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Central Bank plans to launch three categories after deletion of zeros from the Iraqi dinar


yota691
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Central Bank plans to launch three categories after deletion of zeros from the Iraqi dinar.

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Baghdad - and babysit - the central bank of Iraq's intention to launch a large three categories after deleting three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh said that "the Bank will present three categories in addition to large groups of mineral, after the deletion of three zeros from the Iraqi dinar," noting that "the process of switching would reform the system of currency management and ease of use."

Saleh added that "the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and the category of 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham ".

Saleh indicated that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect the per capita income or over its wealth or its contractual obligations. "

Saleh pointed out that "the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers," noting that "the Bank pending the Board's approval to begin the replacement of the new currency and which must be with the new financial year and proposed by the Bank with the beginning of the year 2013. "

Salih stressed that "the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt," explaining that "the banks will continue to receive the old currency for ten years as rights and not negotiable."

http://translate.google.com/translate?hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://alrayy.com/

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Don't need one. It is a relevant question that I ask, and in turn even ask myself on a regular basis.

Any turrette style stupid retort will only prove that particular individual is threatened and is not entirely forthcoming. Or else, they are so taken with their own sense of self importance, that they possess no true objectivity in the first place. Beside that I live in the real world. Internet tough guys/geniuses don't exist.

Believe me, after being shot at, or having stared down the business end of a weapon, everything else is down hill.....

Thank you. I actually posted my comment on the wrong post. I apologize. If you look, I thought I had pulled it and put up a nm - never mind, but it made it through. Sorry. You points were valid, well taken, and I agree with you.

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Spoken like a true Westerner......we could say the same about pretty much every country in the world....

Sure. Which of those countries are you expecting an RV of 10,000%?

if you think you will EVER see Iraq in a democratic state...think again...they will always have their issues....outside the religious culture....look who they are learning from....you kno everytime you negative nellys refer to any type of an RV..."huge or big" are always in there....most here arent expecting a crazy RV but an RV period is what we look for....

An RV to 10 cents is huge. It's an increase of well over 10,000% and would be hundreds or thousands of times bigger than the largest RV in history. Most aren't expecting a huge RV? EVERYONE is exPecting a huge RV. Youve just been conned into thinking a 10 cent RV is "modest".

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Sure. Which of those countries are you expecting an RV of 10,000%?

An RV to 10 cents is huge. It's an increase of well over 10,000% and would be hundreds or thousands of times bigger than the largest RV in history. Most aren't expecting a huge RV? EVERYONE is exPecting a huge RV. Youve just been conned into thinking a 10 cent RV is "modest".

I know its crazy isnt it!!! If you dont believe in it....get out now!!! Why waiste your time? Dont answer that....i dont really care

Sure. Which of those countries are you expecting an RV of 10,000%?

An RV to 10 cents is huge. It's an increase of well over 10,000% and would be hundreds or thousands of times bigger than the largest RV in history. Most aren't expecting a huge RV? EVERYONE is exPecting a huge RV. Youve just been conned into thinking a 10 cent RV is "modest".

And ive never said .10 cents is modest....speak for yourself....anything north of a penny is fine w me....now take ur jibber jabbee nonsense elsewhere

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I wonder just how many Iraqi citizens understand LOP? I do not think there would be any way they could explain a LOP to them so that they would get just what happened to their money. I do not think there will be a LOP. This is not just a gut feeling but a decision based on a lot of reading and reading and reading. I have enjoyed the debate on this topic for the most part, still some unnecessary child like behavior but what can you expect from a forum like this. I think we are close to the end of this ride.

what can you expect from a forum like this What wrong with this forum? Were Human everybody got a Opinion, beside a few cracks here and there, This is the Best site out here. IMO #1 :tiphat:

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How can you consider a 200 dinar bill that is worth over 160 USD to be "worthless"? Thats what implementing the plan in this article will result in

If 160 USD is worthless, then hundred dollar bills must be really worthless, so you should probably just send me every hundred dollar bill you come across? Need my address so you can do that.

Huh? What are you talking about...?

The original post was about turning a 25000 IQD into a 25 IQD without addressing the value. What good would it then be to remove the 25000 note but value was still: .000855066 USD?

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Huh? What are you talking about...?

The original post was about turning a 25000 IQD into a 25 IQD without addressing the value. What good would it then be to remove the 25000 note but value was still: .000855066 USD?

Read it again. New 50 having the same value as 50,000 now means the new rate for the new dinar is .86. 50,000 x .00086 = 50 x .86.

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Its just I remembered reading something similar when I was digging into Turkey and what happened over there...

