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Fears delete the zeros of the Iraqi currency


Markinsa
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Fears delete the zeros of the Iraqi currency


2/23/2013 4:03:00 PM 2/23/2013 4:03:00 PM

Agreed politicians and economists Iraqis that the process of deleting three zeros from the Iraqi currency current risk because of conditions of the country and the lack of security and stability and the spread of corruption, where Iraq is seeking to reform the system of currency management and ease of use and reducing the number of banknotes of four billion to one billion and 800 million paper, from by deleting three zeros and the issuance of a coin . .

 


The decision of the Finance Committee in the House of Representatives MP Ahmed electrodes of the island that Multi deletion of zeros from the local currency is still under study within the economic issues, not pending until now because of crises many experienced by the country, as well as problems that accompany the adoption of the financial budget for the current year

 

He pointed out that this process is not possible at the present time because it will lead to a problem in the Iraqi economy . .


The electrodes that the Finance Committee inquired from the Iraqi Central Bank on its preparations to change the currency without getting fraud where, and expressed its readiness to this process, but the problems that have occurred in the country in addition to the crisis the central bank, which led to changes in leadership, stopped this process . .


 

He pointed out that Iraq can not be doing the process now, and added, "We need to stabilize the general situation of the country, in order to prevent any attempt to exploit this procedure by corrupt ". ".


For its part, the MP said the Finance Committee Najiba Najib of the island that this project was in the time of former central bank governor Sinan al-Shabibi, has been studied by the parliament well, resulting in the latter to address the Council of Ministers to support this project, and there was a negotiation and dialogue with A number of international companies on the deletion of zeros, indicating that this process is a good step and help to support the country's monetary policy . .


She added that this issue has no echoes currently in parliamentary community and senior in Iraq because of the dismissal former central bank governor and refer the matter to the Integrity Commission, explained that the project will succeed if given the government and the House of Representatives and all institutions supported because it will prevent fraud and removes fear if the procedures sound . .


She explained that Iraq needs to restructure its currency, as there is no class more than 25 thousand dinars, as well as coins, which confirms that the current currency does not fit with the Iraqi state revenues, which have significant financial budgets . .


Najiba confirmed that there is a lack for money on the market, and that change would have a currency with economic feasibility to take all legal precautions and necessary legislative and government, while making the timeframe up to one year to change the citizens their money, in addition to the increase in bank branches . .


He says economic expert pilot Hashemi The process of removing zeros is a necessary step and task comes within the country's need to process administrative reform of the currency contributes to reduce transaction costs and trading cash in the economic process, and reduce the size of the money supply in the country and help facilitate the calculations and reduce the inflating numbers, if applied correctly and appropriate Baltoukitat . .


 

He also added in his speech to the island revealed that the issuance of the small groups will facilitate pricing policy accounts, but the replacement will not affect the currency to tackle inflation significantly . .


He cited countries that have applied this process such as Sudan, which delete zeros from its currency in 2007, and Turkey, which deleted six zeros from its currency in 2005, and omitted Zimbabwe in Africa ten zeros from its currency in 2008, and Bolivia deleted three zeros from its currency in 2008, and deleted all from Romania Iran and three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and inflation index remained conservative on the rise . .


He pointed to two important matters in the application process of removing zeros are: first choice timely which the Iraqi economy in a state of stability, and the second is to create the economic environment is considered to apply the deletion process, and this needs to be procedures and financial decisions and banking taken financial authority in the country . .


 

Hashimi concluded his speech by saying that the implementation of the resolution at this time is appropriate and is considered a significant risk to the unstable security situation and the country's economic


 

(الجزيرة نت) (IRIN)


 

ام216 M 216

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Fears delete the zeros of the Iraqi currency

2/23/2013 4:03:00 PM 2/23/2013 4:03:00 PM

Agreed politicians and economists Iraqis that the process of deleting three zeros from the Iraqi currency current risk because of conditions of the country and the lack of security and stability and the spread of corruption, where Iraq is seeking to reform the system of currency management and ease of use and reducing the number of banknotes of four billion to one billion and 800 million paper, from by deleting three zeros and the issuance of a coin . .

