Member of Finance Committee: The process of withdrawal of the old currency will continue for two years through banks

  Friday 06/07/2012

Baghdad (news) .. According to a member of the Finance Committee MP / National Alliance / Najiba Najib Ibrahim, that the central bank has taken several measures to replace the Iraqi currency in coordination with the Finance Committee.
The answer (of the Agency news): The Central Bank and in coordination with the Finance Committee has taken many measures to replace the Iraqi currency include the withdrawal of old currency over the years and handed over to the banks which in turn will deliver the currency to the Central Bank over the ten years to destroy.

The j: in early 2013, will pump in the currency markets as well as the old currency, indicating that measures to withdraw currency will continue for two years, and several banks will take over the old currency in all parts of Iraq.
Najib stressed: that two years after the new currency will be available in local markets after the end of the value of old currency. / End / 21. D. Q /

 

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Expert: the need to encourage citizens to handle credit card transactions to facilitate banking

 Friday 06/07/2012

Baghdad (news) .. Emphasized the economic expert Ikram Abdul Aziz, the importance of working credit card bank and encourage citizen to deal with through awareness and education programs to facilitate banking transactions.
She said Abdulaziz (of the Agency news): The credit card system is one of the modern technological systems, which came to the banking and spread in all countries of the world, but Iraq is still too late because of her failure for many years for technical development happening in the world in all areas.

She added that the use of these techniques in Iraq is still limited and narrow because of the absence of full knowledge of the citizen how to use them, saying it needs to be educational programs banking to educate citizens and encourage him to deal with, because they will facilitate a lot of things banking through speed to meet their needs.

Confirmed: that the banking system in Iraq needs to introduce modern electronic systems in his work and linking unified communications network, as is the case in all countries of the world's developed to help to complete banking transactions through electronic devices.
Known as the credit card bank is a financial loan consumers can use to buy accessories and pay later, if he is willing to pay all the borrowing them (buy) in any month, it allows him to rotate the part or all of the borrowed amount to the next month, and the consequent in this case, the payment of interest on the debit balance (the existing).

The most famous types of cards are the card account, the city card, ATM card, the card secured credit, smart card, prepaid card, card coalition, card allowances (bonuses), the card-branded dual. / Finished / 8. N. R /

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Financial expert: the dinar to the economic stability needed to be a desirable out of Iraq

Wednesday 07/04/2012 12:10

Baghdad (news) .. Financial expert, attributed the beneficial Elias Abou, the cause of the unwillingness of countries in the world to deal with the Iraqi dinar exchange rate to fluctuate in front of hard currency and the absence of political and economic stability in the country.
He said Abbou (of the Agency news) on Wednesday: The monetary policy pursued by the central bank responsible for rejection of the regional countries and international dealing in Iraqi dinars, because they do not allow the exit of large amounts of local currency abroad and restricted passengers to take limited amounts of the dinar when traveling.

He added that the Central Bank of afraid to enter the counterfeit currency when allowing entry and exit of the Iraqi currency, but allowed to get out of the country will force countries to deal with and become internationally accepted and has a real value against other currencies.

And: that the Iraqi dinar needs political stability and economic and financial goal to diversify revenue and increase total production of the country and maintain its exchange rate against the dollar, foreign currency in order to become an international currency dinar desirable in all countries of the world.

Often complain of Iraqi pilgrims and travelers from non-treated countries in the world, especially neighboring countries in Iraqi currency abroad for fear of fraud or speculation, as well as the continued decline of the value of the dinar against the dollar. / Finished / 8. D. Q /

 

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New year .... A new currency

 

Iraq's new currency

Said a member of the Finance Committee of the Iraqi parliament that the new currency will enter circulation in the markets and will be taken a thousand dinars from the citizen for one dinar.

She Najiba Najib Albamrna member of the Finance Committee in the Iraqi parliament that the new currency will enter the circulation from the beginning of the year 2013 and will be removed Asfarha "and will enter the dinar metal and 50 dirhams and 25 dirhams market and will be replaced by the dinar per one thousand dinars, and will be the 25 thousand dinars to 25 dinars." .

It confirmed that the language "Kurdish, Arabic and English" will be on the currency will be charged images of the resorts and the deportation of the Kurds of Kurdistan, but the deal Faili old currency will continue for a period of two years from the issuance of new currency.

According to Najeeba "I have been diagnosed with a number of European companies and U.S. for the work of the new currency and to avoid fraud and will be approving the budget of 2013 on the basis of the new currency."

There have been changes to the post-2003 Iraqi currency are translated to 1000 dinar dinars were printed like the old currency.

