in conjunction with the application of my project to delete the zeros and replace, change currency ".
 
ccant committee economy parliamentary and investment hosted last week Governor the central bank on the Keywords to discuss the issue of the deletion of zeros and anti - money laundering crimes and develop the work of Alahlih.ivkr banks that the central bank was likely earlier in the application of the draft deleted three zeros from the Iraqi currency early 2015 to reduce inflation .
 
It is his part, economist lion Muhammad Ali that the application of a project to currency restructuring after deleting three zeros which is a necessity in light of the digital inflation , which move Iraq from Alumblyarah budget to Altrliunah, these figures are not commensurate with the Iraqi budget and size of the value, there is no justification for the issuance of large groups of perhaps will cause economic problems currencies.
 
He said Muhammad Ali: The project to delete the three zeroes includes finding less than traded values now that does not solve the Iraqi currency flabby crisis digitally which poses a scenario deletion of zeros as a scenario balanced in light of the stability Alamlh.
 
utaba: that in the event of a fear can increase the period of transition to trading currencies new and old together, either to find alternatives to the project , such as the issuance of large groups or small metal coins are considered partial prosthesis and circumvention of solutions to a big problem by the small.
 
While said former MP Abdul - Hussein al - Yasiri that the current administration of the Central Bank has proposed issuing Banknotes with large classes K (50) thousand dinars and 100 thousand dinars, as well as with small groups of coins, to get rid of the large currency bloc in the Iraqi currency while it lingers from the application of the project to delete the three zeroes at the moment and confirmed that it is well suited for the application.
 
Yasiri said: that this proposal will be one of the basic tools for the implementation of the national project to restructure the local currency after deleting three zeros of them, which is a prelude to the application of the project, saying it was a successful process through which the issuance of large groups of currencies , which the aspirations of the central bank to reduce the bloc large of currency cash.
 
He pointed out: that small groups of current currency as 1000 dinars and 500 dinars and 250 dinars, perishables and a few circulating in the market, it could print a new currency instead of damaged, as well as printing new currencies of categories small Caldenar and a half dinars and quarter dinars work together with the old currency, to dominate the market first , and also facilitates the application of the project to delete the three zeroes from the national currency process. 

He ruled Yasiri affected the Iraqi economy in general and domestic market especially when issuing large coins category (50) thousand dinars or above in terms of increasing inflation rates, noting that when it is printed with small groups of currencies with the currencies of large groups Vmkhaov negative impact on the economy a little. calling: the central bank to speed up the issuance of these new currencies in preparation for the implementation of the project to delete the three zeroes from the currency Aloutnah.
 
ahar that the central bank, revealed earlier his intention to issue coins small categories, indicating that those currencies, which may be issued in no time next year, it will be written in Arabic and Kurdish, confirming the existence of a proposal for the issuance of Banknotes great worth fifty thousand Danar.okan central bank confirmed that he is currently working according to the tables and under the supervision of specialized committees to issue new coins of large groups.
 
Mbeya that the largest category of coins now available are the 25 thousand Iraqi dinars and purchasing power have no more than $ 23, so there is more than one proposal to the Central Bank, to put up bigger than the existing currencies, such as issuing currency up to 50 thousand dinars .

LINK

 
Stevel:   It is all good regardless if it is printed again. That does not devalue the content or meaning.
 
This has been talked about for years in many articles their intent, and regardless of how they do it, they are going to do this in the very near future.   Have a safe weekend.
 
ISIS forces people of Mosul, confiscates Iraqi Dinars

SteveI:  With a currency worth very little, it does make you wonder about the future of its value especially when they enemy is trying to get their hands on it. I think ISIS is hurting financially now in a big way and trying to pull out all stops to do some drastic measures. Keep praying for the Iraqi citizens.

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