Millionday News 5/2/14 Part 1
[millionday] Iraq is introducing new Iraqi Dinar notes with improved security features, such as guarantee ribbons and the internationally used SPARK feature. The Central Bank of Iraq treasury director Ihsan Shamran al-Yasseri announced the move, noting that this was a positive step forward that would help strengthen the currency.
[millionday] note -- some of the denominations will continue to be used that are on the streets --as well and fade out
[millionday] The new notes, to be used alongside the old until they are phased out, will include 250, 500 and 1,000 Iraqi dinar denominations as well as larger denominations of 5000, 10,000 and 25,000 dinars. Al-Yasseri said of the move:
[millionday] “The new currency, of which the small value>>>>>>>>>>>> ones have been offered for circulation, is not much different in form from the notes currently being used by the public.
But these are infused with safer and more effective technical specifications containing security symbols and many technical characteristics that will give the notes longer life and make it difficult or almost impossible to counterfeit.
Many of the present currency notes have become overused and it was necessary to renew them with the addition of features that would make the notes more able to effectively resist the constant circulation as well as attempts at forgery.”
[millionday] so they have said it ---- WHOOOPOW --- THE SMALL VALUE ONES
[Smokey Mtn. Dinar] It's great news that they are bringing out the lower notes, but I'm concerned that they are also going to use the higher denoms.
[millionday] the thing is this ---
[millionday] after the great depression you couldnt drag some to the bank -- period --- no money of theirs would be there -- until confidence returns etc as we have as a country witnessed here and not completely i might add -- they will have some that use the larger notes as well for purchases etc until they fade
[slh5282] Millionday, do we know the time frame for phase out of the notes in circulation, like 25,000 notes?
[millionday] no they will just fade as they get their hands on them as we see here or anywhere with any change in currency
[sczin11] why do u think they are repeating news that came out at least 2 weeks ago, and was publicized to death back then? this article, whicb we have now seen all day in various versions, doesnt appear to say anything new?
[millionday] it says they are doing it -- i have not seen that in 9 + but of course the repeat of info about security is for the confidence of the citizens etc
[millionday] i would say this helps the mmerchants and citizens etc gain confidence in the dinar and its security
[millionday] i agree -- they formed the statement as if it is in the works but then again we have translations so we know they have them and we wait
[clay] does it matter if M stays or notwill this hold things up
[millionday] not at this point clay
[jtank] do you think that they will start the revalue at near one to one so they will stop using usd
[millionday] i think that the only way to get rid of the usd in the market is make the dinar more valuable to the consumer -- if the dinar buys more -- that is simply what they will use -- the cost of living change will take care of that and the price index in itself
[millionday] The governor of the central bank and agency Abdel Basset Turki, said Friday that the project raise zeros from the Iraqi currency is linked to the stability of the political and economic situation of the country, denying the issuance of a new decision of the Bank in this regard.
said Turki said in a statement subsidiaries site / Ansar / that "Central will proceed without hesitation to apply the project raise zeros from the local currency in case settled political and economic situation of the country."
[millionday] and added that "the implementation of such a project needs to arrange all the accounts and records of the Iraqi state before starting any move to change the status of the currency and the way that provides a smooth flow of work and maintain the price of the currency in the local market from manipulation of traders in it.
" said Turki that "talk is not only about the lifting of the zeroes where to change currency will rearrange government records completely change the accounts that deal with public spending," denying "the issuance of any new resolution from the central bank on deletion of zeros from the currency. "
[millionday] note -- he is saying it is coming it was just not something that could be done overnight so the reporters saying it isnt going to happen are wrong --
[millionday] referred to as the central bank denied the earlier direct the project restructuring of the Iraqi currency next year and delete the zeros of the three of them, because this time is not appropriate, noting that "the implementation of the project is in coordination with the Iraqi government and its relevant institutions
[millionday] meaning that the timeframe is the same and as planned -- it makes no sense to drag it out --- it was just time consuming that is all as we know there were many steps as to its completion and they have made it clear --love that one !!
[slh5282] Is he say next year meaning budget yr or 2015?
[millionday] he is meaning that the statement that they are waiting is wrong -- they are not changing the timeline to next year either way according to what he is stating here
[slh5282] Cause I cant wait to next yr I may shave my head LOL
[millionday] Revealed the parliamentary finance committee on the work of a quick session of the House ended its session on Sunday, the fourth of this May. Said committee member Abdul Hussein al-Yasiri in a press statement that "there is a hearing will be held next Sunday, and will take it upon themselves to approve the General Budget Law."
[millionday] note -- this is an expedited meeting -- only to pass th budget
[millionday] WHOOOPOW >>>>>>>He Yasiri that "conflicts which cast a shadow over the budget has ended, and there is no excuse for a lack of quorum for the House of Representatives."
And that "there are the effects of legal disputes, the most important demands of the Kurds, otherwise the region and the center on the export of oil, as well as the lack of seriousness of some of the House of Representatives for a quorum."
[mrref1216] just want clarification removing the zero's and RV are two different things correct??
[millionday] the removal of the three zeros and the entry to the global market result in -- a change in the rate of the dinar and its value
[mrref1216] So the removal of zero's is a RV
[millionday] no the removal of the three zeros is the name of the currency -- its result will be a change in the vlaue and rate in and outside of the country
[Pablo] So, if the budget is passed Sunday, does that mean it will force an RV?
[millionday] if the budget passses on sunday --- it means that the ditribution of funds can go to all privinces for projects throughout the country and jobs and money start to flow -- revenues begin and the first mark on the page titled "fiscal year" will be made
[Pablo] But that would still put pressure on an RV to assist in these projects, right?
[millionday] a reality rate will be calculated for Iraq to be able to go to fair or global marketing -- to be a part of the free market global system they have to have a rate set that equals in comparison the value of the sdr --- basket of currencies or it is unfair to them of to the market ---
[slh5282] MILLONDAY, does the budget have to be voted on and published in the gazette before it is final?
[millionday] according to central bank of iraq -- the private banks are prepared and the gov banks are prepared and going through the steps needed right now to activate the monetary policy and the economic reforms -- this includes the raise in the vlaue of the dinar and the setting of the international rates calculation
[slh5282] so there is NO Correlation to the budget and the RV, Correct?
[Imperator] i have long held that the dinar will be based on reserves, assets, and amount of dinar in circulation. If as we have seen the amount of dinar removed would that not automatically raise the rate the existing currency?
[millionday] the budget is law so it will be published -- it is how they complete it -- the question of if it will be done before they actvate whatever reformed amounts they are going to use -- we dont know because we dont have a date