ALBUNDY

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

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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

Thats just how many countries redenominate.....they.give their citizens plenty of time to get used to the changes....you have two prices set in stores, one for old currency, one for new, and you just let the old gradually make its way out of circulation.....

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Thats just how many countries redenominate.....they.give their citizens plenty of time to get used to the changes....you have two prices set in stores, one for old currency, one for new, and you just let the old gradually make its way out of circulation.....

yeppers

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sandyf: What I mean is RV will come first with unlimited time ( let's just say the time limit is 3 months only ) to cash in at whatever rate is given. After 3 months, the current notes become worthless ( no value ) and this is the time to exchange ( you may call it the process of redenomination ) the current notes with the new lower denomination notes ( 3 zeros already deleted ). And, this process of redenomination is for the Iraqi citizens who may still hold the current notes and exchange them with new lower denomination notes if them still want to live in Iraq forever. I hope i was wrong.

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if iraq does RD why do people think they will only be the ones with he 3 zeros on them . that's not true if they do RD they will replace all notes and they will come out all on the same day. and they will also introduce new coins to go along with it

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I just have a hard time buying into this RD stuff. It is my opinion ( as well as the opinion of several others on this site ) that if that were the plan, they could have easily done this a long time ago.

RSS

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adding smaller notes is necessary if they raise the nominal value ..

 

they are going to delete 3 zeros off the nominal value of the dinars . if you have a 10000 note .. that gives you 10000 times the nominal value of a  single dinar .

 

 

.00086  <<<<<<<<<<  nominal  value of one iqd <<<>>>go ahead delete 3 zeros off the nominal value  of the iqd . what do ya get ..

 

 i dont see articles saying they are deleting the amount of dinars you have .. just zeros off the nominal value

Edited by dontlop
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this is my favorite one >>> BAGHDAD, April 12 (Reuters) - Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, the cabinet secretary said on Thursday.

 

http://www.reuters.com/article/2012/04/12/iraq-currency-idUSL3E8FC8G120120412

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dontlop: " knock three zeros off the nominal value of bank notes of its currency ", I am still confused about this sentence. Does that mean that delete 3 zeros from the nominal value of bank notes ( 25,000 bill delete 3 zeros= 25 IQD ) or the currency's rate ( 0.00086 delete 3 zeros= 0.86 or Is it one of them=RV ( or both of them=RD )? I hope I was wrong. help me out.


 
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dontlop: " knock three zeros off the nominal value of bank notes of its currency ", I am still confused about this sentence. Does that mean that delete 3 zeros from the nominal value of bank notes ( 25,000 bill delete 3 zeros= 25 IQD ) or the currency's rate ( 0.00086 delete 3 zeros= 0.86 or Is it one of them=RV ( or both of them=RD )? I hope I was wrong. help me out.

 

this is the nominal value of one dinar .. >>> .000865

 

knock 3 zeros off the nominal value of one dinar ..

 

.865 per dinar

 

did you ever see where they will knock the zeros off how many dinars you have ?

 

 there have been so many diferent storys about this that no one knows ..

 

heres a story .. its going to rain , its not going to rain .. end of story ..

 

is it going to rain ?

 

lol

 

 

i know they have talked about deleeting 3 zeros off the nominal value .. if that is true .. i think that means one dinar will be worth  86 cents .

 then they would have to add small denominations of dinars to the currency  in exchange for the big notes .they would need small denominations of the dinar  to make change .

 

if its the other way .. and they delete how many dinars you have ..  and....  delete three zeros off the nominal value of the dinar. then it will mean your 25k note is only worth 23 dollars ..

 

 

 if they delete how many dinars you have  and they dont delete  3 zeros off the nominal value  ,, then they robbed us .lol

 

if they just delete the zeros off the nominal value .. that means your 25k note is worth 23 thousand dollars ..

 

take your pick of the smoke screen they put up .

Edited by dontlop
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dontlop: " if they just delete the zeros off the nominal value .. that means your 25k note is worth 23 thousand dollars ",Thanks for your clarification and let's just hope this deleting 3 zeros off the nominal value really happens this year. GO RV.


 
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CENTRAL BANK DELETED  ( Past Action ) THREE ZEROS from the currency early  NEXT YEAR (2014)  ( Future Occurrence )

Did it happen or is it going to happen ? I think it's just noise put out to confuse.

