The Central Bank of Iraq (CBI) is not independent from the Iraq government. The CBI has to wait for approval from the government to start printing and issuing the 2013 new Iraq Currency.
Central Bank of Iraq
The Iraq government will start a education media blitz pertaining to the Iraqi currency. This will begin in late 2012. The Arab Summit, other national meetings and conferences, are taking precedent over the CBI intentions to change the Iraq currency.
The Development Fund for Iraq (DFI) will lose the protection of the U.S. government in 22 May 2012. However, the protection will be extended for another year. This will continue to protect the Iraq funds from outside lawsuits and claims against the Iraqi government.
Iraq Dinar Currency
A very interesting article about the continuing counterfeit of the Iraqi dinar in Iraq. The counterfeit currency has now reached the Kurdistan Region. The article mentions a few cases of the US dollar being counterfeited.
Yesterday, the Iraq Central Bank published a press release in regards to the counterfeiting.
Prime Minister Nuri al-Maliki
Prime Minister Nuri Maliki as I’ve said many times will be in power for a long time in Iraq. Dr. Allawi’s boycott of the government earlier this year weakened Allawi’s standing and some regret that it ever happened. This event made PM Maliki political party stronger in Iraq.
A very good article in the New York Times about PM Maliki.
Iraq Dinar Money Changer
The economist from Beirut is stating in his commentary that the new Iraq currency of 2013 will have the same purchasing power of the current Iraq dinar currency.
You have to read the article and draw your own conclusions on what exactly is the intent of the Iraq Central Bank in bringing in the new Iraqi currency on the Iraqi people. I have included a pdf copy of the article just in case the article is delisted.
Deputy Prime Minister Saleh al-Mutlaq
A very interesting interview with Deputy Prime Minister Saleh al-Mutlaq and Asharq Al-Awsat.
Deputy Prime Minister al-Mutlaq gives a very candid interview about his relationship between he and Prime Minister Nuri Maliki. If you have a moment be sure and read this interview.
Iraqi Transport Minister Hadi al-Ameri
A conference was held inside the International Zone with 50 companies to attract foreign investment. The meeting was held at the new redesigned al-Rasheed hotel.
Iraqi Transport Minister Hadi al-Ameri stated he expected oil revenues to reach 200 billion dollars.
The Iraqi government would like to renovate already built airports and sea ports and to build new ones.
Central Bank of Iraq
The Central Bank of Iraq (CBI) has announced new banking regulations in regards to the sale of foreign currency. Primarily for the sale of US dollars.
The CBI is now requiring each banking customer to have a bank account in a Iraqi bank in order to complete any foreign currency transaction.
Money transfer companies will also have new requirements to meet when dealing with the sale of foreign currency.
This is a game changer for President Al-Asad who has been killing his own people for almost one year.
Let’s hope that now we can have medical and food supplies by using the logistics of Hamas to help the Syrian people.
Another example of what Iran business men are willing to do against their brotherly neighbor Iraq. They will steal and swindle any Iraq business for the hard currency of the US Dollar. 500 million dollars in northern Iraq could be of benefit to a lot of Iraqi’s in terms of gaining jobs, food, and electricity projects. They could benefit even more with 2 Billion dollars.
This is already straining relations between the Iranians and the Iraqi’s and with the clamping down of the sanctions against Iran it is not going to get any better.
“Only God knows how much money has been lost,” he said. “It is said only $500 million was taken, but I believe if all the businessmen from Kurdistan speak out, the money might total around $2 billion.”
Another article about the new Iraq currency to be issued in September 2012. Until you have the legislation this is all speculation as to when exactly this will occur. Reading the article you have government officials and the Security Commission opposed to the idea of the new Iraq currency.
The Security Commission says deleting the zeros will have a negative impact on financial trade in the stock market. Other opponents of the move argue it would pave the way for money laundering and want the government to reconsider its decision.
The Central Bank of Iraq is for the issue of the New Iraq Currency and is positive however there are others say it would have negative consequences