9 replies to this topic

[k98nights]

Member of Finance Committee proposes issuing coins category (50) and (100) thousand dinars instead of deleting the zeros
Date: Monday 07/09/2012 11:06


Baghdad (news) .. Member suggested the Finance Committee MP / National Alliance / Hussain Yasiri, issue new categories of the (50) thousand dinars, (100) thousand dinars, the currency current instead of deleting the zeros of the three of them, the fact that the current circumstances do not allow changing money.
Yasiri said (of the Agency news) said on Monday: There are many problems that will accompany the re-structuring of the currency after you delete the zeros of the three of them when applied will cause rise in prices of goods in local markets because the citizens do not have full knowledge of how to handle the new currency. and he continued, adding that it would cause social problems between (the creditor and the debtor) that is, how to pay the debt, as well as the presence of mafias to rig the new currency ready to put it to markets on the implementation of the project, as well as current conditions experienced by the country Kalnsaat political and fluctuating exchange rate of the dinar against the dollar does not allow the replacement of the national currency, calling for the postponement and not applied. added : you must add the new currencies to the current currency of class (50) thousand dinars, (100) thousand dinars instead of issuing a new currency deleted zeros of the three of them to reduce the liquidity of the money supply sought by the Central Bank through the implementation of this project. and seeks the Central Bank of the application project to delete the three zeroes from the Iraqi currency at the beginning of next year, despite calls from the federal government and some members of the House of Representatives by the wait. / Finished / 8. d. Q /

http://ikhnews.com/n...n=view&id=48076

[jg1]

No large denoms please. Just increase the value and mint small denom coins. Wala problem resolved. And you will get back all your big bills, thats what you want.

[rockfl9]

We need to keep in mind that the people on these committees were educated in the Sadam era! ... Economics and Finance were not hot subjects in those days. Only a few thousnd have what we require. for a batchelors degree in these
fields... The suggestion of producing 50,000 and 100,000 dinar coins does not solve the liquidity problem!

[SocalDinar]

Sure! this would make transactions and accounting much easier. ( Sarcasm )

Late in the game and the shoe is running low on cards.

Thanks K98

[TQueezy]

What are the finance committee members doing all day? Do they just sit there and play with scorpions and camel piles? I mean...
How can you honestly suggest, in good conscience, that the CBI mint larger denomination coins when they are trying to reduce the
appearance that the currency is hyperinflated.

The truth is: The CBI is constantly talking about its money supply and reducing liquidity and moving people to banking so the banking sector can improve and transactions can be done much easier without wheelbarrowing around heaps of paper dinar and coins. If
they are that aware of how much of a problem their money supply is, then they need to take steps to reduce it, not ruin it further with
increasing amounts of higher denomination bills and coins. And stop buying US dollars! Give a time table for those to be used, like 6 months, and then stop all auctions and purchasing of dollars for domestic usage. That will drive people back to using dinars and really
promote the change in value so they can reduce the face value of their bills by printing new lower denominations. Then people will be
dying to use bank accounts instead of waiting for lower denominations. That's how you force change, with an iron fist. Not sissy-nanny
squabbling and scholarly studies about economic and financial policy changes.

[LDJ]

Let's see classification of this finance committee member is ....... " CLUELESS IN BAGHDAD ", HELLO MCFLY, ANYBODY HOME?? Definitely flunked abacus training on the day they covered what the different colored beads meant.

[zigmeister]

I like his input. Go ahead issue the coins leave the current currency as is.

[rockfl9]

TQueesy::: It goes the other way... Iraq gets dollars for its oil shipments , oil is bought and sold in dollars.. CBI as GOI's banker sells dollars for Dinars to fund GOI operations...The bankers who buy the dollars sell them to merchants to buy imports in dollars. It doesnt pile up anywhere. At the end of the cycle it's all gone.! You are right on one issue they need to get the ordinary Iraqi to use and trust banks. I think they have put pensions and welfare on a debit card like system but that money turns over monthly, i.e.No savings accumulates in the banks.

[Biker]

And if they do a coin deal and keep the large notes it means no rate increase and we are out.But it will do nothing for there economy. And trade with international markets will not happen.This moron must eat rocks for breakfast.If the people are used to using the US dollar then they no how to trade with it.

[leesburg]

can you imagine how much cash people would be carrying around after they leave the banks cashing in 300,000 current dinars if they rv this equal new dinar for old dinar .. each worth the same ...a dollar value on each .. thats quite a stack ...

then say someone wants to spend their 25,000 note on 3 dollars worth of groceries .. they would need 24 thousand 997 dollars to make change for him .. then comes the next customer in line to do a simular transaction .. they would need millions of dollars in the market place just to make change to sell popcorn .to their customers .. man there will be roberys everywhere ... im sure they didnt think of that ..they will just say suprise .. your currenct dinars are worth a dollar each .. just like that .. and they would have instant kaos .. ... the old bait and switch is coming.. get used to it .