Will Iraq wait until 2013 to revalue its currency? I don't think so ...

The following question was presented to me " Lots of these coming in (currency articles) ... had to check twice so as not to duplicate, is this a reputable site? HM"

Answer ~ not sure about the site .. But, I do believe that there is no way that they can hold out until 2013.

Remember, governments will never make public their intentions when it comes to their currency.

The topic of currency is highly confidential due to the fact that currency speculation has been reported to create havoc to a country's economy. IMO, the 2013 date would mean that the currency change will be Completed by then. Other articles have stated that Iraq's economic experts estimate that it would take 2 years to take in the higher notes. I think we will see something sooner that later. I still believe that Iraq is the lynch pin and without Iraq revaluing its currency, the global economy will collapse completely .. Kel


Iraq urged international bodies to repair the financial system - the central confirms the currency exchange in 2013 and refers to the recovery Yasiri dinar

Central Bank announced that in 2013 will delete the zeros and the currency exchange, pointing out that the current currency formed a cluster of large cash estimated at 30 trillion dinars.

The deputy governor of the Bank the appearance of Mohammed Saleh said the central bank's strategy of deleting three zeros and the currency exchange will be at the beginning of a new year and new budget of the Iraqi state, and expected to be the currency exchange in the new fiscal year for the year 2013.

He added that the zeros have been added for the currency led to the deterioration of the currency in Iraq, leading to weakness in the efficiency of monetary exchange, noting that what you are suffering monetary institutions of Iraq at the present time from the mistakes of in the accounts and records of returns caused by the high number of currency that are difficult to read.

Continues ...

Saleh indicated that the Iraqi currency current formed a cluster of large cash and up to 30 trillion Iraqi dinars while the number of securities traded in the market to four trillion paper after it was cash block is 25 billion dinars in 1980, explaining that the largest currency in Iraq at the present time is equal to $21 and are not able to cover payments large.

He stressed that the process of deleting the zeros and the currency exchange is the process of administrative reform of the currency of the Iraqi monetary and therefore does not affect the lifting of the value of things or change the income Iraqi individual, adding that people's fear of the deletion of zeros is a psychological fear, as the process of deleting the zeros and the currency exchange have been applied in 53 countries, including Turkey when deleted six zeroes from the currency and Romania, which omitted four zeros.

But a member of the Finance Committee parliamentary deputy Abdul Hussein al-Yasiri, believes that the Iraqi dinar at this time recovered from what it was in the past and began to deal in abroad, noting that the Central Bank of Iraq has up to (57) billion dollars, and this demonstrates the strength of the Iraqi economy.

Said Yasiri that the Iraqi dinar now began to recover almost what it was in the past and are treated in most countries of the world such as Syria, Jordan, Lebanon and the other could be to replace the dinar in any international currency, stressing that the Iraqi dinar is now the currency is recognized internationally as it was in the past, and raised its price against the U.S. dollar, indicating that the dinar exchange rate against the dollar was (3027) dinars, but now its price (1191) dinars, and this shows that the Iraqi dinar began to recover.

He noted that the Central Bank of Iraq has in the score up to (57) billion dollars and this demonstrates the strength of the Iraqi economy, which all lead to the strengthening of the Iraqi dinar.

Meanwhile, bodies said the international lending to the Iraqi banking system damage growth prospects in Iraq must be developed in order to attract foreign investment and diversify the productive economy of oil.

A report passed by the World Bank said that seven state-owned banks dominate the banking system has 89 percent of deposits bank in the country.

Experts said many of these banks provide limited services and most commercial banks do not work be acting and some sell cars.

said Heidi Larbi, regional director of the World Bank on the sidelines of the International Monetary Fund and World Bank in Washington on Iraq that appeared as an economy diversified because they have to by providing jobs for millions of people.

asserting that Iraq is a country where the possibilities are enormous.

And that the tiger next in the region.

The World Bank said that the Iraqi government must order the balance sheets of banks and strengthening supervision of the financial system and create the conditions for competition from the private sector.

He said in order to improve the balance of the economy there is a need to deepen the financial sector to support the growth of non-oil sector.
said Ron van Roden Chairman of the IMF mission in Iraq has improved significantly, but still a hazardous environment.

and the International Monetary Fund expects to increase gross domestic product of Iraq by 9.6 percent this year and 12.6 percent next year.

This contrasts sharply with many other nations in the Middle East and North Africa will see a decline in growth in 2012 due to falling oil prices and global recession.