KTFA: MilitiaMan: The support that they are talking about a change in currency to less cash and to go digital is further along than many fully understand or notice yet..
They clearly are telling us there is an imminent launch of a new currency denomination(s). One(s) that is/are to match more closely to the neighboring countries.
There are six of then. Iran, Turkey, Saudi Arabia, Syria, Jordan and Kuwait.. None of which now or will have 20,000 notes. See below links for support.
With that evidence provided and adding in that they use the wording of they; will be issuing a new denomination with the value of 20,000 dinars.
Well if they delete the three zeros off the exchange rate we get a 20 Dinar note with the value of 20,000 dinars to be in line with denominations in the region. Iran slashed 4 zeros in July 2022.. So tell me were or how a 20,000 note makes sense when they are going to delete three zeros and none of the regional countries have similar notes?
We all know that Iraq has 50,000 notes and 100,000 notes for large transactions that are not public oriented. It makes absolutely no sense for them to do so. But, to have a 20 note, that would be in line with the regional area countries.
The CBI is not in the business to lie to people and they are not lying, imo per se. They tell us they did effectively devalue the currency and for specific reasons. They also tell us they are not going to change the exchange rate of the Dollar. Exactly, they are not. That is not their job.
Their job is the IQD. They do say they are going to change to new denomination(s) and suggest one is to be valued at (if using todays exchange rate of 1,460 is not far off of that by example.) 20,000 dinars in value. That is purchase power for the citizens.
The BUNA platform is digital and completed now. It is expected to clear the IQD and they expect they will be live in the second half of 2022. Iran went public with a digital currency on the 22nd of this month they say.
The ASYCUDA system is a digital system as well, all ready to go and in place now. The Central Bank told us they were to have a less cash society and that a new denomination is to be launched imminently. Well, get ready.
I do know that there were large sums of money issued as expenses from the CBI with respect to currency issuance in 2018 at an amount of approximately $129,000,000.00 USD in costs to issue. If there are more recent expenses for currency issuances, I have not seen them. If there are not, then they have already printed the new currency and we are not waiting on more printing.
We are waiting on a calm atmosphere.
Today’s vote of confidence for Halbousi my have been just the calm we needed and likely more will follow to calm the citizens. The CBI too, can calm markets. That is a part of their job.
To delete the three zeros from the exchange rate is directly related to the economy and market prices within the country. The result of deleting the zeros will calm the people and the markets, thus, the investors too. The private sector will be very receptive to it.. imo Looking very sweet to me. The EFSL is for old laws and amendments. That is all accounted for!!. lol imo.. ~ MM
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https://cbi.iq/news/view/2095
The Governor of the Central Bank of Iraq is hosted by the Al-Rafidain Forum
27th September, 2022
Tuesday, Al-Rafidain Forum for Dialogue hosted His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mikhaif, in the presence of local and international personalities. His Excellency said during the special meeting on the sidelines of the forum’s activities, which started Monday, under the slogan “The World is Changing”: International banks had important roles during the Corona pandemic, and the Central Bank of Iraq moved from its traditional role to modern banking, as it prepared a five-year strategy to meet challenges and circumstances.
His Excellency pointed out that the Central Bank of Iraq presented a unique development initiative that had an internal and external resonance, providing financial liquidity to many sectors, while facilitating the procedures for granting it through government and private banks, which led to moving the wheel of the Iraqi economy.
He added: The banking sector is affected by the challenges that occur in the Iraqi arena, indicating that the bank’s management has made tours in several countries to establish joint banking and economic relations within the objectives set for the Central Bank of Iraq. On the other hand, His Excellency indicated that a team from the Central Bank of Iraq is studying the issuance of digital currency. His Excellency touched on the issue of structuring the currency and deleting zeros, which requires a law to be legislated by Parliament, as a draft law was submitted years ago, and it needs amendments. He revealed the imminent launch of a new currency of (20) thousand dinars after the studies and research that were conducted, and the economic feasibility of them, stressing that the Central Bank is working to complete the design of the new currency, and it will be announced after completing its printing.
His Excellency added: We have worked to implement international standards for combating money laundering and terrorist financing, with joint efforts with the concerned and competent authorities with great government support.
