Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Parliamentary finance identifies a reason why coins should not be minted and advises such a move


 Share

Recommended Posts

On 4/4/2018 at 1:34 AM, zul said:

 

They have been quoting this guy since 2010.

 

This was what he said in 2010:


ARTICLE: 

The Iraqi Central Bank: Willingness to Delete the Zeros of the Iraqi Currency After the Formation of the Iraqi Govt

16 Sep 2010

For his part, said economic expert on behalf of Jamil Antoine in an interview for “Alsumaria News”, “Iraq is not formatted for the time being to delete the zeros of the Iraqi dinar,” noting that “the deletion of zeros needed to stabilize the security and political, as well as economic stability.”

 

For 2018, again, his predictions is....AFTER the formation of the new govt. ~ "Antoine predicted that the project would be implemented after the legislative elections scheduled for next May"

They forgot about the massive corruption or if they say it does it get your head on a stick. Thanks and if this is education this is a very bad education and confusing by saying they are going to delete the zeros from the currency. Don't want that just moving the decimal place over a few places to the left of the value would be good for a start. 

 

A matter of fact just posting this artical should sand someone to the steam room with the other lobsters. 🤣😀😂😉

Edited by jg1
  • Haha 1
  • Upvote 1
Link to comment
Share on other sites

3 minutes ago, Rmc10 said:
Foreign exchange rates in each country are affected by demand and demand. We in Iraq do not go out of this economic process. Foreign currencies such as the dollar or the euro are rising and their exchange rates fall mainly on the amount of demand by state institutions, private sector companies or individuals To facilitate the process of obtaining goods or services from abroad or in the case of travel to the countries of the world
 Different. 
What is important in this area is the request of the State institutions for foreign currency as the largest source for these currencies, because of its wide circle in economic relations and trade exchanges with different countries of the world dealing with foreign banknotes, which we have difficult currencies, or values of purchase 
 High.  
Among the things that the Ministry of Commerce needs from foreign originators are the ration card items, which are available only through the purchase of companies specialized in the supply of food mainly, to deal in foreign currencies, especially the dollar most traded in the world markets, where Iraq believes the ration card items from abroad Over the past period, it is necessary to buy (withdraw) large amounts of the dollar from the foreign exchange market to fill the 
 purchase. 
Which keeps the exchange rates of the dollar and the rest of the foreign currencies for the exchange rate of the Iraqi dinar is 
 relatively high . 
The recent action of the Ministry of Commerce, which decided to secure the flour and sugar from the local product for the purpose of distribution within the ration items to citizens. 
The most important of which is the process of buying these materials from two local crops depending on the national currency (dinar), which reduces the amount of demand for amounts as funds allocated in dollars and other foreign currencies To buy these articles of global origin and ease the financial burdens that weigh heavily on the state treasury  
.
In economics and finance, the value of needs increases mainly on the increase in demand and vice versa. The value of the dollar is lower than the value of the dinar adopted by the Ministry of Commerce to buy flour as a domestic crop and sugar as a crop and a 
 national product . 
Such behavior is an important fact that raises a very important issue for the nature of external and internal factors, which contribute to a large extent to the actual need to fall within the framework of national public requirements of domestic payments. 
It should be recalled that a group of experts and specialists in financial and economic affairs have been encouraged to process the revaluation of the Iraqi dinar against the value of the dollar and other foreign currencies depending on the frequent circulation in the purchase of ration items and not limited to international purchases that rely on foreign currency from external sources, Is a practical way out of some of the dilemmas suffered by the Iraqi national economy related to the large foreign exchange of the proceeds of Iraqi oil sold in the world crude oil markets. 
Iraq, which has risen and overcome many of the challenges and difficulties on the path of emancipation is today in a better way than to open the way for reforms and economic treatments studied that would rid the country of many constraints and self-reliance and the activation of benefits based on  national capabilities and capabilities 
.
 
 

 

  • Thanks 1
  • Upvote 2
Link to comment
Share on other sites

35 minutes ago, jg1 said:

They forgot about the massive corruption or if they say it does it get your head on a stick. Thanks and if this is education this is a very bad education and confusing by saying they are going to delete the zeros from the currency. Don't want that just moving the decimal place over a few places to the left of the value would be good for a start. 

 

A matter of fact just posting this artical should sand someone to the steam room with the other lobsters. 🤣😀😂😉

Not that I know what I'm talking about but correction to decimal place needed to move to the right on the value, don't want it over to the left, that would be really really bad.

  • Upvote 1
Link to comment
Share on other sites

20 minutes ago, Rmc10 said:

Phew! That was hard work. I wish I knew how to find and post links better. Lol!!!!

