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

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3 minutes ago, Half Crazy Runner said:

 

Wasn’t it 3000:1 at one point..? 😱

 

It was, but if we go there I might cry.... LOL

 

B/A

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10 YEARS LATER

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Idk If Being Inside That Tank Will Help Much If Ur A Chubby Chaser ! :o 

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On 6/3/2019 at 10:38 PM, Half Crazy Runner said:

 

Wasn’t it 3000:1 at one point..? 😱

3800

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I can just hear the CBI in their dim little back room saying, "We cannot say 'We will increase the value of the Dinar!' So we will say, 'We will not decrease the value of the Dinar!"

"Yes! Good idea! Let's do it! Now pass the hummus and felafel, I'm still hungry from Ramadan."

 

 

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On ‎5‎/‎30‎/‎2019 at 10:23 PM, 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?

 

 

I think we are waiting on the 140 which might take all of 2019 to get done

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On 6/1/2019 at 10:28 AM, mr.unlikely said:

 I do agree that the people of Iraq will not get the windfall that we will. In country IMO, will be note swap. The CBI will adjust the exchange rate and introduce lower denominations , give everyone in the country a specified amount of time to swap out their notes through the banks, which means getting a bank account and an electronic credit into their accounts that will equal the USDollar value of the notes they hold. They will then Be allowed to withdraw lower denoms from the ATM's or at the teller window. They won't lose any money or make any money. It will be a neutral event. They get purchasing power in the new notes that they will be using. The three zero notes will be phased out. We will never see those small denominations but the bank will homer the notes outside the country at face value. We take them to the bank for exchange and get out electronic credit into our accounts minus taxes and bank fees and the banks will hold those bank notes as reserves. If it comes out at 1:1 and then rises from there the Iraqi citizens will get increased purchasing power which is great for them

There is no way that the people of Iraq could see the windfall that we willecause the in country float needs to be maintained at around 25 to 30 billion USD equivalent circulating daily within the country. At face value 1:1 would see an increase of in country float to 25 to 30 trillion USD equivalent. That is absolutely not going to happen. It can't happen. The value realized outside the country only strengthens the currency as people/banks will Be holding it as a store of value. If banks start sending t he dinar back to the CBI for exchange the CBi can just reduce the note count as they're collect the incoming dinar, which also strengthens the currency by making the remaining notes more valuable. 

Remembe also that banks exchange for less than the actual value ie. the spread charged so they always get more than they give.

 

Great take on it in-country here.. but the currency has to have real worth, not inflated (overbought/oversold) which means the spread on the forex itself would have to be liquid (tight).  How would just "turning on the currency" make that possible? Even when companies go public (I know that's a bad example) there is a run-up...and then a sell-off. THEN the price movement ebbs and flows naturally. The yuan went up over time, is (somewhat) devalued, yet is worth SOMETHING (more), not like it was twenty years ago. 

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Guide to re-work coin

Economy | 09:19 - 19/08/2019

 
image
 
 

BAGHDAD - Mawazine News 
A member of the Finance Committee Hanin al-Qadu, Monday, that the use of metal categories and sent down for circulation gives a notional value of the currency. 
"During meetings and discussions with Central Bank officials, we stressed the need to re-operate the coins that have been used in Iraq over the past decades, rather than the paper that is being destroyed," al-Qadu said. 
He added that "the use of metal categories and their descent for circulation gives a notional value to 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 ask for more papers." Cash, especially in small categories. "
Al-Qadu expressed his surprise at the "policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market."

https://www.mawazin.net/Details.aspx?jimare=60712

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Guide to re-work coin  

Monday 19 August 2019

 

Guide to re-work coin

 

Baghdad / Omar Abdul Latif
 
 The Finance Committee of the House of Representatives has revealed a trend to reintroduce the coin that has been used for decades in the country, while members of the Committee proposed to pre-empt the coin minting process by "deleting zeros" from existing currencies to be of value to the small cash categories.
 
"During meetings and discussions with Central Bank officials, we stressed the need to re-operate the coins that were used in Iraq during the past decades, instead of paper that is damaged and printed in large quantities again," committee member Hanin al-Qadu told Al-Sabah. ".

 

For his part, expressed a member of Parliamentary Finance Majid Waeli "readiness of the Committee to prepare any legislation required by the Central Bank, which can benefit the economy and the Iraqi market, including the circulation of coins."

 

"The committee respects the independence of the central bank and its monetary policy," he said

.
"This kind of currency gives strength to the economies of countries," said committee member Jamal Cougar.

He expressed hope that "the concerned parties can strengthen the currency so that small groups purchasing power in the case of the use of coins." 

 

Edited by DWS112
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Parliamentary finance identifies a reason why coins should not be minted and advises the move

Political | 12:26 - 19/08/2019

 
image
 
 

BAGHDAD - Mawazine News 
identified the Finance Committee in the House of Representatives, on Monday, a reason to prevent the minting of coins, the introduction of a proposal before minting. 
Majid al-Waeli, a member of the committee, expressed the readiness of the committee to prepare any legislation required by the Central Bank, which could benefit the Iraqi economy and market, including the circulation of coins. 
"The committee respects the independence of the central bank and its monetary policy," he said.
And the MP Waeli, that "Iraq can not reproduce the experience of other countries in the use of those currencies, if it was in favor of the advancement of the economy; we can support this by listening to the justification and the views of the Central Bank 's view and then the appropriate legislation of laws for the continuation of the monetary policy The country has to proceed properly. " 
Committee member Jamal Kojer stressed that "all countries in the Middle East and the world have a coin", noting that "this type of currency gives strength to its economy." 
"We hope that the concerned parties can strengthen the currency so that small groups can have purchasing power if coins are used," he said.
 Committee member Ahmed al-Saffar said, "The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen." 
He said al - Saffar, that " the winning of inflation in the economy prevents the sake of coins and make trading between citizens", suggesting that "be no step to delete the zeros precede the process of coinage metal to be there the value of small groups versus large" .anthy 29 / A 43

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

Political | 12:26 - 19/08/2019

image-775.jpg?w=560

BAGHDAD - Mawazine News


Identified the Finance Committee in the House of Representatives, on Monday, a reason to prevent the minting of coins, the introduction of a proposal before minting

 

Majid al-Waeli, a member of the committee, expressed the readiness of the committee to prepare any legislation required by the Central Bank, which could benefit the Iraqi economy and market, including the circulation of coins.

 

"The committee respects the independence of the central bank and its monetary policy," he said, stressing that "the bank has technical autonomy by decision regardless of administrative affairs, which decides the usefulness of the move to use the coin."

 

And the MP Waeli, that "Iraq can not reproduce the experience of other countries in the use of those currencies, if it was in favor of the advancement of the economy; we can support this by listening to the justification and the views of the Central Bank 's view and then the appropriate legislation of laws for the continuation of the monetary policy The country has to proceed properly. "

 

Committee member Jamal Kojer stressed that "all countries in the Middle East and the world have a coin," noting that "this type of currency gives strength to its economy."

 

Kojer said he hoped that "the concerned parties can strengthen the currency so that small groups can have purchasing power in the event of the use of coins".

 Committee member Ahmed al-Saffar said, "The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen."

 

He said al - Saffar, that " the winning of inflation in the economy prevents the sake of coins and make trading between citizens", suggesting that "be no step to delete the zeros precede the process of coinage metal to be there the value of small groups versus large" .anthy 29 / A 43

 

https://www.mawazin.net/Details.aspx?jimare=60748

Edited by Carrello
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1 hour ago, Carrello said:

Thank you, Yota!!! :rolleyes:

 

I was just showing Ron that in his daily CBI numbers. Interesting to say the least. 😃

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4 hours ago, Carrello said:

Kojer said he hoped that "the concerned parties can strengthen the currency so that small groups can have purchasing power in the event of the use of coins".

 

Kojer for cbi governor ... 

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Parliamentary Finance: a move to reintroduce the coin and "delete the zeros"

Date of edit:: 2019/8/19 16:27 • 342 times read
Parliamentary Finance: a move to reintroduce the coin and "delete the zeros"
 
[Baghdad-Where]
The Finance Committee in the House of Representatives, on the trend to re-operate the coin, which has been used for decades in the country, stressing the importance of pre-empting the coinage process by step "delete zeros" from the current currencies to be valuable for small cash groups.
Committee member Hanin al-Qadu said in a press statement today, that "during meetings and discussions with officials in the Central Bank, we stressed the need to re-work coins that have been used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again," According to the morning newspaper.

He added, "The use of metal categories and their descent for trading gives a notional value of the currency," noting that "the exchange rates of the currencies of a number of neighboring countries are very high against the dollar, however we find that it has a coin in order to preserve the currency and not need to ask for more banknotes." Especially with small groups. "

He expressed surprise at the policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market.

For his part, a member of the Parliamentary Finance Majid al-Waeli readiness of the Committee to prepare any legislation required by the Central Bank, which could benefit the economy and the Iraqi market, including the circulation of coins.

Ahmed al-Saffar, a member of the Finance Committee, said that "the cost of a coin is more than paper money.

Saffar suggested that "there is a step to delete zeros preceding the coinage process to be a value for small groups to large."
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Parliamentary orientation to restore the metal operation in Iraq

Ahd News - Baghdad

 

The parliamentary Finance Committee revealed that there is a tendency to re-operate the coin that has been used for decades in the country, while members of the Committee suggested pre-empting the coinage process by step "deleting zeros" from the current currencies to be of value to small cash groups. .

The committee member, Hanin al-Qadu, in a press statement, followed by "Al-Ahd News", on Monday, that "during meetings and discussions with officials in the Central Bank we stressed the need to re-work coins, which was used in Iraq during the past decades, instead of paper Damaged and printed in large quantities again . "

He added, "The use of metal categories and their descent for trading gives a notional value to 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 ask for more papers." Cash, especially in small categories . "

Alkdo expressed surprise at the "policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market ."

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Excellents....remember they already minted new coins....there were some floating around on eBay in the early days...I have some somewhere 

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1 hour ago, screwball said:

Love the talk of lower denoms, coins and delete zeros...😅😅😅

That means you’re normal.

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36 minutes ago, Butifldrm said:

Parliamentary Finance: Directed to re-work the coin and delete the zeros from the paper currency

By Rudaw 19 hours ago
Iraqi coins that were in place in the past
Iraqi coins that were in place in the past

Rudaw - Erbil  

announced the parliamentary Finance Committee in the Iraqi parliament, on the trend to re-work in the currency and delete zeros from banknotes, in order to strengthen the economy. 

"During meetings and discussions with Central Bank officials, we stressed the need to re-operate the coins that were used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again," committee member Hanin al-Qadu told the official Al-Sabah newspaper. 

He continued that "the use of metal categories and their descent for circulation gives a notional value of the currency," saying 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 ask for more banknotes, especially With small categories. "

He pointed to the surprise of the policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market. 

Ahmed al-Saffar, a member of the committee, said, "The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen." 

He pointed out 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 preceding the coinage process to be a value for small groups to large." 

The Committee on Economy and Investment in the Iraqi Council of Representatives, revealed in 2014 that the Central Bank completed its preparations for the issuance of coins of seven small categories gradually in a project that takes between four to five years to complete.

The Iraqi currency was abolished in 1991 when the international economic embargo on the country increased the rate of inflation in Iraq by 1000%, and the situation under the economic siege resulted in a large and continuous rise in prices, which destroyed the value of the Iraqi currency and reaching a very low exchange rate, which made Coin and few currency denominations without value. 

It is noteworthy that the Iraqi dinar, which was equal to 3.22 dollars before Iraqs invasion of Kuwait in 1990, its value fell to one dollar equivalent to three thousand dinars by 1996, and the value of the exchange rate of the Iraqi currency significantly after 2003, but returned to stability at about 1200 dinars Per dollar.

https://www.rudaw.net/arabic/business/19082019

Yep there’s my coins in the pic 

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    • 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
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    • By boomer113189
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