Parliament and Fiance committee support revalue of Iraqi Dinar

[gamaray]

Parliament and Fiance committee support revalue of Iraqi Dinar

26/06/2012 03:30

ERBIL, June 25 (AKnews) – The Iraqi Parliament and the Finance Committee support the Central Bank of Iraq (CBI)’s efforts to revalue of the Iraqi Dinar through the removal of three zeros from the currency.

The CBI has announced that it has finalized plans to remove three zeros from the Iraqi currency in order to revalue it. The smallest unit of the current Iraqi current is 250 Iraqi Dinars which is equivalent to $0.20

The removal of three zeros is expected to raise the value of the Dinar as well as facilitate dealing with the currency and the payroll system in the country.

The Iraqi government and the securities committee have sounded fear that the process will negatively affect the Iraqi stock exchange market.

A member of the Finance Committee Najeeba Najeeb told AKnews that “there is a trend in the attitude of the legislative authority to support the CBI to restructure the Iraqi currency and remove three zeros by early next year”

“This subject is starting to become more significant for the Finance Committee members and the Economic Committee day after day” she said, “though the preparations by the CBI to implement the process are ongoing, they are not complete yet”

According to Najeeba, the process of removing the zeros from the Iraqi Dinar will be implemented over a period of two years through governmental banks. Also, the new currency will include small bills and coins as well as large bills equaling about $180 each.

By Abdullah Sabri

RY/AKnews

http://www.aknews.com/en/aknews/2/314130/

[easyrider]

Lets do IT!!!!!!!!!!!!!

[Tennesseegirl]

I can't find one thing about this article I don't like :) thanks for the post!

[rockfl9]

Tngirl: You do realize they are talking L*P! No gain/no loss But maybe the first step to -----!

[Redwizard]

I still cant see how we are going to make money with the deleting of the three zero's, maybe I am just blind and cant see it.

[gakman]

Wow- a lot of interpretation you can do on this article.

The CBI has announced that it has finalized plans to remove three zeros from the Iraqi currency in order to revalue it.- means bunnyear to me- first remove the 3 zero's from the note and then assign a higher value! At best we make 300% on our investment.

"Also, the new currency will include small bills and coins as well as large bills equaling about $180 each"-to only know what the smallest denomination wil be- if its 200 new IQD then exchange rate will be approximately $.90 U.S. - if no bunny ear first!

[alan_coaks_3]

yep sounds like a lop. removing the zeros a 250 dinar not will is worth 20 cents.

redenomination - To promote the usage of coins and thus a more efficient pricing and payments system.

The removal of three zeros is expected to raise the value of the Dinar as well as facilitate dealing with the currency and the payroll system in the country.

[MovieMaker]

Thanks for the find, and sharing.

[6ly410]

yea if u believe everything they say

[TRERUMPH]

[R Veyron]

I like the usage of the word "revalue".

[alan_coaks_3]

in arabic it's titled

The legislature directed the Central Bank support for the deletion of zeros currency

[unirod]

If a 250 Dinar note is currently worth $ 0.20 move the decimal 3 places to the right which = $200. Dinar. This is exactly what the CBI will be printing. So if an Iraqi brings to the bank a 250 Dinar note. They will get a 200 New Dinar note in exchange and the purchasing power will be based on the new rate anyway. I believe this is what is being stated here. I get it now maybe some of the smart people here can figure out how many 200 Dinar notes an Iraqi can get when they exchange a 10,000 Dinar note or a 25,000 Dinar note? common now Vets!!!

[sanders2340]

yep sounds like a lop. removing the zeros a 250 dinar not will is worth 20 cents.

redenomination - To promote the usage of coins and thus a more efficient pricing and payments system.

The removal of three zeros is expected to raise the value of the Dinar as well as facilitate dealing with the currency and the payroll system in the country.

How you came up with lop out of this article is unclear to me

It sounds to me they are saying the current rate of exchange is 20 cents for 250 dinar. That equals 1250 dinar per US dollar. But then they say they are going to RAISE the value of the dinar.

