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The restructuring of the Iraqi currency

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wciappetta
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The restructuring of the Iraqi currency

Post by wciappetta on Fri 22 May 2015, 5:09 am

Near the bottom of the CBI document reveals there will be an introduction initially of a 50,100 and 200 dinar note... it's been planned and it absolutely proves that it's not a 50K and 100K note being introduced. 


The restructuring of the Iraqi currency


Project to delete the three zeroes and a thousand cash transactions
 D. The appearance of Mohammed Qasim
 Deputy Governor of the Central Bank of Iraq
 January 2012
 ____
 
http://cbi.iq/documents/mudh_pub5_f.pdf
______________________________________________________________
In light of the economic and financial conditions and volatile inflation pressures that befell in
Previously our country, and it led to a negative impact on the regularity of the commercial market and labor markets and production
The standard of living of citizens, has generated many distortions in economic structures and relationships that
Among them was the presence of the mass of cash many zeros of little value and in a manner commensurate with the developments
The next in the present and future of the Iraqi economy, which requires finding a solution to these circumstances
And offal, and these solutions repair currency management system through restructuring and delete
Zeroes of them to control the flow and management of the cost of the money supply to optimally.
The mass circulation of cash exporter of more than 30 trillion Iraqi dinars various categories
And reflected by the number of securities traded amounting to 4 billion banknotes are the product of a long period of
Inflation and economic decline, rising, for example, the index of consumer prices
Bassas 1993 from 100 to 200,000 in the midst of 2003, which means that the item, which
It was sold at 100 dinars become sold for 200,000 dinars ... and so on. So under the circumstances
And the deterioration of the currency value of the currency rose largest category of 25 dinars to 25,000 dinars, which means that
Inflation is the one who added the zeros *.
 ___________________________
* Do not fit the current currency classes with the current economic situation and the next Windos example and before the outbreak of the Iran-Iraq war was 25 category
Dinars equivalent to $ 75 purchasing power of that time or its equivalent at present 300 000 dinars. Inflation has been added in the country over the
Three decades zeros to the currency, and although it did not raise those zeros from the purchasing power of the largest class of the currency which the 25 000 dinars
And which is equal to $ 21 today. Today we need to restructure the currency. Valasfar large mass means significant cash in circulation stands at about
30 trillion dinars, which required a direct cash trading and to a significant cost in the count and takes time and spatial properties and security. In the system
Prices, longer price is the value of crossing them with cash and then the costs of payments and the wage and salary structure and Akiem not all transactions eventually become
Commensurate with the country's need to cash management system consistent with the restructuring of the real sector and price levels reached. The country needs to easy monetary system
Dealing and small groups and large expressive that the real cost of the structure. (See details in the margin of the subsequent page).
 
And he noticed that during the period 2007-1990 increased inflation index of consumer prices
% To 400,000 and with a view to streamlining the item which was sold a hundred dinars before the start of the Kuwait war
In 1990 it became sold for 400,000 dinars in 2007. Note that the value of the dinar
Iraqi and twice fell sharply during the period 1998-1990 at a rate of more than 99% against the dollar
US. The decline was the first in 1990 and the other was the decline in 1997
And increased by 93.2%, making Ajmal decline in the Iraqi dinar exchange rate against the dollar
By (negative 99.99%) at the end of 1998 and during this period alone amounted to
Inflation in the index of consumer prices of 45,000%.
Taking Maalmna inflation means money himself high prices on goods money price
And services (any mother of the money we need to swap certain bundle of goods and services .. Whenever
Increase the amount of money allocated to the swap on the package itself means that there is inflation or
A rise in cash prices). Noting that the value of money is inversely proportional with money rates, and
Price is the value of goods and services expressed in cash *
 
(*) Social studies suggest that entered Iraqi doctor monthly rate was not worth purchasing a force in the nineties of the last century, only to buy 30
Chicken egg and 20 pieces of bread in the month and over the years of the economic blockade. That as many of the workers in different institutions may quit
Working for the fact that the monthly turnover does not cover transportation costs to the place of work. And forgotten how created distorted markets in the country bartered by the materials used
Of furniture, consumer durables and clothing to buy flour or sugar and fill the minimum food needs of families. And that the agricultural sector itself feudalism
Food producer mess, have deteriorated since the seventies of the last century because of the deterioration of the countryside and Bria oil indulging in public office
And the militarization of the country During the period 1982-1972, for example, average annual growth rate in the agricultural sector (minus 1.1%). While the rate of growth
In the sector between the years 1972-1962 of 7.1% per year has reached. With the offer to all commodity sectors saw a deterioration in growth during the year
The nineties, especially agriculture and industry.
Today, the average annual per capita income of the Iraqi gross domestic product rose to more than US $ 5300, after he was currently only $ 750
By the year 2003 and that the average government employee income of approximately twice the average per capita income of gross domestic product and an estimated 10,000
Dollars annually.
 
