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General Secretariat of the Council of Ministers: the government is seeking to have that exchange rat

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General Secretariat of the Council of Ministers: the government is seeking to have that exchange rat - Page 2 Empty General Secretariat of the Council of Ministers: the government is seeking to have that exchange rat

Post by Proven on Mon 04 Feb 2013, 7:32 am

First topic message reminder :

Excluded the General Secretariat of the Council of Ministers replacement currency or cancellation of three zeros at this stage and it was seeking to raise the value of the dinar against the dollar, noting that the government is seeking to be the exchange rate 1000 dinars to the dollar.

The Secretary General of the Council of Ministers Ali Mohsen Ismail in a press statement, received and agency news news (et) copy of it on Monday that the project replace currency and the abolition of three zeros discussed during the last term in the Council of Ministers, stressing that the Council stressed that this project is not a priority for the government at the moment there is no real problem in this area.

He noted that the replacement of the currency in itself requires a large adjustments, as there are still issues with this side after the fall of the dictatorial regime, where the mass of currency in circulation is limited, but it has doubled now than it was at the time, and therefore the process of withdrawing this block is large and difficult task.

The secretary general said some have the wrong impression implies that the deletion of zeros will reduce the size of the money in circulation Kkamih, and indeed it does not reduce even by 1% and although the government believes that the change of currency is a good thing in the case of appropriate conditions for its application, but does not give him priority But when there are stable conditions.

He pointed out that the Iraqi dinar candidate because rising price against the dollar, and there is economic and financial viability enables dinar to be stronger than it is now, the chances of higher value available, especially with the growing backlog at the central bank, which exceeded $ 65 billion and rising steadily along with high economic growth in Iraq and is now one of the most developed countries in the world thanks to the expansion of oil production.

And the Secretary-General that the ingredients objectivity and economic available in the direction of the high exchange rate of the dinar against the dollar, adding that the government is seeking to have that exchange rate 1000 dinars to the dollar in the sense that the price of the currency class hundred dollars a hundred thousand Iraqi dinars and that any improvement in the political situation of could contribute to make this happen faster.

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Post by Proven on Mon 04 Feb 2013, 10:31 am

[You must be registered and logged in to see this link.] wrote:If it was actually true Proven, then I would answer concurrently meaning, lower denoms in Iraq and the rest as I have always said, when they come in, they will be used for inter banking transactions.. ;)

Even with Shabibi gone, I have not read of any change in their monetary policies. In fact, the development plan are continuing...more oil, banking reforms, investing reforms, tarriffs, ect. The video with Turki was further confirmation of the implementation of the plan.
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General Secretariat of the Council of Ministers: the government is seeking to have that exchange rat - Page 2 Empty Cabinet Secretariat: Government seeks to have the exchange rate [1,000 dinars to the dollar]

Post by Hkp1 on Mon 04 Feb 2013, 11:10 am

Cabinet Secretariat: Government seeks to have the exchange rate [1,000 dinars to the dollar]


Monday, 04 February 2013 10: 39 Ambassador News Agency


{Baghdad Ambassador: News}

Excluded the General Secretariat of the Council of Ministers to replace or cancel three zeros currency at this stage, it is seeking to raise the value of the dinar against the dollar.

And the Secretariat's statement quoted Ambassador News Agency received a copy of it today its Secretary-General on improved relations, as saying that "the project currency substitution and cancel three zeroes discussed during the last period of the Council of Ministers, the Council stressed that this project is not a priority for the Government at the moment, there is no real problem in this area."

"The Exchange itself requires significant tuning process, there are still issues concerning this aspect after the fall of the dictatorial regime, with limited currency block, it now has doubled from what it was at the time, and pull this block is a difficult task."

He added that "some have wrong impression involves deleting zeros will reduce the volume of cash in circulation as the quantity, and the fact that it does not diminish, even by 1% despite the Government believes that the currency is a good thing if there are suitable conditions for its application, but does not give them priority when providing stable conditions".

He noted that "the Iraqi dinar to rise the price of the dollar, and economic and financial viability of dinar was able to be stronger than it is currently, and that the chances of higher value are available, especially with the growth of the accumulated reserve at the Central Bank which exceeded [65] billion dollars, rising steadily along with high economic growth in Iraq, and is now one of the most developed countries in the world thanks to the expansion of oil production".

Confirmed that substantive and economic components available in the direction of the rising dinar exchange rate against the dollar, noting that "the Government is seeking to have 1000 dinar exchange rate against the dollar, meaning that the price of the currency class 100 $ 100,000 Iraqi dinar", stating that "any improvement in the political situation can contribute to achieve this faster."

The Cabinet decided in its meeting held on 10 April, wait in the application deleting zeros from the local currency to further notice.

The Iraqi Central Bank, the Bank Adviser Mohammad Saleh appearance, has confirmed to IGN need Iraq to an administrative reform of the currency, and the deletion of zeros is the step comes within the country's administrative reform process, in order to reduce the cost of cash transactions in the economic process, in addition to the need to provide small groups currency used in trade transactions of small daily.

