12/16/2011
The uncertainty of regional impact on the value of the dinar against the dollar
The Iraqi Central Bank Governor appearance in favor of the bank continued to pump foreign currency to the currency markets in the country comes to the withdrawal of liquidity and the preservation of the dinar exchange rate and financing of business operations to private sector companies.
Salih said In a statement to the newspaper "Sabah" The unstable situation in the region led to increased demand for the dollar, which led to the rise in price against the Iraqi dinar. and feed the amounts that range from the Central Bank of the Iraqi currency markets between 150 and 180 million dollars a day, according to World Bank President.
link
Showing posts with label "Iraqi Currency Iraqi Dinar" - "Remove Zeros". Show all posts
Showing posts with label "Iraqi Currency Iraqi Dinar" - "Remove Zeros". Show all posts
Thursday, December 15, 2011
Tuesday, December 13, 2011
Iraqi Dinar, CBI ~ Shabibi ~ Economy considering the possibility of parliamentary delete zeros from currency ...
Same subject .. different source ~ Iraq ~ Shabibi ~ Delete the Zeros from the Iraqi Currency ~ Parliamentary looking economy with the Governor of the Central Bank ...
*Below article references the following 2 articles ~ Central Bank declares its readiness to start deleting zeros from the Iraqi currency ... and .. *November 18, 2010 ~ Finance: Delete the zeros of the local currency enhances the value of the Iraqi dinar in the International Monetary Fund ...
Wednesday, 14/12/2011
Economy considering the possibility of parliamentary delete zeros from currency
Baghdad, The committee of economy and investment representative, on Tuesday, it will consider the deletion of zeros from the Iraqi currency, noting that the Governor of the Central Bank and economic experts have made several proposals in this regard.
A member of the Sheriff Aziz said in a statement received Mayahi term, a copy of it,
The "Committee for Economy and Investment hosted, today, Governor, Central Bank of Iraq with a number of economic experts," noting that "the two sides discussed the issue of deletion of zeros from the Iraqi currency."
Continues ...read more ..
Mayahi added that "the Commission listened to a detailed explanation by the delegation on the issue of deletion of zeros," noting that "the Commission will consider the proposals of the delegation in this regard in order to reach the right decision to serve the interests of the Iraqi people."
The Member of the parliamentary economic and investment that "the Commission discussed with the delegation, a number of economic issues Kaltdkhm and ways to reduce its impacts on the Iraqi economy."
The Central Bank of Iraq announced that, in (29 September 2011), that the year 2013 will see the deletion of zeros and the currency exchange, pointing out that the existing currency formed a cluster of large cash estimated at 30 trillion dinars.
He said an adviser to Prime Minister for Economic Affairs Abdul Hussein Al-Anbuge, in (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of dinars Iraq to replace them in the light of the planned changes.
He accused the Iraqi Central Bank, in the (12 September 2011), government agencies of obstructing monetary reform and vowed to sue, blaming the authorities responsible for exposing the financial interests of the country to danger.
According to some economists that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, noting that the deletion of zeros needed to stabilize the security and political as well as economic stability.
And declared the Iraqi Central Bank Governor Sinan Shabibi, at a meeting of independent bodies with Prime Minister Nuri al-Maliki, who was held in (June 19, 2011), his willingness to create all the supplies to replace the Iraqi currency.
The Central Bank of Iraq was established as a bank independent under the law issued on the sixth of March of 2004, as an independent body is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the financial system competitive and independent.
link
*Below article references the following 2 articles ~ Central Bank declares its readiness to start deleting zeros from the Iraqi currency ... and .. *November 18, 2010 ~ Finance: Delete the zeros of the local currency enhances the value of the Iraqi dinar in the International Monetary Fund ...Wednesday, 14/12/2011
Economy considering the possibility of parliamentary delete zeros from currency
Baghdad, The committee of economy and investment representative, on Tuesday, it will consider the deletion of zeros from the Iraqi currency, noting that the Governor of the Central Bank and economic experts have made several proposals in this regard.
A member of the Sheriff Aziz said in a statement received Mayahi term, a copy of it,
The "Committee for Economy and Investment hosted, today, Governor, Central Bank of Iraq with a number of economic experts," noting that "the two sides discussed the issue of deletion of zeros from the Iraqi currency."
Continues ...read more ..
Mayahi added that "the Commission listened to a detailed explanation by the delegation on the issue of deletion of zeros," noting that "the Commission will consider the proposals of the delegation in this regard in order to reach the right decision to serve the interests of the Iraqi people."
