poll: what is deleting the three zeroes

[jonjon]

Central Bank confirms its intention to delete the zeros of the Iraqi dinar

Adel Mohammed wrote

Posted on Sunday, September 28, 2008 by Mohammed

He adviser to the CBI the appearance of Mohammed's determination to proceed with the Bank project to delete the zeros of the Iraqi dinar to convert thousand dinars to one dinar.

Saleh added that the bank will adopt long-term plan for the implementation of the project, in order to avoid any disruption of cash reflected on the scene, which will move based on the studies and the slow and accurate to solve all problems existing in the trading result of the magnitude of the confused mass of cash bulging in the Iraqi market. And that many of the countries of the world suffered from this problem and turned their economies towards relative stability, it must find a solution to curtail money supply enormous as to facilitate exchange of cash in Iraqi society, which tend to settle to deal with cash now instead of using the means of payment advanced banking.

Radio NOAA

http://www.basratuna.net/modules.php?name=News&file=article&sid=3358

[keepmwlknfny]

Central Bank confirms its intention to delete the zeros of the Iraqi dinar

Adel Mohammed wrote

Posted on Sunday, September 28, 2008 by Mohammed

He adviser to the CBI the appearance of Mohammed's determination to proceed with the Bank project to delete the zeros of the Iraqi dinar to convert thousand dinars to one dinar.

Saleh added that the bank will adopt long-term plan for the implementation of the project, in order to avoid any disruption of cash reflected on the scene, which will move based on the studies and the slow and accurate to solve all problems existing in the trading result of the magnitude of the confused mass of cash bulging in the Iraqi market. And that many of the countries of the world suffered from this problem and turned their economies towards relative stability, it must find a solution to curtail money supply enormous as to facilitate exchange of cash in Iraqi society, which tend to settle to deal with cash now instead of using the means of payment advanced banking.

Radio NOAA

http://www.basratuna.net/modules.php?name=News&file=article&sid=3358

Its all no bueno!! I don't want my 1000 dinar converted into 1 dinar.....

Wonder what Kaps spin would be on that statement.....

[zul]

Its all no bueno!! I don't want my 1000 dinar converted into 1 dinar.....

Wonder what Kaps spin would be on that statement.....

I bet he would say...~ Iraq would be very happy managing 30B dinar with purchasing power equivalent to 26B USD ~ much less than what they had to manage 24 yrs ago in 1988 i.e 25 billion dinar with 80 bilion dollar purchasing power....for their 18 million population when the price of oil was hovering just around 17 to 18 dollar per barrel.

Now 24 yrs later..with population of 31 million, and the price of oil per barrel is roughly 7 times higher than it was before ( which roughly is an indicator for general prices of goods and services (1988 vs 2012), Iraq today actually need only 1/3 of the 80 billion dollar purchasing power they had in 1988. A great achievement.

:lol:

Edited May 10, 2012 by zul

[sandyf]

You have to take the statements about deleting the zeros in the context of the history of economics. In previous cases "deleting the zeros" meant redenomination where the old currency was demonetized and the new rate was reflected in the new currency.

Quite right, normally the currency would be referred to as 'old' and 'new' and after so long the 'new gets dropped. For example in the UK what was 5 new pence is just 5 pence. This is the only situation that can tolerate dual pricing.

Its all no bueno!! I don't want my 1000 dinar converted into 1 dinar.....

Wonder what Kaps spin would be on that statement.....

By the time the redenomination takes place, you will not have any dinar.

[TXNOLE]

Central Bank confirms its intention to delete the zeros of the Iraqi dinar

Adel Mohammed wrote

Posted on Sunday, September 28, 2008 by Mohammed

He adviser to the CBI the appearance of Mohammed's determination to proceed with the Bank project to delete the zeros of the Iraqi dinar to convert thousand dinars to one dinar.

Saleh added that the bank will adopt long-term plan for the implementation of the project, in order to avoid any disruption of cash reflected on the scene, which will move based on the studies and the slow and accurate to solve all problems existing in the trading result of the magnitude of the confused mass of cash bulging in the Iraqi market. And that many of the countries of the world suffered from this problem and turned their economies towards relative stability, it must find a solution to curtail money supply enormous as to facilitate exchange of cash in Iraqi society, which tend to settle to deal with cash now instead of using the means of payment advanced banking.

