Iraq unlikely to remove zeros from the currency

[mrref]

What is next step, if will be no 000's removal?

Hey I've been in this for 10 years now and for 10 years its been delete the zero's and then we are not deleting the zero's. Thats why its call the Roller Coaster Ride!!!!

[rockfl9]

Right!  With an RV everything in the budget will have to be adjusted, salaries, pensions, contracts etc. I am not sure there is a way to prevent mass confusion. Somebody will end up on the short end of the stick. AND they have GUNS!

[MyLadiesDaddy]

Iraqi motto

Have gun, not afraid to use it.

[JayLay]

I always said that if it lops we can forget any major RV happening.

If they did lop 1000:1 then it would not be much room to raise in value. Did you really think that the new dinar value would raise enough to make a profit on our investment? If anything not very much.

This is great news from my perspective!

[R Veyron]

With all that is currently going on in Iraq, the stability of their country and economy are indeed in question . Sure this does seem like not so good news and it also seems like they are miles away from changing or upgrading the value of their current money. Taking the removal of the 3 zeros off the table and making it clear that that is not what they have in mind may seem like good news but is it really ? Just when is the writing on the wall , writing on the wall and not just some graffiti ? As has been the case all along, I guess it's just a matter of interpretation as to what they may or may not do and time will only tell.

[thesjeske]

Does anybody really know what the heck is going on in Iraq?

[Zigs]

Does anybody really know what the heck is going on in Iraq?

Not really.

[Djorgie]

Delete... Don't delete...Delete... Don't delete... Delete... Don't delete...

 

I get this vision of some Iraqi official sitting around all day every day plucking the petals off of flowers with an occasional verbal assault on his assistant, "Bring me more flowers you imbecile"!... "I need more flowers"!... "More flowers"! [continues plucking] "He loves me...Uhmm [clears throat]. "Delete"... Don't delete... Delete... Don't delete...

[Lopster_Stew]

They would have LOP'd long ago if that were their intention.

 

This gets stated over and over.

This article explains exactly why it hasn’t happened yet. It’s perfectly normal for countries to talk about deleting zeros for years and years and this shows why. The CBI has drafted up the law, they want to delete zeros. Some in Parliament and many economists that have been quoted are in favor of it also. Some in Gov/Parliament and some economist are against it. So nothing happens but talking about it for years and years.

All this Najib lady is saying is that the law is not before Parliament at this time. It was before but it was rejected. Just like in our county a law can go before congress a number of times before it is passed. It simply needs to be submitted once again.

 

All this shows is that people who keep claiming “they would have lopped already if they wanted to” don’t really know much about redenominations.  

[Zigs]

This gets stated over and over.

This article explains exactly why it hasn’t happened yet. It’s perfectly normal for countries to talk about deleting zeros for years and years and this shows why. The CBI has drafted up the law, they want to delete zeros. Some in Parliament and many economists that have been quoted are in favor of it also. Some in Gov/Parliament and some economist are against it. So nothing happens but talking about it for years and years.

All this Najib lady is saying is that the law is not before Parliament at this time. It was before but it was rejected. Just like in our county a law can go before congress a number of times before it is passed. It simply needs to be submitted once again.

 

All this shows is that people who keep claiming “they would have lopped already if they wanted to” don’t really know much about redenominations.  

They fired the delete zero's.

[caz1104]

Lopster_Stew,

 

Many bills are presented before congress & senate that NEVER get passed. Your statement goes to show that YOU really don't much about anything. Your opinion on an article was all that you needed to give, the needless jab at others that don't read it the same way is classless...........but I'm not telling you anything that I'm sure you haven't heard before most likely from your mom

[NoviceInvestor]

Does anybody really know what the heck is going on in Iraq?

No

Edited January 16, 2014 by Markinsa
Fixed Quote Box

[Lopster_Stew]

Lopster_Stew,

 

Many bills are presented before congress & senate that NEVER get passed. Your statement goes to show that YOU really don't much about anything. Your opinion on an article was all that you needed to give, the needless jab at others that don't read it the same way is classless...........but I'm not telling you anything that I'm sure you haven't heard before most likely from your mom

Caz... Did I claim anywhere that all bills do get passed. I simply stated the bill could easily be submitted again. Whether it passes or not is of course unknown.

As for my jab, it was a simple statement of fact. Anyone running around making the claim a lop wont happen because they could have just done it if they wanted to and they'd never talk about it this long... well, that person is not very educated on redenominations, how they come about, and what is typical in the process.

[NoviceInvestor]

No

[caz1104]

Lopster_Stew,

 

My bad I thought you said.................... "just like in our country a law can go before congress a number of times before it is passed. It simply needs to be submitted once again."...........................wait you did!!!!  And FYI it's not a law until its passed not before.

[Gunshow2425]

LOPSTER STEW= SANDSTORM. remember that

[yota691]

LOPSTER STEW= SANDSTORM. remember that

#3..what was it before #2 Sandstorm...#1?

Edited January 15, 2014 by yota691

[SocalDinar]

This gets stated over and over.

