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Iraq Planning Currency Redenomination ( original date February 06, 2010 )

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b2stepblue


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Monday, January 18, 2016
News / From Our Bureaus

Iraq Planning Currency Redenomination

BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports.

Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

Both will be legal tender in Iraq until the old notes are completely withdrawn.

Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.

Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq's money supply is cash in circulation.

Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

The current exchange rate is 1,167 Iraqi dinars to the U.S. dolla
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emmaduke


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That is a re-post of an article from February 06, 2010. If you go to the link, the original date is there.

3 Posting old news as new news? on Tue Jan 19, 2016 1:46 pm

Steve1A


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How can someone be allowed to repost old stuff without letting the readers know?

tlm724

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Steve1A wrote:How can someone be allowed to repost old stuff without letting the readers know?

Perhaps you missed it but emmaduke did point that out " That is a re-post of an article from February 06, 2010. If you go to the link, the original date is there."

and welcome to BLC !!!


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Steve1A


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Yes. I saw emmaduke's posting about it. But why would the original poster revive an outdated news release headed with yesterday's date -- as if it was something new. How does that improve the newsworthiness of the Bond Lady site. It's distracting. It's misleading (deliberately perhaps to feed the IQD rumor mill?). Maybe I could post the Gettysburg Address as if it happened yesterday and claim it's news.

tlm724

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Steve1A wrote:Yes. I saw emmaduke's posting about it. But why would the original poster revive an outdated news release headed with yesterday's date -- as if it was something new. How does that improve the newsworthiness of the Bond Lady site. It's distracting. It's misleading (deliberately perhaps to feed the IQD rumor mill?). Maybe I could post the Gettysburg Address as if it happened yesterday and claim it's news.

While we try to respect everyone's opinion including yours I feel the need to point out that we are all human here and maybe that was an innocent mistake made by b2stepblue. We don't feed any rumor mills here, if you take the time to read in this forum you will find some very good information, some very exciting news that is happening on the Iraq front backed up by facts. If you want to hang us out to dry on one mistake by a member then perhaps this is not the place for you. Just sayin... and while I am at it I will edit the title so no one else gets confused !


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RCS1947


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Steve1A
That's rather sharp criticism. It's an open forum and without a paid staff to monitor each article posted every minute of the day it happens. I don't think it was intentional but it happens. Thanks to emmaduke she caught it and posted it as an old article. BondLady provides the best in my opinion of the news and not rumors. tim724 is a tireless provider of news and commentary... and if you can't appreciate the tremendous effort that BondLady brings each and every day to this site maybe you need to purchase a subscription to one of those other sites I'm sure they will be happy to have you.

b2stepblue


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Thanks tim. The fact that they reposted it with a new date I LOVE IT, trying to throw off people.

Wednesday, January 20, 2016
News / From Our Bureaus

Iraq Planning Currency Redenomination
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Iraqi dinars are stacked at a teller's window in a Najaf bank.


February 06, 2010

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