Radio NOAA

http://www.basratuna.net/modules.php?name=News&file=article&sid=3358

Long term plan for sure........4 years later they are still "studying the plan to delete the zeros"......and we think the RV will happen anytime soon?

[GotSix]

Long term plan for sure........4 years later they are still "studying the plan to delete the zeros"......and we think the RV will happen anytime soon?

You're right T-Hole.....4 years later....& yes some of us are still waiting.....& yes.....they continue to say that they are "studying the plan to delete the zeros"......but wait.....they continue to refer to Turkey & others that were sucessful...so they have the ground work for them......if they truly want to RD...why haven't they....I know why.....do you

[keepmwlknfny]

You're right T-Hole.....4 years later....& yes some of us are still waiting.....& yes.....they continue to say that they are "studying the plan to delete the zeros"......but wait.....they continue to refer to Turkey & others that were sucessful...so they have the ground work for them......if they truly want to RD...why haven't they....I know why.....do you

Instability......the worries of slipping right back into inflation and a decreasing valued currency.....uncertainty of the near future and what could happen.....

Im pretty sure if they have to or want to RD, that they only wanna do it once....

[alan_coaks_3]

lol most people dont even no what remove the 3 zeros mean

[zantac]

0 delete, 0 delete & 0 delete.

That’s the 3 zeros deleted

Now that’s easy mate, job done

[alan_coaks_3]

removing the zeros means ur 25000 dinar will be worth 25

[tampa1000]

Its all no bueno!! I don't want my 1000 dinar converted into 1 dinar.....

Wonder what Kaps spin would be on that statement.....

If you think they (the GOI or CBI) will come out and say they are gonna do a strait up RV of their currency it will never happen... So keep believing all the articles they put out and see how far it will get you! Its funny how people tend to believe everything that's in black and white on paper...Or on the news...

[txwWrestling]

Good poll!!

Just get it done already

[WorkerBee]

If you think they (the GOI or CBI) will come out and say they are gonna do a strait up RV of their currency it will never happen... So keep believing all the articles they put out and see how far it will get you! Its funny how people tend to believe everything that's in black and white on paper...Or on the news...

I don't believe every news article that comes out of Iraq and we all know a country will never announce a revaluation and will even deny it up to the day before it happens (ala China) BUT we do know there is a reason and a history of why countries redenominate. Seems to me, Iraq, with the sheer numbers of dinars that exist fits the profile of other countries who have gone before. I just don't think one can just dismiss this as smoke and mirrors.

At this point, I could never tell anyone about this "investment" without disclosing there is a very real possibility of a redenomination. It is not a slam dunk which is how it was presented to me from people I trusted when I first got in. My fault I know, but back then, we didn't have all of the information that we have now. I'll be happy with any gain but if this wishy washy government continues waffling, it may be that your money could have realized greater gains in other investments in a much shorter time period.

It is fun though.

[keepmwlknfny]

If you think they (the GOI or CBI) will come out and say they are gonna do a strait up RV of their currency it will never happen... So keep believing all the articles they put out and see how far it will get you! Its funny how people tend to believe everything that's in black and white on paper...Or on the news...

Im not saying they will come out and announce a RV....cause your right, that wouldnt happen on a large scale....

My point is that so many uneducated gurus and others take the lop articles and twist them into meaning a straight up RV like we all want....which just makes a mockery of what this is....makes it look like a huge joke and scam...

If I took everything as is, and believed everything coming out of Iraq, I would have sold my dinar awhile ago! Dont be so quick to assume....

[Tripphood]

Im kinda still new at this but from all of the information I have read I have gleaned that dropping the zeros means that after the RV, they would drop the zero's off of the present currency and put out the new lower denom notes. That is dropping the zeros. Maybe I'm wrong but this is the way I see it. Can't it be that simple? Maybe all the other words used like raise lift etc. all mean they same thing but are coming from different people.

