Dep Finance Minister: Dropping Zeros Won’t Raise Dinar Value

[humveee]

"Fazil Nabi, Iraq’s deputy finance minister, previously confirmed to Rudaw that eliminating zeros from Iraq’s currency will not increase the value of Iraqi dinars.

(Government spokesman Dr Ali al-Dabbagh also confirmed to Iraq Business News in September of last year that removal of the zeros was purely cosmetic.)"

http://www.iraq-businessnews.com/2012/05/25/dep-finance-minister-dropping-zeros-wont-raise-dinar-value/

[Firedawg]

I hope it's more smoke........

[leesburg]

I hope it's more smoke........

lol.... rotflmao...pure flames no smoke

[Rabbi]

Everyone has to realize that the deleting of the zeroes is a related, but separate, process from the RV. Granted, IMHO, both of these processes need to happen simultaneously, but "deleting of the zeroes" refers to getting the 3-zero bills out of circulation. The RV is a totally different animal.

[KamelKeeper]

Thanks Rabbi. Many get this confused, and initially, this is a confusing issue.

[Mxmann]

Dropping Zeros Won't Raise the Dinar Value!!!! Guess that means, it won't lower the dinar value either!

[PD46]

Everyone has to realize that the deleting of the zeroes is a related, but separate, process from the RV. Granted, IMHO, both of these processes need to happen simultaneously, but "deleting of the zeroes" refers to getting the 3-zero bills out of circulation. The RV is a totally different animal.

Rabbi, you are exactly right; two seperate issues. I had to + you!

The statement is taken out of context by the finance minister. The minister is most likely stating that an RV must be come with the deletion of zeros (removing the large 3 zero notes from the street).

Just cutting the supply down on the street will do nothing for raising the value and helping the economy grow.

A little trivia for everyone........... does anyone know what other country removed their large notes from the street?

The answer should come as no surprise.

Happy Memorial Day everyone; and especially to our veterans and active military service members.

[alan_coaks_3]

Rabbi, you are exactly right; two seperate issues. I had to + you!

The statement is taken out of context by the finance minister. The minister is most likely stating that an RV must be come with the deletion of zeros (removing the large 3 zero notes from the street).

Just cutting the supply down on the street will do nothing for raising the value and helping the economy grow.

A little trivia for everyone........... does anyone know what other country removed their large notes from the street?

The answer should come as no surprise.

Happy Memorial Day everyone; and especially to our veterans and active military service members.

no other countries have just removed removed the large currency with zeros on them they do all of them

[ReVbo]

no other countries have just removed removed the large currency with zeros on them they do all of them

Not quite. Anybody ever held a thousand dollar bill? It coulda been "all about the Grovers."

http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency

The base currency of the United States is the U.S. dollar, and is printed on bills in denominations of $1, $2, $5, $10, $20, $50, and $100.

At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue (1861). $500, $1,000, $5,000, and $10,000 interest bearing notes were issued in 1861, and $5,000 and $10,000 United States Notes were released in 1878. There are many different designs and types of high-denomination notes.

The high-denomination bills were issued in a small size in 1929, along with the $1 through $100 denominations. The designs were as follows:

$500: William McKinley

$1,000: Grover Cleveland

$5,000: James Madison

$10,000: Salmon P. Chase

$100,000: Woodrow Wilson

[alan_coaks_3]

Not quite. Anybody ever held a thousand dollar bill? It coulda been "all about the Grovers."

http://en.wikipedia....States_currency

The base currency of the United States is the U.S. dollar, and is printed on bills in denominations of $1, $2, $5, $10, $20, $50, and $100.

At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue (1861). $500, $1,000, $5,000, and $10,000 interest bearing notes were issued in 1861, and $5,000 and $10,000 United States Notes were released in 1878. There are many different designs and types of high-denomination notes.