Since you're the resident turkey, er - I mean, expert on Turkey, tell us, if you can, Keep: To what pains did the Turkish Central Bank go toward "edumacating" their people about the Lira LOP? Was it in any way comparable to Iraq's "edumacation" campaign at present?

A big RV would DESTROY the confidence in their currency. NO Iraqi would want to hold onto a single dinar if the government one day just decided they're now worth a dollar each.

So, Wheeler, assuming for the sake of argument that you hold out any hope at all for an RV, what degree of RV would satisfy you in light of what you think Iraq is capable of actually supporting?

Edited by Sanssouci
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Since you're the resident turkey, er - I mean, expert on Turkey, tell us, if you can, Keep: To what pains did the Turkish Central Bank go toward "edumacating" their people about the Lira LOP? Was it in any way comparable to Iraq's "edumacation" campaign at present?

Im far from an expert on Turkey laugh.gif

Just wanted to learn about the way they handled "deleting their zeros" because some of these articles starting mentioning Turkey.....that happened like 7 years ago and I surely wasn't worried about the country of Turkey at that time LOL.....

But I would assume they would try to educate the citizens in the same fashion......here is just a little clip of one article that does mention an education campaign for the citizens...

One successful redenomination, Agus said, was carried out by Turkey, which removed six zeros from its old currency in 2005.Before that redenomination, one euro exchanged for 1.8 million Turkish lira. Afterward, one euro was equal to 1.8 Turkish lira.It has been reported that it took the Turkish government years to prepare for the currency change, including an intensive public education campaign to let people know what the change meant for them. The redenomination was also preceded by a period of stable inflation.On the other extreme is Zimbabwe. The three redenominations that it has undertaken since 2006 have given rise to hyperinflation, and paper denominations of the Zimbabwean dollar now include a $100 trillion banknote.

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Edited by keepmwlknfny
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If you have not read BBalls post below, do. There are several articles with the same title, but different content. This is different than the original post.

Thanks BBall.

Central Bank plans to launch three categories after deletion of zeros from the Iraqi dinar.

40302.jpg

Baghdad - and babysit - the central bank of Iraq's intention to launch a large three categories after deleting three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh said that "the Bank will present three categories in addition to large groups of mineral, after the deletion of three zeros from the Iraqi dinar," noting that "the process of switching would reform the system of currency management and ease of use."

Saleh added that "the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and the category of 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham ".

Saleh indicated that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect the per capita income or over its wealth or its contractual obligations. "

Saleh pointed out that "the Board of Directors has approved the decision to delete the zeros after the completion of designs currency bearing the legacy of Iraq and its history and civilizations, as well as for discussion by the Financial and Economic Committee of the Council of Ministers," noting that "the Bank pending the Board's approval to begin the replacement of the new currency and which must be with the new financial year and proposed by the Bank with the beginning of the year 2013. "

Salih stressed that "the process of replacing the currency will take two years to prevent any disruption in the process of delivery and receipt," explaining that "the banks will continue to receive the old currency for ten years as rights and not negotiable."

http://translate.google.com/translate?hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://alrayy.com/

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Since you're the resident turkey, er - I mean, expert on Turkey, tell us, if you can, Keep: To what pains did the Turkish Central Bank go toward "edumacating" their people about the Lira LOP? Was it in any way comparable to Iraq's "edumacation" campaign at present?

So, Wheeler, assuming for the sake of argument that you hold out any hope at all for an RV, what degree of RV would satisfy you in light of what you think Iraq is capable of actually supporting?

Sanssiuci, this isn't about Turkey, but Nigeria and the details of when the RD. Very in depth. They started their campaign a year before they did it. And the people had 5 months to use and exchange their old currency.

My link

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Im pretty sure its talkin about the physical number of actual notes (not the value)....because not all of the current bills would end up being traded for another note. Still waiting on more info as to what the new denominations would be but it seems like maybe they could be planning to use more fils/coins....

Yeah, that was pretty much question number 2. Why do they need a 200?

They talk in this article about 200, 100 and 50, as well as the coins. I assume that they would replace the 25000 with a 20 or a 25, the 10000 with a 10 and the 5000 with a 5, which would seem logical.

But I don't get why they need a two hundred, particularly if their new electronic system and smart card system is as good as they say it is. And if they are looking at 1:1 comparison or better with the US dollar, then you would think prices for goods would reflect this as well. So why do they need a two hundred?

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Yeah, that was pretty much question number 2. Why do they need a 200?

