Dinar News Three zeroes on Iraqi currency won't be removed: source

[k98nights]

Thursday, April 1st 2010 2:45 PM

Baghdad, April 1 (AKnews) - Iraq's central bank denied on Thursday the reports that talked about its decision to cancel three zeroes from the Iraqi currency.

"The central bank will not cancel three zeroes from the Iraqi currency at this time to reduce inflation suffered by the Iraqi economy.... Canceling the zeroes will make things more complicated and would cost the state large sums of money and enormous economic cadres to implement this project. " The head of the Central Bank Sinan Al-Shabibi told the Independent National News Agency of Kurdistan (AKnews).

"This won't be applied at our current time. The central bank and Finance ministry will adopt rational solutions to reduce inflation that Iraq is suffering from currently because some important governmental institutions misused the money," Al-Shabibi added.

"Removing the zeros from the currency will reduce the level of the Iraqi dinar in accordance with the American dollar."

Many members of the parliamentary Economic Commission urged the Central Bank and the Finance Ministry to address the Iraqi decreasing funds by remiving the three zeroes from the Iraqi currency.

Rn/gs AKnews

http://www.aknews.com/en/aknews/2/130886

[FDyer]

Thanks K98!!

[Bumper64]

Great find k98nights!! Thanks bro!

[Mongo]

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[k98nights]

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You rang?????

[Kent]

Ditto that, thanks. Lop, then no lop, then lop, then no lop. The CBI makes me dizzy.

[ronscarpa]

Thanks Woody. What are they actually saying...??? No removal of large denom notes right now...??? Another article indicated that the New NIQD's will be worth 1000 times more. All a bit confusing - or is it really? IT IS April Fools DAY...!

RON

[Tess]

Well no bunny rabbits for sure thanks... never thought there would be... makes other things easier. Anyone seen the chapter 7 post that was posted last night by RonS..

[Tess]

Ron what happened to your post from last night on the removal of chapter 7????

[ReachingHigher]

Ok, more painful questions from a newbie.

Yesterday in some post (criminies I can't find which post) someone suggested (indirectly) that the "lop" might be from the current exchange rate. Meaning if the dinar is presently at

0.000865 (roughly) and then they "lopped" off three zeros then the exchange rate (RV) would be .86 - which would equal around 1.16 dinars to the USD.

Any thoughts on this you ol' timers?

[Maynard57]

Thanks, a billion dinar, buddy. I NEED to believe. I also NEED a new Mazda Miata MX-5 6-speed turbo.

The Forks be with, Maynard

[k98nights]

Ok, more painful questions from a newbie.

Yesterday in some post (criminies I can't find which post) someone suggested (indirectly) that the "lop" might be from the current exchange rate. Meaning if the dinar is presently at

0.000865 (roughly) and then they "lopped" off three zeros then the exchange rate (RV) would be .86 - which would equal around 1.16 dinars to the USD.

Any thoughts on this you ol' timers?

This article should FINALLY stick a fork in the lop... there will be NO LOP.

[quadraph0nic]

Thats what i'm talking about!!! Finally!!

[quadraph0nic]

My thanks button doesnt work, thanks woody!

[Kent]

This article should FINALLY stick a fork in the lop... there will be NO LOP.

Agreed, I hope it does, but my bet is we will see a new quote within the next 2 weeks about "deleting 3 zeros from the currency". It keeps going back and fourth and back again. Perhaps this time they will STOP!

[terr]

Thanks a bunch woody.

[Barbann]

Thursday, April 1st 2010 2:45 PM

Baghdad, April 1 (AKnews) - Iraq's central bank denied on Thursday the reports that talked about its decision to cancel three zeroes from the Iraqi currency.

"The central bank will not cancel three zeroes from the Iraqi currency at this time to reduce inflation suffered by the Iraqi economy.... Canceling the zeroes will make things more complicated and would cost the state large sums of money and enormous economic cadres to implement this project. " The head of the Central Bank Sinan Al-Shabibi told the Independent National News Agency of Kurdistan (AKnews).

"This won't be applied at our current time. The central bank and Finance ministry will adopt rational solutions to reduce inflation that Iraq is suffering from currently because some important governmental institutions misused the money," Al-Shabibi added.