The Member of the parliamentary economic and investment that "the Commission discussed with the delegation, a number of economic issues Kaltdkhm and ways to reduce its impacts on the Iraqi economy."
The Central Bank of Iraq announced that, in (29 September 2011), that the year 2013 will see the deletion of zeros and the currency exchange, pointing out that the existing currency formed a cluster of large cash estimated at 30 trillion dinars.
He said an adviser to Prime Minister for Economic Affairs Abdul Hussein Al-Anbuge, in (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of dinars Iraq to replace them in the light of the planned changes.
He accused the Iraqi Central Bank, in the (12 September 2011), government agencies of obstructing monetary reform and vowed to sue, blaming the authorities responsible for exposing the financial interests of the country to danger.
According to some economists that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, noting that the deletion of zeros needed to stabilize the security and political as well as economic stability.
And declared the Iraqi Central Bank Governor Sinan Shabibi, at a meeting of independent bodies with Prime Minister Nuri al-Maliki, who was held in (June 19, 2011), his willingness to create all the supplies to replace the Iraqi currency.
The Central Bank of Iraq was established as a bank independent under the law issued on the sixth of March of 2004, as an independent body is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the financial system competitive and independent.
link
Iraq ~ Shabibi ~ Delete the Zeros from the Iraqi Currency ~ Parliamentary looking economy with the Governor of the Central Bank ...
Bumped .. Related articles ~ *Iraqi Dinar = U.S Dollar ~ Deputy in the Finance Committee is expected to equal the Iraqi Dinar against the U.S. Dollar during the next biennium and flashback .. March 2010 ~ 'The Iraqi dinar has all reasons to grow stronger,' says Maliki and ~ Shabibi 'Our aim is to establish a forward market in Iraqi dinars
Tuesday, December 13, 2011
Parliamentary looking economy with the Governor of the Central Bank project to delete the zeros from the Iraqi currency
Baghdad, Committee discussed the economy and investment representative with the Governor of the Central Bank of the project to delete the zeros from the Iraqi currency.
A member of the Committee Aziz Mayahi in a statement said today that "The Commission on Economy and Investment hosted on Iraqi Central Bank Governor Sinan Shabibi with a number of economic experts, and discussed the issue of deletion of zeros from the Iraqi currency, the Committee heard to a detailed explanation by the delegation on this subject.
Continues ...read more ..
He added that "the Committee will consider the proposals of the delegation in this regard in order to reach the right decision to serve the interests of the Iraqi people," adding that "the Committee discussed with the delegation, a number of economic issues Kaltdkhm and ways to reduce its impacts on the Iraqi economy."
The Central Bank of Iraq and on to San bank adviser appearance of Mohammed Saleh told Al [where] the need for Iraq to the process of administrative reform of the currency, cash, and that the project to delete the zeros is a step comes as part of the country's needs to the process of administrative reform of the currency in order to reduce the cost of cash transactions in the economic process as well the need to provide small groups of coins used in daily circulation of small transactions.
The officials at the Central Bank as well as some politicians and economists urged the government to delete the zeros from the currency and the issuance of new currency denominations large cash in addition to the presence of small coins.
Observers say that the government intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar is that economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the benefit expected to raise zeros.
And Abdul Hussein Al-Anbuge Adviser to the Prime Minister for Economic Affairs had warned earlier that the removal of zeros from the currency in the events will cause big problems and disrupt the Iraqi economy.
link
Tuesday, December 13, 2011Parliamentary looking economy with the Governor of the Central Bank project to delete the zeros from the Iraqi currency
Baghdad, Committee discussed the economy and investment representative with the Governor of the Central Bank of the project to delete the zeros from the Iraqi currency.
A member of the Committee Aziz Mayahi in a statement said today that "The Commission on Economy and Investment hosted on Iraqi Central Bank Governor Sinan Shabibi with a number of economic experts, and discussed the issue of deletion of zeros from the Iraqi currency, the Committee heard to a detailed explanation by the delegation on this subject.
Continues ...read more ..
He added that "the Committee will consider the proposals of the delegation in this regard in order to reach the right decision to serve the interests of the Iraqi people," adding that "the Committee discussed with the delegation, a number of economic issues Kaltdkhm and ways to reduce its impacts on the Iraqi economy."
The Central Bank of Iraq and on to San bank adviser appearance of Mohammed Saleh told Al [where] the need for Iraq to the process of administrative reform of the currency, cash, and that the project to delete the zeros is a step comes as part of the country's needs to the process of administrative reform of the currency in order to reduce the cost of cash transactions in the economic process as well the need to provide small groups of coins used in daily circulation of small transactions.
