Deletion of zeros from the Iraqi currency

[Francie26]

I'm drooling now at this point.Not me. I'm not drooling. I have always been a "word woman," which excluded numbers from my mental radar.  So all of the numbers talk s

oops. . . .  just goes over my head.

oops. . . .  just goes over my head.

I don't know how it happened, but I wrote "Not me. I'm not drooling. I have always been a "word woman," which excluded numbers from my mental radar.  So all of the numbers talk" and it shows as though Deb45 said it. Sorry, Deb.  Didn't mean to infringe on your comment.

Read more: http://dinarvets.com/forums/index.php?/topic/189167-deletion-of-zeros-from-the-iraqi-currency/page-3#ixzz3Gm1ZI2nV

[rockfl9]

correct they go off the gregorian calendar.  The islamic year starts in the next few days. No where does it say 2015.

By the GREGORIAN CALENDAR the New Year begins January 1! While religious holidays are set by the Muslim calendar the GOI uses the Gregorian calendar to set it's schedules. Next year means 2015.

[yota691]

correct they go off the gregorian calendar.  The islamic year starts in the next few days. No where does it say 2015.

the 28th...I believe....

[Paxx1]

Sounds good but don't believe the hype!

[jcfrag]

correct they go off the gregorian calendar. The islamic year starts in the next few days. No where does it say 2015.

I like October too. Gives me time to get some travelin in, get some stuff squared away, and be home and ready for Christmas! ( all the while working quickly with the CPA to get ready for taxes for 2014!!!! ) Me like that thought very very much as these tax headaches will be happy tax headaches!!!!

[chinadawg]

By the GREGORIAN CALENDAR the New Year begins January 1! While religious holidays are set by the Muslim calendar the GOI uses the Gregorian calendar to set it's schedules. Next year means 2015.

I respectfully must disagree with you, but thanks for your opinion.......next year in this article does not mean 2015 in my opinion........as for as the true meaning of deleting the zero"s........I'm not convenced in my mind, anyone  knows beyond a shadow of a doubt how this will work........all we know for sure , it has been stated many times that there intent is to add value to the dinar...........that is all we truly know.............other than that it is all guess work.

Edited October 21, 2014 by chinadawg

[NeedRv]

Debatable posts  .... time will tell and until the rate is announced, and zeros dropped... its all just speculation at this point...so WE WAIT.... just like most of us have been for almost 10 Yrs...    

[chinadawg]

And let"s face it........some, think the deletion of zero"s is simply the vacuming..........sucking them off the streets..........removing the 3 zero notes from use (eventually)......................no one knows for a fact how the deletion of zero's will play out..

[NeedRv]

I think they can still RV to a .86 and still eventually STILL be able to remove the big notes off the streets if they wanted to start going with smaller denoms. 

[umbertino]

Edit

If it's 1:1 and they castrate the zeros then we are shafted. Back to square one after ( for some of us) many years.. Add fees and commissions when you exchange and you can call it a loss...The hope is they would increase the value 2 or 3 times at least for us to get something of substance..

 

It'd have been better for us investors to stay in the cents range without   the cut of zeros... 

 

A RV of 5c would multiply our Capital  50 fold,   10c 100 fold, etc......

Edited October 21, 2014 by umbertino

[NeedRv]

Edit

If it's 1:1 and they castrate the zeros then we are shafted. Back to square one after ( for some of us) many years.. Add fees and commissions when you exchange and you can call it a loss...The hope is they would increase the value 2 or 3 times at least for us to get something of substance..

 

It'd have been better for us investors to stay in the cents range without   the cut of zeros... 

 

A RV of 5c would multiply our Capital  50 fold,   10c 100 fold, etc......

makes sense.... But I just read something that they are planning to implement new 25K notes with "new" features. (http://dinarvets.com/forums/index.php?/topic/189204-central-bank-announces-the-launch-near-the-categories-of-25-thousand-and-five-thousand-new-bhlthma/)

if this is true I doubt they would be cutting zeros off the notes.... if that was the case they would of been better off just making 250$ notes and not trying to upgrade the current 25K notes..... 

[umbertino]

makes sense.... But I just read something that they are planning to implement new 25K notes with "new" features. (http://dinarvets.com/forums/index.php?/topic/189204-central-bank-announces-the-launch-near-the-categories-of-25-thousand-and-five-thousand-new-bhlthma/)

if this is true I doubt they would be cutting zeros off the notes.... if that was the case they would of been better off just making 250$ notes and not trying to upgrade the current 25K notes..... 

