CENTRAL BANK DELETED THREE ZEROS from the currency early NEXT YEAR (2014) to eliminate the forged currency & the new project would be ISSUED COINS up

[ALBUNDY]

Salem Al-daini claimed the three zeros deleted project of currency to withdraw counterfeits from the marketplace

22-03-2013

 

Student Economist Salim Al-daini, the application of the draft Central Bank deleted three zeros from the currency early next year, to eliminate the forged currency in the local market.

He said Al-daini (News Agency): draft three zeros from the currency, deletion would serve the Iraqi citizen in terms of reducing large categories and easily traded, as well as support the economy through the withdrawal of counterfeits, which are widespread in the market.

He added: the project must be applied after you set the kvoaeh management for the Central Bank to be implemented early next year (2014), it is one of the strategic projects in the country.

He noted that the current categories of national currency is easy to damage, forcing the State printing new currencies for every three months and these constitute an additional burden on the State funds for printing new currencies, indicating that the new project would be issued coins up for more than 25 years.

The Council demanded that the Prime Minister earlier in the previous administration for the Central Bank to wait to delete the three zeros from the local currency, saying that a large project and needs sufficient time to apply.

 

Read more: http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.sotaliraq.com%2Fmobile-news.php%3Fid%3D93179

[OZmosis]

Let me get this straight - is the suggestion to remove 3 zeros early 2014 just an opinion expressed by Student Economist Salim Al-daini ?? ... or is he saying this is what the CBI intend to do?  If so, does this mean the order of events will be:

 

1.  RV now (1:1 sounds good and is also logical for more efficient transition re prices as Iraq already has adjusted to dollar value - it just becomes 1 dinar in lieu of 1 dollar)

2.  Then quickly bring out some small denoms as if a cup of coffee will cost 3 dinar after RV - how will they give change of from a 25,000 note...so they will need some coins less than value 1 dinar, some 5 dinar notes, 10 dinar notes, 25 dinar notes,  etc etc.

3.  From RV onwards - as worn larger value notes flow back to the CBI - they shred them and replace with smaller denoms (no lop re value) but say, replace 1 old 10000 dinar note with 200x50 new dinar notes.  And, if they are really concerned about quality of notes - they make better ones that last longer - simple.

4.  The cut-off date to cash in larger notes becomes early 2014....it is by then they want all large notes in and they will be destroyed.  At that time, the 3 zeros will be gone...ie, removed but by management of a plan to discontinue the larger denominations and all done and achieved without a lop.  This makes more sense than the above suggestion by Student Economist Salim Al-daini - or is this what he means by "3 zero's removed"

 

I don't get that bit about "damaged notes" as being a valid argument in isolation for replacing the entire currency - as in every country globally I would imagine that worn/torn/damaged notes are simply taken out of circulation and replaced.  For instance the UK pound normally lasts about 12 months before it needs replacement.  Surely the quality of the dinar is as good as the UK pound?  For example I have had my dinar quite a while and it is as good as new !!!  I would however relate to an argument that Iraq is talking about new currency because they will need some smaller denoms very sooooon - coins etc of value less than 1 ie 5, 10, 20, etc as they will need much smaller coin and note values if the RV results in the dinar being as 1:1 value to the US$..and, lots of new dinar notes in smaller denominations.

[ALBUNDY]

Let's just hope RV will come first in this year of 2013 and secondly, delete 3 zeros early next year of 2014. I hope I was wrong.

[mrmcwhipit]

Sounds like more of the same old camel doodie to me. i wish they would just get on with it.

[Biker]

Good post but its the same old song and dance, this was study ed 2 yrs ago by one of there 200 studys and come out with the same crap. First they are then they are not then they are then there not, and then it would cost to much to print new money, like they don't have it. Thats all these people do is talk. They can talk the talk but cant walk the walk.

