View Full Version : Remove three zeroes from the Iraqi currency

06-08-2010, 04:23 PM
This post is credited to DV and DS member 22222....Thank you for sending it to me.....http://www.dhi-qarinvestment.com/images/layout/stars50.gifFive Stars....MED

Remove three zeroes from the Iraqi currency


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Media began circulating news of the possibility of direct delete zeros generated by the inflation in Iraq and this is made by the Minister of Finance on the renaming categories currency printing new banknotes ..

The news that the topic is still in the process of discussion between the government and the Central Bank as the first readings of this matter will be in the interest of the Iraqi economy, especially in the long term.

The process of naming categories of currency for Iraq easy, not complicated and has received popular support for this action in terms of re recalled the country's currency strong supported cover gold, which was in time for the equality of three dollars and a little more than the Kuwaiti currency, but a result of wars and international sanctions have shown the former regime made this coin currency weak, weak and became the subject of contempt by the neighboring countries, especially in bringing the citizen borrowed from them.

From here came the idea put forward some ideas on the application of this procedure for debate whether or not a service to our beloved country ...... and God of the intent behind

Date of issue of the Iraqi currency:

That the monetary system in Iraq was not a clear-cut as they were not monetary unity existing basic legal terms on the basis of gold, but was made of it, was the use of pound Ottoman Empire, as well as Allirtin English and French only significant cash transactions, while transactions, petty cash is by silver and copper coins.

In 1914, common use of the rupee Hindi in Baghdad and other parts of Iraq in 1918 and became the basic monetary unit monetary system in Iraq.

He says the rupee to work through October in 1932 were the abolition of legal status to them.

In line with the national sympathy and the need for full national sovereignty, began to think seriously for the issuance of Iraqi currency since 1922 and continued claims for the issuance of currency, despite the difficulties of the lack of a national monetary authority.

On 17 March 1930 and the approval of the Council of Ministers and of the establishment of a committee of the Iraqi currency and the issuance of Law No. 44 of 1931 for issuing the national currency of Iraq and issued Public Offering first in the April 1, 1932 and which categories are (10,5,1, half dinars, a quarter of dinars)

Followed by 12 Asaddarip printed, all in the international specialized presses carrying international standard specifications of money.

Central bank after the Iraqi invasion of Kuwait, causing 2/8/1990 and beyond to print banknotes in Iraq and the potential of rivers for printing house to meet the need of the national economy.

Versions of the Iraqi currency:

1 - First Public Offering:

Identified in the April 1, 1932.

It has also been the rupee Hindi in circulation until the first of October in 1932, with the abolition of the legal status it after this date and the legal categories it after this date and the groups Public Offering (quarter of a dinar. Half dinars. JD 0.5 JD 0.10 JD and all bear the image of King Faisal I.

2 - Second Public Offering:

Print this Public Offering on the same groups 19/11/1934 and represents the image of King Ghazi.

3 - Third Public Offering:

Identified the third edition on 26.07.1941 and bearing the image of King Faisal II in infancy.

4 - Public Offering IV.

Identified on 15.07.1942 and the same groups bearing the image of King Faisal II.

Also reprinted decorated in King Faisal II, at the age of young people.

5 - Alosaddaripavp:

Identified on 09.17.1950 groups include (a quarter dinar, half dinars, 1,5,10) and represents the image of King Faisal II.

6 - Public Offering VI:

Been placed into circulation on 20/3/1952, in the same categories are decorated in the fifth edition of King Faisal II, the enactment of more than seen in the fifth edition.

7 - Public Offering VII:

Seventh edition of the sixth edition of the same categories and put into circulation on 05/12/1955.

8 - Public Offering VIII:

This edition has been issued on the basis of the Iraqi currency to the law No. 92 of 1951 and bearing the name of the Iraqi Central Bank instead of the National Bank of Iraq.

9 - Public Offering IX:

Issued on 1/7/1959 groups (quarter of a dinar, half dinars, JD 1, 5 dinars, 10 dinars) and bearing the logo of the Republic.

10 - Public Offering X:

This edition published in 28.09.1968 categories above and represents the security thread and the first time, the banknotes are decorated to reflect the historical character and urban and economic development of Iraq.

11 - Public Offering XI:

Issued on 27/07/1969 with the Central Bank of Iraq, re-printing of banknotes above new motifs, and as water.

12 - Public Offering Twelve:

This edition issued after the enactment of the CBI No. 64 of 1976, and included a new class of securities in cash (25 KD) and a facial photo of three Arabian horses and back landscape Abbasid Palace in Baghdad.

