Economists call for the issuance of a new Iraqi currency

[rvmydinar]

16 hours ago, DoD said:

I won't give you a bulleted answer to your question this time but will let you do a little due diligence on your own. 

Google the currencies of:

 

Jordan

UAE

Kuwait

US Dollar

 

Just to name a few of the currencies...

 

Hopefully, the iqd is pegged to kuwaiti dinar as my first choice. The second choice will be us dollars. 1 UAE=0.27 usd and it is a pretty low rate, but i will take it too if i don't have any other choice.

[rvmydinar]

15 hours ago, Half Crazy Runner said:

I would very happily take the equivalent value of any of these currencies! 
💰💰💰💰

I don't mind either.

[rvmydinar]

9 hours ago, DoD said:

the Kuwaiti Dinar would work perfect for me also…

That would be excellent choice for me, too.

[RJG]

Counselor Mazhar Saleh: The statements that attacked our clarification on currency zeros... are politicized and unprofessional

 

economy  ,   2021/06/23 16:02   , the number of readings: 396

 

 

http://iraqtoday.com/MediaStorage/GalleryImages/53165.jpg?watermark=4

 

 

 

Baghdad - Iraq today:

Dr. Mazhar Salih, Economic Adviser to Prime Minister Mustafa Al-Kazemi, said on Wednesday, June 23, 2021 that his statement about the project to delete zeros represents a purely economic point of view that included a technical explanation of the issue of the history of the multiplication of zeros in the Iraqi currency during last siege.

In response to statements that criticized his point of view, Saleh considered that they are issued by politicized parties and trolling for words, adding: I have spent seventy-three years of my life and I still face this type of people, considering that people are enemies of what they are truly ignorant of.

Saleh considered that these statements, which claimed that the talk about deleting zeros, caused a recession in the Iraqi market, politicized and issued by people who call themselves politicians and independents.

And the appearance of 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 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." .

 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 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.

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

http://iraqtoday.com/news/52050/المستشار-مظهر-صالح-التصريحات-التي-هاجمت-توضيحنا-عن-أصفار-العملة-مسيسة-وغير-مهنية

[Willie1505]

but we're comparing apples to oranges when comparing the Iraqi dinar with the Kuwaiti Dinar.  Kuwait has an M! money supply of  ~13 Billion KWD where as Iraq has an M! money supply of 108 TRILLION IQD.  There isn't enough money in the world to convert $108 Trillion IQD at a 1 IQD to ! USD rate.  The total value of all the currencies of every nation on the planet is around $42 Trillion USD.  It seems a stretch to me that they could revalue at $.10, though I hope I'm wrong.  At this point, I'd be thrilled with $.02 or $.03 per IQD.   

[GreedyDinar07]

Willie1505 have they pulled in some of that money or is that $108 trillion as of to date? I read that 80% of the IQD is outside of the Country. It is all a big mess if you ask me. It appears that the whole investment IQD ie, is a failure. They haven't done anything but lower the exchange rate to 1450 and nothing more. They haven't implemented the budget, HCL, investments etc. At this point Iraq is a third world country and it appears they will remain this way. The delete 000's articles are released every year and it has gotten old. They are only fooling themselves and hurting their own people while the Ministers steal money through fake contracts, ghost employees and God knows what else. Personally I think the economy and the dinar will collapse because they put the White Paper Reform plan on the shelf. This information was stated in a World Bank Report. I go by what they say and not what they do which is nothing. I am here to see what the outcome is going to be because I can't see how they are going to RV with all of this corruption and incompetence going on. JMO

[Sage449]

Sounds like the same yada yada to me and now saying this info is purely for historical purposes/discussion:

 

"Baghdad - Iraq today:

Dr. Mazhar Salih, Economic Adviser to Prime Minister Mustafa Al-Kazemi, said on Wednesday, June 23, 2021 that his statement about the project to delete zeros represents a purely economic point of view that included a technical explanation of the issue of the history of the multiplication of zeros in the Iraqi currency during the last seige.

 

In response to statements that criticized his point of view, Saleh considered that they are issued by politicized parties and trolling for words, adding: I have spent seventy-three years of my life and I still face this type of people, considering that people are enemies of what they are truly ignorant of.

 

Saleh considered that these statements, which claimed that the talk about deleting zeros, caused a recession in the Iraqi market, politicized and issued by people who call themselves politicians and independents."

[Laid Back]

“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.”

 

Deleting the 000 is part of the strategies to reform the currency and cash payment system.!

 

Go CBI 

Go new monetary policy 

Go increase of dinar exchange rate ... RV  

 

 

[nannab]

Thank you Laid Back  

[horsesoldier]

18 years and they’re still not backing off making this as difficult & awkward as possible. Not picking up what they’re laying down. They know EXACTLY what they’re doing every step of the way: it’s all by design.

 

They'll RV/RI in their own good time. WHEN ????  

[3 bucks new rv rate]

12 hours ago, Willie1505 said:

It seems a stretch to me that they could revalue at $.10, though I hope I'm wrong.  At this point, I'd be thrilled with $.02 or $.03 per IQD.   

Mr. Adam also predicted the rate at 10 cents.  but, 2 or 3 cents are pretty darn low. i still prefer between 10 cents to 1 buck. hopefully who knows.

[3 bucks new rv rate]

4 hours ago, horsesoldier said:

They'll RV/RI in their own good time. WHEN ????  

yep. they will rv what ever rate they like and whenever they like.

