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yota691

Formation of a committee to issue coins of 50 categories and 100 dinars pave the way for the abolition of zeros

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Formation of a committee to issue coins of 50 categories and 100 dinars pave the way for the abolition of zeros

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 BAGHDAD - Iraq Press - April 11:  a prelude to remove zeros from the Iraqi currency,  the parliamentary finance committee revealed the formation of a committee to issue coins of the two categories of fifty percent dinars, pointing out that "the   initiation of the issuance of such currencies does not affect the Iraqi currency balance against the dollar. " . 

 

 In this regard, committee member said   Masood Haider, Saturday,  that "the central bank governor and the problem is studying the matter and study the safe aspects and compared with other currencies in preparation for the start of release," pointing out that "there is a procedure to remove three zeroes as necessary to the existence of large groups of coins to replace the 50 thousand coin shop of 50 dinars category, for example. " Admiral ended 

 

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Now THAT'S GOOOOOOOD NEEEEEWWWWSSSSS !!!!!!!!!!!!!!!!!!!

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***///

 

"...formation of a committee..."  :soon:

"...studying the matter..."  :soon:

"...in preparation for the start..." :soon:

 

There is, after all..."...a procedure..." to follow.... sigh.... :facepalm:

But the fact they ARE addressing it is all good. :twothumbs:

 

 

 

 

.

Edited by SgtFuryUSCZ
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"the initiation of the issuance of such currencies does not affect the Iraqi currency balance against the dollar."

Does not affect... still I guess it's another step toward something.

Morning yota and everyone

Edited by FatMan
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This just sounds like more    Bla Bla Bla   :soon:

                                                   and 

                                             Bla Bla Bla   :soon:

                                              and then

                                             Bla Bla Bla   :soon:

 

Just Do It Already........... :facepalm:

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add this from past... Butifldrm...Ok, the CBI during Shabibi's reign suggest the sale of Gold coins as a monetary tool.  So I went back and searched for articles which gave a better explanation of how the sale of Gold Bullion would help the CBI and the people.  The best article I have found so far was written by al-Alwani ( who was recently jailed and waiting trial under terrorism charges), and other economic experts.  This article gives a good explanation of how the sell  of Bullion will affect the economy.

 

 

 

« on: September 05, 2012, 06:12:27 AM »
BAGHDAD / Conference
The head of the parliamentary Economic Committee Ahmed al-Alwani, said that his committee will address the relevant authorities in order to activate the project ATM in the country. Alwani said (of the Agency news) on Tuesday: that this project, which was scheduled to work it for years in order to facilitate the receipt of financial benefits to the citizen stopped for several reasons related to the reality of Iraq. He stated: The Committee plans to address those responsible for the activation of its work to achieve the aspirations of the banking sector in the construction of a sophisticated, surprising of «the absence of support previously experience». He said al-Alwani: that this experience worthwhile and support was supposed to keep up with developments experienced by the world, calling to benefit from the experiences of other countries in this aspect ». 

The ATM atm is one of the basics of modernism in the banking sector, and was scheduled to be circulated in Iraq since 2008. 

On the other hand stressed the economic expert Akram Abdel Aziz, to ask the Central Bank of the idea of ​​selling gold coins in the banks on the citizens will contribute to raise the value of the Iraqi dinar against the U.S. dollar. Said Abdul Aziz (of the Agency news) on Tuesday: The sale of gold coins by the Central Bank The Iraqi banks will contribute to raising the value of the Iraqi dinar against the U.S. dollar by pulling the dinar from citizens who are buying gold and lack of display of the dinar in the Iraqi market contributes to increase the demand for the dinar and tight supply. added: Iraq, according to statistics the central bank has the ratio of up to ( 30) trillion Iraqi dinars block cash surplus led to oversupply and lack of demand and the devaluation of the Iraqi dinar against the U.S. dollar, indicating that the index liquidity monetary mass in Iraqi banks exceeded (51%) did not find their way to employ what I paid pressing toward raising the prices of goods and create a state of inflation Iraqi economic market. explained: The sale of gold coins will help to absorb inflation and the depreciation of the exchange rate of the U.S. dollar against the Iraqi dinar and reduces pressure on the price of goods in the Iraqi market. 

