(Citizen) reveal intentions of raising value of all Iraqi dinars to equal one dollar
(Citizen) reveal the intentions of raising the value of all Iraqi dinars to equal one dollar
On: Wednesday 03/21/2012 19:48
Baghdad: Naseer Ahmed
A source in the Iraqi Central Bank about four companies currently competing to win the draft printing the new Iraqi dinar, which will generate graceful after deleting three zeros from it, as Samay central bank to raise the value of the dinar against the dollar gradually down to the day to start replacement where the value will be in the absence of a fluctuation Iraqi dinars, equivalent to one U.S. $one.
The source continued that the Bank and after the Notice blockbuster to buy hard currency of the auction, which is supervised by the central, deliberately to sell the dollar worth less than the former by 3.4 points, with the imposition of conditions of purchase to prevent the exploitation of the market meet the demands of neighboring countries that suffer from sanctions economic and the devaluation of their national currencies, all of this to re-balance the domestic market, which saw and by what mentioned fluctuation fast in the price of the dinar, adding that everyone knows that the central bank managed to actually raise the value of the dinar is thoughtful and intelligent since 2003 until now that the price of the dollar equivalent to 240 dinars, but now the price tag rose to 1120 per dollar, and this is one of the most important tasks of the Central Bank, which is responsible for monetary policy in the country, and one of the most important endeavors is to raise the value of national currency to achieve a higher purchasing power for the Iraqi people.
The Central Bank of Iraq announced, yesterday, about his buying and selling price of 1166 dinars to the dollar during the auction, which is evaluated every day with the participation of 23 banks, after it was sold and the purchase price of 1170 dinars to the dollar.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh in statements to the media », that« the Bank worked to raise the prices of the Iraqi dinar against the dollar during its sessions for the sale and purchase of foreign exchange rate of four dinars and by 3.4% to up to 1166 dinars to the dollar », indicating that« the price of the dinar nominal is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar ».
Saleh added that «the current account of payments of Iraq where a large surplus relative to GDP at a rate of 5-8%», stressing that «the surplus is the signal strength and not vice versa as well as the existence of large reserves of the Bank».
Saleh pointed out that «the dollar exchange rates in the Iraqi market which recently experienced a slight increase will be affected by the decision of the Iraqi Central Bank », adding that« the Iraqi dinar will be attractive markets in Iraq ».
The Deputy Governor of the Central Bank of the appearance of Mohammed earlier this year for efforts to obtain the approval of the executive and legislative branches to put up a big three categories after deleting three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years.
As announced in favor of (January 6, 2012) for high reserves, Central Bank of Iraq from foreign currency to $60 billion for the first time in the history of Iraq, while confirmed its ability to curb inflation if it came to two places decimal places, it was considered that the current levels do not raise concern.
It is noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currency except for public holidays during which depends on those auctions.
The appearance of Mohammed Saleh confirmed by (citizen) that the volume of money supply to be printed soon consist of 28 30 billion dinars, with the calculation that the currency currently in circulation to more than 32 trillion dinars, and you measure the size of Altrchiq which dominated the national currency, and the size of benefits that will befall this project in terms of withdrawal of monetary inflation and reduce the amount of cash and others.
The source revealed in an interview (citizen) that the form of the new currency would be like a mirror reflecting the history of Iraq and specifications will be even better to print the dollar, and are impossible to falsified, and will be charged the properties of technical and aesthetic features of an Iraqi national tell a story of civilization and its achievements since the dawn of history, as well as they will be charged Arabic and Kurdish as the text of the Constitution provides that in addition to the English language as a global system is applied in all countries of the world.
He said the groups would be equal between the metal and paper will be issued as a class (25, 50, 75 and 100) dinars categories of metal and there are 5, 10, 25 and 50 and 100 dinars, and paper.