[MiuraDude]

Good post but its the same old song and dance, this was study ed 2 yrs ago by one of there 200 studys and come out with the same crap. First they are then they are not then they are then there not, and then it would cost to much to print new money, like they don't have it. Thats all these people do is talk. They can talk the talk but cant walk the walk.

Amen Biker, and I couldn't put it any better myself. Man, it just wears on you after a while!

[sandfly]

SAME O SAME O

[sandyf]

Let's just hope RV will come first in this year of 2013 and secondly, delete 3 zeros early next year of 2014. I hope I was wrong.

 

This is an opinion supporting a redenomination. If Iraq were to RV at say 1 to 1 then the redenomination project would become redundant, the lower denominations would already be in circulation.

[JMULS31]

With the way this is going were going to be in the same situation next year. 

[usndiver]

Same old song and dance. I like the logic though. They're getting burned with counterfit bills and are going to wait nine months to rectify the situation.

 

"911 whats your emergency"... "I just cut off my thumb in a power tool accident"... "does it hurt?" "not so much I'm light headed and theres a lot of blood on the floor"... "Okay i want you to calm down, an ambulance will pick you up in nine months"

[sandstorm]

Well the cbi did say september of 2012, then postponed....they then said jan 2013, then said postpone. I havenow seen two references to jan 2014. Here it is almost a quarter of 2013 gone. there might be some truth here

[icfaith]

Student Economist??????????????????????????????????????  Too funny.

 

Student Economist Salim Al-daini, the application of the draft Central Bank deleted three zeros from the currency early next year, to eliminate the forged currency in the local market.


 

Edited March 22, 2013 by icfaith

[tedro]

Student Economist??????????????????????????????????????  Too funny.

 

Student Economist Salim Al-daini, the application of the draft Central Bank deleted three zeros from the currency early next year, to eliminate the forged currency in the local market.

 

Well, his momma thinks he is impotent!

[fastang1111]

Good post but its the same old song and dance, this was study ed 2 yrs ago by one of there 200 studys and come out with the same crap. First they are then they are not then they are then there not, and then it would cost to much to print new money, like they don't have it. Thats all these people do is talk. They can talk the talk but cant walk the walk.

Biker with much respect I think you are wrong. My count is at 350 to 375 . I was saying 200 in July of 2011 ha ha.

[mrref]

I've been in this investment for 10 years coming up this Dec. And every year its always the beginning of next year. But I have to say this is the first time I've heard it from a STUDENT ECONOMISTS. WOW  

Edited March 22, 2013 by mrref

[Osmosis]

Well, his momma thinks he is impotent!

I was impotent with my momma too..........

[Alex38]

Same ol' situation.

[Bored]

I took a few Econ classes last semester, anyone want my opinion?

[rsskelton]

Well the cbi did say september of 2012, then postponed....they then said jan 2013, then said postpone. I havenow seen two references to jan 2014. Here it is almost a quarter of 2013 gone. there might be some truth here

IMO, the words TRUTH and IRAQ, should never be used in the same sentence.

[TLHUBER]

I took a few Econ classes last semester, anyone want my opinion?

Sure Let"s hear your Opinion. I would love to hear it.

[sandstorm]

IMO, the words TRUTH and IRAQ, should never be used in the same sentence.

sorry. i shouldve of caught that myself. Now im questioning my sanity. lol

[NoviceInvestor]

With the way this is going were going to be in the same situation next year.

Exactly

[dontlop]

Let me get this straight - is the suggestion to remove 3 zeros early 2014 just an opinion expressed by Student Economist Salim Al-daini ?? ... or is he saying this is what the CBI intend to do?  If so, does this mean the order of events will be:

 

1.  RV now (1:1 sounds good and is also logical for more efficient transition re prices as Iraq already has adjusted to dollar value - it just becomes 1 dinar in lieu of 1 dollar)

2.  Then quickly bring out some small denoms as if a cup of coffee will cost 3 dinar after RV - how will they give change of from a 25,000 note...so they will need some coins less than value 1 dinar, some 5 dinar notes, 10 dinar notes, 25 dinar notes,  etc etc.

