This is an article talking about the dinar from a professor (Assistant Dean). He was in on the initial planning stages of the CBI and informational planning. As you will see, the RV is late (2009) more than likely due to the secretarian uprising that took place in 2007-2008. There are may things though that can be learned from this article, some of which are highlighted. Rate, Timeframe, and Value of notes (no LOP). RL
By - d. Fadel Fadel punitive penal
Media began circulating news of the possibility of direct delete the zeros generated by the inflation in Iraq and that the statement made by the Minister of Finance about renaming categories of currency printing new banknotes .. Media began circulating news of the possibility of direct delete the zeros generated by the inflation in Iraq and that the statement made by the Minister of Finance about renaming categories of currency printing new banknotes ..
The news came out that the topic is still in the process of discussion between the government and the Central Bank as the first reading of this will be in the interests of the Iraqi economy, particularly in the long term. The news came out that the topic is still in the process of discussion between the government and the Central Bank as the first reading of this will be in the interests of the Iraqi economy, particularly in the long term.
And the process of renaming categories of currency for Iraq, easy, not complicated and has received popular support for this procedure in terms of return to mind the country's currency strong supported cover gold, which was at one time equal to three dollars and a little more of the Kuwaiti currency but as a result of wars and international sanctions, has shown the former regime made this currency currency weak, weak and became the subject of contempt by the neighboring countries, especially so that the citizen has borrowed from them. And the process of renaming categories of currency for Iraq, easy, not complicated and has received popular support for this procedure in terms of return to mind the country's currency strong supported cover gold, which was at one time equal to three dollars and a little more of the Kuwaiti currency but as a result of wars and international sanctions, has shown the former regime made this currency currency weak, weak and became the subject of contempt by the neighboring countries, especially so that the citizen has borrowed from them.
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From here came the idea is to put some ideas on the application of this procedure whether or not to talk to the service of our dear ...... and God of the intent behind
Date of issue of the Iraqi currency: Date of issue of the Iraqi currency:
That the monetary system in Iraq was not clearly defined as they were not and monetary unity existing basic legal terms on the gold, but were made of it, and the use of pound Ottoman Empire, as well as Allirtin English and French are limited to cash transactions large, while the cash transactions of small is by silver and copper coins. That the monetary system in Iraq was not clearly defined as they were not and monetary unity existing basic legal terms on the gold, but were made of it, and the use of pound Ottoman Empire, as well as Allirtin English and French are limited to cash transactions large, while the cash transactions of small is by silver and copper coins.
In 1914, common use of the Indian rupee in Baghdad and other parts of Iraq in 1918 and became the basic monetary unit of the monetary system in Iraq. He says the rupee in the work until the month of October in 1932 were dropped its legal status. In line with the national sympathy and the need to complete the national sovereignty began to think seriously for the issuance of currency in Iraq since 1922 and continued claims on the issuance of the currency, despite the difficulties of the lack of national monetary authority.
On 17 March 1930 and the approval of the Council of Ministers and of the establishment of the Iraqi currency and the issuance of Law No. 44 of 1931 for issuing the national currency of Iraq and issued Asdaria first on 1 April 1932 and which categories are (10,5,1, half a dinar, quarter of a dinar)
Followed by twelve emissivity are all printed in the printing world with specialized international standard specifications for money. Followed by twelve emissivity are all printed in the printing world with specialized international standard specifications for money.
Deliberately Central Bank of Iraq after the creation of 2/8/1990 invasion of Kuwait and beyond to the printing of banknotes within Iraq and the potential of the rivers of the printing house to meet the needs of the national economy.
Versions of the Iraqi currency: Versions of the Iraqi currency:
1 - First Alosaddaria: 1 - First Alosaddaria:
Identified in the April 1, 1932. Identified in the April 1, 1932. As has been the Indian rupee in circulation until the first of October 1932, where he was abolishing their legal after this date were legal categories it after that date and the groups were Alosaddaria (quarter of a dinar. Half a dinar. Dinars 0.5 dinars. 10 dinars and all carrying a picture King Faisal I. As has been the Indian rupee in circulation until the first of October 1932, where he was abolishing their legal after this date were legal categories it after that date and the groups were Alosaddaria (quarter of a dinar. Half a dinar. Dinars 0.5 dinars. 10 dinars and all carrying a picture King Faisal I.
2 - Alosaddaria second: 2 - the second Alosaddaria:
This is printed on the same categories Asdaria 19/11/1934 The picture of King Ghazi.
3 - Third Alosaddaria: 3 - Third Alosaddaria:
Identified the third edition on 26.07.1941 and bearing the image of King Faisal II in childhood.