This article explains exactly why it hasn’t happened yet. It’s perfectly normal for countries to talk about deleting zeros for years and years and this shows why. The CBI has drafted up the law, they want to delete zeros. Some in Parliament and many economists that have been quoted are in favor of it also. Some in Gov/Parliament and some economist are against it. So nothing happens but talking about it for years and years.

All this Najib lady is saying is that the law is not before Parliament at this time. It was before but it was rejected. Just like in our county a law can go before congress a number of times before it is passed. It simply needs to be submitted once again.

 

All this shows is that people who keep claiming “they would have lopped already if they wanted to” don’t really know much about redenominations.  

99.999% of all people ( including me ) don't know much about redenominations LS.  Honestly I cant say that researching it on the internet puts me or anyone else really in the Know.

But I do have a question as to the draft law you talk about that was rejected by parliament. Not exactly sure what draft law that was rejected. ?????

 

Thanks

[caz1104]

Why do folks feel the need to change names? What's that saying...............wolf in sheep's clothing?..............sure fits here. 

 

Welcome back Sandy...................who were you before that ............Sybil?

Edited January 16, 2014 by caz1104

[dontlop]

#3..what was it before #2 Sandstorm...#1?

Sandstorm was crying just before this other name came around that he was truthful something before sandstorm

He was having a nervous break down in the tank or it seemed like it

He said he knows I work here now and was going to sell all his dinar and use the money to expose me

He's gonna be spending everything chasing a wild hog in Texas and it will get away

Cause I don't work here

Lol

[Gunshow2425]

Sandstorm was crying just before this other name came around that he was truthful something before sandstorm

He was having a nervous break down in the tank or it seemed like it

He said he knows I work here now and was going to sell all his dinar and use the money to expose me

He's gonna be spending everything chasing a wild hog in Texas and it will get away

Cause I don't work here

Lol

Haha yes it was TRUTHFUL. Good memory.

[Lopster_Stew]

99.999% of all people ( including me ) don't know much about redenominations LS.  Honestly I cant say that researching it on the internet puts me or anyone else really in the Know.

But I do have a question as to the draft law you talk about that was rejected by parliament. Not exactly sure what draft law that was rejected. ?????

 

Thanks

I don’t disagree with your 99.999% figure, but I do find it stunning.

People on dinar boards around the world are educating themselves on tax policies, trusts, off shore accounts, on and on. All while Iraq has announced 100s of times they have plans to redenominate their currency. Yet most have very little actual knowledge of how it works. They know only the lies made up about redenominations on dinar boards. It’s very evident when a redenomination/delete 3 zero article comes out and many jump and down for joy thinking they are about to be rich.

 

Not sure what the draft law is called. There have been dozens and dozens of articles that talked about the CBI plan to redenominate/delete 3 zeros being discussed in the Finance  and Economic committees of Parliament.

 

Here was just one recently that talked about it.

 Economic Committee Member expects zeros to drop from currency by early 2015

Member of the Committee expected the economy and investment representative Aziz Sharif al-mayahi project raise zeros from the local currency early 2015.

The Central Bank of Iraq more than two years studying the issue of lifting the zeros of the Iraqi currency but until now did not take firm decision on this matter.

Mayahi said each agency Iraq IGN today that “raise zeros from the local currency has no negative impact on the economic situation in the country, adding that” not to raise zeros is a preoccupation of the political blocs to preparations for elections to the House of representatives. “

“The project raise zeros from the currency will be by early 2015.

The Cabinet decided in its meeting held on 10 April to wait at apply the deletion of zeros from the local currency to further notice.

The Iraqi Central Bank, the Bank adviser said the appearance of Mohammed Saleh, confirmed to IGN need Iraq to an administrative reform of the currency, and that the deletion of zeros is a part of the country’s administrative reform process, in order to reduce the cost of cash transactions in the economic process, in addition to the need to provide money to small categories used in the trading of small transactions daily.

The officials at the Central Bank, in addition to some politicians and economists urged the Government to delete the zeros from the currency and issued new currency with large cash categories, in addition to having small coins.

And observers say that the Government intended to delete zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar, but economists underestimated the importance of this step, saying that the cost of raising the zeros will be greater than the benefit of raising

[jeepguy]

would it not be real nice ,,,   that  the whole body of Iraq --- parliament, g,o,I, and  central bank ,---  came together, and  said o.k.  lets go ahead and reinstate the old rate back at 3.oo 

[dontlop]

I know this is hard to understand for some but here goes

Copied and pasted from topic article

Sorry lopsters

BAGHDAD,— A rumor circulating regarding the removal of zeros from the Iraqi Dinar (ID) is false.

Read more: http://dinarvets.com/forums/index.php?/topic/169983-iraq-unlikely-to-remove-zeros-from-the-currency/#ixzz2qWNflCHg

Its false

A rumor

The end

Edited January 16, 2014 by dontlop

[JayLay]

would it not be real nice ,,, that the whole body of Iraq --- parliament, g,o,I, and central bank ,--- came together, and said o.k. lets go ahead and reinstate the old rate back at 3.oo

I would have to check myself in to the insane asylum.