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Go Iraq Part 7


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30 minutes ago, navira said:

News on coins n removing the zeroes have been confirmed by some iraqi citizens who watched tv in iraq...Cheers bros 

Come on buddy.  You know better than that.  If you make a vague statement like that you know we are going to want more information.  Who contacted theses Iraqis? How did you come by this info? Is this a trusted source?

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30 minutes ago, navira said:

News on coins n removing the zeroes have been confirmed by some iraqi citizens who watched tv in iraq...Cheers bros 

Broman Candle,

You absolutely cannot drop something that incendiary and not explain it or give more detail, Ice Cream Broat. You GOTTA tell us more, Bromeo & Juliet!!

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5 minutes ago, jg1 said:

I will ask my Iraq friend to ask her family in Iraq.

Sweet!  Don't wear her out asking for too much info. Haha

 

You said in an earlier post that she thought we were crazy for thinking the dinar is going to RV or RI.  Why does she think that?  Is she connected in anyway besides relatives at home?  Just a curious thing for her to say with all the news coming from Iraq the last few weeks. 

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16 hours ago, lmb4321 said:

Just got off work...but just want to say

September is the Bro Month!!!..

 

This is from 2012.......repeat 2012.

CBI DID try to delete the zeros starting September 2012...(so it's not necessarily must-be-at-the-beginning-of-a-new year)

To cut story short ~ sometime in Jun/July that year, there was major disagreement between Shab and Maliki....and the project was eventually postponed....

(the rest are history).

//

Parliament is a supreme committee with the central bank to start deleting the zeros

10/03/2012

Baghdad / term follow-up

Formed the Economic Committee in the House of Representatives with the Central Bank of Iraq to a joint committee to begin the process of deletion of zeros from the local currency. Said MP Abdul-Hussein Abtan told the Kurdish news agency (Rn) that the Economic Commission formed a joint committee with the Central Bank of Iraq yesterday (Thursday) to oversee the process of deleting the zeros of the local currency

Which is scheduled to begin in September next. "He added that" the Commission will provide the technical requirements and legal, administrative and paint the nature of the Iraqi market and its relevance to the deletion of the currency during the stage preceding the start delete currency as well as increase public awareness about the details of the process of removing zeros from the currency. "

He pointed out that the central bank, "promised" that he could make a change of currency and delete zeros in order to "reduce inflation" in the country.

And the parliamentary economic committee said it had agreed with the Central Bank of Iraq to begin a process of change in the local currency of next September.

~~~

 

In support of your (lmb4321) Sept timeline../

:tiphat:

 

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16 hours ago, navira said:

News on coins n removing the zeroes have been confirmed by some iraqi citizens who watched tv in iraq...Cheers bros 

 

16 hours ago, txwWrestling said:

 

@navira What are they saying?

 

I Think That What Bro Is Saying Is That There Have Been TV News Reports Of The Articles That We’ve Been Reading - Which Is Fairly Common ! ;) 

 

 

 

So They Have Been Discussing The Minting Of New Coins - But There Still Hasn’t Been Any ‘Change’ ! :o 

 

:D  :D  :D 

 

 

 

Specialized: minted coins serve internal business transactions

 

 

Monday, August 26, 2019


alsabaah-18057.jpg
 

Emad Emirate Baghdad / Mustafa Al - Hashimi 

 

 

There have been recent parliamentary voices calling for the reintroduction of coins (coinage) and reintroduction into circulation, as well as reconsideration of the project to delete the three zeros from the Iraqi currency, at a time when economists regarded it as part of the great economic reform process in the country.

 
 
Strategic Plan
Economist Dr. Essam Mohamed Hassan said that "the Central Bank decided earlier to develop a plan to create coins as part of a restructuring plan that requires the approval of the House of Representatives as a strategic plan will contribute to support system">support the value of the Iraqi dinar in trading 
"The change of currency means that a new currency replaces an old currency, with a specified replacement rate, and removes the zeros of the old currency or moves the decimal places to the left," he said. Financial support system">support for the national economy. "
Hassan said that "the coin project, launched in 2004 did not succeed because of the absence of comprehensive economic reforms to support system">support the financial value of the dinar in the global market," explaining that the coins will be one of the important intermediate currencies that will be used for trading and transactions. 
"Deleting zeros and reintroducing coins has to do with economic reforms because coins, because of their durability, are longer than coins that are quickly damaged," he said. In 2004, "indicating that this requires the dissemination of a culture to educate the public about the economic feasibility of the minted currency." 
 
Delete the zeros
Dr. Abdul Hussein Al-Ghalbi, an economist at the Faculty of Business and Economics, University of Kufa, said: "The process of changing the currency is not limited to deleting zeros, but it can be done by adding a number of zeros or moving the decimal places to the right, as happened in South Africa in 1961, but the situation Prevailing over the past 50 years in most countries is the elimination of zeros because of the hyperinflation witnessed by many countries, which obliges to add zeros to their currencies in those circumstances, and then get rid of zeros at the end 
Al-Ghalbi stressed that "changing the currency does not affect productivity, as well as that this change does not affect the purchasing power of money, because the power comes from the increased demand for money against the money supply, and as long as the purchasing power does not change, the demand for currency and money supply They do not change, because deleting zeros does not entitle monetary institutions and the central bank to print more money and pump it into 
Economy".
Al-Ghalbi added that "the central bank is constrained by the existing cash in the process of replacement, but foreign trade will not be affected as the price of exports will remain the same unchanged, as well as import payments are not affected because foreign exchange is in foreign currency versus domestic, which remains unchanged because The purchasing power of a currency do not change".
 
Multiple benefits
"Changing currency and deleting zeros brings multiple benefits," said Al-Ghalbi. Public".
 He pointed out that "after the change of currency will occur a serious reduction in the volume of transactions with less amount of money, which facilitates all parties to deal with, especially Accountants. "
 
Monetary deception
Al-Ghalbi said that "currency change reduces the phenomenon of monetary deception experienced by people with a large number of zeros that are pushing towards generating inflationary pressures. Of inflation Untamed. "
He added that "currency change leads to greater confidence in local currency and credibility, and when there are a large number of zeros in the local currency people lose their confidence, especially those with transactions in wholesale markets and importers, as they will replace the local currency with stable international currencies such as the dollar or the euro, which deepens The phenomenon of dollarization in the domestic economy, which weakens monetary authority and reduces the effectiveness of policy Cash.
link

 

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1 hour ago, navira said:

News on coins n removing the zeroes have been confirmed by some iraqi citizens who watched tv in iraq...Cheers bros 

 

Great News Bro!!   Time to celebrate. 

 

Better hide the camels.  When the Iraq’s celebrate they will cook anything, including the best transportation. Mmmmm

 

FE4F2EAA-B318-451F-82C4-F4D634E959BB.jpeg.7b6fbbcb8d7f72f65233e2d4f487d0ee.jpeg

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Can anybody explain what does this means? Some people chose to highlighted the deleting of the zeros, but disregarded what these statements are saying. I am sure a smart person could explain this much better in detail. lol

Al-Ghalbi stressed that "changing the currency does not affect productivity, as well as that this change does not affect the purchasing power of money, because the power comes from the increased demand for money against the money supply, and as long as the purchasing power does not change, the demand for currency and money supply They do not change, because deleting zeros does not entitle monetary institutions and the central bank to print more money and pump it into  Economy".
Al-Ghalbi added that "the central bank is constrained by the existing cash in the process of replacement, but foreign trade will not be affected as the price of exports will remain the same unchanged, as well as import payments are not affected because foreign exchange is in foreign currency versus domestic, which remains unchanged because The purchasing power of a currency do not change".
 
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1 hour ago, DinarThug said:

 

 

I Think That What Bro Is Saying Is That There Have Been TV News Reports Of The Articles That We’ve Been Reading - Which Is Fairly Common ! ;) 

 

 

 

So They Have Been Discussing The Minting Of New Coins - But There Still Hasn’t Been Any ‘Change’ ! :o 

 

:D  :D  :D 

 

 

 

 

Nice one DT! “no change” 😂

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3 hours ago, zul said:

 

This is from 2012.......repeat 2012.

CBI DID try to delete the zeros starting September 2012...(so it's not necessarily must-be-at-the-beginning-of-a-new year)

To cut story short ~ sometime in Jun/July that year, there was major disagreement between Shab and Maliki....and the project was eventually postponed....

(the rest are history).

//

Parliament is a supreme committee with the central bank to start deleting the zeros

10/03/2012

Baghdad / term follow-up

Formed the Economic Committee in the House of Representatives with the Central Bank of Iraq to a joint committee to begin the process of deletion of zeros from the local currency. Said MP Abdul-Hussein Abtan told the Kurdish news agency (Rn) that the Economic Commission formed a joint committee with the Central Bank of Iraq yesterday (Thursday) to oversee the process of deleting the zeros of the local currency

Which is scheduled to begin in September next. "He added that" the Commission will provide the technical requirements and legal, administrative and paint the nature of the Iraqi market and its relevance to the deletion of the currency during the stage preceding the start delete currency as well as increase public awareness about the details of the process of removing zeros from the currency. "

He pointed out that the central bank, "promised" that he could make a change of currency and delete zeros in order to "reduce inflation" in the country.

And the parliamentary economic committee said it had agreed with the Central Bank of Iraq to begin a process of change in the local currency of next September.

~~~

 

In support system" rel="">support of your (lmb4321) Sept timeline../

:tiphat:

 

Coins also taken out of circulation in September...

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Parliamentary Finance: Directed to reintroduce the coin and remove the zeros from the banknote 
19/8/2019

 


Parliamentary Finance: Directed to reintroduce the coin and remove the zeros from the banknote  462273Image1

 

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 so that the dollar became 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.

 

 

المالية النيابية: توجه لإعادة العمل بالعملة المعدنية وحذف الأصفار من العملة الورقية

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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.

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3 hours ago, cranman said:

Sweet!  Don't wear her out asking for too much info. Haha

 

You said in an earlier post that she thought we were crazy for thinking the dinar is going to RV or RI.  Why does she think that?  Is she connected in anyway besides relatives at home?  Just a curious thing for her to say with all the news coming from Iraq the last few weeks. 

I found my post - I asked my Iraq friend at work about the Iranian influence and she didn't seem concerned, like what can you do? 

She does not seem concerned about anything in Iraq as she is out of there. Of course, she said it would be nice if the dinar gained value😄. Again, she said it was so much better over there. 

 

It was my Iran friends that look disappointed when I mention my dinar. 

 

I talked with my Iraqi coworker again today and ask her about the coins that were in the news. I asked her when she talked with her family to please ask them to see what they know. She said okay as she talks with her family in Iraq every night. It seems like anything newsworthy that happens in other parts of Iraq she does not seemed concerned about. Kinda like when something happens back east and we are here in California. I told her about the iran weapons stahes that were blown up by Israel and she did not know about it, until I showed her. The artical. 

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1 hour ago, jaybake said:

Al-Ghalbi stressed that "changing the currency does not affect productivity, as well as that this change does not affect the purchasing power of money

 

Al-Ghalbi is describing a neutral event of deleting the zeros like what Zimbabwe, Zambia, Turki, Germany, Brazil ect......have done before. That's what deleting zeros really means ~ in general.

 

We have to look at the situation of those countries, the problem that they faced when they deleted the zeros........

Iraq is diff......they did not lose their wealth (oil) during the war. The value of their currency went down (inflation) because of economic sanctions (chapter 7).

 

When they replaced Saddam dinar in 2003, the value of dinar (IQD) were on the rise from 3000/1 to 1430(ish)/1 by Jan 2004. ( ref: Statiscal data of IQD exchange rate @ cbi.iq)

Had CBI not put a brake then (because the value of dinar was rising too fast too soon ~ Read: Billions over Baghdad), I think the value of dinar wld have been 1:1 now (easily).

 

Back to Al-Ghalbi statement above.

Who is this guy? 

Dr. Abdul Hussein Al-Ghalbi, an economist at the Faculty of Business and Economics, University of Kufa.

 

He is not from CBI......and he has a general view of what deleting zeros means, just like some of us here.

 

So we wait for CBI.

 

 

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17 minutes ago, jg1 said:

I found my post - I asked my Iraq friend at work about the Iranian influence and she didn't seem concerned, like what can you do? 

She does not seem concerned about anything in Iraq as she is out of there. Of course, she said it would be nice if the dinar gained value😄. Again, she said it was so much better over there. 

 

It was my Iran friends that look disappointed when I mention my dinar. 

 

I talked with my Iraqi coworker again today and ask her about the coins that were in the news. I asked her when she talked with her family to please ask them to see what they know. She said okay as she talks with her family in Iraq every night. It seems like anything newsworthy that happens in other parts of Iraq she does not seemed concerned about. Kinda like when something happens back east and we are here in California. I told her about the iran weapons stahes that were blown up by Israel and she did not know about it, until I showed her. The artical. 

Got it. Thank you.

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6 minutes ago, jg1 said:

Its funny, I used to hear how people had boots on the ground in Iraq and here I am, with friends In Iraq with boots, probably. lol. 

I don't care if they are wearing Kenneth Cole slippers, I just want to hear what their ear to the ground picks up.

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