The officials at the Central Bank as well as some politicians and economists urged the government to delete the zeros from the currency and the issuance of new currency denominations large cash in addition to the presence of small coins.
Observers say that the government intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar is that economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the benefit expected to raise zeros.
And Abdul Hussein Al-Anbuge Adviser to the Prime Minister for Economic Affairs had warned earlier that the removal of zeros from the currency in the events will cause big problems and disrupt the Iraqi economy.
link
June 2011 ~ Central Bank declares its readiness to start deleting zeros from the Iraqi currency ...
Links - Iraq's Currency and Monetary Policy - "Remove Zeros" ...
Snip ~ The Iraqi Central Bank Governor Sinan Shabibi said at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in the 19 of June, and, ready to create all the supplies to replace the Iraqi currency. (lower denoms)
23-06-2011
Central Bank declares its readiness to start deleting zeros from the Iraqi currency
(Voice of Iraq) - Alsumaria News / Baghdad
Central Bank of Iraq, Thursday, for his willingness to delete the zeros of the Iraqi currency, and as he emphasized that this step is one of the strategic functions of the Bank, pointed out that the new currency will contain on the Kurdish language in addition to Arabic.
The adviser said the Iraqi Central Bank Governor appearance of Mohammed in an interview for "Alsumaria News", "zeros are added to the Iraqi currency during the last period, formed a cluster of large cash $28 trillion and 500 billion Iraqi dinars, nearly five trillion banknote," noting that "Bank created all the supplies for the deletion of zeros from the currency."
Continues ...read more ..
Saleh added that "the process is one of the strategic functions of the Central Bank of Iraq," adding that "monetary policy of the Bank based on the structure and reduce the volume of currency in a country moving to the stage of the economy."
Salih stressed that "the project to delete the zeros have been completed and will be presented to the management of the Central Bank of Iraq during its next meeting, and then will be submitted to the Council of Ministers to be presented to the House of Representatives for a vote," pointing out that "the mechanisms of switching and changing the currency would gradually be preceded by awareness campaigns to citizens."
He added that the benefit of "the new currency that will be printed after the deletion of zeros will contain the Kurdish language in addition to Arabic, as well as some pictures that refer to the heritage and civilization of Iraq and symbols of Iraqi scientists and intellectuals."
The Iraqi Central Bank Governor Sinan Shabibi said at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in the 19 of June, and, ready to create all the supplies to replace the Iraqi currency.
The Central Bank of Iraq, has four branches in Basra and Sulaymaniyah, Irbil and Mosul, which was established as a bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of reserves and the issuance of foreign currency management, as well as to regulate the banking sector.
original article ~ link
*November 18, 2010 ~ Finance: Delete the zeros of the local currency enhances the value of the Iraqi dinar in the International Monetary Fund ...
*December 1, 2010 (6 mos. ago) *Central Bank Consultant: We seek to restructure the currency ...
*April 28, 2011 - Proposal to raise zeros from Iraqi dinar ...
Snip ~ The Iraqi Central Bank Governor Sinan Shabibi said at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in the 19 of June, and, ready to create all the supplies to replace the Iraqi currency. (lower denoms)23-06-2011
Central Bank declares its readiness to start deleting zeros from the Iraqi currency
(Voice of Iraq) - Alsumaria News / Baghdad
Central Bank of Iraq, Thursday, for his willingness to delete the zeros of the Iraqi currency, and as he emphasized that this step is one of the strategic functions of the Bank, pointed out that the new currency will contain on the Kurdish language in addition to Arabic.
The adviser said the Iraqi Central Bank Governor appearance of Mohammed in an interview for "Alsumaria News", "zeros are added to the Iraqi currency during the last period, formed a cluster of large cash $28 trillion and 500 billion Iraqi dinars, nearly five trillion banknote," noting that "Bank created all the supplies for the deletion of zeros from the currency."
Continues ...read more ..
Saleh added that "the process is one of the strategic functions of the Central Bank of Iraq," adding that "monetary policy of the Bank based on the structure and reduce the volume of currency in a country moving to the stage of the economy."
Salih stressed that "the project to delete the zeros have been completed and will be presented to the management of the Central Bank of Iraq during its next meeting, and then will be submitted to the Council of Ministers to be presented to the House of Representatives for a vote," pointing out that "the mechanisms of switching and changing the currency would gradually be preceded by awareness campaigns to citizens."
