Parliamentary: the process of switching the currency when you delete the three zeroes which do not need to legislate law

[yota691]

 

 

Baghdad (news) .. Said a member of the Finance Committee MP / coalition of Kurdish blocs / Najiba Najib, that the process of switching the national currency when you delete the three zeroes which does not need to enact the law by the House of Representatives, but the instructions issued by the central bank. 

said Najib (of the Agency news): The Bank Act Central allowed the Bank of the validity of the currency exchange and restructuring, so the project to delete the three zeroes tubeless for the enactment of the House of Representatives, but the controls serve as legislation to regulate the process of replacing the currency. said: There is a problem may occur when the implementation of the project, which is the issue of indebtedness among citizens, indicating For example, when you borrow a person million dinars Upon implementation of the project will become a thousand dinars, in the case of recovery of debt would anger the citizen creditor, so that this issue needs to legislation, while the project is fully tubeless law. has called for a number of deputies and economic experts to the need for the enactment of the regulates the process of replacing the currency when you delete the three zeroes, as well as the process of destroying old currency. / End / 8. n. r /

[jeepguy]

wow they explane the  --- l-o-p --- theory  pretty much ,, 1,million  will transfer to 1000,.......  that is still just around .00086 i believe ,  so i guess the rates will follow  , if they ever do .   about the new notes , i wonder if that is what dr. shabbi is doing ,,  over seeing the whole printing and inspection process,  arranging for transportation and dispersment to each location ?  

[Biker]

Good find Yota, but i dont like the way it sounds its going to go down from this guy.

[Retiredofficer]

Good find Yota, but i dont like the way it sounds its going to go down from this guy.

Yup! But I'll take what I get, and have myself a nice relaxing dinner or two.  8 year ride is almost over.

R.O.

[jobug38]

Yea but why would it anger the creditor? That is worded like the bank would lose money not the person or am I reading this right? I just woke up.

[ChuckFinley]

Thanks Yota.

[sandstorm]

wow they explane the  --- l-o-p --- theory  pretty much ,, 1,million  will transfer to 1000,.......  that is still just around .00086 i believe ,  so i guess the rates will follow  , if they ever do .   about the new notes , i wonder if that is what dr. shabbi is doing ,,  over seeing the whole printing and inspection process,  arranging for transportation and dispersment to each location ?

shabbibi was removed from the central bank. he was accused....issued an arrest warrant....replaced by turki as governor.....got of the charges and is probably in switzerland with his family.

There has been no mention or any evidence he is still working with or at the cbi

[PD46]

Yea but why would it anger the creditor? That is worded like the bank would lose money not the person or am I reading this right? I just woke up.

 

That is exactly what it is saying jobug; that the creditor would be angry; not the borrower.  

 

There is a problem may occur when the implementation of the project (unsure which process this is referrring too since the deletion of zeros and the replacement of currency are two different steps in Iraq's plan for monetary policy change), which is the issue of indebtedness among citizens, indicating For example, when you (the borrower) borrow (from) a person million dinars Upon implementation of the project (the debt owed to the creditor, a person) will become a thousand dinars, in the case of recovery of debt would anger the citizen creditor (the person who is lending the money) , so that this issue needs to legislation.....

 

If the value of the dinar increases in value quickly, then when the value increases the level of your indebtedness would decline.  It would only be implying a LOP theory if a person was making the assumption or believed the value of the dinar woulde not be increasing at a rapid pace.

 

Najiba Najib made a quoted reference about 2 weeks back in a news article about the "law of indebtedness".  If I were a betting man, then I would say that Parliament is working on the law or has it written and waiting for it to work it's way through Parliament for readings and passage. 

 

This is a great article and confirmation for those believing the value of the dinar is increasing at a quicker than normal pace.  Please remember all of these articles are being written for and meant for Iraqis in Iraq.  These articles are not written for the 3 zero note holders outside of Iraq. 

Edited May 3, 2013 by PD46

[staunch]

I'm sorry, but the way this article is written makes it sound like they have not even discussed any of the details. It sounds like they don't have a clue as to how to implement it, just seen it done in other countries. It's all just theory to them at this point.

[uncirculd]

I'm sorry, but the way this article is written makes it sound like they have not even discussed any of the details. It sounds like they don't have a clue as to how to implement it, just seen it done in other countries. It's all just theory to them at this point.

I agree.  How many times has it been presented to them by Shabibi and Saleh.   They just don't get it.   Rather they do and they don't want the folks to have money because it threatens their position politically and financially.    Control freaks, all of them,.

[dontlop]

Yea but why would it anger the creditor? That is worded like the bank would lose money not the person or am I reading this right? I just woke up.

i read that the same way ....

 

why would it anger anyone

 

if it was a lop it would be a nutral exchange and wouldnt effect either the bank or  the customers value

 

i  see a bank lop and a public rv, in this article

[fishing]

Thanks Yota! great post!

[dontlop]

cred·i·tor

/ˈkreditər/

 

Noun

A person or company to whom money is owed.

 

 

the issue of indebtedness among citizens, indicating For example, when you borrow a person million dinars Upon implementation of the project will become a thousand dinars, in the case of recovery of debt would anger the citizen creditor

 

[sandstorm]

Well the article says the cbi doeant need legislation to replace and restructure the currency. however...due to any creditor conflicts...they want to pass a law...so when they delete three zeroes..an iraqis house payment is changed to a thousand dollars.....and notmillion dinar

A thousand dinar.....and not still charged a million dinar

But it is a "l" article. a million dinar becoming a thousand dinar...by replacing the currency. thats as straight l talk as there is

What will they do? Thats anybodys best guess. what there saying, is clear cut and as straight forward as it gets.

