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Shammari calls to set a date to reset the Iraqi currency


hammer911
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Posted on: 08/07/2013 19:24:15

For some reason, it will not post the article !!!!

 

 

With: spokesman called white parliamentary bloc Kazem Al-Shammari to make an appointment to reset the Iraqi currency.

 

Al-Shammari said in a press statement, received a "news the future," a copy of it, that "the high volume of reserves of Iraq from foreign currency to $ 76 billion in addition to the 30 tons of gold bullion, and out of Iraq from Chapter VII, make it necessary to set a date to reset the Iraqi currency . "

 

"The investment of this reserve big help to raise the value of the Iraqi currency compared to foreign currencies, and thus will contribute to reduce the prices of goods and commodities, would be reflected on improving the living standards for the Iraqi people and thus contribute to the insurance community and reduce crime and the fight against terrorism."

 

 

 

 

http://www.mustakbal.net/news.php?id=31530

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Iraqi Currency; Will Raise Value of IQD Compared to Foreign Currencies

Posted: August 8, 2013

 

Shammari calls to set a date to reset the Iraqi currency

 

 

BAGHDAD / With: spokesman called white parliamentary bloc Kazem Al-Shammari to make an appointment to reset the Iraqi currency.

 

Al-Shammari said in a press statement, received a “news the future,” a copy of it, that “the high volume of reserves of Iraq from foreign currency to $ 76 billion in addition to the 30 tons of gold bullion, and out of Iraq from Chapter VII, make it necessary to set a date to reset the Iraqi currency . “

 

“The investment of this reserve big help to raise the value of the Iraqi currency compared to foreign currencies, and thus will contribute to reduce the prices of goods and commodities, would be reflected on improving the living standards for the Iraqi people and thus contribute to the insurance community and reduce crime and the fight against terrorism.”

 

 

http://bit.ly/1cy4aXB

 

 

B/A

Economic Committee Member call on CBI to start currency structure project; Deletion of Zeros

Posted: August 8, 2013

 

Mehma Khalil called Central Bank currency structure project

 

 

Baghdad: Iraq news network called the Parliamentary Commission on the economy and investment the Central Bank of Iraq, the need to delete the zeros of the Iraqi currency after the land was available and exit Iraq from Chapter VII, and the economy is expected advantages and the results summary of Security Council-imposed penalty.

The words of the Rapporteur of the Committee, MP Khalil mehma, in the presence of members of the Committee on the economy and investment, the Central Bank should start a currency structure as a purely economic issue.

The Attorney said that the Iraqi Constitution between the need to change and delete the currency required by the economic situation of the country, and the public good, for Parliament and the Government to support the country’s economic identity, expecting to witness the coming budgets increase and prosperity after the investment companies to Iraq, noting that Iraq is not the only country to delete zeros from its currency, the preceding example States Turkey and Lebanon have succeeded bestWhen the economic situation resolution deleted zeros from their currency.

 

the MP Khalil project delete zeros and the objections of the Central Bank and the Government of Iraq requested that wait till an appropriate time and after coming out of Chapter VII all justifications and arguments ended this project. in turn, the alaktasadet Committee member criticized Attorney Abdul Hussein abtan said project delays and the survival of the zeros in the Iraqi currency and forIs it reasonable that the Iraqi Central Bank reserves of 76 billion dollars and now dealing in thousands.

 

The CBI had said in August that it planned to delete the zeros of the Iraqi dinar to facilitate financial transactions made through cash. among the difficulties faced by Iraq if it 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://bit.ly/1960Uiu

 

B/A

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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 cash. among the difficulties faced by Iraq if it 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."

 

Pull the three zero notes off the street and destroy them, replace with new currency. Is that it?

WM13

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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 cash. among the difficulties faced by Iraq if it 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."

 

Pull the three zero notes off the street and destroy them, replace with new currency. Is that it?

WM13

that is what I hope they are tying to tell the average  Iraqi  citizen ,,  that the lifting  zero`s  is take off the street ,    but if I keep reading articles where c.b.i. is saying they will go from  76 billion  down to  thousands < ------ this looks like they are saying  { we are going to lift zero`s and it will cost us several billion  , and in the end iraq will have only thousands :shrug:     so I am looking at the zero`s off the streets

Edited by jeepguy
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I'm sorry but this sounds too LOPstery to me.  Anyone else?