After entering the circulation for nearly ten years face many of the economics profession, criticism to increase the zeroes on the currency and considered a reason for rise in prices in the markets and lack of appreciation of the currency of other countries, and decided to Parliament and the Central Bank of Iraq to change the currency to what it was without the zeros.

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Central Bank introduces a way to follow up the disbursement of funds abroad and to prevent smuggling

Thursday, 05/07/2012

Baghdad (news) .. Deputy Governor of the Central Bank of the appearance of Mohammed, the granting of banks licensed to sell hard currency the responsibility of checking foreign currency transferred abroad for treatment or travel or trade, to reduce the smuggling of hard currency.
Saleh said (of the Agency news) on Thursday: The central bank can not monitor all funds that come out of the country Vtm develop a way to follow up on how to spend money abroad by giving banks approved the sale of hard currency audit function by grading the banks and divided according to their capital.

He explained: The division of banks into four models according to their capital in order to compete with each other and also to know the amount of currency, which pumps it a week from the central bank, is required each bank to sell a limited amount of currency mismatch with a capital of more than (150) billion dinars, and banks with capital (150) billion dinars, and the other without (150) billion dinars, as well as Arab and foreign banks, each of which compel the merchant or traveler to open his adoption of a bank or convert a document in the bank trader with him for the money transfer him to the outside.

And he continued, as well as requiring customers two weeks after the conversion process brought detect particular foreign bank stating that currencies have been converted to a specific destination identified in the file transfer of credit to the bank for the purpose of knowledge of aspects of exchange abroad, and to curb the smuggling of currency or money laundering.

It is noteworthy that the central bank granting permission for (25) private banks to sell the dollar at the price determined by the process shall be conducted in accordance with the regulations and specific conditions, and gives each bank a week million and (250) thousand dollars, and the price fixed for the sale of the dollar by the Central (1179), while banks sell to citizens at the price (1189) to be the rate of profit for banks (10) dinars. / Finished / 8. d. Q /

 

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Member of Finance Committee: The new currency will be charged (36) security feature to prevent forgery

Thursday, 05/07/2012


 
Baghdad (news) .. A member of the Finance Committee MP / National Alliance / Haitham al-Jubouri, the existence of (36) feature in the new currency to ensure that no forgery.
Jubouri said (of the Agency news) on Thursday: There are a lot of specifications will have to (36) ensure that Amaknyh feature forged, while the currency in which the current (8) features.

He explained: that the categories that will be printed were distributed between the paper and will be the category of the (200) dinars, and the category of (110) dinars, and the (50) dinars, and the (25) dinars, the currency of small a coin expanded to the category of the dinar and a half dinar and quarter dinar and the ( 100) and the fils (50) and the fils (25) fils.

He pointed out: that the process involved in the switch Raau where all the national symbols in the northern, central and southern Iraq, which will obey on the back of paper currency and Kalmloah Orr and Erbil's citadel, and a waterfall on the Beck bridge connector.

Plans to the Central Bank of the deletion of zeros and switch the currency in the next year to reduce the size of the money supply, which warned of experts and government officials warned of a "mafia" is preparing to rig the trillions of Iraqi dinars and replace it in the light of the planned changes, while accusing the central bank government agencies to disrupt monetary reform and carry the responsibility of endanger the interests of the country's financial risk. / Finished / 3. d. Q /

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The central bank is likely to put in the new currency Jan 2013

07/04/2012

BAGHDAD / JD / .. most likely the central bank put the new Iraqi currency after deletion of zeros in the first of January. The governor of the central bank's Shabibi / JD / "The Bank will work to put up the new Iraqi currency after deleting three zeros in the 1/1/2013" .. The central bank governor, "there are many procedures and many misgivings Bank is keen to implement them in order to be the process of replacing the currency safe and easy" .. The Finance Committee, the parliamentary revealed earlier in the contract the central bank with major companies to be currency printing paper of high quality. "Said a member of the Knesset Finance Magda al-Tamimi that" the cost of the actions dedicated to the currency exchange at 150 million dollars, ".. and pointed out that" the currency exchange and withdrawal be gradual through the process of deposit in banks, "saying," The withdrawal of currency be gradual and not once as in the switch before, ".. and noted Tamimi that" the Finance Committee follow-up to the Central Bank and to share what is going on the process of printing new Iraqi currency . "and quoted a member of the parliamentary finance committee," a talk by the Governor of Central Bank "Shabibi" "The deposit in the banks when you switch the currency would be one place and controlled to protect the currency from counterfeiting." / ended / 11 n

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