Noting that the Central Bank of Iraq has drawn up a plan to reform the governmental and private banking sector, and that there are a number of measures in this regard that require the cooperation of the concerned authorities. Then he referred to the tasks of the bank’s branches in the governorates by covering the southern and northern regions, and that the need arose to cover the middle Euphrates region, and through the studies that were conducted, the Najaf Governorate was chosen to cover that region in order to revive it economically.
Regarding the process of changing the dollar exchange rate, His Excellency the Governor confirmed that it was due to the circumstances that Iraq faced at the time and obligated the bank and the government to change it, stressing that there is no intention of the Central Bank of Iraq to make a change to the dollar exchange rate.
Central Bank of Iraq
Media Office
27 – September – 2022
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Central Bank of Iraq: We are working on issuing a digital currency and deleting zeros from the dinar requires an atmosphere
27th September, 2022
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, said on Tuesday that the bank is working on issuing digital currency to keep pace with the development of monetary transactions in the region and the world, stressing that deleting zeros from the local currency requires a calm economic atmosphere for that.
Makheif said during his hosting at the Al-Rafidain Forum for Dialogue, that “until now, there is no specific direction, dates, and controls for issuing digital currency in the country,” adding, “but during the coming period we are working on these controls to keep pace with the countries of the region and reduce the practice of dealing with cash through the issuance of this digital currency.”
And about deleting zeros from the local Iraqi currency, the central bank governor said, “The process of deleting zeros requires the issuance of a law, and a draft law in this area has been prepared by the central bank and submitted to the previous government.” He explained that this law needs amendments, stressing that the issuance of this law requires an atmosphere because the deletion of zeros is directly related to the economy and to market prices in the country.
With regard to the issuance of the Central Bank a new category of local currency, he said, “We are working to issue a new currency, a category of 20 thousand dinars, in order to keep pace with the requirements and to match the neighboring countries,” adding that “we will start announcing the new category after completing its requirements.”
With regard to the exchange rate of the dollar against the Iraqi dinar, the governor of the Central Bank confirmed that “there is no intention to reduce or change the dollar exchange rate.” LINK
The Central Bank intends to issue a banknote of 20 thousand dinars
27th September, 2022
The Governor of the Central Bank of Iraq, Mustafa Ghaleb, announced, on Tuesday, the bank’s intention to issue a new denomination of the Iraqi currency, with a value of 20 thousand dinars, while referring to the choice of the Governor of Najaf to open a branch of the Central Bank to cover the Middle Euphrates region
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Iran:
After slashing four zeros, Iran releases new banknotes
https://shafaq.com/en/Economy/After-slashing-four-zeros-Iran-releases-new-banknotes
Turkey:
Currently there are 5, 10, 20, 50, 100 and 200 lira banknotes and 1, 5, 10, 25 and 50 kurus coins (100 kurus make up one lira) and 1 lira coins. Click here for more information on the security of Turkish lira banknotes and coins. (Interesting facts of the new Turkish lira).
Saudi Arabia:
Saudi’s national currency is the Saudi riyal (ر. سSAR), which is subdivided into 100 halala. You’ll receive notes in denominations of 1, 5, 10, 20, 50, 100, 200 and 500 riyals, and coins in denominations of 1 or 2 riyals and 1, 5, 10, 25 and 50 halala.
Syria:
Currently, the banknotes circulating in the Syrian economy include the 50, 100, 200-, 500-, 1000-, and 2000-pound denominations. The Central Bank of Syria issued the first banknotes in 1919 in denominations of 5, 25, and 50 qirsha and 1 and 5 livres.
Kuwait:
The unit of currency in Kuwait is the Kuwaiti Dinar (KD), divided into one thousand Fils. Currency notes are issued by the CBK in the following denominations: quarter Dinar, half Dinar, one Dinar, five Dinars, ten Dinars and twenty Dinars.
Jordan:
Central bank: Central Bank of Jordan
Subunit: Qirsh, Piastre
Banknotes: 50 dinars, 20 dinars, 1 dinar, 5 dinars, 10 dinars
Coins: 1 ⁄ 2 qirsh, 10 piastres, 2 1 ⁄ 2 qirsh, 1 qirsh, 1 ⁄ 2 dinar, 5 piastres, 1 ⁄ 4 dinar, 1 dinar
