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Iraq: the start of procedures to delete 3 zeros from Alamlha the


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Yeah this article has weird wording. 4 billion to 1 billion doesn't make any sense unless they are talking about destroying those notes they have in custody. Also he said local currency which seems odd. If they really only have 4 billion notes circulating that is VERY good for us. Looking at the behavior of the Iraqis that's quite possible. Let it float on up! Thank you Jesus!

the 4 billion to one billion is interesting. could it be they wish to leave a billion units in play, so that it gives time for people to adapt to the new currency? Or does it mean a billion units will remain after deleting three zeroes time period and the introduction of the new currency?

Edited by sandstorm
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just for something different

here is the same article but using Microsoft translator instead of Google translator.

it seems to read a little different

 

Iraq: Start delete actions 3 zeros from alamlha

 

 

July 27, 2013 

Baghdad, Iraq (CNN)--Iraq's parliamentary Finance Committee that the Central Bank, according to official correspondence, will start this year with three zeros deleted from the local currency, saying it will lead to the development of international economic and monetary transactions, in a new twist in the Iraqi currency, which suffered waves of inflation and exchange rates.

 

"The Iraqi media network," the official, a member of the Finance Committee, Abdul Hussein Al-yasiri, said that he would begin preparations for the deletion of three zeros from the local currency, adding that the local currency "will cut 4 billion to billion, which will make a smooth transfer currency".

 

Yaseri that the Finance Committee "supports the changes to the local currency because of the economic importance to the country." the Central Bank said that the deletion of zeros is part of a plan to develop monetary policy and currency management reform.

 

 

The CBI had said in August that it planned to delete the zeros of the Iraqi dinar to facilitate financial transactions made through criticism most often.

 

Among the difficulties facing Iraq if he wanted to delete the zeros of the dinar is pulling about 30 trillion dinars circulating in the Iraqi market is then discarded and replaced with a new currency.

 

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falkaramaonline.com%2Fnews%2F%25D8%25A7%25D9%2584%25D8%25B9%25D8%25B1%25D8%25A7%25D9%2582-%25D8%25A8%25D8%25AF%25D8%25A1-%25D8%25A5%25D8%25AC%25D8%25B1%25D8%25A7%25D8%25A1%25D8%25A7%25D8%25AA-%25D8%25AD%25D8%25B0%25D9%2581-3-%25D8%25A3%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1-%25D9%2585%25D9%2586-%25D8%25A7%25D9%2584%25D8%25B9%25D9%2585%25D9%2584%25D8%25A9%25D8%25A7

 

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So the order of steps they describe is to first pull in 30 trillion dinar worth of IQD notes (mixed 1000 to 25000 notes) and then replace it with a new currency, meaning after all those notes worth 30T total dinar are pulled in and discarded (destroyed, written off the books - which should only be done in an RV since an RD is value-neutral and they wouldn't need to discard or destroy any IQD value...).

Those are my thoughts...

But during the process of drawing in the notes, what mechanism would they use to take them in? (Since just forcefully confiscating them and destroying them would be criminal, I'm guessing)

Plus, how would the CBI not be immediately depleting reserves and screwing itself by taking in 3 billion notes worth approx. 30T dinar and writing it off the books? That would immediately appreciate all the remaining money supply greatly, basically like making all ordinary Iraqi dinar holders rich after they walk out of the bank. Can't wrap my head around how they're going to do this...

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This doesn't sound like a LOP to me. A LOP would reduce four billion to four million. Sounds more like pulling in part of the currency to reduce what is in circulation. I never really subscribed to that theory, but that is what this sounds like to me.

Roadrunner

Right - it seems that is the intention. It seems the amount of notes - 'cause at the street level, there are too many notes at the low rate floating around - when they RV they'll retire many higher denoms and replace them with lower denoms, all o fwhich they'll need fewer of as there will be a new rate.

 

Does this sound right, or am I digging a rationalization well....?

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Well to me it seems they've been reducing notes. That's why the currency is in such bad condition, there aren't any new notes surfacing. We can only pray and hope! With more countries showing their interest to invest, to me Iraq is getting stronger. It went from 2000+ to 1166 in around 8 years or so. Theyve drastically increased their banking and infrastructure. Oil output is going up. Investments are going up. Seems like the plan is going well. We are just waiting on that last piece of the puzzle, their actual money supply. Pray they've taken a lot in and have destroyed it.

