Delete the zeros

[cooked]

Call me stupid, you won't be the first to do so. I've read soo many articles on delete the zeros I can't count them I still am not sure what they mean when they say "delete the zeros". Does anyone have concrete proof of what this really means? There are so many interpretations, and personal opinions, I can't figure it out. What do you think?

[bluejay]

Maybe it's has something to due with we are from Joisey... I don't know either but will follow the thread because this is the place for the correct answers...

[BJinMontreal]

Hey stupid !! 

I don't know who negged ya - but I evened you out. 

 

I have to admit, even those who purport to know what the deleting the zeroes really means, have a hard time getting my vote as their opinion is just that - an opinion!  Until we see an article translated by a fully-qualified interpreter, then your guess is as good as mine or anyone else's.

[dantach]

They're Arabs. Who knows what they are talking about?

[Hairball51]

The news lately concerning the removal of zeroes seems to be all positive in that it is the kind of "removal" we're looking for...the removal of the higher denominations. They've been accompanied with statements about improving the purchasing power of the dinar and making a 25,000 dinar a 25 doesn't accomplish that objective. Try this too: http://dinarvets.com/forums/index.php?/topic/153565-possible-clarification-on-deletion-or-raising-zeroes/#entry1205082

[cooked]

Bump

[Jaxinjersey]

Hey Cooked... NO, not your fault!  We Jerseyans just look to hard...  it's all still quite "interpretive" as to the actual meaning.

 

We just have to study all the scenarios and choose the one we like best for now, because no one is going to provide the absolute answer!

So, sit back, breathe, and let it come to you...  and stay off the Parkway on the weekends... summer's here! 

[cooked]

Hey Cooked... NO, not your fault!  We Jerseyans just look to hard...  it's all still quite "interpretive" as to the actual meaning.

 

We just have to study all the scenarios and choose the one we like best for now, because no one is going to provide the absolute answer!

So, sit back, breathe, and let it come to you...  and stay off the Parkway on the weekends... summer's here! 

No worry about the parkway, I'm on the other side of the state, I look across the river and see filthadelphia.

[cooked]

Bump

[MahiMahi]

The news lately concerning the removal of zeroes seems to be all positive in that it is the kind of "removal" we're looking for...the removal of the higher denominations. They've been accompanied with statements about improving the purchasing power of the dinar and making a 25,000 dinar a 25 doesn't accomplish that objective. Try this too: http://dinarvets.com/forums/index.php?/topic/153565-possible-clarification-on-deletion-or-raising-zeroes/#entry1205082

 

Well said... if they were going to LOP they would have done it years ago... Instead they've been dollarizing the country and bringing in as much IQD as possible through their auctions.  Sounds to me they know exactly what they've reduced to in country in terms of how much IQD is still floating around (in country).  A LOP would do nothing for them.. i think anybody that still believes a LOP is probable hasn't really educated themselves

[aliciadogz]

The news lately concerning the removal of zeroes seems to be all positive in that it is the kind of "removal" we're looking for...the removal of the higher denominations. They've been accompanied with statements about improving the purchasing power of the dinar and making a 25,000 dinar a 25 doesn't accomplish that objective. Try this too: http://dinarvets.com/forums/index.php?/topic/153565-possible-clarification-on-deletion-or-raising-zeroes/#entry1205082

Thank you!

[WorkerBee]

Worst case scenario, LOP = 3 zeros off the nominal value and three zeros off the face of new currency, with an in country exchange only.  We do not want this to happen. Ever. Ever.

[umbertino]

Well said... if they were going to LOP they would have done it years ago... Instead they've been dollarizing the country and bringing in as much IQD as possible through their auctions.  Sounds to me they know exactly what they've reduced to in country in terms of how much IQD is still floating around (in country).  A LOP would do nothing for them.. i think anybody that still believes a LOP is probable hasn't really educated themselves

Hopefully so.

Worst case scenario, LOP = 3 zeros off the nominal value and three zeros off the face of new currency, with an in country exchange only.  We do not want this to happen. Ever. Ever.

If they really feel the itch of castrating zeros... They could go for 2 max and not all 3... It'd be already something....