 

 

noting that Iraq is not the only country to delete zeros from its currency, the preceding example States Turkey and Lebanon have succeeded bestWhen the economic situation resolution deleted zeros from their currency.

Read more: http://dinarvets.com/forums/index.php?/topic/157228-shammari-calls-to-set-a-date-to-reset-the-iraqi-currency/#ixzz2bPcwfQVd

 

 

ye

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I can't argue with the LOPsters up in here as effectively as Tlar can. Below he addresses everything, even Turkey and Lebanon...

Mehma Khalil called Central Bank currency structure project August 8, 2013

Tlar: "The CBI had said in August that it planned to delete the zeros of the Iraqi dinar "

This is the second time it is mentioned. The first was a guy on the finance committee and now Mehma Khalil again tells us also that the CBI said they were going to delete the zeros in August.

That is two different guys who should be in the know stating the same thing that this will happen this month. The finance guy went also so far as to say that the CBI told him that they would also release the smalls. We know that is an impossibility at the current exchange rate.

So what they both are insinuating is August will bring a big change to the currency. They both say that this information came from the CBI and this info comes on the heels of the one on one meetings Turki just had with all these guys over the last two weeks..

Again we see 30 trillion dinars which is the same number that has been repeated in all articles since early last year when Saleh used it. It is a stock number that the news uses again and again and will continue to use until a new number is finally reported by the CBI.

The CBI has been very guarded in not releasing any new numbers and personally, I don't think they will release any new numbers before a change in the currency.

Tlar: , although the end result will be similar as both countries deleted the zeros, the act of Iraq doing so will be completely different from the way Turkey did it. In Turkey we see a true lop of the zeros off the currency bills themselves.

Iraq does not intend to knock the zeros off the currency, but rather they will knock the "leading" zeros off the exchange rate (nominal rate". ;) Of course then they will introduce the new lower denominations in which the zeros are removed.

Iraq has stated the old currency will be at the new rate and will still be usable for at least the next two years. Removing 3 zeros from the exchange rate makes the rate .86. Effectively making a 1000 dinar note worth $860 dollars.

A 5000 dinar note worth $4300, a 10,000 note worth $8600 and a 25,000 worth $21,500.

Assuming they are following the original 2008 plan, it was though by Shabibi that these notes would be brought in to be swapped for the new currency.

Most Iraqi's would set up bank accounts and only leave with enough smaller denoms that that they needed to operate with.

This was Shabibi's plan to get Iraqi's using the banks again and to capitalize the banks themselves It was a win, win situation for the banking system in Iraq.

The word "nominal value" has been used in relation to the phrase "delete the zeros" since late 2009. Removing the "leading zeros" was recently used in an article by an economist.

The term "redenomination" first appeared to my knowledge in early 2010 and was used as a means to describe the releasing of the smalls.

It was the term released to the forex's by the CBI and they always put the phrase up "Iraq intends to redenominate their currency by the end of 2010" at the bottom of the dinar listing. This is obvious that Iraq must add new lower denominations because of the increase in the exchange rate.

It is just as obvious that an Iraqi will find it as burdensome as you or I would to walk in to a convenience store to buy $20 dollars worth of goods as you ask them to break a 5000 dinar note and give you change.

He will be driven in to the bank because these larger bills will be almost useless day to day in transactions. One more thing.

Shabibi stated that they we going to pring the new bills including the fils.

It has been laid out to us numerous times along the way what the denominations were to be. He also considered pulling only the 5000, 10,000 and 25,000 notes as the banks target to be removed.

He wanted to leave the 1000 to circulate as the interim note between the old and new exchange rates. Although he had said there were no plans to print a new 1000 dinar note, this note would be left to circulate even after the change in exchange rate.

All other denominations including a new 50 would be printed under the new system. To summarize, Turkey was a lop. Iraq will be an increase to the exchange rate. Both require redenomination.

One last thing. In June of 2008, Iraq's parliament voted to make 1000 fils equal one dinar.

