Posts Tagged ‘Revaluation’

Original Date: 03/21/2012  

Updated: 12/09/2012

Last Update: 12/23/2012

A source at the Central Bank of Iraq for four companies currently competing to win a draft print the new Iraqi dinar, which will generate graceful after deleting three zeros from him, while Samay central bank to raise the value of the dinar against the dollar gradually down to the day to start replacement where the value will be in the absence of a fluctuating one Iraqi dinars equivalent to U.S. dollars one.

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BAGHDAD, Oct 3 (Reuters) – Many Iraqis have lost faith in their dinar currency but to some foreign speculators, it promises big profits. The contrast underlines the uncertainties of investing in Iraq as the country recovers from years of war and economic sanctions.

Read more: http://reut.rs/QIaNLp

Baghdad (AIN) -MP, Aliya Nusayif, of the Iraqiya Hurra bloc called Iraqi Government to “exert diplomatic efforts to convince Russia to releif Iraq from the UN’s Chapter No. 7.”

She said in a statement by the Media Office of the bloc “Russia is currently responsible for supervising the work of the special Committee to consider keeping Iraq under the international sanctions stated by the UN Charter’s seventh Chapter as it is among the permanent members in UN Security Council so it can play important role in ending the UN sanctions on Iraq.” (more…)

Diyala, July 14 (Rn) – The parliamentary Finance Committee, on Saturday, that the process of replacing the currency and delete zeros of which will be gradually beginning next year, noting that the process takes two years to three.

A member of the Committee and the representative of the Iraqi List Auzmn Hassan, told the Kurdish news agency (Rn) that the Iraqi Central Bank will begin to withdraw the current currency early next year, gradually and keep the current currency trading to give citizens enough time to replace the currency. “

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07/14/2012

The Iraqi Central Bank estimated cost speculative project to delete the zeros from the currency up to 172 billion dinars ..

The study by a private project delete the zeros received / JD / copy: The total cost of speculative to project the deletion of zeros up to a hundred and seventy-two billion dinars, “.. (more…)

Central Kurdistan seeking to overturn a primer edition and the inclusion of the Kurdish language in the new currency

Posted 14/07/2012 08:52 AM

Babinaoz (Reuters) – called the Central Bank of Kurdistan, Saturday, to speed up printing Iraqi currency zeros deleted and the inclusion of the Kurdish language to the new edition and to abolish the “Bremer edition” issued in the circumstances “exceptional.”

And through the Director General of the Central Bank in the Kurdistan Region Adham Kareem told to “Twilight News” his belief that “the deletion of zeros from the Iraqi currency sound process,” pointing to the possibility of the existence of frequency by the businessmen and investors about the process. ” (more…)

Posted on 11 July 2012. Tags:

MP Abdul Hussein Raisan, of the Ahrar bloc, has said that deleting the three zeros from the Iraqi currency was “inappropriate due to the present economic conditions”. (more…)

13 July 2012

An MP and member of the Parliamentary Economic and Investment Committee, Aziz Sharif al-Mayahi, has demanded that the Iraqi Central Bank dismiss and replace some “influential figures” in the Bank who allegedly manipulate the exchange rate of the Iraqi dinar against the US dollar. (more…)

On: Saturday 16/06/2012 14:59

Baghdad (news) .. Said economist Maytham and coffee, that the proposal to replace the currency with another, “demilitarized” zeros and switch symbols fee (ziggurat) is the culmination of the efforts of the monetary authority to stabilize the Iraqi dinar exchange rate. (more…)


Article 1: After the war; No Electricity but Kuwait Reopens Its Banks

It still has no water and little electricity or food, but Kuwait revived its banking system today, introducing a new currency. Banks reopened for the first time since Iraqi occupation forces shut them down in December. Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new ones and to withdraw a limited amount of money. (more…)

Date: Saturday, 24-03-2012 01: 30 pm

Baghdad (newsletter) …Member of the Finance Committee warned Deputy/National Alliance/Abdul Hussein Al-yasseri, from the increased demand for US dollar-buying because of the deteriorating security situation in neighbouring States, calling for not reducing the sale of the dollar in the Central Bank auction when demand for buy it to preserve the value of the dinar against the dollar.

He said Al-yasseri (News Agency news) on Saturday: increased demand for buying the dollar gets as a result of war or political motivation in a particular country, thereby generating a kind of propaganda for peoples that the currency will fall or landing, it begins the process of dragging the dollar from neighbouring States as international currency dealing by all States. (more…)

Tuesday, March 20, 2012 08:18

BAGHDAD / Baghdadiya News / …. sources from within the Central Bank of Iraq that the latter already begun the contracting process to print a new Iraqi currency after deleting three zeros of which, Pointing out that the central bank just waiting to give him the green light if there were objections to the drawings and designs.

