Governor of the Central Bank and the Agency Abdul Basit Turki
Tomorrow's Press / Baghdad: Student Central Bank of Iraq, Monday, private banks and financial trading companies to adopt mechanisms to the financial statements in accordance with the international regulations accredited.
The central bank governor said the agency Abdel Basset Turki for "Tomorrow's Press", "The adoption of this mechanism also comes in application of article twenty of Law No. 93 on the Prevention of Money Laundering in force."
He added that "the central sent official letters all companies involved in the daily auction of the coin to publish statements in a maximum period of 15 days,"
adding that "the central bank maintained the stability of the Iraqi dinar despite the security conditions and the instability witnessed by the market as a result of this situation."
He continued that "the current policy of the central bank aims to create a balance in the Iraqi market and adjust the work of private banks and government alike, and to ensure the development of financial trading in Iraq."
Economic stability....... Check Political stability...... Check RV............
Economists: Iraqi money forgery least at the level of the region BAGHDAD / Ibrahim
Counting economists replace the Iraqi currency by the central bank a strong boost to the local economy moving in the right direction for the country, and argued that the measure goes on the road counterfeiters and Iraqi currency manipulators with banking offices owners called the Iraqi government to accelerate the move,
which they considered important in the operations of financial exchanges.
Said Jabar Mansour safety's banking office in Baghdad's "long", that "our daily work has become very tired because of the presence of Banknotes forged and dramatically so we had to buy hardware counting currency at the same time."
and added that "paper currency currently in circulation have been exposed to rupture and consumption as a result of the large number of dealing with the lapse of considerable period of time to be printed,
causing Tlkaat clear in the process of monetary exchange and trade for all banking offices local. "
explained safety that "the central bank's move to switch the currency of ten thousand valid and serve the Iraqi economy and aspire to switch the rest of the categories in the near future for easy handling fiscal and monetary between different segments of society. "
He stressed that "ten thousand new period of rapprochement will need to month so that the citizens get used to it and that is what we have observed at the launch of the new currency for a hundred dollars."
He pointed out that "operations to switch to the local currency periodically greatly help in the fight against counterfeiters and the elimination of counterfeit banknotes in addition to making monetary exchange faster without significant financial losses."
said financial expert on behalf of Jamil Antoine in an interview for the "long", that "the proposed change Currency is not a new phenomenon, but plans have since years ago and the idea was to include the deletion of zeros in addition to printing new currencies. "
and added that "the purpose of changing the currency and delete the zeros is to reduce the process of trading in foreign currencies, especially the dollar and rely on a national currency was strong and based on the balance of large financial ".
Anton explained that "the central bank began to change the category of the ten thousand, and in order to reduce fraud taking place in addition to the launch of new banknotes bearing specifications of high-level security and tamper-proof in the distant future."
He said the "paper currency Iraqi consumed during the previous years as a result of their constant circulation other than the economically developed countries where it continues its currency trading for up to 20 years and including the Iraqi individual does not have the culture enough to trading his own money, but by treating classic which is trading paper without the benefit of trading modern banking. "
and stressed that "the money market Iraqi characterized by a lack of counterfeit currency relative to the existing ones in the neighboring countries, which are divided into three types most serious counterfeiting by intelligence agencies and international fraud gangs and mafias in addition to forgery amateur and is least harmful because of the lack of production of Currency counterfeit. "
and pointed out that "paper currency the new will be printed in the finest presses competent universally considered the leadership of the central bank are planned and implemented for the operations of the currency exchange after 2003, including owned cadres of scientific expertise and global in the disciplines of finance and economics.
has revealed the CBI that the end the month of August the current witness put coin ten thousand dinars Bhltha new, and among the old currency from the category of ten thousand will not be withdrawn from Iraqi markets, confirmed that groups other than the currency of Iraq will be put forms new successively until the end of this year.
central bank said in a written statement for the "long", it was "for the purpose of developing the current series of banknotes Iraqi and increase efficiency, seek the central bank to put the local currency and in a new way and using the finest paper and put the properties of technical and advanced security."
the bank said, "as a first step will be offered a class ten Thousands revamped the end of the month of August current which carried some changes, including changing the image of the Arab world, Al-Hassan Ibn al-Haytham to the Freedom Monument, has also been modified dates Islamic and Gregorian to 2014 m - 1435H,
as well as that the new paper will carry the signature of the governor of the Iraqi Central Bank and the Agency Abdul Basit Turki happy. "
and continued the bank that "the new paper include thread ensure Mhpka in the middle contains the effects Animations changes color from gold to green when the note is tilted,
and wrote the phrase (CBI), were also marked advanced security known as (transparent window) in the right corner of the top of the face of the paper showing a picture of the minaret Helicobacter when placed on a white background as it appears to the sum of (10000) when placed on a dark background,
as the paper contains structures against attempts at counterfeiting cloning, and there is a marker present in the paper, especially for the Blind which is a written opinions horizontal upright on the left side of the face sheet.