And when the money was anything is agreed upon by the community to become a broker of exchange and a store of value
And the unity of account, the money (legal) issued by the monetary authority under the law and relevant
Legal tender of the receivables, viewed as a social institution Social Institution, where increasing efficiency
Economy and its operations in exchange efficiently move those social institution any coins and vice versa
Versa. Continuous inflation has led to high number of traded 23 billion dinars in the currency
1991 to around 30 trillion dinars at the present time, the higher the largest category of coin
25 dinars to 25,000 dinars over time. Thus, drawing new inflation figures of the coin
Traded to add three zeros which has increased the amount of cash transactions and arranged nominal costs
The production of large quantities accompanied by the promise of storage, and distribution, sorting and checking her escort operations
And double the levels, helped to increase the operational risks associated with Operational Risk
With price stability and optimism in Iraq's future development it has become necessary
A radical reform of the management system and the currency by re-structure commensurate with the structure
The new prices, stable and different levels of wages and salaries, which differed significantly from the
The last thirty years, as well as handle the mass of cash in large components so weak
It has become the largest category of the coin, but not worth $ 21 at the present time. Noting that the rise
GDP for Iraq of $ 140 billion at the end of 2010 to more than
$ 300 billion at the end of 2015 will increase the money supply Exporting than 30 trillion dinars
To about 70 trillion dinars. And the weak structure of the currency structure as mentioned above may take
It adds cost is called the cost of cash transactions in terms of trading by both between individuals themselves
And individuals, banks and within the same banking system. **
** Lamcy demand for the US dollar (in particular the category of $ 100) is an urgent need for the settlement of cash transactions in the market ___________________________
Local outside the will of the monetary policy of the fact that the market is looking at transactions into categories is the largest currently available but it is embodied
The category of large US currency for easy to carry and traded to reduce the cost of trading cash or cash transactions. So the system
Iraqi cash has become an urgent need to reform the administrative system of cash payments for there to be a high purchasing power of monetary categories
Trading in easy to carry and acquisitions in order to facilitate cash exchanges for the purposes of transactions that imbalance Aoualemtajerh .mnohen
In the structure or composition of the current monetary units have the depth of the problems (dollarization), which arranged undesirable traces on the effectiveness and performance
Monetary policy.
 
In Sweden, for example, which is now available in one of the best systems
Cash payments in the world and in spite of that, the cost of trading cash counting
And sorting and transport and storage of the coin costing the national economy gain of 4% of GDP
Of Sweden. How can we compare this in a country such as Iraq it shall be managed so weak enormous amounts of cash
Installation, which adds the cost of cash transactions possibly up to 8% or more of gross domestic product
Overall, the burden borne by the individual in his dealings, which reduces the efficiency of taking cash as an institution
Social support to the economy of various institutions, including the market as evidenced by the limited
Big push to the US dollar cash transactions, which means bringing in a currency other country
Trading for the award of cash transactions because of falling efficiency and installation of the current money supply.
 
And raises the multiplicity of zeros on the currency classes with low purchasing power have great difficulties
The difficulty of trying to express the monetary value as well as the difficulties of monetary operations and the same problems
Technical in the recording of statistical data and registration in the accounting books and change of Computing Systems
And settlements systems as well as long-figures show prices make it difficult or sometimes even counters
Digital devices to read Asfarha at gas stations or other digital devices.
On this basis, it has become a need to reform the system of cash payments through
The following advantages:
 
The spas on the horizontal plane: deleting three zeros
- Conversion of 30 trillion dinars to 30 billion dollars by deleting three zeros from the currency
Current and replaced with a new currency, making it easier to deal with arithmetic numbers are fewer
At the level of the federal budget accounts, banks' balance sheets and companies as well as
Cash family budget (individuals) without any change or arrange change on income or wealth
Monetary and moral natural for people as well as the lack of impact on contracts
And obligations between the natural and legal persons of all. It is the so-generating function
Sports homogeneous class zero Homogenous Function of Degree Zero,
As long as the amount of new money covers smaller number of commodity exchanges in the package itself
 
In the old figure of the larger coins. On this occasion, it looks like (David Hume (1711 - 76
(One of the pioneers of the science of economics pre-classical school in the famous political debate his book
Or political controversy Political Discourse issued in 1752) the effect of price levels
Par with the amount of money Alatvaa such as the transition from the Romanian figures Arabic numerals
(The figures currently English), this move does not change the basic principles of
The account or mathematics. The rise in the amounts of money leads to higher prices for
Without the same impact on the results of the real economy.
 
