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Economists call for the issuance of a new Iraqi currency


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1 hour ago, Mary B said:

1. ) they suggested that the price of the new dinar be equal to 50 cents of the dollar

2.) 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

1.) 1 iqd= 0.5 usd.

2.) If 0.5 iqd=1 usd, therefore 1 iqd=2 usd.

does this mean we have two rates= 0.5 usd and =2 usd?  So, the rate will be between= 50 cents - 2 bucks?

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1 hour ago, Mary B said:

Economists call for the issuance of a new Iraqi currency


 

24/6/2021 13:12:00

 
2711102462021_522.jpg       
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

 

Eventhough they suggested the rate 1 iqd= 50 cents and second rate ,1 dinar= 2 usd ( 0.5 iqd=1 usd ), I amn't going to get excited yet because this is just someone opinion. I believe it when one of those rates show up in the cbi site.

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1 hour ago, Half Crazy Runner said:

I’LL TAKE IT!!!! :mexican:

 

1 hour ago, Mary B said:

 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

If 0.5 iqd= 1 usd, then 1 iqd=2 bucks.  

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24 minutes ago, rvmydinar said:

1.) 1 iqd= 0.5 usd.

2.) If 0.5 iqd=1 usd, therefore 1 iqd=2 usd.

does this mean we have two rates= 0.5 usd and =2 usd?  So, the rate will be between= 50 cents - 2 bucks?

NO.

 

Quote

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

 

 

It means that 2 IQD equals 1 USD (or as they put it: 1 IQD equals 0.50 USD). Not the other way around like you posted. 2 x 0.50 = 1.0. Since you multiplied one side of the equation by 2 you have to do the same on the other side of the equation. 2 x 1 = 2. 

 

So if you had 1 million IQD and the exchange rate is 2 IQD to 1 USD you would walk away, after exchanging, with $500,000 USD minus any exchange fees. 

Edited by Theseus
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7 minutes ago, Theseus said:

NO.

 

It means that 2 IQD equals 1 USD (or as they put it: 1 IQD equals 0.50 USD). Not the other way around like you posted. 2 x 0.50 = 1.0. Since you multiplied one side of the equation by 2 you have to do the same on the other side of the equation. 2 x 1 = 2. 

 

So if you had 1 million IQD and the exchange rate is 2 IQD to 1 USD you would walk away, after exchanging, with $500,000 USD minus any exchange fees. 

If you were referring to number # 1 ( what i wrote  above ) 1 iqd=0.5 usd, then you were right.

1 hour ago, Mary B said:

then each and a half dinar equals one dollar 

But what about this word in red colour?  Can you explain and calculate that? 0.5 iqd=1 usd, then ( 0.5 x 2= 1 iqd )1 iqd= ( 1 x 2= 2 usd ) 2 bucks, is it a wrong calculation?

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44 minutes ago, rvmydinar said:

1.) 1 iqd= 0.5 usd.

2.) If 0.5 iqd=1 usd, therefore 1 iqd=2 usd.

does this mean we have two rates= 0.5 usd and =2 usd?  So, the rate will be between= 50 cents - 2 bucks?

 

22 minutes ago, Theseus said:

NO.

Which one is " no "? Because number #1 and #2 aren't in the same words. They belong to different sentences.

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14 hours ago, Longtimelurker said:

then each and a half dinar equals one dollar.

 

Each and a half (might mean 1.5)

1 IQD = .66 USD

 

🤷

according to the official cbi rate ,  1 usd=1460 iqd, that means 1 iqd=0.68 usd. that's pretty close to 66 cents. may be the cbi has already been planning to revalue the iqd between 50 cents to 68 cents. and what a coincidence, 66 cents is between 50 cents and 68 cents. hopefully, this could be a sign of rv coming s#$n. come on iraq. hurry up and make it happen.

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1 minute ago, 3 bucks new rv rate said:

according to the official cbi rate ,  1 usd=1460 iqd, that means 1 iqd=0.68 usd. that's pretty close to 66 cents. may be the cbi has already been planning to revalue the iqd between 50 cents to 68 cents. and what a coincidence, 66 cents is between 50 cents and 68 cents. hopefully, this could be a sign of rv coming s#$n. come on iraq. hurry up and make it happen.

i forgot something. 1 usd=1460 iqd, then delete 3 zeros become 1 usd=1.46 iqd, that means 1 iqd=0.68 usd.

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This report calls for a dinar to be equal to the dollar  .... the good point is actual increased value and not some accounting magic. Not sure if this is where they end up, it could be higher, but this the true plan [adding value].

 

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.”

Edited by wciappetta
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17 hours ago, Longtimelurker said:

then each and a half dinar equals one dollar.

 

Each and a half (might mean 1.5)

1 IQD = .66 USD

 

🤷

I hope you are right Longtimelurker. Because translation from arabic to english languages can be confusing and has a different meaning. We don't know the real meaning " each and a half dinar " from iraq's dictionary point of view / interpretation.

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