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TexasGranny

Question for Adams Chat 2-27-2013

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Adam, today Markinsa posted an article about Iraq not ready to redenominate "lop" due to stability issues and other factors. In the article they clearly state they plan to redenominate and gave examples of other countries that did. Now that we know they will RD whenever they fix the issues inside their country, is it best to sell out now in case Iraq won't honor the notes outside of Iraq. Iraq has done it before so that is a great concern. It seems we now have closure.

Here's the article

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)

 

Read more: http://dinarvets.com/forums/index.php?/topic/142122-fears-delete-the-zeros-of-the-iraqi-currency/#ixzz2LmtrmSQr

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Adam, today Markinsa posted an article about Iraq not ready to redenominate "lop" due to stability issues and other factors. In the article they clearly state they plan to redenominate and gave examples of other countries that did. Now that we know they will RD whenever they fix the issues inside their country, is it best to sell out now in case Iraq won't honor the notes outside of Iraq. Iraq has done it before so that is a great concern. It seems we now have closure.

Here's the article

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)

 

Read more: http://dinarvets.com/forums/index.php?/topic/142122-fears-delete-the-zeros-of-the-iraqi-currency/#ixzz2LmtrmSQr

:lol:  :lol:  :lol:  sell, sell ,sell 

Edited by easyrider
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Hi Adam, I appreciate this site you have created a lot and also appreciate your wisdom in this venture. I have never posted a question as everyone usually covers all the angles.


Anyways my question is..., have you ever considered doing a monthly lottery of some kind in which you offer a FREE Lifetime VIP Membership to the lucky winner? It may be too late (hopefully) but thought I would ask anyways.


Edited by respectron
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:lol:  :lol:  :lol:  sell, sell ,sell 

Yup, there's ignorant easyrider chiming in with intelligence.

From the New York Times:

In an effort to cut down on smuggling, Baghdad also imposed a stiff exit tax of 15,000 dinars, the equivalent of $250 on the black market and $48,000 at the official exchange rate. The tax has slowed cross-border traffic from Iraq to a trickle.

Iraqi officials say they have no intention of compensating anyone else, even the Jordanian businessmen they traded with.

"It was their mistake to speculate in Iraqi currency," Shawki Kubaisi, the chairman of the Iraqi Trade Bank, said in Amman. "This is a matter of our national sovereignty, taken to improve our economy."

But Jordanian businessmen, who have lost tens of millions of dollars, say the move was akin to theft.

"I sold flour to Iraqi farms and they paid me in money they now say is worthless," said Nabil Ahmed al-Kaid. "This isn't business. It's robbery. The next time the Iraqis want something they'd better show up with dollars."

http://www.nytimes.com/1993/05/16/world/fortunes-in-iraqi-bills-gone-overnight.html

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Yup, there's ignorant easyrider chiming in with intelligence.

From the New York Times:

In an effort to cut down on smuggling, Baghdad also imposed a stiff exit tax of 15,000 dinars, the equivalent of $250 on the black market and $48,000 at the official exchange rate. The tax has slowed cross-border traffic from Iraq to a trickle.

Iraqi officials say they have no intention of compensating anyone else, even the Jordanian businessmen they traded with.

"It was their mistake to speculate in Iraqi currency," Shawki Kubaisi, the chairman of the Iraqi Trade Bank, said in Amman. "This is a matter of our national sovereignty, taken to improve our economy."

But Jordanian businessmen, who have lost tens of millions of dollars, say the move was akin to theft.

"I sold flour to Iraqi farms and they paid me in money they now say is worthless," said Nabil Ahmed al-Kaid. "This isn't business. It's robbery. The next time the Iraqis want something they'd better show up with dollars."

http://www.nytimes.com/1993/05/16/world/fortunes-in-iraqi-bills-gone-overnight.html

I am sure Adam will give you the answer you seek lol I'll never sell my millions of dinar :)

Edited by easyrider
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I am sure Adam will give you the answer you seek lol I'll never sell my millions of dinar :)

Good for you easy. I bet you overpaid for them too. Lol. No need to discuss anything else with you about this. No offense but you're pretty clueless to a lot of things. You're a gullible person but you're young so as you grow older hopefully you'll be wiser. Take care and live well.

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Good for you easy. I bet you overpaid for them too. Lol. No need to discuss anything else with you about this. No offense but you're pretty clueless to a lot of things. You're a gullible person but you're young so as you grow older hopefully you'll be wiser. Take care and live well.

:confused2:  thanks dad, any more advice? should i sell? Also i love how you always put no offense, yet you directly offend that individual its priceless. :lol:

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Yup, there's ignorant easyrider chiming in with intelligence.

From the New York Times:

In an effort to cut down on smuggling, Baghdad also imposed a stiff exit tax of 15,000 dinars, the equivalent of $250 on the black market and $48,000 at the official exchange rate. The tax has slowed cross-border traffic from Iraq to a trickle.

Iraqi officials say they have no intention of compensating anyone else, even the Jordanian businessmen they traded with.

"It was their mistake to speculate in Iraqi currency," Shawki Kubaisi, the chairman of the Iraqi Trade Bank, said in Amman. "This is a matter of our national sovereignty, taken to improve our economy."

But Jordanian businessmen, who have lost tens of millions of dollars, say the move was akin to theft.

"I sold flour to Iraqi farms and they paid me in money they now say is worthless," said Nabil Ahmed al-Kaid. "This isn't business. It's robbery. The next time the Iraqis want something they'd better show up with dollars."

http://www.nytimes.com/1993/05/16/world/fortunes-in-iraqi-bills-gone-overnight.html

 

This is very amazing and quite alarming, imo. I would be interested in hearing what Adam has to say about this.