4 - Alosaddaria fourth. 4 - Alosaddaria fourth.
Identified on 15.07.1942 itself and the groups bearing the image of King Faisal II. Also reprinted decorated in King Faisal II at the age of youth.
5 - Alosaddariaavh: 5 - Alosaddariaavh:
Identified on 17/9/1950 groups include (quarter of a dinar, half dinar, 1,5,10) and represents the image of the King Faisal II.
6 - Asdaria sixth: 6 - Asdaria VI:
Were placed into circulation on 20/3/1952, in the same categories are decorated with the fifth edition of King Faisal II, age greater than appeared in the fifth edition.
7 - Alosaddaria seventh: 7 - seventh Alosaddaria:
Seventh edition was published in the same categories and placed sixth edition of trading on 05/12/1955.
8 - Alosaddaria eighth: 8 - Alosaddaria eighth:
This edition issued on the basis of the Iraqi currency law No. 92 of 1951 and bears the name of the Iraqi Central Bank instead of the National Bank of Iraq.
9 - the ninth Alosaddaria: 9 - Alosaddaria ninth:
Issued on 1/7/1959 groups (quarter of a dinar, half dinar, 1 dinar 0.5 dinars, BD 10) and bearing the logo of the Republic.
10 - the tenth Alosaddaria: 10 - Alosaddaria X:
This edition published in the 09/28/1968 categories above represent the security thread and for the first time, the banknotes are decorated to reflect the historic character and urban and economic development of Iraq.
11 - Alosaddaria XI: 11 - Alosaddaria Eleven:
Issued on 27/7/1969, at which the Central Bank of Iraq banknotes printed above the picture and decorated with new water.
12 - Alosaddaria XII: 12 - Alosaddaria Twelve:
This edition issued after the issuance of the Iraqi Central Bank Law No. 64 of 1976, and included a new class of securities in cash (25 KD) and a facial image of three Arabian horses in the back view Abbasid Palace in Baghdad.
13 - Asdaria XIII: 13 - Asdaria Thirteen:
Edition was published after the events of 1990 in Dar rivers to print categories (quarter of a dinar, half dinar, 1,5,25,50,100,250,10000)
14 - Alosaddaria XIV: 14 - Alosaddaria Fourteen:
This edition has been based on a decision the Coalition Provisional Authority issued on 08.07.2007 for the purpose of issuing a unified Iraqi currency with a high-class technical specifications limit the cases of fraud suffered by the Iraqi citizens and government banks. Has been developed the new currency in circulation as of 15/7/2003 until 15/1/2004 and all the banks in the country and on the basis of dinars and one dinar and the local print a new one except the currency printed internationally (called Swiss) has been replaced by the equivalent of 150 dinars after that were printed class 500 dinars a complement to the fourteenth edition of any she became as follows (50,250,500,1000,5000,25000) As there is a need to be put coins new categories for ease of handling the new currency was minted new coins are (25,50,100) has been developed in circulation in 2/1/2005.
1: the proposed mechanism: 1: the proposed mechanism:
Returning to the back of any in 1931 where he began trading the old Iraqi dinar, which called Basuezra where the securities were printed in the United Kingdom in the Press DeLauro.
And, before that date was the Indian rupee is the currency in circulation in the country.
The process of issuance of the Iraqi dinar was the currency of Iraq by the Finance Committee of the period 1931-1947 the beginning of 1947 started the National Bank of Iraq, which was then called by issuing in 1954 where he started the Iraqi Central Bank in the currency of issuance.
During that period, the dinar is linked in pounds sterling and subject to the comments that affect the pound sterling down and up, according to the status of the British economy, and after the revolution of the fourteenth of July 1958, the leader Abd al-Karim Qasim divorcing the dinar pound sterling, but the dinar remained retains its purchasing power which was equivalent to 3.30 pounds sterling at the time.
After the outbreak of the Iraq war - Iran began to lose the value of the dinar in the currency market, reaching a value at the end of the war in 1988 to the equivalent of 25 U.S. cents for every dollar that a U.S. equivalent of four Iraqi dinars.
After the invasion of Kuwait and the resulting economic sanctions imposed on Iraq resulted in the inability to release the Iraqi dinar, which was printed in printing presses Switzerland the government began a policy of expansion of credit the local through the printing of the Iraqi dinar in printing Iraqi lacked the necessary technology for the printing of currency specifications and a private good, which led to widespread counterfeiting of currency in addition to the severe collapse in the value of the currency as it reached the height of his greatness in 1995, reaching USD 3,000 dinars Iraqis.
