Enorste from another site

[adontik]

* Enorste Post:GET TEAM(My original response to the xe.com statement on their site)8/29/10

August 29, 2010 · Posted in CHATS / POSTS

I thought this post actually seemed to have a sense of reason behind it....please don't bash the messenger.

Enorrste

• 
  

« on: Today at 12:13:28 AM »

• Quote

OK, folks it is time once again for me to step in here and clear the air. It amazes me how some can continue to dispute this issue when it has been clearly explained too many times. More frustrating is the fact that those who talk about a LOP fail to account for all of the information that is available out there. I will show you 3 documents and also show you exactly how xe.com has taken two documents and joined them to create their article. I will then also show you that the xe.com article is incorrect, and how, and why. I will highlight in red the items taken from article two into the xe.com document and I will highlight in blue the items taken from document three into the xe.com document. Afterwards I will show how the error was unintentionally brought into the xe.com article from article three. Furthermore, I will show that this error is not consistent with the CBI’s own statements, is not from a CBI operative, and is not an official statement at all.

Finally, I will once again address the issue of a LOP and how it does not apply to the IQD. In addition I will provide statements from officials in the CBI and Ministry of Finance stating that the removal of the 3 zeros means a RAISE in the value of the IQD. Hopefully, by placing all of this in one post we will be able to use it as a reference point for others and dispense once and for all with this discussion.

Here is the xe.com document:

The Iraqi Dinar is the currency of Iraq. The currency code for Dinars is IQD, and the currency symbol is د.ع . Below, you’ll find Iraqi Dinar rates, a currency converter, Iraqi Dinar News and more. You can also subscribe to our currency newsletters with daily rates and analysis, or take IQD rates on the go with our XE Mobile apps for your iPhone, BlackBerry, or even your regular phone.

The Central Bank of Iraq has announced their plans to redenominate the Iraqi Dinar to ease cash transactions. By the end of 2010, they intend to drop three zeros from the nominal value of bank notes. It should be noted that the actual value of the dinar will remain unchanged. That means that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) will both be worth the same amount in US Dollars. As stated by the Central Bank of Iraq, their mandate is to “ensure domestic price stability and foster a stable competitive market based financial system.” For more information about the redenomination, read “Iraq plans to slice three zeros off currency notes.”

Here is what was published on 2/6/2010 by Radio Free Iraq, based on an interview with Mudhhir Muhammad Salih, a member of the CBI advisory panel (“the source”):

”February 06, 2010

“BAGHDAD — The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL’s Radio Free Iraq (RFI) reports.

”Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

”Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

”Both will be legal tender in Iraq until the old notes are completely withdrawn.

”Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.

”Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq’s money supply is cash in circulation.

”Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

”Economic analyst Hilal al-Tahhan told RFI that the bank’s move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

”The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.”

And finally here is what appeared on 2/9/2010:

“Iraqi Finance denies intention to delete the zeros of the national currency

“09/02/2010 09:02

“Arbil, February 9 (AKnews) – U.S. Undersecretary of the Ministry of Finance and the Iraqi economy, the ministry’s intention to delete the zeroes from the national currency of Iraq, adding that the Iraqi economy, do not complain about inflation, there is no need for the implementation of this strategy.

“ The Prophet told Fadel Kurdistan News (AKnews) that “the process of deleting the zeroes of the Iraqi currency has no economic gain, and any positive impact on the purchasing power of the process of Iraq, but will also create other problems, to issue coins of small denominations such as” 10 money “and “50″ penny quarter of a dinar and a half dinars. ”

“He explained that “did not issue a formal decision on this matter, was not talking officially start work this fiscal policy to raise zeros from the Iraqi currency.”

“He noted that “the only win for the deletion of zeros from the currency is issued in small groups only, either in terms of their purchasing power will remain the same as dollar against foreign currencies and the euro, and there will be any increase or improvement.”