Edited June 26, 2012 by sanders2340

[Tennesseegirl]

Tngirl: You do realize they are talking L*P! No gain/no loss But maybe the first step to -----!

Sorry I just don't see that at all. It is all about how you read it. They will not just come out and say we're going to revalue the dinar. But in this article they actually use the word revalue. They never use the word revalue. So yes to me this is a good article.

I still cant see how we are going to make money with the deleting of the three zero's, maybe I am just blind and cant see it.

You will make money if they remove the zeros from the exchange rate that's what I believe all the zero articles are about jmo of course

[sandstorm]

How you came up with lop out of this article is unclear to me

It sounds to me they are saying the current rate of exchange is 20 cents for 250 dinar. That equals 1250 dinar per US dollar. But then they say they are going to RAISE the value of the dinar.

Well they certainly dont announce rvs of this caliber 100,000%. I mean if this an rv announcement there telling the world 6 months in advance we are going from .00086 to .86 , which would NEVER happen. this is is why they say they will revalue by deleting the three zeroes. meaning imo we will see 2 to 3 times on our investment. think about it

Sorry I just don't see that at all. It is all about how you read it. They will not just come out and say we're going to revalue the dinar. But in this article they actually use the word revalue. They never use the word revalue. So yes to me this is a good article.

You will make money if they remove the zeros from the exchange rate that's what I believe all the zero articles are about jmo of course

Do you really believe they are pre announcing a rv? This is straight forward saying they will lop then be able to add value to the dinar.

Edited June 26, 2012 by sandstorm

[cbs71]

Well, let's start by saying that the smallest is not 250 but 50, so this article lost it's credibility. Just saying....

[sandstorm]

I cannot figure out why people are looking forward to deleting the three zeroes. the cbi has been on a media blitz about this for several years and have given dates to begin. Central banks dont announce rvs, but they do pre-announce redenomination.

[easyrider]

Go RV! we are getting closer folks. thanks Yota for all you do. Keep bringing it .

Edited June 26, 2012 by easyrider

[SWFloridaGuy]

I don't see how anyone could be negative about this article. They used the word revalue, do you expect them to walk you through the entire process? Why on earth would they tip their hand further, they can't. Great article. Thanks Gamaray.

[SocalDinar]

Well, let's start by saying that the smallest is not 250 but 50, so this article lost it's credibility. Just saying....

Exactly,

Not a typo just plain wrong or out of touch.

[TonyDownTheShore]

I just checked my calendar and I'm open the rest of the month, whenever they want to rv I'm ready, thanks gama

[TQueezy]

I cannot figure out why people are looking forward to deleting the three zeroes. the cbi has been on a media blitz about this for several years and have given dates to begin. Central banks dont announce rvs, but they do pre-announce redenomination.

Central Banks don't announce major revaluations of that caliber because none have ever happened. Iraq is unique in that regard, if indeed they do have a 100,000% revaluation of their currency overnight, or over a short time of exchange.

Of course they announce and plan for re-denominations for months or years, but they eventually do them. Iraq has been talking about that since 2004 or 2005. Have they done it yet? No. Will they? Maybe, but probably not anytime soon. People think it's a bad move, since the government and economy is so fragile and unstable still.

The better option? Reduce the money supply as much as possible to have a lower revaluation, around 5 to 10 cents, bring in "investor currency" and then slowly allow it to float up, managed, to around a dollar and keep it like that for two years while waiting it out. If things pan out well for Iraq, they may go higher into the Kuwait exchange rate territory.

They don't announce big RVs because none have ever happened.

That's why this could still be something that happens, regardless of past/historical economic conditions and events.

[Butifldrm]

i remember reading the article a few days ago describing the new currency. One of the notes was $200.00. Divide $180.00 by $200.00 and you get .9. Hey that's pretty close to .86. I'll take that in a New York Second! Great post gama.

[Tennesseegirl]

I don't see how anyone could be negative about this article. They used the word revalue, do you expect them to walk you through the entire process? Why on earth would they tip their hand further, they can't. Great article. Thanks Gamaray.

Exactly!