He added that the benefit of "the new currency that will be printed after the deletion of zeros will contain the Kurdish language in addition to Arabic, as well as some pictures that refer to the heritage and civilization of Iraq and symbols of Iraqi scientists and intellectuals."
The Iraqi Central Bank Governor Sinan Shabibi said at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which took place in the 19 of June, and, ready to create all the supplies to replace the Iraqi currency.
The Central Bank of Iraq, has four branches in Basra and Sulaymaniyah, Irbil and Mosul, which was established as a bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of reserves and the issuance of foreign currency management, as well as to regulate the banking sector.
original article ~ link
*November 18, 2010 ~ Finance: Delete the zeros of the local currency enhances the value of the Iraqi dinar in the International Monetary Fund ...
*December 1, 2010 (6 mos. ago) *Central Bank Consultant: We seek to restructure the currency ...
*April 28, 2011 - Proposal to raise zeros from Iraqi dinar ...
Nov. 2010 ~ IMF and Iraqi Finance: Delete the zeros of the local currency enhances the value of the Iraqi dinar in the International Monetary Fund ...
November 19, 2010Finance: Delete the zeros of the local currency enhances the value of the Iraqi dinar in the International Monetary Fund
Palms - The Ministry of Finance that the deletion of zeros from the local currency will liberate the Iraqi economy from the constraints and enhance the value of the Iraqi dinar in the International Monetary Fund.
The chancellor said the Ministry of Finance Zia Alckheon that the survival of the current currency and the current status would not address the question of the economic gap taking place in the Iraqi dinar as it will increase the burden on the local economy.
The International Monetary Fund expressed support for the Iraqi economy in the event of having a number of economic measures, including privatization of banks and raise three zeroes from the currency and solvency.
original article ~ link
Monday, December 12, 2011
March 2010 ~ 'The Iraqi dinar has all reasons to grow stronger,' says Maliki and ~ Shabibi 'Our aim is to establish a forward market in Iraqi dinars
Two interesting articles from March 2010 ...
March 5, 2010
'The Iraqi dinar has all reasons to grow stronger,' says Prime Minister
IRAQ. Iraqi Prime Minister Nouri al-Maliki said earlier this week that the process to re-evaluate the Iraqi dinar has to do with economic conditions which have to be strengthened, reported news agency Aswat al-Iraq.
"The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy," Maliki said in response to some questions through the National Information Center.
"The government would not rush matters but would rather work on finding all the guarantees to render this measure a success. The Central Bank of Iraq (CBI) is currently entrusted with drawing up a study on the whole issue and would give its decision soon," said the Iraqi premier.
The Iraqi dinar's exchange rate is suffering from low value against foreign currencies as a result of decades of wars and economic embargo that brought the local currency's exchange rate to the rock bottom from three dinars per dollar in the late 1970s and 1980s to 3,000 dinars per dollar after the 1990 invasion of Kuwait, followed by a 13-year crippling sanctions regime.
The exchange rate fell even more after 2003 to reach 1170 dinars per dollar due to the CBICBI's policy of daily auction, in effect for more than five years now.
The policy was lambasted by several economists on the grounds that these auctions do not give the real value of the country's local currency. link
Note older article ~ Iraq's Forward Market, VAT tax, Sales of Treasury Bills?
Friday March 12, 2010
'Our aim is to establish a forward market in Iraqi dinars in the near future,' say finance official
IRAQ. Iraq plans to establish an interbank foreign exchange market and dinar forward market and to step up its treasury bill activity in 2010 to help plug continuing budget deficits and foster treasury and foreign exchange markets, the Central Bank and Finance Ministry said in a submission to the IMF.
Continues ...read more ..
Iraq aims to develop foreign exchange markets outside the framework of dollar auctions currently conducted by the Central Bank, a letter of intent submitted to the IMF for a US$3.6 billion standby arrangement said. link
Iraq said it would not return to a budget surplus until 2012.
"As our financing needs in 2010 will still be substantial, we will step up our efforts to mobilize domestic financing through the Treasury bill market," Iraq's Central Bank head and finance minister wrote.
"To that end, we will conduct regular auctions, and refrain from cancellations, while allowing interest rates to be determined by the market. This will have additional benefits by determining a benchmark interest rate, while the development of a secondary market for treasury bills will allow banks to improve their liquidity management."
"They are going to shift to building a local market, they have ample cash, loan-deposit ratios are very low and they will benefit from oil,"Turker Hamzaoglu, emerging market economist at BoA-Merrill Lynch, told Reuters.
