Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

CENTRAL BANK action BEGINS DELETION of ZEROS from the CURRENCY (14 April 2013) 06:46.


Recommended Posts

 
 

Central bank action begins deletion of zeros from the currency

 

 

14 April 2013     06:46.
 



Parliamentary Finance Committee said that the central bank According to the official communications of the current year starts procedures for deleting three zeros from the local currency, stressing that it would lead to the development of cash transactions and international economic.

 


And a member of the Finance Committee said Abdul Hussein al-Yasiri "It According to official Almkhtabat, with the central bank, it is supposed to start during this-General Balastaadadt for deleting three zeros from the local currency." He pointed out that "the local currency will reduce from four billion to one billion unit unit which will make there انسيابة in the process of transfer of the currency." Yasiri between that "the Finance Committee to make changes to support the local currency because of the economic importance to the country."

The central bank says that the deletion of zeros comes under a plan to develop its monetary policy and currency management reform. He was a member of the Finance Committee parliamentary Haitham al-Jubouri, had said in an earlier statement to him that "the replacement of the currency and delete Ocefarha will features the best and biggest reduce the size of inflation and revive the dinar due to lack of demand for the dollar, which comes advantages of a large economy of the country, and to replace it will revive the country's economy but needs to the atmosphere of political and economic environment for the implementation of the project without facing any obstacles lead to the deterioration of the Iraqi currency. "

The CBI had said in August that it plans to delete the zeros from the Iraqi dinar to facilitate financial transactions carried out through cash in most cases. Among the difficulties faced by Iraq if they are to foot on the deletion of zeros from the dinar is pulling about 30 trillion dinars in circulation in the Iraqi market now, then get rid of them and replace them with a new currency. The Finance Ministry has ruled out earlier in the deletion of zeros from the local currency in 2013 because the budget is calculated in current currency.

 

 

 

THE LINK : http://www.uragency.net/index.php/2012-03-11-16-31-52/2012-03-11-16-33-57/19789-2013-04-14-06-46-39

 

  • Upvote 1
Link to post
Share on other sites

This has absolutely nothing to do with a lop,

 

 the term “REMOVING ZEROS”, only means removing the notes with 3 zeros on them, IE: 25000, 10000., 5000, 1000, notes from the economy.

 

Just for easy math Im going to assume 1000 dinar is worth 1 USD just to make the math easy for you,

So this leaves only the 500, and 100 note is circulation in Iraq.

 

 The 500 dinar note has a value of about 50 cents USD and the 100 dinar note is worth about 10 cents

.

So you honestly think you can run an economy with dimes and 50 pieces. 100% IMPOSSABLE

The value of the USD would increase in value, high and fast the currency traders(black market) would charge a premium for handling that much paper currency.

Just to put this into perspective it would take with 100 dinar notes and go buy a 30,000 dollar car it would take 300 million 100 dinar notes to do that.

 

All American bills of any denomination are printed on paper that is about 0.0043 inches thick, so a new bundle (Federal Reserve strap) of 100 bills will be 0.43 inch thick (1 cm).

http://wiki.answers.com/Q/How_thick_is_a_bundle_of_hundred_dollar_bills

 

 

buy using these figures. 100 usd is 1000, 100 dinar notes which is about 4.3 inches thick

im not doing any more math I hope you get the idea. How many semi’s of dinar would need to buy that car.

 

Maybe that is how they are going to stimulate the economy, by hiring semi drivers to carry your cash when you go to the mall. lol

 

the would have no choice at that time but to release the new currency (lower denominations increase it's value) 

 

  • Upvote 2
Link to post
Share on other sites

not arguing with denis from canada . but the way you put that out there is a l-o-p  1,ooo =`s   1   would also mean 25,ooo =`s 25 ..?  this is the big question of the century.... or will it be they let loose of smaller notes { that most believe have been printed already } with the zero`s off { 1`s 5`s 10`s and so-on } and thus will pull in the larger notes off the streets for the smaller notes exchange ...  and then the new rate will come out ?????  what will they actually do ??? besides make us wait longer for them to figure out what they mean by their own new release :shrug:

Link to post
Share on other sites

the new paper notes should be 50, 25, 10, 5, 1, the 100 will stay in circulation but will be changed to a new one with kurdish language

 on it.

 

The 500 dinar note, Im not sure what they are going to do with it. whether it will stay or if they are going to remove it, i havent read anything about it, my guess is the they will remove it.

 

Coins should be  1.5,10, 25

Link to post
Share on other sites

jeepguy

sorry if i didnt make my self clear enough

Im not a rate or date guy

Im making an assumption based on some of the articles that the rate could be 1 usd to 1 dinar  or higher.

for the dinar to get to 1 to 1USD it would have to increase in value 1000 times or higher which is what we want

 

 

there are some articles that indicate that it could go back to the rate that is was in the 1970 and 1980's and that was $3.43 to 1 usd

 

 

Disclamer Im not saying that these rates going to happen, Im just reapeting what i have read in the articles.

 

p.s. i hate typing

I just want people to understand how it works

Link to post
Share on other sites

Let me get this straight in my head.

1.  Iraq is removing the triple zero notes from the market place. As an example, they have 5 trillion being circulated at present.  They want to retrieve at least 80% (4T), which would leave 20% (1T) on the street. What is not going to happen is the removal of the 000 (25,000 dinar becomes $25 USD).

2.  No rate has been given for the exchange. It could be .10 to $3. USD.  

3.  They will replace the collected bills with lower denominations, those which do not have triple zeros.

4.  The rate will begin to progress upward from whatever the initial rate is going to be.   

5.  This should be starting immediately.

 

Now, am I correct in understanding what is about to happen, or am I missing something?