 

No Surrender No Retreat and No Compromise

 

 

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Sentinel7: " Did it happen or is it going to happen ? " , I know it sounds confusing to everyone. But, don't worry if this deleting 3 zeros already happened, then the new lower denomination would be introduced a long time ago and the rate would already change too. And, most important, some of us won't be here for sure and will celebrate our victory somewhere around the globe.


 
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I just have a hard time buying into this RD stuff. It is my opinion ( as well as the opinion of several others on this site ) that if that were the plan, they could have easily done this a long time ago.RSS

Spot on agree with this

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Deleting zeros is removing the 000 notes off the streets of Iraq. This process is already complete because the auctions have been doing this for a while.

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adding smaller notes is necessary if they raise the nominal value ..

 

they are going to delete 3 zeros off the nominal value of the dinars . if you have a 10000 note .. that gives you 10000 times the nominal value of a  single dinar .

 

 

.00086  <<<<<<<<<<  nominal  value of one iqd <<<>>>go ahead delete 3 zeros off the nominal value  of the iqd . what do ya get ..

 

 i dont see articles saying they are deleting the amount of dinars you have .. just zeros off the nominal value

deleting zeroes, is a topic of redenomination.  simply put, you replace with a new currency without three zeroes. i.e. 1,5,10,25,50,100.

 

Nominal is face value, the new currency will not have three zeroes.

 

Delete Three Zeroes- two exchange rates for local currency.

 

old dinar--10,000IQD X .00086= 8.86

 

new dinar--10 new dinar X .86= 8.86

 

A neutral event. As you see the three zeroes were adjusted on exchange rate.  The zeroes dont come off the old notes,  its just the exchange rate is locked. Then the new dinar, has three less zeroes, but the exchange rate is .86. So an old 10K note and a new 10 dinar, have the same value.

Edited by sandstorm
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if you want to see what remove,drop,cut,delete of the 3 zeros means just look at what happened with the  Zambia currency they took 3 zeros off of there currency.  they divided it by 1000 old for 1 new.

 

 

http://en.wikipedia.org/wiki/Zambian_kwacha#History

 

dont let anyone else try to tell you other wise what the deleting of the zeros mean. this is proof what it means

 

 

     

 


                   

deleting zeroes, is a topic of redenomination.  simply put, you replace with a new currency without three zeroes. i.e. 1,5,10,25,50,100.

 

Nominal is face value, the new currency will not have three zeroes.

 

Delete Three Zeroes- two exchange rates for local currency.

 

old dinar--10,000IQD X .00086= 8.86

 

new dinar--10 new dinar X .86= 8.86

 

A neutral event. As you see the three zeroes were adjusted on exchange rate.  The zeroes dont come off the old notes,  its just the exchange rate is locked. Then the new dinar, has three less zeroes, but the exchange rate is .86.

yep

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I just have a hard time buying into this RD stuff. It is my opinion ( as well as the opinion of several others on this site ) that if that were the plan, they could have easily done this a long time ago.

RSS

yep... other countries manage and function just fine with extra 000s in their currency...

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Thanks Al Bundy & OZmosis for your posts & comments...! :tiphat: 

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if you want to see what remove,drop,cut,delete of the 3 zeros means just look at what happened with the  Zambia currency they took 3 zeros off of there currency.  they divided it by 1000 old for 1 new.

 

 

http://en.wikipedia.org/wiki/Zambian_kwacha#History

 

dont let anyone else try to tell you other wise what the deleting of the zeros mean. this is proof what it means

 

 

     

 

                   

yep

 

 

       I watched the videos above--very informative. But,I'm still confused as to if Iraq does the same exact thing.....will the exchange rate change and will we make money on this investment? Thanks!

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if it Redenominates no one makes any money unless you bought dinar at 500 per mill or less cuz. but as for most of the people holding dinars i am betting they paid around 800 to 1200 per million so they wont make any money.

 

 

Am i saying for sure that iraq will RD, no i don't know if they will at all, but if you read every article about what they plan on doing with there currency that's what they are telling us. so everyone that is in this speculation is betting against the central bank of iraq that they wont RD.

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Darin....other countries manage just fine operating with three zeros....you cant compare iraq to any country...not with the oil...natural gas...and gold!!

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Darin....other countries manage just fine operating with three zeros....you cant compare iraq to any country...not with the oil...natural gas...and gold!!

South Korea has a GDP of 1.12 Trillion vs Iraqs GDP of 115 Billion so it seems to me that south Korea has no problem with all their zeros. Many other countries have oil and natural gas too and are dirt poor. I believe the sale of Iraqs oil goes to funding the budget so Iraq needs to start producing more than just oil if it wants to play with the big boys in this world. Iraq has huge potential but have many internal problems with their gov. I wish someone would let them know that if they got their Shiite together that they'd have more money to steal from its citizens lol.

