Thursday, June 29, 2017

IRAQ - Delete the Zeros , 29 JUNE

Iraq - Delete the Zeros.  If you read carefully, there will be a new currency with a new design.  The CBI will accept the old (current) notes for a period of ten years - in-country.  There is NO mention of any Iraqi currency outside of the country.  This will prevent ISIS and other bad actors from cashing into the new currency.  This is NOT a revaluation.  There is no mention of such.  It is important to note:  """The Central Bank of Iraq confirmed, in (April 25, 2013), that there is no intention at the present time to restructure the currency""".  Again, there will be NO revaluation.  If you wish to trade in your old currency for new, you will need to go to Iraq.  The dinar is not international, and those that hold dinar outside of Iraq can just rip it up.  This article is from yesterday....



Tomorrow Press / Baghdad confirmed the governor of the Central Bank of Iraq, on Thursday that the deletion of zeros project will be implemented in early 2017, indicating that the bank began to develop the first steps of the project. 

Keywords and said for "Tomorrow 's Press", said that " the goal of deleting three zeros from the Iraqi currency is to support the Iraqi dinar and make it a competitor for foreign currency", returned him as " a strategic project that will serve the country 's economy." 

"The bank is working on the mechanisms used towards the implementation of this project is expected to start by the beginning of 2017 , " noting that " the central bank began the first steps of the project by selecting the designs and companies and the country in which it will be printed currency." 

He noted that " the launch of the new currency does not mean the destruction of the old currencies , 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 mechanisms will maintain market liquidity." 

The Finance Committee in the former House of Representatives revealed, (2013 August 15), for the postponement of the process of deleting zeros from the currency until after the next parliamentary elections, while confirming that the government is demanding guarantees for non - substituent currency back to the markets and forge. 

The Central Bank of Iraq confirmed, in (April 25, 2013), that there is no intention at the present time to restructure the currency and the deletion of three zeros of them, denying reports that in this regard. 

It is noteworthy that the General Secretariat of the Council of Ministers announced (April 12, 2012), wait for the application of the process of deleting zeros from the national currency, which had to stop all procedures related to the process mentioned until further notice. 

It is noteworthy that some economists believe that Iraq is not ready at present to delete the zeros from the dinar, noting that the deletion needs to be a security and political stability as well as economic stability.

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