Member of Finance Committee: We propose to issue currency category instead of 50 000 to delete the zeros for fear of fraud

[drc85260]

I toatally agree. even if the arguments of other options are coming from the finance committee, shabbs and the cbi will do what they want to do in the end. issuing 50k would skyrocket the currency in circulation. i just like the idea of the finance.committee trying to make the cbi come up with alternate options to increase the value. 1000:1, is not good, no matter how you look at at.

This isn't just "some guy" stating this it is the Finance committee.

and adding a 50k note does not skyrocket the circulation ...it reduces it? 1,000 25k k notes = 500 50k notes

[truthful1]

This isn't just "some guy" stating this it is the Finance committee.

and adding a 50k note does not skyrocket the circulation ...it reduces it? 1,000 25k k notes = 500 50k notes

It would reduce the amount of notes to complete a transaction, thats it. entering 20 bills of 50k dinar would be 1,000,000 dinar, that doesnt reduce dinar in circulation. they would be emtering 50k notes on top of everything else out there. no reason to talk about it, until the cbi rebutes these opinions.

Edited March 7, 2012 by truthful1

[Stryker365]

From what I have read it is not the Finance Committee that is the small group of back door people it's the Economics Committee. Now I'm not too sure how back door it is either, they have come out and made TV Press Statements so this shows me that it's not to back door. BTW, it looks like from a few of troopers videos and Khoury's translations it's made up of 10 people and I saw no women in the room or in front of any of the mic's!

No I'm not saying she is not part of it but can someone show me proof she is....I can't except for my observation above but from what I've read the committee is of the relevant committees, economy ministers, see below. I could go back and find others but as I stated the other day I've got a lot more than this going on right now.

Truthful, do yourself a favor and take a break brother, I have seen you hijack threads jump to conclusions. It seems that you are driving yourself crazy and we can't have that if this makes all of us money this anxiety will go away. I say this to you out of concern and note to start a fight, I like you too much to do that.

He said: that the ongoing meetings with therelevant committees in both houses of the Iraqi economy ministers, MPs, and weare now awaiting approval from them to get to the final stages of projectimplementation.

http://translate.goo...Lf_sgrZW4sCbRCA

Edited March 7, 2012 by Stryker365

[truthful1]

From what I have read it is not the Finance Committee that is the small group of back door people it's the Economics Committee. Now I'm not too sure how back door it is either, they have come out and made TV Press Statements so this shows me that it's not to back door. BTW, it looks like from a few of troopers videos and Khoury's translations it's made up of 10 people and I saw no women in the room or in front of any of the mic's!

No I'm not saying she is not part of it but can someone show me proof she is....I can't except for my observation above but from what I've read the committee is of the relevant committees, economy ministers, see below. I could go back and find others but as I stated the other day I've got a lot more than this going on rihjt now.

Truthful, do yourself a favor and take a break brother, I have seen you hijack threads jump to conclusions. It seems that you are driving yourself crazy and we can't have that if this makes all of us money this anxiety will go away. I say this to you out of concern and note to start a fight, I like you too much to do that.

He said: that the ongoing meetings with therelevant committees in both houses of the Iraqi economy ministers, MPs, and weare now awaiting approval from them to get to the final stages of projectimplementation.

http://translate.goo...Lf_sgrZW4sCbRCA<br style="mso-special-character: line-break;"><br style="mso-special-character: line-break;"> <br style="mso-special-character: line-break;"><br style="mso-special-character: line-break;">

I appreciate the concerns and its good advise. theres just so many false premises lately based purely of hope and wishful thinking that ive included a realists point of view. i know its hard to stay positive and im not trying to take from that approach. With me, i like to drop the emotions and wishful thinking and challenge leading statements with what we are seeing and that rubs a lot of people the wrong way. i want everyones dreams to come true and to make money on this. lately, people are more concerned with making sure people feel good and stay positive and im approaching with more questions. stryker, i dont have the answers and im not trying to convince anyone of a predicted outcome. my comments are thrown out there togive a different view of thinking, and i think thats healthy. sure i want this more than anyone, but i cant say stay positive and cheerful and diregard whats coming out in the medua. i dont believe much of this iraqi media, but i am using it at as a reference to put the puzzle together in the way its unfolding from my perspective. my one wish, is that people dont see my efforts as undermining their views, because i have such respect for the hard work time and the effort from members to put themselves out there.

