BondLady's Corner Member Chat on Currency Reform Program Part 1
[BondLady] good morning everyone and thank you for showing up. I've had timmy grab 4 articles for me for us to review. Glad your here too Shredd to help with comments for my chat if yo don't mind and any other admin or mod who might have something to add to it.
[Shredd] sure thing
[BondLady] these 4 articles are important to this chat and will help you understand what is happening in Iraq right now everyone read them 1st so they can follow along
Economic parliamentary reveal that the balance in the fund Iraq DFI reach 24 billion dollars
Follow-up - and babysit - revealed a committee of economy and investment parliamentary, Monday, that the balance of Iraq in the DFI fund is $ 24 billion, as pointed out that the deletion of zeros from the currency will be in the next year.
The committee member said Jawad al-Bolani, during a press conference at the parliament building with members of the Economic Committee that "the things that are discussed within the Commission stocks traded for the mass cash charge by the central bank as well as the laws that help to develop the work of the Central Bank,
which will be legislation and include the Central Bank Act, banks The Money Laundering Act.
For his part, noted committee member Abdul Salam al-Maliki during the conference that "the Central Bank reserves reach 76 billion dollars in the fund DFI reach 24 billion dollars,
while the currency traded in the market 40 million trillion," pointing out that "the deletion of zeros from the currency will be in the next year ".
The Committee on the economy and investment parliamentary announced on Monday, will host the central bank governor on the Keywords to discuss the issue of deletion of zeros and the fight against money laundering crimes and develop the work of private banks.
Central Bank announces the launch near the 25 categories of the 5 alpha and thousands of "new Bhlthma"
Baghdad / term-Presse
The Central Bank, on Tuesday, near posed to the categories of the 25 thousand and five thousand dinars, "Bhlthma new," promised new specifications for the two currencies as the "insured that are difficult to counterfeit,"
and while pointing out that the most important changes to the currencies add a security to "magnetic ink", he stressed not his intention to withdraw the above categories.
The bank said in a statement received "long-Presse," a copy of it, "that in order to develop the current series of banknotes of Iraq, and to increase efficiency,
it has been printed categories of the 25 thousand and 5 thousand using the finest paper and placed where the characteristics of art and several security," noting "The two new categories Sttrhan during the next few days in the market."
The statement added that "the Bank has no intention to withdraw the above categories and will continue to trade and naturally,"
explaining that "groups carrying specifications and signs of a new high-security protection, in addition to the security tags in categories". LINK
Economic Commission: to delete the zeros will be implemented over the next five years 22/10/2014 BAGHDAD / JD / .. excluded the parliamentary Economic Committee, the application of the project to delete the three zeroes from the currency early next year in 2015,
while suggesting it had agreed with the Central Bank to implement the project over the next five years. Said committee member Nora told Albjara / JD /: that "its Committee met with the Governor of the Central Bank and the Agency on the Keywords and discussed with him the most important issues related to the monetary policy of the country, including the project to delete the three zeroes from the currency."
She added: "The Governor of the Central Bank and the Agency confirmed that the project to delete the zeros is ready technically and logistically and waiting for the right time to implement it,"
noting that "he was supposed to be applied to the project since 2013 and until 2016, but the security conditions and the economic situation is stable led to the identification another period by the central bank to be applied starting from 2015 up to 2020. "
Albjara ruled out, the application of the project in the next year and even the years 2016 and 2017, due to the lack of appropriate conditions for the application of such a large project.
And was a member of the parliamentary Economic Committee Abdul Salam al-Maliki pointed out earlier that the central bank will begin to apply the project early next year 2015 / Finished
House of Representatives: Delete the zeros from the dinar begins next year News Source: Ali Abd al-SalmanSection: Page economic October 22, 2014 6:08 The Commission on Economy and Investment in the House of Representatives that the deletion of zeros from the Iraqi currency will enter into force next year, noting at the same time it will be discussed during the coming period, the laws pertaining to banks, and the central bank, and the fight against money laundering.
A member of the committee of economy and investment, Jawad al-Bolani, said that 'the deletion of zeros from the Iraqi currency will be it next year', according to agency Anatolia. The Iraqi government project about deleting three zeros from the Iraqi currency to reduce inflation is winning the currency had been postponed.
He said al-Bolani, in a press conference held in the building of the Council, that the foreign exchange reserves in the Central Bank of Iraq amounted to 76.3 billion dollars, with the currency markets is estimated at about 40 trillion Iraqi dinars.
According to Bolani he will discuss some of the laws that would 'promote the Iraqi economy' he said, and he mentioned the laws of the banks and the Central Bank and the Money Laundering Act.
