Previously, the American Contractor announced in his 2 May post that the Re-Denomination Revaluation report for 2011 had been completed but just not submitted to the Iraqi Government. The Al-Sumaria news recently reported on 25 June 2011 of the Central Banks intention to delete the three zeros from the Iraqi Currency. As I’ve previously written in past posts, the New Currency will not have (at this current time) an increase in value of the Iraqi Dinar. Both the New Iraqi Currency (Printed October 2004) and the upcoming New currency (date unknown) will co-exist simultaneously. The Central Bank will conduct an education campaign lasting for 12 months. This will include the exchange period from the old currency to the new currency. All these topics have been reported in the Re-denomination Report that Dr. Sinan Shabibi had with him when he was summoned to the Council of Ministries by PM Maliki. Contrary to belief, PM Maliki did not ask Dr. Shabibi to share his Re-Denomination report with the Council of Ministries. No one knows for sure when exactly the PM Maliki will ask for that special report.
After the meeting with Council of Ministries, Dr. Shabibi left with an uneasy feeling. After arriving back at the office (Central Bank) Dr. Shabibi received another message that PM Maliki has placed him under Forced Residency. Meaning that he is not allowed to leave Iraq until further notice. Dr. Shabibi was unable to attend the Rome Financial Conference as he is not allowed to leave the country.
The Al-Sumarie News article is the most precise when it comes to reporting what is expected to come in the future with the Iraq currency and the intentions of the Central Bank.
Al-Sumaria News Excerpt:
“The project of deleting zeroes is complete. It will be submitted to the central bank’s administration in the next session. Then, it will be passed to the ministerial council before presenting it to the Parliament for vote. The mechanisms of changing the currency will be gradual. It will be preceded by awareness campaigns for citizens”, the adviser of Iraqi Central Bank governor said.
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