The sources indicated in comments summarized by / Baghdadiya News / “The central bank introduced a draft law to delete the zeros to the Chairman of the House of Representatives Osama Najafi, and ensure that everything about this great project which will start work by the process of offering the new currency for circulation early next year, and will continue to drive the replacement of three years. (more…)

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. (more…)

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.

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BAGHDAD / Baghdadiya News / .. Expert called to the economic restructuring of the Iraqi dinar currency in conjunction with the switch and delete the zeros of the categories of cash through the issuance of large Bokiem said it will raise the rates of circulation of the national currency and reduce inflation.

The economic expert as Anton told / Baghdadiya News / the need to “re-structuring of the local currency and its composition with the release of the new currency after deletion of zeros, through the issuance of classes of the Iraqi currency Bakiem great for reducing the burden of the number of banknotes of the currency which will lead to increased trading currency local, “explaining that” the absence of domestic production and dependence on imports is the reason for the large number of the dollar but there is another reason can not be underestimated is the lack of categories Bokiem large currency, citing his call for end of life inclusive of the coin current in the market after more than seven years “. (more…)

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». (more…)

The member of the Finance Committee MP Haitham Jubouri the central bank to increase the financial liquidity to maintain the value of the Iraqi dinar against the dollar.

He said in a press statement that “the Iraqi currency has led recent fluctuation represents a significant decline in the price of the Iraqi dinar against the dollar and this portends economic disaster caused damage to all citizens.”

He Jubouri: “The central bank should take its role in this matter, as the issue price of the dinar based on supply and demand and thus should increase liquidity in order to preserve the value of Iraqi dinar and the dollar equivalence.” (more…)

AKnews reports that the Iraqi Central Bank (ICB) has confirmed it will issue a new bill with a value of 50,000 IQD ($43) but marked as 50 dinars.

Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq. (more…)

UN Iraq’s representative visits Kuwait next week
Politics 11/21/2011

BAGHDAD, Nov 21 — UN Secretary General’s special representative in Iraq Martin Kobler said Monday he would visit Kuwait soon to discuss outstanding issues between Baghdad and Kuwait.

At a news conference after a meeting with Iraqi senior Shiite cleric Ali Sistani in An-Najaf, Kobler said he “will visit the State of Kuwait next week to discuss Iraq’s exit from Chapter VII” of the UN Charter.

Iraq is yet to address sticky issues like the missing Kuwaiti and third country nationals, return of national archive, paying compensations and maintenance of border signs. (more…)

Central Bank: Delete the zeros of the Iraqi currency in the process of study and debate, but will take a long time
Sunday, 13 October

The Central Bank of Iraq’s need for Iraq to the process of administrative reform of the currency cash.

The central bank adviser said the appearance of Mohammed Saleh told all of Iraq [where] that “the proposed change the currency in Iraq is a step comes as part of the country’s needs 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 for coins of categories of small used in the circulation of small transactions daily. ” (more…)

25/10/2011 11:56

The Iraqi market for securities6Baghdad, 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 her third dinar.”

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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.

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Dinar is equal to the dollar
Deputy Governor of the Central Bank of the appearance of Mohammed Saleh: that the bill included proposals for a new currency and the groups that carried and details of technical and economic.

Saleh pointed out during the permit media to switch the currency and the deletion of zeros decision taken by the executive branch and approved by the legislature, and that the project will not be implemented hastily, but will be taken among other factors to consider before you start to implement it, including the date of the financial year and the strength of the national economy, among other indicators in the favor of the view that

This law, if approved, will have a positive impact on the Iraqi currency in several aspects of the need during the next phase, which will strengthen the value of the Iraqi currency.

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Economists call to restructure the currency before embarking on any change it
03 July, 2011 09:44:00

Called experts, economists and researchers to prepare a comprehensive study and the restructuring of the Iraqi currency such as the foot on the change or delete the zeros of the three of them, as citizens through the fears of the impact of this step on the rising prices of materials and goods in the markets. (See Arabic Video Below) (more…)

Stressed the United Nations Mission to Iraq, Wednesday, that the full normalization of relations between Iraq and Kuwait, is nearing completion, arguing that the dispute between Baghdad and Kuwait on Port Mubarak ordered for the two countries, as stressed Iraq’s right to navigation in the Persian Gulf without obstruction according to the international resolution of the 1993.

