The central bank's Doaڕۆژ: delete the zeros of hard currency for the time being

[SnowGlobe7]

22 hours ago, DoD said:

Well folks I see this as a pretty positive article myself. I had to reread it a couple of times just to make sure I was reading it right. For them to come out an say it is being postponed means to me that they originally had a set date to remove the zeros. To my knowledge there has never been an article giving a set date but if you remember going back a couple of years they said then in early 2017. 

What I do know for sure is that the articles posted in the past few weeks about E-Banking, IBAN, budget being ratified, bonds an so many more that Iraq is close to implementing their monetary policy.

Did anyone happen to see the budget posted in the gazette yet? Me either......

OK I am with ya here..now hear me out

If there was a date to remove the zeros in say a year...would they really announce that it is postponed when it is that far out??? In other words how would they know they could not be ready in a year?

What I am saying is.they thought they could get all the pieces together in (apparently) a short amount of time. We were close and did not even know it. (for sure)

So the question is how far out have they moved it??? I am guessing enough to get these last few pieces done. 

What are the pieces? How long to implement these pieces?

anyone follow me here?

[10 YEARS LATER]

3 hours ago, ladyGrace'sDaddy said:

I really like you.  Been wanting to get into this conversation but not wanting to step on anyone's toes. All through the reading of this thread I kept thinking exactly what you just posted. And add to that the very clear statement by a former CBI governor about misinformation and that tells me that they can, and will, do this WHENEVER they dang well want. And no they aren't going to leave anyone with enough evidence to suggest that they are going to do anything at all. So since this entire event is,"pure speculation", I find that the recent events strongly suggest at least the very good possibility that something might just happen SUDDENLY!   

YUUUP . . . that pretty well sums up my ponderings on the subject matter     

[blueskyline]

I would just like to add . This misinformation that Shabibi spoke of is also part of the Media Campaign ........Which is about to or has been started .....

1. Blog
   
   Economy News / Baghdad ...
   
   Samir Alnasiri
   
   The subject of communication and cooperation between the media and the economy in the country after 2003 is an important issue and a key associated with the role should the media play in the dissemination of economic culture and awareness economist at the reader and the receiver in order to serve economic trends, methodology and policies set to manage the economy in a yield country depends 95 percent on imports from Oil.
   
   And the concomitant provide opportunities for sustainable development in cases of financial abundance and the economy faces challenges and obstacles in the event of a fall in oil prices or when the country over economic stages and severe shortage of liquidity due to assume the government additional financial burden, as costs of war on terror and bring stability Security.
   
   The economic and media specialist who is familiar with through the study and follow-up for economic affairs and the policies adopted to achieve the development goals will have an influential role in winning and clear guide citizens towards economic construction proper.
   
   This will also to be a contributor to the economic and media observers and analysts, and the mistakes of the defect that may occur during implementation intentionally or unintentionally and help economic agencies responsible for monitoring and accountability to ensure the correct pathways and mechanisms to build a national economy sound.
   
   This was confirmed by the Prime Minister at a press conference when he said that "the media committed and investigators to detect deviations and propose effective solutions to support the national economy and avoid reputational risks that affect our national economy, if adopted economic information on the sufficiency criticizing without reference to accurate data and information source source Direct. "
   
   Therefore, In order to activate the role of economic media in serving the national economy, we see that the added material methodology to students of colleges and departments of media in private economic flags of our universities and that is creating a common environment in the target between the media and economic institutions through the establishment of courses and workshops, joint work of reporters and editors to examine and discuss the economic situation in Iraq, challenges and strategies set out in all sectors Economic.
   
   We suggest and we hope the Iraqi Media Network that is the introduction of a private television channel Economic flags exclusively in order to spread awareness of the economic and culture and come to a media speech specialist economic reason to build introductions transition to a market economy, according to what is stated in Article 25 of the Iraqi Constitution, and that actually made use in experience economic experts in preparing the programs and economic dialogues and seminars controlled channels 

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[blueskyline]

Doaڕۆژ / Salah Baban
stressedspokesmanCentral Bank
Iraq, saidMonday thatbank and over two years pavingway forprocessremoving zeros from
local currency, as pointed out thatbankcontinuesecure strategic tools
necessary for this step.

Acer Jabbar spokesman said the 
Iraqi Central Bank in a press release for a special Doaڕۆژ :  The process of removing zeros from the 
local currency a very difficult process in all countries, especially with the security situation disorder  
, political and financial in a country like Iraq.