“For his part, said the economist is capable Rizgar that “if the replacement of the Iraqi currency, Nabgy we work to maintain the stability of buying and selling rates of the Iraqi currency against foreign currency, for a limited period, so the process does not cause loss of citizens who deal in buying and selling foreign currency, often What is this period of six months. ”

“He said “the deletion of zeros does not help to increase the value of local currency, because the high value of the currency is linked to the security situation of the country, as well as the ability of local production and commercial activity and reduction of inflation rates in the country.”

“It is worth mentioning that the Central Bank of Iraq said in a statement issued on February 6 this year, announced a plan to delete the zeros of the Iraqi currency before the end of the year 2010, and has completed 50% of the preparations for the work according to this strategy. It is hoped to be completed this fiscal policy later this year.

“ (AKnews) T: and g 9/2/2010 “

These articles are all posted in my book which has been posted on this site.

Now let me summarize what has happened. First, xe.com took the “official statement” from the CBI and from Salih himself, a member of the CBI, and took two small snippets from that statement: “The Central Bank of Iraq has announced their plans to redenominate the Iraqi Dinar to ease cash transactions. By the end of 2010, they intend to drop three zeros from the nominal value of bank notes.”

Next xe.com took one statement from AK News and incorporated it into their article: “It should be noted that the actual value of the dinar will remain unchanged.”

The remainder of the xe.com article was made out of whole cloth and was based upon these two statements.

Now here is the point: the first statement is “official” and comes directly from the CBI. The second statement, on the other hand, comes from the U.S. Undersecretary of the Ministry of Finance and the Iraqi economy. Furthermore it explicitly says in the article that “He explained that “did not issue a formal decision on this matter, was not talking officially start work this fiscal policy to raise zeros from the Iraqi currency.”

Now, seeing that one statement is official and from Iraq’s own CBI and the other NOT official and an “opinion” from a US representative leads us to want to weigh the two statements. In doing so we see that the second statement does not hold ground against the first.

Is there a way to determine whether the secretary’s “opinion” carries any weight? Yes, fortunately, there is.

As far back as June 30, 2006 the head of the Ministry of Finance made it clear that the removal of 3 zeros meant and increase in the value of the IQD. Here is the link:

http://edinarfinanci...et/news/?nn=320

And here is the statement:

“A statement by B.J. AL Zubaidi, the Minister of Finance, in which he said that he had suggested to the Chairman of the Central Bank, Dr. Sinan AL Shibibi, that three zeros be taken from the Iraqi Dinar in order to raise its value so that one Dinar be equal to a Dollar. He explained that the financial authorities were set on holding a meeting next month to discuss the matter. The meeting is to be attended by experts and specialists from the Ministry of Finance, the Iraqi Central Bank and the Commercial Bank.”

Now this is an “official source” who is the head of the Ministry of Finance talking to Shabbibi, who is the head of the CBI. Is that clear enough?

This plan has been in process since 2005. I included in my books several links showing that this exact plan has been in place that long and nothing has changed since that time.

If this doesn’t convince the “loppers” to drop it I do not know what will.

However I’m not done yet. Let’s get a little closer to the present and deal with the very author of the second document above, Mr. Salih himself. This next statement comes from February 9, 2009, just a year ago. Here is the link:

http://nenosplace.fo...ears-t15552.htm

And here is the relevant statement:

Salih stressed that the investment will be reflected on the evolution of the economic reality in the country by the diversity of its resources, which would lead to a rise in the value of the Iraqi Dinar:

Now we have Shabbibi, Salih, and the head of the Ministry of Finance all on the same page saying the same thing, namely that the upcoming removal of the zeros from the currency will RAISE the value of the dinar.

I strongly suggest that any further discussion on this issue include these statements and refute them. Otherwise I respectfully suggest that you remain quiet on the matter until and unless you can provide “evidence” to back your arguments. And furthermore, bringing Venezuela into the discussion is nothing but a “shell game”, in my opinion. Let’s stick with the facts, folks.

“If the plain sense makes sense, do not look for any other sense.”