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Wow! take it outside. This is questions for Adam Montana not a place for bashing each other.., actually I'm sure it's against the rules :rulez:

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Wow! take it outside. This is questions for Adam Montana not a place for bashing each other.., actually I'm sure it's against the rules :rulez:

As respectron stated - this thread is for questions for Adam - start another topic if you wish to discuss an article or better yet, go the topic where the article is posted and discuss it there.  Additional posts - off topic- will be removed. :surgeon:

 

:rocking-chair:

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Hi Adam,

 

An article stated that in modern times the biggest overnight RV of a currency was 35% or so. If the dinar RVed to even a .10 rate, that would be an approximate 10,000% increase if my math is right. Would an overnight RV of this magnitude be possible? Plus imagine the chaos at the banks as thousands rushed to cash in. Would it be more likely that the dinar become tradeable at or just higher than the present rate and be allowed to float upwards towards the .10 (or hopefully higher) rate over time? Thanks in advance.

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Adam, thanks for everything. About 1 1/2 years ago with Shabs at the helm, the CBI adjusted the sell rate from 1170 to 1166. It was thought that it was a test. The auctions and political scene have not changed very much since the 4 pip move. It might be a dumb question, but trying to figure out why 4 pips and why then? Why not 3 or 5 or 10 and why then? While any movement in the positive direction is great, just can't wrap my head around the logic of such a small move at that time. Again, thanks for everything.

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Hello Adam and Mods - Thanks for all you do.  My questions is what is really going on in Iraq when it comes to 2013 Budget?  Keep seeing conflicting articles on the budget that it has and has not been approved and it seems like we are back to the drawing board with no ones really knows when this thing will RV.  Just want to know your thoughts on what is really going on in Iraq. :angel:

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Sonny 1 recently commented that he feels the rate will go up 700 pips this year. If this scenario happens this way then at what level will you release the names of the banks that will give a special rate to VIP members? Thanks for your time.

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Hello Adam,

 

Now they are stalled on the budget.  How long do you think it will take to finally pass the 2013 budget?

 

Do you see the RV happening before March 31, 2013?

 

:shrug:

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Adam,

For those of us who do not yet have a Warka account but wish to hold on to Dinars after the RV, do you have any recommencations about what one may do to avoid problems with the dinar dollars changing within the next two years?

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Hi Mr. Adam Montana. What do you think of this article Mr. Adam? are we getting close to RV? Thank you very much for your precious time to answer my question.

 


 

Not optimistic over releasing Iraq from Seventh Chapter of UN's Charter at this time, says MP



Sunday, 24 February 2013

 

 

Baghdad (AIN) –MP, Hala al-Naftachi, the member of the Parliamentary  Foreign Relations Committee, stated that she is not

 

optimistic over releasing Iraq from the Seventh Chapter of the UN's Chapter at the current time.


Speaking to All Iraq News Agency (AIN), she said "We are not optimistic over releasing Iraq from the Seventh Chapter by the UN

 

due to the security and political situations in Iraq that negatively affect the agreement of the other countries to release Iraq

 

form this Chapter."


 

"The crises in Iraq are clearly affecting the international relations and will reduce the international and regional role of

 

Iraq," she added.


 

"In spite of the current crises in Iraq that awakened it, Iraq is still playing a good role in the region by its participation in the

 

international conferences," she concluded. /End/



 

THE LINK : http://www.alliraqne...itical&Itemid=2



 

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Considering the state of Warka (little to no response to emails or calls, inability to transfer funds, etc.), do you recommend for anyone to open an account with them or send funds to them? The article listed below claims that have announced bankruptcy, but also under the protection of the central bank, whatever that means. Do you have any information on the state of Warka besides the little that is released through the news?

"mention some private banks Warka Bank now announced bankruptcy, how will deal management bank with these people depositors who do not guilt them? - the central bank has nothing to do with guarantees of private banks Vmsrv Warka now entered under the protection the central bank, there is no bank opens if he did not have the capital utilized central bank fi Bank added to capital there are guarantees second example is the buildings belong to him, there is no study of the risk, there are now banks operating at great risk."

http://dinarvets.com/forums/index.php?/topic/142335-director-general-of-national-bank-of-baghdad-branch-beautiful-new-evidence/#entry1120450

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Good Morning Adam  questions for you. First  previouly you had offered a 50% discount for renewal of membership some of us has shortage of money due to unemployed with economony. Any chance you can reinstate this disount seems we getting to end of this investment and would help us a lot ,hopefully.

 

The auctions have been getting super low this last week, my feeling is they are really low now in streets with dinar. I believe shortly they will run out of dinars what do you think they will do at this point or we they release more dinars back in street from CBI. It seems they have been taking in close to a trillon a week. Thank you for your hard work on this investment.  

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There's been a lot of news about HCL, Tariffs, Article 140; where do we really stand? Your thoughts. Also in past the budget was never really that big a deal(IMO)but, this time seems different. Your thoughts?

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Hi Adam and Mods!

Reality check... Chap 7 still in place... HCL nowhere in sight... New currency/coins not happening... Budget dragging on... LOP as undetermined as ever... Maliki sick... Talabani dead not dead... More arrest warrants... Crisis, Crisis, Crisis...

Do you see any light at the end of this tunnel?

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ADAM:  Any names, if any, of a new foreign (outside Iraq)  business that has recently set up shop in Iraq?....thank you

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