Iraq: delete the zeros of the local currency starting next year

[yota691]

Iraq: Delete the zeros of the local currency begins next year

14/07/2012 12:43

Diyala, July 14 (Rn) - The Finance Committee representative, Saturday, that the process of replacing the currency and delete zeros of which will be gradually beginning next year, noting that the process takes two years to three. A member of the Committee and the representative of the Iraqi List, Hassan Auzmn told the Kurdish news agency (Rn) that the Iraqi Central Bank will begin to withdraw the current currency early next year, gradually and keep the trading currency current to give citizens enough time to replace the currency. " He Auzmn replacement of the currency and delete zeros experience a successful and useful for the Iraqi economy through their success in a number of other countries, pointing out that "The operation will contribute to ease carrying banknotes to the citizen will not have any negative impact on the Iraqi economy (according to him). did not rule out Auzmn attempts to falsify the new currency adding: security measures to be taken to defend the currency will be identified easily from the old currency and the new currency. announced that the Finance Committee parliamentary early July being the budget next year 2013 will be the new currency after deleting three zeros from the current currency, saying that the reluctance of traders and companies from trading in Iraqi currency behind the adoption of the Central Bank of the project to delete the zeros. According to some economists that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion needs to be a security and political stability as well as economic stability. From: Mahmoud Jubouri, the Open: Peace Baghdadi http://www.aknews.com/ar/aknews/2/316861/

[sportfisher]

Well...............that sure soumds like a "redenomination" to me, but we will still wait and see, and hope for something better like a straight increase in value while retaining present currency and adding smaller denominations of the same currency.

deleting of the zeros must be from the exchange rate only.

[SocalDinar]

Well...............that sure soumds like a "redenomination" to me, but we will still wait and see, and hope for something better like a straight increase in value while retaining present currency and adding smaller denominations of the same currency.

Yes Sportfisher thats what It says but The current IQD rate is not correct by any means.!

31/2 years without any real movement by the CBI.

I just don't believe it's correct and true

If you reduce the money supply the value should go up.

Thanks You very much Yota!

[alan_coaks_3]

7 - 14 -2012

the parliamentary Finance Committee, Saturday, that the process of replacing delete zeros from the currency and will be gradually beginning next year, noting that the process takes two to three years.

Member of the Committee and the Iraqi list MP Hassan aozmn news agency of Kurdistan (aknews) that the Central Bank of Iraq will drag the current currency next year start gradually and keep the current currency trading to give citizens sufficient time to Exchange ".

He aozmn Exchange and delete zeros successful and useful for the Iraqi economy through its success in several other countries, pointing out that "process will contribute to ease carrying banknotes to the citizen and will not have any negative impact on the economy (according to him).

He did not rule out aozmn new counterfeiting attempts but: security measures to be taken to protect the currency would distinguish easily between the old currency and the new currency.

The parliamentary Finance Committee announced early this month that next year's budget in the new currency will be 2013 after deleting three zeros from the current currency, saying that the reluctance of traders and trading companies behind the Iraqi currency the Central Bank adopted draft delete zeros.

Some economists believe that Iraq is not formatted for the time being to delete the zeros of the Iraqi dinar, noting that deletion requires political stability and security as well as economic stability.

My link

[Laid Back]

Just do it.....Show me Da'money

[mrmcwhipit]

Another new article is saying now they want to wait until 2014 WTH ? Dont you just love these

people.

[TheArtistFormallyKnownAs]

All I know is gut feeling is starting to go in to overdrive.

I don't buy this 2013 -2014 BS ,Come On Shab.

[sxsess]

Another new article is saying now they want to wait until 2014 WTH ? Dont you just love these

people.

Inbred ragheads

[leesburg]

no matter what they do they are not keeping this currency .. it must have kurdish language on it as well as arabic ... and i believe they are also adding english language to it ... but the constitution says it must include kurdish language on its currency.. this currency is on its way out .. how they do it and when they do it .. based on all they have written .... it could go a number of directions ..

[Maggie123]

Inbred ragheads

This is an example of what is allowed around here, and sxsess is still posting away.