Steve

[Jac]

* Enorste Post:GET TEAM(My original response to the xe.com statement on their site)8/29/10

August 29, 2010 · Posted in CHATS / POSTS

I thought this post actually seemed to have a sense of reason behind it....please don't bash the messenger.

Enorrste

• 
  

« on: Today at 12:13:28 AM »

• Quote

OK, folks it is time once again for me to step in here and clear the air. It amazes me how some can continue to dispute this issue when it has been clearly explained too many times. More frustrating is the fact that those who talk about a LOP fail to account for all of the information that is available out there. I will show you 3 documents and also show you exactly how xe.com has taken two documents and joined them to create their article. I will then also show you that the xe.com article is incorrect, and how, and why. I will highlight in red the items taken from article two into the xe.com document and I will highlight in blue the items taken from document three into the xe.com document. Afterwards I will show how the error was unintentionally brought into the xe.com article from article three. Furthermore, I will show that this error is not consistent with the CBI’s own statements, is not from a CBI operative, and is not an official statement at all.

Finally, I will once again address the issue of a LOP and how it does not apply to the IQD. In addition I will provide statements from officials in the CBI and Ministry of Finance stating that the removal of the 3 zeros means a RAISE in the value of the IQD. Hopefully, by placing all of this in one post we will be able to use it as a reference point for others and dispense once and for all with this discussion.

Here is the xe.com document:

The Iraqi Dinar is the currency of Iraq. The currency code for Dinars is IQD, and the currency symbol is د.ع . Below, you’ll find Iraqi Dinar rates, a currency converter, Iraqi Dinar News and more. You can also subscribe to our currency newsletters with daily rates and analysis, or take IQD rates on the go with our XE Mobile apps for your iPhone, BlackBerry, or even your regular phone.

The Central Bank of Iraq has announced their plans to redenominate the Iraqi Dinar to ease cash transactions. By the end of 2010, they intend to drop three zeros from the nominal value of bank notes. It should be noted that the actual value of the dinar will remain unchanged. That means that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) will both be worth the same amount in US Dollars. As stated by the Central Bank of Iraq, their mandate is to “ensure domestic price stability and foster a stable competitive market based financial system.” For more information about the redenomination, read “Iraq plans to slice three zeros off currency notes.”

Here is what was published on 2/6/2010 by Radio Free Iraq, based on an interview with Mudhhir Muhammad Salih, a member of the CBI advisory panel (“the source”):

”February 06, 2010

“BAGHDAD — The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL’s Radio Free Iraq (RFI) reports.

”Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

”Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

”Both will be legal tender in Iraq until the old notes are completely withdrawn.

”Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.

”Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq’s money supply is cash in circulation.

”Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

”Economic analyst Hilal al-Tahhan told RFI that the bank’s move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

”The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.”

And finally here is what appeared on 2/9/2010:

“Iraqi Finance denies intention to delete the zeros of the national currency

“09/02/2010 09:02

“Arbil, February 9 (AKnews) – U.S. Undersecretary of the Ministry of Finance and the Iraqi economy, the ministry’s intention to delete the zeroes from the national currency of Iraq, adding that the Iraqi economy, do not complain about inflation, there is no need for the implementation of this strategy.

“ The Prophet told Fadel Kurdistan News (AKnews) that “the process of deleting the zeroes of the Iraqi currency has no economic gain, and any positive impact on the purchasing power of the process of Iraq, but will also create other problems, to issue coins of small denominations such as” 10 money “and “50″ penny quarter of a dinar and a half dinars. ”

“He explained that “did not issue a formal decision on this matter, was not talking officially start work this fiscal policy to raise zeros from the Iraqi currency.”

“He noted that “the only win for the deletion of zeros from the currency is issued in small groups only, either in terms of their purchasing power will remain the same as dollar against foreign currencies and the euro, and there will be any increase or improvement.”

“For his part, said the economist is capable Rizgar that “if the replacement of the Iraqi currency, Nabgy we work to maintain the stability of buying and selling rates of the Iraqi currency against foreign currency, for a limited period, so the process does not cause loss of citizens who deal in buying and selling foreign currency, often What is this period of six months. ”

“He said “the deletion of zeros does not help to increase the value of local currency, because the high value of the currency is linked to the security situation of the country, as well as the ability of local production and commercial activity and reduction of inflation rates in the country.”

“It is worth mentioning that the Central Bank of Iraq said in a statement issued on February 6 this year, announced a plan to delete the zeros of the Iraqi currency before the end of the year 2010, and has completed 50% of the preparations for the work according to this strategy. It is hoped to be completed this fiscal policy later this year.

“ (AKnews) T: and g 9/2/2010 “

These articles are all posted in my book which has been posted on this site.

Now let me summarize what has happened. First, xe.com took the “official statement” from the CBI and from Salih himself, a member of the CBI, and took two small snippets from that statement: “The Central Bank of Iraq has announced their plans to redenominate the Iraqi Dinar to ease cash transactions. By the end of 2010, they intend to drop three zeros from the nominal value of bank notes.”

Next xe.com took one statement from AK News and incorporated it into their article: “It should be noted that the actual value of the dinar will remain unchanged.”

The remainder of the xe.com article was made out of whole cloth and was based upon these two statements.

Now here is the point: the first statement is “official” and comes directly from the CBI. The second statement, on the other hand, comes from the U.S. Undersecretary of the Ministry of Finance and the Iraqi economy. Furthermore it explicitly says in the article that “He explained that “did not issue a formal decision on this matter, was not talking officially start work this fiscal policy to raise zeros from the Iraqi currency.”

Now, seeing that one statement is official and from Iraq’s own CBI and the other NOT official and an “opinion” from a US representative leads us to want to weigh the two statements. In doing so we see that the second statement does not hold ground against the first.

Is there a way to determine whether the secretary’s “opinion” carries any weight? Yes, fortunately, there is.

As far back as June 30, 2006 the head of the Ministry of Finance made it clear that the removal of 3 zeros meant and increase in the value of the IQD. Here is the link:

http://edinarfinanci...et/news/?nn=320

And here is the statement:

“A statement by B.J. AL Zubaidi, the Minister of Finance, in which he said that he had suggested to the Chairman of the Central Bank, Dr. Sinan AL Shibibi, that three zeros be taken from the Iraqi Dinar in order to raise its value so that one Dinar be equal to a Dollar. He explained that the financial authorities were set on holding a meeting next month to discuss the matter. The meeting is to be attended by experts and specialists from the Ministry of Finance, the Iraqi Central Bank and the Commercial Bank.”

Now this is an “official source” who is the head of the Ministry of Finance talking to Shabbibi, who is the head of the CBI. Is that clear enough?

This plan has been in process since 2005. I included in my books several links showing that this exact plan has been in place that long and nothing has changed since that time.

If this doesn’t convince the “loppers” to drop it I do not know what will.

However I’m not done yet. Let’s get a little closer to the present and deal with the very author of the second document above, Mr. Salih himself. This next statement comes from February 9, 2009, just a year ago. Here is the link:

http://nenosplace.fo...ears-t15552.htm

And here is the relevant statement:

Salih stressed that the investment will be reflected on the evolution of the economic reality in the country by the diversity of its resources, which would lead to a rise in the value of the Iraqi Dinar:

Now we have Shabbibi, Salih, and the head of the Ministry of Finance all on the same page saying the same thing, namely that the upcoming removal of the zeros from the currency will RAISE the value of the dinar.

I strongly suggest that any further discussion on this issue include these statements and refute them. Otherwise I respectfully suggest that you remain quiet on the matter until and unless you can provide “evidence” to back your arguments. And furthermore, bringing Venezuela into the discussion is nothing but a “shell game”, in my opinion. Let’s stick with the facts, folks.

“If the plain sense makes sense, do not look for any other sense.”

Steve

Yea! Thank you for clearing the air again and again. We are grateful!

[PNixon]

Exceptional!

[Traconesu02]

Thanks for the post adontik

[Doc31]

Thanks for the post!

[All-In-4-RV]

Bravo and thank you Steve!