2014 Iraqi Dinar Currency Deletion of Zero

Abdul Hussein al-Yasiri, Iraqi Finance Committee, confirmed just recently that the deletion of zeros from Iraqi dinar currency would be next year 2014. He indicated that the said restructure would be managed by the Central Bank of Iraq (CBI).

The committee member said in a statement, “the process of deletion of zeros from the national currency will begin in 2014, through an agreement with the central bank.” He noted that the project of restructure would lead to dropping the national currency traded proportion from 4 billion to 1 billion.

The amount will be decreased to a quarter, at the same time, it will develop the value of the money and it will be easier to transport, he added. He then signified that it would be very hard if there is any fraud or manipulation in cash currencies.

Earlier starting this year 2013, the Central Bank of Iraq (CBI) acknowledged the operation of the deletion of the three zeroes from Iraq national currency project; however, the Iraqi government insisted the bank of CBI to hold back the implementation of this project, as they fear for the appearance of currency counterfeiting during the restructuring process.

Way back in the previous month, MP Amin Hadi, member of the Committee secretary said that the parliamentary Finance Committee has confirmed the date of the deletion of zeros for a more secure exchange rate to the Central Bank of Iraqi (CBI).

The schedule of the project of the deletion of zeros from the Iraqi currency was promised, which “something recounts to” Central Bank of Iraq and the country’s  federal government.

Secretary Hadi indicated that the Central Bank organizes the hard currency’s past distribution to bank branches within the provinces.

He further told that the dollar money exchange rate against the Iraqi dinar becomes more steady than the previous, which in turn, this can lead to more investment to the country and economic activity.

“The implementation of the project authorized to determine the schedule, which is related to the central bank and the government,” according to Amin. “The project in which the pros and cons, but the positives of the project more than the disadvantages,” he added.

Disclaimer:

Dinar exchange is not an investment company. Any information found on this site should not be taken as investment advice. – See more at: http://dinarexchange.com.au/#sthash.8RhuDEcI.dpuf

The years of alliance between Goldman Sachs, the World Bank and the Central Bank or Iraq, has paved the way for the creation of a database to keep track of the ownership and location of every dinar note, making the supervision of transactions, simpler, more effective and easier.

Springfield Heights Institute of Technology professor, John Frink, who worked on the said program explained that every note already has its very own serial number, so it is simply a matter of setting up a database in recording the movement and location of every note. He also added that near-field communication, also known as NFC, which is already utilized in contact-less debit and credit cards, enables the notes to clearly communicate with the users’ mobile phone and relay the detail to the programmers’ computers. Frink further expounded that touch-sensitive paper can also record the fingerprint of the users for extra peace of mind.

Once everything has already been fixed and prepared, it is expected that the Iraqi dinar will play a great role in the world banking. As of now, the CBI is making a huge preparation to finally introduce the new Iraqi dinar.

In accordance with the reports of Jacksonville.com, Bayshore Capital Investment LLC owner, Rudolph M. Coenen, 47, is accused of plot to commit money laundering and wire fraud. Three others– Michael L. Teadt, 66, Charles N. Emmenecker, 65, and Bradford L. Huebner, 65—were also named in the accusation.

The reports also say that Coenen was presented as an Iraqi veteran who had knowledge of Iraqi dinar trading and was JP Morgan Chase’s ex-vice president in order to promote his expertise. In accordance with the accusation, Coenen never got involved in the Gulf War and worked for only one day as a loan officer at JP Morgan Chase. The claims that he was a Purple Heart awardee were also not true.

The men purportedly promoted the sales of Iraqi dinar through a site and in conference calls by stating that the investments were fully protected by the government of the USA and had the possibility to rocket in worth under the currency’s revaluation.

Richard Kerger, the attorney representing Huebner, stated that the allegations are baseless and he did not believe any laws were purposely broken. He also added that that the alleged investors are acquiring fair value for their money.

“This is a complex setting, but there are rational answers,” he said.

On a different note, an ex-senior official at the said bank stated that the rise is associated to the increased revenue of the government from oil sales, resulting to increased government expenditure. Central Bank of Iran’s weekly bulletin states that 1,260 dinars are now trading to the dollar, a level that has not been reached since 2012. An Iraqi parliamentary finance committee member explained that the dollar’s value increased against the dinar as some Iraqi banks have ceased converting dinars to dollars and have sold the latter to exchange firms at rates favorable to the banks.

According to Hussein al-Yasiri, some banks have ceased selling dollars to customers. Instead, they have been selling them to exchange firms. This has urged the Iraqi people to purchase dollars from exchange firms at rates favorable to the firms. The exchanges are not subject to government supervision.

Head of the economic committee of the Iraqi parliament, Ahmed al-Alwani, stated that the need of Iran for hard currency as an outcome of international sanctions has urged Iran to muster Iraqi partners in helping the country acquire dollars through the auction of the Central Bank of Iran.

dinar news Iraq increased its oil exports 1.9 percent in December to an average of 2.175 million barrels a day, according to a report from Bloomberg.