In order to shed light on the history of the Iraqi currency has been used to study integrated worked on writing the engineer in charge Mahmoud Shaker al-Rubaie, who was able to document the history of the dinar in this country since its inception and even now, in which he said: - The talk of the Iraqi currency and a broad and large it is associated with political circumstances unstable experienced by Iraq, which led to the entry of foreign currency of the policy of the occupied country, when Iraq was under Ottoman control, the (Majidi) is the currency traded in the deal has been designated as the currency relative to the Sultan Abdul Majid, the father of Sultan Abdul Hamid, and parts Majidi is (Alaqچh and righteous ) and continued to deal Palmgide Ottoman until the entry of the British in 1917 and to extract the country from Ottoman control was introduced with the British (Indian Rupee) currency alternative in dealing and trading, and their parts (soften) and has been the practice that the new currency expel the old currency ..
So ended the trading currency, the Ottoman Empire after he entered the Lord's Indian into the Iraqi market and the reason for making the trading Barabah Indian instead of pound English is due to most of the troops, the English occupied are of Indian Sikhs and Alkirkh. After that crystallized when the English idea of a (Kingdom of) in Iraq and became a talk about One of the children of Sharif Hussein to stand up to this task has happened in 23 / August / 1921 Faisal was crowned as the son of Sharif Hussein king of Iraq must be of this political shift that is reflected at all levels and find it a change in the currency.
It began to pump Iraqi currency called a new (penny) and the word is out of Byzantine and consists of a small circle of copper in the middle category number and below the word penny around the circle Kingdom of Iraq and on her right Hijri and to the left of the Christian calendar the other side of the image of King Faisal I, written by King of Iraq on the right and Faisal I on the left.
With the passage of (Iraqi penny) continued (Indian Rupee) trading as of October 1932 was canceled by the deal.
After the issuance of (penny) issued a coin is (two mites) and with the same specifications penny, but more than a bit, then appeared (pubic hair), a four money which is equivalent to the currency in English (brown), one of the parts of the pound has continued to issue categories in ascending appeared ten fils, one of the copper and then the twentieth penny called (the Koran) and the dirham and is equal to 50 fils then appeared percent fils then two hundred fils and called the (Real) and the equivalent of (Shilling) currency in English which is made of pure silver and a picture of King Faisal I on the one hand and the other three palms engraved on the thick branch of a tree, a large size relatively.
After ten years on the coronation of King Faisal I, was established the Iraq Currency Board in London in 1931 and the issuance of Law 44 of the same year, by which printing paper currency in the sixteenth of March 1932 saw the light of the first Iraqi dinars bearing an image of King Faisal I on the right and the name of the Kingdom of Iraq at the top and category number in the middle is written in Arabic and the second in English, where the company (Dollarroa) British print dinar was also printed in small denominations of paper (quarter and half) in India and started the Iraqi dinar expelled Lord's Indian, according to the rule referred to until the end the deal in October 1932.
The Iraqi dinar is equal to 1000 fils was also printed Order of the five dinars, ten dinars were then put the Royal Order of dinars per cent.
With the development of political events, specifically on 26 / November / 1934 appeared the new dinar, carrying a picture of King Ghazi This happened after the death of King Faisal I quickly changed this image to be replaced by a picture of King Faisal II in late 1939, when the departure of King Ghazi.
Have Council continued currency of Iraq to print Iraqi currency until the issuance of Law No. 43 of 47 and by virtue of which has been established (National Bank of Iraq), and specifically on the twentieth of July 1947 to adopt the theme printed Iraqi currency and the existence of this bank was to dispense with the currency board and its Abolition in 1949, after several years and specifically in the first of July 1956 a law was passed 72 by virtue of which changed the name of National Bank of Iraq to (CBI). did not change the form of the Iraqi currency and continued to print until the establishment of the Republic of Iraq in 1958 and the emergence of leader Abd al-Karim Qasim in his time there a lot of amendments on the currency notes and coins
The posters of the three kings of all the currencies replaced by (logo Republican) new and that on the eighth of July 1958 and get a lot of variables on the coin as the canceled class (Filsin) added fils to the (pubic) to become (five fils) and Hausa popular salutes the Leader for his work, namely, (lived leader Old Zaid pubic .. fils ..) as well as canceled (the Koran), a twenty-penny and was replaced by (twenty-five fils) while retaining the MAD and percent fils and the abolition of (Real) which is equal to 200 fils, and the terms of paper currency, the class percent dinars have been canceled and keep the rest of the categories of paper with the addition of symbols of Iraq have (such as Palm and filling Darbandikhan filling Dukan and Fort Ukhaydir and Daura and waterfall entirely on you and your beacon humpback and silo Basra, Helicobacter and the bull winged and the Lion of Babylon and ascend Kut and guitar and Obelisk Hammurabi did not change the form of currency, but a slight change until the revolution of the seventeenth of July 1968 and began raising the slogan of the republic to be replaced by Iraqi codes mentioned above.
