So the article missing on the link is the latest article where the CBI itself tells us the project to delete the zeros has been “postponed” until EARLY 2017. Does this mean in Jan 1st 2017 it will RV. Of course not but we know they have lots of work to do and this is their target timeframe. My advice is let us now follow the work to be done and its progress to see if they will in fact even be ready by early 2017. Sorry no hype or rumors, just the FACTS.
They are telling the following are the obstacles (summarized from the numerous articles on the link): (I am quoting right from the articles).
I sincerely hope EVERYONE reading this news letter today will take the time to read this below and reference also the link I provided in its entirety from what I have brought you today. It is all WOW news.
There are excellent points being proved to us. I mean proof not some rumors. So if you are concerned this RV will never happen then its your own ignorance. Also one other point to make – STOP MAKING PEOPLE INTO SO CALLED “INTEL GURUS”! I personally find it an offensive name calling and don’t want to be every associated with this people. So please stop it. Instead if they don’t know what they are talking about then ignore them and cross them off the list of forums and conference calls you are going to read and listen to. It’s that simple folks. Your sanity is totally under your own control. This nonsense is getting very old.
One other note- please stop bringing their half brained ideas to other more sensible calls and forums attempting to prove or substantiate their nonsense only because you are anxious and you want to find a thread of something that says the RV is going to happen now. Instead look at the FACTS!
1. Sept – Dec 2011 –
Minister Ali al-Dabbagh, Iraqi Government Spokesman, was interviewed by Padraig O’Hannelly for Iraq Business News at last week’s Iraq Mining 2011 conference in London. The first part of the interview can be found here.
In this second part of the interview, Dr al-Dabbagh discusses the Hydrocarbon Law, the valuation of the Iraqi dinar, foreign investment in Iraq, and the future of his country:
Iraq Business News: I’d like to ask you about the hydrocarbon law that is currently with the parliament. The Kurdish side has disagreed with the current wording of that. Do you see a possible resolution that would eventually see Kurdish oil contracts being recognised by Baghdad?
Dr Ali al-Dabbagh: It is too early to say that recognition could be achieved for the oil contracts in Kurdistan. First of all, the oil law is going to be subjected to, I think, long debate, lengthy debate in the parliament, because still it is controversial, but in the end we do need that hydrocarbon law – we can’t continue without it.
We would like to advise that the structure of the parliament is not as in 2007/2008, so by voting a simple majority could be achieved, so we’d like to ask all of the figures in the parliament to look after the common interest, not to their interests, so the Kurdistan contracts need to comply fully to the oil law.(So I don’t want anyone every to question for a second that Iraq does not need a Hydro Carbon law passed in parliament prior to the project to delete the zeros thus the RV….Do you get it? Their words not mine! So where does this law now stand? It is completed by the Abadi cabinet and is sitting in parliament. They keep talking about bringing it up for vote but it is being delayed for some reason. The point is we DO NEED IT and here is positive proof..,,period,,,,So for all you so called intel gurus -who tell everyone it does not matter. Go and do your homework! No more discussion about it)
2. Sept - Oct 2012 –
A) “The process of deleting zeros from the Iraqi currency in 2013 depends on the nature of the policy of the Central Bank of Iraq’s new governor. A member of the Parliamentary Finance Committee has ruled out dropping the three zeros from the Iraqi currency in 2013 because “the ground is not prepared yet”. The MP cited fears of counterfeit dinars, resulting in inflation, as one of the reasons for the delay.
B) “ Iraqi MP and member of the Parliamentary Economic and Investment Committee, Nahida al-Dayni, has ruled out deleting the zeros from the Iraqi currency soon.
Speaking to All Iraqi News Agency (AIN), she said:
“The process of deleting the zeros from the Iraqi currency will not be done soon due to the lack of security and economic stability in Iraq, in addition to the lack of the required observatory role and the reduction of the IQD to the USD.
C) “The increase and decrease of the prices are related to the regional situation … The possibility of fixing the price of the USD to keep the same ratio of the IQD in the local markets.“
D) Iraq’s deputy Minister of Finance has said the three zeros cannot be removed from Iraqi dinars during 2013 because no preparations have been made.
According to the report from AK news, the Iraqi Central Bank and people have been saying for four years that the zeros in the Iraqi currency will be erased and the money will be changed. But they money cannot be changed because prior work for the process has not been executed. (they told us in March 2015 this work is now all competed, So we are good on this one!)
The Minister of State reportedly said:
“Reducing the zeros is the Central Bank’s authority. As the Finance Ministry we are against the change and removal of the zeros, but the bank insists on removing the zeros. (so we know this is being pushed by the CBI and there was a conflict between the Maliki held government in 2013. Now Abadi has told us his govt is in favor of it and supports it. So we are now good on this one!)
E) “We cannot change the Iraqi money in 2013 because the Iraqi budget was estimated with current money. (Does the 2017 budget include the project to delete the zeros? If it does it then needs to be passed and implemented prior to the project being implemented. We know past budgets included the funds so in today’s news of them revisiting these past budgets is good news)
F) “If the Central Bank has any intention to change the money then it must do the process soon before calculating 2014’s budget.” (so we do know it must be in the budget, a confirmation of this in this past article. So is it in the budget? )
G) MP Abdul Hussein Raisan, of the Ahrar bloc, has said that deleting the three zeros from the Iraqi currency was “inappropriate due to the present economic conditions”.
