Iraq halts plans to cut zeros off dinar currency-cabinet

[EternalReality]

Stand for what?? A new currency. the price in the market is above 1350 per dinar......is unstable..issuing a new currency now would probably fail....the people are losing faith.....i bet they are glad.

none of this has anything to do with a rv........deleting zeroes is a neutral event and something im excited they decided not to do

Careful how you look at things.

You have to realize that the only way for the people to gain confidence back in there own currency, and anyone for that matter, would be by releasing lower denomination bills..... people are not going to have faith in a currency that has it's lowest denomination in a $50 bill?

[keepmwlknfny]

Careful how you look at things.

You have to realize that the only way for the people to gain confidence back in there own currency, and anyone for that matter, would be by releasing lower denomination bills..... people are not going to have faith in a currency that has it's lowest denomination in a $50 bill?

I think we all understand that having a dinar on par with the USD will help build confidence, but we don't want them to take the easy way out and redenominate by deleting the zeros.....that will not help us profit at all.....

Bottom line is that this is great news they are delaying or even canceling this plan to delete the zeros....and for the ones that think this is bad news, or that its delaying the RV we all want, you should really take the time to go outside these forums and learn for yourself what a redenomination is instead of relying on the gurus to tell you what it is because you will only stay uninformed of the reality of the situation.....

[peterson96]

Would be great if this was the "Chinese Denial".

[Francie26]

RSS, we should have coordinated. I have a bridge in Arizona I am selling.

Carrello, welcome back!! I missed you very much!! Hope all is well with you. And again, I'm really, reallllllly glad you are here again. BIG 's Fran

Wow, by reading everyones response i don't think they know what deleting the zeros is. But I do know this, Shabibi is in charge of the CBI and will STAY in charge of the CBI. Maliki will not win this battle. Rather has lost, not just one but 3 times.

Exactly!!!

I would have to agree with you!!!

Also when their dinar is on the same level as the American dollar, they will prefer to use their own currency. Actually, if they come out with a value slightly over the dollar, everyone will be cashing in their dollars to get their own higher-valued currency. It will be new and fresh and clean and theirs . And like Obama, their congress and Maliki will claim the credit, even though Shabibi did it. haha Sheesh!! And it will get the dollars our of Iran's hands. People won't trade them to Iran if they can get more money for them at home.

[Francie26]

I may be way off base here, but I thought that any and all decisions about the currency of Iraq would be made, and announced by Dr. Shabibi. It was my understanding that he and only he is responsible for this. At the same time I was reading information stating this, I was reading that the government, meaning members of parliament, did not have the say over currency. It has been stated more than once right here on this forum that Maliki, who is supposecly the representative of his parliament, had nothing to do with the RV, that it is all on the shoulders of Dr. Shabibi.

Okay, having said all that, why is it that we are suddenly jumping up and down, or out the tenth floor window, depending on your viewpoint, when this "news" is coming from the Director General of the Council on Cabinet Affairs (I think that was his title), which means it is a decision about the currency that is coming from the Cabinet, which represents the regular members of parliament. That would suggest that even if Shabibi wanted to "push the button" he would have to have approval from the government, the members of parliamment, the cabinet. all of them. That would require a lot of discussion and voting and you know that these people are notorious for their laxidazical approach to government vis a vis such things as showing up for meetings, having time between holidays to take a vote, having the Kurds or Sadr drop a fly in the ointment, not to mention they cannot agree on anything important. (Remember how long it took to even get a seated government which happened well after the deadline, They have no idea what deadline means!)

So, if currency matters have to be settled in parliament first, before Dr. Shabibi can announce anything, why are we even waiting on a day to day basis? If this is truly the case, it could take another year or more. Just my opinion, maybe someone can explain what is wrong with it?

smee2

smee2, you would be right if they did have any control over the currency, but they don't. Shabibi has ultimate control, and Shabibi alone, and Kaparoni even says the World Bank, the IMF, and one other world class organization all have offices in downtown Baghdad to help Shaibbi with this. The Ministers and Maliki, for some reason, don't want Shabibi to push that button and change everything. Possibly it's because they are scared, or maybe they have their hands too deep into the cookie jar, but whatever their problem is, they are willing that the vast numbers of Iraqis be forced to stay dirt poor rather than upping the value of their currency, So they just stepped up and passed a resolution over something they have no control over. Their resolution isn't worth the toilet paper its probably written on. But probably unwittingly, they seem to have let slip that Shabibi plans to raise the value of their home grown currency, the Iraqi dinar. And that's great news!!!

[Francie26]

it seems to me they wanted to rd at 1000 to one and equal to a dollar ... but they say their currency value has fallen against the dollar .. so now it seems they are postponing the rd ...until they can bring the value of the dinar up to and possibly just a hair more valuable than the dollar .. so they can get iraqis to turn in dollars for dinars .... but some mo ron .. seems to of given syria and iran iraqi dinars for their strian and iranian currencies as they were dropping in value .. and iraq lost big time on the deal ..i think the idea was to try to prop up those currencys as they were dropping but their gamble lost them a few billion dollars worth of value towards their own currency ..at least they stopped .. hopfully ... now they have to bring the dinar value back up .. those morons .. theymessed with the big dogs that imposed sanctions on iran and syria ... they dont mess around .. they are what people call the elite .., but its just an agreement within the monetary community that cannot be looked at lightly .. if you are involved in the monetary system of economics .. you must tow the line or you will end up on the losing end of the battle

if ya cant hang with the big dogs ,,, get off the pourch .. go back to your exotic currency and good luck with that.. your fighting a losing battle

err . . . err . . . that's "stay on the front porch."

[Realdinar]

I think we all understand that having a dinar on par with the USD will help build confidence, but we don't want them to take the easy way out and redenominate by deleting the zeros.....that will not help us profit at all.....

Bottom line is that this is great news they are delaying or even canceling this plan to delete the zeros....and for the ones that think this is bad news, or that its delaying the RV we all want, you should really take the time to go outside these forums and learn for yourself what a redenomination is instead of relying on the gurus to tell you what it is because you will only stay uninformed of the reality of the situation.....

Good post keep, this seems to be good news in terms of the delaying of the redenomination. Now I hope they can continue to improve their economic infrastructure so we might make a little bit on this speculation.