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Message Subject Iraq an economic Study
Poster Handle ReVbo™
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BAGHDAD / Mustafa al-Araji

According to a member of the investigative transactions CBI and a member of the parliamentary Finance Committee Haitham al-Jubouri said the process of lifting the zeros will not be affected in the administrative changes that have taken place in the Central Bank of Iraq recently.

Jubouri said the newspaper "integrity electronic" The process of lifting the zeros or replace currency has nothing to do with events that took place in the central bank recently, noting that monetary policy does not depend on a person whatever his status administrative, but depends on the institution in charge of political الاستراتيجة which include process raise zeros and replace the country's currency.

Jubouri announced the arrival of special equipment to replace the currency by the English side to the country Mushir that there are specialized committees will these measures, if any, within the plan in the country's monetary policy.

It is noteworthy that one of the members of the Knesset Finance Committee announced that monetary Aalssayash in the process of lifting the zeros Stadtther benevolent result of events that took place in the Iraqi Central Bank on Shabibi.

[link to translate.google.com]

Earlier in the year the Cbi bought 10 machines. About two weeks after that they said that only 10 banks were going to be used in the exchange. They even say "english" when referencing where the machines have come from. It appears to me that the decision to go on the process to remove the zeros has been made. All of these articles that are appearing at this time are without any apparent move by the GOI or Maliki to stop it. That seems strange because the massive front they put up before, where Shabibi ran the CBI. Kap was maybe right in that Shabibi may have decided to just introduce the dinar at 1166 and let it run from there. Maliki early on was a supporter of raising the value and then vehemitly tried to stop it. Behind the scenes Maliki may have not wanted the currency to start so low and take potentially years to come up in value. A recent article said that the bank wanted to return the dinar back to 3+. How long would that take if it was introduced at 1166 per dollar?

We stated here some time ago that these machines are exactly what you stated. There is a post someone back this summer with a link to the machines purchased. Very large, commercial sorting, validation. One would have to assume after that expense, they would also use Delurue for the new currency as well (the ones with 3 languages) so they can continue to use this equipment.

Some time ago, the CBI changed the name from "delete 3 zeros" to "lifting 3 zeros" because it was confusing people in Iraq. This was discussed at a Symposium. It is nice to see Jubouri using the correct term here. There is a significant difference in the two. "Deleting" refers to a l-word and "lifting" refers to removal and replace. We can clearly see here this will be a gradual removal and replacement of the larger notes with smaller notes. Of course a rate change must accompany such an event.

It is kind of like our banks here. Not every bank has a de la Rue machine. Those that will be involved with exchanging, plan to bundle and send the currency to one that does. The bank we intend to cash in at does not have a machine but plans to sent it to Chase bank. This is probably the way some banks in Iraq will do it. In the US all foriegn currency ultimately goes through Bank of America. It is the source or entry point to our Treasury. Chase, Citicorp, or whatever bank you intend to use, they will have to go through Bank of American then on to the Treasury. You can read this for yourself on the US Treasury website. B of A is the only official entry point for foriegn currency into the Treasury.

For saftey I would put at least some if not all in a safety deposit box. If you believe as I do that the dinar is on the verge of appreciating soon, then it is better to be safe than sorry. If the dinar does go to 1 to 1 then each dinar you have will be worth one dollar. Would you keep this much cash at your house? To follow up from what I said above, if you intend to use a bank that does not have a de la Rue, I have told my people that I will exchange only so much at a time waiting to exchange the next group once the last group is verified and in my account. In this way if the bank you chose screws up, you can shut the exchange down and regroup.

Best bank story I ever heard.

At the bank we intend to use both the CEO and their Chaiman have 10 million dinars each. The minute this RV happens they have promised me two things. The first is that they be cashing in on day one. Secondly that I will be the third person cashing in with them being the first and second. They have also said they will keep their bank open until all of my group has cashed. Their intentions are to charge no fees. They just want as much as our people are will to deposite. On the fee deal they have been unable to cxommit to a figure until they know the costs. They have a sister relationship with Chase and the currency will be verified their. The only other thing I asked the both of them is: don't quit your jobs until everybody has cashed in from my group.
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