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Right - it seems that is the intention. It seems the amount of notes - 'cause at the street level, there are too many notes at the low rate floating around - when they RV they'll retire many higher denoms and replace them with lower denoms, all o fwhich they'll need fewer of as there will be a new rate.

 

Does this sound right, or am I digging a rationalization well....?

Wouldn't that be nice. 

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To me this is great news !! We are on are way

 

I'm with you! At least now they aren't just saying they are going to do it "soon", but now discussing particulars on "How" they are going to do it. One of these days "soon" they are going to announce the rate and Google and Microsoft will screw it all up, as usual. :confused2:

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I'm with you! At least now they aren't just saying they are going to do it "soon", but now discussing particulars on "How" they are going to do it. One of these days "soon" they are going to announce the rate and Google and Microsoft will screw it all up, as usual. :confused2:

Expert: the implementation of the project to delete zeros this year supports currency

07/01/2013 12:00 am

called economic expert peace Quraishi, to the need to apply the project to delete three zeros from the currency because it is in the service of the citizen and the national currency by reducing the masses of cash with groups large in the local market.

Quraishi said: The implementation of the project for restructuring the Iraqi currency after Delete the three zeroes which is necessary for it would serve the citizen and the national economy, considering that groups large will turn into a thousand small unit, which will facilitate transactions in the market and accounts for government departments.

said the government should support the national project because it will contribute to strengthening the power of the Iraqi dinar and the national economy, stressing the importance of expediting its implementation during the current year.

central bank is preparing for the implementation of the project to delete three zeros from the national

currency after the completion of all procedures related to the project, but so far no date has been set for its application due to calls from some officials to postpone it.

http://bit.ly/UwfI0L

Sunday 16 December 2012

Parliamentary Finance: ground is prepared for the process of lifting the zeros from the currency in 2013

Ruled out a member of the parliamentary Finance Committee, Majida al-Tamimi, the lifting of the zeroes from the currency in 2013, noting that “the earth is ripe for replacement.”

Tamimi said in a press statement that “the process of lifting the zeros from the currency in 2013 depends on the nature of the policy of the new central bank governor,” adding that “according to the previous vision of the bank is supposed to be raised.”

She pointed out that for its “not arrive until the day the book from the central bank about the process of lifting the zeros or postponed,” pointing out that “the ground is prepared for the process of lifting the zeros from the currency, especially if there is fear from entering the currency forged and replace currency original thus happens inflation allowance reduce Trading. “

The Cabinet decided in its meeting held on April 10 last patient in the application process of deletion of zeros from the national currency until further notice

http://bit.ly/ZxG34M

Sunday 10/07/2012 04:49 pm

Baghdad / WAP / confirmed the CBI, that the project restructuring Iraqi currency and deleting three zeros which is of great importance and vitality of the country and its economy.

statement said the CBI had received news agency Baghdad International / WAP / copy on Sunday, “We read the rumors the news refers to postpone the implementation of the project restructure the Iraqi currency and deleting three zeros of them,

“adding that” at a time when stress that this project is important and vital for our country and our economy and society, the requirements of coordination and cooperation between us and the legislative and executive branches have to adjust the timing of the start of implementation “

adding that “despite the central bank completed the bulk of the procedures, the development of new currency in circulation at the completion printed, must be the beginning of the year (any year) during which no”.

http://bit.ly/TqzqhX

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Yeah this article has weird wording. 4 billion to 1 billion doesn't make any sense unless they are talking about destroying those notes they have in custody. Also he said local currency which seems odd. If they really only have 4 billion notes circulating that is VERY good for us. Looking at the behavior of the Iraqis that's quite possible. Let it float on up! Thank you Jesus!

As for the reference to "local currency" which I agree does seem odd you might want to go to the CBI site and review the CBI laws {not the Banking Laws}  Annex A,Article 32...

It has some wording that I find troublesome and I'd be interested in other opinions.

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"by reducing the masses of cash with groups large in the local market." quote taken from TQueezy

 

 

 

It sounds like the reduction of "masses/extremely large" amount of cash would mean the value would need to go way up to make the dinar worth Massively more money.  RV RV maybe!!! Then it could take less physical dinar to purchase an item.   
 

Edited by abby01
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It's good to see everyone is starting to catch on and believe in this investment again. The lopsters just about had alot of folks here convinced there was no way this could rv . lopsters have no credibility in my book , all they bring is negativity  and sarcasm w/o anything substantial to back their claims.