"They have to develop a domestic bond market but it's still baby steps, it's still too early, it's not even a frontier market," he said, adding that Gulf Arab and Lebanese investors could be interested in Iraqi domestic paper.
Central Bank Governor Sinan al-Shibibi and Finance Minister Bayan Jabor said in the letter to the IMF that the country planned to introduce a sales tax, as a precursor to a Value Added Tax, "in the coming years".
Iraq's gross domestic product expanded by 4% in 2009 compared with almost 10% the year before, their submission reported. GDP growth would rise to almost 7% this year and 7.5%-8% in 2011 and 2012, they said.
That improvement would be rooted in an increase in Iraqi oil output to 3.1 million barrels per day by 2012, from around 2.5 million bpd now, and exports of 2.5 million bpd, compared to just over 2 million bpd now.
That outlook might be conservative following the signing of 10 multibillion-dollar deals with global oil firms to develop Iraq's vast reserves. If all the deals work out, Iraqi oil capacity could soar to 12 million bpd in six to seven years.
"The CBI will continue to be independent in the pursuit of its policy objectives. The CBI’s monetary and exchange rate policies will continue to be aimed at keeping inflation under control and safeguarding international reserves," the submission said
The banking sector is in urgent need of reform to foster financial intermediation and enable banks to contribute to the development of a strong private sector. With the help of the World Bank and other international agencies, Iraq has developed a banking sector reform strategy, it added.
"Iraq is committed to strengthening the management of international reserves by moving ahead with the implementation of new reserves management guidelines that were adopted in early August 2008. Iraq will follow the guidelines to diversify currency composition and establish appropriate duration and credit risk, build capacity for risk analysis, and work towards establishing a dealing room".
The IMF submission said Iraq's Central Bank planned to create a foreign exchange market outside the framework of regular dollar auctions now conducted by the bank. The bank uses the auctions to set the exchange rate, which has been held at 1,170 dinars per dollar for many months.
"To improve the functioning of foreign exchange auctions, we plan to develop organized exchange markets outside the central bank, including an interbank foreign exchange market," it said.
"Our aim is to establish a forward market in Iraqi dinars in the near future."
link
March 5, 2010'The Iraqi dinar has all reasons to grow stronger,' says Prime Minister
IRAQ. Iraqi Prime Minister Nouri al-Maliki said earlier this week that the process to re-evaluate the Iraqi dinar has to do with economic conditions which have to be strengthened, reported news agency Aswat al-Iraq.
"The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy," Maliki said in response to some questions through the National Information Center.
"The government would not rush matters but would rather work on finding all the guarantees to render this measure a success. The Central Bank of Iraq (CBI) is currently entrusted with drawing up a study on the whole issue and would give its decision soon," said the Iraqi premier.
The Iraqi dinar's exchange rate is suffering from low value against foreign currencies as a result of decades of wars and economic embargo that brought the local currency's exchange rate to the rock bottom from three dinars per dollar in the late 1970s and 1980s to 3,000 dinars per dollar after the 1990 invasion of Kuwait, followed by a 13-year crippling sanctions regime.
The exchange rate fell even more after 2003 to reach 1170 dinars per dollar due to the CBICBI's policy of daily auction, in effect for more than five years now.
The policy was lambasted by several economists on the grounds that these auctions do not give the real value of the country's local currency. link
Note older article ~ Iraq's Forward Market, VAT tax, Sales of Treasury Bills?
Friday March 12, 2010
'Our aim is to establish a forward market in Iraqi dinars in the near future,' say finance official
IRAQ. Iraq plans to establish an interbank foreign exchange market and dinar forward market and to step up its treasury bill activity in 2010 to help plug continuing budget deficits and foster treasury and foreign exchange markets, the Central Bank and Finance Ministry said in a submission to the IMF.
Continues ...read more ..
Iraq aims to develop foreign exchange markets outside the framework of dollar auctions currently conducted by the Central Bank, a letter of intent submitted to the IMF for a US$3.6 billion standby arrangement said. link
Iraq said it would not return to a budget surplus until 2012.
"As our financing needs in 2010 will still be substantial, we will step up our efforts to mobilize domestic financing through the Treasury bill market," Iraq's Central Bank head and finance minister wrote.
"To that end, we will conduct regular auctions, and refrain from cancellations, while allowing interest rates to be determined by the market. This will have additional benefits by determining a benchmark interest rate, while the development of a secondary market for treasury bills will allow banks to improve their liquidity management."
