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CBI plans to launch three categories after deleting of zeros

TonyDownTheShore

By TonyDownTheShore,
in Iraq & Dinar Related News

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TonyDownTheShore Newbie

TonyDownTheShore

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Central Bank plans to launch three categories after deletion of zeros from the Iraqi dinar February 17th, 2012 04:55 pm · Posted in NEWS (Iraq & World Currency) 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.goo...302.htm&act=url

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TonyDownTheShore Newbie

TonyDownTheShore

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noting that “the Bank pending the Board’s approval to begin the replacement of the new currency

IMO these notes are already printed and just awaiting distribution.

Adam has said that he heard the currency is printed, that was weeks ago, they probably have been delivered too, they're just waiting for the go ahead, jmo.

What sucks is this sounds like a lop over the next two years. The CBI is been exact to this point on every move. Why did they not select the $25,000 IQD. Are we the only one's holding this money?? Should we be concerned?? :blink:

We have to remember these articles are meant for the Iraqi people not us.

I hope it is smoke but it sure does not give me a warm and cuddly feeling.

We should feel good, things are happening, slowly but moving none the less.

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JustNTime Newbie

JustNTime

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It is older.......

<br style="font-family: tahoma, arial, verdana, sans-serif; font-size: 13px; text-align: left; ">The central bank plans to launch three categories after deletion of zeros from the Iraqi dinar<br style="font-family: tahoma, arial, verdana, sans-serif; font-size: 13px; text-align: left; "><br style="font-family: tahoma, arial, verdana, sans-serif; font-size: 13px; text-align: left; ">

Sunday January 15, 2012

(note older article)

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TonyDownTheShore Newbie

TonyDownTheShore

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I'll take your word on it Tony; you have much more experience than I do. The words "replace currency" kind of spook me. Sounds RDish.

We know about this change for a while now, the only thing we don't know is when and how much. :)

“the currency exchange will not affect the per capita income or over its wealth or its contractual obligations.

That's what needs to be pointed out to the lopsters. ;)

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matthew6:19-21 Newbie

matthew6:19-21

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They are going to have a 200, a 100, and a 50 dinar note being released. The CBI has stated that they want to mimick the Amercian monitary system. IE 1s, 5s, 10s, 20s, 50s, 100s. They still need some larger bills after the rv because they have been a cash society for generations and the Iraqis don't trust the banks. So it is going to take some time to get them to the electronic stage. So then following that logic they will slowly remove the bills with 2 zeros on them all except the 100 dinar note. It seems that the easiest way for all this to work is to have a 1 : 1 exchange. Remember now that the Iraqis will not be exchanging IQD for USD they will be exchanging IQD for IQD. We on the other hand will exchange IQD for USD. They can't just through our 25k, 10k, 5k, 1k notes in the trash can. What about us who are on the ISX, and have a Warka Account? We gave them USD for their dinar and they are using our USD to build up their reserves and rebuild their country. The CBI has stated multiple times that they are shooting for 1 dinar is going to equal 1 dollar when this first "hard" rv happens. There will be more rvs down the road as they build the economy. They have been saying they are reducing the money supply. IF YOU DO NOT BELIEVE THAT IRAQ IS GOING TO REDUCE THEIR MONEY SUPPLY, IE THE 27 TRILLION DINAR OUT THERE, THEN YOU NEED TO GET OUT OF THIS INVESTMENT. There is no way they can rv 1 to 1 without reducing the money supply. This is not my opinion but what the CBI has been stating. If they change their mind I can't control that. IF THEY WERE GOING TO LOP WHY HAVEN'T THEY DONE IT ALREADY. THEY DON'T NEED ALL THESE STUDIES AND MEETINGS TO LOP.

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drc85260 Newbie

drc85260

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We have to remember these articles are meant for the Iraqi people not us.

IF there was an article in the NY Times meant to be read by New Yorkers about Iraq and an Iraqi read it...would it not be valid??

What disturbs me is that they imply they will raise the value AFTER they delete the 3 zeros or move the decimal to the left 3 places. That does not exclude the notes without 3 zeros..a 500 IQD becomes what would be $.50 or .50 dinar. That idea of buying "lower denoms" or having electronic currency or investing in the ISX is a naive notion. The removal of the 3 decimals will carry through across all transactions.