 

**** Deleted Body of Quote ***

 

Hashimi concluded his speech by saying that the implementation of the resolution at this time is appropriate and is considered a significant risk to the unstable security situation and the country's economic

 

(الجزيرة نت) (IRIN)

 

ام216 M 216

Markinsa, very nice post.

Edited by Markinsa
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Can you say it with me?

 

B.S.

 

Just like most of the news out there.

Stop....are you one of those types that all news is BS? This is good news for us. That means no RD just quite yet. We don't want them doing what this article says they are waiting for. This means things remain status quo and the dinar has a future to gain more value.

I would love to hear from Kap, BL, Med, Stryker regarding their take.on this article and what it means for.us........

Lol me too. This clearly states what they need to do before they RD. on the plus side, they won't RD anytime soon.

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He cited countries that have applied this process such as Sudan, which delete zeros from its currency in 2007, and Turkey, which deleted six zeros from its currency in 2005, and omitted Zimbabwe in Africa ten zeros from its currency in 2008, and Bolivia deleted three zeros from its currency in 2008, and deleted all from Romania Iran and three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and inflation index remained conservative on the rise . .

 

Pay attention to this paragraph.......

 

It tells you exactly what deleting the zeros is by referencing other countries that did the same.....

 

This is not a bad article.....this is one in our favor.....the longer its postponed, the greater chances we have of them raising the value without redenominating....

 

So when your fav guru is pumping deleting the zeros as the RV we are waiting for, its an indication they have no idea whats going on around them.....

 

Thanks for the post Mark.....

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He cited countries that have applied this process such as Sudan, which delete zeros from its currency in 2007, and Turkey, which deleted six zeros from its currency in 2005, and omitted Zimbabwe in Africa ten zeros from its currency in 2008, and Bolivia deleted three zeros from its currency in 2008, and deleted all from Romania Iran and three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and inflation index remained conservative on the rise . .

 

Pay attention to this paragraph.......

 

It tells you exactly what deleting the zeros is by referencing other countries that did the same.....

 

This is not a bad article.....this is one in our favor.....the longer its postponed, the greater chances we have of them raising the value without redenominating....

 

So when your fav guru is pumping deleting the zeros as the RV we are waiting for, its an indication they have no idea whats going on around them.....

 

Thanks for the post Mark.....

Sadly keepmw, members will still stick their heads in the sand

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He cited countries that have applied this process such as Sudan, which delete zeros from its currency in 2007, and Turkey, which deleted six zeros from its currency in 2005, and omitted Zimbabwe in Africa ten zeros from its currency in 2008, and Bolivia deleted three zeros from its currency in 2008, and deleted all from Romania Iran and three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and inflation index remained conservative on the rise . .

 

Pay attention to this paragraph.......

 

It tells you exactly what deleting the zeros is by referencing other countries that did the same.....

 

This is not a bad article.....this is one in our favor.....the longer its postponed, the greater chances we have of them raising the value without redenominating....

 

So when your fav guru is pumping deleting the zeros as the RV we are waiting for, its an indication they have no idea whats going on around them.....

 

Thanks for the post Mark.....

good input keep--- the taken the zero`s off didn`t help in long run the inflation was still high and no apparent help, only to move the large notes off the books, they are still in the hands of turmoil,  if iraq can kick those economist off the team and just let the c.b.i. move the marker on the rates ,  this would be a tell tell sign if they can let it be or roll it back to a lower number in my opionion,  -----> they are too many cooks in the kitchen , and really tooo many econmist in the  office of the law makers,,,,,,  roll this dang thing out at 1 too 1 ----- quit loosing money on foolish idea`s , and do not be afriad of the history iraq is about to make.........  { j,m,o }  <  ---------- i`m not an econmist :peace:

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Sounds like the have to raise value. If they can maintain stability then the will have to slowly delete the zero's. But it will always come down to, do the have the stability in there economy to maintain value? If they just delete the zeros without the stability, it would be like making an old car look brand new but underneath the hood would be an old engine waiting to breakdown.

Edited by Hawaii 50
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Sounds like the have to raise value. If they can maintain stability then the will have to slowly delete the zero's. But it will always come down to, do the have the stability in there economy to maintain value? If they just delete the zeros without the stability, it would be like making an old car look brand new but underneath the hood would be an old engine waiting to breakdown.

