Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
Butifldrm

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

Recommended Posts

Greetings to all.

So does a lop provide purchasing power for a currency?  One way to think about purchasing power is to imagine if you made the same salary as your grandfather 40 years ago. Today you would need a much greater salary just to maintain the same quality of living.  Example: a home buyer looking for homes 10 years ago in the $300,000 to $350,000 price range had more options to consider than now.

 

In terms of investment,  PURCHASING POWER is the dollar amount of credit available to a person to buy or in this case a country.  So if a dinar is worth under a cent in value and it lops to 1.19 per each dinar after removing the zero's on the notes and it this were to occur....how much Purchasing power would Iraq have then aside from the oil value it has in it?   I can't see it going into a neutral level upon any stage of a LOP, unless they just completely devalue their own currency which I doubt very highly any country would do, or person for that fact.  That's like saying you have a gold piece worth 1600.00 and decide to sell it for 400.00....I just don't see a 100% devalue of currency ahead in their future.  

 

Good fortunes to all.

Le Plus Grand'

Edited by leplusgrand
  • Like 1
  • Upvote 6
  • Downvote 2

Share this post


Link to post
Share on other sites
On March 30, 2019 at 8:01 PM, 10 YEARS LATER said:

Rothschilds owns & controls Iraqi CBI . . . The IMF is in the Rothschids back pocket . . . when they decide, not until then will there be an RI/RV.

 

coming soon . . .

 

Some folks can't handle the truth 10YL . . . got your back cuz ya got a drive by Ruby ! :lol:

  • Thanks 1
  • Haha 1
  • Upvote 1

Share this post


Link to post
Share on other sites
2 hours ago, 10 YEARS LATER said:

 

Some folks can't handle the truth 10YL . . . got your back cuz ya got a drive by Ruby ! :lol:

10 years later,

 

soon you will will need to update your username. I’m 15 years later as of right now.. lol

  • Thanks 1
  • Haha 5

Share this post


Link to post
Share on other sites
On 3/31/2019 at 2:01 PM, 10 YEARS LATER said:

Rothschilds owns & controls Iraqi CBI . . . The IMF is in the Rothschids back pocket . . . when they decide, not until then will there be an RI/RV.

 

coming soon . . .

If they own it you won’t see a dime...they do not want millionaires and billionaires walking around it’s not their plan and never has been

  • Thanks 1
  • Haha 2
  • Confused 3
  • Upvote 5

Share this post


Link to post
Share on other sites
2 hours ago, screwball said:

If they own it you won’t see a dime...they do not want millionaires and billionaires walking around it’s not their plan and never has been

 

The vast majority of dinar holders don’t have any where nearly enough to make them billionaires (assuming it goes 1:1). I don’t think they’d be concerned about people suddenly having a few million $, that kind of money isn’t what it used to be. 

Just my opinion tho ...  :shrug:

  • Like 3
  • Thanks 4
  • Haha 1
  • Upvote 5

Share this post


Link to post
Share on other sites
15 hours ago, Half Crazy Runner said:

 

The vast majority of dinar holders don’t have any where nearly enough to make them billionaires (assuming it goes 1:1). I don’t think they’d be concerned about people suddenly having a few million $, that kind of money isn’t what it used to be. 

Just my opinion tho ...  :shrug:

True

  • Upvote 3

Share this post


Link to post
Share on other sites

/www.radionawa.com/all-detail.aspx?jimare=12457&fbclid=IwAR1zvA3AVOPtbq2a_Zx5HRqDnFX5PsgDRXZkCeKH31MGjyCh_2qhXhMwoUk.....

 

 

Central Bank: The deletion of zeros aims to tighten banknotes and needs parliamentary legislation

1 day before Iraq
62952019_5.jpg
Image of the archive

Ihsan al-Yasiri, director general of the Central Bank, said on Wednesday, May 29, 2019, that "the bank is a very transparent institutions both in the window of selling the currency or the subject of contracts," noting that "the Central Bank is in constant contact with the relevant parliamentary committees and the Central Bank is the only institution that Work every day. "

"The central bank's duty is to maintain the exchange rate and stability to meet the demand that comes on foreign currency against the dinar," he said in an interview with the Noa Dialogue program. "The central bank is responsible for the simple sale of the dollar."

