Parliamentary Finance: Central Bank starts during the current year measures the deletion of zeros from currency

[JMULS31]

 I dont know anything when it comes to currency, and Im trying to learn everything I can.

 

So your saying were all screwed? 

[Belecosity]

Deleting zeros means...new currency minus the 3 zeros ~ the lower denoms.

So clearing up. Your saying that they are going to RD the new currency. What about what we hold?

[boomer113189]

 I dont know anything when it comes to currency, and Im trying to learn everything I can.

 

So your saying were all screwed? 

this is a speculation we eaither make money or we go bust as for all of us being screwed that's a possibility

[dontlop]

i doubt iraq is going to allow its currency to be distributed outside of its country to  screw over anyone who accepts it at a time when they are looking for  global cooperation .. and investors ..every dinar will be honored  no matter what they do.

[JMULS31]

I hope thats the case.  If not, this means that it was actually a scam huh?

 

 

i doubt iraq is going to allow its currency to be distributed outside of its country to  screw over anyone who accepts it at a time when they are looking for  global cooperation .. and investors ..every dinar will be honored  no matter what they do.

[C.H.]

Sounds to me like more of the same delay, delay, delay, and more delay, deleting the zero's has been mentioned previously then keeping the zeros in place was the most recent story we received now we are reading delete the zeros again.  How about an RV pull in the old currency then print a new currency seems as though this is the road we could be headed down. 

[vomer]

Even something unfavorable like an RD would be some relief.  Just DO something!

[JMULS31]

Either way, this whole thing doesnt sound good at all. 

[zul]

yes when they RD = delete the zeros they will introduce all new currency along with new lower denoms and coins

 

From August 2012 : "A member of the parliamentary finance committee, Najiba Najib, in a press statement, said that there is a tendency by the legislature with the support of the Central Bank's policy to restructure the Iraqi currency and delete zeros at the beginning of next year.."

 

#restructuring the Iraqi currency is the new currency (without/"delete") the 3 zeros. 

[TheArtistFormallyKnownAs]

we will be able to go through dealers

Yeah , but at a price ,and they will screw us. Where else are we going to go, Iraq?

[zul]

So clearing up. Your saying that they are going to RD the new currency. What about what we hold?

 

Hopefully, we can make some money on the one that we hold. 

[Belecosity]

Yeah , but at a price ,and they will screw us. Where else are we going to go, Iraq?

I wouldn't worry about it... we'll make money. I assured of it.

faith

Hopefully, we can make some money on the one that we hold. 

that's what I'm figuring

[dontlop]

i dont worry for one second  about losing a nickle ..

 

 i like this article the first paragraph talks about international use of the currency ..

[Belecosity]

i dont worry for one second  about losing a nickle ..

 

 i like this article the first paragraph talks about international use of the currency ..

Same. International is a great word for us.

[dontlop]

how in the world can they revalue their currency  and not add smaller denominations .. they going to just round everything off to the 50 dinar note worth fifty bucks each

 

 they are adding other notes to what they have ....the others wont be necessary after a time .. the 25 k notes will be the first to go .. they will need the 10k notes to make change for  the 25 k notes .. .. then when they are all gone .. they will still need the 5 kn notes to make change for the 10k notes .... but they wont need the 25k notes any more .. .. and on down the line til the 1000 notes are gone.. they have said it could take two years to ddo this .. they only tok 3 months to exchange the bremmers in for saddam notes .. and that was in the middle of a war ..

 

if they just wanted to exchange in the notes .. they wouldnt need a two year exchange period

[zul]

Central bank governor: We reject the accusations against the banks that deal with the World

 Thu Jun 24, 2010 8:31 am

"....Denied the Iraqi Central Bank Governor Shabibi force the Iraqi dinar has been affected by the process of lifting the zeroes that the central bank implemented during the coming period, noting that the process of lifting the zeroes will be gradual and thoughtful it without having any negative impact on the Iraqi currency.//"

 

http://al-iraqnews.net/new/local-news/14286.html

 

 

 

IF delete 3 zeros is a LOP, how do you LOP gradually. One zero at a time...?  

[dontlop]

im not saying go mortgage your house and buy dinars . i havent bought any dinars for years .im not planning on buying more .. but im not planning on selling any till they are called back to iraq by  demonetization.. the new notes must include  kurdish language .. thats the differance

[TheArtistFormallyKnownAs]

This forum is looking more and more like the deck of the Titanic , the String quartet is still playing (all is cool) but we all know where this is going.

[easyrider]

Just like if you were to take a 1,000 dollar U.S note into the banks they would in turn honor that note and give you 10 $100.00 notes this is exactly what Iraq wants to do. They will slowly in time phase out the 3 zero notes and i believe there will not be a time limit.

Edited April 13, 2013 by easyrider

[dontlop]

they been calling for new currency since it  was written into the constitution that the iraqi dinar must contain the kurdish language ....

[Capn Geech]

I will be more than happy to give them back some of their currency.

RV and it's all yours.

[dontlop]

what does iraq lose if they give me 1 million dollars for their currency if its worth 1 million dollars

if they rv for a dime ... and its worth 100 grand ,, and they give me one hundred grand for it .. how much did iraq lose

its just an exchange

no gain no loss

now if they rvd first .. then sold it to me for a thousand dollars .. then id say they lost 999thousand dollars

but they didnt

we helped them circulate their currency for them .. we paid for that  to happen .

once its all over the world then  rv it . now its only redeemable for goods and services in iraq , just like the dollar is only redeemable for goods and services ..or another dollar

now im reaching

you would think if they revalued their curency to be redeemable at a value equal to a dolar .. that most countrys would like to hold a few of those in their treasury  as a foriegn reserve .. knowing they can redeem it for goods and services of iraq .. knowing how much oil they have

[dschule]

Hi Newbie,

 

The article is very interesting and does not sound good.  My concern is, are we looking at a possible Redenomination 

vs RV. 

[dontlop]

id say its a brilliant marketing scheme .. disperse your currency all over the world then revalue it .... sounds like that would be good for the economy .. exchanging it back in for oil in the long run .. thats the most popular export of iraq

 

 how else could they distribute their currency through out the world .. it would take a century to do it any other way

[TheArtistFormallyKnownAs]

Hi Newbie,

 

The article is very interesting and does not sound good.  My concern is, are we looking at a possible Redenomination 

vs RV. 

According to this its a Redenomination and Yota's not a newbie. 8 )