[keepmwlknfny]

Im kinda still new at this but from all of the information I have read I have gleaned that dropping the zeros means that after the RV, they would drop the zero's off of the present currency and put out the new lower denom notes. That is dropping the zeros. Maybe I'm wrong but this is the way I see it. Can't it be that simple? Maybe all the other words used like raise lift etc. all mean they same thing but are coming from different people.

Dropping the zeros would mean for us that the value of the bills we hold would never change. Only the new currency would carry a higher value, and in order to exchange your current bills for the new, you will have to do so at a ratio of 1000 old to 1 new....You would basically break even minus any fees paid unless you held on to the new currency for years on the speculation that they will get back to a 3 dollar rate.....then you might triple your money at best....

Lift, delete, raise, cut, chop, lop, remove all mean the same thing.... Nothing we want.....

[jas428]

Dropping the zeros would mean for us that the value of the bills we hold would never change. Only the new currency would carry a higher value, and in order to exchange your current bills for the new, you will have to do so at a ratio of 1000 old to 1 new....You would basically break even minus any fees paid unless you held on to the new currency for years on the speculation that they will get back to a 3 dollar rate.....then you might triple your money at best....

Lift, delete, raise, cut, chop, lop, remove all mean the same thing.... Nothing we want.....

I respect your opinion, of course, but how would you define the exchange rate in your scenerio. For example, with the lower denoms introduced, you're saying that a 25000 not will continue to be worth .00086 USD as an exchange rate; and a 25 dinar will be worth .86 for an exchange raten correct? (Making them each worth the same amount). So for an exectronic account, which rate will they use to determine the monetary value of a bank account? If I have 25000 dinars in a bank account...do I have .00086 or do I have .86? There is no physical note to go by in an electronic account so which rate would they use?

My point being that a dinar is a dinar and they will need to have ONE value for a dinar....not 2 different values (one for the 3 zero notes and one for the new notes). There, IMO, if the new denoms finally get released, the value of 1 dinar will be increased....whether that be in a 25 note, a 25000 note, or in a bank account. Hope that makes sense!

[Amos9:13]

Iraq has also mentioned having a counterfeit problem. The new dinar could also be coming out not only to make life easier for the Iraqis but also to protect their currency. I disagree with the LOP theory...a Lop

is an "emergency" method to replace a broken currency. Iraq's currency isn't broken...if they were to revalue today...even though the amount wouldn't be much....06c or greater is still much different than Turkey's real currency value

which was 1 million per one US dollar. Lopping would also mean they'd have to create two separate currency listings to be exchanged...they are having enough trouble with everything else. I believe they are ready

to pull in the larger notes...mutilate them....and start over. You will hear many opinions and hypothesis...but no one knows for sure. You will have optimist and pessimist...the truth is no one knows because many govts

have been involved in Iraq...we dont' know how much money supply is out of Iraq...we just don't know enough. I still stand firm in that the US has been involved in this since the beginning...Dr. Shabibi was educated in the US....

I don't believe the US would of put this currency in their reserves unless it had potential value...makes no sense to buy currency then know you have to turn around and trade it right back in. Only thing we can do

is try to make sense out of what we see which is confusion mostly lol...so that doesn't help!

[GotSix]

Lift, delete, raise, cut, chop, lop, remove all mean the same thing.... Nothing we want.....

Yeah...but what about those articles that stated that they will add three zeros ...I'm sure you've seen them as well

[keepmwlknfny]

Yeah...but what about those articles that stated that they will add three zeros ...I'm sure you've seen them as well

No different from many other typos we see from the different media sources.....Adding zeros doesnt even make sense.....kind of like how every year a few sources misprint the budget numbers and everyone thinks they are basically telling us the new rate!