Second on the vertical level: restructuring and currency composition
- What was the big category amounting to 25,000 dinars form alone (two-thirds of the amount of securities
Traded), the issuance of the largest categories mean the reduction of four billion securities traded cash
Now converted into a number equal to (1.180) billion banknotes. As Stakhtzl categories
Large currency of approximately 90 - 80% of the total exported to the new categories%
Trading (200 100 categories such as 0.50 new dinars).


 Based on the foregoing, the cost of cash transactions between individuals and between banks and
Individuals themselves natural or moral will fall inevitably in terms of counting and sorting costs
And audit. If Maalmna, that the stock traded eroded cash on average during the period
Five years, which means replacing the enormous mass of poor installation and arrange printing costs
High security specifications which is another burden is borne by the issuing authority, a cash of
Waste management system cash generated by the previous economic downturn and not fit to become
And the desired stability and economic progress.
Finally, that the reasons for changing the current currency expresses the fruit of economic stability
And the success of the policies of the Iraqi Central Bank in maintaining stability and of
The stability of the Iraqi dinar exchange rate and inflation falling to one decimal and building
Foreign reserves support the Iraqi dinar at levels never before achieved within the thirty
Last year, which is the Iraqi currency cover. In addition to improving the payment system
Cash and make it leave the adhesion and installed Alrahnin past economic and Achtlalath
And rebuild for the future economic development of real and nominal and givens.
 
Therefore, the Bank has prepared the Iraqi central long-term strategy is applicable
In the future when the availability of appropriate opportunity and gradually according to clear instructions and regulations
Extention provide protection for the various rights and interests in line and the stage of prosperity
And future economic growth is expected, where average per capita income will increase over the past
Coming to more than once and the economy will step steps towards progress, which requires reform
The remnants of the stages of inflation and perhaps some of the legislation requires this regard.

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Re: The restructuring of the Iraqi currency

Post by Stevethebrit on Fri 22 May 2015, 5:52 am

Now THATS interesting!

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Re: The restructuring of the Iraqi currency

Post by Screwball on Fri 22 May 2015, 5:58 am

Very interesting! Where you been hiding that?

wciappetta
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Re: The restructuring of the Iraqi currency

Post by wciappetta on Fri 22 May 2015, 6:28 am

My friend brought it to my attention and I decided to translate the entire document, it is most revealing....


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mochasmom
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Re: The restructuring of the Iraqi currency

Post by mochasmom on Fri 22 May 2015, 7:25 am

Wow, especially on a Friday when there is no news, you made my day Ward!!! Thank you!!!

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Re: The restructuring of the Iraqi currency

Post by sassy on Fri 22 May 2015, 7:44 am

Thanks Ward  yes 

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Re: The restructuring of the Iraqi currency

Post by lonelyintexas on Fri 22 May 2015, 7:54 am

Thanks Ward, very interesting article.  Good things are coming.
LIT
yes

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Re: The restructuring of the Iraqi currency

Post by Proven on Fri 22 May 2015, 8:40 am

Thanks Ward,

Here is a quote for this article:

Among them was the presence of the mass of cash many zeros of little value and in a manner commensurate with the developments
The next in the present and future of the Iraqi economy, which requires finding a solution to these circumstances
And offal, and these solutions repair currency management system through restructuring and delete
Zeroes of them
to control the flow and management of the cost of the money supply to optimally.

To support this project, here is a quote from a recent article:

Central: Print thousand paper of class 25 thousand does not cost $ 60

The Yasiri's (IMN) that "the central bank is serious about printing new cash categories that will be one of the two categories of 50 and 100 000 dinars, which is in the process of selecting designs and corporate printer."

He continued that "copyright decision of the powers of the Central Bank exclusively because it is part of the monetary policy, which can not interfere by any party, "stressing that" printed currency project is necessary to modify the Iraqi banknotes structure in preparation for the implementation of the project to delete the zeros. "


http://nenosplace.forumotion.com/t34176-central-print-thousand-paper-of-class-25-thousand-does-not-cost-60

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Re: The restructuring of the Iraqi currency

Post by day dreamer on Fri 22 May 2015, 8:46 am

@lonelyintexas wrote:Thanks Ward, very interesting article.  Good things are coming.
LIT
yes

Indeed !!! flower

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Re: The restructuring of the Iraqi currency

Post by mochasmom on Fri 22 May 2015, 9:00 am

Whats sad is that it is from 2012...damn Maliki

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