Jabbar pointed out that the volatile situation  
suffered by Iraq at the moment does not give a good opportunity to carry out this operation, indicating  
that the deletion of zeros from the local currency has its drawbacks and its advantages , however , convinced the bank 's 
central that it does not in any step without relying on studies and economic strategies minutes  
reflect results step taken prior to their implementation.

With regard to the news that circulated a 
lot of media that the Iraqi dinar at risk and prone to degradation and decline relative to 
other currencies as dollar, a spokesman for the central bank said in a statement for Doaڕۆژ :  
that the central bank takes far over the steps in order to maintain the Iraqi dinar by a 
very large, while denying all the rumors which claimed that the development of the dinar  
Iraq is in danger, adding that " the dinar controlled completely and that in progress."

http://iraq.sudan4tech.com/2017/01/17/البنك-المركزي-لـ-دواڕۆژ-حذف-الأصفار-من/

[blueskyline]

OK ...So what does delete the zeros hard currency for the time being mean ? Dedollarize ???

[copper13]

Dear Lord?😖 What the H🔥🔥L ???

Is this more lop talk!

 

Edited January 17, 2017 by copper13

[blueskyline]

2 minutes ago, copper13 said:

Dear Lord?😖 What the H🔥🔥L ???

Is this more lop talk!

 

The hard currency I believe would be currency other than Dinar . So this is an action against other hard currencies and not the IQD. No Lop there

[bostonangler]

I think this it is saying the plan to delete the zeroes is still in play,  saying they The CBI have the tools needed. It also appears to debunk a rumor in the media that the Dinar is in trouble. This comes across as an "educate the public" piece. Something like "We are good, we have done the studies, we have the tools, but this is a long difficult task"

B/A

[WheresmyRV?]

They're gonna study and talk about this till the end of time. 

 

[Laid Back]

We are waiting for the liberation of Mosul.!

Go security 

Go stability

Go important laws

Go complete seated government 

Go RV

[10 YEARS LATER]

They're going to keep on muddying the waters until they decide - TO PULL THE TRIGGER ! ! !

Yep ! Liberating Mosul is the key . . . I'm NOW convinced of that fact ! . . . took a while, I'm difficult to convince; but convinced I am ! 

[jake21]

People relax, Laid back is right, we're waiting the liberation of Mosul. All that talk about the three zeros is just that

[ChuckFinley]

25 minutes ago, Laid Back said:

We are waiting for the liberation of Mosul.!

Go security 

Go stability

Go important laws

Go complete seated government 

Go RV

I have to agree here. It is about Mosul now.  They are making really big strides, it is just a matter of time. It allows the security to take hold. In the meantime they are stress testing the systems and getting a lot of the international stuff in place.  

[Wiljor]

DV,  imo the liberation of Mosul is the final element in all other major issues falling into place. Iraq has made major strides as of late and Abadi's mandate coming together just nicely. The talk of "delete the zeros postponed" is just that, "talk" The news of mis information has begun and the program to disguise the coming event well underway. 

We can not deny the facts, and what we know is the Iraq Dinar is, and has been forcefully suppressed for some time now and the idea  to bring it back to "its former glory" a plan from the beginning. Hang tight DV, we know the inevitable is close. Yota and those that post regularly are on top of things and aside from Luigi's "rumor thread" their is a very astute group here who are on the ball and sift through various articles to get the best possible information  

 

[ChuckFinley]

11 minutes ago, Wiljor said:

DV,  imo the liberation of Mosul is the final element in all other major issues falling into place. Iraq has made major strides as of late and Abadi's mandate coming together just nicely. The talk of "delete the zeros postponed" is just that, "talk" The news of mis information has begun and the program to disguise the coming event well underway. 

We can not deny the facts, and what we know is the Iraq Dinar is, and has been forcefully suppressed for some time now and the idea  to bring it back to "its former glory" a plan from the beginning. Hang tight DV, we know the inevitable is close. Yota and those that post regularly are on top of things and aside from Luigi's "rumor thread" their is a very astute group here who are on the ball and sift through various articles to get the best possible information  

 

Have to agree here too. Just posted the same on Laid Back.  It all comes down to Mosul.  

[SgtFuryUSCZ]

Yup.  Gotta make sure the terrorists don't get to dress like ladies AND cash in on their way out !

[ChuckFinley]

On January 15, 2017 at 11:30 AM, tigergorzow said:

DV,  Please remember these are direct statements from the CBI and based on some of the wording "International Recognized Currency as well as Increase in Purchasing Power of the IQD" jumps out and slaps me right in the face....Ouch, But It Feels So Good!!!!!!!!

I think that the international community and lenders will not wait forever for these guys to take loans and not deal in the global arena. Just a matter of time. 