The Special Representative of the Secretary-General of the United Nations Ad Melkert, said in an interview for “Alsumaria News”, “The issue of port Mubarak concerning the relations between Iraq and Kuwait, it is natural to be addressed within the bilateral committees formed by the two countries,” adding “there is satisfaction Iraq on the level of Information provided by the Kuwaiti side to him in this regard. “

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Iraq’s Chapter VII status in simple terms boils down to Iraq-Kuwait relations…thats it. But its a bit more complicated than that.

The remaining element in Chapter VII sanctions regarding Iraq involves the following:

1) Return Missing Person. This requires Iraq to find mass graves and return bodies of those involved in the Iraq invasion in the 1990′s. Saddam Hussein violently invaded Kuwait and killed civilians and members of the military and then buried them in unmarked graves in the sands of Kuwait and Iraq.

2) Return of Missing Artifacts. When Saddam Hussein’s army invaded Kuwait they looted museums and places of interest stealing everything valuable and/or historical.

3) Compensation by Iraq to Kuwait in the amount of $21 Billion.

4) Define the borders between Iraq and Kuwait …this is often called demarcation. This is not as simple as it sounds as it deals with shared oil fields, maritime rights, transplanting villages and people which are located on the border, etc.

5) The United Nations recently required the Prime Minister of Iraq to write a public letter to the Iraqi Parliament vowing to never attack or seek aggression with its neighbors, specifically Kuwait. This letter is then required to be read and submitted to the Iraqi parliament for validation.

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Central Bank: Aqrarrf zeros from the currency maker .. and needs to work in the fields of

Baghdad (news) .. Central Bank of Iraq that the decision to raise zeros from the Iraqi currency maker, but he needs to work in a field.

And said Mstcharalpennek appearance of the central Mohammed Saleh in a statement to correspondent Agency (news) on Wednesday: “The decision to raise zeros from the Iraqi currency maker But he needs to work convicts at the level of banks and international accounts in addition to the withdrawal of old currency. “

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Study: Deletion of zeros from the Iraqi currency between the robbery and yes

Join Dr. Ahmad Al-Wazzan, professor of economics at the College of Business and Economics University Mustansiriya To an audience of supporters of the proposal to delete the zeros of the value of national currency, as it says After for a long time has become for us to claim the existence of a monetary authority Iraqi enjoy full independence under a special law CBI contains all elements of independence, according to international standards known, and as we followed the arguments of those objecting to the decision to raise three zeroes from the Iraqi dinar value nominal, we have fellowship that say that our arguments as supporters of this resolution.

Provides some of the opponents of the resolution sarcastically, is not acceptable objective, some of the definitions, one of the axioms of monetary theory, which put in front of senior professors monetary theory of policy-makers the central bank, such as: that the central bank aimed at the events (the cash) to the public and Sestdrj emotional feelings about the sense of improvement in nominal value of the dinar is not real, and it is not right for a great merit of this argument by virtue of the availability of scientific expertise and advanced process for staff in the Central.

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The Currency Newshound Commentary: This is an economist opinion stating the obvious…which is just by deleting the zero’s from the face of the currency does not constitute raising the value of the dinar.  Only manipulating (revaluation, strengthening) the international exchange rate will promote the value of the dinar.

Economist: deletion of zeros from the currency value does not promote internationally
Date: Monday 05/09/2011 10:45

Baghdad (news) .. counting the economic expert on behalf of the beautiful The strengthening of the Iraqi dinar comes not delete the zeros and the degree of force but the country’s economy, stressing that this move would not enhance currency internationally.

The Central Bank of Iraq has put the idea of ​​raising three zeros from the Iraqi currency, and announced that he is nearing completion on finalizing the drafting of the law to regulate the process of lifting to be sent to the Council of the Prime Minister, while the Ministry of Finance announced last February that the deletion of zeros from the local currency will free up the economy Iraqi constraints and enhance the value of the Iraqi dinar in the Fund, the World Bank.

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Announced by the Secretary General of the United Nations Ban Ki-moon, Tuesday, during his second report to the Security Council pursuant to paragraph 6 of resolution 1936 in 2010, that remaining in Iraq on his release from the obligations of Chapter VII obligations with Kuwait on the issue of missing one of its nationals and their property and third countries; and the government’s assertion willingness to continue in the maintenance project the Iraqi border, stressing that progress in these issues is a precondition for the restoration of Iraq’s international status natural.

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