"The Iraqi economy is an import economy and this is not the responsibility of the central bank. It is the duty of the state and the government to fix this structural imbalance and the domestic economy becomes a product for leaving imports," he said.

He pointed out that "there is a defect in the duty of some institutions, but ordinary people believe that this process should be carried out by the Central Bank, and this is not true," explaining that "the central bank contact with banks and the government by keeping accounts."

"The major sin that was committed in 2004 was the abolition of import controls and quality control rules at the border crossings, which made the market full of cheap and cheap imported goods," he said.

In the case of the accident of seven billion in the Rafidain Bank, said Yasiri, "The year 2013 saw heavy rain and leaked water to the bank on the street Rashid, which led to damage that money, which was originally intended to damage, and the duty of the Central Bank to replace those papers, The amount of money less than 200 million dinars. "

On the subject of the deletion of zeros, he said that "this administrative process aimed at tightening the banknotes and improve the accounting record in the country was launched in 2012, but there are some objections at the time and need legislation by the House of Representatives."

"The Central Bank has suspicions, the first is to prevent one of the internationally recognized companies from conducting an audit and conduct internal control of the bank in exchange for the placement of Iraqi offices, as these companies are global and stamped recognized worldwide and indicates the lack of money laundering "He said.

"The second thing is that controls the joints of the central bank, usually they are accountants and they basically have offices."

She said that "the independence of the Central Bank and not to the executive power made the government of Nuri al-Maliki dismiss Sinan Shabibi because of his refusal to enter the prime minister to manipulate the reserves of the Central Bank as it represents the stability of the currency and represents the monetary policy in the country and parliament only those who can account and today Parliament is unable to do so.

She stressed that "the status of the head of the Financial Control Bureau governor of the Central Bank is a violation of the constitutional authorities as the regulatory body has become the executive branch."

"The Finance Committee formed three subcommittees to follow up the work of the Central Bank of the first follow-up the issue of building the Central Bank and the second follow the auction of currency and the third follow the issue of the subsidiary currency and therefore if there is evidence will be submitted to the Integrity Commission or the judiciary."

He added that "the issue of scrutiny within the Central Bank can be resolved through the House of Representatives and not raise the issue is due to audits by local companies and anyone who has an interest in this issue must submit to the Finance Committee."...............please remove if already posted .thanks

  • Like 6
  • Thanks 3
  • Upvote 7

Share this post


Link to post
Share on other sites

Great article Blueskyline. It's been posted for three hours and crickets from the DVCommunity. This is a great article that pretty much spells out what went wrong and what needs to be completed. It's parliament that holds the keys to the kingdom. They will be the ones who allow the central bank to raise the exchange rate. Not Trump or Rayrat or anybody who lives in Reno. 

I just wish they would get on with it already. Been at my new job two days and I'm tied of it already, lol. At least it pays well.

BSL keep bringing it and have a good evening.

  • Like 5
  • Thanks 2
  • Upvote 3

Share this post


Link to post
Share on other sites

There was an article a few month back stated that parliament already gave them the ok. May be someone can bring it up. 

  • Like 1
  • Thanks 1
  • Upvote 2

Share this post


Link to post
Share on other sites
31 minutes ago, Spartakus said:

There was an article a few month back stated that parliament already gave them the ok. May be someone can bring it up. 

Yep...I remember reading that somewhere.

  • Thanks 1
  • Upvote 1

Share this post


Link to post
Share on other sites

“On the subject of the deletion of zeros, he said that "this administrative process aimed at tightening the banknotes and improve the accounting record in the country was launched in 2012, but there are some objections at the time and need legislation by the House of Representatives."

 

What about FML.?

 

 

  • Like 3
  • Thanks 1
  • Upvote 4

Share this post


Link to post
Share on other sites

"The regulatory body has become the Executive branch,against the constitution.

The smell of Maliki still lingers.....

  • Upvote 1

Share this post


Link to post
Share on other sites
47 minutes ago, Laid Back said:

“On the subject of the deletion of zeros, he said that "this administrative process aimed at tightening the banknotes and improve the accounting record in the country was launched in 2012, but there are some objections at the time and need legislation by the House of Representatives."

 

What about FML.?

 

 

Laid back there is a good chance you're right. The FML is what drives the exchange rate and monetary regime. That has been legislated, or so we've been told, and now we're waiting  on something else. What that might Be is anyone's guess. Let's wait and see what happens cause, well, I mean, It's like, you know?