13 - Public Offering XIII:

Edition was published after the events of 1990 in Dar es Mesopotamia print categories (quarter of a dinar, half dinars, 1,5,25,50,100,250,10000)

14 - Public Offering XIV:

This edition has been based on a decision issued by the Coalition Provisional Authority in 8/7/2007 and the purpose of issuing the currency of a unified Iraqi specifications of art high limit cases of fraud suffered by the Iraqi citizens and government banks.

Have been put in circulation a new currency with effect from 15.07.2003 until 01.15.2004 and in all banks in the country and on the basis of one dinar for a dinar and a local print a new one, except the currency printed internationally (so-called Swiss) has been replaced by the equivalent of 150 dinars, then been printed 500-dinar update of the fourth edition which has become ten are as follows (50,250,500,1000,5000,25000) and also showed the need to be put coins new categories for ease of handling the new currency has been coined a new unified (25,50,100) has been developed into circulation on 2/1/2005.

1: the proposed mechanism:

Looking back any in 1931 where he began trading the old Iraqi dinar which is called Basuesri where securities were printed in the United Kingdom in Press DeLauro.

And, before that date, Hindi Rupee is the currency in the country.

The process of issuing currency, the Iraqi dinar was before the Finance Committee of Iraq from the period 1931-1947 the beginning of 1947 the bank began the Iraqi national who was the then issued in 1954, where the Iraqi Central Bank began to issue currency.

During that period, the dinar is linked to pound sterling and the subject of the comments that affect the pound sterling lower, higher, according to the status of the British economy, and after the revolution of the fourteenth of July 1958 the leader Abdel Karim Qassim, the disengagement of the dinar in pounds sterling, but the dinar has retained its purchasing power, where was the equivalent of 3.30 pounds sterling at that time.

After the outbreak of the Iraq war - Iranian dinar, began to lose its value in the currency market where the value reached at the end of the war in 1988 to the equivalent of 25 U.S. cents for every dollar that no U.S. equivalent of four Iraqi dinars.

After the invasion of Kuwait and the resulting economic sanctions imposed on Iraq resulted in the inability to issue the Iraqi dinar, which was printed in the Press Switzerland government began a policy of expanding credit the local through the printing of the Iraqi dinar in the presses Iraq that lacked the necessary technology for the printing of currency customized and quality which has led to the spread of counterfeit currency in addition to the severe collapse in the value of the currency as it reached the height of his greatness in 1995 when the U.S. dollar reached 3000 dinars.

Began coins small disappearing, especially metallic ones (Fils, 5 fils, 10 fils, 25 fils, 50 fils, 100 fils, 250 fils, 500 fils) This mostly metal and took the currency starts from 25 dinars to 1000 dinars, 25000 Dinars.

In Iraq on April 9, 2003 and the formation of the new Iraqi government despite the difficult circumstances but that the Iraqi economy began to improve performance indicators of work and restore the Iraqi currency began to recover something of where the CPA issued at the time the new Iraqi dinar in 15/9/2003 to January 15, 2004 where printed new currency in Britain in the printing specifications and DeLauro good and difficult to falsify, and since then started the Iraqi dinar against the dollar regain strength as it reached at the moment that the U.S. dollar = 1200 fils.

However, the global percentage of the Iraqi dinar to switch to other currencies did not work out is why does not alter the global banks or selling or buying the Iraqi dinar and they are exchanged on the sidewalks and streets in the city.

Iraqi currency in circulation are as follows:

JD 250, 500 Dinars, 1000 Dinars, 5000 dinars, 10000 Dinars, 25000 dinars.

And to delete the three zeroes from the currency have returned the old currency supported by the citizens.

It will be the deletion of as follows: it becomes a U.S. dollar at today's prices = 1200 fils in the sense that 100 U.S. dollars = 120 dinars, which is very suitable for such a stage that the government control inflation and keep it at reasonable levels.

Consists denomination after deleting the zeros are as follows:

In addition to the coins are as follows: 25 dinars.

50 dinars to 100 dinars.

Fils, 5 fils, 10 fils, 25 fils, 100 fils, 250 fils, 500 fils, and these coins.

Then quarter of a dinar paper, half a dinar paper, JD 1, 5 dinars, 10 dinars, 25 dinars.

And can return to the old class, which was printed in Switzerland.

The quest for the issuance of such currency or rename the categories of stress is the strength of the national economy where the inflation rate fell to 150% as in the mid nineties of the last century to about 53% in 2006.

