Today the Finance Committee will host a delegation from the Central Bank to discuss the deletion of zeros

[rsskelton]

Today the Finance Committee will host a delegation from the Central Bank to discuss the deletion of zeros

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Published on Sunday, 06 May 2012 07:35. |

BAGHDAD / With: revealed the Finance Committee in the House, it will host a delegation from the Central Bank, on Sunday, to discuss the process of removing the zeros, according to a statement of the Commission.

The statement said the agency received a copy of future reports that "the Commission will host a delegation from the Iraqi Central Bank to discuss the process of deleting the zeros and foreign remittances and some matters relating to the currency of Iraq."

He added that "members of the committee discussed the budget of the House of Representatives with a financial adviser to the Council."

The Council of Ministers decided in (04/10/2012) patient in the deletion of zeros from the national currency to further notice based on what presented to Committee on Economic Affairs and stopped the decision at the time, all the procedures relating to the operation in question.

The Council is also in (11/04/2012), to form a committee to study the fluctuation of the exchange rate of Iraqi dinar, as he emphasized that the Committee will provide the appropriate solutions to prevent harm to the national economy.

The process of deleting the zeros announced by the central bank earlier, convert thousand dinars to one dinar, are not satisfied with a number of economists, the Iraqis, who believe that Iraq is not ready for operation at the present time, because it lacks the security and political stability as well as stability economy. (finished)

[yota691]

Thks for post RSS should see a few more!! +1

[FlintNPebbles]

[The process of deleting the zeros announced by the central bank earlier, convert thousand dinars to one dinar, are not satisfied with a number of economists, the Iraqis, who believe that Iraq is not ready for operation at the present time, because it lacks the security and political stability as well as stability economy. (finished)

wow...can that get any clearer? Sure hope they don't follow that process. If they need more time to do anything other than lop....then by all means let them take all the time they need

[truthful1]

Deleting the three zeroes is and always has been a lop.............i guess people are now starting to finally see.

[Sector]

[The process of deleting the zeros announced by the central bank earlier, convert thousand dinars to one dinar, are not satisfied with a number of economists, the Iraqis, who believe that Iraq is not ready for operation at the present time, because it lacks the security and political stability as well as stability economy. (finished)

wow...can that get any clearer? Sure hope they don't follow that process. If they need more time to do anything other than lop....then by all means let them take all the time they need

It's called a redonomation "RD " meaning the that new 50 Iraqi dinar note will be worth 50000 dinars (x1000). The RD will not effect us at all because the RD only effects the new currency and we have the old currency.

A 25000 Iraqi dinar note will always be worth 25000 dinars period.

The word lop has no meaning it's just a made up slang word to mean whatever you want.

[truthful1]

Well im seeing all the negs for knowing an economic definition,

It's called a redonomation "RD " meaning the that new 50 Iraqi dinar note will be worth 50000 dinars (x1000). The RD will not effect us at all because the RD only effects the new currency and we have the old currency.

A 25000 Iraqi dinar note will always be worth 25000 dinars period.

The word lop has no meaning it's just a made up slang word to mean whatever you want.

how did you find that information?

Edited May 6, 2012 by truthful1

[yota691]

Well im seeing all the negs for knowing an economic definition,

how did you find that information?

The question we should be asking is where did you find your's!!

[rightsonword]

Well im seeing all the negs for knowing an economic definition,

As an outside spectator who doesn't really care one way or the other how this whole thing goes and that sees an RD as extremely likely, I don't think you got negged for knowing an economic definition. Rather, it seems you got negged for seeming to have a chip on your shoulder and using belittling remarks.

[truthful1]

The question we should be asking is where did you find your's!!

Well sure............just search redenomination and youll find out that deleting the zeroes is a common term and has happened many many times throughout history. In fact....it is exactly the process the cbi describes.

its your turn.......where did you find tht information?? I cant find it......ive been looking for years.

As an outside spectator who doesn't really care one way or the other how this whole thing goes and that sees an RD as extremely likely, I don't think you got negged for knowing an economic definition. Rather, it seems you got negged for seeming to have a chip on your shoulder and using belittling remarks.

How is it belittling??? many people have basically sworn in and out deleting the three zeroes is a revaluation. here we see 1000 becoming 1. Many are starting to see what deleting the zeroes is.

If your looking for a delicate tone of emotion in my post...then i see your point.

but im offended by your accusations of belittling........can we talk about the article please??

I

Lets all remmber....just because you know what a deleting the zeroes is........DOESNT mean it will happen. But.....the definition and description of it.....is what it is

Edited May 6, 2012 by truthful1

[truthful1]

I consider my gesture of clarifying and spotting things out to those who have been mislead..to be helpful. Understanding what the cbi is saying is important..............everyone can make their own speculation about what will happen.