pointed Bank that "the currency of a ten thousand dinars old will not be withdrawn and will continue to trade," noting that "the process of withdrawal will be by dragging the Central Bank of the damaged ones", and make the process of damage it and not return again for circulation among citizens.
" With regards to other currencies, which would be put forward new Bhltha, the bank pointed out that "put the rest of the categories of currencies and new forms will be in the coming months and will be completed by the end of this year put forward.
-Any fool can criticize, condemn and complain and most fools do. Benjamin Franklin
"the proposed change Currency is not a new phenomenon, but plans have since years ago and the idea was to include the deletion of zeros in addition to printing new currencies.
On Monday, August 11, 2014 9:13 AM, Tlar wrote wrote:
-Tlar Comment - Iraq is in compliance with IMF's article VIII international currency rules which means they are ready to go international with their currency. The WTO says that Iraq has met all regulations to become a full member and is just waiting on the WTO to stamp their certificate of ascension
-(I believe they are doing what the WTO said they would do in 2009 and that is the minute Iraq goes international with their currency and gives it value, they will get that stamp).
-Turki put the following article out this morning saying the dinar is stable and has been unaffected throughout this process of government change, one of the two requirements for monetary change the other being the government issue "settled".
The laws pertaining to money laundering are in place and the banking system is complying to international banking laws. Through this article and his statements, he is implying that Iraq is ready for a monetary change.
Again I will put out an email late this afternoon explaining the last 48 hours in the political arena. I am waiting to see a certain thing happen before I put it out. ~ tlar
With regards to other currencies, which would be put forward new Bhltha, the bank pointed out that "put the rest of the categories of currencies and new forms will be in the coming months and will be completed by the end of this year put forward
rest of the categories of currencies and new forms.... sounds like lower denoms to me. :)
The Deletion of Zeros! -Right after the Deletion of Maliki!
To use your catch phrase Blue, Yee Haw! :)
Any fool can criticize, condemn and complain and most fools do. Benjamin Franklin
So...do you think that mean that we will have to wait for that to take place "in the coming months" and that we could be waiting for Jan 1 for a currency revaluation?
Bottom line is.. ALL we have learned, studied and speculated about the "Zeros Project" is right close on the horizon. I am in Tlar's camp on what the "Zeros Project " means... but even in Kaperoni's Float World.. we get to the same place.
Both Kap and Tlar agree there wil be NO LOP.. but the truth is that only time wil tell.. and we are looking good for finding out this year. Not sure when where or how.. but the CBI is going to do something... but January 1 is a short 3.5 months away. I plan to smile the entire time.
What does this mean?
Anyone know? " He stressed that "ten thousand new period of rapprochement will need to month so that the citizens get used to it and that is what we have observed at the launch of the new currency for a hundred dollars."
The above article looks to be saying that the 10,000 dinar note will be circulating along with the new lower denoms. How can that be?
HoF.. you are asking the same questions that we have all debated for years... this article today , by an economist, is full of all the same phrases and language.... and it is very good to see it today.
-I for one am at peace with what the Zeros project is about. I am not very interested in laying out all the arguments, engaging the debate.
-We shall soon enough see. Anyone who wnats to discuss the details of how the arabish is worded and what it means and if it will LOP or not and all the circular arguments.. there are many threads that have it all there.. here and on Kap's site.
-Like i said.. I am over it. I am in Tlar's camp... I am patiently waiting with calm, quiet confidence... and I am gonna accept whatever they do.
HoF.. I love you mind.. but I am done analyzing what that phrase means .. we have all seen it many times. It's all about the value .. and present value will be changed by the Deletion of Zeros.
Let it come to you, my friend
BOTH higher denoms and lower denoms will COEXIST for a while (2 years).
Not to worry.
I guess I'm just one of those people who likes to know in advance and not be shocked at the end.
Rissa's Dad wrote in that other thread.. fits here...
They need to get the two-rate spread within 2% variance to be compliant also. That has not yet occured. But this is something that could be done with the push of a button, or already in compliance and not accurately shown by the CBI. ~ RD