They talk in this article about 200, 100 and 50, as well as the coins. I assume that they would replace the 25000 with a 20 or a 25, the 10000 with a 10 and the 5000 with a 5, which would seem logical.

But I don't get why they need a two hundred, particularly if their new electronic system and smart card system is as good as they say it is. And if they are looking at 1:1 comparison or better with the US dollar, then you would think prices for goods would reflect this as well. So why do they need a two hundred?

Beats the heck outta me!! Could just be what they have chosen.....like I was saying maybe they plan on using more coins/fils because of the harsh conditions the bills are put through out there and to have smaller denoms in coins, and larger in bills, would probly reduce the need to replace worn/battered currency......

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Any turrette style stupid retort will only prove that particular individual is threatened and is not entirely forthcoming. Or else, they are so taken with their own sense of self importance, that they possess no true objectivity in the first place. Beside that I live in the real world. Internet tough guys/geniuses don't exist.

I think you touched on the truth right there.

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Read it again. New 50 having the same value as 50,000 now means the new rate for the new dinar is .86. 50,000 x .00086 = 50 x .86.

No prob – but I was agreeing with Simon’s concern; “A 25 dinar note is still just a 25 dinar note. They gotta rasie the value or they have gone no where. No one is using the dinar now they are really not going to use it if its still worthless....”

The meat of the original press release is here: Saleh added that "the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and the category of 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham".

Saleh indicated that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect the per capita income or over its wealth or its contractual obligations "

First off, I am not trying to develop a side, I’m trying to develop an understanding of what the PR says and how it can work. It states they are going to remove three zeros ie; 100 thousand IQD will become 100 IQD etc. However, this is where it gets stuck in my math muddled brain; the PR says it “is equal to”. To me this means the value has not changed. And, that thought is supported by Saleh’s qualification; "the currency exchange will not affect the per capita income or over its wealth or its contractual obligations. "

That is why, at this point, I agree with Simon, the value has to be raised or all they have done is removed paper. True, it appears that the value has increased to .86 from .000855066 but a 25 IQD is still worth the same as the 25,000 IQD it replaced; $21.5.

Granted, this PR may only be presenting one step in a series of steps the GOI intends to take and, I hope the scenario presented is the ‘ground zero’ scenario whereupon reaching that base line the IQD raises in value by means of an open float or even a gradual controlled float.

I just don’t see how keeping the value the same is going to benefit the Iraqi people or anyone else for that matter.

GH

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The central bank intends to put forward three categories in addition to mineral money after the deletion of الاصفار of the dinar

1-15-2012

Palm-The Iraqi Central Bank revealed his intention to put forward three large groups after the deletion of three zeros of the Iraqi dinar, pointing out that the process of the exchange will take two years after the bank decided الكركزي the deletion of the Iraqi الاصفار of the dinar.

He said the deputy governor of the Central Bank of the appearance of Muhammad Saleh in a press interview that the bank will be three broad categories in addition to metal groups, having carried out by removing three zeros of the Iraqi dinar, pointing out that the rotation would reform of the system of currency management and use.

Saleh added that the three categories include 200 dinars with a 200 thousand dinars for the time being and 100 Dinars with a 100 thousand dinars and 50 Dinars with a 50 thousand dinars, as well as mineral currency the dinar والدينارين as well as the quarter Dinars and 100 Fils والدرهم.

Saleh pointed out that deleting three zeros of the Iraqi dinar would reduce the number of banknotes than four billion paper, which equal 30 trillion dinars is on the Iraqi market to one billion and 800 million paper alone, stressing that the exchange would not have an impact on per capita income or wealth or its contractual obligations.

Saleh added that the bank's board of directors has approved the the decision to delete الاصفار after it was the completion of the currency in which the designs with Iraqi heritage, history and civilizations, as well as discussed by the Financial and Economic Committee in the Council of Ministers, indicating that the bank is waiting for the approval of the board for the replacement of the new currency which would have to be with the new fiscal year which was suggested by the bank with the beginning of the Year 2013.

Saleh said that the process of the exchange will take full two years to prevent the occurrence of any imbalance in the delivery and receipt, he pointed out that the banks will continue to receive the old currency for ten years as not negotiable.

The central bank had been accused (12 september 2011), government authorities of hindering monetary reform and threatened بمقاضاتها, holding that the responsibility for endangering the interests of the country and in danger.

He said the prime minister's advisor for economic affairs (25 August 2011), that the lifting of الاصفار in the currency is considered the biggest corruption in Iraq if took place during this period, under the name of tampering with the economy, warning of "Mafias currency" prepares to forge trillions of Iraqi dinars to replace in the light of the expected changes.