The country may export at an average 2.6 million barrels a day next year, Falah Al-Amri, director of the State Oil Marketing Organization (SOMO), said in an interview.

Iraq exported 2.135 million barrels a day in November, from a average production of 2.705 million bpd.

Output will rise to 3.4 million barrels of oil a day in 2012 and will exceed 4 million barrels a day in 2014, Al-Amri said at a conference in Baghdad yesterday this is the latest dinar news from Dinar Exchange.

US President Barack Obama held a meeting
with Iraq’s Prime Minister Nour al-Maliki at the White House to discuss the
future and the relationship of the two countries.

In the meeting, al-Maliki assured the US
government that the country strongly condemned any interference and influence
of neighboring country Iran over Iraq. The prime minister added that he can
hold the US-trained military personnel to prevent insurgencies.

President Obama expressed his concern that
neighboring countries, such as Iran and Syria, may find an opportunity to
influence Iraq once the US troops are gone. However, the continuous reduction
of US troops from Iraq will strengthen the relationship of the two countries in
terms of trust and will motivate Iraq to go alone and managed its new found
democracy.

Almost 170,000 US military and service
personnel were in Iraq for the nearly nine-year war in the country against
alleged terrorist and to destroy Saddam Hussein’s regime. The coming of soldiers
hit a peak in 2007, in the wake of the surge as ordered by former US President
George W. Bush. Thus, US spent an estimated $US1 trillion and lost 4400 troops
in casualties.

Last August 2010, the US slowly withdrew
combat troops from Iraq. Republicans who are pro-war have welcomed the
reduction of US troop numbers in Iraq or Afghanistan. However, some Pentagon
insiders have also expressed fears over Iraq’s future without a US military
presence. General Helmick is one of the skeptical military leaders on the
complete pull-out of military soldiers, he said, ”We really don’t know what is
going to happen, but we know we’ve done everything we can for the Iraqi
security forces.”

Reports said that President Obama and Prime
Minister al-Maliki will further discuss the efforts of the two countries in
starting a new relationship and their strategic partnership. This will largely
benefit Iraq so it will be able to stand on its own feet and rebuild its
political and economic system. The pull-out of soldiers will also benefit the
US to build a trusting relationship with Iraq as an ally in the Middle East.

There is an unconfirmed report that PM al-Maliki
is supporting the Syrian government and the Assad regime. However, this is
denied by al-Maliki and said that he supports the demand for freedom and
democracy of Syrian people.

In the meeting, Obama seems to imply his
re-election motives for 2012.  Obama
noted the end of Iraq war and the withdrawal of US troops from Iraq as a
promise he made as part of his election campaign. However, it seems that the
chances of Obama for re-election was very weak as US is still trying to emerge
from the deepest recession in American history.

Hopefully, the meeting will give way to a fruitful
relationship that will benefit the two countries. Below is the video of the
meeting of the two leaders documented by Associated Press.

Video: http://www.youtube.com/watch?feature=player_embedded&v=1nJolPNpzqg

The Iraqi Central Bank confirmed that after the deletion process the new Iraqi dinar would be printed in three languages: English, Kurdish and Arabic. According to the Constitution, the new currency will gradually absorb old dinars.
The Iraqi Central Bank adviser, Mohammed Saleh affirmed that the new currency would not involve any changes in the dinar exchange rate, only the form would differ.
He pointed out that the deletion process approved by the Central Bank was submitted to the Council of Ministers, and the final decision would be taken by the Iraqi government.
Furthermore, the head of private banks association, Abdul Aziz Hassoun called for monetary authorities to establish a plan to urge banks to develop funds. The aim of these funds is to support projects that could improve the Iraqi economy.
He pointed out that plan displayed financial benefits and would rely on conditions and procedural methods submitted by all parties that join the project. Conditions must be established by the monetary authority.
Hassoun added that there were more than 40 banks in the country which were working after a simple financial support. Thus, banks are unable to support large projects which should facilitate the entrance on global markets and develop the private banks capital. Therefore, it is necessary that the Ministry of Finance and the Iraqi Central Bank to implement funds to support banks.
In another train of thoughts, the oil expert, Hamza Jeweler called for the House of Representatives to abolish the oil and gas law. He explained that the law would dismiss the Supreme Council and the Ministry of Oil, in order to pass the power to political blocs.
Therefore, the oil and gas law could lead to a civil war.

Dinar exchange is not an investment company. Any information found on this site should not be taken as investment advice.
Visit www.DinarExchange.com.au for dinars purchase in Australia

Dinar exchange is not an investment company. Any information found on this site should not be taken as investment advice.
Visit www.DinarExchange.com.au for dinars purchase in Australia