On the other hand, affirmed the decision of the Economic Commission MP / coalition of Kurdish blocs / Mahma Khalil, that all customs agreements concluded with Iran or the other will not work in Iraq because of the enactment of the tariff in the country, noting such agreements do not serve the national economy, but just doors propaganda more than be a professional. Iraq had signed a memorandum of understanding customs joint venture with Iran in the Conference of the Non-Aligned Movement held in Tehran with the participation of Iraq. Khalil said (of the Agency news) on Tuesday: that the federal government refuses to work tariff, which was enacted in Council Deputies year (2010), stressing there is a desire and seriousness by the Iraqi government not to deal law tariff new and stay to work on the old law in place since (1955)., and added that the memorandum of understanding customs agreement with the Iranian side will not serve the national economy as long as the Tariff Act Customs new has not been implemented so far, stressing can not be the continuation of old laws because every period of time different from that preceded every circumstance needs to appropriate laws to him. pointed out: that the national economy today differed greatly from what it was in the past or since the introduction of the Tariff Act Year (1955), pointing out that trade with either Iran or Turkey or Jordan increased significantly from the previous requires the application of the Tariff Act for the protection of the local product, Flaimkn a country like Iraq has the second largest economy in the region are no where legally tariff.

 

Read more: http://dinarvets.com/forums/index.php?/topic/170595-central-bank-decides-sec-gold-bullion-to-sell-investors-and-segments-of-society/#ixzz3X0NReizF

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"the central bank governor and the problem is studying the matter and study the safe aspects and compared with other currencies in preparation for the start of release," pointing out that "there is a procedure to remove three zeroes as necessary to the existence of large groups of coins to replace the 50 thousand coin shop of 50 dinars category, for example. "

Seriously, what does that say? And moreover, what does it mean to us?

Edited by magawatt
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"the central bank governor and the problem is studying the matter and study the safe aspects and compared with other currencies in preparation for the start of release," pointing out that "there is a procedure to remove three zeroes as necessary to the existence of large groups of coins to replace the 50 thousand coin shop of 50 dinars category, for example. "

Seriously, what does that say? And moreover, what does it mean to us?

 

This sounded bad to me, but I dont want to bring up the obvious and be labeled a Lopper.

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Imo, it will not efect the balance. If they have a trilion dinar now and rv there money it does not give them more money. It only makes tbere bills worth more. If it tripeld there money every o.e would do it. This is great news!!!

"the initiation of the issuance of such currencies does not affect the Iraqi currency balance against the dollar."

(Yet)

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They are forming a committee to form a committee to discus the committee of forming the first committee...

My brain hurts thinking like them...

:rocking-chair: Soon....

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Kinda like hitchin' a horse to the wagon so it doesn't get harness burns...The first thing in the process is not to point the horse toward the wagon...The second thing is to not twist the reins in the hitchin'...then once the riggin is harnessed ya got to adjust the slack for proper control of the reins...Then ya check the horse to make sure the paddin' of the harness are in place to do its job...Then ya can put your attention toward the obvious...loadin' the wagon that was the main reason for hitchin' it up in the first place....There aint goin' to be no Lop...wrong riggin'.....''blueskyline''.... :twothumbs: 

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Thanks Yota.

To me this sounds like they're working to introduce new lower denomination notes without it affecting the exchange rate of overall value of the currency as a whole. That means introducing new lower denomination notes and withdrawing the larger ones and when the time is right, flipping that RV switch that turns a dinar from being worth 1166 dinar per dollar up to 1.16 dinar per dollar or better.

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OH.... I think I know what they are doing.  

 

They issue a 50,000 Dinar "Gold" Coin, the value of that coin should fluctuate with the price of Gold.  

 

People exchange their dinars, mainly the large notes, to purchase that coin.  

 

When they revalue, even though the value of that coin says 50,000 Dinar, it is Gold, and the value drops to whatever the value of Gold is.  Perhaps, they don't even put a denomination on the coin and just say it is worth 50k.

 

Just a thought.

 

.

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OH.... I think I know what they are doing.  

 

They issue a 50,000 Dinar "Gold" Coin, the value of that coin should fluctuate with the price of Gold.  

 

People exchange their dinars, mainly the large notes, to purchase that coin.  

 

When they revalue, even though the value of that coin says 50,000 Dinar, it is Gold, and the value drops to whatever the value of Gold is.  Perhaps, they don't even put a denomination on the coin and just say it is worth 50k.

 

Just a thought.

 

.

Very Plausible!!! Makes perfect sense!

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If the bring out the coins, they have to increase the exchange rate

Just my opinion.!

Go Iraq

Go CBI

Go dinar

Go 1+

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