Very true.....if you look at the history of the turkish lira it has actually lost value.after they redenominated......im sure Iraq doez not want that to happen which is why they are so hesitant and countless studies done....redenominating or revaluing is not as simple as we all would like to believe....

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He cited countries that have applied this process such as Sudan, which delete zeros from its currency in 2007, and Turkey, which deleted six zeros from its currency in 2005, and omitted Zimbabwe in Africa ten zeros from its currency in 2008, and Bolivia deleted three zeros from its currency in 2008, and deleted all from Romania Iran and three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and inflation index remained conservative on the rise . .

 

Pay attention to this paragraph.......

 

It tells you exactly what deleting the zeros is by referencing other countries that did the same.....

 

This is not a bad article.....this is one in our favor.....the longer its postponed, the greater chances we have of them raising the value without redenominating....

 

So when your fav guru is pumping deleting the zeros as the RV we are waiting for, its an indication they have no idea whats going on around them.....

 

Thanks for the post Mark.....

You mean lopsters are right and that is not what we want?

 

God forbid that there are people out there who actually understand what deleting the zeros actually means for us.

 

Funny that an article like this makes things so clear. 

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Agreed politicians and economists Iraqis that the process of deleting three zeros from the Iraqi currency current risk because of conditions of the country and the lack of security and stability and the spread of corruption, where Iraq is seeking to reform the system of currency management and ease of use and reducing the number of banknotes of four billion to one billion and 800 million paper, from by deleting three zeros and the issuance of a coin . .

 

So deleting 3 zeros is reducing the number of banknotes...? 

 

He cited countries that have applied this process such as Sudan, which delete zeros from its currency in 2007, and Turkey, which deleted six zeros from its currency in 2005, and omitted Zimbabwe in Africa ten zeros from its currency in 2008, and Bolivia deleted three zeros from its currency in 2008, and deleted all from Romania Iran and three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and inflation index remained conservative on the rise . .

 

Iraq simply wants the value of their currency to improve significantly from this restructuring process.
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Agreed politicians and economists Iraqis that the process of deleting three zeros from the Iraqi currency current risk because of conditions of the country and the lack of security and stability and the spread of corruption, where Iraq is seeking to reform the system of currency management and ease of use and reducing the number of banknotes of four billion to one billion and 800 million paper, from by deleting three zeros and the issuance of a coin . .
 
So deleting 3 zeros is reducing the number of banknotes...? 
 
He cited countries that have applied this process such as Sudan, which delete zeros from its currency in 2007, and Turkey, which deleted six zeros from its currency in 2005, and omitted Zimbabwe in Africa ten zeros from its currency in 2008, and Bolivia deleted three zeros from its currency in 2008, and deleted all from Romania Iran and three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and inflation index remained conservative on the rise . .
 
Iraq simply wants the value of their currency to improve significantly from this restructuring process.

thatts the way i see it .. they want to reduce the number of bank notes . im not sure  they will reduce the money supply  .. just the amount of notes .. the rest of the dinars wil remain in digital dinars.

 

id like them to do this .. rv all the dinars except those held by the cbi .. the cbi can retain  the same dollar amount of dinars .. example the cbi was holding 30 trillion electronic dinars worth 28 billion dolars ..so after they rv  to a dollar per dinar .. the cbi only has 28 billion  electronic  dinars .. no  gain ,, no loss . the rest of the dinar  would be honored at one dinar per dollar .. or even 10 cents  or 30 cents .. then as they take in all the dinars they can be replaced with the lower denominations

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The very first paragraph I quote them: "lack of security and stability and the spread of corruption"

 

This is one of the very concerns they have.  Something Shabibi had said on numerous occasions.  So they are still hashing out what it means to the economy to delete the zeros.  They can't until they have stability and security.  Which is null and void when the most dangerous person there is the government's PM.  Then they are still talking about the inflation.   They do have to be careful with inflation if they increase the value of the dinar.  I just see this article as another hashing over the process.  I think they are finding themselves at the end of the road and caught with their pants down.  In other words this process that has been put in motion since Shabibi was in the CBI has come to the do or die stage.  They are realizing they are going to have to make a move on the deleting of zeros and found they have been ***** footing around and not preparing for it by passing laws, making an economically ripe economy, etc etc.  They've been so corrupt and enjoying their embezzling of the folks money that now they are at a point where they have to be big boys and make decisions, rather implementations that they have been fighting against in able to keep enjoying the peoples money.   They are running out of time, and possibly out of time.  I think they have finally come to the conclusion they must delete the zeros or face economic consequences if they don't.   JMHO