Central Bank plans to launch three categories after deletion of zeros from the Iraqi dinar February 17th, 2012 04:55 pm · Posted in NEWS (Iraq & World Currency) 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 “.

or to further the example...25 Dinar which is equal to 25,000 Dinar...If the rate then equals a US Dollar after the deletion of zeros, 1 Million Dinar that we presently hold will be worth $1,000. :(

Read more: http://dinarvets.com/forums/index.php?/topic/105813-cbi-plans-to-launch-three-categories-after-deleting-of-zeros/#ixzz1mgZsJm4c

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simon8957 Newbie

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“the currency exchange will not affect the per capita income or over its wealth or its contractual obligations.

Yota help me out buddy, I'm having trouble wrapping my mind around this. I dont believe it will LOP, however this quote bothers me a bit, when it RV"s wouldn't it increase income? This in advance for the help!!!

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Rayzur Newbie

Rayzur

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This article sounds like it's been regurgitated every 2-3 weeks :unsure:

Yup !! I remember this exactr article, down to the exact same wording a month or so ago. There is a small difference in that it doesnt have as much info as did the same article in the past... though the words used as exactly the same.... I fI have time later, I'l go back and see if I can dig it out (the same article)..... and I think there is even a dissected version..... Does anyone remember if this is one of the articles Adam addressed in the past..... And in any case.... this is a repeat of info previously carried by the news months ago.... :)

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drc85260 Newbie

drc85260

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They are going to have a 200, a 100, and a 50 dinar note being released. The CBI has stated that they want to mimick the Amercian monitary system. IE 1s, 5s, 10s, 20s, 50s, 100s. They still need some larger bills after the rv because they have been a cash society for generations and the Iraqis don't trust the banks. So it is going to take some time to get them to the electronic stage.

So then following that logic they will slowly remove the bills with 2 zeros on them all except the 100 dinar note.

Where did you get this from????????? they stated they will remove 3 zeros????????????

and why would they exclude the 100 Dinar note or the fifty for that matter?

It seems that the easiest way for all this to work is to have a 1 : 1 exchange. Remember now that the Iraqis will not be exchanging IQD for USD they will be exchanging IQD for IQD. We on the other hand will exchange IQD for USD. They can't just through our 25k, 10k, 5k, 1k notes in the trash can.

That is right, if the larger notes are turned in they have to give the value of what they are worth... $.00086

What about us who are on the ISX, and have a Warka Account?

Having any form of the currency will be effected the same.

If your US checking account had $10,000 in it and or you invested in the stock market and the US Dollars value went down....would your money in the bank or the stock market be immune or not effected by the change? NO!

We gave them USD for their dinar and they are using our USD to build up their reserves and rebuild their country.

Yes, we bought them fair and square with the hope it will increase in value...it may or it may also be a slight loss or a slight increaase in the value we bought it for.

The CBI has stated multiple times that they are shooting for 1 dinar is going to equal 1 dollar when this first "hard" rv happens. There will be more rvs down the road as they build the economy. They have been saying they are reducing the money supply. IF YOU DO NOT BELIEVE THAT IRAQ IS GOING TO REDUCE THEIR MONEY SUPPLY, IE THE 27 TRILLION DINAR OUT THERE, THEN YOU NEED TO GET OUT OF THIS INVESTMENT.

Yes, they state they will reduce the money supply by removing the zeros....I.E. as stated in this article 50,000 Dinar will be 50 dinar.

And I will stay in this investment not because the money supply will be reduced but because I believe in the growth process of the country rebuilding....

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drc85260 Newbie

drc85260

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snapback.pngyota691, on 17 February 2012 - 05:45 PM, said:

“the currency exchange will not affect the per capita income or over its wealth or its contractual obligations.

Yota help me out buddy, I'm having trouble wrapping my mind around this. I dont believe it will LOP, however this quote bothers me a bit, when it RV"s wouldn't it increase income? This in advance for the help!!!

Read more: http://dinarvets.com/forums/index.php?/topic/105813-cbi-plans-to-launch-three-categories-after-deleting-of-zeros/#ixzz1mgjUrzVM

The way I understand this is the reason per capita or contracts won't be effected is because the value stays the same.

25,000 IQD changes to a 25 IQD,....just different notes with the same value.

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