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Parliamentary finance identifies a reason why coins should not be minted and advises such a move


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16 minutes ago, CSM (R) Thackrey said:

I’m hoping “days” myself!!!👍🇺🇸

 

15 minutes ago, navira said:

6ly410, agree bro. CBI may will come out with lower notes this month...and hopefully with its purchasing power

Cheers let’s go dinar 

Edited by 6ly410
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AQI DINAR

 
  
 
 

Popular campaign to delete the name of the relations of the new currency

Popular campaign to delete the name of the relations of the new currency

October 15, 2018 – 10:25

Popular campaign to delete the name of the relations of the new currencySumer News:
Activists on social networking platforms (Facebook, Twitter, Instagram) have launched a campaign to remove the name of the central bank’s governor, Ali Al-Allaq, from the new currencythat has been put on the market latelyand has raised widespread objections.
The campaigners labeled the campaign “Bhaktak” as a “crackdown” campaign, and “delete the name of the governor” and called on citizens to participate in the campaign to delete the name of the links from the new edition of the Iraqi currency.

Campaign participants also published pictures showing 1,000 dinars in coins and the names were deleted by Tullin. Others also published videos showing how to write off without affecting the value of the currency.
Last Thursday, October 11, 2018, the new edition of the Iraqi currency with its various categories, named after the central bank governor Ali al-Alaq, circulated in the markets despite widespread objections.
The market witnessed trading of this currency despite the popular and parliamentary objections on the name of the relationship, the new edition.
The central bank announced earlier, the issuance of new editions of the Iraqi currency with different categories, with some changes to some of them and write the name of the governor of the Central Bank, which led to criticism at the level of the Iraqi street.
The central bank issued a clarification stating that “the banknotes in various countries contain the signature of the issuing authority, which is the governor of the Central Bank. The central banks have always put their signatures on their portfolios in different forms. Among them are those who put the name and signature of the governor, Without a name. ”

sumer.news

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1 hour ago, navira said:

Campaign participants also published pictures showing 1,000 dinars in coins and the names were deleted by Tullin

 

thanks navira, i find that interesting that they refer to the paper notes with bank governor name marked out as coins ( i have seen them refer to the paper as coin in the past ) and another article made a reference to metal coins , it seems this new currency can be referred to as coins unless lost in translation ..... 

 

30445.jpg?watermark=w4

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Maybe this has been already answered, but if they remove 3 0’s from the currency, wouldn’t that decrease the worth of the currency you’ve already acquired? In other words, you have $10,000,000 Iraqi Dinars and by removing 3 0’s, it’s now $10,000, which will decrease your gain by 1000%. Correct? Or am I wrong in my thinking.

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8 minutes ago, Ronchevy said:

Maybe this has been already answered, but if they remove 3 0’s from the currency, wouldn’t that decrease the worth of the currency you’ve already acquired? In other words, you have $10,000,000 Iraqi Dinars and by removing 3 0’s, it’s now $10,000, which will decrease your gain by 1000%. Correct? Or am I wrong in my thinking.

 

If what I am reading from your post is correct, then your describing a LOP which some people believe in. I highly doubt that this will occur, but that what we will see is a removal of three zeros from the current rate which fluctuates around .00086 at the moment.

By doing this we would have a rate of .86 -1 Dinar but in some cases is calculated as $ 1.18 to 1 Dinar. by different folks here.

 

This very topic  has been flogged to death here on the site so I suggest do a little reading and your sure to find numerous explanations on this very same thing.

 

  Hope this helps.

 

   pp

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I actually was thinking about this subject last week, and the debate its held for soooooo many years. I just feel if they were going to delete the zeros (What some call a LOP), dont you think they would have done that already? If it would make it where our trade in value would not be very much at all. I think they would have already unleashed that one. If they do it now, its just going to add insult waiting alllll these years for a RV and alot of people and countries would be pissed!!! Just my 2-cents.

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On 10/20/2018 at 11:02 AM, Cherysh said:

I actually was thinking about this subject last week, and the debate its held for soooooo many years. I just feel if they were going to delete the zeros (What some call a LOP), dont you think they would have done that already? If it would make it where our trade in value would not be very much at all. I think they would have already unleashed that one. If they do it now, its just going to add insult waiting alllll these years for a RV and alot of people and countries would be pissed!!! Just my 2-cents.