With the beginning of the eighties of the last century began the emergence of a coin to replace categories of paper small appeared 250 fils compared to Quarter dinars and 500 fils, compared to half dinars and 1000 fils against the dinar as well as the Central Bank issued the Iraqi alloy of gold of the categories (gold dinar and five dinars, ten dinars gold), which sold rate prevailing gold for a short period, and in the mid-eighties of the last century began (feminine) the volume of paper currency from the quarter dinar and the end of Balashr dinars and more characteristic of this stage is the emergence of the Order of the ten dinars and has a great scientist Hassan Ibn al-Haytham, which Ohmt people that this currency is not Iraq ..!!
With the deterioration in the political and falling exchange rate of the dinar against the dollar, the government took to printing a new class with No. 25 dinars, and on his face the first image of Arabian horses and the other side is for the coin were then put a picture of former Iraqi President Saddam Hussein instead of Arabian horses have been printed in this category in Russia.
In the second of August 1990 had evolved in Iraqi politics was overshadowed by the dark on the country in general and the currency in particular, and by imposing (the policy of economic blockade) by America and its allies, which led to the disappearance of currency for all original categories and the emergence of currency printed locally Bmtaba newspapers and journals is meager and devoid of controls in place in the world..
As the years of the blockade increased the print size and say the dinar exchange rate against the dollar until he arrived in 1995 to 3000 dinars to the dollar, which has produced tons of currency printed locally.
That monetary policy began to lose its balance because of the (currency prosthetic) For the purpose of control of the high inflation began printing categories is not defined earlier, such as the fifty and one hundred dinars which is bearing the image of the Unknown Soldier in the New Baghdad clock on the one hand and the image of former President Saddam Hussein from the second and then a class Almaútan and fifty dinars which is bearing the image of the President. did not hold these notes to the U.S. dollar exchange rate and with the continuation of printed locally up to seemed poor have no value and that its prestige has deprived large size..
And continued in 2002, was issued a new class is a paper on (10000) dinars to absorb inflation slack throttle and hit the big coin, but to no avail.
After more than thirteen years the blockade policy and the advent of CPA and the occupation of the country by the United States of America and the appointment of the civil governor Paul Bremer, who began to amend Iraqi law according to what he sees is if adopted by the Central Bank Law No. 73 of 2004 amended, which provides for printing Iraqi currency a new currency and rely on the dinar republican in form and change the category to be consistent with the equivalent of currency printed locally if adopted the form of quarter dinars to be 250 dinars and a half into 500 dinars and the dinar becomes 1000 dinars, as well as the five and ten dinars to five thousand and ten thousand dinars, with the introduction of class new (25000) dinars to absorb the huge expansion of cash which are of red dye was also an instrument of the coin of the class 100 dinars and 50 dinars and 25 dinars, but has not been activated largely because of the conditions of inflation and price increases have started to replace the currency from 01/10/2004 until 02.28.2005 and the continued currency trading referred to above to the present day and talk about the intention of the government remove three zeros from the Iraqi dinar to up to levels comparable with the exchange rates of foreign currencies order back to the glory of the Iraqi dinar and weighs a healthy beautiful green turquoise.
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"we aspire in the near future to the return of Iraqi dinar to what it was in the seventies and the beginning eighties against the dollar" - Dr. Shabibi
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