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Iraq citizen on YouTube 15 min ago said News about dinar value incease


jg1
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2 hours ago, RJG said:

1/1150=.0008695 remove 3 zeros is .87 cents per dinar

1/1170= .0008547 remove 3 zero is .85 cents per dinar

1/1003= .000997  remove 3 zeros is .997 cents per dinar

And the debate goes on about what removing the 3 zeros means.  I believe they have said, 'three zero notes'.

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6 hours ago, Longtimelurker said:

I will type out the first paragraph.

 

Baghdad Today - Special

 

The leader of the state of Law coalition, Maider Al-lami, confirmed today, Friday, that the 2022 budget will not pass until after the exchange rate of the dinar against the dollar is restored to what it was previously.

 

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The article continues on. Maybe someone can find the article with the above info.

 

 

 

Hope this helps.  CBI only temporarily reduced rate to reduce street note count, but should, as video states, restore previous rate and then float upwards from there.  Don’t have be a guru to understand this.  

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35 minutes ago, southbeach said:

Hope this helps.  CBI only temporarily reduced rate to reduce street note count, but should, as video states, restore previous rate and then float upwards from there.  Don’t have be a guru to understand this.  

 

What was the previous rate, 1170 or something like that?  How many years will it take to float up to a dollar?

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Removing three zero notes from circulation is called a redomination. Like 1,000.00 -> 1.00 is a zero value change and puchasing power is the same. Its also known as lop.  This event by its self is not what we want.  We also have to have this first step coupled with an economic event, or also known as a scientific event, of removing the zeros from the exchange rate.  Like 1/1180=.000847.  Then with the scientific event, the new rate per dinar would be .847 cents.  The RV is a two step process that will happen simultaneously.  The zeros will be removed from the exchange rate and the 3 zero notes in circulation will be pulled.  When the zeros were added to the exchange rate, they had to add the three zero notes to help with the quantity of funds needed to make purchases.  When the zeros are removed, the notes will be removed from circulation as well. As I said this will be a simultaneous event.  I also think they will be removed from the money supply to reduce the note count in M0 and M1. Just my opinion.

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This is just an example, For iraqi citizens Remove 3 zeros = 1000:1  means 1000 old dinar note will be traded with 1 new lower dinar note. And the cbi ask all iraqi citizens to trade their old dinar note ( like 25,000 dinar note for 25 new lower dinar note, and etc ) for a new lower dinar note in the country of iraq only. For example, if the cbi wants to return to the previous exchange rate 1170, then delete 3 zeros= 1.17, therefore 1 iqd=0.85. So, that means the new rate is 1 iqd= US 0.85 and this new rate US0.85 is applied to both new lower dinar note ( 25 new lower denom note , etc ) and old dinar note ( 25,000 Iqd and etc ). And at the same time for dinar investors : of course they want to trade 25,000 Iqd for dollar. That means 25,000 old dinar × 0.85 ( new rate )=US 21,250. That's plain and simple.

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On 1/22/2022 at 12:33 PM, jg1 said:

 

just wonder, by any chance and out of curiosity, is this guy's nick name  Nader From The Mid East ( in the rumor section )? is this some kind of coincidence or a joke?

 

*** Nader From The Mid East  [TV ReportToday in the Iraqi TV news (it's good news, but I'm not sure what they're doing) they said the rate is gonna change when they open the budget...But they keep saying to the "previous".  The previous for us it's 1150, 1160, 1170 I don't remember exactly what it is, but they're saying that.  When they say previous it mean the previous like that one before, it was corrected?  Maybe I'm wrong...I hope they talk about 2003 or 2002 when it used to be $3.35 - $3.40...everybody is talking about it too in the cafe this morning...even if they put it out at 1150 and it floats it will go quick...two or three month would be a $1.50 - $2.00 something like that

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