"They are going to shift to building a local market, they have ample cash, loan-deposit ratios are very low and they will benefit from oil,"Turker Hamzaoglu, emerging market economist at BoA-Merrill Lynch, told Reuters.
"They have to develop a domestic bond market but it's still baby steps, it's still too early, it's not even a frontier market," he said, adding that Gulf Arab and Lebanese investors could be interested in Iraqi domestic paper.
Central Bank Governor Sinan al-Shibibi and Finance Minister Bayan Jabor said in the letter to the IMF that the country planned to introduce a sales tax, as a precursor to a Value Added Tax, "in the coming years".
Iraq's gross domestic product expanded by 4% in 2009 compared with almost 10% the year before, their submission reported. GDP growth would rise to almost 7% this year and 7.5%-8% in 2011 and 2012, they said.
That improvement would be rooted in an increase in Iraqi oil output to 3.1 million barrels per day by 2012, from around 2.5 million bpd now, and exports of 2.5 million bpd, compared to just over 2 million bpd now.
That outlook might be conservative following the signing of 10 multibillion-dollar deals with global oil firms to develop Iraq's vast reserves. If all the deals work out, Iraqi oil capacity could soar to 12 million bpd in six to seven years.
"The CBI will continue to be independent in the pursuit of its policy objectives. The CBI’s monetary and exchange rate policies will continue to be aimed at keeping inflation under control and safeguarding international reserves," the submission said
The banking sector is in urgent need of reform to foster financial intermediation and enable banks to contribute to the development of a strong private sector. With the help of the World Bank and other international agencies, Iraq has developed a banking sector reform strategy, it added.
"Iraq is committed to strengthening the management of international reserves by moving ahead with the implementation of new reserves management guidelines that were adopted in early August 2008. Iraq will follow the guidelines to diversify currency composition and establish appropriate duration and credit risk, build capacity for risk analysis, and work towards establishing a dealing room".
The IMF submission said Iraq's Central Bank planned to create a foreign exchange market outside the framework of regular dollar auctions now conducted by the bank. The bank uses the auctions to set the exchange rate, which has been held at 1,170 dinars per dollar for many months.
"To improve the functioning of foreign exchange auctions, we plan to develop organized exchange markets outside the central bank, including an interbank foreign exchange market," it said.
"Our aim is to establish a forward market in Iraqi dinars in the near future."
link
Sunday, December 11, 2011
*Iraqi Dinar = U.S Dollar ~ Deputy in the Finance Committee is expected to equal the Iraqi Dinar against the U.S. Dollar during the next biennium
And ... Message from Phoenix ~ Looking Good ...
Snip ~ "and issued its decision, irreversible and started his first steps will be implemented during the next biennium from NOW.
December 10th ~ Iraqi Finance ~ Iraqi Dinar: Deletion of zeros from the Iraqi currency provided that necessary measures are sound and correct ...
Snip ~ "and issued its decision, irreversible and started his first steps will be implemented during the next biennium from NOW.
December 10th ~ Iraqi Finance ~ Iraqi Dinar: Deletion of zeros from the Iraqi currency provided that necessary measures are sound and correct ... December 11, 2011
Deputy in the Finance Committee is expected to equal the Iraqi dinar against the U.S. dollar during the next biennium
Baghdad (news) was likely a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri Sarraldenaralaraca equal to the U.S. dollar during the next biennium after the implementation of the project to delete three zeros from the Iraqi currency.
Jubouri said In a statement to the Agency (news) said on Sunday: that the approach that the Central Bank of Iraq's retention rate Dinaromam dollar during the current period, it Maharidl that monetary policy in Iraq is able to make the Iraqi dinar is equal to the U.S. dollar "any Dinaraluahd matched by one dollar.
The to: that this retention was by selling huge amounts of dollars at auction, and inject some of the other of them to Iraqi banks to control the price of the Iraqi dinar against the dollar.
Continues ...read more ..
He Jubouri the next biennium will see a different direction with the central bank to make Aldenarabraghi equal to the dollar by pumping amounts Okbermn dollar and sell it at auction project to delete Alocefaralthelat of the Iraqi currency being makes the size of the Iraqi currency Bakdralamlh the U.S., and continued: Therefore, the citizen and the Altagralaraca does not need to replace his money to Atarand buy a commodity or a car or Other, confirming that the draft deleted Alasfaralthelat of currency "based", and issued its decision, irreversible and started his first steps will be implemented during the next biennium from now.
and Zkredo the Finance Committee that the Central Bank of Iraq will continue its policy to support Aldenarabraghi, expected next year will remain the Iraqi dinar conservative on the price front Aldolarralomirka. Earlier, Eliminated Edwalganh financial and parliamentary MP / Kurdistan Alliance / Najiba Najib increase Sarraldenaralaraca against the Dollar over the next year as a result of the Iraqi economy is still dependent on oil revenues annually. said Najib in an earlier statement (of the Agency news):
I expect during the year (2012) retained Aldenarabraghi its price against the dollar but did not increase its value the fact that Iraq continues its economy unilaterally dependent on oil Baaradath annual.
