New CBI Announcement 4/25/2013 on deleting the Zero's

[magawatt]

The way things get "lost" around there they should burn it as part of the transaction.

[zigmeister]

yep. if your using a qi card out of the country, you are purchasing it at the other countries currencyand rate at that time. i dont think it means the dinar is internationally excepted...just theqi card

thats kind of like taking money from the right pocket and moving to the left pocket. Its still m2, right. i guess physical notes would. be reduced...but if they are changing currencies ..it might be good idea.

This is true it does not mean it would have to be internationally accepted, except for on many occasions Iraq has expressed their the dinar will be internationally accepted.  They do reference to the fact the KI cards could be used in Iraq as well as of outside.   To me this is a conformation the KI cards will be accepted internationally because the dinar will be.  It does not mean the rate will be changed, but I am hopeful.

 

They state they are not changing currencies.  Maybe one day but why would they have to change it?  They don't.

[easyrider]

This is true it does not mean it would have to be internationally accepted, except for on many occasions Iraq has expressed their the dinar will be internationally accepted.  They do reference to the fact the KI cards could be used in Iraq as well as of outside.   To me this is a conformation the KI cards will be accepted internationally because the dinar will be.  It does not mean the rate will be changed, but I am hopeful.

 

They state they are not changing currencies.  Maybe one day but why would they have to change it?  They don't.

so you are saying they are going to go international for the first time with their currency at 1166 programmed rate with the Ki cards by end of July?

[SnowGlobe7]

Hey many it seems are saying July.....sounds good to me.

[keepmwlknfny]

yep. if your using a qi card out of the country, you are purchasing it at the other countries currencyand rate at that time. i dont think it means the dinar is internationally excepted...just theqi card

thats kind of like taking money from the right pocket and moving to the left pocket. Its still m2, right. i guess physical notes would. be reduced...but if they are changing currencies ..it might be good idea.

I agree, its still M2....but I dont think we can say with certainty that those numbers couldnt be manipulated easier, just having a lot of it wiped away.....

 

And I dont know if we can say with certainty that M2 numbers matter the most when it comes to reserves backing the value either......

[zigmeister]

so you are saying they are going to go international for the first time with their currency at 1166 programmed rate with the Ki cards by end of July?

As always Iraq doesn't have to.  After all the dong is internationally accepted and its value is worse than the dinar.  But I am holding a positive attitude we will see some kind of rise in value.  And our zero's will count!

[Tankwalker]

I believe the July predictions are stemming from the Article regarding the qui cards becoming active in the 7th month....I thought I had heard somewhere though that their 7th month actually begins in May. Can anyone confirm?

[zigmeister]

I believe the July predictions are stemming from the Article regarding the qui cards becoming active in the 7th month....I thought I had heard somewhere though that their 7th month actually begins in May. Can anyone confirm?

I have never heard of that before.  Their months are the same as ours.

[keepmwlknfny]

As always Iraq doesn't have to.  After all the dong is internationally accepted and its value is worse than the dinar.  But I am holding a positive attitude we will see some kind of rise in value.  And our zero's will count!

I agree.....they dont have to do squat.....it doesnt hinder them in anyway to go international at the rate they are at presently......

But we can hope that since they cant seem to make up their minds about lopping, that they will play with the rate a little in the meantime!

[Tankwalker]

Thanks for the reply Zig....I hadn't heard that either. On this site on the original thread regarding the seventh month smart cards, someone had stated the seventh month on the Islamic calendar begins on May 11th.

[Boozer]

Why drop the 0s, just use the Card ?

[zigmeister]

Thanks for the reply Zig....I hadn't heard that either. On this site on the original thread regarding the seventh month smart cards, someone had stated the seventh month on the Islamic calendar begins on May 11th.

Your welcome Tank. 

Why drop the 0s, just use the Card ?

They may issue some ld's.  But on the whole Iraq wants a cashless society.  

[hame55]

I mean why would you go to the trouble of applying for a new ISO code, the expense of printing new currency plus the expense of KI cards?  You would be more inclined to do one or the other but not both economically speaking.

Zig-

The Ki cards may use dollars...and international transactions in dollars

If a customer takes his physical dinar, and loads it on his card through his bank, they could technically take the physical dinar and destroy it if they really wanted to help bring down the currency outside the banks. 

 

Dont know how well it would work, or if thats part of the purpose of these cards but its possible....

WOW! Is that you Keep? You've gone pro RV.....!

LOL

[keepmwlknfny]

Zig-The Ki cards may use dollars...and international transactions in dollarsWOW! Is that you Keep? You've gone pro RV.....!LOL

Thats kind of what i was getting at.....do we know if these cards once loaded, are paying outside vendors in USD or not.....

LOL ive always been pro rv....just always looking for something that would help our cause, which isnt much but this MAY BE one of them so im definately interested.....

[TBomb]

I'm sorry, but the Islamic and Gregorian calendars are different, very different.  the seventh month is may..remember when they had their new year (Islamic) celebration in October/November 2012? 

[erixter]

I believe the July predictions are stemming from the Article regarding the qui cards becoming active in the 7th month....I thought I had heard somewhere though that their 7th month actually begins in May. Can anyone confirm?

The seventh month of the islamic calendar is Rejab. The year 2013 corresponds to the Islamic years 1434–1435 AH.

 

 

http://en.wikipedia.org/wiki/Rajab

 

http://en.wikipedia.org/wiki/Anno_Hegirae

 

Hope this helps.

[KiaKaha]

I'm sorry, but the Islamic and Gregorian calendars are different, very different.  the seventh month is may..remember when they had their new year (Islamic) celebration in October/November 2012? 

 

Thanks, TBomb! I was wondering the same thing. I wonder if any members that are in the area would like to chime in and confirm this...