In this way the Iraqis may have died and large currency by the year 2009 to use two groups of old and new banknotes during the transitional period.

As a result, the coins will return to the widespread use of the dollar is = 1200 fils Iraq again.

Here we must say that the new currency will carry the attributes of the new era in Iraq and you will find the new currency the old welcome, especially as it would be small groups reminiscent of the golden age of Iraq's economy in the early seventies of the last century.

You will find people easier to use the new currency in terms of accounts that will be easy and uncomplicated.

In addition to that the coins will start trading again.

Here, it must be noted that the responsibility lies with the Central Bank of Iraq in case the decision to proceed to apply this measure as must be done smoothly without any problems and that the new dinar will be announced to start a new era and not just currency deleted, including zeros, but also brings hope of end a time of war, sanctions and inflation

Here we must emphasize the extremely important issue is that if you remove three zeroes from the currency should not affect the actual value thereof to be trading in the old currency and gradually withdrawn until the end of 2009.

Must also be synchronized to the restoration of the CBE board of prices to determine the general level of prices and real wage level in order to eliminate the structural distortions in the national economy makes the process of removing zeros are mechanisms to reduce the rate of inflation and make it at the lowest levels

2 - experiences of other countries:

Tended other countries suffered from hyperinflation a similar course, particularly in Russia in the nineties of the last century.

Turkey has also withdrawn (6) zeros from the currency, without prejudice to its true value.

Providing the Exchequer Turkey at the time Baba Jan, current foreign minister, a bill to get rid of zeros, six are in the Turkish lira and by 2005, resulting in inflation experienced by Turkey to the price of one euro to one million and 7,820,333 liras Turkey has witnessed discussions on the adoption of such a wage-earners to remove six zeros from the currency.

And seem to rein in high inflation in Turkey is not only through the removal of zeros six from the Turkish currency for the first time succeed the Turkish government in reducing the rate of inflation to the target set for the current year is 19.3% although the rate is high compared to other countries and the bill was introduced to the Prime Minister's Office with a view to the application and started the application where it began trading two currencies for a specified period after which the old currency was withdrawn and replaced the new currency.

The Sudan has also passed a law removing three zeros from the Sudanese pound coin, the sixth of its kind since Sudan's independence in 1956.

In addition to Iran is also engaged to study the removal of three zeros from banknotes in the country which has fallen value because of high rates of inflation.

In conclusion we can say that the currency of the pillars of state sovereignty and the state is economically strong countries with a strong currency, which is proud of its citizens in that currency's weakness hurt the feelings of people in psychological terms.

Must therefore proceed with the application of this procedure, and knowledge of all aspects in order to avoid non-occurrence of any difficulties in its application and this is really that the Iraqis have become a new era looming on the horizon of prosperity and well-being.

3 - the potential effects of this procedure

The phenomenon of rising prices in the world is the main cause decline in currency values and hence low value purchasing.

And your conception that the best remedy for these reflections on the psychology of the Iraqi individual and the market is in the drafting of a new Iraqi currency prices are back with the logical relationship between the real and the cost of the item sale price based on the market.

The write-off of three zeros from the Iraqi currency is tantamount to a normal price and reducing the size of the introduction of inflation growing, and perhaps the best example of the Turkish experience.

After the struck off six zeroes to become with him a million pounds, only one and the same purchasing power of the previous million, it became possible to purchase one Blairp what was in the past one million pounds.

The elimination of zeros from the currency in which to suffer from inflation inevitably will reduce the negative effects of the current world of excessive prices for goods and services and will restore to the currency balance and weight.

That such a decision, if adopted by the Iraqi government, he would not return to the Iraqi currency value based but reflect as well as the flexibility of the economy and his movement in the right direction so from our perspective as analysts economists seriously consider this phenomenon by holding seminars and conferences to form the through which the views of access to rein in inflation and a rise in prices and the return of Iraqi currency to the value of real and normal.

The deletion of three zeros of the Iraqi currency to achieve the following objectives:

1 - to fight inflation

2 - Support to the banking system

3 - assistance in determine the size distribution of wealth and how to

4 - The ability of the banking system to control liquidity

5 - Creating financial surpluses are used in funding

6 - Increase awareness of the banking system.

Must also Central Bank of Iraq in cooperation with the government preparing a directive on the organization of the replacement process for the new currency by informing the bank approved all operating in the country to include in these instructions organizational procedures for replacement surgery, including the preparation of special forms to receive the new currency by banks bloggers where the number of funds received and contents of the currency by category must also Central Bank of Iraq has to register bank balances Iraqi constraint debtor in the bank for banknotes transferred at the moment in which they become such securities shall be legal tender by an order from the bank.

