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Iraq an economic Study
Ms Sans Serif
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[quote:ReVbo™:MV8xNzI0NTM4XzM1Nzk0NjM0X0Q3N0Q1QjdC] Y'all want proof of an upcoming RV/float? You just got it, courtesy of none other than Abdul Bassit Turki himself, acting head of the Central Bank of Iraq. Here's a speech he gave at the banking conference earlier this month, followed by a translation that has been confirmed by OutOfTheWoods of Stryker's place and just a few minutes ago by Kaperoni's Arabic translator. http://dinaralert.webs.com/apps/forums/topics/show/8573870-turki-speaking-at-the-uab-baghdad-economic-banking-forum-conference-in-baghdad-video-?page=last The YouTube posting date of the referenced video for this information, is; January 21 2013 This is the Gov. of the Central Bank of Iraq; Dr Abdel Bassit Turki Saeed speaking January 12th 2013 at the Union of Arab banks conference in Baghdad. The governor explained current changes in banking law in Iraq and the monetary prevailing situation. http://www.youtube.com/watch?feature=player_embedded&v=Kl3lHb1IGZM#t=0s kaperoni: My Arabic translator reviewed this and said it was very good and accurate. OutOfTheWoods: My son in law, translated this speech, while I (OOTW) transcribed. The points listed below are the noteworthy and predominant comments from the video: 1) Mr. Turki stated that Iraq has major resources; which, of course, oil is a part of, but there are also other major sources of wealth within Iraq. 2) Mr. Turki stated these resources will effect the Iraq economy strongly. [b]3) Mr. Turki went on to state Iraq soon plans on applying this wealth to back the currency of Iraq, for the benefit of the Iraqi peoples. 4) Mr. Turki said steps will be taken to "restructure" the Iraqi currency, which will be based on the country's resources, and the wealth of the resources will be reflected and applied to the value of the currency.[/b] 5) Mr. Turki stated that the measures taken to properly asing or instill the correct value of the currency, must be taken slowly and carefully, and so they will be. 6) Mr. Turki also stated the Central Bank of Iraq is currently in the process of applying these steps to the restructuring of the currency. 7) In conclusion, Mr. Turki said that 10% of the restructured currency will be retained by the CBI and 5% of the restructured currency will be distributed to exchange houses. It should be noted that Mr. Turki remained vague as to whether these changes would be put in place on a global scale, nor did he state that these changes effect only the Iraqi economy. At no time during this speech, did Mr. Turki mention nor name the process "deletion of the zeroes", nor did he state within this speech, that Iraq is in the process of replacing the currency. In relationship to the Iraqi economy or currency, Mr. Turki continued to refer to the application of wealth to the currency, as "restructuring" of the value of the IQD. Notes: : I asked my son in law in detail about the translation of this; "Does this mean 5% is going to other banks for distribution?" and he said no, he said, "Mr. Turki expressly stated that the five percent was going to be distributed to exchange houses so people may exchange the currency for the restructured currency". I also asked him (my son in law) "Did Turki mention anything about deletion of the zeroes or printing new money?" He said no. [/quote]
Iraq is rapidly becoming a force in world economics due to its oil reserves. What do you think the effects will be on the world economic stage. sk
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