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


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On 4/9/2018 at 9:00 AM, Butifldrm said:

I had time to do a little research this morning.  I was looking at delete the zero articles and especially for the official 2012 SIGIR report to the US Congress and I found this:

 

official exchange rate for Iraqi dinar strengthened marginally against the U.S. dollar, selling at 1,166 per dollar through much of the quarter. Th at rate is down slightly from 1,170—a level that had held constant for the past three years. However, a spike in demand for dollars generated by merchants from neighboring Iran and Syria—suddenly unable to procure sufficient amounts of the U.S. currency at home because of international sanctions—helped drive the unofficial street exchange rate above 1,320 dinar in mid-April.375 In April 2012, the COM postponed indefinitely plans for a currency reform that would have removed three zeros from the Iraqi dinar in 2013 and required the issuance of new currency notes. The reform would have made the dinar’s value slightly less than $1. It is currently worth less than one tenth of a cent.  376

 

pg 94 of 158

 

http://psm.du.edu/media/documents/us_research_and_oversight/sigir/quarterly_reports_eng/us_sigir__report_to_congress_april_2012.pdf

 

 

Reason I was looking for this report is to compare the differences in the economy in 2012 as to present day in Iraq and what would have stopped currency reform at that time.

 Thanks Butifldrm. That is a rate I can live with.  

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On 4/9/2018 at 9:00 AM, Butifldrm said:

I had time to do a little research this morning.  I was looking at delete the zero articles and especially for the official 2012 SIGIR report to the US Congress and I found this:

 

official exchange rate for Iraqi dinar strengthened marginally against the U.S. dollar, selling at 1,166 per dollar through much of the quarter. Th at rate is down slightly from 1,170—a level that had held constant for the past three years. However, a spike in demand for dollars generated by merchants from neighboring Iran and Syria—suddenly unable to procure sufficient amounts of the U.S. currency at home because of international sanctions—helped drive the unofficial street exchange rate above 1,320 dinar in mid-April.375 In April 2012, the COM postponed indefinitely plans for a currency reform that would have removed three zeros from the Iraqi dinar in 2013 and required the issuance of new currency notes. The reform would have made the dinar’s value slightly less than $1. It is currently worth less than one tenth of a cent.  376

 

pg 94 of 158

 

http://psm.du.edu/media/documents/us_research_and_oversight/sigir/quarterly_reports_eng/us_sigir__report_to_congress_april_2012.pdf

 

 

Reason I was looking for this report is to compare the differences in the economy in 2012 as to present day in Iraq and what would have stopped currency reform at that time.

Slightly less could be .86 and I think that works for everyone here. 

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2 hours ago, ChuckFinley said:

 Thanks Butifldrm. That is a rate I can live with.  

 

That’s a rate I can live with in great style!! 

Part of me is disappointed that we could have finished this in 2013, but another part of me is jazzed because since then I’ve acquired a LOT more dinars ... 😁  But I’m totally ready now, not getting any more. Wrap this up Iraq!!!

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5 minutes ago, Half Crazy Runner said:

 

That’s a rate I can live with in great style!! 

Part of me is disappointed that we could have finished this in 2013, but another part of me is jazzed because since then I’ve acquired a LOT more dinars ... 😁  But I’m totally ready now, not getting any more. Wrap this up Iraq!!!

Now that is what I want to hear girl. Take advantage of the situation.  :twothumbs:

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7 minutes ago, Half Crazy Runner said:

 

That’s a rate I can live with in great style!! 

Part of me is disappointed that we could have finished this in 2013, but another part of me is jazzed because since then I’ve acquired a LOT more dinars ... 😁  But I’m totally ready now, not getting any more. Wrap this up Iraq!!!

Ditto!!  I'll drink to that!!   :drunk:

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3 hours ago, Botzwana said:

Sure.  A lop.  What else is there to say?  Scared it will lop then my 8 years of being in this was totally wasted.  I sure as heck hope not...but when they make statements like that, it messes with my head.

 

Thank you.

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Now that we're seeing the establishment of ATM's across Iraq - just a reminder from the past....
 


TV: Rafidain Bank in Dhi Qar confirms that the introduction of ATM depends on deleting zeros from currency.