 

KK

[Tankwalker]

Thanks Tbomb for responding to my question regarding the seventh month. Now the question is...was the article referring to the seventh month, July or may?

[yota691]

This goes well with this thread..little thoughts, ( Differing Views ) from some of the folks in Iraq...Posted Today, 06:28 PM

 Banker: any disregard for the challenges of the project will fail and cause big losses

 

 

         

29/04/2013 12:53 AM 

 Divergence of views on the project to delete the zeros 
of Baghdad - Ann Salah 
central problems and the fluctuation of currency exchange rates and efforts to raise the value of the Iraqi dinar stand again placed the deletion of zeros from the Iraqi dinar and characterized by differing views around between the Finance Committee representative on the one hand and the Central Bank on the other, the former demanding the implementation of the project in the second calls for lingered despite the fact that the previous administration have been enthusiastic for this project. 
To create a state of convergence between the points of view of both sides to be heard other parties relevant was us this meeting with banking expert Abdul Rahman Abdul Salam Shaykhli, who spoke of the "morning "the most important challenges facing the project. 
says Shaykhli that there is confusion legally on the subject for بالمديونيات public between citizens on the one hand (creditors and debtors) Here we must find a legal settlement to this thread. 
as seen Shaykhli that there is fear of currency counterfeiting and this is becoming of things recognized and must deal with this matter as a fait accompli, but does not see a reason to delay the project when taken into account with the development of hedges for it. 
and hinted that at first there was a difference in views between the Parliamentary Committee on Finance and the Central Bank which requires finding a state of convergence but we now see the emergence of a difference in views between the Council of Ministers, which demanded the previous administration to slow down the project and the current view of the same subject with the new administration. 
pointed Shaykhli that there is a subject very important link between the project and the economic security tied to security and political, which makes the implementation of this project is appropriate in time present due to big differences that beset the country and that must be reflected negatively on the success of the project. 
noted that the project is a financial cost is considerable and burdening the state and the citizen under these conditions immediate, and finds that امبرر her with the present according to the priorities most important, and he reiterated that taking Such a decision is not appropriate with the present. 
was Secretary General of the Council of Ministers had said on a previous occasion that the process of the currency exchange cost 172 billion dinars, the equivalent of almost $ 150 million in order to satisfy the printing expenses, transportation and insurance, in addition to the costs of destruction that the new currency will be in three languages Arabic, English and Kurdish. And cash in circulation now has up to 30 trillion dinars (equivalent to U.S. $ 27 billion). 
as the Economic Advisor to the Prime Minister had pointed out that the process cost both institutions (the government and the central bank) and the time and effort is necessary with the present. 
called Shaykhli to study the experiences of countries Other in this area as an experiment Turkey, for instance, has deleted 6 zeros from its currency, but it has taken this decision after it secured a stable significant security was lacking to him. 
said that the most important in the whole process he Aaijeri project only after the stability of the Iraqi dinar exchange rate relative to the currencies other foreign traded in Iraq كالدولار and the euro, adding that work is underway central bank to get to the exchange rate of the dollar against the Iraqi dinar, including not more than one thousand dinars per dollar maximum. concluded banking expert Abdul Rahman Shaykhli his speech by saying when conditions are appropriate to look at the project seriously and when the ground ready for the success of the project because no ignoring these challenges may fail project and يؤجله the order may not wish to get to him.

Read more: http://dinarvets.com/forums/index.php?/topic/147359-banker-any-disregard-for-the-challenges-of-the-project-will-fail-and-cause-big-losses/#ixzz2RnfPpGHi

Edited April 28, 2013 by yota691

[zigmeister]

Thats kind of what i was getting at.....do we know if these cards once loaded, are paying outside vendors in USD or not.....

LOL ive always been pro rv....just always looking for something that would help our cause, which isnt much but this MAY BE one of them so im definately interested.....

That I don't know.  I do know when they talk of these cards, they speak in terms of dinar.

[shydude]

Here is a possibility with the cards. Invite all of Iraq to bring in their money to put into their card account. Because they can use it anywhere in the world, they inform them that the card is in USD. Everyone is already using USD in Iraq so they do not think anything of it. After a certain time has gone by they RV what is left in circulation of the Dinar. Everyone with a card just got SCREWED big time because it is in USD. 

[Nelson0528]

Thanks for the reply Zig....I hadn't heard that either. On this site on the original thread regarding the seventh month smart cards, someone had stated the seventh month on the Islamic calendar begins on May 11th.

 

Indeed!.. and that is a Saturday... Very interesting...

[watercop]

said that the most important in the whole process he Aaijeri project only after the stability of the Iraqi dinar exchange rate relative to the currencies other foreign traded in Iraq كالدولار and the euro, adding that work is underway central bank to get to the exchange rate of the dollar against the Iraqi dinar, including not more than one thousand dinars per dollar maximum. concluded banking expert Abdul Rahman Shaykhli his speech by saying when conditions are appropriate to look at the project seriously and when the ground ready for the success of the project because no ignoring these challenges may fail project and يؤجله the order may not wish to get to him.

Read more: http://dinarvets.com/forums/index.php?/topic/147331-new-cbi-announcement-4252013-on-deleting-the-zeros/page-3#ixzz2RolcA3Rk

This part sounds good.  It sounds like they are saying that they want to stabilize the dinar to the dollar, euro and other foreign currencies traded in Iraq before they delete the 000.  They are only admitting to bring it down to 1000 to 1 but that is an improvement and a start:)

[Redhorse]

Iraq is not totally blind. They know about our investments and are in no rush to help us get wealthy. Why should they rush and announce the rate. They have been double talking from the get-go. Patience is key here. They should announce the rate in another few months hopefully, till then we weight.