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  1. #1
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    Exclamation Iraq Planning Currency Redenomination 01-18-2016

    Iraq Planning Currency Redenomination

    Monday, January 18, 2016



    BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports.

    Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

    Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

    Both will be legal tender in Iraq until the old notes are completely withdrawn.

    Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.

    Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carrymoney. He said some 80 percent of Iraq's money supply is cash in circulation.

    Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

    Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

    The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.

  2. #2
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    Got an official or reputable link for this ?

  3. #3
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    "Salih said by the end of 2010 the new banknotes will be fully introduced"

    Despite the 2016 pub date, this is old news being recirculated - it was published in 2010.
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  4. #4
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    Quote Originally Posted by Will-it-happen? View Post
    Got an official or reputable link for this ?
    Old news 02-06-2010.

    http://www.rferl.org/content/Iraq_Pl...n/1950504.html
    Iraq Planning Currency Redenomination





    Iraqi dinars are stacked at a teller's window in a Najaf bank.

    x

    Iraqi dinars are stacked at a teller's window in a Najaf bank.



    February 06, 2010

    BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports.

    Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

    Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

    Both will be legal tender in Iraq until the old notes are completely withdrawn.

    Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.

    Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq's money supply is cash in circulation.

    Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

    Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

    The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.
    Last edited by thebest; 02-03-2016 at 09:31 PM.
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  5. #5
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    Iraqi Dinar History

    During British occupation in World War I, the Indian Rupee was introduced as the first official currency of Iraq. In 1932, the Iraqi Dinar replaced the Rupee at a rate of 1 Dinar to 11 Rupees and was pegged to the British Pound until 1959. The peg was then switched to the US Dollar at a rate of 1 IQD to 2.8 USD. After the Gulf War in 1991, previously used Swiss printing technology was not available, resulting in new notes being of lesser quality. The previous versions of the Iraqi Dinar started being called Swiss Dinars. Due to excessive government printing of the new issue, the Dinar devalued quickly. New Dinar coins and notes were issued in 2003 to replace old Saddam notes to create a single unified currency.
    In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. The intention would be to drop three zeros from the nominal value of bank notes; but the actual value of the dinar would remain unchanged. Although the announcement stated that the change would take place by the end of 2010, no redenomination took place. As stated by the Central Bank of Iraq, their mandate is to "ensure domestic price stability and foster a stable competitive market based financial system." For more information about the redenomination, read "Iraq Planning Currency Re-denomination."

    http://www.xe.com/currency/iqd-iraqi...additionalinfo
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    What is new....... Am i missing anything?
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