It is noteworthy that the Iraqi Central Bank authority independent of the government is not entitled to state intervention work, under Iraqi laws
[tlm724] END of articles
[BondLady] see, I'm not sure why nobody really has covered this aspect of the news recently when talking about the deletion of the 3 zeros,
I mean most of us did back in the day years ago but it seems to have been forgotten over time where everyone "seems" to have forgotten this important thing and just skipped it
and went on to drop the 3 ..000's and raise the rate and forgetting the process of raising the value...
IMO this stage was crucial before we can see the lower denominations come out... sure the articles say the START of the deletion of the 000's will begin next year and I'm sure that's true
BUT.... what is actually the start of this process? ...is it just jump in remove the zeros and set a new rate? or was there further process before that could happen?
[BondLady] see the articles timmy just showed you all, they tell a story to me and show us a road map so to speak
[Shredd] these articles said the same thing about the 5k, 10k and 25k notes.... "The two new categories Sttrhan during the next few days in the market"
[BondLady] see the 1 timmy showed about them putting up new category's of the 25k, 10k etc says they hope to have them all out by years end these are new 3 ZERO notes they aren't lower denominations
[BondLady] they are brand new with all the new security features in them and they want them all out before the end of year to start 2015 fresh with the new features, this will halt a lot of the corruption and counterfeiting
[BondLady] also putting up the new laws per the banking and CBI to be gazetted and implemented that will put controls on corruption and COUNTERFEITING
[BondLady] so the new 3 zero notes to come out and begin the process of the deletion of the 3 zeros off the notes for early next year, so what do we feel would be the beginning
[BondLady] this is followed by the 1st thing of bringing out the NEW 3 zero notes with NEW security features right? then what has to happen the articles say there up to 40 trillion dinars in the markets right now, 40 trillion
[BondLady] how can they drop the 3 000's and apply a new rate to the ld's and release them with out 1st.... pulling in a ton of trillions of dinars 1st
[BondLady] so imo this is the 2nd stage of the beginning of the deleting of the 3 zeros. 1st release the new security features and the new 3 zero notes by years end
[BondLady] the 4 articles I had timmy show you all 1st shows how much is out there what the DFI fund is how much the CBI has in reserves and that the CBI reserves are there to support the 40 trillion dinar in the markets today
[BondLady] so the DFI which Iraq does control has 24 billion add to that the 76 billion in the CBI reserves supports the dinars in the market as well as keeps the country progressing and back's the dinar in the markets
[BondLady] so the beginning of the new year I think there will be a mad rush to pull in the old 3 zero notes and I do think this will start off quickly as they switch out all the banks etc putting the new on the streets and as customers make deposits those will be drawn back in too
[BondLady] as people spend the old note in the market places they will eventually end back up at the CBI and be destroyed removing trillions from the market places as they do this
[BondLady] Shredd have any comments so far to what I have said? or any thing to add?
[Shredd] yes very, very well said Bondlady
[BondLady] ty so much
[Shredd] we can learn so much about these articles.... first, and let's not get scared about this, but these articles and the revealing of the beginning of the Removal of the 3 Zeros project tell us that an RV or RI is not planned now, by RV, I mean a big jump right away but, there is so much good news here... as Bondlady said, these new 000 notes are to be released soon and these will be circulated
[Shredd] "The two new categories Sttrhan during the next few days in the market" and released into market means circulation the counterfeiting needs to be fixed first as Bondlady said, that is huge folks
[Shredd] then, the replacement begins and will take around 5 years, now, that doesn't mean we gotta wait five years that means once the new 000 notes are in the market, the removal of the MASS of the old notes along with the note count that comes with that
[BondLady] to finally pull them all in and to me it doesn't mean that it'll take that long to RV either, the 5 years
[Shredd] will be managed
[Shredd] so this plan is brilliant
[BondLady] yes it is
[Shredd] remove the massive amount of old notes remove the corruption, release a smaller amount of 000 notes to bridge the beginning of the increase in the value of the dinar
[BondLady] an so many jump the gun an forget how much dinar is really out there
[tlm724] it won't take but a hot minute for the citizens to hand in those worn out notes that they hate
[Shredd] and gradually release the middle and smaller notes as the market dictates the value increase of the dinar
[BondLady] months and they have already begun
[Shredd] agreed timmy
[BondLady] this year
[Shredd] straight up the citizens will exchange fast
[BondLady] when they released the 1st 3 zero notes with the new features this was the beginning
[Shredd] so, this will be a gradual process
[BondLady] like I had said before I thought it was a trial run to see how the new features worked to stop counterfeiters
[Shredd] but what remains unknown is how the pace will grow
[BondLady] but in reality there was more
[Shredd] yes, I was just about to say the removal of corruption will satisfy one of the biggest delays in investment security
[BondLady] and it was true then too but we just didn't connect all the dots to what this would actually mean
Comments may be made at the end of Part 2 Thank You