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Economists call for the issuance of a new Iraqi currency


DWS112
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4 minutes ago, DWS112 said:

Deleting zeros” .. a government talk about two conditions for implementing the project

June 20, 2021

“Deleting zeros” .. a government talk about two conditions for implementing the project

 

Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set two conditions for deleting 3 zeros from the currency, while stressing that the option to delete is on the table to reform the cash payments system in Iraq.


Saleh said in an interview carried by the Iraqi News Agency, "The Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago, after that." Examining about 54 international experiments since the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world in which the monetary payment systems were reformed and made to work more efficiently, the last of which was the Islamic Republic of Iran and before that, Turkey.

 
He added that "the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unruly waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .

 
And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market.

 
He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools.” Accountability, after two conditions are met.

 
Saleh explained that "the first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic use and the cost of managing new large numbers and the absence of small numbers and fractions," he stressed. It is noted that the slimming of the coins comes because of their role in sustaining the calculation of huge numbers of financial values, which are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions, which means that the one number in front of it has 12 decimal places.

I think this may be the same article my Iraqi friend just sent me in Arabic. It has the same picture of Dinars in it.. I can’t translate it on my phone but he said “ Now they are talking about deleting 00 from the money”.

 

this is the link he sent me.. https://www.alsumaria.tv/docs/386884

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16 minutes ago, DWS112 said:

Deleting zeros” .. a government talk about two conditions for implementing the project

June 20, 2021

 

Saleh explained that "the first condition is price stability and global economic growth, and the second is appropriate stability in political life

First condition would not be a problem if the cbi can increase the rate from 1460 to 1000, then delete 3 zeros become 1:1 in order to make the price of all goods stable and cheaper. The second condition would also be a problem if the goi and cbi can combat the corruption and punish the corruptors in all government levels ( from high rank to low rank dirty politicians ) heavily in order to make political life more stable. Last but not least, hopefully, the cbi can really implement " deleting 3 zeros " , not another BS , talk talk talk and delays delays delays again. We can only hope that the cbi will do the right thing by revaluing the iqd.

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I would say with the stability at the PM position, among many other positions, and the continuous jargon for some time now about fighting corruption...It's time to sh_t  or get off the pot!

 

JMHO.....But they look like a bunch of cub scouts compared to what our so called gubment has going on!

 

Time is up...RV already

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12 minutes ago, Half Crazy Runner said:

I wonder how much stability they had in their political life when their currency was worth $3.00+…? 

According to my Iraqi friend, iraq never had a suicide bomber in the country until the 1st gulf war, so maybe it was stable from that point of view.

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New developments regarding the deletion of three zeros from the Iraqi currency

Posted 2 hours ago
news source / NR TV channel
2062021193923p2-1.jpg
News source / NR TV channel

https://iraqakhbar.com/3152814

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the project to delete three zeros from the Iraqi currency is technically prepared by the Central Bank, but it is postponed at the present time.

Saleh said to semi-governmental media today, (June 20, 2021), that “the Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century. A long time ago, after reviewing about 54 international experiments since the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world in which the cash payment systems were reformed and made to work more efficiently, the last of which was the Islamic Republic of Iran and before that, Turkey .

He added that "the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unruly waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance. " .

He continued, "Because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market ."

He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools Accountability is that after two conditions are met .”

He added that "the first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming currencies Cash comes because of its role in the sustainability of calculating huge numbers of financial values that are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions, which means that one number in front of it has 12 decimal places .”

Saleh believed that “the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to one thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor segments .”

He pointed out that “thereby, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency to equalize the new currency with lower numbers but with the same value, and let’s say, for example, that one new dinar equals 1000 old dinars without change in value. or rights. The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy. Countries consider that the slimming of the currency system facilitates the circulation of mathematical numbers and helps to issue smaller monetary denominations for very small transactions whose monetary values have been destroyed by historical inflation in our country such as the dirham and others .

He concluded by saying, "The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.

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Two conditions for deleting zeros from the Iraqi currency