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It's good to see everyone is starting to catch on and believe in this investment again. The lopsters just about had alot of folks here convinced there was no way this could rv . lopsters have no credibility in my book , all they bring is negativity and sarcasm w/o anything substantial to back their claims.

Very true!! This is going along the way the plan is suppose to go!! Just taking a bit longer then we want .

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This doesn't sound like a LOP to me. A LOP would reduce four billion to four million. Sounds more like pulling in part of the currency to reduce what is in circulation. I never really subscribed to that theory, but that is what this sounds like to me.Roadrunner

As has been explained in many past posts, the deletion of the three zeros refers to pulling the 25,000, 10,000, and 5,000 notes from circulation......and replacing them with lower denomination notes.

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As has been explained in many past posts, the deletion of the three zeros refers to pulling the 25,000, 10,000, and 5,000 notes from circulation......and replacing them with lower denomination notes.

and that would increase the masses of dinar on the street unless it RV's

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The key is they said reduce four billion units to one billion units!! So if they reduce the units thry would have to go up on value !! Why spend money on new notes they aren't going to raise the value.

Just think how many bills you need to replace just 1 25,000 dinar note.

They have been reducing the dinar in circulation for a while and haven't added value to the dinar!!

It's been kept down on purpose . Cheaper value keeps the cost right now for Iraq to rebuild and pay people it's smart . But that only last for so long if you want big investors to come in. They want big returns !! Citi, Chase , Etc..

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As has been explained in many past posts, the deletion of the three zeros refers to pulling the 25,000, 10,000, and 5,000 notes from circulation......and replacing them with lower denomination notes.

Yes, replacing them with LD's.  Not introducing a brand new currency that makes the entire existing currency obsolete.  Just incorporating the new lower denoms with the 500, 250, and 50 that is currently on the market and also adding coins to the mix.  This procedure will require a Revaluation of some kind, or a Reinstatement of the value that it held before the sanctions that artificially devalued it.....

 

This process of replacing the three zero notes may take up to 2 years or even as many as 10 years according to some past articles....Who knows?.

 

Then during this time they may begin to introduce the notes with 3 languages on it and the new images that have been reported in other articles...All the while this will continue to be the IQD that was introduced in 2004...

 

It will be just like when the US introduces new 10's and 20's with a different color scheme and various changes to the existing notes...same US Dollars, different look and better anti-counterfeiting design....

 

This is what Iraq wants to do...Combat counterfeiting as well as increase the value of the IQD while introducing lower denominations and reigning in the 3 zero notes.,..It is all part of the process to make IRAQ an internationally viable, powerful and rich country.

 

At least that's the way I see this investment....Is my opinion and viewpoint right? 

 

I believe we will know in August when the trigger will be pulled....

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"The CBI had said in August that it planned to delete the zeros of the Iraqi dinar to facilitate financial transactions made through criticism most often.

 

Among the difficulties facing Iraq if he wanted to delete the zeros of the dinar is pulling about 30 trillion dinars circulating in the Iraqi market is then discarded and replaced with a new currency."

I am pretty sure that the August referred to is 2012  so they have been pulling in those 30 trillion dinars for all most a full year.

 

I seems like with all of the auctions they must be getting close.
 

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Could be good or bad, depending on how exactly they implement their plans. Hopefully its the way in our favor.  Decreasing the money supply through a LOP is not good for us.

Its not good for them either. They want to attract investment..not make enemies with major market countries.

Yes, replacing them with LD's.  Not introducing a brand new currency that makes the entire existing currency obsolete.  Just incorporating the new lower denoms with the 500, 250, and 50 that is currently on the market and also adding coins to the mix.  This procedure will require a Revaluation of some kind, or a Reinstatement of the value that it held before the sanctions that artificially devalued it.....

 

This process of replacing the three zero notes may take up to 2 years or even as many as 10 years according to some past articles....Who knows?.

 

Then during this time they may begin to introduce the notes with 3 languages on it and the new images that have been reported in other articles...All the while this will continue to be the IQD that was introduced in 2004...

 

It will be just like when the US introduces new 10's and 20's with a different color scheme and various changes to the existing notes...same US Dollars, different look and better anti-counterfeiting design....

 

This is what Iraq wants to do...Combat counterfeiting as well as increase the value of the IQD while introducing lower denominations and reigning in the 3 zero notes.,..It is all part of the process to make IRAQ an internationally viable, powerful and rich country.

 

At least that's the way I see this investment....Is my opinion and viewpoint right? 

 

I believe we will know in August when the trigger will be pulled....

Sounds like a plan to me!! +1!
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