[zigmeister]

I don't where the article is but hopefully some of you might remember the article. It was a bit of a shock. An article was posted they intended to print a 50k note. I remember Adam posted we do not want that, or this is not good for us. While we were busy posting the validity and what it could mean another article came out. This time with Saleh popping out of the CBI bank doors and shutting down the rumor. He simply said, that was an old plan. We are not printing a 50k note. We, on the board sighed with relief and it never showed up again until today.

I would say more confusion, and more confusion for counterfeiters as to what Iraq is going to do.

[truthful1]

From what I have read it is not the Finance Committee that is the small group of back door people it's the Economics Committee. Now I'm not too sure how back door it is either, they have come out and made TV Press Statements so this shows me that it's not to back door. BTW, it looks like from a few of troopers videos and Khoury's translations it's made up of 10 people and I saw no women in the room or in front of any of the mic's!

No I'm not saying she is not part of it but can someone show me proof she is....I can't except for my observation above but from what I've read the committee is of the relevant committees, economy ministers, see below. I could go back and find others but as I stated the other day I've got a lot more than this going on rihjt now.

Truthful, do yourself a favor and take a break brother, I have seen you hijack threads jump to conclusions. It seems that you are driving yourself crazy and we can't have that if this makes all of us money this anxiety will go away. I say this to you out of concern and note to start a fight, I like you too much to do that.

He said: that the ongoing meetings with therelevant committees in both houses of the Iraqi economy ministers, MPs, and weare now awaiting approval from them to get to the final stages of projectimplementation.

http://translate.goo...Lf_sgrZW4sCbRCA<br style="mso-special-character: line-break;"><br style="mso-special-character: line-break;"> <br style="mso-special-character: line-break;"><br style="mso-special-character: line-break;">

I appreciate the concerns and its good advise. theres just so many false premises lately based purely of hope and wishful thinking that ive included a realists point of view. i know its hard to stay positive and im not trying to take from that approach. With me, i like to drop the emotions and wishful thinking and challenge leading statements with what we are seeing and that rubs a lot of people the wrong way. i want everyones dreams to come true and to make money on this. lately, people are more concerned with making sure people feel good and stay positive and im approaching with more questions. stryker, i dont have the answers and im not trying to convince anyone of a predicted outcome. my comments are thrown out there togive a different view of thinking, and i think thats healthy. sure i want this more than anyone, but i cant say stay positive and cheerful and diregard whats coming out in the medua. i dont believe much of this iraqi media, but i am using it at as a reference to put the puzzle together in the way its unfolding from my perspective. my one wish, is that people dont see my efforts as undermining their views, because i have such respect for the hard work time and the effort from members to put themselves out there. i am truly in the middle on this issue. im invested for the possibilt. i have debated from both side of the rv argument. ive been fair, maybe rough around the edges but i feel ive listened to both sides

[leesburg]

they have 29 trillion dinars right now ..which equals 29 billion dollars ...a 50,000 note would reduce the money supply which they are trying to do...they claim they have 7 trillion actual bills in circulation... it costs alot of money just keeping up with all the printing of this currency as it gets worn out ..so they want to cut the amount of bills in circulation ..

this has been their claim all along... just to rv this dinar would create even more bills to maintain .. a 50,000 and a 100,000 note is exactly what they need ed all along .. then they needed to redonominate 1000 to one .. reducing the zeros bringing the dinar up in value to be equal to the dollar... those 50s and 100s will reduce the money supply ,

wheel borrows of cash ..lol .. the reason people would need wheel burrows of cash is theres no large bills... and they will never give you 25,000 dollars for these 25,000 dinar notes we hold right now... NEVER

they have 29 trillion dinars right now ..which equals 29 billion dollars ...a 50,000 note would reduce the money supply which they are trying to do...they claim they have 7 trillion actual bills in circulation... it costs alot of money just keeping up with all the printing of this currency as it gets worn out ..so they want to cut the amount of bills in circulation ..