[jeepguy]

see if i can get some pluses { + } it says a 50 will be worth 5, million thanks rsskeleton

Edited May 6, 2012 by jeepguy

[onerighthand]

I consider my gesture of clarifying and spotting things out to those who have been mislead..to be helpful. Understanding what the cbi is saying is important..............everyone can make their own speculation about what will happen.

Truthful1, I am afraid you are the guy in the airplane that always says "were all going to die, were all going to die!" Even with every bodies hand over your mouth, your still trying to say it again and again out of the corner of your mouth. Shut the F up. Right or wrong, you are not helpful in anyway no matter how you spin it, "oh great teacher". Nobody wants to here your analogy anymore. It's getting old very fast or at least it is for me!

[zigmeister]

Great post rss. One for discussion I believe and one that brings some anxiety. My favorite part of this article is well the whole thing, as in they are putting the delete zero's on hold because many economists believe Iraq is not ready for such a big task at this time. After reading many articles and opinion pieces I would say they aren't. I was reading a post yesterday the CBI is not in one building but many because of an arson attempt and crazy stuff. So the connections the CBI has at this time. A very good and insightful opinion piece posted by none other than rss in the opinion forum. "Disruptive influences". Read it and you will understand why this whole project has been put on hold. They are not disagreeing that it must never happen, because it really must be done, thankfully not now.

To move on with my imo, I would love it if they RD'd and left the zero's on as Sector described, but in all the past articles coming from CBI they give names of countries who did what they want to do, such as Turkey, Brazil and so forth. So like Truthful and many here on DV this definitely implies an RD. I have tried to walk around this white elephant many times, even now I will try, but like Truthful posted, it is what it is.

Some have said the whole process stated by CBI is about pulling in dinar with three zero's, I liked that theory except for one thing, they aren't. Where is the proof? If they were pulling in dinars and really pouring the dollar into the Iraqi economy why is the dollar gaining and the dinar is falling to the floor? Probably because the dinar is more plentiful in Iraq than we know for and no one wants it. I think they have chosen to preserve their currency reserves. Their S.O.S.'s of the falling dinar tells me logically this is what is going on. Personally I think the CBI is holding on to this because they do not want to part with their stash, they have saved for the deletion of zero's program, and that is all that matters to them.

The good news is this, the program is on hold. From this article I gather it may be on hold for a long time until the banking system is really on line. But they have to do something about it in the mean time, today, not yesterday. Hopefully something good can come from this, with inflation rising, and tariffs coming down the pike they need to figure out a way to bring the dinar up against the dollar. My thought is, they will be forced to pull the dinar in and release the dollar.Thereby a natural way to bring the dinar up. OR they are going to have to do a little RVing. Now I am no economist, there are many options opened to them. I may be seeing this to simply, but all in all, the situation at hand is good for us.

Another bit of a good news is this, Iraq says alot of things, they have been crying help with the funny money schemes, auctions, falling dinar, but the auctions continue. They chatter about National Meetings. Getting rid of Maliki. The list goes on, but nothing really happens. So an RD scenario, may be just one of their stories, to look like they are doing something.

What I am hoping for is the CBI will be forced to look at other ways to save the dinar. There are other avenues they can follow. Avenues that I believe can benefit us as well as Iraq. It is time for Shabibi to take of his blinders, and see there is more than one way to skin a cat. IMO only.

[cheerful1]

JMHO:

The documents/reports put forth by the Government, Economists, Media of Iraq have been sometimes consistent, sometimes conflicting. This may be in part because of the language/cultural nuance differences. As some have said, it may also be propaganda or misdirection to avoid chaos in the procedure of the REAL plan.

Whether or not the spin of the day is positive or negative, from Kap to Keep, until the Government of Iraq actually makes a change in the currency value, the theories/hypothesis put forth by those on both sides of the RV/LOP aisle, are merely conjecture.

Both seem to make logical arguments for their side, based on their understanding of the value/legitimacy of the articles/information/history at hand.

For me, at the end of the day, the bottom line is...this is just a speculative investment, money spent that I should be able to comfortably walk away from. I simply must not invest myself emotionally in something which is far beyond my capacity to control the outcome.

We can only HOPE AND PRAY FOR THE BEST OUTCOME FOR ALL INVOLVED.

Again, JMHO

[truthful1]

Truthful1, I am afraid you are the guy in the airplane that always say "were all going to die"! Shut the F up. Right or wrong, you are not helpful in anyway no matter how you spin it, "oh great teacher". Nobody wants to here your analogy anymore. It's getting old very fast or at least it is for me!