  • Thanks 2
  • Upvote 8

Share this post


Link to post
Share on other sites

FML drive the exchange rate. So we don't care about the HCL being implemented, correct?

Share this post


Link to post
Share on other sites
8 hours ago, Laid Back said:

“On the subject of the deletion of zeros, he said that "this administrative process aimed at tightening the banknotes and improve the accounting record in the country was launched in 2012, but there are some objections at the time and need legislation by the House of Representatives."

 

What about FML.?

 

 

1st reading so has it passed?

Share this post


Link to post
Share on other sites
7 hours ago, cranman said:

FML drive the exchange rate. So we don't care about the HCL being implemented, correct?

I don’t care about hack but that’s me 

Share this post


Link to post
Share on other sites
7 hours ago, mr.unlikely said:

Laid back there is a good chance you're right. The FML is what drives the exchange rate and monetary regime. That has been legislated, or so we've been told, and now we're waiting  on something else. What that might Be is anyone's guess. Let's wait and see what happens cause, well, I mean, It's like, you know?

Fml yes stops the auction imho 

Share this post


Link to post
Share on other sites

Yeah can tell you right if Iraq’s currency improves in value by the deletion of zeros it was collapse Iran in a heart beat..,, it will cause chaos!

  • Upvote 2

Share this post


Link to post
Share on other sites
7 hours ago, mr.unlikely said:

Laid back there is a good chance you're right. The FML is what drives the exchange rate and monetary regime. That has been legislated, or so we've been told, and now we're waiting  on something else. What that might Be is anyone's guess. Let's wait and see what happens cause, well, I mean, It's like, you know?

Yep it’s iraq...,

Share this post


Link to post
Share on other sites
13 hours ago, mr.unlikely said:

Laid back there is a good chance you're right. The FML is what drives the exchange rate and monetary regime. That has been legislated, or so we've been told, and now we're waiting  on something else. What that might Be is anyone's guess. Let's wait and see what happens cause, well, I mean, It's like, you know?

Agree my friend,  Let’s wait and see.

Very exciting and interesting times 

Go RV sooner than later 

Go $1:1

6 hours ago, screwball said:

1st reading so has it passed?

The FML is done  

Thanks for your input my friend.

  • Upvote 7

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.

  • Recently Browsing   0 members

    No registered users viewing this page.



  • Similar Content

    • By DWS112
      Talk about re-work coin and delete the zeros from the paper
      19/08/2019

       
      A member of the Parliamentary Finance Committee revealed that there is a tendency to reintroduce the coin that has been used for decades in the country, while another member of the Committee proposed to pre-empt the coining process by “deleting zeros” from the current currencies so that there would be value for the small cash classes.
       
      The committee member, MP Hanin al-Qadu, that "during meetings and discussions with officials at the Central Bank stressed the need to re-work coins that were used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again."
       
      He explained, "The use of metal categories and their descent for trading gives a notional value of the currency," noting that "a number of neighboring countries (exchange rates are very high against the dollar) and yet we find that it has a coin in order to preserve the currency and not need to request more papers Cash, especially in small categories. "
       
      He expressed surprise at the "policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market."
       
      The Central Bank of Iraq announced in April 2005 to offer coins of denominations of 25, 50 and 100 dinars for circulation for the first time after it was canceled by the regime of Saddam Hussein after the Gulf War in 1991.
       
      The Iraqi currency was canceled in 1991 when the international economic embargo on the country to increase the rate of inflation in Iraq by 1000%, and the result of the situation under the economic siege and a significant rise in prices led to the destruction of the value of the Iraqi currency and reaching a very low and severe exchange rate , Which made the coin and the few currency denominations without value.
       
      It is noteworthy that the Iraqi dinar, which was equal to 3.22 dollars before the occupation of the former Iraqi regime of Kuwait in 1990, its value fell to one dollar equivalent to three thousand dinars by 1996.
       
      Another member of Parliamentary Finance said, "The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen." 
       
