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CHANGE IN IRAQI CURRENCIES


yota691
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CHANGE IN IRAQI CURRENCIES

Iraq, December 1, 2012

Central Bank adviser Mohammed Saleh, said that the bank is serious in executing the deletion of three zeros from the national currency of Iraq in near future.

Salhan said that it depends on at the present time to shape the next government and parliament two new Saokhman upon themselves determine the mechanism under which the function of deleting the zeros from the Iraqi dinar.

He also said that deleting the zeros would contribute to the reduction of the size of inflation and also to the reduction to the size of money supply in the market of 26 trillion Iraqi dinars to near about 25 billion dinars, pointing that the Kurdish language is going to be added to the new currency as well as English and Arabic.

He added that the huge number of funds traded in the market let to get puzzled in the large commercial transactions and in the work of banks, adding that deleting three zeros from the Iraqi currency will direct to reform the management system of the national currency and thus develop and refresh the Iraqi economy. http://iraqdailyjournal.com/story-z6779702

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CHANGE IN IRAQI CURRENCIES

Iraq, December 1, 2012

Central Bank adviser Mohammed Saleh, said that the bank is serious in executing the deletion of three zeros from the national currency of Iraq in near future.

Salhan said that it depends on at the present time to shape the next government and parliament two new Saokhman upon themselves determine the mechanism under which the function of deleting the zeros from the Iraqi dinar.

He also said that deleting the zeros would contribute to the reduction of the size of inflation and also to the reduction to the size of money supply in the market of 26 trillion Iraqi dinars to near about 25 billion dinars, pointing that the Kurdish language is going to be added to the new currency as well as English and Arabic.

He added that the huge number of funds traded in the market let to get puzzled in the large commercial transactions and in the work of banks, adding that deleting three zeros from the Iraqi currency will direct to reform the management system of the national currency and thus develop and refresh the Iraqi economy. http://iraqdailyjournal.com/story-z6779702

25 billion dinars in circulation (their numbers) would mean, at a $3 rate, $75 billion dollars worth of dinar in Iraq (excluding foreign)

That's not enough to run their country. Their gov't budget is bigger - not to mention private citizens.

Maybe I'm off base - any thoughts?

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25 billion dinars in circulation (their numbers) would mean, at a $3 rate, $75 billion dollars worth of dinar in Iraq (excluding foreign)

That's not enough to run their country. Their gov't budget is bigger - not to mention private citizens.

Maybe I'm off base - any thoughts?

I think your not seeing the whole picture. there would be approx. 25 billion of the old currency out there. then they fill the void, for example, by adding approx. 50billion of the new currency. see what im saying. if they are redenominating......the newcurrency will fill the void.

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25 billion dinars in circulation (their numbers) would mean, at a $3 rate, $75 billion dollars worth of dinar in Iraq (excluding foreign)

That's not enough to run their country. Their gov't budget is bigger - not to mention private citizens.

Maybe I'm off base - any thoughts?

Well they dont run the country off the currency in circulation....they run the country off oil revenues coming in....

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Can anyone who thinks deleting the zeros is the RV we all want please explain to me how they can reduce the money supply in circulation from 26 trillion to 26 billion and still give the Iraqis an even exchange of 1 to 1, old to new?

They can't. It will be an in country lop followed by an increase in dinar value and old notes will be accepted at face value. The plan is not for the Iraqi people to gain wealth from their currency, the plan is for the Iraqi people to gain wealth from the HCL. At least that's what my imaginary friend Mr. Bobo told me.

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Can anyone who thinks deleting the zeros is the RV we all want please explain to me how they can reduce the money supply in circulation from 26 trillion to 26 billion and still give the Iraqis an even exchange of 1 to 1, old to new?

If you open your mind, and think that just maybe Deleting the Zero's is removing them, Buying them UP, less in circulation is the process..Oh but I forgot your the Head Historian always talking the Gobble crap of Turkey!! Sry but you say say us Tin Head have it all wrong, maybe the narrow minded has it wrong.. Can't wait for this to be over!! One of us gonna be right!! I'm done with this same ole crap..

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Can anyone who thinks deleting the zeros is the RV we all want please explain to me how they can reduce the money supply in circulation from 26 trillion to 26 billion and still give the Iraqis an even exchange of 1 to 1, old to new?

Hello Keep.

Just a few months back lots of people were saying the same thing but were saying that the money supply is 70 Trillion IQD .

So we sit back and wait some more.

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and socal has a great point...we do not REALLY know what the reserves are. We do not REALLY know what is in circulation.

Might change some of our thinking if we knew

Could not agree more with you and Socal. The problem is that there will always be those that think they do know and state their beliefs as facts. In my opinion any type of financial documents that have been publically released concerning Iraq's currency or wealth are left open to very wide intepretation. Bottom line is that we are talking about a country that has palaces literally lined with gold and enough oil and natural gas to power the world. My guess would be they probably have a few sheckles under the mattress.The only thing I absolutely know for sure is that the people that have the answers to all our questions aint talkin'.

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Hello Keep.

Just a few months back lots of people were saying the same thing but were saying that the money supply is 70 Trillion IQD .

So we sit back and wait some more.

Hey socal,

The 70 some trillion people were referencing is the total money supply which is M2.....that includes physical and electronic....the physical amount is probly over 30 trillion if you check the CBIs stats....

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Remember, they probably already printed the new currency, and they already have lower denoms from 2003, the codes are not much of a problem, it's probably done already. Thanks, Yota, yu-da man! Go RV!!!

There is no NEW currency until ISO issue a another code. Anything else is a change to the existing currency.

I fail to understand why people keep talking about a new currency when it is the last thing we want. New currency spells redenomination.

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If you open your mind, and think that just maybe Deleting the Zero's is removing them, Buying them UP, less in circulation is the process..Oh but I forgot your the Head Historian always talking the Gobble crap of Turkey!! Sry but you say say us Tin Head have it all wrong, maybe the narrow minded has it wrong.. Can't wait for this to be over!! One of us gonna be right!! I'm done with this same ole crap..

Its not even about just the history of countries dropping zeros.....its been specifically stated that the exchange ratio between the old and new notes will ne 1000 to 1.....and if you understand ratio equations that means that for every 1000 old you have, it can be exchanged for 1 NEW note....add that with what they are saying the money supply will be reduced to, there is no way that you will ne getting an equal amoint of old for new...

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For my two cents it just doesn't make sense why they would come out and say hey every body this is what we are going to do... over and over and over... we have been hearing the same thing for years. At this point is it just posturing by the CBI officials? because if they really had the power to just do what they want to do would it have not been done already?

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Its not even about just the history of countries dropping zeros.....its been specifically stated that the exchange ratio between the old and new notes will ne 1000 to 1.....and if you understand ratio equations that means that for every 1000 old you have, it can be exchanged for 1 NEW note....add that with what they are saying the money supply will be reduced to, there is no way that you will ne getting an equal amoint of old for new...

If they were to revalue by a factor of 1000 to one, it would be the equivalent of a redenomination of the existing currency. Everything would be as they have talked about but no new code or published plan.

Have to consider all potential outcomes.

For my two cents it just doesn't make sense why they would come out and say hey every body this is what we are going to do... over and over and over... we have been hearing the same thing for years. At this point is it just posturing by the CBI officials? because if they really had the power to just do what they want to do would it have not been done already?

If you read the post on the Norwegian currency, it gives an indication of how protracted the process can be.

Edited by sandyf
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