[screwball]

With so much talk about deleting zeros, border  automation, construction of schools, interest free lones, housing construction etc  I feel we are close this is a flash back to 2013 when they were going to delete zeros in feb. now I am getting excited. All articles are by design 

Edited June 24, 2021 by screwball

[screwball]

Exact same articles came out 

[screwball]

One thing I will say is political and financial security will be a condition of the rate change and troop withdrawal and the stability of usd will be paramount. Trumps in control which means rv will happen soon. 

[screwball]

I say 1:1 even 3:1

[screwball]

25,000 and 50,000 will stay in circulation used for bank transfers in country and sit in banks around the world as currency reserves 

[rvmydinar]

11 minutes ago, screwball said:

I say 1:1 even 3:1

I can live with one of those rates.

[southbeach]

And that’s the way it’s gonna be.  Praise God!

[screwball]

And what makes it better someone just told me that Iraq forgave all loans 

[Mary B]

Economists call for the issuance of a new Iraqi currency

---

 

24/6/2021 13:12:00

 

       

Economists call for the issuance of a new Iraqi operation

 

Economists called for issuing a new currency for Iraq and linking it to a basket of currencies to maintain the stability of its exchange rate, without the need to remove zeros from the current Iraqi dinar. 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Sunday, 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, pointing out that the implementation of the project needs two conditions, the first is price stability and global economic growth, and the second is appropriate stability in Political life.

Economic analyst Mazen Al-Ashikar, in an interview with PUKmedia , said that the idea is not to remove zeros from the dinar. We want to issue a new Iraqi currency, and the new dinar could be equivalent to 1000 dinars of the current dinar or more, and this is not a condition that it be linked to deleting zeros. 

He added, "A new currency must be issued for Iraq that is linked to a basket of currencies, as is the case in several countries in the Middle East, in the UAE, for example, the dirham has been linked to the dollar and its price has been fixed for about 20 years," noting that they suggested that the price of the new dinar be equal to 50 cents of the dollar, and 25 A penny from the Australian pound, and 25 cents from the euro and is linked to the euro, sterling and dollar basket, and in this case, the higher the price of these currencies, the higher the price of the Iraqi dinar, and the dinar will turn into a hard currency, and all government contracts will be signed in dinar and there will be no need for a currency auction that witnesses corruption and thefts.”

Al-Eshaiker stressed that it is necessary to issue a new process to stop waste and corruption, and it is not necessary how much its price will be compared to the current dinar price, but the important thing is that it be linked to a basket of currencies, pointing out that “the implementation of this idea is difficult today because there is corruption, but when an honest person comes who manages The country, it can be implemented," stressing that "issuing the new dinar and canceling the currency shrine is a blow to the corrupt, and therefore it is difficult to implement this now."

For his part, economic expert Hammam Shammaa said that removing zeros does not achieve economic benefit, noting that the only benefit is to reduce the amount of banknotes in circulation.

Al-Shammaa added in an interview with PUKmedia , that removing zeros does not change the exchange rate system, suppose that 3 zeros were removed from the current currency, then each and a half dinar equals one dollar instead of 1500 dinars equivalent to one dollar, stressing that there is no economic return to removing zeros only achieves Ease of dealings, describing those who demand the removal of zeros in the patriarchs, indicating that the removal of zeros means an increase in costs for the state by issuing new currency notes, and the matter does not need to be done as long as things are going normal. 

PUKmedia / private 

https://www.pukmedia.com/AR_Direje.aspx?Jimare=160032

 

[GreedyDinar07]

"Governments contracts will be signed in dinar and there will be no need for the currency auction"  Well the dinar would need value in order for that to happen.

[Half Crazy Runner]

25 minutes ago, Mary B said:

they suggested that the price of the new dinar be equal to 50 cents of the dollar,

I’LL TAKE IT!!!! 

[GreedyDinar07]

The question is when? Those clowns are stealing around $2 million dollars from the auctions, At that rate there won't be a dinar to RV....and the saga continues...

[Rochester]

4 minutes ago, GreedyDinar07 said:

The question is when? Those clowns are stealing around $2 million dollars from the auctions, At that rate there won't be a dinar to RV....and the saga continues...

When? When will they figure this out? When will they end the corruption at the auctions? Good question.

 

This partly answered by the obvious truth: The Iraqi elite can steal far more money legally, by having a currency worth something...rather than stealing a few bucks at auctions. If you are going to rob someone, don't rob an old lady with $20 in her purse...I'd say to them. Rob a bank instead. Get some fricken standards. As the old joke goes, they asked a Mafia man in the 1920: Why do you rob banks? Willy Sutton replied: because that's where the money is.

 

You are too negative on corruption.

 

In fact corruption is part of the system, any system...including the American system. The real problem the Iraqis have is not corruption, the real problem Iraq has, is they don't have a bona fide tradable currency that allows them to create far more wealth than before, plus same time this tradable currency, by creating much more wealth would allow the Iraqi elite, to steal more than they are now.

 

I am not that impressed with their low level thievery. I'm not being moralistic about it, I'm just pointing out that legal theft is far far more lucrative and pays more, than stealing money at auctions ever did....like two bit criminals. 2nd rate thieves are running things in Iraq. That's the problem. Their thieves have little imagination. If anyone wants to steal, they should try to steal lots, not little. We do that in America.

 

They should be more like America: First rate thieves need to run the place. The Iraqis? They'll get there. Be like us: America is run on organized thievery, like who runs the federal reserve. The American government are run by a bunch of thieves. It's always been that way. We are better than the Iraqis, at stealing. They need to learn from us. We are the Alpha thieves, not them. As Trump once said, "We should take the oil". Our elite in North America are far better at stealing, than the Iraq elite. They need to learn a lesson or two, from us.