Knocking Zeros

[BUSTERH85]

Knocking zeros off currency is a long process

Friday, June 25, 2010 11:28 GMT

The assistant of the Central Bank Governor Ahmad Sultan Al Jamili said that omitting zeros from the Iraqi currency is a process that takes a long time because it is a very complicated operation

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[shadowm35]

Yes, I do feel this is something that they intend to EVENTUALLY do. I am trying to find an e-mail yesterday that stated what you said , but followed this statement up with they still however intend to honor all current currency and that the value will not be taken away. This gives credit to what many have said in that the 000's will be removed from the value .00086 > .86, not the currency. Also, this probably should have been posted in the LOP forum, not sure you know there is one.

Take Care

Edited June 25, 2010 by shadowm35

[hablrob]

good post. however, don't believe a word of what they say.

(they're not going to tell us it's easy..& we go buy more dinar)

Knocking zeros off currency is a long process

Friday, June 25, 2010 11:28 GMT

The assistant of the Central Bank Governor Ahmad Sultan Al Jamili said that omitting zeros from the Iraqi currency is a process that takes a long time because it is a very complicated operation

My link

[The Watcher]

Yes, I do feel this is something that they intend to EVENTUALLY do. I am trying to find an e-mail yesterday that stated what you said , but followed this statement up with they still however intend to honor all current currency and that the value will not be taken away. This gives credit to what many have said in that the 000's will be removed from the value .00086 > .86, not the currency. Also, this probably should have been posted in the LOP forum, not sure you know there is one.

Take Care

Much has been written in this forum about this issue and how Iraq will dispence the smaller denoms and fils. It may be easier than we have previously thought to get the smaller denoms into the money supply. Example: If you go into McDonalds with a $50 dollar bill and order a big mack who has the responsibility to give you change? McDonalds of course. Using this scenario, it will be much easier for the banks to distribute the lower denoms to the vendors and merchants than to the general population. As the merchant takes in the large bills, they either scurry off to the bank, money exchanger to have the change on hand in the til. The customer then walks away with his big mack, goes to buy a snow cone and he then has the correct change for the snow cone. Everything then snow balls. Once money transactions start to take place the smaller denoms will spread throughout the country like wildfire. As the large denoms, those with three 000's are taken in either by the banks or merchants they are not redistributed back into the money supply but destroyed and never heard from again. I agree that the removal of the three 000s is talking about value, not the currency itself. Then again, we are dealing with Iraqis, anything could happen.