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Delete the zeroes of the Iraqi currency


carlablum
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I talked with luckylucy about this and I completely agree. "I believe what we have here is a failure to communicate." - Cool Hand Luke. There seems to be great negativity surrounding the topic of anything that might suggest a l o p. As has been argued relentlessly here on this site (and elsewhere), a l o p would serve very little purpose to the Iraqi economy, particularly when it comes to their import economy, internal market trade, and the purchasing power of the people. All of those are necessary to prevent inflation issues when oil production/export ramps up and, inevitably, the GDP rises. Now since a l o p wouldn't make any sense, whatever could this article be insinuating? I think it is exactly what luckylucy touched upon. This would not act as a l o p in the literal sense (kind of a joke, get it?), but more of a de-circulation of large notes to ease internal market trade to help encourage spending with smaller bills. Some have referred to this as a "soft l o p".

When an RV hits the country, which it needs to for numerous reasons, there will be plenty of people with large notes that could be dangerous to carry around and have limited practical use when it comes to internal market trade because of the complications of making change. It seems logical to de-circulate the large notes in trade for small denominations to ease transactions and encourage open trade, and spending. Another benefit and logical reason for such a de-circulation of the large notes is that the country has made strong moves towards supporting an electronic economy, much like what we have in the US today. When large purchases are to be made, the banks of Iraq want them to be done with checks, wires, and credit/debit cards. What this also aids in is reducing the incidences of large counterfeit transactions and fraudulent purchasing. With the large notes de-circulated, large purchases will be made with electronic funds and small trades (i.e. - grocery shopping) will be done with smaller bills. This is certainly by design and has been the plan since they made the move to electronic funding.

Another example to support this "soft l o p" or de-circulation, which relates to luckylucy's examples and ideas, is how the US has acted in the past. In the late 60's, the Federal Reserve Bank begun the de-circulation of large note bills such as the $1,000 bill. The $1,000 bill did not become the equivalent to a $100 or $10 bill, but was exchanged for smaller denominations and taken out of circulation. The value and overall number of dollars remained the same before and after the transaction. This is what may and seems likely to happen in Iraq for the reasons stated above.

All in all, I agree with luckylucy's assessment of this "news" that there will not be a l o p where 25,000 IQD = 25 IQD, but rather a de-circulation where change is made for the larger bills, thusly totaling the same amount of IQD. There may or may not be a time limit for exchanging the bills. There would need to be if they want the security benefit of less/no large notes circulating, leading to the decreased value in black market counterfeiting.

Ty lucy for bringing this up too. The consensus that this is a l o p is most likely a misinterpretation.....RV please!!!!

I want to thank you for explaining this, I will be the first to admit, that I am not very good at understaning the whole lop thing, just that when its brought up people get pretty upset....I am new still new here so again thank you.

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I don't know about you but, is there anyway that we can put a disclaimer about posting anything about the lop pro or con. This is an issue that is beaten to death and every new member post the same old thing without doing their homework ,reading old post on this issue and posting old.old articles. WE need to make a stand and say NO MORE LOP POSTS!!!

What does everybody else think??? JMO

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I don't know about you but, is there anyway that we can put a disclaimer about posting anything about the lop pro or con. This is an issue that is beaten to death and every new member post the same old thing without doing their homework ,reading old post on this issue and posting old.old articles. WE need to make a stand and say NO MORE LOP POSTS!!!

What does everybody else think??? JMO

Ill back that maybe we should have a perment post saying if you have a question about L O P read this ere do not post in news section

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I agree, its getting old

I agree it is old. If we were to ban the subject though there would be people that would accuse us of being "Nazi MOD's" and post complaints that we are censoring topics. If I move it to the trash I can guarantee you I would get at least 2-3 PM's asking me where it went or "Why did you delete my post?" Trust me I have done it and I have been accused of exactly that. The best advice I can give is to ignore it and If they get no response they will eventually realize that it is something we would rather not discuss any longer. :)

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The topics are identified as a discussion about removing zeros, LOP, or whatever you want to call it.

