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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

22-03-2013

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#21 sandstorm

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Posted 22 March 2013 - 10:59 AM

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
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#22 NoviceInvestor

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Posted 22 March 2013 - 11:34 AM

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


Exactly
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#23 dontlop

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Posted 22 March 2013 - 12:00 PM

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 ..


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#24 dontlop

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Posted 22 March 2013 - 12:15 PM

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


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#25 uncirculd

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Posted 22 March 2013 - 12:45 PM

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. 


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#26 keepmwlknfny

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Posted 22 March 2013 - 12:46 PM

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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#27 powerpager

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Posted 22 March 2013 - 01:05 PM

or the year after that !

:bravo:  :bravo:


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#28 boomer113189

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Posted 22 March 2013 - 04:26 PM

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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#29 ALBUNDY

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Posted 22 March 2013 - 10:26 PM

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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#30 boomer113189

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Posted 22 March 2013 - 10:45 PM

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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#31 rsskelton

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Posted 22 March 2013 - 11:29 PM

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.

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#32 dontlop

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Posted 22 March 2013 - 11:38 PM

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, 22 March 2013 - 11:39 PM.

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#33 dontlop

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Posted 22 March 2013 - 11:49 PM

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.c...E8FC8G120120412


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#34 ALBUNDY

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Posted 23 March 2013 - 01:35 AM

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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#35 dontlop

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Posted 23 March 2013 - 01:59 AM

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, 23 March 2013 - 02:02 AM.

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#36 tilak

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Posted 23 March 2013 - 03:43 AM

An opinion like me all have.  Nothing to see here.


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#37 ALBUNDY

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Posted 23 March 2013 - 03:54 AM

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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#38 Sentinel7

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Posted 23 March 2013 - 04:25 AM

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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#39 ALBUNDY

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Posted 23 March 2013 - 04:41 AM

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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#40 dinarbeleiver

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Posted 23 March 2013 - 06:29 AM

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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