The end of the first phase of the project to delete the zeros from the currency (another site)

The end of the first phase of the project to delete the zeros from the currency
08/01/2012 - 20:52 | Hits: 46
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Baghdad / justice
Ended the Finance Committee in the House of Representatives first phase of the project to delete the zeros of the Iraqi currency, which included the purchase of equipment for the implementation of the project. A member of the Committee Haitham Jubouri, that "the proposed deletion of zeros from the currency of the Iraqi Atksm into three phases, the first included the identification and purchase of appliances and equipment
And completed the start of this year, and it is hoped that the project is completed within the next year to put the new currency in the market and then be pulled out outdated. "The Central Bank of Iraq, had announced earlier that the new Iraqi currency will increase by three zeros, indicating that he had conducted an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency. He Jubouri that "the project will cost U.S. $ 150 million, and this little amount will be offset by the profits derived by the World Bank and the State Treasury of traders who Sistgnon the U.S. dollar, which they preferred for their small size and high value, and Istbdoulh currency Iraq's new. "Iraq is working on a project to delete the zeros from the currency to facilitate financial transactions in the country with the country's openness to international markets and try to attract capital and investors to contribute to government efforts to rebuild infrastructure.
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"it is hoped that the project is completed within the next year to put the new currency in the market and then be pulled out outdated."

This is why we see articles saying the project is delayed because the target for completion was getting close.

Shredd wrote:"it is hoped that the project is completed within the next year to put the new currency in the market and then be pulled out outdated."

This is why we see articles saying the project is delayed because the target for completion was getting close.

That's what scares me.

Shredd
I don't get this part about only costing Iraq $150 million -- they can't be talking about paying us who hold dinar currently -- your thoughts ?

He Jubouri that "the project will cost U.S. $ 150 million, and this little amount will be offset by the profits derived by the World Bank and the State Treasury of traders who Sistgnon the U.S. dollar, which they preferred for their small size and high value, and Istbdoulh currency Iraq's new.

Would that $150 million dollars be the cost of printing the new denoms? Seems like that number rings a bell as for the cost to print....

There's no way that'll cover the amount that people have invested. The way I understand it, the money paid out to investors isn't figured as part of the cost of the project....... I may be wrong though.

reohomespa wrote:Shredd
I don't get this part about only costing Iraq $150 million -- they can't be talking about paying us who hold dinar currently -- your thoughts ?

He Jubouri that "the project will cost U.S. $ 150 million, and this little amount will be offset by the profits derived by the World Bank and the State Treasury of traders who Sistgnon the U.S. dollar, which they preferred for their small size and high value, and Istbdoulh currency Iraq's new.

I believe they said the cost of the new currency would cost about $150 million for the printing of new currency to put into the market.
One thing we know from the article is that the IQD outside of Iraq will not be going back to Iraq they will be going into other countries foreign currency reserves. so the cost of what we hold will not be on Iraq it will be on those central banks that buy it up for their reserve currency.

Fast Eddie
Thanks for the reply.  Makes sense that it's the printing of the currency and those De La Rue machines are expensive.

reohomespa wrote:Fast Eddie
Thanks for the reply.  Makes sense that it's the printing of the currency and those De La Rue machines are expensive.

Reo, on Oct 25, 2011 The CBI made an Announcement Direct Invitation No. (6D/2011) Awarding De La Rue the payment of $15,947,003.00 +/- USD for 10 machines including spare parts, shipping and installation. Leaves quite a bit left over to print the new currency. Hope that helps.