Ya, learning to post stuff is painful at times. I got spanked for posting a quote that included a header from another site. The header included a link, from another dinar site. Ooops. 

  • Haha 2
Link to comment
Share on other sites

5 hours ago, miquel said:

Hi Normala,

Can you explain the difference between an RV and deleting the three 0s. I think many people believe the RV IS the deleting of three 0s but you're saying you pray for an RV next week and the deleting of zeroes in 2019...

Your opinion would be appreciated. Thanks!

 

 RI means to re-instate at same rate when devalued, and RV means Revalue to a higher rate than it is now.

 

I dont see any lower news is coming days just atm and master card only. I prefer this strategy for revalue  almost 1:1 . Then after iraq move to international and the trade window for iraq could open wide then we can see iraq rate will go higher 3$ or more and the then we dont need the large notes in local after economic have stables  after that we can go through delete 3 zero 1usd = 1000iqd now . after delete 3 zero 1usd= 1qd 

 

On below of statement is my example meaning of delete 3 zero . haha this just my theory . 

 

The conversion rates for new Iraqi dinars will be as follows:

one "old dinar" will be exchanged for one new Iraqi dinar; one unit of the "swiss" dinar will be exchanged for 150 new Iraqi dinars.

Bank accounts and financial contracts in Swiss dinars will also be converted at the rate of 150 new Iraqi dinars for every one Swiss dinar. Bank accounts and contracts in old Iraqi dinar will not change.

The new currency will have a larger number of denominations than the old currency, with 50, 250, 1000, 5000, 10000 and 25,000 dinar notes, making it more convenient to use. The new notes will be of higher quality and durability than those currently in circulation and include many anti-fraud features that will provide important protection against counterfeiting.

How will the exchange occur?

(1) People will come to banks with their currency
(2) Currency will be counted and its equivalent value in new currency will be paid
(3) Old currency will be promptly marked and will then be destroyed
(4) Those with bank accounts will see their balances automatically converted. Salaries will begin to be paid in the new dinar at the earliest available opportunity.

Currently everyone in Iraq carries a reminder of Saddam in their pockets and on the banknotes they"re using. Shortly after October 15th the first batch of Saddam notes will go to the incinerator. At close of business January 15th 2004 Saddam notes will no longer be legal tender.

 

 

  • Like 1
  • Thanks 1
  • Confused 1
Link to comment
Share on other sites

10 hours ago, navira said:

Rmc10 is correct...they referred to it the glory days...in some of my post..i always say the ole glory days. Also, a study done by the CoM came up with a rate somewhere..1dinar=1.134dollars

Do you know if that study was pre or post Saddam era? 

Link to comment
Share on other sites

On 6/10/2018 at 7:29 AM, navira said:

SD, that is a good question. The time i saw the article was in 2010....dont have any idea if that was done before that year then...i can only assume it was done post saddams era.

 

I remember a link to a real Iraq Ministry of planning page. Totally legit site....http://www.mop.gov.iq/mop/index.jsp….   Sadly it was pre Saddam .  The link no longer works.

It was what appeared to be an awesome find.  I was doing a happy dance.  But if you went to the link and then dug into the site it was pre 1990 info.  That was kind of sad to find out 

 

Here is link to DV thread from 2012    

one from 2017

and 2013

 

 

  • Upvote 2
  • Downvote 1
Link to comment
Share on other sites

March 2018

This post on DV doesn't sound like there will be much of increase in the value of the dinar:

http://dinarvets.com/forums/index.php?/topic/251068-the-recovery-of-the-iraqi-dinar/&page=11

 

The governor of the Central Bank of Iraq said: "The deletion of zeros not because of the value of the dinar, but for the purpose of tightening and improve the performance of banknotes and reducing the use of the dollar locally in circulation and exchange and storage value and standardize the size of banknotes," 

  • Upvote 2
Link to comment
Share on other sites

56 minutes ago, DWS112 said:

March 2018

This post on DV doesn't sound like there will be much of increase in the value of the dinar:

http://dinarvets.com/forums/index.php?/topic/251068-the-recovery-of-the-iraqi-dinar/&page=11

 

The governor of the Central Bank of Iraq said: "The deletion of zeros not because of the value of the dinar, but for the purpose of tightening and improve the performance of banknotes and reducing the use of the dollar locally in circulation and exchange and storage value and standardize the size of banknotes," 

Possibly so ? I take it as meaning the structure of the monetary notes ,usage and system will change .With the side effect of an increase in storage value. (Raise in value to be the side effect ???)

  • Upvote 2
Link to comment
Share on other sites

  • yota691 changed the title to Parliamentary finance identifies a reason why coins should not be minted and advises such a move
  • Adam Montana locked this topic
  • yota691 unpinned this topic
Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.