[sandfly]

THANKS

[Hairball51]

Well said... if they were going to LOP they would have done it years ago... Instead they've been dollarizing the country and bringing in as much IQD as possible through their auctions.  Sounds to me they know exactly what they've reduced to in country in terms of how much IQD is still floating around (in country).  A LOP would do nothing for them.. i think anybody that still believes a LOP is probable hasn't really educated themselves

Right back at you my friend! I totally agree especially when you look back to the original intent of the new currency and the raising of the zeroes. I've been doing a lot of digging in the last 24 hours and have found some pretty good stuff that should help quell the fears of a LOP...I just need the time to post them...lol.

[cooked]

Right back at you my friend! I totally agree especially when you look back to the original intent of the new currency and the raising of the zeroes. I've been doing a lot of digging in the last 24 hours and have found some pretty good stuff that should help quell the fears of a LOP...I just need the time to post them...lol.

Looking forward to reading your research. Thanks.

[magawatt]

They often say they will "lift" the zeros.

I hope that clarifies things.

[waterman13]

To me delete the zeros or lift the zeros means one thing only: remove the notes with three zeros from circulation.

How do you do that? You have to raise the exchange rate, it's the only way.

The US used to have a 1,000, 10,000 and even a 100,000 note in circulation:

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

 

So, Iraq wants to be like the Euro, Dollar (US, CAN, AUS) and the Pound. Not at 1166 to 1 USD

 

Shabibi has stated that Iraq will have the strongest currency in the Middle East.

Listen to Shabibi at DC:

 

Can't find his Jackson Hole speech where he states this several times

Just my opinion

WM13

[Badrabbit]

here is an old article that Dr. Shabibi says ...Breaking News - 24/06/2010 - 12:00 am

بغداد/ الملف برس

Baghdad / file Press

نفى محافظ البنك المركزي العراقي سنان الشبيبي تعرض

Denied the Iraqi Central Bank Governor Sinan al-Shabibi exposure

مستندات البنك او ملفات الارشيف المتعلقة بتعاملاته الداخلية

Document bank or archive files on the internal Ptamlath

والخارجية لاي ضرر

And external to any harm
During the latest offensive by the militants on the Bank, confirming the continuation of the Bank's work and support for all banks, Iraqi civil and governmental organizations. He Shabibi at a conference yesterday in the Rashid Hotel in Baghdad, and also attended a number of experts from the central bank and security chiefs that "the burning of the central bank did not produce destruction of memory and archive the bank, there are additional memory reservation, and spoke on a daily basis and is housed in our safe locations, very protected and can not be accessed by any party whatsoever, and all documents burned a few do not reveal the secret dealings of the bank, but he returned and the bank has been affected significantly by the killing 12 of his bodyguards. In response to questions from journalists, and if affected other banks as a result of this attack, Shabibi said the CBI is a bank banks do not deal with individuals, but government institutions, banks and third-party Wi those three were not affected by the fire on the contrary, trading his next morning any day 13 / 6 and the work was carried out banking until it comes to the staff Pavtrash the ground to complete their duties for fear Mnhsol acts of speculation in the price of the dollar, and received the instruments of banks and held off. and about the extent of the damage he said was significant not Ntzerr any degree and published in the media is incorrect and exaggerated and on the lifting of the zeroes of the dinar Shabibi said the process would not affect the strength of the dinar and these zeros will be removed gradually. in response to a question on the problems of banks and misappropriations .. Shabibi said that unfortunately, we find that the officials at the Ministry of Finance launched an attack, specifically Ministry adviser, said that the banks would go bankrupt for not tackling properly and non-compliance with the laws of the bank, this is not true Many banks have contributed to the progress of the sector banker, and there is no violation occurred of any bank here can not charge the banks arbitrarily. For his part, Director General of banking that banks Iraqi civil particularly ancient Kabtal Alorca and Iranian banks have credits and name of the banking and capital great, and we reject any accusations because the bank is responsible for the transactions of these banks, and we are now and then to freeze certain sections and keep revisiting the open actions from transactional banking and there was no reproach to any bank and especially against by some quarters recently.

another one...Sunday, December 5, 2010

Delete the zeros from the currency will raise the value and limits the inflation of the cash block

Baghdad / agencies

Delete the zeros of the Iraqi currency of the important issues of concern to economists at the present time and this made the call Central Bank Governor Sinan al-Shabibi to come to the House of Representatives at its yesterday to discuss this issue, members of Parliament have discussed with the Governor a number of economic aspects of interest to the public sphere

In addition to (deletion of zeros) of the Iraqi currency in and out, with a nominal value of cash and keep Bakimiteha purchasing.