And began to exchange small cash disappearing, especially metal which (Fils 0.5 fils 0.10 fils, 25 fils, 50 fils, 100 fils, 250 fils, 500 fils), and this mostly metal and took currency starting from 25 dinars and 1,000 dinars 0.25000 dinars. And began to exchange small cash disappearing, especially metal which (Fils 0.5 fils 0.10 fils, 25 fils, 50 fils, 100 fils, 250 fils, 500 fils), and this mostly metal and took currency starting from 25 dinars and 1,000 dinars 0.25000 dinars . In Iraq on April 9, 2003 and the formation of the new Iraqi government, despite the difficult conditions but that the Iraqi economy began to improve its performance indicators and the work of the Iraqi currency began to recover something from the rebound as time passed the CPA in the new Iraqi dinar 09/15/2003 to January 15, 2004, where printed new currency printing presses in Britain in the DeLauro and the attributes of a good and difficult to counterfeit, and since then, the Iraqi dinar began to regain strength against the dollar, reaching at the moment that the U.S. dollar = 1200 fils. In Iraq on April 9, 2003 and the formation of the new Iraqi government, despite the difficult conditions but that the Iraqi economy began to improve its performance indicators and the work of the Iraqi currency began to recover something from the rebound as time passed the CPA in the new Iraqi dinar 09/15/2003 to January 15, 2004, where printed new currency printing presses in Britain in the DeLauro and the attributes of a good and difficult to counterfeit, and since then, the Iraqi dinar began to regain strength against the dollar, reaching at the moment that the US dollar = 1200 fils.
However, the global percentage of the Iraqi dinar switch to other currencies did not work out is why does not alter the global banks, selling or buying the Iraqi dinar and they are exchanged on the sidewalks and streets of Iraqi cities.
Iraqi currency in circulation is as follows:
250 Dinars 500 dinars, 1000 dinars .5000 dinars, 10,000 dinars 0.25000 dinars. 250 Dinars 500 dinars, 1000 dinars .5000 dinars, 10,000 dinars 0.25000 dinars. And by deleting three zeros from the currency may be returned old currency supported by the citizen. And by deleting three zeros from the currency may be returned old currency supported by the citizen.
The deletion process will be on according to the following: it becomes the U.S. dollar at today's prices = 1200 fils in the sense that the U.S. $ 100 = 120 dinars, which is very suitable for such a stage that the government control inflation and keep it at reasonable levels.
Categories consist currency after deletion of zeros is as follows:
• Add to coins is as follows: 25 dinars. 50 JD 0.100 dinars.
Fils 0.5 fils, 10 fils 0.25 fils, 100 fils, 250 fils, 500 fils, and these coins. Quarter of a dinar and a paper, half a dinar paper, 1 JD 0.5 BD 0.10 dinars, 25 dinars.
And can return to the old class, which was printed in Switzerland.
The quest for the issuance of such currency or rename the categories is to emphasize the strength of the national economy where the inflation rate fell o 150% in the mid-nineties of the last century to about 53% in 2006.
In this way the Iraqis have died and large currency by the year 2009, two groups that used the old and modern banknotes during the period of transition.
As a result, will return coins to the widespread use and becomes a dollar = 1200 fils a new Iraqi.
Here we must say that the new currency will have the traits of the new era in Iraq and you will find the new currency the old are welcome, especially as they will be of small groups brings to mind the golden age of Iraq's economy in the early seventies of the last century.
And people will find easier to use the new currency in terms of accounts that will be easy and uncomplicated. Add to that the coins will start trading again. Add to that the coins will start trading again.
Here, it must be noted that the responsibility lies with the Central Bank of Iraq in the case of the decision to move to the application of this procedure where it should be the process smoothly without any problems and that the new dinar will be announced to start a new era, not just the currency removed zeros but also gives hope to the end of the time of war, sanctions and inflation
We must emphasize the extremely important issue is that if you remove three zeroes from the currency should not affect the actual value thereof to be trading in the old currency and gradually withdrawn until the end of 2009.
Must also coincide to re-work the CBE board of prices to determine the general level of prices and the real level of wages in order to eliminate the structural distortions in the national economy makes the process of removing zeros are mechanisms to reduce the rate of inflation and make it in the lowest levels
2 - experiences of other countries:
Moved from other countries suffered hyperinflation a similar course, particularly in Russia in the nineties of the last century. Turkey has also withdrawn (6) zeros from its currency without prejudice to the true value. Providing Treasury Secretary Turkish then Ali Babacan, Minister of Foreign Affairs the current bill to get rid of zeros six in the Turkish lira and by 2005, and resulted in inflation witnessed in Turkey that the price of one euro to one million and 7,820,333 Turkish liras, and Turkey has witnessed discussions on the adoption of such a wage-earners in the removal of six zeroes from the currency.