Yet people like 20MillionDinar and Carlos get put on mod review.

While everyone didn't always agree with everthing they said, they were a lot more respectful than this.

What gives??? This guy has been doggin me along with cris and I have seen Texas Granny watch it.

BTW sxsess I was the one who gave you the neg, I didn't feel an explanation would be necessary.

[onerighthand]

They have plenty of time to change their mind again. Don't even sweat what it says now. Put on a poker face

[doctor robbins]

Yes Sportfisher thats what It says but The current IQD rate is not correct by any means.!

31/2 years without any real movement by the CBI.

I just don't believe it's correct and true

If you reduce the money supply the value should go up.

Thanks You very much Yota!

That's the problem. The money supply is going up according to the CBI, not down.

[easyrider]

That's the problem. The money supply is going up according to the CBI, not down.

Check the CBI site its has gone down!!! they updated it

[easyrider]

In May it was 19.5 % money supply in June it dropped 13.6 % now we are almost end of August so they are averaging 6% a month decrease. April, May and June they managed to take off 12 trillion dinar off the streets through the auctions including neighborng countries this was on Iraqiya tv.

Edited August 28, 2012 by easyrider

[Pilchard821]

Can anybody explain how the deletion of zero's can be a gradual process ? Surely this is something that will happen in one event ??

Or am I just thinking about it too much ?

[Carrello]

This is an example of what is allowed around here, and sxsess is still posting away.

Yet people like 20MillionDinar and Carlos get put on mod review.

While everyone didn't always agree with everthing they said, they were a lot more respectful than this.

What gives??? This guy has been doggin me along with cris and I have seen Texas Granny watch it.

BTW sxsess I was the one who gave you the neg, I didn't feel an explanation would be necessary.

You gave him a neg? I gave him a neg too and he still only has one.....means he has a fan out there. Just proves miracles happen.

Go for it Maggie May.

In May it was 19.5 % money supply in June it dropped 13.6 % now we are almost end of August so they are averaging 6% a month decrease. April, May and June they managed to take off 12 trillion dinar off the streets through the auctions including neighborng countries this was on Iraqiya tv.

'.

Correcto mundo. Ole

[rightsonword]

This is an example of what is allowed around here, and sxsess is still posting away.

Yet people like 20MillionDinar and Carlos get put on mod review.

While everyone didn't always agree with everthing they said, they were a lot more respectful than this.

What gives??? This guy has been doggin me along with cris and I have seen Texas Granny watch it.

BTW sxsess I was the one who gave you the neg, I didn't feel an explanation would be necessary.

I gave him a neg, too. Blind eyes do seem to be turned on some. Keep up the good work, Maggie. Tons of people enjoy your posts more than the hate some choose to post.

[RVPleaseToday]

Check the CBI site its has gone down!!! they updated it"

I would be interested in seeing that. Where on the site is that information?

[Maggie123]

Inbred ragheads

You gave him a neg? I gave him a neg too and he still only has one.....means he has a fan out there. Just proves miracles happen.

Go for it Maggie May.

Carrello When I posted that a month ago I had several negs and he was up in +'s by at least 5.

It fell into oblivian and I sure didn't expect to see it come up again...

By the way, after I posted that Suxexx stopped posting "Pathetic" right after many of my posts.

Thanks for your support in trying to make this a better site.

[sandstorm]

In May it was 19.5 % money supply in June it dropped 13.6 % now we are almost end of August so they are averaging 6% a month decrease. April, May and June they managed to take off 12 trillion dinar off the streets through the auctions including neighborng countries this was on Iraqiya tv.

Easyrider.....you are missing the numbers here.

yoy.....year over year

even if its 6 %....its still up 6% from last year....meaning the money supply is still bigger than it was a year ago. There is not a reduction of the money supply....while their may be temporary liquidation.....it flows right back in.

Easyrider.....you are missing the numbers here.

yoy.....year over year

even if its 6 %....its still up 6% from last year....meaning the money supply is still bigger than it was a year ago. There is not a reduction of the money supply....while their may be temporary liquidation.....it flows right back in.