Adviser to the CBI the appearance of Mohammed Salih said: The current year will witness the launch the process of removing zeros, stressing that the bank has completed 50% of the preparations that are working on since 2005.

And added to the Agency for News: The strategy is based on the principle of gradual substitution of the Iraqi currency with another, less three zeros, and pointed out that the positives of this strategy is that it will be less expensive and easier to trade.

He continued that the deletion of zeros from the Iraqi currency will depend on the long-term monetary policy.

And between valid: that this step requires legislation and laws before embarking upon as part of currency management strategy in Iraq.

Appearance and confirmed the need to delete the zeros come from the Iraqi monetary bloc, which has become too large a product of inflationary phase lasted about 30 years rose from 25 billion to 21 trillion.

He noted the appearance of: to be the largest category of cash is 25 thousand dinars, equivalent to $ 23, while the largest category during the year 1979 and the period preceding the war, the Iran-Iraq 25 dinars equivalent to $ 75 at the time, but today, the biggest Iraqi faction of 25 thousand dinars is not equivalent to only $ 23 with the smallest currency we have is 250 dinars, and will allow the deletion reducing the size of the cluster of cash currency, ie, that the paper of a thousand dinars turn to one dinar, and this means reducing the 21 trillion dinars to 15 billion dollars with coins, metal, and small groups.

And Saleh said: "The strategy that purports to Central taken" in line with the Constitution and the economic life of good and facilitate intra-group transactions, "pointing out that" part of the margin of the inflation rate of between 1-3% is the responsibility of the large number of cash representing the cost of transactions in the case of the deletion will be reduced that cost."

And about the continuing high prices despite the official figures which show a decrease in the rate of inflation Saleh pointed out that "monetary policy is not concerned to re-price to the first box, but its goal to reduce rates of increase in prices, which were approximately 32% in 2007, and today dropped those increases to arranged to one decimal place around 7% only, "saying the number" a victory for Iraq's economic program, where there are no important central Iraqi stability only in the general price level and stability of the financial system.

He pointed out that the bank will issue treasury transfers of $ 3 trillion dinars during the next few days, to cover the contracts of electricity through the legal cash reserve which is maintained for the benefit of banks.

For his part, said economic expert, Dr. Hilal Al-Tahan, that the application of such a strategy will not cause economic turmoil, or damaged in the local market at the present time.

Stressed the economic and academic: to the process of deleting three zeros from the Iraqi currency will lead to a revaluation, noting the need to follow the policies of quiet to convince citizens and getting used to it for a period not exceeding two years.

The economic analyst said Reza Ragheb Blibl The timing of the launch of this strategy is not appropriate now, and the country's economy must be in a position of strength before the application of those changes.
 

[stealthwarrior]

Cant take 3 zeros from a fifty.

[Badrabbit]

reread the last 2 paragraphs ! I know there was another article in which Dr. Shabibi talked about the removal of the 3 zero/s from the nominal value ...still looking for that article

[Badrabbit]

"noting the need to follow the policies of quiet"

does this mean that they were removing the 3 zero notes from the public (through the Auctions) for the past 2 years and not letting the public know about it? maybe:)  if so all those 3 zero notes that we have been worried about have been reduced in numbers to a level that they wanted to achieve. then the first sentence of the 2nd to last paragraph makes sense "Stressed the economic and academic: to the process of deleting three zeros from the Iraqi currency will lead to a revaluation," notice it does NOT say LOP or RI

 

[lostnq8]

have to agree it would be difficult to remove 3 zeros from the  50 and 250 dinar bills

[NeedRv]

Hey Cooked... NO, not your fault!  We Jerseyans just look to hard...  it's all still quite "interpretive" as to the actual meaning.

 

We just have to study all the scenarios and choose the one we like best for now, because no one is going to provide the absolute answer!

So, sit back, breathe, and let it come to you...  and stay off the Parkway on the weekends... summer's here! 

 

HAHA you are right..... if you are not on the parkway EARLY morning or after 7pm hope the gas tank is full... going to be sitting a while...Its  ridiculous!!! 

 

GO RV 

[AniseBaby]

just read about the zeros being dropped....not to happy.....I don't really understand a lot about why they are doing it...but doesn't seem right or legal...but then again I'm just a small town girl living a HUGE world!!!!!