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


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7 minutes ago, 10 YEARS LATER said:

Off & on for years now they talk about this. How about actually doing something.... push the damn button already!!!!

10YL,  Concur wholeheartedly....Git er done boys & girls because all talk no action equal worthless IQD.

 

GO RV / RI

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+1 MaryB for bringing this in. I saw bits and pieces on other sites, but not the whole article. And there are some killer insights into the 'remove 3 zeroes' process, the aches and pains involved in such a change, and potential value we could be looking at. All good IMO.

 

Quote: "The Iraq citizen would like to see his currency strong."  So would we. :twothumbs:  

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25 minutes ago, King Bean said:

+1 MaryB for bringing this in. I saw bits and pieces on other sites, but not the whole article. And there are some killer insights into the 'remove 3 zeroes' process, the aches and pains involved in such a change, and potential value we could be looking at. All good IMO.

 

Quote: "The Iraq citizen would like to see his currency strong."  So would we. :twothumbs:  

 

Wholeheartedly agree KB .... positive stuff here and I sure would like to see a strong 💪 IQD.

 

.....separate note: these knuckleheads give me “ aches & pains “ in the butt. 😀

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I don't know who the guy is (in the picture/article above), but I don't like what he's saying:

 

 

The deletion of zero is defined as a process by which the nominal value of the currency is adjusted due to high inflation and devaluation. Countries such as Brazil LOP, Argentina LOP(South America), Yugoslavia LOP and Poland LOP (countries in the orbit of the Soviet Union) Ireland (for joining the European Monetary Unit), a process different from the devaluation process,

 

At a time when an optimistic team believes that this process will lead to the restoration of prestige of the Iraqi dinar, if accompanied by the improvement of the dinar exchange rate, and the process of calculations in various fields will be less complex and simply.

 

It is true that this process will not have an impact on the purchasing power of the citizen, since the exchange of currency will take place in another currency. There may be some shock in the market as a result of this switch, but it is a temporary shock. It is not bad to see the experiences of many countries replaced the currency, such as Turkey, which continued its currency exchange for four years, the Turks remained trading the old currency with the new currency until they were all withdrawn from the market without the market confused.

 

The Iraqi citizen would like to see his currency strong, so the process of raising zeros will contribute to the revaluation of the currency, and reduce the proportion of demand for hard currency, which is characterized by force, and will lead to a balance between the value of domestic and foreign currency and will give them market power at home and abroad, It is possible that the value of the Iraqi currency against the US dollar, for example, that the employee who receives 1200 thousand dinars at the exchange rate 1200, the purchasing power of $ 1000 dollars and if the strengthening of the dinar equivalent to 500 dinars to the dollar will be purchasing power $ 2400 instead of $1000

 

 

 

1200,000 x 0.00086 = $1,032 (present purchasing power)

 

500 dinar to the dollar = 0.002  (strengthening of the dinar)

 

 

 

1,000,000 x 0.00086 =$860 (present price of dinar)

 

1,000,000 x 0.002 = $2,000 (after deletion of zeros and raise in exchange rate)

Edited by Floridian
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32 minutes ago, Floridian said:

the currency is adjusted due to high inflation and devaluation. Countries such as Brazil LOP, Argentina LOP(South America), Yugoslavia LOP and Poland LOP (countries in the orbit of the Soviet Union) Ireland (for joining the European Monetary Unit), a process different from the devaluation process,

 

There's that high inflation mention again. iraq doesn't suffer from high inflation or hyperinflation as those example countries which I've already posted about in another thread just recently.  Iraq is in a totally different and unique situation.

 

Link to my previous post: https://dinarvets.com/forums/index.php?/topic/260573-the-qanon-conspiracy-isn’t-new-it’s-the-oldest-scam-out-there/&tab=comments#comment-1950952

Edited by NextYear
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13 minutes ago, NextYear said:

 

There's that high inflation mention again. iraq doesn't suffer from high inflation or hyperinflation as those example countries which I've already posted about in another thread just recently.  Iraq is in a totally different and unique situation.

 

Link to my previous post: https://dinarvets.com/forums/index.php?/topic/260573-the-qanon-conspiracy-isn’t-new-it’s-the-oldest-scam-out-there/&tab=comments#comment-1950952

 

Yes, I understand that.  We have all said it time and time again - Iraq does not have high inflation like the other countries that deleted zeros.

Did you see they also mentioned Ireland?  Ireland deleted zeros in order to join the European Union and adopt their currency.  So, therefore, this guy is giving us OTHER REASONS, besides high inflation, why countries have deleted zeros.

 

As I said in my post above, I don't know who the guy is but I don't like what he is saying.  I wish they would have given a name along with his picture so that we could check him out.

 

At any rate, I hope he is wrong, but I think we have to consider what he is saying - and if that's the case and he turns out to be right, we will only double our money after all these years of following this currency.  Deducting all the fees and taxes involved, it will not have been worth it at all.

 

I think that since we don't know how this is going to turn out, we have to be open to all possibilities.

 

 

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6 minutes ago, Floridian said:

 Ireland deleted zeros in order to join the European Union and adopt their currency.  So, therefore, this guy is giving us OTHER REASONS, besides high inflation, why countries have deleted zeros.

 

 

 

 

Let's just hope Iraq doesn't join the EU 😁

 

But I got the point. We won't know until Iraq actually does something finally.

Edited by NextYear
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10 minutes ago, Floridian said:

 I wish they would have given a name along with his picture so that we could check him out.

 

doesn't the original article list his name as Diaa Mohsen ...

_____________________________________________________________ 

From the original article / opinion piece

The Iraqi citizen would like to see his currency strong, so the process of raising zeros will contribute to the revaluation of the currency, and reduce the proportion of demand for hard currency, which is characterized by force, and will lead to a balance between the value of domestic and foreign currency and will give them market power at home and abroad, It is possible that the value of the Iraqi currency against the US dollar, for example, that the employee who receives 1200 thousand dinars at the exchange rate 1200, the purchasing power of $ 1000 dollars and if the strengthening of the dinar equivalent to 500 dinars to the dollar will be purchasing power $ 2400 instead of $ 1000

________________________________________________________________________

That looks like a description of a powerful currency But........ i dont feel this is a official cbi statement so we wait  .. cheers dv 

 

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Hold on - In re-reading this, I just remembered something:

 

"It is possible that the value of the Iraqi currency against the US dollar, for example, that the employee who receives 1200 thousand dinars at the exchange rate 1200, the purchasing power of $ 1000 dollars and if the strengthening of the dinar equivalent to 500 dinars to the dollar will be purchasing power $ 2400 instead of $1000

 

Here's another EXAMPLE - INSTEAD OF AN EXCHANGE RATE OF 0.002, MAYBE IT WILL BE .10:

Currency

Currency Import regulations:

Local currency (Iraqi Dinar-IQD) and foreign currencies: must be declared on arrival. 

Currency Export regulations:

1. Nationals or residents of Iraq being older than 18 years of age:
a. local currency (Iraqi Dinar-IQD): up to a maximum of IQD 100,000.-;
b. foreign currencies: up to a maximum of USD 10,000.- or equivalent. 
2. All other passengers: up to the amount imported and declared. 

 

https://www.iatatravelcentre.com/IQ-Iraq-customs-currency-airport-tax-regulations-details.htm#Currency

 

Edited by Floridian
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they could release a new currency with a new currency code, one that is international with a new value. lock the current 000 notes at a certain value as an internal non international currency with a defined time for trade in before cancellation/expiration. 

 

 i dony know how this would affect those of us with warka accounts or those with shares in the isx. they could do a reverse stock split.

 

we will see what they end up doing, either way its been a long wait to see and would be nice to see something different.

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4 minutes ago, 3n1 said:

 

doesn't the original article list his name as Diaa Mohsen ...

_____________________________________________________________ 

From the original article / opinion piece

The Iraqi citizen would like to see his currency strong, so the process of raising zeros will contribute to the revaluation of the currency, and reduce the proportion of demand for hard currency, which is characterized by force, and will lead to a balance between the value of domestic and foreign currency and will give them market power at home and abroad, It is possible that the value of the Iraqi currency against the US dollar, for example, that the employee who receives 1200 thousand dinars at the exchange rate 1200, the purchasing power of $ 1000 dollars and if the strengthening of the dinar equivalent to 500 dinars to the dollar will be purchasing power $ 2400 instead of $ 1000

________________________________________________________________________

That looks like a description of a powerful currency But........ i dont feel this is a official cbi statement so we wait  .. cheers dv 

 

a quick search under that name, not sure this is the same guy for sure, but he doesn't seem like the kind of guy you want for a neighbour....

http://www.historycommons.org/entity.jsp?entity=diaa_mohsen

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4 minutes ago, miquel said:

a quick search under that name, not sure this is the same guy for sure, but he doesn't seem like the kind of guy you want for a neighbour....

http://www.historycommons.org/entity.jsp?entity=diaa_mohsen

 agree , not much on a casual google search on the name if thats even the person who penned the article .. Peace 

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8 minutes ago, aitshioud said:

they could release a new currency with a new currency code, one that is international with a new value. lock the current 000 notes at a certain value as an internal non international currency with a defined time for trade in before cancellation/expiration. 

 

 i dony know how this would affect those of us with warka accounts or those with shares in the isx. they could do a reverse stock split.

 

we will see what they end up doing, either way its been a long wait to see and would be nice to see something different.

 

atishioud i have read others laying out that possible scenario with the notes held outside iraq , new currency will be international not the categories most posses , simply stated its all speculation no one knows till it happens ,,  keep livin life  

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12 minutes ago, 3n1 said:

 agree , not much on a casual google search on the name if thats even the person who penned the article .. Peace 

 

Yes, I looked too.  Can't seem to find anything on this guy but his picture.  

What you're saying makes sense.  Maybe he's not the writer of this article.

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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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