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[kaperoni] Hi everyone. Welcome to DinarAlert chat.
[kaperoni] Let’s get started.
[kaperoni] I discussed last Friday that the Parliamentary Committee was going to spend Sat and Sun with Shabibi discussing the removal of the 3 zero notes. As we all have seen, In recent weeks there has been many articles for and against it.
[kaperoni] Causing in essence, the committee to find out if this was, in fact, a good idea. Well today we heard from the committee…
[kaperoni] The first article I want to talk about is called…
[kaperoni] Abadi: We are with the deletion of zeros is likely to begin replacement of the currency early in 2012 Monday, September 12 / September 2011 10:06
[kaperoni] Here is a quote…
[kaperoni] “The head of the parliamentary Finance Committee, Haider Abadi, that with the deletion of zeros from the Iraqi currency as an important and necessary condition that the actions to be associated with a sound and correct.”
[kaperoni] And another quote…
kaperoni] Abadi said that "a number of precautionary measures have been discussed with the Central Bank because the replacement process be successful and correct."
[kaperoni] And Abbadi, "The new currency will not reflect negatively on the inflation situation in the country and will be dealing with finance in Iraq, the easiest and best delete the zeros."
[kaperoni] He noted that "the new place that will bring the process of replacing the new currency and destroying the old currency has yet been set."
Read More button on right
[kaperoni] And one more..
[kaperoni] Abadi concluded his speech by saying that "the size of the Iraqi currency has become unreasonable and we are not the first country in the world to replace its currency, because many states have preceded us in this context, France and Turkey and others."
[kaperoni] So we see today, that the Parliamentary Committee has approved of the process by Shabibi. This is just great news.
[kaperoni] We also see the CBI going on the aggressive as well today. I think this is something they had to do…
[kaperoni] Another article..
[kaperoni] Central Bank: Some criticism of state officials to delete the strategic behavior of the zeros is not responsible September, 12 2011
[kaperoni] Here are some quotes from this article…
[kaperoni] “Considered the CBI criticism from some state employees to Strutijeth efforts to delete the three zeroes from the currency's actions as irresponsible.”
[kaperoni] "Criticism of his efforts (the central bank) to delete the three zeroes from the Iraqi currency motives are unknown and are incompatible with the rules of behavior that should be adhered to by state officials in tackling the"
[kaperoni] "issues of different countries, particularly the sensitive ones."
[kaperoni] now, lets explain this...
[kaperoni] They are saying these officials and economists that are critiquing the CBI are plain wrong…And they don’t understand there motives, but they feel these comments are unwarranted and inappropriate for there positions and titles…
[kaperoni] That these matters should not be discussed this way..Particularly the sensitive one (like currency).
[kaperoni] Another quote and more confirmation…
[kaperoni] “The source confirmed that the central bank is these actions as a clear violation of the rules of conduct and acting career,”
[kaperoni] and another..
[kaperoni] “moral hazard to the public in various forms, and the central bank will retain the right to legal"
[kaperoni] And an explanation to that...
[kaperoni] They state that these comment are again inappropriate, morally wrong, and the CBI might take legal action against these individuals..
[kaperoni] And here is a similar article…
[kaperoni] Central: we are attacked by the media an unprecedented idea of deletion of zeros from the currency 12/09/2011
[kaperoni] Here is a quote from this article…
[kaperoni] “Iraqi Central Bank said on Sunday, said some government employees who hold jobs in the positions of the state media are waging an unprecedented attack on the bank, “
[kaperoni] And another quote…
[kaperoni] This one explains why the CBI started the process of removing the 3 zeros in the first place..
[kaperoni] “he had already received an official letter from the Committee on Economic Affairs in the Cabinet in 2007 appealing to the bank to consider a draft reform of the system working in Iraq expressed by restructuring and deleting three zeros, and on some easy cash trading and reduces cost of cash transactions as part of a reform strategy for the cash management system in the country. “
[kaperoni] So lets look at this quote...
[kaperoni] This quote acknowledged that the CBI had an official request to reform the currency back in 2007 from the Committee on Economic Affairs…and the CBI is executing that request.
[kaperoni] Another quote…
[kaperoni] “reduce the money supply and thus facilitate the trades towards creating a climate suitable money for investment and reconstruction,”
[kaperoni] pretty straight forward...but here is an explanation...
[kaperoni] They state here that this is needed for to reduce the money supply and to facilitate trade, and investment (which we know means a tradable currency and international acceptance).
[kaperoni] The CBI again states…
[kaperoni] “The sharp tone in his statement that he "finds that these actions is responsible for firing the charges baseless and motivated by an unknown direction contrary to the rules of behavior that should be adhered to by state officials in tackling the issues of different countries, especially sensitive of them."
[kaperoni] And another confirming again…
[kaperoni] “The central bank in its statement that "these actions represent a clear violation of the rules of conduct and acting career that are meant to expose the centers of legal and International central bank to the risk of moral hazard to the public in various forms, the central bank will retain the right to legal defense of his being loaded with the bodies responsible for exposing financial interests of the country to the danger of prejudice to the irresponsible "
[kaperoni] So we see that the CBI does not agree…and has the authority to move forward and is moving forward with the full support of the parliamentary committee despite the officials who say otherwise…
[kaperoni] Again this is great news for us…
[kaperoni] Now, my last article
[kaperoni] FINANCIAL EXPERT: There will be no contention on the banks in case of replacement Date: Mon 09/12/2011
[kaperoni] This article is from the banking sector…this is their view and support for the CBI’s efforts to delete the 3 zeros
[kaperoni] Here are some quotes...
[kaperoni] “The expert said the financial and economic Hilal Taan: »The decision to switch the currency and to delete the zeros of which was the right one, especially at the present time».”
[kaperoni] “He's (Citizen): »The decision to switch the currency came after in-depth study by experts, specialists in this regard». He pointed out »that in the case of currency exchange there will be no contention on the banks, “
[kaperoni] “He Taan »that the replacement will be smooth and without any problems because the process is in accordance with the well-studied plan».”
[kaperoni] And here is the home run ball….
[kaperoni] “The head of the Finance Committee, the parliamentary Haider al-Abadi, had confirmed that the deletion of zeros from the currency Iraq is an important and necessary condition that the actions to be associated with a sound and correct. “
[kaperoni] So we again get confirmation from this past weekend's meetings that the head of the parliamentary committee has given his support to the CBI to move forward.
[kaperoni] Now I want to end by saying I think the CBI is moving ahead very quickly now that they have the support of the parliamentary committee.
[kaperoni] One more note..
[kaperoni] Today, there was a CBI Press Release (in Arabic only) that may appear to mention an RV date or timeframe.
[kaperoni] I had hoped to have it for tonight
[kaperoni] I am having my Arabic translator look into this further and will post as soon as I get more details.
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