[Officiallytook]

I remember an article stating that, with the ...HCL come changes in the budget...maybe numbers were looking for

[Officiallytook]

23 minutes ago, ChuckFinley said:

I think that the international community and lenders will not wait forever for these guys to take loans and not deal in the global arena. Just a matter of time. 

Those deals are already lined up. All the major players in Iraq along with abadi traveling to every major country...

[Theseus]

On 1/16/2017 at 2:03 PM, SnowGlobe7 said:

OK I am with ya here..now hear me out

If there was a date to remove the zeros in say a year...would they really announce that it is postponed when it is that far out??? In other words how would they know they could not be ready in a year?

What I am saying is.they thought they could get all the pieces together in (apparently) a short amount of time. We were close and did not even know it. (for sure)

So the question is how far out have they moved it??? I am guessing enough to get these last few pieces done. 

What are the pieces? How long to implement these pieces?

anyone follow me here?

From earlier didn't they project 2017 they would delete the zeros? They announced it in what 2012? That was almost five years ago. I follow you and my hopium is there but I am also grounded to the realization that it will hit when it hits. In the meantime, I am continuing with my life as I sing Annie's Song. The sun will come out tomorrow, you can bet your bottom dollar the sun will come out tomorrow, tomorrow...it's only a day away! (I prefer the 1982 version.)

 

Edited January 18, 2017 by Theseus

[mylilpony]

Okay while we supposedly wait for the time to be right in iraq. This is what they are doing... He is explaining that they sell the dollar right now because its stabilizes the market because they dont have other forms of a market economy in place just yet such as tourism (which will bring in more money than all their oil and gas together), exports, etc., but what they are doing is getting everything in place to go international. This paragraph was taken from thugs article and the bottom explanation should give all of us a better understanding of it, and also the reason for the bonds. Oh, and by the way, shabbs spoke of this very thing.

The process of selling the dollar by the central bank is the process of sterilization, window sell the currency is not an option for the bank it is a legal issue relates to monetary policy requirements if the bank withheld for this collapse of the Iraqi dinar, because the dollar source in the Iraqi government, if the government grabbed the dollar and Ahjpt for sale means that the dinar Iraq will collapse, and the fact that the government when dispensing any dinars like really gave the citizen replace dollar or goods interview .. and some wonder why are not central banks in other countries in this process? .. the issue is quite different, as the countries that have the resources in dollars as a result of tourism and exports investment or transfer residents from the outside to the inside of the Central Bank which does not need to interfere with the presence of dollars in the market, there is supply and demand organize itself and interfere central bank when there becomes a disruption of the relationship between the local currency and exotic price, and when a shortage occurs or increase the either buy or sales in this located where the dollars the central bank States does not intervene and does not need to retain dollar, so we see a major advanced industrial nations reserve has a simple, because it does not need a sales process, therefore this understanding is not available, and today the money supply in the volume of currency is estimated 43 trillion dinars and if these amounts remained swells does not have the tools absorbed «tsunami» happen gripping situation. 

 

 

What is 'Sterilization'

Sterilization is a form of monetary action in which a central bank seeks to limit the effect of inflows and outflows of capital on the money supply. Sterilization most frequently involves the purchase or sale of financial assets by a central bank, and is designed to offset the effect of foreign exchange intervention. The sterilization process is used to manipulate the value of one domestic currency relative to another, and is initiated in the foreign exchange market.

BREAKING DOWN 'Sterilization'

Sterilization requires a central bank to look beyond its borders by getting involved in foreign exchange. For example, the Federal Reserve purchases a foreign currency, in this case the yen, and the purchase is made with dollars that the Fed had in its reserves. This action results in there being less yen in the overall market - it has been placed in reserves by the Fed - and more dollars, since the dollars that were in the Fed’s reserve are now in the open market. To sterilize the effect of this transaction the Fed can sell government bonds, which removes dollars from the open market and replaces them with a government obligation.

Emerging markets can be exposed to capital inflows when investors buy up domestic currencies in order to purchase domestic assets. For example, a U.S. investor looking to invest in India must use dollars to purchase rupees. If lots of U.S. investors start buying up rupees, the rupee exchange rate will increase. At this point the Indian central bank can either let the fluctuation continue, which can drive up the price of Indian exports, or it can buy foreign currency with its reserves in order to drive down the exchange rate. If the central bank decides to buy foreign currency it can attempt to offset the increase of rupees in the market buy selling rupee-denominated government bonds.