He said Iraqi Central Bank Governor Sinan Al-Shabibi independent bodies during a meeting with Prime Minister nouri Al-Maliki, which a decade, (19 june 2011), his willingness to provide all requirements for the replacement of the Iraqi currency.

It is worth mentioning that some economic experts believe that Iraq is not ready for the time being to remove الاصفار from the Iraqi dinar, pointing out that the deletion needs security and political stability as well as economic stability.

http://www.nakhelnews.com/pages/news.php?nid=12929

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***///

Sanssouci: You seem like a pretty sharp cat.

It'd sure be swell if you could use your powers for good instead of evil.

A kindler, gentler approach to helping all DVans understand issues would be ever so beneficial.

To be an educator is a fine callling.

I know it's not a popularity contest, that being said, please approach any ignorance you may come across here

as an opportunity to enlighten - not bash.

I'm not all about unicorns & rainbows, but without peace there can only be chaos, as proven in this thread.

The negative energy you spawned made it difficult for those seeking knowledge.

Walk softly, brother, for if you whisper, more people will give their undivided attention to hear you and partake of your wisdom.

Peace-Joy-Love

Edited by SgtFuryUSCZ
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***///

Sanssouci: You seem like a pretty sharp cat.

It'd sure be swell if you could use your powers for good instead of evil.

A kindler, gentler approach to helping all DVans understand issues would be ever so beneficial.

To be an educator is a fine callling.

I know it's not a popularity contest, that being said, please approach any ignorance you may come across here

as an opportunity to enlighten - not bash.

I'm not all about unicorns & rainbows, but without peace there can only be chaos, as proven in this thread.

The negative energy you spawned made it difficult for those seeking knowledge.

Walk softly, brother, for if you whisper, more people will give their undivided attention to hear you and partake of your wisdom.

Peace-Joy-Love

I'll take this over to the other thread, because it does not belong here. You can see my reply there. Peace.

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what can you expect from a forum like this What wrong with this forum? Were Human everybody got a Opinion, beside a few cracks here and there, This is the Best site out here. IMO #1 :tiphat:

Ditto, Yota. I am proud to be a part of this site. We have some great, smart, contributing people here. Matter of fact, I don't think people come here anymore to cause problems like they did a year ago, because we are smarter now and we will not tolerate it. You are right, we are dealing with human beings. What is perfect about that! B)

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No prob – but I was agreeing with Simon’s concern; “A 25 dinar note is still just a 25 dinar note. They gotta rasie the value or they have gone no where. No one is using the dinar now they are really not going to use it if its still worthless....”

The meat of the original press release is here: Saleh added that "the three categories consist of 200 dinars, which is equal to 200 thousand dinars at the present time and a 100 dinars, which is equal to 100 thousand dinars, and the category of 50 dinars, which is equal to 50 thousand dinars, in addition to the coin of the category of the dinar and Dinarin as well as half and quarter dinars and 100 fils and dirham".

Saleh indicated that "the deletion of three zeros from the Iraqi dinar would shorten the number of banknotes of four billion and paper, which is equal to 30 trillion dinars exist in the Iraqi market to one billion and 800 million paper only," asserting that "the currency exchange will not affect the per capita income or over its wealth or its contractual obligations "

First off, I am not trying to develop a side, I’m trying to develop an understanding of what the PR says and how it can work. It states they are going to remove three zeros ie; 100 thousand IQD will become 100 IQD etc. However, this is where it gets stuck in my math muddled brain; the PR says it “is equal to”. To me this means the value has not changed. And, that thought is supported by Saleh’s qualification; "the currency exchange will not affect the per capita income or over its wealth or its contractual obligations. "

That is why, at this point, I agree with Simon, the value has to be raised or all they have done is removed paper. True, it appears that the value has increased to .86 from .000855066 but a 25 IQD is still worth the same as the 25,000 IQD it replaced; $21.5.

Granted, this PR may only be presenting one step in a series of steps the GOI intends to take and, I hope the scenario presented is the ‘ground zero’ scenario whereupon reaching that base line the IQD raises in value by means of an open float or even a gradual controlled float.

I just don’t see how keeping the value the same is going to benefit the Iraqi people or anyone else for that matter.

GH

How is a 200 dinar bill being worth 160 USD worthless? A 100 dinar bill worth 86 bucks worthless?

If by worthless you mean "not going to make everyone rich" then that is correct. How could they afford to make so many millionaires? They have 30 million people and a GDP of around 120 billion a year. That's 4000 USD per person. With an economy like that how on earth could they afford to create so many millionaires?

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