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

[JMULS31]

That makes sense. Well, were going to find out one at sometime

the huge problem i got as that alot of people cliam iraq is going to have a huge RV then rd after words thats makes no sence what so ever its not going to happen at all its eaither going to RV and not change the currency or its going to rd and change there currency

[greeneyedlady]

they have stated many of time there is 30 trillion in circulation thats alot

 

the US dollar only has 1.8 trillion in circulation

 

Lately, no one knows what to believe, but I truly find it very hard to believe there is that much dinar in circulation.

[boomer113189]

I guess were going to find out what's going to happen. I spent hours fighting with my fiancé father and a good friend of mine on this exact subject. I thought I was dead right on this. Which means the VND won't be much of a profit either.

idk why people buy the vnd if they think thats going to rv then why bother with the iraq dinar you can buy 1 million vnd for 40 bucks and if it rvs thats a 10 k return for only 40 bucks. now lets take the dinar you most likly paid around 1k for 1 million dinar and if it comes out at 1 cent you make 10k . now whiche sound like a better bet spending eaither 40 bucks for 10 k or 1000 for 10 k . i would never buy the vnd just cuz it sound redickyouluss

[keepmwlknfny]

with a govt budget of over 100 billion dollars .. i dont see iraq getting along with 30 billion dollars worth of dinars ..i see the  amount of  phisical dinars as a  percentage of  what they end up with  as a total in the cbi ..

 

id say the entire country should be  backed by around  3 trillion dinars worth a dollar each .. some for debt ..  some for reserves .. some for general circulation

ect.

the 30 billion dinars is just phisical cash

i think this article is talking about how many phisical notes they will have  and what denominations they will be printing

Thats about how much they have now....30 billion dollars worth....it would remain the same.

 

And the budgets are funded through oil revenue, so why would the amount in circulation not be enough for the budget?

[JMULS31]

Your absolutely right. I never saw anything positive about the VND. $10k was all I was hoping for with the dinar. Anything more would be a bonus.

[keepmwlknfny]

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...?  

 

The whole process is gradual....exactly what it says....they have stated over and over that there could be as much as a two year exchange period. That would be a gradual process of removing the zeros, instead of giving them all a month or two to exchange

[Badrabbit]

G.W. said the War would not cost us a Penny! I read this article as a good thing, it is NOT a LOP, the Large (3 zero notes) will be replaced just as the USD large notes ($10,000, $5,000, $1,000 notes) were replaced-when you went into the bank you received $100 bills in place of your large US notes-the same thing will happen for the IQD (in my opinion) the new notes with the 3 languages printed on it will be the change given, at the same time the GOV of Iraq will (and has been) removing large quantities of bills from the streets (just the opposite of what the USA gov is doing-we are printing more and more and more...) therefore the value of the IQD will continue to rise (especially against the USD), whats better is that this article says that they are going to go from 4 billion notes to 1 billion notes-(amount of notes in circulation, not face value of notes in circulation), which we already know are going to be smaller denominations, this to me shows that there is going to be real value to the IQD. 

[keepmwlknfny]

G.W. said the War would not cost us a Penny! I read this article as a good thing, it is NOT a LOP, the Large (3 zero notes) will be replaced just as the USD large notes ($10,000, $5,000, $1,000 notes) were replaced-when you went into the bank you received $100 bills in place of your large US notes-the same thing will happen for the IQD (in my opinion) the new notes with the 3 languages printed on it will be the change given, at the same time the GOV of Iraq will (and has been) removing large quantities of bills from the streets (just the opposite of what the USA gov is doing-we are printing more and more and more...) therefore the value of the IQD will continue to rise (especially against the USD), whats better is that this article says that they are going to go from 4 billion notes to 1 billion notes-(amount of notes in circulation, not face value of notes in circulation), which we already know are going to be smaller denominations, this to me shows that there is going to be real value to the IQD. 

Your statements are contradictory. You relate this to what happened with the US (which wasnt a redenomination) and say that its going to be similar, but if thats the case, then Iraq would end up with MORE physical notes, not less. You cant go from 4 billion notes to 1 billion notes by giving people smaller denominations for their bigger bills.

