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Deleting currency zeros throughout the history of the world .. Will Iraq join the list?


DWS112
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Deleting currency zeros throughout the history of the world .. Will Iraq join the list?

09/26/2020 10:35

1611317913_zerosagain.jpg.799866923b85a4e2fd2fa25031cb914c.jpg

 

 

Baghdad / Obelisk: The economic expert, Salam Sumaisem, said that the government is now obliged to reduce the value of the Iraqi dinar against the dollar in order to obtain greater quantities of Iraqi money against the dollar without printing more, and thus preserving the currency from collapse.

 

In an interview with the "obelisk", Sumaisem said that in the pre-2003 era, the currency was printed without cover and in large quantities, and it was reduced without a balance. Today, it can be reduced with a balance, indicating that this reduction increases the amount of exports because it pays people They import from abroad to the demand for local goods, which will lead to a devaluation of the currency and the demand for it becomes more.

 

Several countries resorted to writing off zeros of their currency, with the aim of restoring some confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value.

 

And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from the old currency.

 

And if Iran was the latest country to write off the zeros of its currency to restore confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value, then dozens of countries preceded it to measures of this kind that have exceeded the number of 70 since the mid-twentieth century.

 

Let us know the most prominent of these cases

 

 On Monday, the Iranian parliament responded to a bill approved by the government of President Hassan Rouhani at the end of July 2019, and referred it to the Shura Council for many months, as it was subjected to extensive debate and conflicting opinions about the feasibility of a step of this kind, as an official at the Central Bank confirmed that deleting the zeros is supposed That it is contingent on controlling inflation first, warning that the possibility of an increase in the prices of goods and services is present, as well as the possibility of the return of zeros after several years. The government at the time decided to delete 4 zeros from its deteriorating currency and replace the riyal with the Toman in transactions, and this was approved by Parliament, but it is not The first time that Tehran deleted zeros, in 2017 the central bank had to delete one zero, but this time the decision means that one million riyals will be equal to 100 riyals only.

 

Multiple studies indicate that cases of deleting zeros from currencies have exceeded 70 since 1960, including cases carried out by 19 countries that got rid of zeros from their currency at once, and 10 countries resorted to this step twice.

 

Venezuela, Brazil, Argentina, and Bolivia The Iranian decision comes at a time of great deterioration of the riyal, as a main result of the severe sanctions applied by the administration of US President Donald Trump, which have found deep resonance in Venezuela, which is also subject to harsh sanctions. In the first stage of a recovery plan launched by President Nicolas Maduro, to issue the sovereign bolivar by deleting 5 zeros from the old currency.

 

As for Brazil, between 1930 and the beginning of the twentieth century, it got rid of 18 zeros in 6 batches, the most prominent of which was in 1993, when it suffered severely from the acceleration of inflation to the level of 2000% and eliminated 3 zeros.

 

Also, the recurring economic deterioration in Argentina led its authorities to take decisions to write off zeros from its currency 4 times.

 

Bolivia also got rid of its zeros twice. Turkey, Iraq and Sudan replaced Turkey the old currency by canceling 6 zeros starting in 2005 with a decision issued in 2004, so that one million pounds became equal to one lira, and it was withdrawn from circulation, and instead new currencies without zeros were introduced in the name of "New Lira" before the name was re-approved. The lira "separately, and it gave citizens 10 years to exchange their old currencies for the new currency from the headquarters of the Central Bank.

 

In Iraq, in 2014, it was proposed to delete 3 zeros from the dinar, but in 2015 it was announced that a new denomination of 50 thousand dinars would be printed instead of deleting the numbers from the 1000 and 10 thousand dinars denominations. Sudan also removed two zeros from its currency in 2007.

Zimbabwe This country deleted 3 zeros from its currency in 2003, and after only about 6 years had passed, it decided to cut 12 zeros, which practically means that every trillion Zimbabwean dollars became equivalent at that time to one Zimbabwean dollar!

 

Former Yugoslavia, Serbia crossed zeros in 5 batches, while the Netherlands deleted 4 zeros from its currency after it issued in 1960 paper currencies with very large numbers, and Ukraine resorted to deleting zeros 3 times, as did Russia, Poland, South Korea and Ghana.

