The Central Bank of Iraq has made the following statements about the deletion of zeros from the Iraqi Dinar currency. These documents have not been human translated until this time, and only auto-translated by many dinar sites, using incorrect translations like the word “keywords”. I present for you now, the actual translations of two CBI statements regarding auctions and deletion of zeros from the IQD.
August 30, 2015
By: Nick Giammarino
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Video transcription:
The project of deleting zeros came late after a long delay for this project which may bring back prestige to the Iraqi dinar which has suffered inflation for quite a long time. The Iraqi Central Bank (CBI) will begin this year with the procedures of deleting three zeros from the local currency according to the financial parliamentary committee in Iraq based on the official correspondences between the Central bank and the committee.
Abdul-Hussain al-Yasseri, a member of the financial committee, assured that the project is about to begin to delete three zeros from the local currency adding that the local currency will lower from 4 billion units to 1 billion units which will make currency transfers easier. Al-Yasseri, also, pointed out that the financial committee supports measures to enhance local currency considering the importance of Iraqi economy.
The central bank said that deleting zeros comes within a plan to improve its monetary policy and to enhance currency management.
The central bank pointed out in last August that it plans to delete zeros from the Iraqi dinar to facilitate transactions that are carried out mostly in cash among the challenges that Iraq will probably face when it will delete zeros from the dinar is to withdraw 30 trillion dinars currently used in the Iraqi market then getting rid of them and replace them with new currency.
Observers fear that this may open the door for currency counterfeiting on a large scale taking advantage of withdrawing old currency from the markets. The project of deleting zeros from the old Iraqi currency despite its strategic importance though its implementation should take into account the stability of security policy in the country to avoid any disastrous consequences.
For those who like to cut and paste, here are just the CBI documents I have personally had translated by native Arabic speakers:
Translation provided by Nick Giammarino of dinarrvnews.net and globalcurrencyreset.net
Tue Mar 03 2015 15:05 | (Voice of Iraq)
Source: http://www.sotaliraq.com/mobile-news.php?id=190098#axzz3kK5k3NBC
البنك المركزي يعطي الضوء الأخضر لتنفيذ “حذف الأصفار” ويؤكد: نحتاج عامين لإكماله
The Central Bank gives the green light to execute “zero deletion” and confirms: We need two years to finish it
كشف محافظ البنك المركزي العراقي علي العلاق، اليوم الثلاثاء، عن إعطاء الضوء الأخضر للمباشرة بتنفيذ ملف حذف الأصفار من العملة، وفيما أكد أن إكمال الأمور الإدارية لهذا الملف سيستغرق سنتين، أشار إلى أن البنك بدأ بتهيئة نماذج العملة الجديدة.
The governor of the Central Bank of Iraq, Mr.Ali Al-Allaq, has declared on Tuesday that the green light was given to execute the file of zero deletion from the currency, and he confirmed that finishing the managing matters for this file will take two years. He also pointed that the bank has started preparing samples for the new currency
وقال العلاق خلال مؤتمر صحفي عقده بمبنى البنك بمنطقة الجادرية وسط بغداد، وحضرته (المدى برس)، أن “ملف حذف الأصفار من العملة العراقية وضع موضع التنفيذ”، مؤكداً أن “البنك أعطى الضوء الأخضر لتنفيذ هذا”.
Al-Allaq has said in a press conference conducted in the Bank’s building in Al-Jadireeyah area middle of Baghdad, which I also attended (Al-Mada Press), that “the file of zero deletion from the Iraqi currency is under execution”, confirming that “The bank has given the green light to execute this.”
وأشار العلاق، إلى أن “إكمال الأمور الإدارية بشأن هذا الملف سيستغرق سنتين”، مبيناً أن “البنك بدأ بتهيئة نماذج العملة الجديدة”.
Al-Allaq has pointed that “Finishing the managing matters for this file will take two years”, showing that “The bank has started to prepare samples of the new currency.”
وكان البنك المركزي العراقي أعلن، في (28 تشرين الثاني 2014)، تأجيل موضوع حذف الأصفار من العملة في الوقت الحالي.
The Central Bank of Iraq announced in 28th of November 2014, postponing the subject of zero deletion from the currency in the present.
Below is the 2nd article that I had translated recently.
Central Bank of Iraq Statement on US Dollar and Auctions
March 3, 2015
البنك المركزي ينفي توقف مزاد العملة ويؤكد استمراره بآلية جديدة
Central Bank denies the stop of auction currency and confirms continuation with a new mechanism.