And seem to rein in high inflation in Turkey is not only through the removal of zeros six of the Turkish currency for the first time succeeded the Turkish government in reducing the rate of inflation to the target set for the current year and of 19.3% and although this rate is high compared to other countries and the bill was introduced to the Prime Minister's Office to the application and began the application where it began trading currencies for a specified period after which the old currency was withdrawn and replaced the new currency.
Sudan is also the issuance of a law removing three zeros from the Sudanese pound coin, the sixth of its kind since Sudan's independence in 1956.
In addition, Iran has also been studying the removal of three zeros from the currency notes of the country in which the value fell because of high rates of inflation.
In conclusion we can say that the currency of the pillars of state sovereignty and the state is economically strong countries with a strong currency, which boasts of its citizens in terms of currency weakness that hurt the feelings of the citizens psychologically. Must therefore proceed in the application of this procedure, knowledge of all aspects in order to avoid the occurrence of any difficulties in its application and this really be that the Iraqis have become in a new era looming on the horizon of prosperity and well-being.
3 - the possible effects of this procedure
The phenomenon of rising prices in the world is caused mainly by the decline in currency values and thus lower the purchasing value.
And your conception that the best remedy for these reflections on the psychology of the Iraqi individual and the market is in the drafting of a new Iraqi currency prices are back with the logical relationship between the cost of the real item and the selling price based on the market. The write-off three zeros from the Iraqi currency is tantamount to re-price their nature and reduce the size of the introduction of inflation growing, and perhaps the best example of the Turkish experience. The written off after six zeros to become with him a million pounds and the only one and the same purchasing power for the previous million, it became possible to purchase Blairh one was in the past one million pounds.
The abolition of the zeros from the currency, which inevitably suffer from inflation will limit the negative effects of the current world of hyperbole in the prices of goods and services and will return for the currency balance and weight.
That such a decision, if adopted by the Iraqi government, he would not return to the Iraqi currency value based upon, but will reflect as well as the flexibility of the economy and his movement in the right direction for that from our analysts economists to look seriously for this phenomenon by holding seminars and conferences to form through which the views of access to rein in inflation and a rise in prices and the return of the Iraqi currency to the value of real and normal.
The omission of three zeroes of the Iraqi currency to achieve the following objectives:
1 - to fight inflation,
2 - support the banking system
3 - help to know the size of the wealth distribution and how
4 - banking system's ability to control liquidity,
5 - create financial surpluses are used in financing
6 - to increase awareness of the banking system.
Must also be on the Iraqi Central Bank in collaboration with the government numbers of Help the organization of the replacement process for the new currency by informing banks approved all operating in the country that included in these instructions organizational procedures for replacement surgery, including the preparation of forms for the receipt of the new currency by the banks blogger where the number of funds received and their contents according to categories of the currency should also Central Bank of Iraq has to register as a constraint Iraqi bank balances owed in the bank for banknotes transferred at the moment in which they become the legal papers and money orders will be issued by the bank. And to ensure continuity allows the replacement of commercial banks that use subsidiaries as sites to replace overdrafts without the benefit of the Central Bank and this is due to the appreciation and discretion of the Governor of the Bank to the level at which these clouds is based on the process of replacing the currency alone. In light of the process of removing three zeros and the issuance of new currency, cash in Iraqi currency will increase as will take the Iraqi dinar and function as a store of value in addition to the improvement that will be introduced on the exchange rate where it is expected that the results are positive, as follows:
1 - to increase citizens' confidence in their own currency and adopt the new store of value. In terms of technical specifications and high security can be printed in the role of famous foreign population.
2 - get rid of the burdens of the old currency and Akiemha large as would be the new currency trading easy and pregnancy without problems.
3 - the elimination of high inflation rates where this procedure would be a significant impact in reducing inflation in the Iraqi economy.
4 - there is still one condition, the State must do is to eliminate the structural distortions in the Iraqi economy, particularly on the supply side, prices and wages
5 - It must be said that one of the reasons for increase in inflation was the increase in government spending that must be coordination between monetary policy (central bank) and government spending to limit the effects of inflation (Ministry of Finance) and coordination with them and go in the future to reduce government spending.
6 - Perhaps the implementation of this procedure is recorded in favor of the current government in the promotion of the national economy.
Assistant Professor Dr. Assistant Professor Dr.
Fadel Fadel punitive penal
Dean of the College of Business and Economics - University of Maysan - Iraq, Dean of the College of Business and Economics - University of Maysan - Iraq
* A special article Economic Forum, UAE.
Posted on 24-07-2008 Published on 24/07/2008