The high-denomination bills were issued in a small size in 1929, along with the $1 through $100 denominations. The designs were as follows:

$500: William McKinley

$1,000: Grover Cleveland

$5,000: James Madison

$10,000: Salmon P. Chase

$100,000: Woodrow Wilson

yeah they started to take them out in 1969 and as of 2009 there still more out. i dont think iraq is going to wait over 60 years to take all the high notes out of circulation then RV

[cbs71]

Everyone has to realize that the deleting of the zeroes is a related, but separate, process from the RV. Granted, IMHO, both of these processes need to happen simultaneously, but "deleting of the zeroes" refers to getting the 3-zero bills out of circulation. The RV is a totally different animal.

You are correct rabbi

[alan_coaks_3]

Everyone has to realize that the deleting of the zeroes is a related, but separate, process from the RV. Granted, IMHO, both of these processes need to happen simultaneously, but "deleting of the zeroes" refers to getting the 3-zero bills out of circulation. The RV is a totally different animal.

Dr. Shabibi in an exclusive interview with (the people) shall be published later that the removal of zeros from the Iraqi currency at the moment was inevitable and will contribute to facilitate the work of the government and Atathirat real current economic situation, stressing that it will be canceled three zeros from the current currency will be printed six to seven categories of a new Iraqi cash.

so if they delete the zeros they will get aride of all of the currency not just the ones with 3 zeros

[GinaG]

It will not change the value to the dinar

[alan_coaks_3]

if they print all new iraq dinar and remove the zeros it would be considered an RD for the currency. and no its not just my OP look up other countries that did it there are alot of them out there

[easyrider]

if they print all new iraq dinar and remove the zeros it would be considered an RD for the currency. and no its not just my OP look up other countries that did it there are alot of them out there

alan we get it you think its gonna LOP, just chill out and let this play out. The new currency is considered the lower denominations that i believe are already printed and that have been seen by others i know and talk to that were in Iraq.

Edited May 28, 2012 by easyrider

[PD46]

Not quite. Anybody ever held a thousand dollar bill? It coulda been "all about the Grovers."

http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency

The base currency of the United States is the U.S. dollar, and is printed on bills in denominations of $1, $2, $5, $10, $20, $50, and $100.

At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue (1861). $500, $1,000, $5,000, and $10,000 interest bearing notes were issued in 1861, and $5,000 and $10,000 United States Notes were released in 1878. There are many different designs and types of high-denomination notes.

The high-denomination bills were issued in a small size in 1929, along with the $1 through $100 denominations. The designs were as follows:

$500: William McKinley

$1,000: Grover Cleveland

$5,000: James Madison

$10,000: Salmon P. Chase

$100,000: Woodrow Wilson

ReVbo, you are right. It is the United States. Gave you a +1.

I have worked in banking for 25 years, and I have held 2 $500 bills, 1 $1000 bill, and 1 $5000 bill in my hand in those 25 years. Personally, I thought the $5000 was a fake at first. LOL When those bills are turned in at the bank, the bank must immediately send the bill off to the Federal Reserve. Those bills can not be left in circulation, yet those bills are still legal tender.

The United States is the country I was referring too that simply removed the larger zero notes from the streets. We didn't LOP our currency........ yet, that is with the national debt looming over our heads. We do not know if those larger notes were/are kept for large currency movements or destroyed; because the Fed no longer will disclose the M0 number (real and true currency supply number) to the public.

My point to the question I asked was to give everyone something to merely think about only........... the US helped the Iraqis with the plan to reform their currency, the US and the IMF placed the artificial program rate on the Iraqi currency, the US helped set up the CBI to get it up and running again, the US have assisted the CBI several times, so there is always the possibility the US would have set Iraq up like the US to simply work the larger notes off of the streets over time.

Those larger notes have become almost non-existent on the streets of Iraq already; according to the different articles we have been reading since last year.

Either way, something for everyone to just think about.

Thanks for posting all of the info on the dollar ReVbo!!!