(المستقلة)….نفى محافظ البنك المركزي وكالة علي العلاق ،الثلاثاء، انباءً بشان وجود منع لعملية بيع الدولار وايقاف العمل بمزاد العملة ، مؤكدا ان البنك مستمر ببيع الدولار ولم يتوقف لكن بآلية جديدة.
(Mustaqila)…The Governor of the Central Bank Agency Ali Alaak, denied on Tuesday, news about the existence of a process to prevent the sale of the dollar and the stop of auction currency, confirming that the Bank did not stop and will continue to sell the dollar, but with a new mechanism.
وقال العلاق في مؤتمر صحفي عقده بمقر البنك المركزي وحضرته (المستقلة)،ان”العملة الصعبة هربت كثيرا الى دول داعمة للارهاب والفساد ،مؤكدا ان البنك المركزي اتخذ اجراءات جديدة ولم يعد نافذة يومية وصراف الي للعملة الصعبة”.
Alaak said in a press conference held at the Central Bank and attended by (Mustaqila), that: “A lot of hard currency fled to supporting terrorism and corruption countries, confirming that the central bank has taken new procedures and is no longer a daily window and an ATM of hard currency.”
واضاف “ان البنك اعد اجراءات واليات جديدة لمزاد العملة تختلف عن مزاد العملة اليومي السابق مبينا ، ان مزاد العملة لن يتوقف وانما العمل به وفق الاجراءات الجديدة”.
He added “The Bank has prepared new procedures and mechanisms for currency auction that is different from the previous daily currency auction, stating that the currency auction will not stop but will work according to the new procedures”.
واشار العلاق خلال المؤتمر الى ان بعض المسؤولين في الاقتصاد صرحوا تصريحات بعيدة عن القطاع المصرفي وحذروا من اجراءات البنك المركزي الجديدة واكدوا انخفاض احتياطي العملة الصعبة لدى البنك ، مؤكدا أن العراق لا يعاني من أي انخفاض ولديه ايرادات جيدة ولا توجد أية مخاوف”. Alaak said during the conference that some officials in the economy made some statements far from the banking sector’s, they warned from the new procedures of the Central Bank and confirmed the decrease of hard currency reserves at the bank, Alaak confirmed that Iraq does not suffer from any decrease and has a good revenue and that there are no worries. ” وتابع ،انه اصبح بامكان التجار والراغبين بوضع وديعة مصرفية في احد المصارف الخارجية بالاتفاق مع مصارف داخلية من خلال نافذة الحوالات ، وايضا بالنسبة لعملية النقل بامكان المواطن الحصول على الدولار من خلال طريقين اما السفر او العلاج ،مؤكدا ان البنك المركزي لا يقف ولا يضع حدودا حول بيع الدولار And he added that the traders and those who want to put a bank deposit in one of the foreign banks can make an agreement with the internal banks through transfers window, and also for the transport process, the citizen can access to the dollar through two routes either traveling or treatment, confirming that the central bank does not set limits on dollar selling. ” واكد البنك المركزي انه منفتح حول امكانية دعم الاقتصاد العراقي ،مرجحا السيطرة على عملية تداول بيع الدولار من خلال تطبيق اجراءاته الجديدة The central bank confirmed that he was open to the possibility of supporting the Iraqi economy, likely to control the sale of traded dollar through the implementation of new procedures. من جانب اخر اكد البنك المركزي انه يدعم المصارف الخاصة من خلال اقناع الحكومة بوضع ودائعها في المصارف الحكومية وهو يدرس حاليا بعض القوانين التي بامكانها دعم الاقتصاد العراقي On the other hand, the central bank confirmed that he supports private banks by convincing the government to put their deposits in government banks and is currently studying some of the laws that can support the Iraqi economy. واكد العلاق ، ان” البنك المركزي يمتلك احتياطيا مرة ونص من الكتلة النقدية داخل البنك وبامكان هذا الاحتياط السيطرة على العملة ولاتوجد اية مخاوف من عملية بيع الدولار مقابل الدينار Alaak confirmed that “the central bank has a reserve and a half of the amount of cash inside the bank and this reserve can control the currency and that there is no concern about the process of selling the dollar against the dinar.” وكان محافظ البنك المركزي وجه في الاسبوع الماضي بايقاف العمل بمزاد العملة واتخاذ الية جديدة لصرف العملة والتعامل مع المصارف الاهلية “.النهاية The Governor of the Central Bank ordered on the last week to stop working by the auction currency and to take a new mechanism for currency exchange and the dealing with private banks. “(The End) Statement issued by the Central Bank of Iraq All of these are sourced from the Arabic news site of the Central Bank of Iraq