Following is an ongoing member discussion of “Delete The Zeros” Part 1
(Several posts by Tlar)
Excluded Member of the parliamentary economy, delete the zeros of the Iraqi currency in 2015 the current. Najiba, Najib said each agency in Iraq today "There is a plan but is not close to term ", noting that" this plan can be applied in two years or more. "
DreamWeaver: All I’m seeking is what is or isn’t relevant to triggering an RV; and my research is finished. Right now, I'm just watching what they DO. That’s all that’s relevant, IMO, as everything needed for RV to occur is in process of being implemented—at varying stages. You're right. We've all been drilling away, but soon, hopefully, we'll strike that gusher.
Only question to you, based on what I’ve read of your posts so far is this: What do you think Shabibi / CBI meant by needing general support from GOI? What did you—or do you now--take that to mean? Laws?
Thoughts on this would be appreciated. Always, best regards and blessings to you. So very, very good to have you on the board. ~ DW
Tlar: DW's question - Only question to you, based on what I’ve read of your posts so far is this: What do you think Shabibi / CBI meant by needing general support from GOI? What did you—or do you now--take that to mean? Laws? Thoughts on this would be appreciated
DW, I have avidly followed the dinar since Nov 2008. One thing I have seen the CBI do over and over is try to get the government on board to monetary change.
Each and every time I thought I saw support being garnered by the CBI from the Economic and Finance Ministry, Maliki would step in with his minions on his payroll saying no because of some excuse like counterfeiting.
Shabibi was insistent though and continued to try to push for this change and with each push we saw Maliki turn up the heat.
It was toward the end of Shabibi's running the CBI in late 2011 that we saw that heat to stop this turn toward accusations as Maliki had already made the decision to remove Shabibi.
Ultimately Maliki's goal was reached as we know. But IMO the facts to me show that Shabibi was ready as far back as 2010 and with each passing year he set up deadlines that he had hoped to hit on currency change. This was all before the laws that some feel now are so important or before any budgets.
In fact the CBI stated not to long ago they will do this when they think the time is right, with or without the budget being done. Monetary change is in itself a goal stated by the CBI and IMO it in itself must be independent of everything else.
The job of the CBI is to protect the currency and IMO that's what Shabibi was doing in his last years by trying to institute this program. The most important thing that bleeds through all the years is government support.
Shabibi showed his frustrations after Sept 2012 when he stated he would just let the currency start at 1166 and let the market decide. This was the last defiant straw for Maliki and that's when he trumped of the graft, theft and bribe charges and had his puppet court issue those arrest warrants.
Had he had the support of the government and its institutions it is my belief this would all have been over years ago but one can only speculate why Maliki has adamantly fought this all the way.
We all know Maliki was an Iranian in Iraqi clothing. My personal belief is that early on he allowed the counterfeiting to go on in order to help Iran.
Remember Iran was under those draconian sanctions and strapped for hard cash. By allowing and protecting Irans counterfeiting he allowed Iran to survive. Iran could just counterfeit the dinar and sell boatloads of them for USD in Iraq.
No Iranian connection was ever made even though the US as far back as 2009 had told the Maliki government who, what and where this counterfeiting was being done. I am absolutely sure Maliki obstructed any and all investigations that would have lead back to Iran as Maliki controlled the investigators.
My point is this. Government support was needed then and today we finally see that in place. That's why I think we are so close you might be able to touch it. This weekend will see if I'm right or wrong. I think they are as they themselves have stated "ready"> Lets keep our fingers and toes crossed. tlar
Mike: I don't know, DW, that's not what I got from Tlar's thread. For me, it illustrated how the guru's get together and the discussion bleeds from facts to suppostion that eventually are perceived as facts. I'll give you some examples.
