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Central Bank refuses to delete the zeros of the Iraqi currency at the moment


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  • Agency eighth day
  • February 21, 2015, 10:55
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BAGHDAD - ((eighth day))

As economists said earlier that the deletion of zeros from the currency is a restructuring of the coin, and to alleviate the digital accounts burden treasurers, and alleviate the burden of accountants with that procedure is not appropriate now to the lack of security and economic stability in the country, announced in the parliamentary finance committee member Central Bank kept the deletion of zeros from the Iraqi currency, pointing out that "the central bank reservations on this subject a little bit.

He said a member of the Finance Committee, Masood Haider, said that "the process of deleting the zeros need to be in-depth study, because they have a large impact on the Iraqi currency and the price of the Iraqi market and on the Iraqi economy in general."

 

And added that "the cost associated with the process of removing the zeros and the type of currency that can be printed and displayed in the market and the process of withdrawal, all the things you need to take some time and must conduct a study Bbashon deletion of zeros from the currency, by the legislative and executive branches and with the participation of specialists Iraqis in the Board of the currency and the economy."

 

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No body knows but your CBI, your're right AD, they have studied this problem for year now. Iraq knows that it needs to get rid of the three zeros. I think the CBI is ready to move let's hope that it works out for us all. Iraq is use to the American dollars, mathematically it's easier for them to go one to one. It's a simple for everyone but the cost of printing new currencies is high with all of the security measures. A neutral event will not give their currency value and that's a whole another can of worms (lop). I really think we are at the end of our journey, Iraq's CBI has the choice and the ball is fixing to leave their court ! GO RV ! Thanks Yota ! GO RV ! Thanks Yota ! GO RV !........

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Well, at least I appreciate these reminders that they are not going to LOP.  A value neutral event would not require all these restrictions - they could just do it when the preparations are done. Right?  In fact, they could do the currency swap in a way that would make all the IQD in ISIL's hands useless paper.  Kinda like the US scrip changes during the Korean war.

 

Peace and Prosperity

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any article discussing delete the zeros should be skimmed by as quickly as possible.  No merit whatsoever.  they will never flat out tell the truth on this.  silly to  even read

Well then, why did you read it?

Yota, thank you for all you do.

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Wow yesterday the cbi came out and said 2/22/15 was going to start the ball rolling. Now an article contradicting that. That's never happened before, NOT. I'm with Deb L captl1, sandfly and all the rest who think this is Smoke. Smoke from burning BS. Just don't try to stomp it out.

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Total smoke.  This article is just to throw people off similar to what China did a few years ago.  In my opinion we are 6-48 hours away at most.

 

The budget is being released tomorrow.  A news report that came out last week said the money would be distributed to the ministries early this week.  The budget is for 119 trillion dinars of which my belief is at least 30 trillion will go out immediately.  The people need to get paid and money is needed to get all the various projects started.  Given that, which is the more logical scenario?

 

Scenario 1 - 30 trillion dinars or more are released into the Iraqi economy.  Why would they do that when the CBI just spent the last 10 years getting as many dinars as they could OUT of the economy?

 

OR

 

Scenario 2 - they release the budget and at the same time of very shortly after increase the rate so that the economy isn't flooded with trillions of dinar again. 

 

Shabibi said years ago that there would be an 'education campaign' to let the Iraqi people know about the change of rate.  It's going to take several days for the money to be released to the ministries and then another several days at least after that for the money to be released to the employees and start trickling out into the economy.  It makes sense that during that time there is a huge PR campaign to let people know about the change of rate.  The banks will be able to exchange dollars for dinars starting tomorrow so that way people who want to turn in their dinars won't be at the mercy of currency exchangers on the street.  By being in the banks it will also encourage people to deposit money into the banks which helps with the moving of the people to an electronic society that the CBI wants. 

 

It's here folks.  We're done. 

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I certainly hope we are done, the activities in Iraq and all the articles coming out speak to something is up, smoke and mirrors and deflections have always been what I felt would happen just before the RV occurs, like not gonna happen then boom there it is :soon: :soon: :soon: :soon: :soon:

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Total smoke. This article is just to throw people off similar to what China did a few years ago. In my opinion we are 6-48 hours away at most.

