[millionday] here we go this is from 2012 and will lead to my next report they have been emailed to me but i remember this >>>>>>>> Some Iraqi economists are less than thrilled with the idea of a new currency being introduced during 2013, but if the financial committee in Iraq’s Parliament has its way not only will there be new bank notes, but coins will once more be seen in circulation.
The currency reform being planned for next year will include removing three zeros from all existing currency denominations. According to Iraq Central Bank Deputy Governor Mazhar Salih, “We are determined to change the Iraqi currency because the biggest bank note in Iraq is 25,000 dinars, which is the equivalent of $21.
This has forced Iraqi merchants to resort to U.S. dollars. Besides omitting the zeros from the currency, we will redefine the Iraqi currency and have bank notes larger than 25,000.
Read More Link On Right
[millionday] The most comprehensive catalog to 20th and 21st century circulating world coins is back, and fully updated! Get your copy today! Najiba Najib is a financial committee member.
According to Najib, the new currency would circulate simultaneously with the older bank notes for three years before the notes being replaced would be demonetized.
The committee has presented proposed designs for seven bank notes ranging from 5- to 200-dinar denominations as well as coins in 50-fils to 2-dinars denominations to the central bank.
Details of the proposed coins were not immediately available, but it was learned through Najib that the waterfall of Geli Eli Beg is among proposed vignettes for the new notes.
[millionday] It appears the proposed vignettes will attempt to appease all major ethnic groups within Iraq since three of the proposed designs have Kurdish themes.
It was also learned the notes and presumably the coins will include legends in Arabic, Kurdish and English. Kurdistan Economic Forum Vice President Faysal Ali is among those opposed to a currency reform at this time.
According to Ali, “The political situation in Iraq is very unstable and it is economically weak.” Ali continued, “Therefore, it is not possible to change the currency now because in order to do so we would need more than a trillion bank notes and coins. Exchanging new bank notes with older ones being used by citizens will greatly harm the economy.”
[millionday] note -- now this is what they said in 2012 and this is also all about the development of the money itself
[millionday] so brb with something else
[millionday] so there are many that are not going to be using the banks if predictions are correct -- so this is an announcement from turki (cbi)
[millionday] The governor of the Central Bank and the Agency Abdel Basset Turki said in an interview to the (long-Presse), "The Central Bank is currently working in accordance with the tables and under the supervision of specialized committees to issue new coins with large groups."
And between Turkish that "the largest group of coins that are available now are the (25) thousand dinars and the purchasing power it does not exceed $ 23, so there is more of a proposal to the Central Bank, to put coins larger than the existing, such as issuing currency up to (50) thousand dinars. "
He Turkish that "the central bank is also working on a version of small coins, the lack of these categories that facilitate the process of dealing and purchase between the citizen and the Iraqi market, which was dealing with the central bank," noting that "Coins small will be in Arabic and Kurdish."
[millionday] so the small coins will be for the citizens to use in the market --- dimes -- quarters – etc and the other will be to prove that all governments are capable of spending and wasting tax payers money smile brb with more
[MatCauthon] So according to the 2012 article they will redefine the currency and print larger value bills?
anthonlcs] millionday Doesn't make sense to me....they spent the last few years clearing all 3 zero notes....why do a 50k
All4HIM] I cant wrap my mind around it, they revalue and the 25,000 becomes 23.00 what happens to the ones we hold?
[millionday] all4him -- they set the exchange rate for the usd and the iqd and you go get what it brings you in usd and the citizens of iraq have buying powers with bills they have that have less zeros on them and coins in their pocket
MatCauthon] The 25, 000 is worth 23 right now not when they RV
[All4HIM] I didnt state that right.. What I really mean is, will the ones they hold in iraq be exchanged for the same amount but lower denom and ours be at the rate given?
[anthonlcs] All4HIM purchasing power for them
[All4HIM] millionday Thank you, maybe I need a nap anthonlcs Thank you as well
[millionday] All4HIM yes -- let me explain -- the country is redenominating and that will be by adjusting their prices and also the currency they have will be more similar to what we carry and the other countries of the world will exchange what they have if they like for the value the country has set
[millionday] the redenomination will mean nothing to them unless they adjust prices to give them a better cost of living -- but of course the major taxes thy will collect will help to support their benefits they have developed for the poor and struggling
[All4HIM] If I would of thought about it before I spoke with my fingers, it's just like when we go to Canada or when they come here. Sorry and thanks for helping me understand it
[millionday] they also will be making money on the stock market and with their businesses -- public -- private and government
[millionday] this will allow them to meet the budget areas that address widows for their military and also the infrastructure they are planning to pay for through contracts they have signed
[millionday] yw all the time hun
wilbur48] The value of the rebased currency (or so called ld's) and its purchasing power (there is neither a revaluation nor devaluation of the currency);
[millionday] everyone please remember no matter what your question is -- i promise someone else is wondering the same thing and we want you to bring it up -- for those that dont speak we want those that do to ask anything or comment during roundtable so as much info as we can get out there for everyone can get out -- we thank you for participating
[millionday] all and i mean all opinions are welcome here -- we only ask that you are willing to listen to other opinions as well and give your with respect --- which we are blessed by the massive amount of good people we get to hang out at but i have heard that some sites are a little mean about having an opinion -- not here !!!
[Dianne777] millionday since Maliki ask for military to come back to iraq does that mean that as long as we are there they can not RV? Read that some where and thought I would ask you.
[lorijeanmarshall] Dianne777 Good question. I saw that article this morning too
[MatCauthon] I have thought about them issuing a new currency. Could they do that and assign it its own exchange rate thereby leaving our notes at where they are presently?