Wed, 10 Dec 2014 

Ahmed Hassan: Said the director of the Rafidain Bank in Dhi Qar Hussein Abbadi in a televised interview broadcast by the local Nasiriyah that the introduction of ATM in the markets and banks are subject to the implementation of the decision to delete zeros from the Iraqi currency, pointing out that the Iraqi currency suffers from large inflation at the present time.

http://www.nasiriyah.org/ara/post/55155
~~~
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13 minutes ago, Butifldrm said:
Now that we're seeing the establishment of ATM's across Iraq - just a reminder from the past....
 


TV: Rafidain Bank in Dhi Qar confirms that the introduction of ATM depends on deleting zeros from currency.

Wed, 10 Dec 2014 

Ahmed Hassan: Said the director of the Rafidain Bank in Dhi Qar Hussein Abbadi in a televised interview broadcast by the local Nasiriyah that the introduction of ATM in the markets and banks are subject to the implementation of the decision to delete zeros from the Iraqi currency, pointing out that the Iraqi currency suffers from large inflation at the present time.

http://www.nasiriyah.org/ara/post/55155
~~~

...Thanks Butifldrm...This article had slipped my memory...There was something mentioned about when the time came to delete the "000"....it would be obvious...They're working on obvious...

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On 4/10/2018 at 3:49 PM, ChuckFinley said:

Slightly less could be .86 and I think that works for everyone here. 

At least .87 is what I’ve been planning on.....  or at least a realistic number to get them to using Dinar instead of USD!

:crossedfingers:

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AC Intel Report (ACIR)

 

04/18/2018

 

In the course of the next few months you may quite possibly see media reporting about a delete the zeros project. According to the intel I have, as well as info I received today from a banker, the delete the zeros project is going to be progressing at a much faster pace, and word has it that new information will be published after Ramadan.  In February 2012, the Central Bank of Iraq (CBI) circulated reports to the Baghdad media that they were going to introduce three new banknotes.  They were reported as follows; the 50, 100, and 200 Iraqi dinar currency.  The reports also made mention of coins however, coins are not very popular with the Iraqi’s.  So, who can tell, it may or may not happen with the coins.  Everything from this point on is riding on the upcoming national and local elections (May 12).  There appears to be a vast more supporters than not for the delete the zero’s project.  The CBI would like to gain control and lower the inflation and boost the economy. At least that is their intention. The company that will be printing the new bank notes has already been selected, the authorization is the only delay in moving forward with the print.  You may see some action possibly after the elections, depending on which party has control of the government. The Iraqi parliament will have to vote on the delete the zeros project given that they did not get the opportunity in 2012. The Iraqi cabinet stopped it because they believed the economic climate was not yet ready. 

 

The GOI has had concerns about the mafia gangs inside Iraq that are taking advantage of the situation. But that’s a whole separate issue they need to tackle. Oil prices are continuing to go up and businesses are returning although cautiously and investing in startups and existing companies.  You will learn of the delete the zeros project getting ready to be implemented when you read that there is an education campaign going on inside Iraq.  The education campaign will consist of news media, flyers, and radio advertising to get the word out.  The CBI wants to make sure that everyone is informed about the delete the zeros project.  

 

The banking system in Iraq is not up to par with 21stcentury banking standards.  There is a plan in place to modernize the banking.  The CBI does not care to see the Islamic banks outperforming the other banks.  

 

The counterfeit dinar problem continues to be an issue. In Iraq, every bank manager turns in all of the counterfeit notes that he encounters from his depositors each week to the Central Bank of Iraq (CBI).  The bank is rewarded for this and receives a credit from the CBI. 

 

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Iraqi Dinar revaluation postponed by Central Bank for 5 years says MP Noura al-Bajari

 

by 377c7a0b5a2695a041607a4f76b50434?s=40&d= Amre Sarhan Oct 29, 2014, 11:54 pm

Baghdad (IraqiNews.com) A member of the Parliamentary Economic and Investment Commission, MP Noura al-Bajari, confirmed on Wednesday that the initiative to revalue and delete zeros from the Iraqi Dinar is ready for implementation by the Central Bank although it will be delayed by five years given the political and security situation of Iraq.

In an interview with IraqiNews.com al-Bajari said “The policy to delete zeros from the Iraqi currency is ready to be executed by the Central Bank, however, its implementation will be delayed by 5 years on the basis of the extreme security and political situation of the country.”

Al-Bajari said that the head of the Central Bank of Iraq had previously said that this policy from parliament was accepted and that the zeros will be deleted from the Iraqi currency in the next 5 years.

https://www.iraqinews.com/features/iraqi-dinars-project-postponed-5-years-says-central-bank/

 

Yes I know this is an old article from 2014. But it states the RV would happen in 5 years.... It's almost been 5 years... 

We can hope!

B/A

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