12-23-11 mailman17 THIS WILL PLAY OUT THE RV IS NOT A QUESTION IT WILL HAPPEN
BUT WE DO KNOW THE SMALLS ARE READY, SHABS HAS THE GREEN LIGHT, COMPANIES ALREADY HAVE CONTRACTS...
mailman17 says to (09:42:44): NOW WE WAIT FOR THIS MINOR AND HOPEFULLY LAST SKIRMISH TO END
LETS HOPE SOME GOOD NEWS COMES OUT THE NEXT FEW DAYS
mailman17 (20:29:06): ACTUALLY...SHABBISI HAS EXUCUTED THIS TO A TEE...FLAWLESS......I AM VERY IMPRESSED -- NOW WE ALSO KNOW HIS PLAN AINT WAITING ON ANYONE MALIKI, TALABANI, NO ONE
Mike: Shabibi never had a green light, he was still waiting on Maliki and the CoM and the skirmish never ended.
Doc 3-12-12 Several have stated the RV can not happen without issuing the LDs. While we do not agree with this (USD can be used to make change) we do concede that it would help the dedollarization push to have the LDs issued and in use. It is really a question of timing. First, as we've screamed 1,000 times, the CBI needs approval of Parliament to issue a new currency. Post this, several articles have talked about June and September as issue dates. What we do know is what Shabibi has told us which is they want to go into the 2013 budget using the new currency. It would make sense to have the LDs out for a period of time pre 2013 budget. A June to September issuance would seem reasonable.
Mike: Maybe this is where the story of Shabibi saying he was going to release the LD's in September came from, I don't know.
For me, research is what Brule gave us with the link to most of the articles. http://www.easyenglish4u.com/central-bank-iraq-articles In it, you'll find an article titled, CBI: Continue with the deletion of zeros despite calls to delay, wait. Here's an excerpt from that article.
Baghdad/JD/…Member of the parliamentary Finance Committee and Attorney for the State of law Coalition Haytham Al-Juburi, that the Central Bank of Iraq informed the Committee that the deletion of zeros past despite Government demands a wait …
Transfer Al-Juburi/JD/: Deputy Central Bank Governor Mohammed appearance on the sidelines of the meeting yesterday “that the Bank is in the process of deleting zeros currency will be put on the first of January or after a short period.”. He added “that the Central Bank works to persuade the Government to delete the currency switch positives zeros and put forward early next year.”.
He said the Central Bank has the right to replace the currency by regulations and instructions that authorized him to even without legislation by the House of representatives. “.
Promised parliamentary Finance Committee member and Deputy from coalition of State law to wait to put the currency requested by the Prime Minister of the Central Bank is coordination between fiscal policy and economic policy “.
The Central Bank has sent an official letter to the Iraqi Council of Ministers includes pros switch currency … She is a member of the parliamentary Finance Committee and MP for the Liberal block Magda El-Tamimi, yesterday, Saturday, for/JD/that “Central Bank Governor Sinan Al-Shabibi met with Prime Minister Nuri al-Maliki and spoke about the wait to switch currency and delete the zeros and the money supply.”.
Tamimi said “that the Central Bank in an official letter to the Cabinet of Ministers ensures the pros switch currency and delete the zeros to reduce the money supply and to facilitate business processes and other” … And remedied “but the cabinet so far has not responded to the Bank’s book.”.
Tamimi said “the Government supports the Finance Committee to wait till the present time not suitable for switching currency, we fear the emergence of counterfeit currency dealers Division.”. According to the parliamentary Finance Committee member and MP for the Liberal block “switch currency after 2003 witnessed the emergence of economic Division and dealers were counterfeit currency in the market, maybe switch currency at the moment is in addition to the money supply will grow more.”.
The Central Bank has said in the past week put new Iraqi currency after deleting zeros in January. Central Bank Governor Sinan Al-Shabibi/JD/”Bank will put up new Iraqi currency after deleting three zeros in 1/1/2013.”.
He was Governor of the Central Bank has stated that “there are numerous and many misgivings on its implementation of the Bank is keen to be a safe and easy exchange.”.
Mike:: Shabibi never said he would release the LD's in September, and it's pretty clear that he was unable to unless he had the support of Maliki and the CBI. He had all the laws he needed, and the support of some in Parliament.
I like speculation as much as the next guy, as long as it's not purported as fact and that the folks in charge are making statements when in fact they aren't.
There are those who believe the CBI is completely autonomous from the GOI and that they can RV this currency any time they want, it's pretty clear that the CBI has wanted to do it but is unable without the support of the government. Brule's link is the research that Tlar's thread talks about.
