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


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From what i remember they said that the old and new would exist side by side for 2 years, and as they pulled them in they would be destroyed and that is why shabbs bought all the expensive del a rue machines and talked of having the capabilities to burn the notes within the basement of the cbi. They then stated in many articles that banks (meaning foreign) would have 10 years  to turn in any currency they wished to or they could continue to  hold it as a reserve currency. I also agree that for checks and balances in the market that they will roll out the lower notes as the bigger notes are brought in to maintain the proper liquidity in the markets. ;)

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On 10/31/2018 at 8:53 PM, mylilpony said:

banks (meaning foreign) would have 10 years

 

On 10/30/2018 at 1:50 PM, blueskyline said:

2 years in country . 10 years overseas.

I hope you are right but, its hard to imagine foreign banks doing the job of the CBI.

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

   "Yes, we accept voided Iraqi currency!"

Edited by DWS112
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7 hours ago, DWS112 said:

 

I hope you are right but, its hard to imagine foreign banks doing the job of the CBI.

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

   "Yes, we accept voided Iraqi currency!"

 

I did not mean that foreign banks would accept the old notes for 10 years, what i meant was when this rv's or rd's the foreign banks holding dinar will have 10 years to turn it in to the cbi or choose to hold it in their foreign reserves. Would be nice if you could find the rest of that article from which your text comes from.

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3 hours ago, mylilpony said:

Would be nice if you could find the rest of that article from which your text comes from.

mylilpony, sorry for the confusion. I found the article. It was removed, but I was able to get a snapshot of it by using the Wayback Machine: Link (2nd paragraph) It is a 2012 article, maybe it is no longer relevant.

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11 hours ago, DWS112 said:

mylilpony, sorry for the confusion. I found the article. It was removed, but I was able to get a snapshot of it by using the Wayback Machine: Link (2nd paragraph) It is a 2012 article, maybe it is no longer relevant.

 

If this article is true today, we are in BIG TROUBLE!

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dws112 , welp from this cbi "source" in 2012 the thinking was to lop the 3 zeros from the currency and move the exchange rate to $1,12 or $1,13 and i have read this same wordage throughout the years so is this the definition of delete the zero's , idk or if this is in fact the cbi plan today in country and outside iraq who really knows but going by that article that would depending at what time you purchased iqd be close to a break even trade or small profit article stated 1 million iqd will equal about a thousand bucks .... we wait 

Edited by 3n1
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On 10/30/2018 at 1:50 PM, blueskyline said:

I believe it was said 2 years in country . 10 years overseas. 

Boom! 😎👍

 

On 10/31/2018 at 6:25 AM, dinarbeleiver said:

Correct lol

Exactamente mi amigo:cheesehead:

 

On 10/31/2018 at 10:59 AM, 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

The time frame of the 2 year to the 10 year mark to my understanding, is the collection process of the Dinar notes.  My bottle of whiskey to back you up on celebration day my friend, yup! :cheesehead:

 

On 10/31/2018 at 4:58 PM, Adam Montana said:

 

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

Compound this baby with another :twocents: to hit up 6, day by day we all hope this ride is coming to a close soon!! :cheesehead:

 

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Yes the zero's will delete one day... what goes up... must come down. I hope and pray that it's in our favor. If it's not I won't be any broker than I am today living day to day ! We all already set this aside...let it roll folks. If this is real and God is real , we really don't have to worry. I'd rather have my mother and father and daughter and grandson and my wife and two brothers and all of theirs .....than all of the riches of the world. That's what's important ! This is a just our dream to be able to do good and provide past what we all have.  So If God See's fit for us to get there , I'm sure we will. And if he doesn't all I really care about is , all that I get to hold all that is dear to my heart and  my world. That's what we really got and nothing else. Thank you DV !

Edited by Texstorm
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  • 3 weeks later...
Central Bank reveals to "NAS" details of the project "Structuring the currency"

[ltr]Monday 19 November 2018[/ltr]



[rtl]Baghdad - Nas[/rtl]




[rtl]The Central Bank of Iraq revealed on Monday details of the project "Structuring the currency", which aims to delete 3 zeros, to facilitate the circulation of currency.[/rtl]




[rtl]"The currency structuring project, when it was first floated, faced many objections. It was postponed to be launched again in 2014 and started to be implemented," said Abdulkarim Hassan, general manager of the issue and treasury, in an interview with NAS today (November 19, 2018). A new reason to postpone it. "[/rtl]




[rtl]Hassan explained that "the draft currency structure aims to delete three zeros to turn the category of a thousand dinars to one dinar, while replacing the thousand dinars in the place of one million dinars." He pointed out that "the project allows the printing of new categories of dinar and half dinars down to deal with the bank."[/rtl]




[rtl]He stressed that "the idea is integrated and there is a comprehensive study and the project does not need to apply," stressing
that "this project must be implemented despite the obstacles that led to the postponement."
 
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1 hour ago, Mary B said:

currency structure aims to delete three zeros to turn the category of a thousand dinars to one dinar

 

So this seems to indicate a 1000 IQD would be seen as a 1 IQD, if I'm reading this right. That eliminates all those thoughts that it would come off the current value $.00086 thus making it $.86.  But then what would the real world 'value' be of the 1000 IQD note that becomes 1 IQD??  Inquiring minds want to know.

                                                                          B)

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18 minutes ago, King Bean said:

 

So this seems to indicate a 1000 IQD would be seen as a 1 IQD, if I'm reading this right. That eliminates all those thoughts that it would come off the current value $.00086 thus making it $.86.  But then what would the real world 'value' be of the 1000 IQD note that becomes 1 IQD??  Inquiring minds want to know.

                                                                          B)

 

I don’t think that’s the case, otherwise why would they be printing new categories of one dinar and one half dinar if the value was so minuscule..? 

 

He pointed out that "the project allows the printing of new categories of dinar and half dinars down to deal with the bank."

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46 minutes ago, King Bean said:

 

So this seems to indicate a 1000 IQD would be seen as a 1 IQD, if I'm reading this right. That eliminates all those thoughts that it would come off the current value $.00086 thus making it $.86.  But then what would the real world 'value' be of the 1000 IQD note that becomes 1 IQD??  Inquiring minds want to know.

                                                                          B)

 

That’s what they’ve been saying for years -

“delete the zeros from the currency”.  

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53 minutes ago, King Bean said:

So this seems to indicate a 1000 IQD would be seen as a 1 IQD, if I'm reading this right. That eliminates all those thoughts that it would come off the current value $.00086 thus making it $.86.  But then what would the real world 'value' be of the 1000 IQD note that becomes 1 IQD??  Inquiring minds want to know.

OR... a new 1 IQD note worth $.86 will buy what 1000 IQD note valued at $.86 will buy. Not good!

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  • yota691 changed the title to Parliamentary finance identifies a reason why coins should not be minted and advises such a move
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