 

[calkid11]

Thank you Yota 

[sandfly]

Thanks 

[ChuckFinley]

On January 17, 2017 at 10:08 PM, mylilpony said:

Okay while we supposedly wait for the time to be right in iraq. This is what they are doing... He is explaining that they sell the dollar right now because its stabilizes the market because they dont have other forms of a market economy in place just yet such as tourism (which will bring in more money than all their oil and gas together), exports, etc., but what they are doing is getting everything in place to go international. This paragraph was taken from thugs article and the bottom explanation should give all of us a better understanding of it, and also the reason for the bonds. Oh, and by the way, shabbs spoke of this very thing.

The process of selling the dollar by the central bank is the process of sterilization, window sell the currency is not an option for the bank it is a legal issue relates to monetary policy requirements if the bank withheld for this collapse of the Iraqi dinar, because the dollar source in the Iraqi government, if the government grabbed the dollar and Ahjpt for sale means that the dinar Iraq will collapse, and the fact that the government when dispensing any dinars like really gave the citizen replace dollar or goods interview .. and some wonder why are not central banks in other countries in this process? .. the issue is quite different, as the countries that have the resources in dollars as a result of tourism and exports investment or transfer residents from the outside to the inside of the Central Bank which does not need to interfere with the presence of dollars in the market, there is supply and demand organize itself and interfere central bank when there becomes a disruption of the relationship between the local currency and exotic price, and when a shortage occurs or increase the either buy or sales in this located where the dollars the central bank States does not intervene and does not need to retain dollar, so we see a major advanced industrial nations reserve has a simple, because it does not need a sales process, therefore this understanding is not available, and today the money supply in the volume of currency is estimated 43 trillion dinars and if these amounts remained swells does not have the tools absorbed «tsunami» happen gripping situation. 

 

 

What is 'Sterilization'

Sterilization is a form of monetary action in which a central bank seeks to limit the effect of inflows and outflows of capital on the money supply. Sterilization most frequently involves the purchase or sale of financial assets by a central bank, and is designed to offset the effect of foreign exchange intervention. The sterilization process is used to manipulate the value of one domestic currency relative to another, and is initiated in the foreign exchange market.

BREAKING DOWN 'Sterilization'

Sterilization requires a central bank to look beyond its borders by getting involved in foreign exchange. For example, the Federal Reserve purchases a foreign currency, in this case the yen, and the purchase is made with dollars that the Fed had in its reserves. This action results in there being less yen in the overall market - it has been placed in reserves by the Fed - and more dollars, since the dollars that were in the Fed’s reserve are now in the open market. To sterilize the effect of this transaction the Fed can sell government bonds, which removes dollars from the open market and replaces them with a government obligation.

Emerging markets can be exposed to capital inflows when investors buy up domestic currencies in order to purchase domestic assets. For example, a U.S. investor looking to invest in India must use dollars to purchase rupees. If lots of U.S. investors start buying up rupees, the rupee exchange rate will increase. At this point the Indian central bank can either let the fluctuation continue, which can drive up the price of Indian exports, or it can buy foreign currency with its reserves in order to drive down the exchange rate. If the central bank decides to buy foreign currency it can attempt to offset the increase of rupees in the market buy selling rupee-denominated government bonds.

 

Great read mylilpony. Have not seen you in awhile. Glad to have you back.  

[tigergorzow]

On ‎1‎/‎15‎/‎2017 at 5:20 AM, yota691 said:

The Central Bank, said on Sunday that there is full control of the Iraqi dinar, revealing that the deletion of zeros from the currency, deferred for the time being.

DV,  This have been running in my head for a while so jump in if you think the rationale adds up to complete the RV / RI puzzle.  Of course may be repetitive but I had to share my thoughts.

 

Delete the zeros project was ready to implement early 2017 however security & stability halted those plans 

Delete the zeros deferred - PM Abadi had assumed Liberation Of Mosul would be completed by end of 2016, Therefore CBI could implement Delete the zeros project per articles mentioned execution early 2017 and move forward with RV / RI.

PM Abadi announced Liberation Of Mosul would take 3 additional months.  CBI states deletion of zeros deferred for the time being which means to me Liberation Of Mosul will kickstart the final Monetary Reform = RV / RI

**Iraqi & Coalition Forces regrouped and now we see them moving expeditiously to fully Liberate all of Mosul -  PM Abadi & CBI Governor know security & stability is necessary to move forward.   Simultaneously,  We see remaining Ministers possibly being voted in this week or next and "Oil & Gas Law" as well as other important laws being submitted to Council Of Ministers for discussion & approval.   Banking Act Law on the agenda for 24 Jan 2017

**As I believe we all agree the Liberation Of Mosul is the key to our "Prize"

Always Keeping The Faith!!

GO RV!!

 

Edited January 24, 2017 by tigergorzow