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Report: Saudi Arabia seizes 48% of foreign currency reserves for Arab countries


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Governor of the Central Bank of Iraq: We plan to delete zeros from the local currency

By Roudao 15 hours ago
6108 views

         

401525Image1.jpg

Different categories of Iraqi currency

Roudao - Erbil 

The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that "this plan needs to deliberate steps, so as not to be exploited in the fraud." 

Al-Alak said in a statement to the official Sabah newspaper that "currencies with small categories, may lead the citizen to bid farewell to banks in the difficulty of storage." 

He added that "the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others." 

He explained that "the Central Bank has a reserve of foreign currency very comfortable, approaching close to $ 60 billion, compared to 43 trillion dinars, which means that it covers 170 percent of the size of the mass of cash."

On the launch of the currency of the category of 100 thousand dinars, the central bank governor pointed out that "these ideas are traded by the Central Bank, but at the present time regret it." 

The central bank introduced in April a project to delete three zeros from the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deterioration of the security and political situation in the country "to prevent manipulation and fraud of weak souls."




http://www.rudaw.net/mobile/arabic/business/170920181

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Thank you for the post pp.  It’s fun to dream and what if!!!

 

LMAO Thug. Too funny

 

Star, I think I was fed a load once, but I was really drunk.

 

Officiallytook, they’ve been telling us for years they were going to delete the zero’s.  Still waiting.  

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Thank you for the post pp.  It’s fun to dream and what if!!!

 

LMAO Thug. Too funny

 

Star, I think I was fed a load once, but I was really drunk.

 

Officiallytook, they’ve been telling us for years they were going to delete the zero’s.  Still waiting.  

  •  

 

 

Still waiting for 10YL to post and you can bet it will be a doozy !  LOL  :)  I just love reading his posts when he is on a roll.

 

   pp

Edited by pokerplayer
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Seeing as we all know Shabibi was rumored to want the delete the

zeros project all the way back in 2010 i'm a little bit of a non believer.

Has anyone thought that the CBI it's self may be the biggest pumper

of all. I know in the past these kinds of stories bring up dinar sales

and puts plenty of money into iraq as an INVESTMENT??

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25 minutes ago, pokerplayer said:

Thank you for the post pp.  It’s fun to dream and what if!!!

 

LMAO Thug. Too funny

 

Star, I think I was fed a load once, but I was really drunk.

 

Officiallytook, they’ve been telling us for years they were going to delete the zero’s.  Still waiting.  

  •  

 

 

Still waiting for 10YL to post and you can bet it will be a doozy !  LOL  :)  I just love reading his posts when he is on a roll.

 

   pp

10YL   you know he is going to have a good one.. lol  :lol:

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4 hours ago, pokerplayer said:

MODS please move if already posted as I have not seen this yet

 

  pp

 

Governor of the Central Bank of Iraq: We plan to delete zeros from the local currency

The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that "this plan needs to deliberate steps, so as not to be exploited in the fraud." 

Al-Alak said in a statement to the official Sabah newspaper that "currencies with small categories, may lead the citizen to bid farewell to banks in the difficulty of storage." 

He added that "the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others." 

He explained that "the Central Bank has a reserve of foreign currency very comfortable, approaching close to $ 60 billion, compared to 43 trillion dinars, which means that it covers 170 percent of the size of the mass of cash."

On the launch of the currency of the category of 100 thousand dinars, the central bank governor pointed out that "these ideas are traded by the Central Bank, but at the present time regret it." 

The central bank introduced in April a project to delete three zeros from the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deterioration of the security and political situation in the country "to prevent manipulation and fraud of weak souls."

http://www.rudaw.net/arabic/bu...../170920181

  

:twothumbs:  Pokerplayer :D

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"Governor of the Central Bank of Iraq: We plan to delete zeros from the local currency"

 

Not from the nominal value $0.00084 = $0.84

Not from the face value 25,000 IQD = 25 IQD 

 

CBI Governor is saying; "Delete zeros from LOCAL currency

 

Delete zeros from local currency means to me that they're going to collect the 000 notes from inside Iraq .... This is why the CBI is so worry about the chunky cash and want the people to open banks account to deposit the 000 notes and get them out of circulation 

 

Go CBI

Go Delete zeros from local currency 

Go RV

Go $1:1

 

 

 

Edited by Laid Back
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X= the percentage it can cover the size of the mass of cash, 170% or 170/100= 1.7($/iqd)

 

Lim ×(60/36)= 1.7(1.67)= 2.839 or 2.84 dollars per dinars

X--->170% or 1.7

60/36 is the ratio of reserve of foreign currency over cash in circulation in dinars. 36 billion dollars(43 trillion dinars)

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I just got home and can't believe what I'm reading!

Did Ali al Alaq say they are going to delete 3 zeros from the currency?  From the currency?  Is that right?

It can't be.  Is that really what he said?  From the currency?

Oh no!  I don't believe it.  

What?  He's been saying the same thing for years?

Are you kidding?  

Oh my!   😂😂😂

Edited by Floridian
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56 minutes ago, navira said:

2.83 dollar per dinar is the rate i came up with, provided it could cover 170 percent the size of the mass of cash. Cheers dvers

 

53 minutes ago, navira said:

Not too long ago, CBI announced that it could cover 160 percent...at that percentage...the rate is somewhere 2.6 dollar per dinar...it has now increased to 170 percent

Awesome thinking I'm with you on this one

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2 minutes ago, navira said:

Officiallytook, thanks. Let's hope CBI rvs the iqd this month before they inject the lower denoms into the market next month

 

if u are thinking below the 250 note , Fils and coinage then without a increased currency value there would be no sense in the cbi rolling out Low Denom iqd , imo allot will happen at the same time much of it is contingent on something else for things to change and so on ... i'm a little confused though maybe someone can clear it up so is this a new article about the 3 zeros thats being discussed or a older cbi article ... all the best

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Governor of the Central Bank: Annih to put the category of 100 thousand dinars now and there are trivial delete zeros

images14.jpe

 

BAGHDAD (Reuters) - The central bank governor said on Monday that "there is a need to put a 100,000 dinar coin and that the reserve covers 170 percent of the local currency's mass ."

 

"On the issue of the currency of the category of 100 thousand dinars, these ideas are traded by the Central Bank, but at the moment, there is a tendency in some countries to reduce the currency categories so as not to be stored or falsified," He said, adding that "currencies And the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to take deliberate steps, and a stable situation fully so as not to be exploited in the fraud and other.

 

He added that "the Central Bank has a reserve of foreign currency is very comfortable within international classifications and is ahead of other countries, compared to the mass of cash offered by the local currency and the reserve is close to 60 billion dollars, compared to 43 trillion dinars, which means that it covers 170 percent of the size The monetary bloc, especially that the Arab Monetary Fund considers Iraq from countries that exaggerate the size of reserves of foreign currency because the size of cash reserves of foreign currency is always measured to the size of the cash mass of the local currency in the market, in addition to other international standards, especially that the Fund The International has recently developed a new standard added, the state's ability to cover trade and debt repayment. " Finished

https://www.iraqpressagency.com/?p=285703

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  • yota691 changed the title to Report: Saudi Arabia seizes 48% of foreign currency reserves for Arab countries

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