Posted 1 hour ago
 
news source / Mawazine News
162062021_332344355.jpgNews source / Mawazine News
 

07:19 – 20/06/2021

Baghdad - Mawazine News,
the financial advisor to the Prime Minister, Mazhar
Muhammad Salih, set, on Sunday, two conditions for deleting 3 zeros from the Iraqi currency, while stressing that the option to delete is
proposed as part of the strategies for reforming the currency and cash payments system in Iraq.
Saleh said, "The Central Bank of Iraq has
developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which
has become burdened with the insomnia of the economic blockade that was imposed in the nineties of the last century, and put it into research
and study a long time ago, after reviewing about 54 international experiments." From the end of World
War II until the second decade of the twenty-first century, which took place in various countries of the world, the monetary payment systems were reformed and made to work with better efficiency
, the last of which was the Islamic Republic of Iran and before that, Turkey.
He added that "the phenomenon of increasing zeros in
the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies
to unbridled waves of inflation or continuous sharp rises for years in the price level due to wars,
sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .
And because the price means the value of goods
and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value
of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the
disappearance of their ability to cover transactions and exchanges of high monetary value in the market.
He continued, “Accordingly, the
monetary value of things or tangible assets and others inflates , and when the inflation ends, the prices have increased.”
According to it, to three decimal places or more or less, according to the nature of each economy, countries resort to reducing the
artificial reproduction in numbers, especially the reproduction in the numbers of accounts books, budgets
and the various numbers of accounting tools, after two conditions are met.
He continued, "The first condition is price stability
and global economic growth, and the second is appropriate stability in political life, so the
importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and
facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and
fractions, as it is noted that slimming currencies Cash comes because of its role in sustaining the calculation of
huge numbers of financial values, which are not absorbed
by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions.
which means that one number in front of it has 12 decimal places.”
Saleh believed that "the hyperinflation that
hit the Iraqi economy in the nineties of the last century added three numbers to the unit."
Iraqi cash (that is, one dinar became equal to a thousand dinars, and ten dinars became ten
thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but
every 250 fils became equal to 250 dinars, and it was promised that it is the smallest monetary unit in circulation
today, which raised the cost of transactions The micro-segments that mostly affect the poor.”
He added, "In this way, monetary systems aspire
to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros,
from the old currency to equalize the new currency with lower numbers but with the same value, and let’s say on the
For example, one new dinar equals 1,000 old dinars without any change in value or
rights. The accounting books, statistics, numbers and computer systems are also modified with the value of the
new currency within an easy and easy reform strategy, and the countries believe that the slimming of the currency system facilitates the
circulation of accounting numbers and helps to issue smaller cash denominations for very small transactions
whose monetary values have been destroyed by historical inflation in our country such as the dirham and others.
He concluded by saying, "The project to delete zeros
in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with
all three state agencies and authorities, but the project is postponed at the present time until
the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in
Iraq. Ended 29 / 

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al-kazemi’s advisor sets two conditions for deleting 3 zeros from the currency

18a2308669e075d383e7b415f19d9447?s=26&d=Author: Ahad7 On 6/20/2021 - 7:24 PM  80
%D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%81%D9%84%D9%88%D8%B3-%D8%A7%D9%84%D8%AA%D9%82%D8%A7%D8%B9%D8%AF-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-%D8%A7%D9%84%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-%D8%A7%D9%84%D9%81%D9%84%D9%88%D8%B3-%D8%A7%D9%84%D8%AF%D9%8A%D8%A7%D8%B1-1.jpg?resize=661%2C365&ssl=1
 

Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set two conditions for deleting 3 zeros from the currency, while stressing that the option to delete is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.

Saleh said in a statement, "The Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study for a long time, after looking at about 54 experiments." International since the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world in which the monetary payment systems were reformed and made to work with better efficiency, the last of which was the Islamic Republic of Iran and before that, Turkey.

He added that "the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unbridled waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." . And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market.

He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools Accounting for that after two conditions are met.”

He continued, "The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming currencies Cash comes because of its role in the sustainability of calculating huge numbers of financial values, which are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing with trillions, which means that one number in front of it has 12 decimal places.

Saleh believed that “the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to a thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor segments.

He added, “In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency to equalize the new currency with lower numbers but with the same value. Let’s say, for example, that one new dinar equals 1000 old dinars without change in value or rights. . The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy, and the countries believe that the slimming of the currency system facilitates the circulation of accounting numbers and helps to issue smaller cash denominations for very small transactions whose monetary values have been destroyed by historical inflation in our country such as the dirham and others.

He concluded by saying, "The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.

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For the reform of the monetary currency system .. the financial advisor to the 1624217479_20210620_103002-356.pngPrime Minister sets two conditions for deleting “three zeros” from the Iraqi dinar

Posted 2 hours ago
news source / Sky Press
 
 

https://iraqakhbar.com/3153084

 

 

On Sunday, the financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, set two conditions for deleting 3 zeros from the currency, while stressing that the option to delete is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.

 

Salih said that "the Central Bank of Iraq developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study a long time ago, after reviewing about 54 international experiments since The end of World War II until the second decade of the twenty-first century, which took place in various countries of the world, in which the monetary payment systems were reformed and made to work with better efficiency, the last of which was the Islamic Republic of Iran and before that, Turkey.”

 

He added that "the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unbridled waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance." .

 

And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market.

 

He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools.” Accounting for that after two conditions are met.”

 

He added, "The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic use and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming Coins come because of their role in sustaining the calculation of huge numbers of financial values, which are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions, which means that one number in front of it has 12 decimal places.