      MP Ahmed al-Saffar said that "inflation in the economy prevents the minting of coins and make them circulate among citizens," suggesting that "there is a step to delete the zeros before the coinage process to be a value for small groups to large." 
    • By boomer113189
      1 - 29 - 2014
      Exchange rate 1000 old to 1 new
      Current Currency
      After Deletion of three zeros
      aka Redenomination
       
       
      No Millionaires Will be made by holding onto the old currency that will get Redenominated
       
      A rupiah redenomination bill is currently being sought by the Indonesian government and it is asking the House of Representatives to start the legislation process for the bill next year.
      The redenomination is an attempt to simplify currency transactions by replacing the currency with a new one. In the past, officials have mooted the idea of removing three zeros from the rupiah. For example, a Rp 1,000 note would become simply Rp 1.
      Finance Minister Agus Martowardojo conveyed the plan to House Deputy Speaker Anis Matta on Friday, according to Ignatius Mulyono, chairman of the House’s legislation committee.
      “The House accepted the government’s plans,” Ignatius said. “We are now awaiting the draft to be submitted to the House.”
      Ignatius said that the House would discuss whether the redenomination bill could be included in the 2013 national legislation program — a list of bills that the House targets to ratify during a year.
      An academic study of the bill, Ignatius said, has been completed. “With the redenomination, transactions would be simpler and faster,” he said.
      Bank Indonesia has introduced higher-denomination bills five times since 1964 because of inflation. That makes current daily transactions often run into the millions of rupiah.
      The Rp 100,000 ($10.43) note is now the second-highest denomination banknote in the region after Vietnam’s 500,000 dong note.
      There are concerns, however, that the proposal could devalue the currency. But Ignatius said that the House would ensure that the government would conduct intensive socialization programs for the public should the bill be passed.
      Agus said that the government and Bank Indonesia had coordinated closely to transform the redenomination idea into a workable plan.
      He also added that any redenomination process would take anywhere from five to 10 years to complete.
      One of the likely consequences of a redenomination is marked prevalence in the use of coins because they are worth smaller denominations.
       
      http://goo.gl/BSO3mW
    • By boomer113189
      1 - 24 - 2014
       

      TEMPO.CO, Jakarta - Center for Strategic and International’s economist Haryo Aswicahyono, said currency redenomination should be done after general elections where the public psychological condition is relatively stable to prevent politicalization.
      "The current situation is unstable. If the people are panic because of redenomination, banks may be affected," Haryo said yesterday. According to him, most people have not understood about redenomination and often mistaken it with sanering (slashing of currency's value).
      Bank Indonesia (BI)'s governor Agus Martowardojo previously said redenomination needs economic and political stability. One of the influencing factors of national economy is the fluctuating global and domestic conditions and last year's current account deficit.
      According to BI's deputy of payment system, Ronald Waas, although the economy is unstable, redenomination must be done. The House of Representatives (DPR) has established a special committee and the central bank has informed the public about redenomination.
      The government has planned to implement redenomination policy by removing the last three digits in rupiah. Redenomination bill has been submitted to the DPR and is expected to become law this year.
      Redenomination has been said to need seven years of preparation which includes printing, designing, distribution, socialization and education. "Our country is big. Preparation and committment from all sides are needed," Ronald said.
       
      http://goo.gl/3BVGyA
    • By boomer113189
      1 - 16 - 2014
       
      Bank Indonesia (BI) Governor Agus Martowardojo has said a stable economy is the key to the successful implementation of the redenomination that will replace Rp 1,000 of the old currency with the new Rp 1.

      “We want to make sure that the redenomination will be successful, but one of the keys is that it takes place when the country’s economy is stable and in good condition,” he said in Jakarta on Thursday, as quoted by Antara news agency.

      Agus said that in 2013, domestic economic growth was corrected and the impacts of global fluctuations could still be felt in 2014.

      “The US Federal Reserve’s monetary stimulus has been reduced while domestically, the inflation rate in 2013 has increased, exceeding the targets expected,” said Agus.

      Moreover, he said, Indonesia’s current account was predicted to remain at a deficit of 3.5 percent until the end of 2013 and the weakening of rupiah exchange rate was still a challenge for the country’s economy this year.

      “To ensure the redenomination’s targets can be achieved, it would be better that we don’t push ourselves to implement this in a less than proper situation,” said Agus.

      Similarly, Deputy BI Governor Ronald Waas said one of requirements for the implementation of the redenomination was the stable economy and political situation.

      “The current economic situation is less conducive to implementing the redenomination,” said Ronald, while mentioning the redenomination plan would still continue.

      “The President’s directives must go on. The House of Representatives has established a special committee while public discussions have taken place,” he added.
       
      http://goo.gl/3lrDAE
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.