Ok..Let's hope

[NextYear]

makes sense.... But I just read something that they are planning to implement new 25K notes with "new" features. (http://dinarvets.com/forums/index.php?/topic/189204-central-bank-announces-the-launch-near-the-categories-of-25-thousand-and-five-thousand-new-bhlthma/)

if this is true I doubt they would be cutting zeros off the notes.... if that was the case they would of been better off just making 250$ notes and not trying to upgrade the current 25K notes..... 

 

 

Exactly how I've been thinking every time they come out with the new security ridden high denomination notes. Why bother going through that expense in the long run.  The citizens of Iraq are selling and buying goods in good faith with the clear understanding say the 25k note is worth 25,000 single dinars and not 25 single dinars.  If you want riots, that's what you do.  The proper way of doing it is increasing the currencies rate where you are able to have lower denomination notes like 1, 5, 10, 20, 25 etc... and just phase out the higher denomination notes since nobody would have to carry around that many single dinar notes because the rate of those notes are a lot better.

[Badrabbit]

Dr. Shabibi said "Delete the 3 zero's from the nominal Value not delete the 3 zero's from the notes.

The Nominal Value of one IQD is around .00086 cents, so lets remove the 3 zero's (.86) so .$86 IQD  = $1 Dollar

now after they remove the 3 zero's they revalue to the true value of the IQD.

[SnowGlobe7]

Where is shabibi these days?

[starlight]

THE ARTICLE said next year............I believe the islamic new year starts oct 24th............I'm still feeling good about OCTOBER.

 

Iraq's fiscal year begins Jan 1 just like the U.S. 

 

Since they are printing 3 zeros on the new currency still, i.e., the 25000 note.  I pray that when they say they are going to remove 3 zeros that it means from the exchange rate.

[starlight]

Iraq's fiscal year begins Jan 1 just like the U.S. 

 

Since they are printing 3 zeros on the new currency still, i.e., the 25000 note.  I pray that when they say they are going to remove 3 zeros that it means from the exchange rate.

 

Sorry U.S. begins Oct 1, not Jan 1.

 

IRAQ BANK LAW

 

Article 40 Financial year

The financial year of domestic banks shall begin on January 1 and end on December 31 of the same year. For a branch of a foreign bank, the financial year may differ.

 

http://cbi.iq/documents/banking_law_f.pdf

[unirod]

These new security improved large notes will be exactly what is needed in physical international Institutional note exchanges. International Banks need such guarantees especially when the value of the IQD is going to R/I....IMO

[starlight]

 

DEB45..........At the moment ........1 Iraqi Dinar = 0.00086  per US Dollar ,  or in other words........... it's worthless currency as far as us investors are concerned.

 

Delete the zero's and we have an instant value change from worthless currency   to .86 cents per 1 USD.    Ex:  .86 x  25,000 = 21,500  USD  

 

The other scenario would be to leave the Zero's and revalue the currency.........which leaves us with the million dollar question of  "what's the rate going to be"  ?

 

This is my understanding of the two scenarios ............whether they are right or wrong is yet to be determined.

 

  :salute:  

 

Today's multiple articles saying they are going to "delete the zeros", but since they did not delete the zeros from the new notes, I can only think they would delete the zeros from the exchange rate. 

[rockfl9]

Today's multiple articles saying they are going to "delete the zeros", but since they did not delete the zeros from the new notes, I can only think they would delete the zeros from the exchange rate. 

These notes were ordered more than 3 months ago, well before the new govt and the revival of the "delete the zeros" movement. The CBI was running out of cash and could not wait.

[SocalDinar]

Economic parliamentary: Fund balance in Iraq (DFI) of 24 billion dollars

 

BAGHDAD / integrity newspaper - revealed a committee of economy and investment parliamentary, Monday, that the balance in the fund Iraq (DFI) of 24 billion dollars, as pointed out that the deletion of zeros from the currency will be in the next year.

The committee member said Jawad al-Bolani, during a press conference at the parliament building with members of the Committee on Economic, I followed (the newspaper of integrity) that "the things that are discussed within the Commission stocks traded for the mass cash charge by the central bank as well as the laws that help to develop the work of the Central Bank, which will be legislation include Law of the Central Bank, banks and the Money Laundering Act. "”. For his part, noted committee member Abdul Salam al-Maliki during the conference that "the Central Bank reserves reach 76 billion dollars in the fund DFI reach 24 billion dollars, while the currency traded in the market 40 trillion dinars," pointing out that "the deletion of zeros from the currency will be in the next year ".