Citing a lack of real reforms in the banking sector, he said that the economic situation is not suitable for such a change, according to a report from Aswat al-Iraq.
The Parliamentary Economic and Investment Commission said in a press statement that “the currency should be changed in form and value, which requires a special law”.
The “Premiership Secretariat General” (sic) said deleting the three zeros should be postponed because withdrawing and burning 40 trillion Iraq dinars needs further study.
(so we know how much 3 zero notes are in circulation and what they intend to do with it once collected.)
H) The CBI added that it is seeking to make the Iraqi currency stronger and more stable through new mechanisms with regard to dealing with banks for hard currency. (we know they need banking reforms. We have seen this go to high gear especially in 2016. Why now all of a sudden taking positive action)
CBI deputy governor Muzher Mohammed said:
“The main task of the CBI is to keep and maintain the stability of the currency and support the Iraqi dinar … A new plan is followed to deal with the banks with regard to converting the foreign currency to their customers, where the CBI provides the banks with the foreign currency depending on the amount of their capital … The banks will audit the transactions instead of being handled by the CBI on the condition of serving the Iraqi economy.“
I) The central bank said last August that it planned to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised and dominated by oil, and where deals are often carried out in cash.
The proposal to restructure the dinar to bring more liquidity into the market has been awaiting parliamentary approval since last year. (we know the “green” light from parliament was given last March 2015. I sent you the article back then..remember? So we know now the CBI and central govt are working in harmony towards getting ready for the project to delete the zeros. No more Maliki bull! )
On Thursday, a statement on the website of the cabinet secretary said the cabinet had decided to halt all procedures relating to the redenomination of the dinar “until further notice”.
J) AK news reports that the process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September. (this was printed in article from Feb of 2012, So again confirmation they fully intended to do the project to delete the zeros at that time. Folks it has only been delayed not cancelled)
The announcement, which will see the Iraqi Central Bank (CBI) re-print 30 trillion dinars ($26 billion), was made despite government fear over the project.
Abdul-Hussein Abtan, a member of the economic committee of the Council of Representatives said: “The agreement includes granting the process of switching currency [for a] full year where [both the] old and new currencies will be dealt in the market during this stage.”
k) The process of scrapping old dinars and deleting zeros from Iraq’s currency to replace it with more manageable numbers could cost the country billions, according to Ahmed Faizullah, the deputy chairman of the Parliamentary Finance Committee. (so we know that in 2012 they were concerned about the cost of implementing the project so why do it under a severe economic strain such since 2014? They must first get their economic situation resolved. This is more proof the bad economy does matter. The extra cost of fighting ISIS does matter!)
Redenominating is up to Iraq’s central bank, but it would cause chaos for government by redenominating after it has set an annual budget in the existing denomination. That’s why no redenomination will take place in 2013 and maybe 2014 as well. (again we see they must put money in the budget for this project since it will cost billions to do. Have they done that in the 2017 budget? If they have we know they fully intend to do it in 2017)
Removing zeroes makes it easier print money, read it and add it up, and reduces the need to cart around too many notes to pay for goods and services in a country that relies almost wholly on cash. Iraq puts just 1% of all its transactions on credit card. (this is telling us they need to step up the use of credit cards and get the technical side and the citizens to use them. We are witnessing this effort now,,,,,this is huge!. So this concern goes all the way back to 2012 and they told us so)
3. July-Oct 2013 –
A) “This is because of fears that are mostly related to the lack of security, the presence of a market open to foreign commodities without any restrictions, theprevalence of counterfeit money in the market and rampant corruption in the country.”
B) While the parliamentary Economic Committee believes that the deletion of three zeros from the Iraqi currency would strengthen it, the parliamentary Finance Committee fears that this project would open the door to counterfeit operations.
In a statement to Al-Monitor, Mudher Mohammad Saleh, former deputy governor of the Central Bank of Iraq, warned against the consequences of such a step if it is not implemented at the appropriate time.
Abdul Abbas Shayya, a member of the Economic Committee in the Iraqi parliament, told Al-Monitor, “Reforming the management of the Iraqi currency now requires the deletion of three zeros. This has been endorsed by the parliamentary Economy and Investment Committee.
4. May 2015 - The parliamentary economic and investment commission has reportedly said that the Central Bank of Iraq (CBI) is not able to redenominate the Iraqi dinar, deleting the three zeros.
According to a report from Shafaq News, this is “due to the unstable economic situation.”
Instead, new banknotes worth 50,000 dinars are to be printed, while the introduction of a new 100,000 dinar note is to be postponed. (why postpone the 100k notes? They told us they need the project to delete the zeros until these notes will be issued. So we use this launching of these notes as a clue we are getting closer. So far no more news on these notes. We wait patiently).
Their words not mine…..No Rumors, No Hype, Just the FACTS!
Much love to ya all,