"Removing the zeros from the currency will reduce the level of the Iraqi dinar in accordance with the American dollar."

Many members of the parliamentary Economic Commission urged the Central Bank and the Finance Ministry to address the Iraqi decreasing funds by remiving the three zeroes from the Iraqi currency.

Rn/gs AKnews

http://www.aknews.com/en/aknews/2/130886

Ok so no lop for sure. They keep talking about inflation but I thought it was pretty low there? As usual, confused. And who misused what money? Have we heard reports about that? What else could they do control inflation? Managed float? Isn't that what they have already been doing?

[quadraph0nic]

See the deal is LOOK there is no deal..

If they ever had to do that, there economy would have to be out of control because of inflation, they'd have to pass a law, i mean we would see that sucker coming 10 miles away. Were not even in the ball park for this and this article shows that. FINALLY they SPEAK on this issue!

All those other LOP articles? Smokescreen? keeping the whale investors out of the pond?

They have to RV soon...

Woody, thank you thank you thank you!

[mondeogolf]

Good news for us

[quadraph0nic]

Ok so no lop for sure. They keep talking about inflation but I thought it was pretty low there? As usual, confused. And who misused what money? Have we heard reports about that? What else could they do control inflation? Managed float? Isn't that what they have already been doing?

You know, thats the thing I cant figure out. Will the Central banks of the world be working in coordination with each other? Will the dinar be backed by the dollar? Could the dinar go FIAT? - am i crazy for thinking that?

I have to say, I'm pretty stoked right now!

[john1025]

Three zeroes on Iraqi currency won't be removed: source

Thursday, April 1st 2010 2:45 PM

Baghdad, April 1 (AKnews) - Iraq's central bank denied on Thursday the reports that talked about its decision to cancel three zeroes from the Iraqi currency.

"The central bank will not cancel three zeroes from the Iraqi currency at this time to reduce inflation suffered by the Iraqi economy.... Canceling the zeroes will make things more complicated and would cost the state large sums of money and enormous economic cadres to implement this project. " The head of the Central Bank Sinan Al-Shabibi told the Independent National News Agency of Kurdistan (AKnews).

"This won't be applied at our current time. The central bank and Finance ministry will adopt rational solutions to reduce inflation that Iraq is suffering from currently because some important governmental institutions misused the money," Al-Shabibi added.

"Removing the zeros from the currency will reduce the level of the Iraqi dinar in accordance with the American dollar."

Many members of the parliamentary Economic Commission urged the Central Bank and the Finance Ministry to address the Iraqi decreasing funds by remiving the three zeroes from the Iraqi currency.

Rn/gs AKnews

http://www.aknews.com/en/aknews/2/130886

[ncw1980]

not to be a jerk or anything, but the exact same thing was posted earlier....and it is literally 3 posts down. yaaaaay search feature!

[Kent]

Ok so no lop for sure. They keep talking about inflation but I thought it was pretty low there? As usual, confused. And who misused what money? Have we heard reports about that? What else could they do control inflation? Managed float? Isn't that what they have already been doing?

Barbann, the last figure published by CBI for inflation was December '09 at 6.11% November was 4.79% That is not just good, it's amazing compared to 03, 04 & 05 when it was 28-36%. We don't know what they might be looking at so far this year. Some of the things they want to do to stimulate the economy also have an inflationary effect (eg: they have indicated they wanted to encourage banks to do more private lending). Likewise, an increase in value of the currency increases money supply and is inflationary - so they are doing the managed float (I haven't seen no jokin' float, have you?). The more they talk about inflationary concern the worse it is for us! On the other hand, they have been so inconsistent on their statements I don't think we have a clue what they will do. These days the rumors seem to be as reliable as the news! Go figure.

[macattack]

This article should FINALLY stick a fork in the lop... there will be NO LOP.

OK woody, I will leave it alone, I am trusting you and will not ask anymore lop questions.....!

thanks for the post

[quadraph0nic]

Well if it were to L** we would see it coming because Economic Conditions and Legislation would apply. They would only have to do this if they absolutely have too. No country does this because they want to and apparently, they don't want to. I'm happy with this because the news comes from an authoritative source, Central Bank of Iraq.

Edited April 1, 2010 by quadraph0nic
grammar