this has been their claim all along... just to rv this dinar would create even more bills to maintain .. a 50,000 and a 100,000 note is exactly what they need ed all along .. then they needed to redonominate 1000 to one .. reducing the zeros bringing the dinar up in value to be equal to the dollar... those 50s and 100s will reduce the money supply ,

wheel borrows of cash ..lol .. the reason people would need wheel burrows of cash is theres no large bills... and they will never give you 25,000 dollars for these 25,000 dinar notes we hold right now... NEVER

[Stryker365]

I appreciate the concerns and its good advise. theres just so many false premises lately based purely of hope and wishful thinking that ive included a realists point of view. i know its hard to stay positive and im not trying to take from that approach. With me, i like to drop the emotions and wishful thinking and challenge leading statements with what we are seeing and that rubs a lot of people the wrong way. i want everyones dreams to come true and to make money on this. lately, people are more concerned with making sure people feel good and stay positive and im approaching with more questions. stryker, i dont have the answers and im not trying to convince anyone of a predicted outcome. my comments are thrown out there togive a different view of thinking, and i think thats healthy. sure i want this more than anyone, but i cant say stay positive and cheerful and diregard whats coming out in the medua. i dont believe much of this iraqi media, but i am using it at as a reference to put the puzzle together in the way its unfolding from my perspective. my one wish, is that people dont see my efforts as undermining their views, because i have such respect for the hard work time and the effort from members to put themselves out there. i am truly in the middle on this issue. im invested for the possibilt. i have debated from both side of the rv argument. ive been fair, maybe rough around the edges but i feel ive listened to both sides

Sorry I got caught on the phone...Wow I thought I was seeing double. ..I do the same truthful and if I come across as you say...a cheerleader so be it because there is a lot of negative people that bring down the mood around here. But I don't try to blow smoke or convince people that I am right, just the opposite... I tell people that good or bad we should see the outcome sooner than later and I have a lot smarter people than I saying the same thing. In trying to break down the news and understand it for myself I have decided to share with others and maybe the Good Lord will see fit that I may have made up my wrong doings when my time comes!

It's all good I just have been concerned about you but hey I'm not your dad either, I've already have a basketball team in children...

[TonyDownTheShore]

I don't where the article is but hopefully some of you might remember the article. It was a bit of a shock. An article was posted they intended to print a 50k note. I remember Adam posted we do not want that, or this is not good for us. While we were busy posting the validity and what it could mean another article came out. This time with Saleh popping out of the CBI bank doors and shutting down the rumor. He simply said, that was an old plan. We are not printing a 50k note. We, on the board sighed with relief and it never showed up again until today.

I would say more confusion, and more confusion for counterfeiters as to what Iraq is going to do.

That's the idea, they keep everybody guessing, including us , but it's all good, someday we'll look back and remember these days of us sitting in front of the computer waiting for news.

[SPRAYERDUDE]

This article is written by an idiot that has absolutely no idea whats going on in their own country. A bunch of senseless Bu775&!T that is so far from the present situation.The C.B.I. has stated too many times their intent and Forward Moving Economic situation

Edited March 7, 2012 by SPRAYERDUDE

[truthful1]

Sorry I got caught on the phone...Wow I thought I was seeing double. ..I do the same truthful and if I come across as you say...a cheerleader so be it because there is a lot of negative people that bring down the mood around here. But I don't try to blow smoke or convince people that I am right, just the opposite... I tell people that good or bad we should see the outcome sooner than later and I have a lot smarter people than I saying the same thing. In trying to break down the news and understand it for myself I have decided to share with others and maybe the Good Lord will see fit that I may have made up my wrong doings when my time comes!

It's all good I just have been concerned about you but hey I'm not your dad either, I've already have a basketball team in children...