The answer: If the government wants the federal and relevant state of Iraq to make Aldenarabraghi strong toward foreign currencies, it should consider how to strengthen the Iraqi economy and its diversity through the activation of all economic sectors in the country.
Read more: link
Friday, December 9, 2011
Iraqi Finance ~ Iraqi Dinar: Deletion of zeros from the Iraqi currency provided that necessary measures are sound and correct ...
Related articles ~ *Iraq ~ Finance Committee announces received a detailed report from the Central Bank of the Divisions reach deletion of zeros from currency .. and .. Two Currencies Coexist Together and Gradual Replacement ...
09/12/2011
Abadi, describes the deletion of zeros from the Iraqi currency, provided that necessary measures be associated with incorrect ..
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 procedures associated with sound and correct.
Abadi and predicted that "the start of the new currency to replace the beginning of 2012, wondering whether enough time remaining to the procedures associated with the replacement of the currency or the extension period will be longer.
Abadi said that a number of precautionary measures have been discussed with the Central Bank to be the replacement process successful and correct.
The MP for the rule of law that one of the precautionary measures are to be currency safer and less fraud because the old currency and the percentage of fraud where few but the amount was large, pointing out that the fraud case of an international and not without a state by as long as any fraud rings Valtzoar is in America, Britain and other nations.
And Abbadi, "The new currency will not reflect negatively on the inflation situation in the country and financial transactions will be in Iraq, easier and better delete the zeros.
He noted that "the new place that will bring the process of replacing the new currency and destroying old currency not yet been determined.
Abadi said 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 countries have preceded us in this context, such as France, Turkey and others.
link
09/12/2011Abadi, describes the deletion of zeros from the Iraqi currency, provided that necessary measures be associated with incorrect ..
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 procedures associated with sound and correct.
Abadi and predicted that "the start of the new currency to replace the beginning of 2012, wondering whether enough time remaining to the procedures associated with the replacement of the currency or the extension period will be longer.
Abadi said that a number of precautionary measures have been discussed with the Central Bank to be the replacement process successful and correct.
The MP for the rule of law that one of the precautionary measures are to be currency safer and less fraud because the old currency and the percentage of fraud where few but the amount was large, pointing out that the fraud case of an international and not without a state by as long as any fraud rings Valtzoar is in America, Britain and other nations.
And Abbadi, "The new currency will not reflect negatively on the inflation situation in the country and financial transactions will be in Iraq, easier and better delete the zeros.
He noted that "the new place that will bring the process of replacing the new currency and destroying old currency not yet been determined.
Abadi said 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 countries have preceded us in this context, such as France, Turkey and others.
link
Friday, December 2, 2011
***Iraqi Dinar ~CBI ~ Time Is Near To Remove The Zeros and Increase The Value of the Iraqi Dinar ...
Snip ~ The Iraqi Central Bank has already announced its intention to raise three zeroes from the currency in order to reduce inflation and to increase our value of Iraqi dinar. December 2, 2011
Economist: 6% inflation rate and raise zeros from the currency will not be less ...
Baghdad, Iraqi economic Zkrkhbayr that the rate of inflation in the market and the banks at the moment of 6 percent and the lifting of the three zeros from the local currency will not affect the size of the inflation in Iraq.
Said Dr. Abdul peace gesture Said, a professor at Baghdad University / College of Business and Economics, told the Kurdish news agency (Rn) said Friday that "lifting the three zeroes from the local currency will not affect inflation in the Iraqi market, but will work to find the mobility of economic more effective than existing currency."
Continues ...read more ..
"The inflation rate in the market and banks now not as portrayed by some who see it as of 6%," but he also said, "It is not a frightening rate can affect the economic growth in the country."
The Iraqi Central Bank has already announced its intention to raise three zeroes from the currency in order to reduce inflation and to increase our value of Iraqi dinar.