I don't think there is a requirement that members must read through every thread and every post. Feel free to skip those with headers that indicate a topic you don't like. Really, no one will care that you skip a few. :)

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EVEN ADAM MONTANA SAID IN HIS CONFERENCE CALL TONIGHT THAT THERE IS A POSSIBILITY OF A LOP!!

IF Adam did say that then the mods need to stop the bashing of posters when they bring up the LOP issue. If it is a legitimate enough for Adam to discuss then it should be that way for everyone.

So mods did he or did he not say the LOP is now a possibility?

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We have to remember that some peeps are new to this and need the info. JMO

If I join something I would take the time to read old posts to see what the site is all about. That's doing your own homework and after you read about the site and couldn't find the answer then ask questions. That's not asking much. To me just joining a site and asking questions right away is asking for it and getting bashed sometimes. JMO

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Stop bringing it up before Deenar's head expl...

PHOTO REMOVED BY LUCKY LUCY

Oops.

Too late...

mrparrot, I have "hidden" your original post because of the picture of the exploding head. I'm sure you did not mean to offend or hurt anyone, but I know there are a couple of DV members here who have lost loved ones from self-inflicted wounds that probably looked like that. I am one of them. The photo was just too graphic for someone scrolling through unaware.

luckylucy

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I talked with luckylucy about this and I completely agree. "I believe what we have here is a failure to communicate." - Cool Hand Luke. There seems to be great negativity surrounding the topic of anything that might suggest a l o p. As has been argued relentlessly here on this site (and elsewhere), a l o p would serve very little purpose to the Iraqi economy, particularly when it comes to their import economy, internal market trade, and the purchasing power of the people. All of those are necessary to prevent inflation issues when oil production/export ramps up and, inevitably, the GDP rises. Now since a l o p wouldn't make any sense, whatever could this article be insinuating? I think it is exactly what luckylucy touched upon. This would not act as a l o p in the literal sense (kind of a joke, get it?), but more of a de-circulation of large notes to ease internal market trade to help encourage spending with smaller bills. Some have referred to this as a "soft l o p".

When an RV hits the country, which it needs to for numerous reasons, there will be plenty of people with large notes that could be dangerous to carry around and have limited practical use when it comes to internal market trade because of the complications of making change. It seems logical to de-circulate the large notes in trade for small denominations to ease transactions and encourage open trade, and spending. Another benefit and logical reason for such a de-circulation of the large notes is that the country has made strong moves towards supporting an electronic economy, much like what we have in the US today. When large purchases are to be made, the banks of Iraq want them to be done with checks, wires, and credit/debit cards. What this also aids in is reducing the incidences of large counterfeit transactions and fraudulent purchasing. With the large notes de-circulated, large purchases will be made with electronic funds and small trades (i.e. - grocery shopping) will be done with smaller bills. This is certainly by design and has been the plan since they made the move to electronic funding.

Another example to support this "soft l o p" or de-circulation, which relates to luckylucy's examples and ideas, is how the US has acted in the past. In the late 60's, the Federal Reserve Bank begun the de-circulation of large note bills such as the $1,000 bill. The $1,000 bill did not become the equivalent to a $100 or $10 bill, but was exchanged for smaller denominations and taken out of circulation. The value and overall number of dollars remained the same before and after the transaction. This is what may and seems likely to happen in Iraq for the reasons stated above.

All in all, I agree with luckylucy's assessment of this "news" that there will not be a l o p where 25,000 IQD = 25 IQD, but rather a de-circulation where change is made for the larger bills, thusly totaling the same amount of IQD. There may or may not be a time limit for exchanging the bills. There would need to be if they want the security benefit of less/no large notes circulating, leading to the decreased value in black market counterfeiting.

Ty lucy for bringing this up too. The consensus that this is a l o p is most likely a misinterpretation.....RV please!!!!

Bob_Loblaw,

Very well put, thank you.

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