[boomer113189]

when iraq says they want to get aride of the 3 zeros they mean do it to all the currency not just the 3 larger notes with just the 3 zeros on them there are multiple articals telling us that

[keepmwlknfny]

Your statements are contradictory. You relate this to what happened with the US (which wasnt a redenomination) and say that its going to be similar, but if thats the case, then Iraq would end up with MORE physical notes, not less. You cant go from 4 billion notes to 1 billion notes by giving people smaller denominations for their bigger bills.

You should also research more into the whole "Bush said the war would not cost us anything".....cause he never said that. His administration was referring to the reconstruction costs after the invasion, and using their resources to cover the costs. Which is pretty much what the DFI fund did.

[boomer113189]

this is a lottery ticket

[JMULS31]

Now I'm hoping for this thing to do something this year. I would hate to wait a few more years to just get my money back

[boomer113189]

i used to hold alot of dinars but after reading alot of things in articals about there so called plans i decided to unload most of my dinar holdings but i still have a dinar just incase it happens

[Tripphood]

i used to hold alot of dinars but after reading alot of things in articals about there so called plans i decided to unload most of my dinar holdings but i still have a dinar just incase it happens

So basically you are just scared and you are trying to make everyone else as scared as you were when you dumped most of your Dinar.

[OZmosis]

Wow, one article about lifting zeroes and its like being in the LOP-ster Tank! Everybody C A L M D O W N! It sounds like everyone is in a freakin panic. Doom and Gloom, Please.

It has been stated that there will be conflicting articles all the way up to however and whenever this happens. They are not going to send out a telegram, so look at the real news article out of the CBI and legitimate sources and you will get a better picture. I for one am not concerned but I am worn down and ready for this to be over.

Hang in there. Be Positive.

Go RV or Float!

SPOT ON TRIPPHOOD.  We all know already that CBI is aiming to restore the value of the dinar to its "proper" parity re US$.  In doing so, at some point in time the zero's have to go to achieve this.  This can obviously be done in several ways.  How might they do it?...we can only guess but rest assured they will manage the process in order to cause the least disruption for Iraq and the people but to achieve the best possible outcome...and this mayl include careful and astute management by gradually taking the larger notes out of circulation and replacing them with smaller denominations.  What does this mean for us?  Who knows - we can only assume.  It is therefore just plain stupid for any of us to run off on a tangent when we only know the end result of what CBI is doing...1:1 ?, but do not know their pathway plans to achieve the goal.  We should remain positive - this is good for Iraq - it might also be good for us - or it might not.  As TRIPPHOOD said "CALM DOWN" and 'BE POSITIVE."

[Belecosity]

So basically you are just scared and you are trying to make everyone else as scared as you were when you dumped most of your Dinar.

aww be nice...... btw I AINT SCARED! HONEY BADGER DON'T CARE!!!!!

DInar bit the S*** out of that RD! HE WANTS THAT RV!

[Tripphood]

SPOT ON TRIPPHOOD.  We all know already that CBI is aiming to restore the value of the dinar to its "proper" parity re US$.  In doing so, at some point in time the zero's have to go to achieve this.  This can obviously be done in several ways.  How might they do it?...we can only guess but rest assured they will manage the process in order to cause the least disruption for Iraq and the people but to achieve the best possible outcome...and this mayl include careful and astute management by gradually taking the larger notes out of circulation and replacing them with smaller denominations.  What does this mean for us?  Who knows - we can only assume.  It is therefore just plain stupid for any of us to run off on a tangent when we only know the end result of what CBI is doing...1:1 ?, but do not know their pathway plans to achieve the goal.  We should remain positive - this is good for Iraq - it might also be good for us - or it might not.  As TRIPPHOOD said "CALM DOWN" and 'BE POSITIVE."

Thanks OZmosis. You don't happen to remember the article I referred to in an earlier post about a 2 year period of exchange while using both the new lower denoms and the 3 zero notes we now hold do you?

[boomer113189]

So basically you are just scared and you are trying to make everyone else as scared as you were when you dumped most of your Dinar.

A Redenomination Warning

If you hear the words currency redenomination by a prominent government official become very concerned. This will probably be the fist step in the process of rolling the concept out to the public.

 

this is why one of the reasons why i did this

Edited April 13, 2013 by boomer113189

[OZmosis]

Yes TRIPPHOOD I remember.  Also remember one by Capt Wingnut I think.  Are you planning to find your previous article and repost?