 

That’s a really good point Cherysh! And something that never occurred to me before 👍🏻 

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On 10/20/2018 at 11:02 AM, Cherysh said:

I actually was thinking about this subject last week, and the debate its held for soooooo many years. I just feel if they were going to delete the zeros (What some call a LOP), dont you think they would have done that already? If it would make it where our trade in value would not be very much at all. I think they would have already unleashed that one. If they do it now, its just going to add insult waiting alllll these years for a RV and alot of people and countries would be pissed!!! Just my 2-cents.

SInce they have not been too clear as to whether it be a delete the zeroes from the currency, the exchange or both, the popular opinion rests with the latter.The projec would delete the zeroes from the currency and the exchange rate at the same time which is the reason for the lower denoms. This theory also goes on to state that this will bring Iraq's currency in line with other national currencies in denoms such as 100,s 50s, 20s, 10s, 5s and 1s. This would also include coinage of the same variety the major nations have as well. As always it remains to be seen what they do. Considering they said the project would take 2 years to implement this also could mean several things such as a low intro rate and float from there via the market, a low intro rate and a CBI managed float to the target value, an on par rate with the dollar and either a managed float or a market float, or a greater than the rate of the dollar and either a managed float or a market float. IN whatever outcome occurs the delete the zeroes project will more than likely be a removal from the exchange rate as if they only remove the zeroes from the currency they don't increase their purchasing power but only weaken it significantly both in the minds of the Iraqi and in the minds of the rest of the world. The dinar must do better in the end and my belief is that means better than the dollar as it is their benchmark.

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19 hours ago, Theseus said:

Considering they said the project would take 2 years to implement

Hi Theseus - I think the plan is to run the old and the new currencies side by side for 2 years. The actual deletion of the zeros may be a quick stroke of the pen as stated in this article: 

And the deletion of the three zeros of the Iraqi currency, he replied Dagher that "this issue purely technical"

(I'm just guessing.)

 

 

Edited by DWS112
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17 hours ago, DWS112 said:

Hi Theseus - I think the plan is to run the old and the new currencies side by side for 2 years. The actual deletion of the zeros may be a quick stroke of the pen as stated in this article: 

And the deletion of the three zeros of the Iraqi currency, he replied Dagher that "this issue purely technical"

(I'm just guessing.)

 

 

Also the cbi has stated that after the two years you will still be able to exchange the Dinar if your prepared to go to Iraq and the cbi to exchange - time frame of ten years

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1 hour ago, dinarbeleiver said:

Also the cbi has stated that after the two years you will still be able to exchange the Dinar if your prepared to go to Iraq

Does this indicate that the old currency that we hold may not be the international currency? Why spread it around the world for only 2 years use?

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1 hour ago, DWS112 said:

I don't think they want the old 3 zero notes hanging around for another 10 years. They have to reprint, reprint, and then reprint them?

 

I don't think they would reprint/replace at all. I strongly believe as they come in to financial Institutions they would be pulled from circulation and maybe replaced with an equal amount of small notes.

 

  Just my 2 cents :twocents: with nothing to really back it up.

 

  pp

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13 minutes ago, pokerplayer said:

I don't think they would reprint/replace at all. I strongly believe as they come in to financial Institutions they would be pulled from circulation and maybe replaced with an equal amount of small notes.

Thanks PP -  I keep a txt file. This is all I have on the subject. I will try to find the source article. I think this was back in 2012:

"The process will take up to two years, at the end of which the old currency will ultimately be void. However, banks will continue to accept [the old notes] for another 10 years - for exchange against new notes, not for circulation."

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5 hours ago, pokerplayer said:

 

I don't think they would reprint/replace at all. I strongly believe as they come in to financial Institutions they would be pulled from circulation and maybe replaced with an equal amount of small notes.

 

  Just my 2 cents :twocents: with nothing to really back it up.

 

  pp

 

I'll back you up on that with my additional :twocents: so now we have 4!

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