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

Follow us! Follow us!

xchangeofamerica.com

+ Reply to Thread
Results 1 to 6 of 6

Thread: rebasing the dinarr

  1. #1
    Senior Member
    Join Date
    Mar 2010
    Location
    colombia
    Posts
    188
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Cool rebasing the dinarr

    UPDATE: Iraq Ctrl Bank Plans To Rebase Dinar; No Time Fixed Yet
    rocky Today at 7:38 am


    UPDATE: Iraq Ctrl Bank Plans To Rebase Dinar; No Time Fixed Yet
    Monday, Mar 15, 2010
    (Adds more quotes, details.)
    By Hassan Hafidh
    Of DOW JONES NEWSWIRES

    AMMAN (Dow Jones)--The Central Bank of IraqCentral Bank of Iraq is planning to rebase the Iraqi dinar but hasn't decided yet on the timing of the move, the bank said in a statement Monday.

    "The Central BankCentral Bank affirms its commitment to its strategic projects, particularly knocking three zeroes from the Iraqi dinar," the statement said.


    http://www.zawya.com/marketing.cfm?z...0315000097/iq/ Ctrl Bank Plans To Rebase Dinar?cc
    "Despite the technical and logistical preparations for the project we have yet to decide on suitable timing to implement the project," it said. Choosing a suitable time wouldn't be linked to economic aspects only, but rather to the security situation as well, it added.

    Separately, the bank's senior advisor Mudher Qasim told Dow Jones Newswires that knocking off the three zeroes would improve the value of the Iraqi dinar which is trading Monday IQD1,170 against one US dollar.

    If the rebase decision is taken it means a current 25,000 Iraqi dinar banknote will become IQD25, and a dollar will equal only 1.17 dinars.
    The bank said that knocking off three zeroes from the dinar would "improve management of the currency and facilitate cash dealing." The decision was the result of debate with the economic commission at the Iraqi cabinet, it added.

    Currency rebasings are usually monetarily neutral and are introduced to make commercial calculations easier and cheaper. Turkey, for example, knocked six zeroes off its lira currency in 2005. Russia did the same for its currency.

    Qasim said one of the reasons for rebasing the Iraqi dinar is because the bank has managed to reduce the country's high rate of inflation. The inflation rate fell to 6.1% in December 2009 from a record high of 60% in late 2006.

    In July 2004, the now dissolved U.S. civilian authority in Iraq decided to print the current Iraqi banknotes replacing those that used to bear the picture of the former Iraqi leader Saddam Hussein. Iraqis then had three months to swap their old dinars with the new ones.

    The central bank's advisor said that if the project was implemented the central bank would need to print new banknotes.

    - By Hassan Hafidh; Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com
    Copyright (c) 2010 Dow Jones & Co.
    (END) Dow Jones Newswires
    15-03-10 1036GMT
    __________________
    __________________
    una flor no se puede mover, sin la voluntad de Dios
    Reply With Quote

  2. #2
    Junior Member
    Join Date
    Mar 2010
    Posts
    16
    Thanks
    0
    Thanked 0 Times in 0 Posts
    untrue and old

  3. #3
    Nance1
    Guest
    They need new material....yawn

  4. #4
    Senior Member
    Join Date
    Mar 2010
    Location
    colombia
    Posts
    188
    Thanks
    0
    Thanked 0 Times in 0 Posts
    I am glad u clear me out, sorry i just post

  5. #5
    Junior Member
    Join Date
    Mar 2010
    Posts
    20
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Your just fine Jocko129

  6. #6
    SENIOR EXCUTIVE MEMBER
    Join Date
    Feb 2010
    Location
    South Carolina
    Posts
    741
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Thanks for the post.

+ 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