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Thomas Jefferson: “bind him down from mischief by the chains of the Constitution

 

There are many ways to debauch money but they all have in common the reduction of the amount of silver or gold that the coins contain or that the paper represents. The end result is that it takes more money to purchase each product. We call it inflation of the price. More accurately it is the devaluation of the money. It destroys our ability to accurately use money as the means of measurement. The nominal value of money ceases to serve as a standard and we go searching for ways to talk of things in terms of real value. It generates such things as cost-of-living raises, bracket creep in the income tax system and speculation that something will be of more value tomorrow because prices are rising.

 

The Constitution in Article I Section 8 Clause 5 delegates establishing certain standards as congressional prerogatives. Clause 6 provides for the punishing of counterfeiting. It lists among the responsibilities of the congress the following:

 

coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

The same clause that describes the standard of weights and measures describes the standard of measuring value which is money.

 

Money is meant to measure value. The way that money was initially set up was that the government was to coin the money using silver and gold. In order to have a standard each dollar minted was to contain a precise amount of silver (371.25 grains or .77+ Troy once). The weight and the purity of the silver were to be certified by the government. We the people could then trust this as our standard. Counterfeiting was to be punished. Does that include counterfeiting by the government itself? Is not debauching money essentially counterfeiting?

 

With a constant standard of monetary value there would not need to be a translation of nominal money amounts to “real” money amounts to determine current equivalent value.

 

 

 

If we want to move from the position of being required to individually produce everything that we consume to a situation where we can do what we do best and exchange that value for value created by those who have different talents and unique abilities, we need to develop a means of facilitating that exchange. We have to be able to determine and express comparative value.

 

 

just ask your self .. does each unit of currency have a nominal value ?

 

 

if every one unit = 1 unit of nominal value  then everything would be equal ,, no need for exchange rates ..

 

 

in the monetary  system  one monetary unit is set to 1  united states dollar ..and the nominal value is one monetary unit

 

 

if you had 10 us dollars the nominal value for all ten dollars is 10 monetary units ..

 

 

 

 since every  currency has a different nominal value  .. we have exchange rates that are converted to  the us dollar  for exchange purposes .. every currency is converted to  us dollar nominal value .. then converted  to other currencys .

 

the us dollar is the standard all curency measure their  nominal value from .. its the starting point in conversions .

 

 one iraqi dinar nominal value is .000865  monetary units

 

1000 iraqi dinars nominal value is .865 monetary units

 

if you knock 3 zeros off the nominal value  of one dinar .. the new nominal value is .865 ..for one dinar ..

 

 

there is two different terminologies here ..

 

1) nominal money  >> Nominal money, in economics, is the quantity of money

 

2) nominal value >>>> Definition of 'Nominal Value'......The stated value of an issued security.

 

.



this is my favorite one >>> BAGHDAD, April 12 (Reuters) - Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, the cabinet secretary said on Thursday.

 

http://www.reuters.com/article/2012/04/12/iraq-currency-idUSL3E8FC8G120120412

:tiphat:



cancelled  fornow as far as i know Iraq
Iraq discloses designs for redenominated banknotes slated for July 2013
Jul 21, 2012 08:17 AM Category: Middle East
According to Iraq's semi-official Alsabaah newspaper, the finance committee received specimens of the new Iraq banknotes from the Central Bank of Iraq. The specimens were of the 25, 50, 100, and 200 dinars. The committee urged the central bank to delay the introduction of the new currency from January 2013 to July 2013 to study all the aspects of the process.

Other Iraqi media reports state that the new currency will be issued in denominations of 5, 10, 25, 50, 100, and 200 dinars for banknotes and 25, 50, 100, 250, and 500 fils, plus 1 and 2 dinars for coins. The designs have been already chosen for banknotes and coins:

5 dinars: Beck waterfall and palm tree
10 dinars: dinar coin minted in the reign of the Umayyad dynasty and lighthouse Hadba in Mosul
25 dinars: King Hammurabi receiving the law and farming of Iraqi Kurdistan
50 dinars: King Codaa and Fort Ukhaydir
100 dinars: Central Bank building in Azwaip area in Baghdad and ziggurat
200 dinars: bridge and school


ya got to have smaller denominations for a revaluation to work in the markets for making change on purchases

Edited by dontlop
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