Sunday, January 29, 2012

Iraq Dinar Revaluation News

Baghdad Invest - 29/01/2012 22:55 G.M.T: Baghdad.
Delete three zeros from the Iraqi currency likely to add significant inflation to Iraq
A member of the Finance Committee from the Kurdistan Alliance - Najiba Najib wants to find the solution in order to strengthen the Iraqi currency, stressing that the proposed deletion of the three zeros will only bring high inflation in the country which will ultimately not lead to the strengthening of the Iraqi currency.

Najiba explained in a statement “the project to delete three zeros from the Iraqi currency will put an extra burden on the shoulders of the Iraqi citizen”.

The Finance Committee representative has asked the central bank to provide full studies on the project to delete the three zeros from the currency (IQD) to analyze the negative and positive aspects for this project, as well as the required changes to existing legislation to be formally submitted to the House of Representatives for a vote.
The main aim is to ensure the project to eliminate 3 zeros is of interest to all the Iraqi people!

The member of the parliamentary finance committee added that the project needs to have plenty of time to be implemented; the currency switch needs to be implemented at a slow pace to ensure no volatile movements spook the currency markets; this will need to be a gradual change.

The CBI (central bank of Iraq) has received widespread criticism surrounding the following plan:
  • 200,000 dinars exchanged for 200 dinars.
  • 100,000 dinars exchanged for 100 dinars.
  • 50,000 dinars exchanged for 50 dinars.
This will not result in a country of 32 million becoming wealthier nor poorer - it will result in the banks exchanging 200,000 dinars for 200 dinars.
Of course the 200,000 dinars and 200 dinars will equal the same purchasing power.
For example: 20 cans of Coca Cola today will equal 20 cans of Coca Cola once the 3 zeros are dropped from the Iraq Dinar.
The CBI has announced the project is expected to be completed at some point in the year 2014.
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