Respectully, the thread is riddled with inaccuracies and suppositions that have never matierialized. If anyone has taken the time to read this whole thread, why not invest twenty minutes more and dig into Brule's link. The information is there and you don't have to rely on anyone's memory to fill in the gaps.
Shabibi wouldn't forcast the date that Iraq raises the value of it's currency. The whole planet would have bought dinars if they knew it was going to increase 1,000 percent or more on a certain date. The guru's thought they had it figured out, but if I know one thing, rate's and date's have never worked out.
" We are all born ignorant, but one must work hard to remain stupid " Benjamin Franklin
Brule: As I recall, the CBI does not pay for printing or re-printing of currency. If nothing else, the government had to be on board to pay the $150+ million dollar invoice for printing of the currency. If this program is ready to rollout today or tomorrow, it is an indicator the currency has been printed because they do not have the funds currently to pay for it.
Mystic137: I have saved lots of dinar-related info myself...this is what I found concerning the whole issue of whether or not CBI/Shabibi talked about releasing smaller denominations in Sept of 2012
Saturday, 25 February 2012, 07:58 GMT New banknotes to be introduced in September
The Kurdish Globe Views differ on financial and socioeconomic impacts
Despite fears of a negative economic impact, the Central Bank of Iraq will remove three zeros from Iraqi dinar notes and print new banknotes in 2013.
The Central Bank of Iraq has agreed with the Economic Committee of the Iraqi Parliament to introduce the new banknotes in September 2012, which will be used in parallel with the current banknotes for a year. The CBI will completely withdraw the old banknotes by September 2013.
Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September, and it will take a year to complete. The new banknotes will be printed in Arabic, English and Kurdish.
The CBI will introduce three new banknotes: 50 dinars, 100 dinars and 200 dinars. For smaller transactions, the CBI will also issue 1-dinar and 2-dinar coins which Iraq currently does not use.
MP Abtan says "The grant agreement is to ensure that during the one year process, the old banknotes are traded in the market and replaced by the new one."
The CBI expects this move to positively impact the country's economy; however, some parties say the negative consequences will be more serious.
The Security Commission says deleting the zeros will have a negative impact on financial trade in the stock market. Other opponents of the move argue it would pave the way for money laundering and want the government to reconsider its decision.
Supporters of the idea believe the introduction of the new banknotes will help reduce inflation, strengthen the Iraqi dinar in the international market, facilitate trade with international banks and other financial institutions, as well as reduce the social gap between classes.
"The process of removing zeros from the currency will contribute to dealing better with inflation, facilitate economic cooperation with international banks and reduce the differences in [standards of] living in society," Abtan explained. Mahma Khalil, another Member of the Iraqi Parliament and official spokesperson of the Economic Committee says an agreement has been reached about the mechanisms of introducing the new banknotes after a series of meetings and discussions with the CBI Governor Dr. Sinan Al Shibibi.
"According to the agreements, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market," explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000.
The objective behind this move is to appreciate the value of the Iraqi dinar against the U.S. dollar, which would in turn increase the balance of the Iraqi dinar and there would be sufficient reserves of that currency," explained MP Khalil. "Additionally, the economy of Iraq would grow and oil sales would also increase." Khalil added that Iraq has a reserve of $60 billion in the CBI.
The CBI previously stated it would consult with Parliament and representatives to see whether there would be a need for a law to be passed for this shift. The Economic Committee announced on 19 February it was introducing new legislation for the purpose and would also address the inflation issue in the country.