Would you like to talk about the article??.....or are you turning this into your area for character assasination???

Dinarvet....is about being engaged. Why all the anger??? if the reference to 1000 becoming one wasnt in the article.......no one would of brought it up!!!!

Edited May 6, 2012 by truthful1

[zigmeister]

Truthful1, I am afraid you are the guy in the airplane that always says "were all going to die, were all going to die!" Even with every bodies hand over your mouth, your still trying to say it again and again out of the corner of your mouth. Shut the F up. Right or wrong, you are not helpful in anyway no matter how you spin it, "oh great teacher". Nobody wants to here your analogy anymore. It's getting old very fast or at least it is for me!

I understand your frustration with Truthful's analogy of Iraq's intentions. But to say just shut the F up is downright wrong. It would however be an interesting discussion and more fruitful is discussing how Iraq could walk around an RD plan. They can and there are ways. I think this is what the meeting is all about today with the CBI. It should be interesting to see what comes out of it.

[rightsonword]

How is it belittling??? many people have basically sworn in and out deleting the three zeroes is a revaluation. here we see 1000 becoming 1. Many are starting to see what deleting the zeroes is.

If your looking for a delicate tone of emotion in my post...then i see your point.

but im offended by your accusations of belittling........can we talk about the article please??

Lets all remmber....just because you know what a deleting the zeroes is........DOESNT mean it will happen. But.....the definition and description of it.....is what it is

I apologize if i offended you. It is not my intention. Just pointing out that in some of your posts you come across as frustrated and the tone is a little less than cordial with a hint of sarcasm. You may get unfairly negged, I know, but it just comes with the territory of speaking about a LOP whether merited or not. But, yes, of all the people who bring up LOP information, you seem to be the more well spoken of the bunch. There is no doubt the others do belittle and think lowly of the intelligence of others on this board.

But yes, let's discuss the article. The below seems encouraging. For one, it pushes the start of deleting zeros back and it shows there is opposition to the plan in some form. On the flip side, it also shows that Iraw may also not be ready of an RV at this time if that is what they are wanting to do due to lack of security and stability. Regardless, imo, showing opposition to the plan to delete zeroes is a great thing. What do you think?

The process of deleting the zeros announced by the central bank earlier, convert thousand dinars to one dinar, are not satisfied with a number of economists, the Iraqis, who believe that Iraq is not ready for operation at the present time, because it lacks the security and political stability as well as stability economy. (finished)

[zigmeister]

I apologize if i offended you. It is not my intention. Just pointing out that in some of your posts you come across as frustrated and the tone is a little less than cordial with a hint of sarcasm. You may get unfairly negged, I know, but it just comes with the territory of speaking about a LOP whether merited or not. But, yes, of all the people who bring up LOP information, you seem to be the more well spoken of the bunch. There is no doubt the others do belittle and think lowly of the intelligence of others on this board.

But yes, let's discuss the article. The below seems encouraging. For one, it pushes the start of deleting zeros back and it shows there is opposition to the plan in some form. On the flip side, it also shows that Iraw may also not be ready of an RV at this time if that is what they are wanting to do due to lack of security and stability. Regardless, imo, showing opposition to the plan to delete zeroes is a great thing. What do you think?

The process of deleting the zeros announced by the central bank earlier, convert thousand dinars to one dinar, are not satisfied with a number of economists, the Iraqis, who believe that Iraq is not ready for operation at the present time, because it lacks the security and political stability as well as stability economy. (finished)

You know it does seem funny to me, as I am sipping my coffee and thinking about it. If they were going to RD why hasn't Shabibi gotten the banks on line? Knowing this was the plan back in what 2004 or so? I mean you would think he would have gotten his ducks in a row, irregardless of what was going on politically.

[onerighthand]

Would you like to talk about the article??.....or are you turning this into your area for character assasination???

Dinarvet....is about being engaged. Why all the anger??? if the reference to 1000 becoming one wasnt in the article.......no one would of brought it up!!!!

Not angry and this is not a character assassination? Ok I should have replaced F (firetruck) with the H (housewares). Sorry!

[rightsonword]

You know it does seem funny to me, as I am sipping my coffee and thinking about it. If they were going to RD why hasn't Shabibi gotten the banks on line? Knowing this was the plan back in what 2004 or so? I mean you would think he would have gotten his ducks in a row, irregardless of what was going on politically.

I agree. An RD is simple to understand even for an uneducated person. If Iraq was heck bent on lopping, I don't see a good reason why they have waited 8 years to do so and are now pushing it off again. 8 years is a long time to get everything in order bank wise. To me, this seems to indicate there is a lot more opposition internally within the government about a potential RD.

[onerighthand]

Deleting the three zeroes is and always has been a lop.............i guess people are now starting to finally see.