Stryker, being cheerful.is great. You, easyrider, and. othrrs have brightened my day many times. because you guys and gals are right. theres no need to get worked up over these articles. im on the rv train until i see a new currency code, and i hope that never happens

[zigmeister]

Stryker a cheerleader?.......Stryker in a skirt with pom poms.......and a ponytail....scary thought!

[Stryker365]

Stryker a cheerleader?.......Stryker in a skirt with pom poms.......and a ponytail....scary thought!

I had to + you for that....very scary thought but you never know...if this thing comes in big than i may dress up just to scare you at the BBQ zig.... ....

[gamaray]

I had to + you for that....very scary thought but you never know...if this thing comes in big than i may dress up just to scare you at the BBQ zig.... ....

what good is a cheerleader without a squad? ........... If this thing pops a good pop, I'll join you!!!! pom poms and all. I'll start working on our cheer. RAH RAH REEEEEEE......It's time to RV!!!!

[TQueezy]

they have 29 trillion dinars right now ..which equals 29 billion dollars ...a 50,000 note would reduce the money supply which they are trying to do...they claim they have 7 trillion actual bills in circulation... it costs alot of money just keeping up with all the printing of this currency as it gets worn out ..so they want to cut the amount of bills in circulation ..

this has been their claim all along... just to rv this dinar would create even more bills to maintain .. a 50,000 and a 100,000 note is exactly what they need ed all along .. then they needed to redonominate 1000 to one .. reducing the zeros bringing the dinar up in value to be equal to the dollar... those 50s and 100s will reduce the money supply ,

wheel borrows of cash ..lol .. the reason people would need wheel burrows of cash is theres no large bills... and they will never give you 25,000 dollars for these 25,000 dinar notes we hold right now... NEVER

they have 29 trillion dinars right now ..which equals 29 billion dollars ...a 50,000 note would reduce the money supply which they are trying to do...they claim they have 7 trillion actual bills in circulation... it costs alot of money just keeping up with all the printing of this currency as it gets worn out ..so they want to cut the amount of bills in circulation ..

this has been their claim all along... just to rv this dinar would create even more bills to maintain .. a 50,000 and a 100,000 note is exactly what they need ed all along .. then they needed to redonominate 1000 to one .. reducing the zeros bringing the dinar up in value to be equal to the dollar... those 50s and 100s will reduce the money supply ,

wheel borrows of cash ..lol .. the reason people would need wheel burrows of cash is theres no large bills... and they will never give you 25,000 dollars for these 25,000 dinar notes we hold right now... NEVER

If they have 29 trillion dinar (value-wise) in circulation, they can't have 7 trillion bills... the smallest bill is 50 dinar, right? If there were 1 trillion of those bills, that would be 50 trillion dinar. You must be off by a factor of 1000. They probably have closer to 7 billion paper notes, or maybe 70 billion, depending on how many 25,000 dinar notes they printed. If more than 25% of the currency value is made up of 25,000 dinar notes, then they have closer to 7 billion paper notes in circulation. Yes, introducing higher denomination notes will reduce the amount of notes in circulation if they make it mandatory to trade in what you have for the higher denomination notes. Or they could just give that out at banks instead of 25,000 dinar notes as they come in. It would take time to remove a lot of the 25,000, 10,000, and 5,000 dinar notes to make way for 50,000 dinar notes into circulation. That's not what they've been talking about doing.

Your other point on making 50k and 100k dinar notes and then "redenominating" 1000:1 is a really dumb idea... then they would have to reprint the entire currency anyway. This is not what they're talking about doing, in my opinion. I think they're just talking about introducing new lower denominations as they trade in the current higher face value ones, thereby replacing their entire currency notes with new lower notes. In this process, they will increase the exchange rate so the new lower face value notes will have some actual value and purchasing power in the markets. But, to do this, they have to wait for the right timing. With too many of the older bills still in circulation, it would deplete their reserves to pay out for the exchange. They wouldn't stiff their own citizens anymore than they would us, so it has to be a straight-up revaluation (appreciation of value in the currency) to reflect the growth and future growth in the economy.

[Darin]

Folks we are not looking for one person's opinion....we are looking for the implementation announcement or just the RV itself.