When there is huge demand for the dollar..what happens?? Iraqis and banks convert their dinar to get usd. right. the finance minister has a whole lot of usd from oil sales, so the cbi sells those dinar to the minister of finance to supply the budget of iraq.

For dinar to be withdrawn by the cbi......the cbi has to buy it with reserves. because that moneys gone, removed destroyed. so the best place to look is the foreign reserves. we need to see the reserves down billions.

i

Just checked it. the m2 growth yoy: june 13.6%

Which means....the cbi has 13.6% more m2....this june than it did last june. that is not a reduction....that is an increase that is typical to the historic charts showing the increase in m2 through the years. n

[9 year investor]

In May it was 19.5 % money supply in June it dropped 13.6 % now we are almost end of August so they are averaging 6% a month decrease. April, May and June they managed to take off 12 trillion dinar off the streets through the auctions including neighborng countries this was on Iraqiya tv.

I used the 2011 annual bulletin to do some research based upon your may YOY M2 growth and the june YOY M2 growth.

Figures in Billion ID

May 2011 broad money (M2) - 59,602

June 2011 broad money (M2) - 62,322

May 2012 broad money with 19.5% YOY growth - 71,224

June 2012 broad money with 13.6% YOY growth - 70,798

This indicates a decrease from May 2012 to June 2012 of 426 Billion ID

Again I used the annual bulletin (table 17) found on the CBI website. I believe this is the best way to determine the current M2. Feel free to read the annual bulletin and check my numbers. 426 billion in one month is very good, at least it is going down. I am not sure how they said 12 trillion dinar was take off the streets

[sandstorm]

Easyrider.....you are missing the numbers here.

yoy.....year over year

even if its 6 %....its still up 6% from last year....meaning the money supply is still bigger than it was a year ago. There is not a reduction of the money supply....while their may be temporary liquidation.....it flows right back in.

When there is huge demand for the dollar..what happens?? Iraqis and banks convert their dinar to get usd. right. the finance minister has a whole lot of usd from oil sales, so the cbi sells those dinar to the minister of finance to supply the budget of iraq.

For dinar to be withdrawn by the cbi......the cbi has to buy it with reserves. because that moneys gone, removed destroyed. so the best place to look is the foreign reserves. we need to see the reserves down billions.

i

Just checked it. the m2 growth yoy: june 13.6%

Which means....the cbi has 13.6% more m2....this june than it did last june. that is not a reduction....that is an increase that is typical to the historic charts showing the increase in m2 through the years. n

The m2 grew, but thats not to say it was all just on the money supply side. the important factor though, is that the cbi still needs to cover the entire m2. So they need the foreign reserves to increase to cover for the growth. Which is a negating factor to what needs to happen to reduce dinar.

this is the cycle of their monetary policy. while some have spent their time learning about cashing out...it maybe important to start spending time on iraqs current monetary policy

Edited August 28, 2012 by sandstorm

[Realdinar]

The m2 grew, but thats not to say it was all just on the money supply side. the important factor though, is that the cbi still needs to cover the entire m2. So they need the foreign reserves to increase to cover for the growth. Which is a negating factor to what needs to happen to reduce dinar.

this is the cycle of their monetary policy. while some have spent their time learning about cashing out...it maybe important to start spending time on iraqs current monetary policy

right. No negs, please.

[rockfl9]

Pilchard:::: Gradual deletion of the zeros works like this ..On the chosen date the value of all existing dinar will be reduced by a factor of 1000. that is an instant change..A 1000 note counts as 1 dinar (New)...next when the new notes become available ,( not all new denoms at the same time), as an old 1000 dinar comes thru a CBI branch and a new 1 dinar is available the clerk will take the 1000 cancel it ( probably by punching holes in certain places) and put the new 1 dinar in circulation..

This will take place with all current dinar being exchanged with the new counterpart...So the CBI can still issue all the old dinar they may have in stock they wont be obligated to destroy it.

[uncirculd]

Don't care when they delete the zeros. Just RV the currency.