And to ensure continuity allows the replacement of commercial banks that use affiliates sites replace the overdraft without the benefit of the CBE, this is due diligence to assess and Governor of the Bank to a level which is based on where these clouds the process of replacing the currency alone.

In the light of the process of removing three zeros and the issuance of new currency, the Iraqi currency exchange will increase which will take the Iraqi dinar and his job as a store of value in addition to the associated improvement in its exchange rate with the expected positive results are as follows:

1 - increase the confidence of citizens in their own currency and adopting new as a store of value.

In terms of technical specifications and high security can be printed in the role of foreign famous Mint.

2 - get rid of the burdens of the old currency, and purchases totaling big as the new currency would be easy to handle and load without problems.

3 - Elimination of high rates of inflation where will this procedure a significant impact in reducing inflation in the Iraqi economy.

4 - There remains one condition, the State must do is to eliminate the structural distortions in the Iraqi economy, particularly in the supply side, prices and wages

5 - It must be said that one of the reasons inflation was the increase in government spending, it must be coordination between monetary policy (central bank) and government spending to limit the effects of inflation (Ministry of Finance) and coordination with them and go in the future to reduce government spending.

6 - The implementation of this action record for the current government in promoting the national economy.

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Got-UR-back dino
06-08-2010, 05:01 PM
Thanks Med. A reminder we are waiting at the station with a bunch of strangers for the end of a journey planned a long time ago and at the same time the arrival of just another scheduled trip.

06-08-2010, 05:07 PM
ok do not get confused by all this.....i have it is several parts.....the history and offerings through the previous century and to current.....the main thing here is the discussion on the new distribution of wealth....and the fact that the value of the 25k notes or other denoms that will be removed.....will have the same face value.....now this is an article several months old....but it contradicts the lies that the central bank advisor put out....that he just doesn't know why anyone thinks they are revaluing.....also it also proves what i said on where the iqd was originally printed in the uk.....i had gotten that info from a former member asyman in the uk....he also was the one i think that first told me about the mulitple currencies they had printed for iraq....the smaller denoms....and he was always very honest and forthright....

Got-UR-back dino
06-08-2010, 05:13 PM
I believe they were printed by De La Rue a U.K. company.

06-08-2010, 05:27 PM
yes i thought i just said that......it also reiterates it in the article....

06-08-2010, 06:22 PM
I'm ready for a revalued dinar... Go RV!
Article appears to be dated 2/25/10, so it's relatively current.
Thanks Med and 22222.

06-08-2010, 07:30 PM
Thank you Med and 22222. This article is the most accurate I have read on the Rv of the dinar and the notes and coins.

06-08-2010, 08:20 PM
very exciting history and all there is a tone of the Rv coming then even then , if it wern't for the elections holding things up we would have already had a RV thanks 22222 and Med good read !!

06-08-2010, 08:24 PM
Here we must emphasize the extremely important issue is that if you remove three zeroes from the currency should not affect the actual value thereof to be trading in the old currency and gradually withdrawn until the end of 2009.

This line right here tells me this was supposed to be done last year. Like we all thought!!!!!

06-08-2010, 08:30 PM
agreed bf that was how I took it too but there were circumstances in which they decided not to apparently so here we go! were close!

06-08-2010, 08:36 PM
A good read. Very informative. I was not aware of all this history. Thanks Med

06-08-2010, 10:48 PM
Thanks 22222 for the great article.

It was fun to read the history of which we get to be a part!!

06-09-2010, 12:50 AM
Ahem, 1970's...

lol he he he

Absolutely awesome find! Now this is the sort of stuff that I can eat popcorn and love reading!

"And that's all I have to say 'bout that!"


06-09-2010, 11:37 AM
Nice history lesson and what a motivator for us as investors thanks 22222

09-20-2011, 08:55 PM
Just a reminder that this is the plan, but the date has moved up. This link from July 27, 2008 has the same information as in Post #1:

Remove three zeros from the Iraqi currency
http://www.startimes.com/f.aspx?t=11100918 (http://www.startimes.com/f.aspx?t=11100918)

Also shows Dar al-Nahrain as a printer

Dar es Mesopotamia

09-21-2011, 05:20 AM
guardian - thank you for resurrecting this post. It restored my confidence in those that must march to the difficult drummer called Iraqi politics!