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From 2 Years Ago - Dinar: Dr. Shabibi Answering Revaluation And Redenomination Questions !


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CNN. Rebroadcasting An Interview With Shabbi From 2 Years Ago In 2012 - U Can Watch The Interview In English On The Youtube Link Or Read The Transcript Below !

 

 

 



Dinar: Dr. Shabibi answering revaluation and redenomination questions


Published on Oct 21, 2012

Original Footage by: Frothbucket. Video edited by coquidinares.
Date: Abril 19,2011
Location: US Chamber of Commerce Washington, DC

Dr. Shabibi answers a revaluation and redenomination question made by two attendees.

Transcript:

Question: Revaluation
With respect to the ongoing and need of stability in Iraq
and its exchange rate, we did not follow that there is a direct need for a potential revaluation of the currency to its due for domestic and foreign investment in Iraq, and in regard to that, how far you believe we are from a potential revaluation of the Iraqi currency.

Shabibi answer:

Well thank you very much for this question and the ... ahmmm ....... even if I know the answer I cannot tell you .. (laughter) the thing is ... you cannot have an economist saying without....the answer depends, so the question here is if revaluation is really going to depend on what extent we are going to continue controlling the inflation.. as you know, if you go to the Central Bank website ... the first job is maintaining price stability .

So there is a little bit of inflation in Iraq ... it use to be 2%... 3% ... now is about 5% .

But we are watching that very carefully ... If this inflation
continues we will have to revisit the question of exchange rate because revaluation depends on inflation ... of course .. the other factors that determine the movement in currencies are a lot ... sometimes we look at trade, exports and imports, all the obligations, the balance of payments and all this things ...definitely no doubt you look at those ... but those are problems related to the development part of the economy.

The question of maintaining a price stability is really something ...you see the inflation and all this things..... cause nobody else in the economy is concern with inflation .... the government puts its budget... the government is the spender and the Central Bank its saver.... It's not very important for them to concentrate on inflation .... so actually the question here is we are going to track and follow the development in inflation first and of course other factors which I mentioned. Second then will determine our exchange rate movement. 

Thank you Governor. This may be the same question, so I can understand if you can't answer. My name is Bob Kelly, I am an Investor in Iraq, the Summit Hotel in the International Zone with the OPEC financing.

Question: Redenomination

I've heard a report in the last couple of days That Iraq is about to cut three zeros off the currency ...they call that re-denomination that may be the same question (revaluation) that you just received but I wonder if you had any information about that.

Shabibi answer

Well, I mean .... I don't know whether if it is the same question (revaluation), I think this cutting of three zeros... shouldn't be exaggerated ... actually that is the problem...the question is ... just " re-denomination" .... and .... people writing a lot of articles in the news papers... criticizing the Central Bank...., that is going to .... the value the Iraqi dinar... that is going to depreciate ... all kinds of talks. This is a question, just actually, to facilitated payment... ease of counting and all this things.... and of course when you see a lot of figures, you see trillions and huge figures.... if you want to be precise and you see twelve figures or fifteen figures or digits ... So I think we have a plan on that.

If you remember ... why .... there was not a government decree to add this zeros. It happened because of the course of development of the economy at the beginning of the eighties.... Inflation was very high ... Inflation was rampant and therefore ... I mean small denoms start not to be use ... so government started to add the three zeros at the time.... and of course conditions are different now .

Inflation is under control, exchange rate is manage by the Central Bank.... all these things when you have the zeros you could not manage ... not because of fault of the government or the Central Bank (only) ... which I think there was but because there were a lot of exogenous (external) factors.

I'm not saying that we are champions now I mean ... there were a lot external factors which affected and a lot of people did not know what to do, so they started to add three zeros and all this things.

So now the situation is completely different from that time, you had a high inflation, you have now a low inflation, you had actually something which is a stable macroeconomics situation . At that time the situation was not stable . So the only way to combat all of this things at the time was to increase the denomination and put three zeros.

I think ... to bring back the Iraqi dinar, when in fact remove three zeros .... Of course, this has to go hand in hand with control of the exchange rate and all things that, and we'll see ... I think now, is likely to be .... are studying ... not study, we actually decided in So when you implement it. Removing three zeros this is very soon, but of course this requires not only the activity of the Central Bank requires a lot of propaganda, much advertising campaign and all these things, and there will probably be a campaign ... educated a lot of people on these things .... and I think it needs a lot of help from the government, many in the government, especially the security forces, and hope that the security forces becomes less busy with the issue of violence, so they can give more time for us.

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I remember when Frothbucket recorded this. I think it was 2011 though, regardless of the date stamp, because that was when he'd just gotten onto PD and before I got The Boot from The Nurse.

The last time I spoke with Froth was around the time this was posted to youtube. He ans his brother decided to put all this behind them, live their lives, serve the Lord and find out when it happens one day.

Good post Thug. I hope its a good sign :)

--Yep! There is is. April 2011.

Edited by Deborah Layne
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The nurse got the boot too. Lots of people have been kicked off of PD.

No way!!!! Hahahaha!

- Hey Christmas morning Mod- go ahead and delete this if I've violated a rule. I'm not familiar with all the nuances of posting here. I won't be offended in the least bit if it's better IYO to delete this. ;) And merry Christmas

Edited by Deborah Layne
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I'm just stunned NN was booted. So was his henchman Mangorancher! Even the worst suckuppians can't deck that blow fast enough.

Seriously though, and I really am serious. I've been hit with the Wrath of Steve worse than I could relay in public. In my entire life, I have never been cursed at with the filth and voracity with which that man has released his own personal hell upon me. And why? Because I committed no offense other than being his friend, and being truthful with him. I am not a suck-up, because suckuppians are nobody's friend.

But really- I am honestly sorry for that man. The power of being a controlling "dinar guru" and the billions of dollars in dinar he boasts of owning have done what unchecked power and money does to anyone. Humility is a painful but necessary lesson to learn, if power and money are at your fingertips.

Edited by Deborah Layne
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Lol ! MangoRancher Started Posting On DV After He Got Booted From Being A Mod At PD !

 

He Later Changed His Name To SeeTrader1 And Became A LOPster 

 

But He Used To Expose SteveI Mercilessly Here On DV Which Drove Steve Nuts ! :lol:

 

 :D     :D     :D

 

 

On A Side Note SeeTrader1 Later Started Posting Under The Name Of Fib1618

 

Though He Would Deny Being SeeTrader And Eventually Got Banned ! ;)

 

 

 - CNN

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Enjoyed the video Thugs, thanks. By the time line of the video until now, according to Shabibi we hopefully are right on top of the RV. But "even if he new, he couldnt say anyghing" :-)

Merry Christmas Thugs.

 

Thanks Wiljor - Merry Christmas !  B)

 

Fyi - EasyRider's Friend BlueStar (John) Was At That Conference And Asked Shabbi 1 Of The Questions ! ;)

 

B)     B)     B)

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Thanks Thug

It's been uh uh a while uh um uh since I watched uh this uh video.

I always liked Shabs , I can't really say why since we really know so little about the man besides what we read. I guess he just has a trustworthy face. Maybe that's why we never see any other photos of the man. Hillarious's video was also a good one too.

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