Greetings, I rarely do updates but wanted to share these articles and news. Look who is promoting the new currency and valuation now, yes Iraq themselves.
These articles come from some very close friends of mine and wanted me to share.
If you recall, Ray and I have shared our comments for months about no changes until ISIS is under control. These articles back that up 100% and makes our sources in Iraq some of the best credible sources anyone can have.
Pack your bags and get ready.
This is so “IN our faces”.
The IMF has told the world that they expect Iraq to re-enter the “market” before the first half of 2016.
Now we have a member of the Parliamentary Finance Committee while speaking about future revenue happen to say “oh, by the way the 1, 5, 10, 20 and 100 IQD notes are going to be distributed during 2016.”
I am like “WOW”. Do we just choose to not believe what we are being told?
It certainly appears to me that they (Iraq, CBI, GOI) intend to change the value of the IQD…I believe, unlike previous years, and I have never liked dates, but in this case the window of opportunity starts January 1, 2016.
Financial Parliament (time): next year the economic situation will not be different from the current – November 21, 2015 Private Bankers Association warns of cash crunch Financial Parliament (time): next year the economic situation will not be different from the current BAGHDAD –
Tamara Abdul RazakParliamentary Finance Committee predicted not different economic situation for the next year for this, while the private banks association confirmed the possibility of financial distress traffic with low oil prices and increased government spending.
Said committee member Mohammed Abdul Khaliq (time) yesterday that (the 2016 is no different from 2015 in the budget situation, there may be a slight difference industrial and agricultural loans in addition to projects that pay on credit and has also been a mechanism in place for private sector companies to contract and labor).
He (there is not an economic crisis but a cash crisis due to low oil prices and the solutions lie in unpaid loans from the central bank as well as the payment term loans in addition to the issuance of the investment law in Iraq). He said that Abdul-Khaliq (the new currency trading category 50 000 dinars, where specifications are difficult to falsify being printed at a global and specialized companies As for the issuance of class 100 000 dinars premature Valammer).
Stressing that (based on the dinar exchange rate, particularly that protected reserve role to maintain the exchange rate and the purchasing power in this case is not affected because there is a very large reserve).
Adding that (the dinar exchange rate against the dollar will not be a change if the central bank continued to provide the need of dollar traders and those who need these currency). He pointed out that (deletion of zeros from the dinar was discussed a meeting held at the central bank and this decision may exhibit some of the negatives and deferred for the time being).
The director of the Association of private banks Ali Tariq (time) yesterday (next year will see significant financial hardship and fall in oil prices will increase government expenditures), he said (there are certain things several State followed to avoid economic disaster which reduce government expenditures
and the expansion of the collection of customs and tax any obtained from eligible and not raise their value since there are more than 50 percent of the traders do not pay customs duty and tax for one reason or another as well as providing appropriate) investment environment.
He pointed out that (the central bank next year will present another new currency worth 100 000 dinars and then followed the process of deleting the zeros currency in circulation is to be one dinar and 5 dinars and 10 dinars and 25 dinars and 100 dinars).
He pointed out that (the dinar exchange rate stable against the dollar and the value of 1220 dinars to the dollar will be stable throughout the year). The economic expert contrary goldsmith said (time) yesterday (thousand new dinars, the 50 category which was approved reprinted contribute significantly to ease circulated and traded between traders and shoppers as well as they constitute facilitate financial transactions in economic activity within the market process).
He pointed out that (the decision to issue currency not related to the process or raise the value of the dinar plan, because raising the value depends on the increased economic activity of the country and domestic production multi-species in all sectors.
When it increased the country’s activity and production increased value of the dinar worldwide). He added that the (main objective of issuing currency to facilitate daily transactions, especially that the country does not have the significant digits in the dinar).
He explained that (the authorities concerned to do the decision to delete the zeros and it contributes significantly to the process of reading the amounts documented in the financial accounts and in particular it aims to facilitate this process).
