A new Iraqi currency. Soon

The Central Bank seeks to delete the three zeros of the Iraqi currency since 2003. Which raises many concerns on the street level and the business and financial community and economists seem divided between supporters of the project saw an opportunity to reduce the rates of inflation and unemployment and forewarned of economic shocks might prevail in the Iraqi market by implementing this project.
About this article
Author: Amina al-Dahabi
Posted: October 1, 2013
Categories: Authentic articles  Iraq
The project has been postponed after the Central Bank introduced its amendments, most of the time because of fears based on the most unruly security situation and open market to foreign goods and counterfeit currency circulating on the market in addition to rampant corruption in the country.
The independent Iraqi news agency quoted a member of the Finance Committee in Parliament, Abdul Hussein Al-yasiri in fourth from last September as saying that 2014 will delete the zeros of the Iraqi currency, in coordination with the Central Bank. Al-yasseri said that this project will reduce the size of the national currency in circulation of four billion Iraqi dinars to 1 billion.
, Said the Chairman of the Finance Committee in the House of Haidar Al-Abbadi for "monitor" it is possible to delete zeros from the current currency, but it has been postponed until after the parliamentary elections, adding that studies are now to establish safeguards to reduce fraud, and make sure that trading in the current currency.
The process of deleting zeros was postponed more than once, until called on Parliament's Economic Committee, reported channel "East" on the 7th of July, the Central Bank, to speed up the process of deletion of zeros of the Iraqi currency in a press conference that the deletion of zeros will increase the value of the Iraqi dinar will be reflected positively on the issue of reducing unemployment and poverty in the country.
But the financial advisor in the "North Bank" Nafi ' Elias said in an interview to "monitor" the deletion of zeros are only administrative, process equation of cash must remain as they are, that the purchasing power of the new currency must be equal to the old currency. Elias said that trading in both currencies for up to three years old to withdraw gradually from the market. Elias predicted that highlights the problems if not resolved operations of the creditor and the debtor or if the any payments and withdrawals. But it would not affect inflation rates or poverty.
, Vice Chairman of the Finance Committee in the Iraqi Parliament Ahmed Faizullah to "monitor" the wholesome Elias, noting that the deletion of zeros will not alter the purchasing power of the Iraqi dinar because it is linked to the volume of industrial production and import. What saved the Iraqi dinar is owning the Central Bank cash reserve of hard currency might formed engaging cover to the dinar. Called Faizullah to not implement the project at this time because it could confuse the market and citizens alike.
Amid those views the Commissioner for "Breeze" stock trading for INAS Mohamed told "the monitor", to sue the securities will be affected by the change and delete the zeros. The stock is still selling dinar, currently equal to a thousand shares, while will become one new dinar after the deletion of zeros equals 000, which could confuse the stock market basically confused movement due to the security situation in the country.


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Well this is fiscal 2014 so where's my money ??? Lotta good stuff lately , chapter 7 offcailly released and 8 laws be read for the 2nd time investiment and economic laws and the traff law be offcail and will go into effect in 30 days . Oct 1 Iraq is holding a international confrense with 17 countries everything from oil to schools . All we need now is a little rv !!!! Make this a real show stopper !!!! Pass UR tax laws make UR money good $$$!!

And if u read this close it says 2 currency s run concruit at the same time new and old , small denomantion and the large notes , will b worth the same amount so not to confuse people and the markets $$$$ lot of good info in this article !!!!

kelnchp wrote:the purchasing power of the new currency must be equal to the old currency.

Well Gee, this article is as informative as a speechless newscaster. That could mean a number of things but we have to exclude the former exchange rates at all cost, "csd" said, that 1917 could mean 2017, so you can make up whatever you want in your head an....... it must be right, those older rates don't matter even though some people are quick to refer to a past rate............. you can only do that when it's convenient for you to make your case(as weak as it may be)then it's okay, even if it's not reality.

wayoutnow wrote:And if u read this close it says 2 currency s run concruit at the same time new and old , small denomantion and the large notes , will b worth the same amount so not to confuse people and the markets $$$$ lot of good info in this article !!!!

nope

wayoutnow wrote:Well this is fiscal 2014 so where's my money ??? Lotta good stuff lately , chapter 7 offcailly released and 8 laws be read for the 2nd time investiment and economic laws and the traff law be offcail and will go into effect in 30 days . Oct 1 Iraq is holding a international confrense with 17 countries everything from oil to schools . All we need now is a little rv !!!! Make this a real show stopper !!!! Pass UR tax laws make UR money good $$$!!

fiscal year for iraqq starts in Jan. 2014.

dennisalexander1 wrote:fiscal year for iraqq starts in Jan. 2014.

 long as you dont say 14 days or this will happen on a sunday! lol...

Bring it on!:D

wayoutnow wrote:And if u read this close it says 2 currency s run concruit at the same time new and old , small denomantion and the large notes , will b worth the same amount so not to confuse people and the markets $$$$ lot of good info in this article !!!!

i read it closely and that's exactly what it says. concurrently for 3 years. seems pretty simple to me.as the old is taken in destroy it. then after the 3 years refuse to honor the old currency.

fonz1951 wrote:i read it closely and that's exactly what it says. concurrently for 3 years. seems pretty simple to me.as the old is taken in destroy it. then after the 3 years refuse to honor the old currency.

 

Yeah that is what I read too.