  • Upvote 2
Link to post
Share on other sites
 
 
Central bank action begins deletion of zeros from the currency
 

 
 
Monday 04/15/2013 02:18 am

 

 
Announced the parliamentary Finance Committee, the central bank and according to official communications of the current year starts procedures for deleting three zeros from the local currency, stressing that it would lead to the development of economic and monetary transactions International.

And a member of the Finance Committee said Abdul Hussein al-Yasiri: It «According to official Almkhtabat, with the central bank, it is supposed to start during this-General Balastaadadt for deleting three zeros from the local currency. He pointed out that «the local currency will reduce from four billion to one billion units and units which will make there انسيابة in the process of transferring currency. Yasiri between that «the Finance Committee to make changes to support the local currency due to the country's economic importance.

 
 
The central bank says that the deletion of zeros is part of a plan to develop its monetary policy and currency management reform. He was a member of the Finance Committee parliamentary Haitham al-Jubouri, had said in an earlier statement to him that «the currency exchange and delete Ocefarha will features the best and biggest reduce the size of inflation and revive the dinar due to lack of demand for the dollar, which comes advantages of a large economy of the country, and that the replacement will revive the country's economy but needs to the atmosphere of political and economic environment for the implementation of the project without facing any obstacles lead to the deterioration of the Iraqi currency.
 
 
 
The CBI had said in August that it plans to delete the zeros from the dinar to facilitate financial transactions are made through cash in most cases. Among the difficulties faced by Iraq if he wanted foot on the deletion of zeros from the dinar is pulling about 30 trillion dinars in circulation in the market, then discarded and replaced with a new currency. The Finance Ministry has ruled out earlier in the deletion of zeros from the local currency in 2013 because the budget is calculated in current currency.

 

 

 

THE LINK : http://www.albayyna-new.com/news.php?action=view&id=22135

Link to post
Share on other sites

I think this is where the pavement meets the road.   The preparations have been made and the plan is about to be put in to process.   It started with a plan, the prep and implementation.  So I think we are at implementation process.  If this is so.  Now they begin the process of taking the 3 zero notes off the market "in Iraq", and RD with lower denoms.   But they have been saying all along the dinar is worth a dollar.  And we all know it is.  So, they will take their money supply to desired level and change the rate to reduce the losses.   They don't care about the dinars we are holding.  They know what is out of country.  Then need to bring the supply down in country.  If, just my opinion, if they wanted the out of country zeros exchanged, I think they would have been putting this info out also.  To the banks at least.  But if it is to become an international traded and hard currency, they will have to make this change soon.  Why?   To be a traded and hard currency that reflects the wealth of the country.  Remember, this is a prideful nation and they want to return to their previous value of the dinar, and the government and CBI knows good and well if they didn't give value to it, it would create a civil war.  At least the value of the dollar.  We have 2 years to see how they will get our dinars, by a new exchange rate, or exchange for the newer dinar and hold.  

 

I am just spouting off some of the articles we have read for the last 2 years and lop DON'T MAKE SENSE.    Stop worrying.  This is a project we have been waiting for.  The beginning of the process.  It's been held off for 2 years.  Let it roll.   Get resolve with this.  It will be an RD for the Iraqi's.  Once the books are adjusted, it will RV.  That's just my opinion, don't know when, don't know how long it takes to remove all those notes, but I am just "banking" on what Shabibi has said.  Not to mention the appearance of Saleh.  lol  Don't trust the Turki.       

  • Upvote 7
Link to post
Share on other sites

This has absolutely nothing to do with a lop,

 

 the term “REMOVING ZEROS”, only means removing the notes with 3 zeros on them, IE: 25000, 10000., 5000, 1000, notes from the economy.

 

 

I'm afraid you have been misled by pumpers.  When Nigeria lopped they called it "removing zeros" and it was nothing like you described. 

http://www.cenbank.org/redenomination/newpolicy.asp

 

 

The same was the case with Iran.

 

http://www.reuters.com/article/2011/04/02/businesspro-us-iran-currency-redenomiati-idUSTRE73112P20110402

 

 

And Zimbabwe.

 

http://mg.co.za/article/2008-07-30-zim-to-lop-10-zeros-off-currency

 

 

All revenue neutral re-denominations.

  • Upvote 1
Link to post
Share on other sites

So the Iraqis get nothing and we make out like bandits?

I'll be honest, I don't invest worrying the fate of others. Anotherwords I could care less about the Iraqis,sounds callus I know-peace 

  • Upvote 7
Link to post
Share on other sites

So the Iraqis get nothing and we make out like bandits?

 

LOL - there was some guru who asserted something almost just like this, but in all seriousness, and I nearly choked on my soda. 

 

As far as this LOP/RD possibility goes, I'm only curious about two things - whether or not they intend on allowing the currencies to co-exist, and whether or not any new notes will be released in conjunction with a rate change.  Either way, I see no reason to think we won't see an appreciation happen...it's just a matter of how it's going to get there.

  • Upvote 1
Link to post
Share on other sites

The only thing that will stop the Gurus is an RV. If it were to lop, they would continue to talk about the coming RV after the LOP. Gotta keep selling dinar.

 

True, but that doesn't mean they're wrong about that possibility.  I've been trying to find something that would tell me if a LOP/RD precludes a RV - so far not finding anything.

Link to post
Share on other sites
Guest
This topic is now closed to further replies.
  • Recently Browsing   0 members

    No registered users viewing this page.



  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.