Latest to not delete Zeros

[drc85260]

link: http://www.iraqdirectory.com/DisplayNews.aspx?id=18214

Parliamentary Finance committee: Iraqi Central Bank lingered in presenting the Zero loping bill

Parliamentary Finance committee: Iraqi Central Bank lingered in presenting the Zero loping bill Translated by Iraqdirectory.com - [1/31/2012]

The Parliamentary Finance Committee confirmed, on Sunday that the Central Bank, loiter in to introduce a bill to delete the zeros from the currency to the Committee for the purpose of a study, saying the law was passed that would give Iraq an opportunity to address inflation.

A member of the Committee Najiba Najib told the Kurdish news agency (Rn) that "the central bank lingered in the provision of a bill to delete the zeros of the local currency to the Finance Committee to study and add some stuff (?) it and then submitted to the House of Representatives for the purpose of voting upon approval."

She added that the "delete the zeros of the most prominent treatment of the local currency to solve the problem of inflation with the expansion of the investment plan of the budget and reduce spending."

Inflation is the excessive rise in the general level of prices and higher cash income as well as high costs and creates excessive cash balances.

It is expected to increase inflation in the budget in 2012 due to continued attention to the operational aspects at the expense of the investment part of the budget.

She noted that the deletion of zeros from the currency requires a "big job", because this task requires the provision of economic security for the commercial market in Iraq.

The Iraqi government says that the process of deletion zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.

The Securities Authority harmonizes with the government's position to delete the zeros and says that adversely affect the financial trading in the stock market.

The Central Bank of Iraq has four branches in Basra, Sulaymaniyah, Erbil and Mosul, where it is established as an independent Iraqi bank under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to the organization of the banking sector.

The main tasks of the Central Bank summarizes in managing monetary policy in the country and raise the level of the values of the Iraqi dinar and tackle inflation in the country.

[Stryker365]

Oh boy...here we go again....

[keepmwlknfny]

Zero loping bill?? But I thought this was just removing the 000 notes from circulation! Thats what all the gurus are telling me!!

[InItSince05]

Zero loping bill?? But I thought this was just removing the 000 notes from circulation! Thats what all the gurus are telling me!!

I knew you'd be chiming in bro!

[amhvl]

Despite a thousand articles indicating otherwise, this one article will certainly light up the chats like no other. Maybe the mods will spare us and move this to LOP Talk before it gets really stupid. Alright Trolls. Let the games begin!

[kjwayne]

WHERE'S THE RV???

[jericho]

I'm pretty sure the iraqis aren't using the term lop. I give the article no merit.

[Saintsfan]

Someone please explain.....

[Abarvets]

What the?????? :blink:

[bamagirl]

It sounds to me like the Government and Securities Authorities is against deleting the 3 zeroes....am I reading this wrong, I've only read it 3 times but it sounds like good news for us...what am I not seeing??

[keepmwlknfny]

It sounds to me like the Government and Securities Authorities is against deleting the 3 zeroes....am I reading this wrong, I've only read it 3 times but it sounds like good news for us...what am I not seeing??

Your correct....the only opposition to this plan to RD is from the govt...which is great....thats why Ive been saying Maliki is our man....not Shabibi....

These articles are better for reading....

[trooper]

Parliamentary Finance committee: Iraqi Central Bank lingered in presenting the Zero loping bill

Read more:

[Nakida]

OK So does look like no RV? Does this look like it will not pan out for anyone? I am lost!

[bamagirl]

It says 'the law was passed to give Iraq opportunity to address inflation' .....so if a law was passed and it wasn't the 3 zeros lopping law it looks like we just may be in the good soon, Just my interpretation.

[lotsofdinar]

lol. I don't really know the point of posting these articles.

If Shabs himself, speaking perfect English, spoke to the world and said, "The CBI has RD'ed the Dinar, and your 25,000 dinar notes are now worth 25 dinar," there would be 200 posts declaring it smoke.

[bamagirl]

Your correct....the only opposition to this plan to RD is from the govt...which is great....thats why Ive been saying Maliki is our man....not Shabibi....

These articles are better for reading....

Thanks keep...so you think this is good news?

[techalum]

I am very confused.

[unirod]

lol. I don't really know the point of posting these articles.

If Shabs himself, speaking perfect English, spoke to the world and said, "The CBI has RD'ed the Dinar, and your 25,000 dinar notes are now worth 25 dinar," there would be 200 posts declaring it smoke.

LOD,

I wouldn't declare it smoke. I couldn't care less since I have electronic Dinar and 2 zero notes. You have to hedge all the possibility's in this investment.

[yota691]

Parliamentary Finance committee: Iraqi Central Bank lingered in presenting the Zero loping bill

Translated by Iraqdirectory.com - [1/31/2012]

[colts469]

Last ditch effort to pull in some more notes??

[leesburg]

cant wait to turn my million old dinars notes in for the new 100,000 dinar notes...should get 10 of those for a million old notes

[zigmeister]

The main tasks of the Central Bank summarizes in managing monetary policy in the country and raise the level of the values of the Iraqi dinar and tackle inflation in the country.

This is point blank as far as the government is concerned as to what the CBI needs to be doing. The delete zero's is not as I read in this article on the table. I also found the CBI "lingered" in presenting the bill interesting. I wonder if they mean CBI took their time in presenting the lop bill to the government or it took them a long time to get the bill to the government to pass.

I really like Shabibi, but I have to agree with Keep Maliki is the one who does not want to RD the currency. Anyway not right now. They do have a pretty good argument for it. I hope this article is stating a big no think of something else to address inflation, like raise the value.

[Darin]

I knew you'd be chiming in bro!

He has some sort of weird bionic hearing that he can sense a R/D (lop) article the moment its posted. if you ever want to find KeepM, check the most recently posted R/D article as he is likely lurking.

[Realdinar]

lol. I don't really know the point of posting these articles.

If Shabs himself, speaking perfect English, spoke to the world and said, "The CBI has RD'ed the Dinar, and your 25,000 dinar notes are now worth 25 dinar," there would be 200 posts declaring it smoke.

This article looks like smoke!!!

[Darin]

Your correct....the only opposition to this plan to RD is from the govt...which is great....thats why Ive been saying Maliki is our man....not Shabibi....

These articles are better for reading....

Nice to see you actually post something positive for a change.

And, on top of all that, I agree with you.

The CBI is not really coming off as being an ally. They've expressed desire to R/D (lop) in public statements. Is this to suppress speculation? Maybe.... Is this just an expectation of what is to happen at the given time of the statement? Maybe....

What the GOI is actually doing that is in our favor is pressuring the CBI to not go forward with a R/D. This may be done through delays, disagreements, voting down of certain topics in parliament.

Parliament members are citizens of the country too, right? Obviously they would prefer to see more buying power out of their money, right?

All the CBI is concerned about (if they're being straight up on their claims) is long-story short covering their rear ends by only going forward with a re-denomination. This would not cripple the CBI as they would not have any additional liabilities. However, I would argue that a good chance could occur where the holders of the currency create a run on the banks.

In present day, we're nearly seeing that sight at the moment. Black market sales, but the rush isn't to dump the IQD, its to buy the dollar. Either way, what makes them closely related is how they're reserves are getting hammered. Can they cover it? Can they maintain it? Hopefully, they're receiving IQD in exchange for the USD that is going out.