[Tripphood]

aww be nice...... btw I AINT SCARED! HONEY BADGER DON'T CARE!!!!!

DInar bit the S*** out of that RD! HE WANTS THAT RV!

You say Boomer wants the RV? It didn't sound like it to me. I'm not trying to be mean, but people seem to over express their views as if trying to convince others to join them. I think most of the people who did that ended up in the "tank".

I believe that most of us here in the forums want to see a rise in the value of our Dinar, by what mechanism who cares as long as it rises.

I'm glad honey badger ain't scared

Yes TRIPPHOOD I remember.  Also remember one by Capt Wingnut I think.  Are you planning to find your previous article and repost?

I have no idea where to find it, I think I was on another site but I will try.

[JMULS31]

After reading this article it doesn't make this all as exciting as it once did. I'm still hoping this will turn out greatbfor all of us

[Tripphood]

A Redenomination Warning

If you hear the words currency redenomination by a prominent government official become very concerned. This will probably be the fist step in the process of rolling the concept out to the public.

 

this is why one of the reasons why i did this

But boomer you know that there will be much misinformation and I have seen to many other articles that do not support this latest article. Articles from Shabibi himself when he was the CBI, and even though he isn't there at this time his policies are still being enforced by Turki.

[boomer113189]

After reading this article it doesn't make this all as exciting as it once did. I'm still hoping this will turn out greatbfor all of us

i am with ya the zero articlas are all bad

yes thats why this thing is a 50 50 chance , a gamble it could work in our favor or not in are favor

[Tripphood]

I found this article....

Cancelling three zeros from currency soon, MP

4/13/2013 4:06 PM

BAGHDAD/ Aswat al-Iraq: Parliamentary Finance Commission MP said today that the Central Bank of Iraq will commence cancelling the three zeros from Iraqi currency.

MP Abdul Hussein al-Yassiri told Iraqi Media Network that "it is supposed that this year will witness necessary preparations to cancel three zeros from the currency".

He added that his commission supports such move for its importance to Iraqi economy.

The Central Bank of Iraq, earlier, announced that cancelling the zeros is within a plan to develop monetary policies in the country.

One of the difficulties facing is Iraq is withdrawing 30 trillion dinars from the Iraqi market at the present time and to be replaced by new currency.

Earlier, ministry of finance excluded the idea of cancelling the zeros in 2013 because the budget was made on the current currency.

http://en.aswataliraq.info/%28S%282vektp55gstfppiy5zv12w45%29%29/Default1.aspx?page=article_page&id=152996&l=1

It is important to really read the words used in these articles, example...

.MP Abdul Hussein al-Yassiri told Iraqi Media Network that "it is supposed that this year will witness necessary preparations to cancel three zeros from the currency".

Notice it says " necessary preparations to cancel...."

They are preparing to cancel because the cancellation of the zeros is the end game.

[boomer113189]

I found this article....

Cancelling three zeros from currency soon, MP

4/13/2013 4:06 PM

BAGHDAD/ Aswat al-Iraq: Parliamentary Finance Commission MP said today that the Central Bank of Iraq will commence cancelling the three zeros from Iraqi currency.

MP Abdul Hussein al-Yassiri told Iraqi Media Network that "it is supposed that this year will witness necessary preparations to cancel three zeros from the currency".

He added that his commission supports such move for its importance to Iraqi economy.

The Central Bank of Iraq, earlier, announced that cancelling the zeros is within a plan to develop monetary policies in the country.

One of the difficulties facing is Iraq is withdrawing 30 trillion dinars from the Iraqi market at the present time and to be replaced by new currency.

Earlier, ministry of finance excluded the idea of cancelling the zeros in 2013 because the budget was made on the current currency.

http://en.aswataliraq.info/%28S%282vektp55gstfppiy5zv12w45%29%29/Default1.aspx?page=article_page&id=152996&l=1

It is important to really read the words used in these articles, example...

.MP Abdul Hussein al-Yassiri told Iraqi Media Network that "it is supposed that this year will witness necessary preparations to cancel three zeros from the currency".

Notice it says " necessary preparations to cancel...."

They are preparing to cancel because the cancellation of the zeros is the end game.

this is saying iraq is going to start the canceling of the zeros.   commence definition = to start or begin.