Just so you know, I did not neg you ever.

When you said "i guess people are now starting to finally see" made me react. I am not really angry with you personally and wrote my thing calmly but there is a select few that no matter the article has to bring up a lop, and there are those that think that shabibi having tea in the morning thinks that they are ready to RV.

I should have kept my keyboard quiet. Sorry for the attack! I stopped reading 3 weeks ago and your statement was one of the first I've read. I think I'll take another couple weeks off.

[FlintNPebbles]

I know what an RD is...I have been in this game for about 8 years. I didn't read anywhere it said that it will RD and the 1000 dinar will be equal to 1 new dinar. I am watching all the news and reading all that I can and most days I can believe that it will be that scenerio...however, today I read that 1000 dinar will be equal to 1 dinar. Sounded bad to me...however, I am sure the next article I read will sound good....it's been that way for years....just waiting for them to actually do something.

Zigmeister....I like your thinking I enjoy reading your comments and thoughts.

[bamagirl]

Great post rss. One for discussion I believe and one that brings some anxiety. My favorite part of this article is well the whole thing, as in they are putting the delete zero's on hold because many economists believe Iraq is not ready for such a big task at this time. After reading many articles and opinion pieces I would say they aren't. I was reading a post yesterday the CBI is not in one building but many because of an arson attempt and crazy stuff. So the connections the CBI has at this time. A very good and insightful opinion piece posted by none other than rss in the opinion forum. "Disruptive influences". Read it and you will understand why this whole project has been put on hold. They are not disagreeing that it must never happen, because it really must be done, thankfully not now.

To move on with my imo, I would love it if they RD'd and left the zero's on as Sector described, but in all the past articles coming from CBI they give names of countries who did what they want to do, such as Turkey, Brazil and so forth. So like Truthful and many here on DV this definitely implies an RD. I have tried to walk around this white elephant many times, even now I will try, but like Truthful posted, it is what it is.

Some have said the whole process stated by CBI is about pulling in dinar with three zero's, I liked that theory except for one thing, they aren't. Where is the proof? If they were pulling in dinars and really pouring the dollar into the Iraqi economy why is the dollar gaining and the dinar is falling to the floor? Probably because the dinar is more plentiful in Iraq than we know for and no one wants it. I think they have chosen to preserve their currency reserves. Their S.O.S.'s of the falling dinar tells me logically this is what is going on. Personally I think the CBI is holding on to this because they do not want to part with their stash, they have saved for the deletion of zero's program, and that is all that matters to them.

The good news is this, the program is on hold. From this article I gather it may be on hold for a long time until the banking system is really on line. But they have to do something about it in the mean time, today, not yesterday. Hopefully something good can come from this, with inflation rising, and tariffs coming down the pike they need to figure out a way to bring the dinar up against the dollar. My thought is, they will be forced to pull the dinar in and release the dollar.Thereby a natural way to bring the dinar up. OR they are going to have to do a little RVing. Now I am no economist, there are many options opened to them. I may be seeing this to simply, but all in all, the situation at hand is good for us.

Another bit of a good news is this, Iraq says alot of things, they have been crying help with the funny money schemes, auctions, falling dinar, but the auctions continue. They chatter about National Meetings. Getting rid of Maliki. The list goes on, but nothing really happens. So an RD scenario, may be just one of their stories, to look like they are doing something.

What I am hoping for is the CBI will be forced to look at other ways to save the dinar. There are other avenues they can follow. Avenues that I believe can benefit us as well as Iraq. It is time for Shabibi to take of his blinders, and see there is more than one way to skin a cat. IMO only.

ITA Zig

[Elixirbaby]

You know it does seem funny to me, as I am sipping my coffee and thinking about it. If they were going to RD why hasn't Shabibi gotten the banks on line? Knowing this was the plan back in what 2004 or so? I mean you would think he would have gotten his ducks in a row, irregardless of what was going on politically.

Exactly. They have done a currency exchange already when they got rid of the saddam notes. They didn't go thru all this fan fair of new laws, GOI seated and so forth back then. But in the end who knows for sure. I wait just like everyone else hoping for positive outcome. Tic toc tic toc. Let's go shabibi.

[MrOptimistic]

It's called a redonomation "RD " meaning the that new 50 Iraqi dinar note will be worth 50000 dinars (x1000). The RD will not effect us at all because the RD only effects the new currency and we have the old currency.

A 25000 Iraqi dinar note will always be worth 25000 dinars period.

The word lop has no meaning it's just a made up slang word to mean whatever you want.

I agree sector. I would +1 ya but im on my iphone. People don't understand that the dinar is a subdivided currency of 1000 fils.