The introduction of new banknotes and withdrawing the current ones from the market is generally expected to reduce and control the number of dinars in circulation and would also help facilitate payment systems and control the banking transactions in the country. http/www.kurdishgl...6BBF1EDC3B7D027
mystic137: even the IQD team was excited
MARCH 2ND, 2012 07:49 AM • POSTED IN CHATS & POSTS (IRAQI DINAR INFO)
The IQD Team Conference Call March 1, 2012 Highlights/Summary & Replay of CC Thanks to Mark for the summary
Conference Call Replay - March 1, 2012 Download/Playback or 760-569-7699 Pin 769478# THEME FOR TONIGHT: “Oh What a Night”…Of Incredible News! Shabibi is ready to go and Pretty Loud & Clear He Speaks!!! “Straight Talkin” Mike summarizes tonight’s News:
What an incredibly Bold Statement from Shabibi…He is Ready…..He came out and basically said ITS NOT IF I AM GOING TO RV THE CURRENCY…ITS WHEN AND IT IS UP TO ME AND I AM GOING TO BE DOING IT SOON….IN ‘THE COMING DAYS’….WOW!!!! What happened today? Really it didn’t happen today…
IT HAPPENED 2 DAYS AGO…. DR SHABIBI CAME OUT AND SPOKE TO THE PEOPLE He wanted to talk about the counterfeit and statements in the media He wanted to assure the people that the counterfeiting was not as bad as the media is letting on it to be its not severe...please don’t worry about it..
we have it under control and OH BY THE WAY WE ARE GOING TO BE DELETING THE 3 ZEROES FOR YOU AND WE ARE GOING TO BE DOING THAT SOON… …this is a quote from Dr Shabibi not from Straight Talkin Mike He said don’t have any fears…don’t worry about it...it’s not going to hurt the economy…your money is going to be worth more…hang on to it…please do not stop using you dinar…please use your dinar...hang on to it….I plead with you ..these people are fools that are telling you all these things out there
Then we talked about the banks wanting to get involved in the investment banking end of the business they want to be able to participate in all parts of this economy because it is going to grow and it’s going to grow very quickly we’ve seen the numbers…we’ve seen what they said they don’t just want to bank….they want to become investment bankers like here in America We had a law that separated our bank from our investment banks awhile back…we took that law down...
some can say all hell broke loose then...and that could have caused all of the problems we have now…I don’t know…that is a different conversation for a different day but I can tell you this they became more profitable when that happened and that’s what the banks want to do in Baghdad...they want to be able to be a part of this growing economy that’s going to grow very quickly…THEY WOULD NOT WANT TO BE INVOLVED IN THIS IF THE CURRENCY IS GOING TO BE WORTHLESS
Then we talked about an article that there is a bill in front of Parliament and they are afraid just like some of the dinar people are afraid that it is going to hurt the economy...it’s not going to help the economy and Saleh came out and said no we have this under control…
we’re not going to hurt the economy…we’re not going to affect anyone’s net worth…we’re not going to take away from anything...we are going to keep the things status quo and then eventually we will raise the rate after that so don’t worry about you walking in taking a 25,000 dinar and walking out with a 25 dinar…that’s not the purpose of this….the purpose of this is not to do this…
other countries have done this and we know what we are doing…sort of a semi quote unquote is what he said…do not worry go ahead and vote on this…move forward they want to conduct a study…
Dr Shab said 3 days earlier we know the study is already done a lot of what was referred to in that article…Dr Shabibi had already talked about 3 days later stating HE IS GOING TO DO SOMETHING WITH HIS CURRENCY SOON…. was his quote...the translation was from that paper…
whether its translated to be that or whether it is longer than that he certainly is going to do something with his currency soon can be anywhere from 3 days...to 3 – 4 weeks …don’t know but as we are watching things click off the ticker here they are getting these things done
So the news was absolutely fantastic Then we read about the electronic payment systems over there and how the banks have all this modern equipment and they want to invest in all this modern equipment…cellphones, electronic payments, credit cards that get people all this stuff basically it is already there…IT IS READY TO GO..IT HAS BEEN What they have to do is educate the people…
the people are afraid of the banks in what we have seen so far…even some of the articles we didn’t read today that maybe you came across out there…the people are afraid of the banks…they are afraid of losing their money...afraid of losing what they put it to them…..they don’t understand it…
they need to be educated on the process of how these things are done…look you can use your cell phone to bank...you can use this ATM to get money out to get money out of there…and oh by the way the guys are saying we want to stuff these ATMS with more money because we have to put 25000 notes in there and Shabibi is kinda laughing saying well I already told you we are going to give you a currency that you can walk around with that’s going to be better and then in order to that we have to kinda increase the value along those lines and then you guys will finally all get it
Moving forward into the Government National Alliance…The National Meeting…2 articles came out that the agenda is done….are agreeing to move forward...it is my opinion they are waiting to use this a strategy to kinda pull people together and move forward maybe they are waiting for some sort of event to happen before they have this that they think is going to happen soon and then they will go ahead and put this out but it looks like they’ve got the meats and potatoes of the meeting done ready to go ahead and move forward getting this meeting and everything solved...
