Removing Three Zeros from Iraqi Dinar will Help the Economy

[maddy]

***Sorry in advance if this was posted i've looked through 7 pages and couldn't find it posted**

Banking & Finance

Posted on 17 May 2010.

Iraqi banking expert, Abdul Aziz Hasoon, said in phone call with the Independent that the process of removing three zeros from the Iraqi dinar will be positive for the Iraqi economy.

He added that there were many countries that took the same step, including Turkey which removed six zeros from it is currency.

Hasoon clarified that if the exchange rate was amended in the proper manner, then the whole process will be beneficial. The Iraqi central bank would set up the mechanisms to replace the current banknotes with new banknotes, and allow a period for everyone to replace their banknotes.

Members of the economic committee in the previous parliament had urged Iraqi Central Bank and Iraqi Ministry of Finance to address what they called financial flabbiness of the Iraqi money by removing three zeros from the currency.

(Source: Iraq Directory )

Hasoon said that removing three zeros from the Iraqi currency will not affect the Iraqi market significantly because one new dinar will be equal to one thousand dinar of the current currency.

Iraqi Central Bank did not specify when it is going to implement the process of removing the zeros, while some media sources said that the Iraqi Central Bank cannot proceed with this step currently because of the cost.

http://www.iraq-businessnews.com/?cat=4

[inheritance]

Hasoon clarified that if the exchange rate was amended in the proper manner, then the whole process will be beneficial. The Iraqi central bank would set up the mechanisms to replace the current banknotes with new banknotes, and allow a period for everyone to replace their banknotes.

Hasoon said that removing three zeros from the Iraqi currency will not affect the Iraqi market significantly because one new dinar will be equal to one thousand dinar of the current currency.

Sounds good to me

Edited May 20, 2010 by inheritance

[luckylucy]

Thanks Maddy ... it is nice to get an article that isn't a google translation! I am moving this to the LOP section, because of the "deleting three zeros." Looks like someone does think that process doesn't have to mean they will devalue the dinar, but increase its value (multiplying rather than dividing).

luckylucy

[Chief V]

***Sorry in advance if this was posted i've looked through 7 pages and couldn't find it posted**

Banking & Finance

Posted on 17 May 2010.

Iraqi banking expert, Abdul Aziz Hasoon, said in phone call with the Independent that the process of removing three zeros from the Iraqi dinar will be positive for the Iraqi economy.

He added that there were many countries that took the same step, including Turkey which removed six zeros from it is currency.

Hasoon clarified that if the exchange rate was amended in the proper manner, then the whole process will be beneficial. The Iraqi central bank would set up the mechanisms to replace the current banknotes with new banknotes, and allow a period for everyone to replace their banknotes.

Members of the economic committee in the previous parliament had urged Iraqi Central Bank and Iraqi Ministry of Finance to address what they called financial flabbiness of the Iraqi money by removing three zeros from the currency.

(Source: Iraq Directory )

Hasoon said that removing three zeros from the Iraqi currency will not affect the Iraqi market significantly because one new dinar will be equal to one thousand dinar of the current currency.

Iraqi Central Bank did not specify when it is going to implement the process of removing the zeros, while some media sources said that the Iraqi Central Bank cannot proceed with this step currently because of the cost.

http://www.iraq-businessnews.com/?cat=4

Now that's the kind of intel we love to hear about, very little loss of interpretation on this one, pretty much sums it up!

[mythunter]

Thanks for the post. We'll have to follow this one to see if the lopster is really coming out this time. lol

[greebs]

This is a lop. 1000 dinars, remove 3 zeros equals 1 dinar. No change in value. This is positive for the economy because it streamlines cash management, not a increase in value. I don't know where people get the idea of a devalue. Many times the Iraqis have stated this will be value neutral. No gain or loss in value. The Iraqis have been looking to lop since 2005. They have said they needed stability in the economy to lop. Shabibi himself has said the lop will occur either end of 2010 or beginning of 2011. Moving lop articles to a separate section will not change the end result. The end result will be a lop. The Iraqis are telling the world their plans over and over of a lop. There is no information here of a RV, only a lop.