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Everything posted by alan_coaks_3

  1. lol there you go again DocDinar i post something new to the forum not even posted at all and the first thing that comes out is its 3 days old but yet other post stuff years and months old and they get WHAT A GREAT ARTICAL THANKS FOR FINDING IT. mybe your just mad because this can actually become and outcome of this speculation. i dont see anyone else here saying on anyone else post saying this is 3 day or so old.
  2. 7 - 18 - 2012 After much deliberation, the Iraqi government announced that, beginning in 2013, they will begin removing three zeros from Iraqi banknotes. The change will take three years to complete. Despite economic experts staying Iraq is not ready to change its banknotes, the Iraqi Parliament and the Finance Committee both support the decision to redenominate the currency. Iraq’s currency, the Iraqi dinar, currently has its smallest unit set at 250 dinars, the equivalent of only $0.20. The Central Bank of Iraq is going through the efforts to remove the zeros in order to redenominate the Iraqi dinar. MP Hassan Ozman of the Iraqiya List believes that this will work for Iraq and benefit the economy due to the measures’ success in other countries. Ozman also said that security measures would be taken to distinguish genuine notes from fake ones. Despite broad support for the decision to change the banknotes, there are some opponents to the move. Ahrar bloc MP Abdul Hussein believes that current economic conditions, including the lack of reforms in the banking sector, make it premature to change the banknotes. Despite the predicted salutary effects on the Iraqi economy, the experiences of other countries indicate that issuing the new currency may in fact be unwise. For example, Brazil reissued currency numerous times throughout the last decades of the 20th centuries. The constantly changing value of the currency caused families a great deal of suffering as they saw the value of their savings constantly being depleted. The Iraqi dinar is a controlled exchange-rate currency. The IMF permits countries with “transitional” economies to control their exchange rates. However, the dinar is not traded on any foreign exchange markets. Instead, it is bought and sold by licensed currency dealers handling existing banknotes. My link
  3. lol there you go blaming someone else for what you started and telling it was really there fault. i simple posted and then you said " No, that is what YOU are saying!!" so you tell me who started it ?
  4. sounds like you got a personal problem you need to get over
  5. as long as i am here and i own dinar i will continue to post on every single artical and post. and there nothing anyone can do about
  6. "The zeros are removed for the purpose of increasing the value of Iraqi Dinars in a way that one Iraqi Dinar will be equal to one US Dollar," they are saying the zeros have to be removed so that the dinar will increase in value
  7. there saying AFTER currency RD ( Redenomination is the process of changing the face value of banknotes or coins used in circulating currency ) which they are doing . the dinar will Equal 1 dollar. there not talking about the dinars we have there taking about the newer dinars
  8. IMHO by all the articals coming out the for years about taking the zeros are all true it just a matter of when they do it . they Will RD then after that there Currency will Grow to 3.00 mark within the 10 year mark after the new currency comes out
  9. if you want examples of currency replacing you should all look at other countries that took off 3 zeros from there currency and how they exchanged there currency cuz that is what iraq will do.
  10. DaveD great examples, i also have looked and done some research and found out the same things
  11. 7 - 16 - 2012 Member of the parliamentary Finance Committee revealed Majida Al-Tamimi "Cabinet Secretariat DED announced wait delete the zeros to 2014 because the environment is ripe for deletion. Tamimi stated in a special correspondent for the news agency news (and brother) that "there are a series of steps to produce a high-quality currency and to take measures to reduce counterfeiting of currency quality. "There is a majority in favour of the Finance Committee in the process of issuing currency await new up to take action My link
  12. 7 - 16 - 2012 Member of the Finance Committee said the National Alliance MP//Magda El-Tamimi, host Finance Minister in the House of representatives in the coming days to learn why wait tariff law, noting that its determined to apply this year. She said Al-Tamimi (News Agency news): tariff Act was postponed twice this year by the Federal Government, noting that the first postponement in February last year was the result of not raising citizen how to apply in addition to the relevant government institutions are not eligible for application of the law, has been postponed to the end of last June. She added: a book is sent by the Federal Government to House demanding the postponement a second time to act without knowing the real reasons, the Minister of finance will be hosting and some government officials in the coming days in the House, specifically in the economic and Financial Committee to explain why wait to act. Noted: that many people did not know how to implement the law, making a fear of its application, customs duties will be levied only on unnecessary materials and industrial goods that Iraq could have produced to activate economic sectors such as industrial, agricultural, because local industry don't do without tariffs. Reported: that Iraq is required to diversify income and not rely on oil to avoid global crises (such as falling world oil prices or close the Strait of Hormuz) and this comes through the Customs and economic sectors in the country. The Ministry of Finance announced in March last year on 1 June as the date for the tariff regime in Iraq after being postponed twice, saying "this time nobody to postpone work system", in June last year the Government announced the postponement of the application of the customs tariff law for reasons described as artistic boundary not to create customs services to implement the law. My link
  13. if they exchange are old notes at 1000 to 1 ur 25k note will be 25 in the new dinar
  14. no. they will honor the zeros on our notes if it is our old 25 k notes will still be worth 25k but they will say it will take 1000 old dinar for 1 new 1 so it will be 25 . there are if u count to 1000 25 times it will equal 25 k
  15. Fuel price per litre N70 70 kobo Price of one bag of garri N2,000 N20 Price of a bus drop N20 20 kobo House rent (e.g. a flat in some parts of Nigeria) N5000 per month N50 per month Stock price of a company Assume it is, say: N20 or N80 20 kobo or 80 kobo Airline ticket for domestic flight N12,500 N125 Exchange rate: N to US$ Assume it is say: N125 Or N130 Or N100 to US$1. N1.25 = US$1 Or N1.30 = US$1 Or N1 = US$1
  16. to be honest with you i don't know what will happen to stock portfolios. all i do know is that everything changes when currency RD everything changes over night assets and liabilities and prices, fees, rents, and contracts (including salaries and wages)
  17. that is exactly what i am saying what ever u have in ur bank account will be reduced to the new amount How will it work? when they took 3 zeros off there currency nira currency RD too and they did this to everyone bank accounts . if you have N50,000 in your bank account, it will automatically become N500 in the ‘new Naira’
  18. The authorities may alleviate this problem by redenomination: a new unit replaces the old unit with a fixed number of old units being converted to 1 new unit. If inflation is the reason for redenomination, this ratio is much larger than 1, usually a positive integral power of 10 like 100, 1000 or 1 million, and the procedure can be referred to as "cutting zeroes" Actually if you do some research about Removing zeros or RD they will exchange the old notes at a rate of integral power of 10 like 100, 1000 or 1 million. not my opinion its fact if you look at all the other currency this happen to they honord all the notes with the zeros but they were like 1000 or million per 1 new note
  19. they will honor the 0s on the old notes but they will exchange at a rate of 1000 to 1 most likely so ur 25k will be 25 now
  20. Studies ? i don't see that word in this whole artical at all. My link Mahma Khalil, Member of the Iraqi Parliament and official spokesperson of the Economic Committee & CBI Governor Dr. Sinan Al Shibibi had a meeting saying that According to the agreements the exchange rate between the new banknotes and the old ones would be 1:1,000.
  21. Redenominate - dropping zeros enhances book-keeping and reduces the drudgery in transactions, record keeping and banking activities.
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