they want to use the constitution...they’ve got the groundwork If you ever worked for a large company and did one of these meetings they are doing what they are supposed to be doing…….not fun watching…but things are getting done…we are moving out of that realm and moving forward
We talked about everyone agreeing and compromising we haven’t seen that happen for a while but everybody’s talking...remember that months ago they were getting yelled at by Hillary Clinton and the US and everybody else saying get yourself together – move it forward looks like they took that advice and did that
We read an article about Kuwait...Port of Mubarek Kuwait likes what they are hearing Iraq wants to build an Embassy in Kuwait They want to have relations I think that Chapter 7 is a moot point at this time they are doing what they are doing diplomatically to settle this It is my opinion they will settle this issue very quickly They will have it done – have it at the UN….it will be released we will not hear about it...
we may see small article saying it is done and then there will be some sort of announcement from Maliki when he goes over there...a picture ceremony and then maybe they’ll come back to the Arab Summit and that will be what they announce there or maybe that will be the kickoff…Look Kuwait is freed us out now you all can deal with us at the Arab Summit… Lots of political choices…the ball is in their court to make this a HUGE event for them for the Arab Summit
Deb & Mike discuss their beliefs on when they believe this can happen Deb – it is my belief all of these things are done…that’s my opinion we have Shabs coming out with this incredible statement today and all of the other incredible news we discussed I believe it can happen in a couple of days...not saying it will…but I believe a lot of things have happened behind the scenes and it could happen any time now…
My belief is once they got the budget passed this RV could happen at any point in time from that point forward My personal belief is I really feel those ministers are important Based on what Shabibi said today… I believe Shabibi is under a lot of pressure right now this counterfeiting stuff can destroy everything that he has done it can just rip it apart…
the 8 years he has put together trying to make sure that his people like their currency in a one fell swoop in a week...people not liking it. I mean I think everyone kinda wants to tend to look at the end result What’s the date and the rate…as opposed to looking at the journey as we go along He told us in one article we read the people will go to bed…hey will wake up and things will be different…
that’s what is going to happen.. That’s how we are going to hear about the RV…..We are going to go to bed and we will wake up one morning and it will RV or you will get called in the middle of the night…
I look forward to that call…and you are going to know that it has happened and you are going to get up and everybody is going to look at each other and throw your hands up screaming and yelling…and then it is going to hit them What do I do next? What do I do next? so yes things are happening based on what Shabibi said…i don’t know if it is going to be a couple of days…
I don’t know that he is going to come out and say it and then do it…We know he is pretty truthful about what he does He has to have a little bit of Magic behind the Old Wizards Mask… he has a couple of things left that he will do he’ll still do it when he needs to do it on his time and on his terms basically it’s there…the pressures are building for him to get this done….
but the pressure is also building on the Parliament to get the things they need to get done too…we are certainly combining together I personally feel that the security minister is really an important part and piece to this whole thing and we may never hear if that gets done…it may be after the fact….