[dlherm] MatCauthon NO!
[lorijeanmarshall] JMO but I don't think that we should worry TOO much about the LD's. All we want is the change in rate. With or without the new currency.
[millionday] Dianne777 no that does not they are only there to help with borders and training on some of these things arriving
[millionday] Iraq’s Prime Minister, Nouri Al Malki, was the special guest on the first day of the Iraq Britain Business Council’s six-day UK trade mission to Iraq.
Mr Al Maliki officially opened the event, which was held at Baghdad’s Al Rasheed Hotel on Monday (November 18th). The event, jointly organised with United Kingdom Trade and Investment (UKTI) and the National Investment Commission of Iraq, was attended by 52 senior business executives and education managers from Britain.
They were joined by more than 100 of their Iraqi counterparts. The six-day mission, designed to expand and grow the UK’s trade with the oil-rich nation, features conferences, networking opportunities, and site visits, not just in Baghdad but Erbil as well.
[millionday] MatCauthon international law requires a country to respect face value of their currency
[millionday] i will find the actual ink on it but dont have it in front of me
[MatCauthon] Ok, I was worried they might try to do an end run around on us
[millionday] lorijeanmarshall yes they dont have to worry about the small denoms being enough to cover people having them outside of iraq because the banks they are opening at the borders is for exchange to the currency of the country you are going to or for arrival
[millionday] small denoms or large are useless out of iraq --- unlike the usd -- but i believe that is going to change if they keep talking about changing our status of reserve due to our crummy economy – jmo smile
[wilbur48] lorijeanmarshall thats right..
[millionday] and great to see ya girl
[lorijeanmarshall] millionday Last couple of day there has been LOTS of gloom and doom in chat and it has centered around the 3 zero articles. Tried to tell folks not to worry about the LD's but it didn't help.
[millionday] and i agree too -- we dont care if they buy their things with shoe strings -- we just want the rate to change
[lorijeanmarshall] millionday Great to see you too
[millionday] the three zero currency articles have had me on cloud nine --
[lorijeanmarshall] millionday smile
[kshaw100] millionday Is it possible to know there is a new rate at virtually the moment it happens? I have heard the CBI does not update the public information area very quickly so I don't really know where to be watching.
[lorijeanmarshall] I am just watching all the posturing they are doing to get ready to change the rate.
[millionday] they always do that when something big is happening --- it is a protection mechanism but we shall see -- they are stating that they were just going to remove the three zeros and set the rate years ago but now they are setting a rate -- not a bad thing -- this is great
[millionday] they are planning on having the bonds for sale before the end of the year and also the date for the wto accession on the december 31st has not changed yet and they are compliant by what i see
[lorijeanmarshall] millionday Can you explain the bond thing again for me. I don't get it. Just the readers digest version is fine
[Dianne777] millionday wto means they have to have a rate, right? by the 31st of Dec?
[millionday] they are going to sell bonds and use the money they get for debt or starting things up but it is a tool that is used to control the rate of the currency --- they announced that they are moving the dfi funds into cbi and selling bonds to raise the value of the dinar and support it
[snowflake59] millionday Do you have the WTO date in ink by chance? A lot of bickering over that lately.
[lorijeanmarshall] millionday But also seeing articles that the WTO is saying they aren't going to be ready by the 31st of dec and won't be able to join for a couple more years. But again, WHO CARES! They can still change the rate.
[lorijeanmarshall] millionday Cool thanks
[Rocknrv] Millionday, have you seen a date for those DFI funds to move into the CBI
[millionday] bonds are a tool the gov uses like stimulus --- interest rates ---- tax holidays --- exemptions --- and this is to stop with the auctions and use a more traditional and internationally compliant tool
[millionday] this is to add stability and confidence
[lorijeanmarshall] millionday So they will stop auctions and sell the bonds instead?
[Rocknrv] After those DFI funds moving to the CBI Iraq will have hundred 60+ billion dollars in reserve. Is that what you all see?
[millionday] i will find the wto -- all my links are on the old one so i have to work all day on getting info on this one so i will bring something at newstime for you
[lorijeanmarshall] U got a new puter?
[millionday] Rocknrv yes but they will also have gold and other resources --- nice
[millionday] yes look how fast it is
[wilbur48] Changeover Date is what we are looking for if iraq goes for the ld's.. but we are looking for a rv first..here is how the ld's are done, The changeover date has to be set . The new currency becomes legal tender and will be ..issued from this date and shall accordingly be acceptable as a medium of exchange.
[Rocknrv] Excellent and very nice!
[millionday] watch -- brb with more --
[lorijeanmarshall] millionday Congrats!!! That is wonderful Very happy for you!
[millionday] It is noteworthy that the Iraqi Central Bank was established as a bank independent under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for buying and selling currencies.
[lorijeanmarshall] millionday WOW!!!!!!! That was faster than normal! LOL
[millionday] i am so very thankful you have no idea -- i cried when it came
[Rudie] millionday breathtaking speed! WOW!!! lol
[snowflake59] wilbur48 Thanks
[millionday] well i cry over most anything that touches me -- such a sensitive thing lol
[lorijeanmarshall] millionday Well that is wonderful.
[millionday] i know wow
[millionday] so i will be popping in -- have to get all my links and it will take hours
[millionday] did you see that about article 8 jim?
[jimplants] yes i did now if you can find the federal council i will buy supper
[millionday] it is in the emergency basket when they get the budget ready for vote
[millionday] so we shall see