The budget is being released tomorrow. A news report that came out last week said the money would be distributed to the ministries early this week. The budget is for 119 trillion dinars of which my belief is at least 30 trillion will go out immediately. The people need to get paid and money is needed to get all the various projects started. Given that, which is the more logical scenario?

Scenario 1 - 30 trillion dinars or more are released into the Iraqi economy. Why would they do that when the CBI just spent the last 10 years getting as many dinars as they could OUT of the economy?

OR

Scenario 2 - they release the budget and at the same time of very shortly after increase the rate so that the economy isn't flooded with trillions of dinar again.

Shabibi said years ago that there would be an 'education campaign' to let the Iraqi people know about the change of rate. It's going to take several days for the money to be released to the ministries and then another several days at least after that for the money to be released to the employees and start trickling out into the economy. It makes sense that during that time there is a huge PR campaign to let people know about the change of rate. The banks will be able to exchange dollars for dinars starting tomorrow so that way people who want to turn in their dinars won't be at the mercy of currency exchangers on the street. By being in the banks it will also encourage people to deposit money into the banks which helps with the moving of the people to an electronic society that the CBI wants.

It's here folks. We're done.

We've all heard what the "gurus" have said about China. Reality is that China denied that any time frame was agreed to, not that they would revalue. And their RV has been ongoing now for about 9 years to the tune of roughly a 35% increase, which is less than a 5% annual increase. There was no overnight RV that produced any windfall for speculators in China.

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I'm not saying that China did a big revalue, I'm saying that before they did make a change in their value they came out the day before and said we aren't making a change.  That's the point I was trying to make.  I'm too tired to do a search for it but if I remember correctly it was in late July or early August a few years ago. 

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I'm not saying that China did a big revalue, I'm saying that before they did make a change in their value they came out the day before and said we aren't making a change. That's the point I was trying to make. I'm too tired to do a search for it but if I remember correctly it was in late July or early August a few years ago.

Their rv started in 2005

July 21, 2005 was the exact date the peg was lifted.

I see someone negged me for the above.

Classy.

Edited by bsims25
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And ...?  They also came out on a Monday or Tuesday in late July/early August a few years ago (after 2005) and said we are not changing the value and they did the next day.  I don't understand why that is what you are fixated on about my post. 

 

Iraq is either going to distribute trillions of dinars back out into the economy in the next few days (according to their reports) OR if they don't want the trillions distributed there is going to have to be a revalue before the dinars get distributed.  Either way, we will know very soon what the outcome is of our investment.  

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Here is China's exchange rate history for the last 20 years.

http://www.forecast-chart.com/exchange-chinese-yuan.html

We can see the peg detachment in 2005, with a series of slight adjustments over a 9 year period, equaling about 35%.

The falling line on that chart shows the cny strengthening(it takes less units of it to equal a dollar).

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Okay, whatever.  I know what happened as it was discussed in detail here on DV at the time.

 

Here is an article which talks about what China did in July of 2010

 

https://www.everbank.com/currencies/chinese-renminbi/insights

 

The day before they released the news that is referenced in the article they came out and said that they were NOT going to allow the RMB to appreciate.  Yet the very next day they did just the opposite.   That's the point I was trying to make.  They said one thing about their currency and the next day they did the exact opposite.  In my opinion, that's what Iraq is doing now too.  That's all I meant by the China comment, nothing else. 

 

We are going to know in the next few days what is going to happen with our investment in Iraq - either trillions or billions are going to be released into the economy which is a HUGE deal - and all you want to do is fixate on China. I don't get it but whatever.

 

I realize now why I stopped posting.

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This is Iraq today its done tomorrow it's Not. there good at doing a 180.. this comes out ever year around sept. and never happens. first time I have heard it in Feb. I thought the HCL was in with the Budget and its to post in the gazette tomorrow sunday.. JUST my  :twocents:

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