Iraqi Dinar Chat, Information, News, Facts, Guru Forums, RV and Revaluation info

Follow us! Follow us!

xchangeofamerica.com

+ Reply to Thread
Results 1 to 2 of 2

Thread: reuters feb 11 redenominate

  1. #1
    Junior Member
    Join Date
    Feb 2010
    Posts
    6
    Thanks
    0
    Thanked 0 Times in 0 Posts

    reuters feb 11 redenominate

    BAGHDAD, Feb 11 (Reuters) - Iraq expects to redenominate its dinar currency by knocking three zeros off the nominal value of bank notes to facilitate currency transactions, a central bank official said on Thursday.

    Emerging from years of war and sanctions, Iraq is trying to revamp its economy and boost oil production with a raft of crude deals that may vault it to one of the world's top oil producers.

    'The goal is to improve the payment and receiving system in the country and consequently to reform cash management,' said Mudher Kasim, a senior advisor at the central bank.

    Iraqi payment systems rely almost exclusively on cash.

    Kasim said that the central bank expected to start rolling out new notes by the end of the year or the beginning of 2011. Iraq has 25 trillion dinars in circulation, officials say.

    An Iraqi cabinet committee ordered the change in 2007, but the central bank did not think it appropriate until recently, Kasim said. The dinar's value will remain unchanged, he said.

    The local unit is managed through foreign exchange auctions, and traded hands at 1,170 per dollar at the last sale.

    (Reporting by Aseel Kami; Editing by Jack Kimball and Toby Chopra) Keywords: IRAQ CURRENCY/

    (jack.kimball@thomsonreuters.com; +964 7901 917 033; Reuters Messaging: jack.kimball.reuters.com@reuters.com)


    COPYRIGHT


    Copyright Thomson Reuters 2010. All rights reserved.

    The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.






    Email Print RSS Share More Forex News
    Fannie Mae, Freddie Mac bill sale calendar
    Greek bank stocks climb on hopes of EU aid package
    Turkish markets pare gains as domestic tensions rise
    Renault slams Slovenia's power, labour costs
    Bank of Canada to sell C$2.5 billion 8-day bills
    Search More Articles
    Currency: All USD EUR GBP JPY CAD AUD CHF Topics: All Topics Fundamental Analysis Technical Analysis Foreign Exchange Economic indicators Monetary Policy Central Banks Money Markets Financial Services Commodities Oil Gold & Precious Metals

    You can select a currency and/or a topic to filter articles.
    For currencies not listed in the drop down, try a keyword search instead.

    Keywords:

    Search for a news provider, date, or keywords.
    News Providers: Thompson Financial, AP, XFN-Asia, Daily FX, Reuters
    Date format: yyyy-mm-dd

    Refresh Articles

    Featured Articles: Why Trade Currencies?

    What is Currency Trading?
    What you should know about Trading.
    Currency trading tools & techniques.
    6 steps to improve your currency trading.
    Learn how the Pros can teach you their secrets.
    15 Questions you should ask your Forex Broker.
    Are you ready to trade?
    Commonly Used Forex Terms.

  2. #2
    SENIOR EXCUTIVE MEMBER
    Join Date
    Feb 2010
    Location
    South Carolina
    Posts
    741
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Re: reuters feb 11 redenominate

    Good post, Thanks.

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts