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Three Zeros Clarification


fish7days
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I am relatively new to the forum but have been reading a number of resources for a while. This seems to be a respectful and objective environment, which I really appreciate !!

 

There seems to be a couple of schools of thought on dropping zeros. I guess ultimately I am looking for opinions on whether the zeros will be dropped from the actual notes, meaning 25K becomes 25 or will it be dropped from the rate, meaning 0.00083 become 0.83, or maybe both?

 

Thx!!

 

fish7days (guess how I will spend my time !)

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The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that "this plan needs to deliberate steps, so as not to be exploited in the fraud." 

Al-Alak said in a statement to the official Sabah newspaper that "currencies with small categories, may lead the citizen to bid farewell to banks in the difficulty of storage." 

He added that "the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others." 

He explained that "the Central Bank has a reserve of foreign currency very comfortable, approaching close to $ 60 billion, compared to 43 trillion dinars, which means that it covers 170 percent of the size of the mass of cash."

On the launch of the currency of the category of 100 thousand dinars, the central bank governor pointed out that "these ideas are traded by the Central Bank, but at the present time regret it." 

The central bank introduced in April a project to delete three zeros from the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deterioration of the security and political situation in the country "to prevent manipulation and fraud of weak souls."

 

 My opinion.

 

“Governor of the Central Bank of Iraq: We plan to delete zeros from the local currency"

 

Not from the nominal value $0.00084 = $0.84

Not from the face value 25,000 IQD = 25 IQD 

 

CBI Governor is saying; "Delete zeros from LOCAL currency

 

Delete zeros from local currency means to me that they're going to collect the 000 notes from inside Iraq .... This is why the CBI is so worry about the chunky cash and want the people to open banks account to deposit the 000 notes and get them out of circulation 

 

Go CBI

Go $1:1

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9 hours ago, Laid Back said:

CBI Governor is saying; "Delete zeros from LOCAL currency

 

Delete zeros from local currency means to me that they're going to collect the 000 notes from inside Iraq .... This is why the CBI is so worry about the chunky cash and want the people to open banks account to deposit the 000 notes and get them out of circulation 

 

Go CBI

if they want too pull in those chuncks of cash they have too give those same folks holding the chunks of cash a reason to let the cash go in the first place ,  they collected the 50 dinar notes , with " time limit to trade in the 50 "  deal ,  did not do any thing that had meaning for the average Iraqi , except maybe give them a big 5,000  or 10,000  note they can now carry around  and not be able to spend on what a 50 could have bought ... ( but with this  50 off the streets limit  ,  I am hoping these jokers do not pull the same  "hail ali baba " play  like the 50 scheme   ( hail mary  play  :P  ,  a play on the term  ) 

 

7 hours ago, MFNGPTYLTD said:

Yes local and maybe new not the old they stand as they are .. 25,000 will be same Value 25,000 and 10,000 and 5,000 all the same . 

this is what  the  world awaits  to find out ,  

 

11 hours ago, fish7days said:

There seems to be a couple of schools of thought on dropping zeros. I guess ultimately I am looking for opinions on whether the zeros will be dropped from the actual notes, meaning 25K becomes 25 or will it be dropped from the rate, meaning 0.00083 become 0.83, or maybe both?

and  hope  this  isn`t in the game works ,  both at the same time   not a winner maker ,  just a clearing of the slate in currency draw out the new lowers and lose  the value of what the high notes should have brought !

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On 9/18/2018 at 10:01 PM, jeepguy said:

if they want too pull in those chuncks of cash they have too give those same folks holding the chunks of cash a reason to let the cash go in the first place ,  they collected the 50 dinar notes , with " time limit to trade in the 50 "  deal ,  did not do any thing that had meaning for the average Iraqi , except maybe give them a big 5,000  or 10,000  note they can now carry around  and not be able to spend on what a 50 could have bought ... ( but with this  50 off the streets limit  ,  I am hoping these jokers do not pull the same  "hail ali baba " play  like the 50 scheme   ( hail mary  play  :P  ,  a play on the term  ) 

I tend to agree with you my friend, 👍🏻

 

The average joe in Iraq don’t trust the banks....... they only believe in cash 

 

The CBI has tried different strategies to get the chunky cash, 

 

- flooding the economy with dollars

- Selling gold a cheaper price than the actual price 

- financial inclusion 

- open an account and get  high interest rates

 

I believe People in Iraq is the know that the dinar will have more value in the near future. 

 

 

 

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On 9/20/2018 at 6:13 PM, Laid Back said:

I tend to agree with you my friend, 👍🏻

 

The average joe in Iraq don’t trust the banks....... they only believe in cash 

 

The CBI has tried different strategies to get the chunky cash, 

 

- flooding the economy with dollars

- Selling gold a cheaper price than the actual price 

- financial inclusion 

- open an account and get  high interest rates

 

I believe People in Iraq is the know that the dinar will have more value in the near future. 

 

 

 

They know it and they are holding out for that value. Iraq will be forced to RV in time regardless. 

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