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Agreed politicians and economists Iraqis that the process of deleting three zeros from the Iraqi currency current risk because of conditions of the country and the lack of security and stability and the spread of corruption, where Iraq is seeking to reform the system of currency management and ease of use and reducing the number of banknotes of four billion to one billion and 800 million paper, from by deleting three zeros and the issuance of a coin . .
 
So deleting 3 zeros is reducing the number of banknotes...? 
 
He cited countries that have applied this process such as Sudan, which delete zeros from its currency in 2007, and Turkey, which deleted six zeros from its currency in 2005, and omitted Zimbabwe in Africa ten zeros from its currency in 2008, and Bolivia deleted three zeros from its currency in 2008, and deleted all from Romania Iran and three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and inflation index remained conservative on the rise . .
 
Iraq simply wants the value of their currency to improve significantly from this restructuring process.

Its reducing the number of bank notes AND the money supply at the same time......put all these articles together collectively over the years and its NOT what we want....

 

This educational campaign has explained over the years the process......2 years (abouts) to exchange....(will still be redeemable for 10 at CBI), the exchange ratio will be 1000 to 1 (old for new) Money supply will go from trillions to billions.....end result will leave the dinar on par with the USD.....(or pretty close)  No room for profit if this goes down.....

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Its reducing the number of bank notes AND the money supply at the same time......put all these articles together collectively over the years and its NOT what we want....

 

This educational campaign has explained over the years the process......2 years (abouts) to exchange....(will still be redeemable for 10 at CBI), the exchange ratio will be 1000 to 1 (old for new) Money supply will go from trillions to billions.....end result will leave the dinar on par with the USD.....(or pretty close)  No room for profit if this goes down.....

Exactly

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This is a very good article for us.  Apparently once again they are saying at this time we are not going to delete zero's, no matter what you have heard or read.  Redomination has come to be for many countries the gig, however for many of them it was a mess.  I am thinking but not sure Zimbabwe was a total mess.  They have RD'd several times and gave up to the dollar.  I am going to guess success does hang on stability and educating the masses.  If there is resistance in any part of the structure be it government, people and so forth it aint gonna fly very well.

 

So whats their next move?  We do see them selling bonds.  What else? 

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Its reducing the number of bank notes AND the money supply at the same time......put all these articles together collectively over the years and its NOT what we want....

 

This educational campaign has explained over the years the process......2 years (abouts) to exchange....(will still be redeemable for 10 at CBI), the exchange ratio will be 1000 to 1 (old for new) Money supply will go from trillions to billions.....end result will leave the dinar on par with the USD.....(or pretty close)  No room for profit if this goes down.....

 

Exactly what most of us have been saying Keep. Deleting 3 zeros is removing (reducing) the number of banknotes and thus reducing the money supplies at the same time.

 

 

Edited by zul
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He cited countries that have applied this process such as Sudan, which delete zeros from its currency in 2007, and Turkey, which deleted six zeros from its currency in 2005, and omitted Zimbabwe in Africa ten zeros from its currency in 2008, and Bolivia deleted three zeros from its currency in 2008, and deleted all from Romania Iran and three zeros from its currency in 2005 and 2011, but did not improve the value of the currency in these countries significantly and inflation index remained conservative on the rise . .

 

Pay attention to this paragraph.......

 

It tells you exactly what deleting the zeros is by referencing other countries that did the same.....

 

This is not a bad article.....this is one in our favor.....the longer its postponed, the greater chances we have of them raising the value without redenominating....

 

So when your fav guru is pumping deleting the zeros as the RV we are waiting for, its an indication they have no idea whats going on around them.....

 

Thanks for the post Mark.....

Do my eyes deceive me? Is that really Keep talking?  :P

 

Very good news in this article. Probably the only one that has impressed me in a while. Thanks for posting. :goodnews:

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