Finance committee confirms deletion of zeros from Iraqi currency

[k98nights]

Finance committee confirms deletion of zeros from Iraqi currency

08 Sep 2013

 

 

On this Wednesday, the Financial Committee has confirmed that the year 2014 will see the deletion of zeros from the Iraqi currency, indicating that the deletion will be in coordination with the Central Bank.

A committee member, Abdul Hussein al-Yasiri has released a statement, in which he stated that the process of deletion of zeros from the national currency will begin in 2014, through an agreement with the central bank. Further he mentioned in that same statement, “This project will lead to reducing the proportion of the national currency traded from 4 billion to one billion.”
The statement further reveals that the size will be reduced to a quarter and this will enhance the value and easy to transport. However, it has to be noted that the statement also mentioned, “Fraud or manipulation in cash currencies, it will be very difficult.” Central Bank of Iraq has to take some significant steps to manipulate this section to stop corruption issues. Recently, the money laundering issue has shaken off the nation.

The CBI identified earlier in the beginning of this year will see the implementation of the project to delete the three zeroes from the national currency, but the Iraqi government demanded the bank to slow down implementation of the project, fearing the emergence of counterfeit currency during the switching process.

 

http://www.iraqdirectory.com/en/2013/09/08/25002/finance-committee-confirms-deletion-of-zeros-from-iraqi-currency.aspx

 

I know this is from Sunday, but I must have missed it...sorry if redundant

[vomer]

So it's a done deal.  Until tomorrow.  

[WISKY291]

This sounds like a LOP. I hope not.

[bluejay]

Great article...Now come on slow down implementation fear of counterfeit...Maybe it's more fear of loosing the ability to steal from the Iraqi People...Still Great article...Thanks..

[waterman13]

4 billion to 1 billion ??? I thought there was 30 Trillion or something like that.

WM13

[Wayfarer]

Finance committee confirms deletion of zeros from Iraqi currency

08 Sep 2013

 

 

On this Wednesday, the Financial Committee has confirmed that the year 2014 will see the deletion of zeros from the Iraqi currency, indicating that the deletion will be in coordination with the Central Bank.

A committee member, Abdul Hussein al-Yasiri has released a statement, in which he stated that the process of deletion of zeros from the national currency will begin in 2014, through an agreement with the central bank. Further he mentioned in that same statement, “This project will lead to reducing the proportion of the national currency traded from 4 billion to one billion.”

The statement further reveals that the size will be reduced to a quarter and this will enhance the value and easy to transport. However, it has to be noted that the statement also mentioned, “Fraud or manipulation in cash currencies, it will be very difficult.” Central Bank of Iraq has to take some significant steps to manipulate this section to stop corruption issues. Recently, the money laundering issue has shaken off the nation.

The CBI identified earlier in the beginning of this year will see the implementation of the project to delete the three zeroes from the national currency, but the Iraqi government demanded the bank to slow down implementation of the project, fearing the emergence of counterfeit currency during the switching process.

 

http://www.iraqdirectory.com/en/2013/09/08/25002/finance-committee-confirms-deletion-of-zeros-from-iraqi-currency.aspx

 

I know this is from Sunday, but I must have missed it...sorry if redundant

 

+1

I've been sitting in the corner wearing a 'dunce' cap. So I need to ask, If this is absolutely true, what are the RV implications?

[kenshin7]

the thing we all hoped would not happen ,  they are becoming very clear in chopping the zeros off lately .

[SocalDinar]

Is this from last week?

They still can correct the value anytime before.

[calkid11]

GOOD POST K98NIGHTS, STILL WAITING TO SEE WHAT ADAM SAYS ABOUT IT....GO RV

[vomer]

I'm stupid, but it seems to me to be coming together as a revalue and elimination of large notes with new small notes at the same time, is that possible?

[waterman13]

That's been my hope all along Vomer

WM13

[zigmeister]

4 billion to 1 billion ??? I thought there was 30 Trillion or something like that.

WM13

They are talking about notes not amount.  I do not know why they are using this terminology as of late.

[waterman13]

Thanks Zig, that makes sense.

WM13

[BelievingInTheBest]

They are talking about notes not amount.  I do not know why they are using this terminology as of late.

 

Yes Zig, I believe they are talking about the amount of notes being used. Notice they do not mention introducing a new currency. This means that they will need to run their entire economy on only 25 percent of the current currency. In my thinking, they will need to increase the value of the currency to get that job done. Especially when they also start to take the dollars out of circulation in Iraq as I imagine that step is a part of the plan in the not so distant future. So, one quarter of the amount of dinar notes with no dollars in the future. Think on that one for a bit and it can get exciting. 

Edited September 10, 2013 by BelievingInTheBest

[zigmeister]

Yes Zig, I believe they are talking about the amount of notes being used. Notice they do not mention introducing a new currency. This means that they will need to run their entire economy on only 25 percent of the current currency. In my thinking, they will need to increase the value of the currency to get that job done. Especially when they also start to take the dollars out of circulation in Iraq as I imagine that step is a part of the plan in the not so distant future. Think on that one for a bit and it can get exciting. 

I hope you are right.

[keepmwlknfny]

+1

I've been sitting in the corner wearing a 'dunce' cap. So I need to ask, If this is absolutely true, what are the RV implications?

Almost none......=(

[yota691]

Thanks K98....Click site article.....pieces of that article and pieces this article....

[dinarbeleiver]

+1

I've been sitting in the corner wearing a 'dunce' cap. So I need to ask, If this is absolutely true, what are the RV implications?

you had me in stitches plus one from me

[hoosier1470]

I'm stupid, but it seems to me to be coming together as a revalue and elimination of large notes with new small notes at the same time, is that possible?

Sure is!!

[sandfly]

I TOLD YALL IT'S IN BILLIONS

[Bobbydee]

Thanks K98. Until 2014 stay healthy. Blessings to all. Bobbydee