They could have made 100 fils equal one dinar. They chose the 1000 fils which if you look at the ME, almost all the high currencies have 1000 fils equaling 1 unit. This was the very first indication to me that Iraq had designs on a valuable currency.

Edited by _RFJ
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BAGHDAD / With: spokesman called white parliamentary bloc Kazem Al-Shammari to make an appointment to reset the Iraqi currency.

Al-Shammari said in a press statement, received a "news the future," a copy of it, that "the high volume of reserves of Iraq from foreign currency to $ 76 billion in addition to the 30 tons of gold bullion, and out of Iraq from Chapter VII, make it necessary to set a date to reset the Iraqi currency . "

"The investment of this reserve big help to raise the value of the Iraqi currency compared to foreign currencies, and thus will contribute to reduce the prices of goods and commodities, would be reflected on improving the living standards for the Iraqi people and thus contribute to the insurance community and reduce crime and the fight against terrorism." Ended

 

http://www.mustakbal.net/news.php?id=31530

 

 



Let me save you all the effort.

 

Reset = RV 

 

or

 

Reset = RD/LOP

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What tlar says isnt even true.....

 

Nominal value/nominal rate is the face value.....

 

Not the .00086.....

 

Funny how only the gurus say that its not what Iraq is trying to do, but yet the CBI is saying thats what deleting the zeros is....



What tlar says isnt even true.....

 

Nominal value/nominal rate is the face value.....

 

Not the .00086.....

 

Funny how only the gurus say that its not what Iraq is trying to do, but yet the CBI is saying thats what deleting the zeros is....

noting that Iraq is not the only country to delete zeros from its currency, the preceding example States Turkey and Lebanon have succeeded bestWhen the economic situation resolution deleted zeros from their currency.

Read more: http://dinarvets.com/forums/index.php?/topic/157228-shammari-calls-to-set-a-date-to-reset-the-iraqi-currency/#ixzz2bPoeXt9V

 

 

You cant misinterpret that lol......

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“The investment of this reserve big help to raise the value of the Iraqi currency compared to foreign currencies, and thus will contribute to reduce the prices of goods and commodities, would be reflected on improving the living standards for the Iraqi people and thus contribute to the insurance community and reduce crime and the fight against terrorism.”

 

 


Read more: http://dinarvets.com/forums/index.php?/topic/157228-shammari-calls-to-set-a-date-to-reset-the-iraqi-currency/#ixzz2bPpqlMpB

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I'm sorry but this sounds too LOPstery to me.  Anyone else?

 

 

noting that Iraq is not the only country to delete zeros from its currency, the preceding example States Turkey and Lebanon have succeeded bestWhen the economic situation resolution deleted zeros from their currency.

Read more: http://dinarvets.com/forums/index.php?/topic/157228-shammari-calls-to-set-a-date-to-reset-the-iraqi-currency/#ixzz2bPcwfQVd

 

 

ye

Just curious Keep but how much credence do you give to the argument that every time they reference Turkey and Lebanon, they are referring to the same outcome and not the process? 

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What tlar says isnt even true.....

 

Nominal value/nominal rate is the face value.....

 

Not the .00086.....

 

Funny how only the gurus say that its not what Iraq is trying to do, but yet the CBI is saying thats what deleting the zeros is....

noting that Iraq is not the only country to delete zeros from its currency, the preceding example States Turkey and Lebanon have succeeded bestWhen the economic situation resolution deleted zeros from their currency.

Read more: http://dinarvets.com/forums/index.php?/topic/157228-shammari-calls-to-set-a-date-to-reset-the-iraqi-currency/#ixzz2bPoeXt9V

 

 

You cant misinterpret that lol......

 

First off I'm not an expert and, admittedly, some of my terminology may be a bit off but...

 

I have to disagree with you here keep.

 

It is my understanding that the nominal value isn't the face value at all. The face value of one dinar will always be one dinar, even if the rate of exchange declines or increases because, it's printed...on the face...ie face value. In the event of a decline, or increase in the market, the nominal value, however, will fluctuate to reflect the current climate of the market it is in. 

Edited by _RFJ
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