Central Bank: Parliament is convinced the process of deleting three zeros 19/12/2011 21:16

Central Bank: Parliament is convinced the process of deleting three zeros
19/12/2011 21:16


BAGHDAD / Star Ghazzi
The Central Bank is satisfied that the House of Representatives the process of deleting three zeros from the currency after examining the details of the project with experts and economists in the House of Representatives. "
The deputy governor of the Central Bank of the appearance of Dr. Mohammad Saleh said that "the central bank was able to answer all questions and inquiries of the Parliamentary Committee, which heard a detailed explanation on this subject, and persuaded the House of Representatives in the project and its positive effects on the Iraqi economy."
He added that "The project is also referred to the Economic Committee of the Council of Ministers for discussion indicating that the deletion of three zeros from the local currency will be in 2013. "
He noted that "the financial management system suffers from the legacy of a great need to repair a large remove the legacy of an open economy he inherited Iraq because of the policies of the former regime."
The central bank said it plans to issue a new currency from the category of 50 dinars after deletion of zeros which is equivalent to $ 50 thousand dinars at the moment. "
It examines the central, since last June deleting three zeros from the local currency in an attempt to promote the value of currency in circulation, external and internal. The Kurdish language will be added to the new currency in addition to Arabic. "
The Ministry of Finance to delete the zeros will free the economy from the constraints and enhance the value of the dinar in the International Monetary Fund.
He International Monetary Fund last August to support the Iraqi economy in the event of its number of economic measures, including raising three zeros from the local currency

http://www.uragency.net/ur/news.php?lang=&cat=politic&id=6900

Thank you Helend.

Me too, I was jumpin up and down too...LOL

This Seems To say to me that the RV will not happen until 2013. Am I correct?

I don't believe so

Hi Helen Thanks so much for all the articles...When I read this one yesterday morning the 2013 made me wonder what the timing was going to be????? At 5am I was not in the mood for considering 2013 luv ya..

Imdatdude wrote:This Seems To say to me that the RV will not happen until 2013. Am I correct?

To me, it does read that way. If you read it as it's written.

"The project is also referred to the Economic Committee of the Council of Ministers for discussion indicating that the deletion of three zeros from the local currency will be in 2013. "

What I've noticed with most, if not all these articles is the Iraqi language doesn't always translate to English very well. Sometimes you have to compare articles to understand the true context. I do believe that 2013 is when they are projecting to have all the 3 zero notes out of circulation. I feel like it's gonna happen sooner than that. I surly hope so anyway. Dads gettin awfully hungry.

The best news of this article is:

"The Central Bank is satisfied that the House of Representatives the process of deleting three zeros from the currency after examining the details of the project with experts and economists in the House of Representatives. "

In my humble opinion, the RV and the project of deleting the zeros are separate, yet obviously connected. The project will take some time to complete but how will the CBI bring them all in without a dramatic increase in the purchasing power of the dinar and the release of lower denoms?

Great article and thank you.

I agree with Reflection and Shredd.

It should be 'complete' BY 2013 is the way I interpret what the article says. Reflection has it correct IMO.

And....

The RV is indeed separate from the deletion of the zeros. 2 processes going on here. One is dependent upon the other it seems, but not necessarily at the same time.

However, I like what Pat, (I think it was him) had to say yesterday...the key phrase in this recycled article is "at the moment". This phrase has been added and Pat caught it. This indicates to me a change that is imminent. I agree with Pat's call from yesterday, he nailed it.

Great comments everyone. This hopefully clears up the article for many whom may have questioned its intent.

Best regards, BTS.

One other thought...IMO with Shredds correct interpretation, it is possible to start deleting the zero's, which many believe will take 2 years, but not RV until some time in the future. Possibly even 2nd or 3rd qtr 0f 12.

Just because they announce the deletion starts on 1/1/12, doesn't mean the RV happens that night.

On the other hand, the deletion may trigger the RV stop watch, and we may indeed see it within a 24 hour period.

Just a couple of options that roll around in my head.

Thank you all.
BTS

Interesting interpretations. If we remember Shabibi did say after our troops leave the Dinar would become more valuable. He did not say a fast revaluation. So as Bye the Sea put it, yes they can start the process and it will take time to get all the larger notes in. We could very well see a series of revaluations taking place in short periods of time. However to get the people to stop using the USD which is probably not as available anymore they are gonna have to start using the Dinar which at this time has little value. That alone just might get the RV to more along faster.

Also we have to remember that the IMF has to ok any countries attempt to revalue its currency. They have to or it would upset the financial structure of the world. Many players in this process.