Central Bank: The foreign exchange abroad "project" and seek to erase the zeros from the dinar

Central Bank: The foreign exchange abroad "project" and seek to erase the zeros from the dinar Today at 6:23 amMrsCK at outcast found by white rabbit
Central Bank: The foreign exchange abroad "project" and seek to erase the zeros from the dinar



الأربعاء 27 ك2 2010 08:53 GMT Wednesday, 27 K 2 2010 08:53 GMT


Alsumaria News / Baghdad


Take the CBI, on Wednesday, transfers of foreign currency out of Iraq "a legitimate act," while seeking to cancel confirmed zeros from the Iraqi dinar.


The adviser said the central bank governor and general manager of statistics for the appearance of Mohammed in an interview with "Alsumaria News" that "the process of foreign-exchange foreign currencies came in accordance with the transition from totalitarian regime to a free economic system", stating that "This is one of the economic rights of citizens that guaranteed them by law. "


Saleh pointed out that "the CBI committees involved in combating money laundering and proceeds of crime and terrorist financing, and otherwise is an act of legitimate," he said.


The law against money laundering Iraqi development of procedures in 2004 due to regulatory institutions, especially banking ones.


Saleh added that "the transfer of funds, by citizens abroad, through the remittances is to finance the trade of Iraqi private sector, not for reserves in foreign banks, the lack of interest granted by the Iraqi banks compared to foreign banks."


He said Advisor to the Governor the Central Bank that "the Central Bank of Iraq is only in Iraq, which is conducting the financing of the Iraqi private sector and traders in foreign currency, through auction conducted by the daily."


Salih stressed that "The auction was able to maintain the Iraqi dinar exchange rate, for a period of four years of non-volatility, as well as the auction has to absorb excess liquidity, which is reflected positively on the price stability," indicating n "of the Iraqi dinar has become very strong, The strength of rising foreign exchange reserves, would be reflected on the positive performance to cope with any crisis that may occur in the future ", he said.


Regulated by the central bank auction sessions a day, except Fridays and official holidays, and the participation of Iraqi banks, and within which buying and selling foreign currencies, the central bank sold currency conversion process to the outside, for some companies and citizens for a certain commission.


For his part, the economic expert Falah Hassan Alwan said "get out the currency remittance through the auction has a positive side and a negative."


The Alwan said in an interview for "Alsumaria News", that "the positive side is to move the Iraqi economy, by encouraging the private sector and entrepreneurship, while the downside is the fact that some companies out of money laundering."


Alwan called on the Iraqi Central Bank to "pass a law forcing banks, with which to determine the amount of money, which turned out, for the employment of funds, and transfers to be made under the control and supervision of the Central Bank of Iraq."


In another context, "said Advisor to the Governor Central Bank of Iraq that" the proposal to cancel some of the zeros of the Iraqi dinar, is one of the priorities of the Central Bank of Iraq, to reform the currency and organizing it. "


Saleh pointed out that "past wars fought by Iraq, has caused the rise and inflation in the money supply of 25 billion dinars in 1980 to 23 trillion dinars now," asserting that "the Central Bank of Iraq moving in the direction of literacy zeros currency quietly, to avoid problems for the future" .


The CBI, with headquarters in Baghdad and has four branches in Basra and Sulaymaniyah, Irbil and Mosul, he founded the bank under the law of an independent Iraqi Central Bank of Iraq issued on 6 March 2004, and shall be responsible for the maintenance of price stability and the implementation of monetary policy, including exchange rate policies and management foreign reserves and the issuance of currency management, as well as to regulate the banking sector.
[b]i found it interesting hope it means something

***thought this was interesting***
it's off the rate not the currency IMO....

here's an exert from TAV's post on another forum that explains it well....



"SEE HERE IS WHAT IT IS. THE IRAQI DINAR IS WORTH ZERO BUT SOMEONE HAD TO PUT A VALUE ON IT FOR NOW TO MANAGE IT!!!

0.0009 USD is equivalent to 1.00 NID (NOT EQUAL BUT EQUIVALENT BECAUSE THEY DON'T KNOW WHERE TO GO WITH THEIR CURRENCY)

EVERYDAY MONEY TRANSACTIONS BY THE U.S. IS RECONGIZED BY TWO PLACES AFTER THE DECIMAL SUCH AS 1.00 .75 cents .01 cents. In the case of the .0009 USD/NID, the actual NUMBER value is in the 4th place.

(IT CAN BE CONFUSING,"THE THREE ZEROS HAS VALUE IN THIS CASE BUT THEY ARE USED TO PLACE THE FOURTH DIGIT TO GIVE IT AN ACTUAL VALUE!!! ANYTHING ELSE BEHIND THE FOUR DIGIT IN THIS CASE BREAKS IT DOWN EVEN SMALLER" FRACTION OF A FRACTION) ex:.01 one tenth, .001 one one thousands, 0.0001 one ten thousands and so on.


The total 0.0009 value would place it somewhere inside of a U.S. penny, an example would me taking a U.S. penny and cutting it up into ten thousand U.S. fractional pieces and saying one of those U.S. fractional piece would equal 1 dinar. We all know a penny to be ABSOLUTE, therefore this foreign currency should be ABSOLUTELY worthless BUT guess what, it's not!!!

That's where the speculation comes in AS WELL AS greed & corruption finds it's place in the equations! That country is making SUPER slow progress on those fractional pieces of a penny OR THIS IS WHAT THEY WANT US TO BELEIVE!! Alot of banks uses these corrupt practices to pillage money out your saving and checking account and when you question why a check didn't clear and they go back and fix it, I BELEIVE it's because you called them on it unknowningly!!!

Amagine the number of people that gets ripped off on investments when they received dividends rounded down to the nearest whole number.


THEY HAVE THINGS SETUP TODAY IT COST MORE TO PRINT THE MONEY THAN WHAT THE MONEY IS ACTUALLY WORTH TODAY!!!"