IQD Todays: Deleting 3 zeroes from the Iraqi dinar will cost CBI $150 million

Saturday, 31 March 2012

Deleting 3 zeroes from the Iraqi dinar will cost CBI $150 million

UAE’s Al Ittihad newspaper Monday, 26/3/2012 official sources within the Central Bank of Iraq that the draft deleted three zeros from the Iraqi dinar and actually began the process of replacement will cost the state budget the amount of 172 billiondinars (150 million dollars), and the budget next year will be the new dinarwill «Central» to raise its value gradually against the dollar down to be…. the equal of any dinars per dollar.and showed officialdocuments, especially the replacement of the Iraqi dinar to the new edition will be issued in three languages, Arabic, Kurdish and English, and the Kurdish language in government transactions provided for constitutionally, while the cost process printing will be forwarded to one of four international companies specialized $ 150million is distributed in print, transport, insurance, and work outside of office hours for the destruction of the old currency which will be this time within the Central Bank.

The DeputyGovernor of the Central Bank of Iraq the appearance of Mohammed Saleh, “The studies printed a new series of Iraqi currency started since 2005, and began correspondence with the Committee on Economic Affairs in the Iraqi government in 2007 around the idea of deleting three zeros from the currency. “
He added that the bank actually started the project any printing a new currency will be characterized as specifications of the best security in the world.

almowatennews.com

1 comment:

Anonymous13 October 2012 at 05:34
The iraqi dinar was printed by De La Rue an English company which is the world leader in anti-forgery techniques. De La Rue is the largest printer of currency in the world and trades publicly on the London Stock Exchange. for more info visit this link
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This page aims to educate the potential dinar investor. As with any investment, there is risk associated with investing in Iraq Dinars. Although we attempt to provide accurate information, there is no guarantee, explicit or implied.

Security features on the New Iraqi Dinar:

- Ultraviolet writing To cheack for the ultraviolet writing on the Iraqi Dinar, you will need a UV lamp (as commonly found in hardware stores). In a dimly lit area, hold the UVA lamp over the Iraqi dinar. You should clearly see UV writing on the back side of the dinar.

- Horse head watermark This is one of the most simple security checks you can make. Hold the Iraqi dinar up to a bright light source. The image of a horse head should clearly appear. This pattern is embedded, not printed, into the paper.

- Color changing symbol In the bottom left hand corner, the eight sided symbol should change color from purple to green when viewed at different angles.

- Security thread There should be a metalic security thread embed

- Metallic ink
The image of a dove is printed in metallic ink on the top left hand corner of the back of the dinar.

- Unique serial number
Every dinar is uniquely numbered in east-arabic script. See the conversion below to western numerals. Notice the similarities between the 2 and 3 numerals.

The Pros and Cons of Investing in the Iraqi Dinar

There are several reasons why you might wan to invest in the dinar, but with these comes several risks. Investors should be aware of both of these before investing in the dinar.

To help potential investors fully understand the situation surrounding the Iraqi Dinar Investment, we have provided a running list of the pros and cons of investing in the dinar.

PROS:

"All Time Low": The dinar is currently was at an "all-time low" just a few years ago when it was at war. Now, in its postwar state the currency is beginning to appreciate in value.

Progressing Economy: The Iraqi economy is progressing which has resulted in an increasing demand for the dinar. Recent events such as the following have contributed to stabilizing of the economy:

Iraq has a shrinking global debt. Because of the Paris Agreement, the majority of countries to which Iraq was in debt forgave a large amount of that debt. The US, for example, has forgiven all Iraqi pre-war debt.
Since 2004 six western banks have opened in Iraq, and six banks were in operation outside of the country
An estimated 33 billion dollars have been collected for the process of reconstruction of Iraq and companies such as Coca-cola, Chevron, Texaco and Alabama Blount4 Inc. are beginning to invest in Iraq
In 2007 the Iraqi Stock Exchange opened to foreign investors

International Support: Over 60 countries, including the US, Great Britain, Canada, Japan and India are providing financial support to help rebuild Iraq. Several industrial nations from around the world are present in Iraq, serving as military or civilian support to help Iraq establish stability and security.

Several nations are pledging billions of dollars for reconstruction of the infrastructure including power, water, road and highways, IT and phone systems, and health and human services
The US alone has pledged over $18 billion dollars for support, debt relief, and economic connections

Security Features: The New Iraqi Dinar notes have some of the most up-to-date security features help protect against counterfeiting and fraud, including, but not limited to, watermarks, a security thread, raised letters, and an optical variable ink.

CONS:

Speculative Investment: The investment is still very speculative and risky because of the following:
- It is uncertain when the economy will stabilize and become secure enough to invite further foreign investment and trade agreements
- Even once stabilized, it is impossible to predict how international markets will handle trading and the value of the dinar
Uncertain Future of Economy: While right now the economy of Iraq is progressing and there is increasing international support, there is always the risk that this might change. Foreign countries as well of the US may decide to pull out from Iraq if the economy takes a downturn. It is important that Iraq become stable enough to maintain order and security in its own economy without international support.
Long Term Investment: The Iraqi dinar investment is by no means a short term investment and you should not invest money that you do not have, with the expectation that you will get a quick return. It may take a month, a year, or 10 years for the dinar to produce a solid return. However this also may never happen, so remember that you may be sitting on this investment for a long time, and that you should only invest as much as you can afford to lose.
No Exchange Market: The dinar is not yet traded on the open foreign currency exchange market. We cannot predict if/when the dinars will be exchanged on the open market â€“ this again depends on the stability and security of Iraq. Until this happens, the only options you have to exchange the dinar are
- Through ebay
- At certain banks
- Back to dealers
- At currency/collector shows