it may RV and then after the fact find out the security minister was seated 2 days ago…I just think that is a very important piece to this pie and I don’t think we are ever going to know how close they are on that type of stuff…that could be why they are putting off the national meeting…
they are kinda postponing it…postponing it. maybe they want this stuff to be done before that point in time but we are certainly there at a point in time where things are coming together and these many things have not happened I guess we need not to concentrate on so much the end of the journey as enjoying the journey as we are in it Be happy with the info we get…
everybody wants to time it because everybody wants to go out and do something special it’s going to be terribly hard to time anything…it’s a fluid situation this week everything can be good and then something could happen to set it back…internally… externally…because we don’t have all the pieces to the pie…we are not privy to all the meetings everybody is sitting in and we don’t know what is missing and what’s not done ….we are guessing at that from what we see
You start to wonder where are the rumors come from if he came out a couple of days ago and said this and now it is just hitting the papers and He spoke to the people in Iraq a couple of days ago kinda do your backtracking and maybe you can see where they might have got there information…
you can kinda see where they might have jumped the gun if they just would have waited til he does what he does… But if he spoke to the people in Iraq and he did as we just read that could have sounded like he was ready to pull the trigger that day…You have to be patient and wait for it to play out…That article came out a few days ago… Think about that in the whole scheme of things……
Shocked he came out with his statement and that he could be that blunt…it hit me between the eyes…That’s as close I guess that I can get to somebody saying…Take a look at what I am doing…he validates the whole process of what he is doing….He is going to do something with the currency…
and Deb says NOT in September guys!!! Probably why he looked like he did in his picture…very tired…stressed…under a lot of pressure to get this done…. GET R DONE
There you have it…..INCREDIBLE NEWS from “The Straight Talk Express”
The I.Q.D. Team, Ltd.’s News Articles Coverage for Thursday, March 1, 2012
The Central Bank’s position on amendment illustrates the Banking Act
CBI: Responds to Counterfeit Currency Statements in the Media
Delete zeros from Iraqi dinar raises fears of parliamentarians FLASHBACK
Invitations to complete the use of electronic payment systems
National Alliance: no intention to delay or cancel the national meeting
Kuwait applauds Iraqi statements on port
Includes three axes .. Deputy: Appl Kurdistan Alliance National Conference in earnest all disputes will be resolved NEWS ARTICLE LINKS What a great night of news, analysis, discussion and Q & A
Listen to the call for all the rest of the news analysis and discussion after each news article…..we are getting closer every day….. GET R DONE
Conference Call Replay - March 1, 2012 Download/Playback or 760-569-7699 Pin 769478#
As Always…. Discussion and Analysis of the Latest Iraq, Dinar & RV News….Pre & Post RV Information…Q & A Every Tues, Thurs & Sun 8PM EST 760-569-7676 769478# or 712222#
Mystic137: another one I found from 2012....
Parliament Economic Committee: Process to start removing zeros from the currency in September
Baghdad, February 18 (Rn) – The parliamentary economic committee, Saturday, in agreement with the Iraqi Central Bank to begin the process of removing zeros from the local currency in September next.
The central bank announced earlier that he is considering the requirements of the project to delete the zeros of the local currency with the Council of Ministers in terms of need process for the enactment of the organized or not.
A member of the Economic Commission Abdul-Hussein Abtan told the Kurdish news agency (Rn) that “the Economic Commission agreed with the Central Bank to begin the process of changing the local currency in September next.”
He added that “the agreement granting process to ensure the currency switch for a full year that the two currencies are traded the old and new in the market during this stage.”
And describes the CBI process of switching the currency national project in support of the economy in the country, while expressing the Iraqi government for fear of the project as it will increase the phenomenon of money laundering, “according to belief,” and is working to convince the central bank to stop the implementation of the project, and be approved by the securities the government’s position of deletion of zeros and says it will affect negatively on the financial trading in the stock market.
Abtan explained that “the process of removing the zeros from the currency will contribute to dealing with inflation and facilitate economic cooperation with international banks and reduce the differences of living in the community.”
The Committee emphasized the financial representative, on Sunday, the central bank tarry in the provision of a bill to delete the zeros from the currency to the Committee for the purpose of his study, saying that the law was passed would give Iraq an opportunity to address economic inflation, as experts predict a rise of inflation in the budget in 2012 because of the continuing interest in aspects of operational at the expense of the investment part of the general budget.
And inflation is excessive in the general level of prices and rising incomes as well as higher cash costs and create excessive cash balances.
He concluded his speech by saying Abtan that “the central bank looking to send a bill to change the currency to the House or not because the law gives the Central Bank of implied powers to delete the zeros of the local currency.”
The functions of the central bank conduct of monetary policy in the country, including exchange rate policies and the management of foreign reserves and the issuance of currency management, and raise the level of the values of the Iraqi dinar and deal with inflation in the country, which is responsible also for the maintenance of price stability, as well as to regulate the banking sector.
(link does not seem to work though) http/www.aknews.co...knews/2/290751/
Comments may be made at the end of Part 2 Thank You