[rockfl9]

If you read the law that preceded the Chilean(?) RD, they went to great detail to describe how all conversions would take place in bank accounts , loans , stock prices etc. AND made it a crime not to follow the law OR profit from the conversion!

I get the impression the Iraqi MPs are not too well educated in financial matters. So to pass such a law in Iraq will be a long process. I expect to see an advance notice.. I remember the CBI , under Shabibi , attempted such a notice with some training sessions a year ago. But that is dead now.

[unirod]

Now we can understand in part why the banks only lend small amounts to loan applicants. They don't want massive amounts to be paid off after an R/V. If you have money then why do you need a bank loan in the future? A cash society likes to pay cash for everything and not be indebted....IMO

Great Article!!

Thx Yota!

[geman]

Well the article says the cbi doeant need legislation to replace and restructure the currency. however...due to any creditor conflicts...they want to pass a law...so when they delete three zeroes..an iraqis house payment is changed to a thousand dollars.....and notmillion dinar

A thousand dinar.....and not still charged a million dinar

But it is a "l" article. a million dinar becoming a thousand dinar...by replacing the currency. thats as straight l talk as there is

What will they do? Thats anybodys best guess. what there saying, is clear cut and as straight forward as it gets.

I believe if they had a loan for say a house, they would adjust that as well! the transition should be pretty easy. Just have to do it   

[unirod]

Additional thought, creditors would be mad because of all the potential interest being lost by loan payoffs.

[onerighthand]

Hasn't anybody learned yet to not take any artical seriously. It will change tomorrow.

 

I just cannot believe that we still arghue and wast energy analizing these articles. Just read the stuff like a cheap novel for entertainment and roll over and go to sleep.

 

My entertainment has been to watch everybody go through mood swings, day and day out, but it is getting old.

 

Up and down and over and back! Holy crap, Batman

 

Maybe the articals are bad to get you to give up your dinars. Who knows!

[zigmeister]

Huh!  Well here is why one can question this article.  1.  The CBI has formally announced they are not going to delete zero's and restructure currency.  It was posted to set the record straight with all of the deletion articles circulating.  2.  No ISO code, this takes much time and is a process.  3.  Indeed they do have to go to parliament as far as the process of printing currency and so forth.  They do not have to if they were to RV it.  

 

So why keep printing these lop articles?  Who knows!  Nothing much in the news today, needed a cover story about something!

[jobug38]

That is exactly what it is saying jobug; that the creditor would be angry; not the borrower.

There is a problem may occur when the implementation of the project (unsure which process this is referrring too since the deletion of zeros and the replacement of currency are two different steps in Iraq's plan for monetary policy change), which is the issue of indebtedness among citizens, indicating For example, when you (the borrower) borrow (from) a person million dinars Upon implementation of the project (the debt owed to the creditor, a person) will become a thousand dinars, in the case of recovery of debt would anger the citizen creditor (the person who is lending the money) , so that this issue needs to legislation.....

If the value of the dinar increases in value quickly, then when the value increases the level of your indebtedness would decline. It would only be implying a LOP theory if a person was making the assumption or believed the value of the dinar woulde not be increasing at a rapid pace.

Najiba Najib made a quoted reference about 2 weeks back in a news article about the "law of indebtedness". If I were a betting man, then I would say that Parliament is working on the law or has it written and waiting for it to work it's way through Parliament for readings and passage.

This is a great article and confirmation for those believing the value of the dinar is increasing at a quicker than normal pace. Please remember all of these articles are being written for and meant for Iraqis in Iraq. These articles are not written for the 3 zero note holders outside of Iraq.

Thanks friend I was a little groggy this morning.

Edited May 3, 2013 by jobug38

[dontlop]

they just have to fix an exchange rate  for the old dinars to the new dinars ..its not rocket science..this article says it would make  the creditor angry if they gave out a loan before this process happened . ya cant change what it says unless you want to say the article is a misprint.

 

it would be  a  benifit to the person who got the loans ,, or why would a creditor be angry ..the creditors  will still be able to collect the 1 million dinars in the bremmers .. but the new notes will be  exchanged at what ever fixed rate they attach to it .they would simply co exist at different exchange rates .

 

they can remove 3 zeros and  fix the exchange rate to 150 bremmers to  one new dinar .. i dont think anyone knows what they mean by adding value to the dinar ..unless only the new dinar gets added value. and the bremmers  are exchanged evenly at its current rates with no rv attached to it

[mrref]

WOW: I have never seen so many speculations, IMO, or JMO in all of my life  . All we need on this site is a person from Iraq that can tell us what this article and many others means.

[shydude]

The only way the creditor would be upset is that they just loaned 1,000,000 dinar = 1,000 USD today and next week that 1,000,000 dinar = 1,000,000 USD. They would have been 1,000,000 richer but they can only collect 1,000 for the original loan. They lost 999,000 of potential profit.

[jobug38]

The only way the creditor would be upset is that they just loaned 1,000,000 dinar = 1,000 USD today and next week that 1,000,000 dinar = 1,000,000 USD. They would have been 1,000,000 richer but they can only collect 1,000 for the original loan. They lost 999,000 of potential profit.

That what I got out of it the creditor would lose not the debtor.