Parliamentary Economy: delete the zeros need a safe environment and next year will see the issuance of a class of 100 thousand dinars BAGHDAD / Ali Al-Shammari
11/22/2015 A commission parliamentary economy, on Saturday, for the issuance of class 100 000 dinars cash currency early next year in order to market need to handle them, pointing out that legal action properly and in conformity with the laws of the central bank, while stressing specialists in economic affairs that the issuance of the big currencies, whether of class 50 100 000 dinars, or is part of a large project to restructure the Iraqi currency.
Said committee member economy parliamentary Najiba Najib said in an interview to the “long” that there is a tendency to issue small groups also categories of 50 and 100 dinars.
And for the project to delete the zeros confirmed Najib said “the Iraqi Central Bank completed the previously all preparations for the project, indicating that it” has been postponed because of the situation security is stable “in what it said that” the application of the project to delete the zeros needs to assign by the government and parliament to make it a success after the stabilization of the situation in the country because the ground current is suitable for the implementation of such a project.
“said Najib that” the subject of deletion of zeros is linked to the security situation closely because it will include all operating in the country banks to receive the old currency and replaced by the new and the old collection and destruction of pointing out the difficulty of the success of that process in the provinces experiencing control Daash parts of them.
“The central bank announced in the (November 11, 2015) for issuing new cash paper category 50 thousand dinars, attributing this to the completion of the Iraqi Securities monetary structure and the development of high-class value in circulation.
For his part, counting the economic expert on behalf of Anton in an interview with the “long” that the decision to delete the zeros of the Iraqi currency requires a political and security are conditions stable, stressing that “the change the Central Bank of Iraq administration caused the postponement of this project, “said Anton that” the issuance of large denominations will reduce trading in foreign currency and facilitate the transfer of large sums of money from one place to another process.
“He explained that” the current currency consumed much of it because of dealing directly without relying Visa card, as in most countries and that a large currency will facilitate banks and companies work and reduces the number of Trustees of the Fund in.
“He called Antoine” the central bank to explain the cause of the issuance of the large cash currency through educational seminars to prevent cases of concern in the Iraqi market and the fear of issuance Because of the weakness of the culture of this topic “, stressing that” the currency and medium of exchange nor a target and weaknesses and strength are linked to the country’s economy.
“said the governor of the bank on the Keywords in the (3 March 2015) that the project to delete the zeros existing project has been put into practice and that gave light Green to start with, “he said.” The project needs a period of time may extend to two years or more. ”
Stevel: You all have a very safe holiday and we will update you as we learn more.
This info is just huge. These also assure me that yes, the time has come and start preparing for our lives to change. Blessings until our next update. Steve
buck72801: Economy Monday 23 November 2015 | 12:48 | Number of readings: 328 Economist: Central Bank refused to distribution of salaries in dollars “correct decision”
BAGHDAD / … considered the economic expert on behalf of Jamil Antoine, on Monday, the central bank rejected a proposal to the employees’ salaries or part of the distribution of the dollar as a “correct decision”, among that raise the value of the Iraqi dinar against the dollar needs to be other economic steps
TheWoods: Thanks for asking me to elaborate on my opinion, sorry about the delay, Anyway… I’m saying that the CBI is right. The dinar will NOT go up in value, if they disperse salaries in dollars. Iraqi’s prefer dollars now, and they are trying to get away from that.
Not to mention, to be “sovereign” they can’t use (WB or IMF guidelines, i forget which one) dual currencies, except for oil & remittances, if they are to be a part of that/those organizations… And the “Other steps” they speak of, we all know what they should & will Be – Lord willing! imho 😮 not so humble huh???
“we have a national currency and the distribution of the dollar affects the sovereignty of the country and will create many distortions in the market and will face accountants, bankers have great difficulty Regardless salaries. ”
Stevel: This is a very good thing. We all want Iraq to use their own currency. If they switch to the USD, then we would have some or many concerns.
The people are sick and tired of hearing about how great their currency is going to be but yet still nothing is done about it, yet! I love the yet. The yet is next. Have a safe Thanksgiving and enjoy your travels. Blessings, Steve