 

Saleh believed that “the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to one thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor segments.

 

He added, “In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency to equalize the new currency with lower numbers but with the same value. Let’s say, for example, that one new dinar equals 1000 old dinars without change in value or rights. .

 

The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy, and the countries believe that the slimming of the currency system facilitates the circulation of accounting numbers and helps to issue smaller cash denominations for very small transactions whose monetary values have been destroyed by historical inflation in our country such as the dirham and others.

 

He said: “The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.

 

 

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can someone post up the definition of Iraq's political and economic stability please .. just trying to narrow down the timeline 🤣🤣

 

2 hours ago, 6ly410 said:

The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy

 :bananacamel:

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Muhammad Salih, was Shabibi’s right hand.

He knows what Shabibi wanted to accomplish; 1) reduce the amount of cash in circulation, 2) delete the 000 zeros project, 3) increase the dinar value against the dollar 4) rollout lower denomination notes to give purchasing power to the people.

 

By devaluing the dinar 22% last December and increasing financial inclusion, I believe the CBI has drastically reduce the amount of cash 

in circulation inside Iraq. 1)

 

Now, I think We are moving towards 2) delete of the 000 project.

 

Go Father’s Day.
Go RV

 

 

 

 

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13 hours ago, 6ly410 said:

  let’s say on the

For example, one new dinar equals 1,000 old dinars without any change in value  

without change in value? for example, let's say 1 usd = 1460 iqd ( let's just assume 1460 iqd=1460 old dinars ), and become, 1 iqd=0.00068 usd. so, that means 1,000 old dinar=0.68 usd. and 1 new dinar=1,000 old dinars, does that mean 1 new dinar also equal to=0.68 usd, is it right folks? is it a revaluation or redenomination? we are hoping for a revaluation.

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3 hours ago, Laid Back said:

2) delete the 000 zeros project, 3) increase the dinar value against the dollar 4) rollout lower denomination notes  

we hope number # 3 ( the most important for dinar investors ) is right because we hope for a revaluation. not all dinar holders will exchange old dinar with new lower denoms because number # 4 is very important to iraqi citizens mostly to exchange their old dinars with new lower denoms.

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14 hours ago, GregHi said:

According to my Iraqi friend, iraq never had a suicide bomber in the country until the 1st gulf war, so maybe it was stable from that point of view.

so does that mean in order for iraq to have a stable political life, the cbi has to increase the rate from 1460 to 3+ usd? so it looked like the cbi doesn't have any choice then, except to increase the rate to 3+ bucks. so, increasing the rate to 3+usd is the best and the only solution for the second condition. let's just wait and see then  come on, make it happen iraq.

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4 hours ago, Laid Back said:

Muhammad Salih, was Shabibi’s right hand.

He knows what Shabibi wanted to accomplish; 1) reduce the amount of cash in circulation, 2) delete the 000 zeros project, 3) increase the dinar value against the dollar 4) rollout lower denomination notes to give purchasing power to the people.

 

By devaluing the dinar 22% last December and increasing financial inclusion, I believe the CBI has drastically reduce the amount of cash 

in circulation inside Iraq. 1)

 

Now, I think We are moving towards 2) delete of the 000 project.

 

Go Father’s Day.
Go RV

 

 

 

 

You are correct 

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17 hours ago, DWS112 said:

Saleh explained that "the first condition is price stability and global economic growth, and the second is appropriate stability in political life, 

 

16 hours ago, Half Crazy Runner said:

I wonder how much stability they had in their political life when their currency was worth $3.00+…? 

 

15 hours ago, GregHi said:

According to my Iraqi friend, iraq never had a suicide bomber in the country until the 1st gulf war, so maybe it was stable from that point of view.

 

1 hour ago, 3 bucks new rv rate said:

so does that mean in order for iraq to have a stable political life, the cbi has to increase the rate from 1460 to 3+ usd? so it looked like the cbi doesn't have any choice then, except to increase the rate to 3+ bucks. so, increasing the rate to 3+usd is the best and the only solution for the second condition. let's just wait and see then  come on, make it happen iraq.

Problem solved for both the first condition ( the higher the rate, the cheapest the price of all goods inside country of iraq ) and second condition ( the higher the rate, the more stable the political life in iraq ) by revaluing the iqd to $3+. Come on iraq, what are you waiting for? We give the best solution by revaluing the iqd and what you have to do is just implementing it without a doubt and delays delays delays and no more BS. What took you so long to rv your currency?

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first time i read the " delete the zeros program " was in 2011 ... maybe the time is right 

here is a excerpt from one article , i won't promote ( link ) another site , easy to google ... cheers dv'ers 

 

The Central Bank in 2011 put forward a project to delete the zeros for the structure of the currency, which was considered by the bank to transfer Iraq from the country of trillions to billions, that the project was met with great opposition by specialists and politicians in parliament.

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