Do yourself a favor and don't waste your time on personal opinions when there could be pieces of the puzzles elsewhere....

A couple tricks that I have always done are quite simple:

Never enter rumor sections unless the title is really appealing (as if the article is a copy/paste but no link to support)

Remain in the news ections when at all possible

Quickly scan some of the comments left by other members: (If it seems repetitive, duplicate, or a personal opinon, I move on).

Helps a person read the more important posts that bring forth new information.

[Stryker365]

A couple tricks that I have always done are quite simple:

Never enter rumor sections unless the title is really appealing (as if the article is a copy/paste but no link to support)

Remain in the news ections when at all possible

Quickly scan some of the comments left by other members: (If it seems repetitive, duplicate, or a personal opinon, I move on).

Helps a person read the more important posts that bring forth new information.

Darin, we speak the same tune sir!

Have you noticed that it is getting a little easier to scan thru the news because there are not but (4) things we are looking for;

1) National Meeting date and solutions.which includes HCL, Erbil and Article 140.

2) Chapter VII release.....March 14th Maliki visit should go well as it looks like everything is getting done in secret

3) Ministers announced....remember Iraq Defense & Security Summit begins on March 24th ends 25th

4) Implementation of CBI approval or the change of rate itself..IMO the rate will change before they announce.

All this will come at the same time because all are directly related and one gives the other away.

[carlablum]

Deputy: We proposed issuance of currency category (50) thousand dinars

08/03/2012

BAGHDAD - Al Sabah

Proposed by the Finance Committee MP Magda Tamimi issue currency category (50) thousand dinars in the implementation of the project to delete the three zeroes, to minimize the mass cash raised in the local markets.

Tamimi said during a statement made by the Agency (news): The security situation in Iraq is still not completely stable and does not help the execution of the large interest to the general citizens and the national economy and may get unexpected situations coincide with the implementation Kaltazoir and others.

She added that the proposed deletion of the three zeros will not reduce the money supply raised in the local markets, according to central bank says it is just deleted three zeros from the currency, stressing that reducing the money supply comes through the issuance of currency with large groups as a category (25) thousand dinars and (50) thousand dinars Stakhtzel being a larger mass of criticism as well as that the project does not need to ask when Enactment of the large groups.

Tamimi and warned of the exploitation of some outlaw gangs of the project by offering counterfeit currency and replace original currencies, as happened in the year (2004) when replacing the currency, the fact that the security situation in the country risk is very completely.

http://www.google.co....&hl=en&ie=UTF8

[Carrello]

I had to + you for that....very scary thought but you never know...if this thing comes in big than i may dress up just to scare you at the BBQ zig.... ....

I'll dress up like the mascot. Guess what it is. One hump or two? And I've got to get a bigger bra and a sleeping bag.

[DinarDana]

Hi Folks, I have been looking for all of you. Happy week to you all.

Interesting article, I am not taking this one seriously. It seems to me there is some opposition to raising the zeros and I get the feeling this is another opinion article of an opponent opposing the plan, or offering their "educated" opinion, so to speak. Reading the discussion was good, thanks for all you do here.

Yes Stryker, doing the SCAN is healthy and less time consuming, thanks for the suggestion. I am hoping after this summit there is lot's of good news.

Also, on a side note I have been creeping around reading all the investment sites for Iraq, it seems there are quite a few ambitious projects out there looking for foreign investors...wow when the money comes they are looking to build cities.

[Iraq2003]

Its crazy they can't cover the amount of currency they have out with all that wealth. I was over there in 04-06, well I guess our government is going to leave us holding the bag again!!!

[leesburg]

when turkey lopped off its zeros no one lost a pennys worth of value ..they simply redonominated.....erased 6 zeros .....their net worth stayed the same ..but their new currency gained value ...the dinar could do the same thing .. i just hope they rv to 3 to 4 dollars per dinar when they do it ... i think the time for rv is over .. unless it comes with release of chapter 7 .....if we dont see it then ..im lost ..... i really think when the oil dividends are paid they will issue them with a electronic bank card and they will be issued in new dinars .. ..

im looking at the end of june to be the very latest for this whole thing to be over .... they will be issuing the oil money to its citizens this coming june .. so .. thats my observation ..

hoping for a 4 dollar dinar soon ..