3.  From RV onwards - as worn larger value notes flow back to the CBI - they shred them and replace with smaller denoms (no lop re value) but say, replace 1 old 10000 dinar note with 200x50 new dinar notes.  And, if they are really concerned about quality of notes - they make better ones that last longer - simple.

4.  The cut-off date to cash in larger notes becomes early 2014....it is by then they want all large notes in and they will be destroyed.  At that time, the 3 zeros will be gone...ie, removed but by management of a plan to discontinue the larger denominations and all done and achieved without a lop.  This makes more sense than the above suggestion by Student Economist Salim Al-daini - or is this what he means by "3 zero's removed"

 

I don't get that bit about "damaged notes" as being a valid argument in isolation for replacing the entire currency - as in every country globally I would imagine that worn/torn/damaged notes are simply taken out of circulation and replaced.  For instance the UK pound normally lasts about 12 months before it needs replacement.  Surely the quality of the dinar is as good as the UK pound?  For example I have had my dinar quite a while and it is as good as new !!!  I would however relate to an argument that Iraq is talking about new currency because they will need some smaller denoms very sooooon - coins etc of value less than 1 ie 5, 10, 20, etc as they will need much smaller coin and note values if the RV results in the dinar being as 1:1 value to the US$..and, lots of new dinar notes in smaller denominations.

if the cost is more than one dinar  to print a dinar note valued at one dollar . its not worth it to print it .. so it has to be made out of metal . .. the large notes would have to co exist for a time period ,. so they can make change for the 25 k notes ..

 

the 25k notes would have to go first .. then the 10 k notes . then the 5 k notes .. then the 1000 kn notes ....you will need the 10 k  and smaller notes during the lifting of the 25 k notes .... after those are gone .. you will need the 5k notes to get rid of the 10 k notes .... after that they could get by with the 500 notes and the fiftys .. but i think they will be adding  the 100  notes also to the addition of the small denominations which will  co exist .... they wouldnt need them to co exist if they are rermoving them .. they will simply just cease to exist because of demand .. their wont be any need for the large  notes  any more except for maybe bank  transafers .. which would be done electronically any way ., so they will just become obsolete .. so why keep printing up new ones .. after an exchange period of a couple years  they will demonetize them .. even though a few lopsters think demonetizing  currency doesnt mean anything ... it does .. legal tender laws define  whats legal and what isnt ..

[dontlop]

why co exist .. why not have an exchange .. they talk about a two year coexistance . maybe not in this peticular article .. but they talk about two years coexistance... they exchanged all the dinars in 2003 in less than 3 months with out banks .. in a war zone

[uncirculd]

ok, they have already picked up some of the 3 zero notes.  I think they are finding out that there are a lot more out there (in country, and most likely the crooked MP's & Ministers) and they would like to get a bit more before re-denominating and/or raising the value.  Heck, they can steal billions of dollars monthly, what part of afford don't they get?  I guess the part that says that their government is nothing more than a bunch of thugs, and thieves.  So it is greed that has held this up, whether greed for power or greed for money or both.  Getting a grip on the political scene and the corruption (which is rampant) would be the first thing for them to tackle.  Shabibi worked on the project from his end.  The laws, the economics etc etc.  With much resistance I might add from none other than Maliki.  He kept on pushing Shabibi's progress back until finally Maliki just decided in order to stop Shabibi from progressing the country financially (securely) he had to trump charges on him to get rid of him.  And he we are waiting on a Turkey (Turki) to make a move.  But mr turki got in there and enabled Maliki to do exactly what he tried but Shabibi would not let him and that is get his grubby greedy hands on the reserves.  There is one small detail that maliki overlooked, the Feds and IMF are monitoring the CBI.  This is to protect the money of Iraq from it's government.  He may get away with it right now but later, he will have gotten away with nothing.  Unless of course they allow him out with a free get out of jail card.