Officials at the Central Bank, in addition to some politicians and economists urged the Government to delete the zeros from the currency and issued new currency large cash categories, in addition to having small coins.

Observers say that the Government intended to delete zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar, but economists underestimated the importance of this step, saying that the cost of raising the zeros will be greater than the benefit of raising the zeros



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Post by Proven on Mon 04 Feb 2013, 11:14 am

Another article:

04-02-2013
| (Voice of Iraq) -
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Excluded the General Secretariat of the Council of Ministers
replacement currency or cancellation of three zeros at this stage and it
is seeking to raise the value of the dinar against the dollar.

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The Secretary General of the Council of Ministers Ali Mohsen Ismail
Center Brief for the Iraqi Media Network that the project replace
currency and the abolition of three zeros discussed during the last term
in the Council of Ministers and the Council stressed that this project
is not a priority for the government at the moment there is no real
problem in this area. Noting there The replacement currency itself
requires a large adjustments, as there are still issues with this side
after the fall of the dictatorial regime, where the mass of currency in
circulation is limited, but it has doubled now than it was at the time,
hence the process of withdrawing this block is a difficult task The
large



He stressed that some have the impression sinner E implies that the
deletion of zeros will reduce the size of the money in circulation
Kkamih, and indeed it does not reduce even by 1% and although the
government believes that the change of currency is a good thing in the
case of appropriate conditions for its application, but does not give
him a priority, but When available, stable conditions



The Secretary-General drew that Iraqi dinar candidate because rising
price against the dollar, and there is economic and financial viability
enables dinar to be stronger than it is now, and opportunities rising
value available, especially with the growing backlog at the central
bank, which exceeded $ 65 billion and rising steadily along with high
economic growth in Iraq. He is now one of the most developed countries in the world thanks to the expansion of oil production.
He said the ingredient objectivity and economic available in the
direction of the high exchange rate of the dinar against the dollar,
noting that the government is seeking to have that exchange rate 1000
dinars to the dollar in the sense that the price of the currency class
hundred dollars a hundred thousand Iraqi dinars and that any improvement
in the political situation could contributes to this matter faster.

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Post by duck2000 on Mon 04 Feb 2013, 11:35 am

1000 dinars only refers to the fils nothing more no rate!
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Post by notazbad2000 on Mon 04 Feb 2013, 11:44 am

[You must be registered and logged in to see this link.] wrote:1000 dinars only refers to the fils nothing more no rate!

Oh I see! It is a unit of measuring rather than a denomination in itself!


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Post by Proven on Mon 04 Feb 2013, 12:15 pm

[You must be registered and logged in to see this link.] wrote:1000 dinars only refers to the fils nothing more no rate!

Duck, the following was written in english. How does this statement relate to fils?

"He pointed out that the government is trying to reach the level 1000 Iraqi dinar as equivalent to one US dollar."

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Post by notazbad2000 on Mon 04 Feb 2013, 12:21 pm

[You must be registered and logged in to see this link.] wrote:

Duck, the following was written in english. How does this statement relate to fils?

"He pointed out that the government is trying to reach the level 1000 Iraqi dinar as equivalent to one US dollar."

[url=http://en.aswataliraq.info/(S(imrnzsmdebr0dezvcs2dk0u5))/Default1.aspx?page=article_page&id=152356&l=1
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All of the article may be written in English, but they are ALL from Arab sources. Which leads one to believe they were translated.


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Post by lonelyintexas on Mon 04 Feb 2013, 1:02 pm

Wonder if the 1000 to 1 is more of a benchmark. And then following removing three zeros from the exchange rate, not the bills. Shows comparision to the dollar, along with the 1000 fil system instead of 100 fil system we use in US. Meaning would be around the three and half we are looking for.

Thanks

LIT
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Post by duck2000 on Mon 04 Feb 2013, 3:45 pm

[You must be registered and logged in to see this link.] wrote:

Duck, the following was written in english. How does this statement relate to fils?

"He pointed out that the government is trying to reach the level 1000 Iraqi dinar as equivalent to one US dollar."

[url=http://en.aswataliraq.info/(S(imrnzsmdebr0dezvcs2dk0u5))/Default1.aspx?page=article_page&id=152356&l=1
because][You must be registered and logged in to see this link.] at currently we have .1160 per dinar not one dinar worth anything ..!

its the reason they talk of raising the zeros!

.00085

and besides they cannot return to one dinar per dollar to start !
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Post by Proven on Mon 04 Feb 2013, 4:33 pm

[You must be registered and logged in to see this link.] wrote:because][You must be registered and logged in to see this link.]
because[/url] at currently we have .1160 per dinar not one dinar worth anything ..!

its the reason they talk of raising the zeros!

.00085

and besides they cannot return to one dinar per dollar to start ![/quote]


I'm trying to understand what you wrote.

Are you saying that because the dinar has little value it is the reason they talk of raising the zeros? Is this the reason you believe they are talking about fils?

Why can not Iraq start at one dinar per dollar? Is it because it you believe Iraq will move to a floating rate?

I honestly want to understand your reasoning.

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