The Committee on the economy and investment parliamentary announced on Monday, will host the central bank governor on the Keywords to discuss the issue of deletion of zeros and the fight against money laundering crimes and develop the work of banks Alahlih.anthy 4

http://translate.googleusercontent.com/translate_c?depth=1&ei=u9RmUfGyNYa7igLa-4G4Dw&hl=en&prev=/search%3Fq%3Dnahrain.com%26hl%3Den%26biw%3D1280%26bih%3D891&rurl=translate.google.com&sl=ar&u=http://alestiqama.com/%3Fp%3D127376&usg=ALkJrhigxN6jNQ_bicOoyoyhGT8msAbSXg

Exactly how I've been thinking every time they come out with the new security ridden high denomination notes. Why bother going through that expense in the long run. 

A few million dollars is not really much of an expense compared to an RV of say 100,000% is it.

[easyrider]

By the GREGORIAN CALENDAR the New Year begins January 1! While religious holidays are set by the Muslim calendar the GOI uses the Gregorian calendar to set it's schedules. Next year means 2015.

 

The Hijri New Year, also known as Islamic New Year (Arabic: رأس السنة الهجرية‎ Ras as-Sanah al-Hijriyah) is the day that marks the beginning of a new Islamic calendar year, and is the day on which the year count is incremented. The first day of the year is observed on the first day of Muharram, the first month in the Islamic calendar. The first Islamic year beginning in 622 AD during which the emigration of Muhammad from Mecca toMedina, known as the Hijra.

While some Islamic organisations prefer determining the new month (and hence the new year) by local sightings of the moon,^[1] most Islamic institutions and countries, including Saudi Arabia,^[2] follow astronomical calculations to determine future dates of the Islamic calendar.

There are various schema for calculating the tabular Islamic calendar (i.e. not based on observation), which results in differences of typically one or even two days between countries using such schema and those that use lunar sightings. For example, the The Umm al-Qura Calendar used in Saudi Arabia was reformed several times in recent years. The current scheme has been introduced in AH 1423 (15 March 2002).^[3]

A day in the Islamic calendar is defined as beginning at sunset. For example, 1 Muharram 1432 was defined to correspond to 7 or 8 December 2010 in official calendars (depending on the country). For an observation-based calendar, a sighting of the New Moon at sunset of 6 December would mean that 1 Muharram lasted from the moment of sunset of 6 December to the moment of sunset of 7 December, while in places where the New Moon was not sighted on 6 December, 1 Muharram would last from the moment of sunset of 7 December to the moment of sunset of 8 December. ^[4]

Gregorian correspondence[edit]

Main article: List of Islamic years

Since the Islamic lunar year is eleven to twelve days shorter than the solar Gregorian year, the Islamic new year does not come on the same day of the Gregorian calendar every year.

The following dates on the Gregorian calendar correspond to the Islamic new year:

Islamic Year Gregorian Date 1430 AH 28/29 December 2008 1431 AH 17/18 December 2009 1432 AH 7/8 December 2010 1433 AH 26/27 November 2011 1434 AH 14/15 November 2012 1435 AH 4/5 November 2013 1436 AH 24/25 October 2014 1437 AH 13/14/15 October 2015

 

Islamic Year Gregorian Date 1430 AH 28/29 December 2008 1431 AH 17/18 December 2009 1432 AH 7/8 December 2010 1433 AH 26/27 November 2011 1434 AH 14/15 November 2012 1435 AH 4/5 November 2013 1436 AH 24/25 October 2014 1437 AH 13/14/15 October 2015

Edited October 21, 2014 by easyrider

[SnowGlobe7]

In the next year...I am OK with that.

 

Sometime in the next 365 days...lets start a countdown

[Rayzur]

When they are talking trillions, they are talking broad money or M4 money. When we read articles about there being less than 4B in circulation, we are talking narrow money or M0-M1. We care about M0. That is how much money is in circulation.

 

Anything that starts to look like algebra... meaning mixing numbers with letters... totally loses me.... I'm not even sure I understand your sentence... but I know you guys talk alot about the M something or other... and it means something... (I just have to trust ya'll on that )... So let me ask this... if one is looking for the relative value of a currency... would it make sense to look at formulas that show the relative value juxtaposed against the SDR?.... or was that just a handy way to refer to value when they were doing all the contracts?...OR did I just ask an apple vs. orange question....   

[SnowGlobe7]