[Rayzur]

BAGHDAD - Al Sabah

Proposed by the Finance Committee MP Magda Tamimi issue currency category (50) thousand dinars in the implementation of the project to delete the three zeroes, to minimize the mass cash raised in the local markets.

وقالت التميمي خلال تصريح ادلت به للوكالة (الاخبارية): إن الوضع الامني في العراق ما زال غير مستقر تماماً ولايساعد بتنفيذ مشروع كبير يهم عامة المواطنين والاقتصاد الوطني وربما تحصل حالات غير متوقعة تزامناً مع تنفيذه كالتزوير وغيرها. Tamimi said during a statement made by the Agency (news): The security situation in Iraq is still not completely stable and does not help the execution of the large interest to the general citizens and the national economy and may get unexpected situations coincide with the implementation Kaltazoir and others.

وأضافت: ان مشروع حذف الاصفار الثلاثة لن يقلل من الكتلة النقدية المطروحة في الاسواق المحلية حسب ما يقول البنك المركزي بل هو مجرد حذف ثلاثة اصفار من العملة، مؤكدةً أن التقليل من الكتلة النقدية يأتي من خلال اصدار عملات ذات فئات كبيرة كفئة (25) الف دينار و(50) الف دينار كونها ستختزل الكتلة الكبيرة من النقد فضلا عن أن المشروع لا يحتاج الى تشريع قانون عند طرح فئات كبيرة. She added that the proposed deletion of the three zeros will not reduce the money supply raised in the local markets, according to central bank says it is just deleted three zeros from the currency, stressing that reducing the money supply comes through the issuance of currency with large groups as a category (25) thousand dinars and (50) thousand dinars Stakhtzel being a larger mass of criticism as well as that the project does not need to ask when Enactment of the large groups.

وحذرت التميمي من استغلال بعض العصابات الخارجة عن القانون ذلك المشروع من خلال طرح عملات مزورة واستبدالها بعملات اصلية كما حدث في العام (2004) عند استبدال العملة، كون الوضع الامني في البلاد غير مستتب تماماً. Tamimi and warned of the exploitation of some outlaw gangs of the project by offering counterfeit currency and replace original currencies, as happened in the year (2004) when replacing the currency, the fact that the security situation in the country risk is very completely.

http://www.alsabaah.com/

[TQueezy]

Hmmm...

/quote

according to central bank says it is just deleted three zeros from the currency

/endquote

Either that's extremely misinterpreted or mistranslated, or there's something to it, and something coinciding with the extreme rumors that OOM and his team is putting out tonight. I guess I'll have to find out in the morning when I wake up. It will probably just be another day, business as usual.

[caz1104]

I appreciate the concerns and its good advise. theres just so many false premises lately based purely of hope and wishful thinking that ive included a realists point of view. i know its hard to stay positive and im not trying to take from that approach. With me, i like to drop the emotions and wishful thinking and challenge leading statements with what we are seeing and that rubs a lot of people the wrong way. i want everyones dreams to come true and to make money on this. lately, people are more concerned with making sure people feel good and stay positive and im approaching with more questions. stryker, i dont have the answers and im not trying to convince anyone of a predicted outcome. my comments are thrown out there togive a different view of thinking, and i think thats healthy. sure i want this more than anyone, but i cant say stay positive and cheerful and diregard whats coming out in the medua. i dont believe much of this iraqi media, but i am using it at as a reference to put the puzzle together in the way its unfolding from my perspective. my one wish, is that people dont see my efforts as undermining their views, because i have such respect for the hard work time and the effort from members to put themselves out there. i am truly in the middle on this issue. im invested for the possibilt. i have debated from both side of the rv argument. ive been fair, maybe rough around the edges but i feel ive listened to both sides

It's cool to look at things from all angles imo. But for me it's in the approach & yours is appreciated. Best to all