 

 

09/26/2020 Looks like another proposal to delete the zeros again - DWS112

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!000 dinar would equal 1 dinar...So my 25,000 would be worth $25? The same as it is now. This is considered a LOP. Well, what difference would it make they could do that now. I would be forever ashamed that I got involved with this investment. Iraq would get away like a fat rat and would have a ton of worthless currency to shred. I agree with you guys, just do something...Geessh! 

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5 minutes ago, GreedyDinar07 said:

!000 dinar would equal 1 dinar...So my 25,000 would be worth $25? The same as it is now. This is considered a LOP. Well, what difference would it make they could do that now. I would be forever ashamed that I got involved with this investment. Iraq would get away like a fat rat and would have a ton of worthless currency to shred. I agree with you guys, just do something...Geessh! 

My understanding is that they can/will remove the 3 zeros from their currency, release the lower denoms for in-country, watch inflation for a bit and then possibly reinstate their previous value of 3.22 or another value.  Outside of Iraq our large note bills would keep the value of 25,000 and when or if it reinstates back to 3.22 or 1.17 we could exchange for that value.

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59 minutes ago, Longtimelurker said:

My understanding is that they can/will remove the 3 zeros from their currency, release the lower denoms for in-country, watch inflation for a bit and then possibly reinstate their previous value of 3.22 or another value.  Outside of Iraq our large note bills would keep the value of 25,000 and when or if it reinstates back to 3.22 or 1.17 we could exchange for that value.

3.22 or 1.17 sounds good to me. Brings it on.

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2 hours ago, Longtimelurker said:

Outside of Iraq our large note bills would keep the value of 25,000 and when or if it reinstates back to 3.22 or 1.17 we could exchange for that value.

 

There is no such thing as a different rate inside a country and out, that is pure guru made up bullshiz.

If they remove 3 zeros from in country that would be a lop and it would hit us all. What we are hoping for is that they drop 3 zero's off the exchange rate factor .00085 would change to .85 or to something higher.

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Articles like this have been running forever in Iraq.  Just smoke to discourage investors.  It has worked on some of the investors, but I am going to stay till the end.  I still believe in the simple principle, that Iraq will revalue their currency at some number.    TO THE END!!!  :drunk:

 

Go RV Soon!!!

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GDP has been high for Iraq for a number of years the currency is undervalued. The Dinar will be valuable by way of deletion of zeros off the exchange rate. In my eyes it’s gonna RV and we are gonna see more and more countries do the same either at the same time or closely afterwards. Iraq will set a precedent for the world and undervalued currencies will no longer be. Trade is about to become a lot fairer and the world economy will be pushed out of the crap it’s in now. Iraq is the start the catalyst. Other countries will follow and hopefully we will all be on that level playing field that trump spoke of

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3 hours ago, Longtimelurker said:

My understanding is that they can/will remove the 3 zeros from their currency, release the lower denoms for in-country, watch inflation for a bit and then possibly reinstate their previous value of 3.22 or another value.  Outside of Iraq our large note bills would keep the value of 25,000 and when or if it reinstates back to 3.22 or 1.17 we could exchange for that value.

I sure hope you are right! 🤠

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692549908_Abadi-Afterthreeorfouryears.jpg.b8df5710de07c77d2de1617f295d5c34.jpg

 

14 minutes ago, Fred70 said:

After 3 or 4 years?  jeeezze  I was hoping  sooner. 


Ya - But That Was From Over 2 1/2 Years Ago In February Of 2018 Fred ! ;) 

 

 

So U Can Go Ahead And Get Ur ‘Wicked Vibing’ Countdown Dance Party Started ! :o 

 

the flintstones 90s GIF


:D  :D  :D 

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6 hours ago, KDuesing said:

 

There is no such thing as a different rate inside a country and out, that is pure guru made up bullshiz.

If they remove 3 zeros from in country that would be a lop and it would hit us all. What we are hoping for is that they drop 3 zero's off the exchange rate factor .00085 would change to .85 or to something higher.

EXACTLY!!!

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9 hours ago, GreedyDinar07 said:

Thanks Longtimelurker, so you are saying our 25,000 dinar will be worth $29,250 here in the US but not in Iraq?

Can they do this? I thought an exchange rate was set for al denominations.

If it came out at 1.17, yes.. I was just using those rates as examples because that's what I see the most often. I have no clue what the rate will be. I do believe it will be higher than the dollar when all is done though. 

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