The bank said at the time he was nearing the completion of the project raise zeros from the currency, noting that a strategic project will be submitted to the Council of Ministers and House of Representatives in the event of completion.
link
Monday, November 28, 2011
Central Bank Will Issue New Bills, New Denom's
Related articles ~ Links - Iraq's Currency and Monetary Policy - "Remove Zeros" Chapter 2 ... and different source .. Iraqi Central Bank to Issue New Notes 
Bumped ...
24/11/2011
Central Bank will issue new denomination bills
Baghdad, The Iraqi Central Bank (ICB) has confirmed it will issue a new bill with a value of 50,000 IQD ($43 USD) but marked as 50 dinars.
Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq.
Continues ...read more ..
Economic adviser Abdul Hussein al-Ankabi said last September that this ploy to knock off some zeros will increase the phenomenon of money laundering.
The largest currency in the country is now 25,000 dinars and its purchasing power does not exceed $23 USD.
The new currency will include symbols that reflect the diversity of Iraqi sects and cultures including the Kurdish culture. "Iraq needs to support its economy and its currency through the issuance of a currency similar to foreign ones like the $100 bill," Saleh added.
The main tasks of the ICB are to maintain price stability, implement monetary policy, manage reserves of foreign currency, issue and manage the currency and regulate the banking sector.
The inflation rate in Iraq stood at 7.3% in September.
link
Bumped ...24/11/2011
Central Bank will issue new denomination bills
Baghdad, The Iraqi Central Bank (ICB) has confirmed it will issue a new bill with a value of 50,000 IQD ($43 USD) but marked as 50 dinars.
Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq.
Continues ...read more ..
Economic adviser Abdul Hussein al-Ankabi said last September that this ploy to knock off some zeros will increase the phenomenon of money laundering.
The largest currency in the country is now 25,000 dinars and its purchasing power does not exceed $23 USD.
The new currency will include symbols that reflect the diversity of Iraqi sects and cultures including the Kurdish culture. "Iraq needs to support its economy and its currency through the issuance of a currency similar to foreign ones like the $100 bill," Saleh added.
The main tasks of the ICB are to maintain price stability, implement monetary policy, manage reserves of foreign currency, issue and manage the currency and regulate the banking sector.
The inflation rate in Iraq stood at 7.3% in September.
link
November 28th ~ Iraqi Central Bank to Issue New Notes
Bumped ... UN lifts Libya Sanctions ~ It means that Libya's government will now have full access to the significant funds needed to help rebuild the country ...
and .. New Libyan Currency By Year End ~ new currency will be brought by the end of this year and exchanged with the older one as soon as it arrives in banks
If this is what they do, the RV will start at 1 IQD = .86 cents USD ...Iraqi Dinar (IQD) US Dollar (USD) 0.00086 11/28/2011 11:20 AM Table Graph Convert IQD to USD link
November 28, 2011
Iraqi Central Bank to Issue New Notes
AKnews reports that the Iraqi Central Bank (ICB) has confirmed it will issue a new bill with a value of 50,000 IQD ($43) but marked as 50 dinars.
Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq.
The largest currency in the country is now 25,000 Iraqi dinars (pictured) and its purchasing power is about $23.
The new currency will include symbols that reflect the diversity of Iraq’s sects and cultures including the Kurdish culture. “Iraq needs to support its economy and its currency through the issuance of a currency similar to foreign ones like the $100 bill,” Saleh added.
The main tasks of the ICB are to maintain price stability, implement monetary policy, manage reserves of foreign currency, issue and manage the currency and regulate the banking sector.
The inflation rate in Iraq stood at 7.3% in September.
link
and .. New Libyan Currency By Year End ~ new currency will be brought by the end of this year and exchanged with the older one as soon as it arrives in banks
If this is what they do, the RV will start at 1 IQD = .86 cents USD ...Iraqi Dinar (IQD) US Dollar (USD) 0.00086 11/28/2011 11:20 AM Table Graph Convert IQD to USD linkNovember 28, 2011
Iraqi Central Bank to Issue New Notes
AKnews reports that the Iraqi Central Bank (ICB) has confirmed it will issue a new bill with a value of 50,000 IQD ($43) but marked as 50 dinars.
Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq.
The largest currency in the country is now 25,000 Iraqi dinars (pictured) and its purchasing power is about $23.
The new currency will include symbols that reflect the diversity of Iraq’s sects and cultures including the Kurdish culture. “Iraq needs to support its economy and its currency through the issuance of a currency similar to foreign ones like the $100 bill,” Saleh added.
The main tasks of the ICB are to maintain price stability, implement monetary policy, manage reserves of foreign currency, issue and manage the currency and regulate the banking sector.
The inflation rate in Iraq stood at 7.3% in September.
link
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