Iraq has also mentioned having a counterfeit problem. The new dinar could also be coming out not only to make life easier for the Iraqis but also to protect their currency. I disagree with the LOP theory...a Lop

is an "emergency" method to replace a broken currency. Iraq's currency isn't broken...if they were to revalue today...even though the amount wouldn't be much....06c or greater is still much different than Turkey's real currency value

which was 1 million per one US dollar. Lopping would also mean they'd have to create two separate currency listings to be exchanged...they are having enough trouble with everything else. I believe they are ready

to pull in the larger notes...mutilate them....and start over. You will hear many opinions and hypothesis...but no one knows for sure. You will have optimist and pessimist...the truth is no one knows because many govts

have been involved in Iraq...we dont' know how much money supply is out of Iraq...we just don't know enough. I still stand firm in that the US has been involved in this since the beginning...Dr. Shabibi was educated in the US....

I don't believe the US would of put this currency in their reserves unless it had potential value...makes no sense to buy currency then know you have to turn around and trade it right back in. Only thing we can do

is try to make sense out of what we see which is confusion mostly lol...so that doesn't help!

I dont know about that!! Redenominations are a sign of stability and improvement from past monetary policy mistakes......Iraqs currency is defected lol....it is in a sense, broken. Hence the very low value against the USD....all because of the inflated state that it is in. The only "strong" aspect about the dinar is that its backed 100% by the CBIs reserves....

Everything according to the CBI has been planned out years in advance and they have been educating and putting the word out on its purpose and some details of the process....

[GotSix]

No different from many other typos we see from the different media sources.....Adding zeros doesnt even make sense.....kind of like how every year a few sources misprint the budget numbers and everyone thinks they are basically telling us the new rate!

Yeah...but I'm holding them to it ....I'll be visitng Iraq next week & if they don't honor their "add the three zeros" articles.....then I'm suing them for false advertising ....perhaps a class action suit

[Loco01]

When you delete three zeros you get rid of Obama, Pelosi and Holder.

Then the United States become more profitable.

[MrOptimistic]

i wanted to vote for "All of us making a big profit"

[Laid Back]

OSRAM (Center for Middle Eastern Strategic Studies) Regarding the plan to cut off dinar zeros by january 2013.

Iraqi Parliament Finance Committee

revealed, on Tuesday, that cutting zeros

off Iraqi dinar and its redenomination will

be taking place in January 2013 adding

that printing the new currency will start as

of September 2012.

“Zeros will be cut off Iraqi dinar and the

currency will be denominated in January

2013,” Finance Committee member

Haitham Al Jabouri told Alsumarianews

noting that printing the new currency bills

will start in September 2012.

“The redenomination of old Currency

requires a whole year and the old

currency will be fully withdrawn from Iraqi

market in the first half of 2014,” Jabouri

said stressing that cutting the three zeros

off the currency and its redenomination

intend to stabilize Iraqi Dinar and

decrease demand on the hard currency.

“Central Bank of Iraq dissipated all fears

from money laundering during the

redenomination process,” Jabouri stated

explaining that it has a special apparatus

to fight money laundering.

“Reform of Iraqi currency management

system is a major duty of Central Bank of

Iraq and cutting zeros off is one of its

strategic tasks,” Jabouri uttered assuring

that the Parliament Finance Committee

support Central Bank’s strategy.

Iraqi Cabinet Secretariat issued a

resolution, on April 2012, to halt all

procedures relating to cutting zeros off

the dinar until further notice.

Iraq is not ready yet for this step, some

economic experts believe pointing out

that such action requires security and

political stability in addition to economic

stability.

Central Bank of Iraq announced, on

January 2012, it is determined to release 3

Iraqi dinar bills of high value i.e. 200, 100

and 50 dinars after the cutting off of zeros

from the currency. Dinar redenomination

requires 2 years, Central Bank of Iraq

informed.

[rico1]

Come on guys!! You should all know what this is by now!!!

They are ONLY removing the bills with 3 zeros on it....just taking them out of circulation but the RV will happen before that!!

They already said they removed 70% of the bills off the streets and they have been working the past three years to get the rest! Iraq is full of USD so they dont need the dinar...this is how they did it! So really they only have to back what we speculators have and that will be paid with dinar for oil cause bush has billions of dinar!

Keep, have you changed your tune? I thought that you were a L*&pstr. No flames please.

Edited May 22, 2012 by rico1