Does deleting the currency’s zeros affect its value? An economist explains

[3n1]

5 hours ago, screwball said:

Are lower denominations an issue when they are moving to full digital economies? Why do they even need lower denoms🤷‍♂️

 

strictly my opinion , there will always be and have a place for physical cash currency in use with electronic commerce and if the iqd is adjusted to its true value smalls ( LD's ) will be needed and coins could be in play also , i can see so many scenarios of getting locked out to buy and sell if fully digital ....... at this point i just hope the cbi does something with the currency .... Cheers SB. 

[3n1]

1 hour ago, rvmydinar said:

Well...when shabibi did speak of new currency, does that really mean a new lower denoms was already printed at that time? 

 

who knows really in his tenure at the cbi there were lots of cbi news sent out to the citizens the man was forced into exile from his homeland never to return very little bank news projections and plans since ... we wait

[tjokie]

There are just too many reports of huge investment deals, Investment Road (Silk Road) Project, WTO Accession, Port of Fawh (?), inflation dropping from 7% to 3 1/2% (Sign of a growing economy, not a flailing economy) and so many more circumstances that it's either smoke and mirrors or the opposition trying to destroy faith in the process.

 

Just my 

[YukonJohn]

In addition, development of new cities and housing projects. 

[rvmydinar]

44 minutes ago, 3n1 said:

 

who knows really in his tenure at the cbi there were lots of cbi news sent out to the citizens the man was forced into exile from his homeland never to return very little bank news projections and plans since ... we wait

Therefore, Noone really knows if a new lower denoms really exists until now. As we always do just 

[Half Crazy Runner]

On 2/26/2024 at 9:17 AM, horsesoldier said:

MOVE FORWARD, MOVE AHEAD, ITS NOT TOO LATE, TO WHIP IT, WHIP IT GOOD !!!

CRACK THAT WHIP, GIVE THE PAST A SLIP … 🎶 

[Half Crazy Runner]

1 hour ago, RJG said:

is it time to symak the dinar and return to the dinar 1980

2 questions. What does *symak* mean? And what was the dinar value in 1980?  

[horsesoldier]

With as many years of "education" the Iraqis have had on this issue I'd have climbed the educational ladder to Phd. for goodness sakes. 

[Laid Back]

“Because of the achievement of a kind of security and economic stability in Iraq supported by a strong financial position due to the large oil revenues that generated huge reserves of hard currency, a group of financial and economic experts believe that it is time to start to scalate the dinar and delete its three zeros, where the process (in their opinion) will achieve a lot of positives that the Iraqi economy needs, the first of which is the return of the dinar as a store of value, restore confidence in the monetary system, reduce the demand for hard currency and get rid of the phenomenon of dollarization that has caused the economy and squandered huge financial wealth.”

 

The goal is (return to the value of 1980 dinar).

 

The Iraqi dinar did not follow the devaluation of the US currency in 1971 and 1973 and increased to 3.38 USD before the value of the IQD reduced to 3.22 USD due to a 5% devaluation. The rate continued until the Gulf War, though the black-market rate was about six times higher in late 1989.

 

Go delete of the zeros

Go Stronger Dinar

Go Purchasing power 

[screwball]

4 hours ago, Laid Back said:

“Because of the achievement of a kind of security and economic stability in Iraq supported by a strong financial position due to the large oil revenues that generated huge reserves of hard currency, a group of financial and economic experts believe that it is time to start to scalate the dinar and delete its three zeros, where the process (in their opinion) will achieve a lot of positives that the Iraqi economy needs, the first of which is the return of the dinar as a store of value, restore confidence in the monetary system, reduce the demand for hard currency and get rid of the phenomenon of dollarization that has caused the economy and squandered huge financial wealth.”

 

The goal is (return to the value of 1980 dinar).

 

The Iraqi dinar did not follow the devaluation of the US currency in 1971 and 1973 and increased to 3.38 USD before the value of the IQD reduced to 3.22 USD due to a 5% devaluation. The rate continued until the Gulf War, though the black-market rate was about six times higher in late 1989.

 

Go delete of the zeros

Go Stronger Dinar

Go Purchasing power 

Yep…agree we’ll said

[Fimum]

7 hours ago, Half Crazy Runner said:

2 questions. What does *symak* mean? And what was the dinar value in 1980?  

 

Symak. If you don't increase the value of the dinar, I will Symak you clean in to Pahkeestan. Symak.

[3n1]

10 hours ago, Half Crazy Runner said:

And what was the dinar value in 1980?

 

In 1959 when the dinar became pegged to the USD instead of the British pound its value was set at one dinar equal to $2.80 by 1973 it was one dinar to equal $3.77 , it had a small devaluation to one dinar to $3.21 untill the gulf war in 1990-1991 ... and the rest is history that some of the long time holders know all to well ... all the best

[Half Crazy Runner]

12 hours ago, 3n1 said:

 

In 1959 when the dinar became pegged to the USD instead of the British pound its value was set at one dinar equal to $2.80 by 1973 it was one dinar to equal $3.77 , it had a small devaluation to one dinar to $3.21 untill the gulf war in 1990-1991 ... and the rest is history that some of the long time holders know all to well ... all the best

Many thanks!  

[rvmydinar]

12 hours ago, 3n1 said:

In 1959 when the dinar became pegged to the USD instead of the British pound its value was set at one dinar equal to $2.80 by 1973 it was one dinar to equal $3.77 , it had a small devaluation to one dinar to $3.21 untill the gulf war in 1990-1991 ...

The rate sounds good to me. But, is the rate going to return to what it was? Hmm...the cbi doesn't seem to care about their citizens and us. We are all damn lucky if this baby pops from 5 cents to a dime Because the cbi has been playing jokes on us in the last 20 years. The next question is will the cbi be playing jokes on us again in the next 20 years? 

[edbeach]

rvmydinar  I agree with your statement plus I am sure they will do exactly what they doing the last 20 years nothing and continue talk talk talk no action. We know they don't care about their citizens they been proving this constantly. Hopefully it go to 5 cents to 10 cents so I can unload this toilet paper currency.

[rvmydinar]

37 minutes ago, edbeach said:

rvmydinar  I agree with your statement plus I am sure they will do exactly what they doing the last 20 years nothing and continue talk talk talk no action. We know they don't care about their citizens they been proving this constantly. Hopefully it go to 5 cents to 10 cents so I can unload this toilet paper currency.

[3n1]

4 hours ago, rvmydinar said:

will the cbi be playing jokes on us again in the next 20 years

 

i will be walking the streets of gold ( Heaven ) in 20 more years so that'll be for younger individuals to cuss and discuss.... forget the link Revelation 21:19-21 cheers 

Edited February 28 by 3n1

[screwball]

19 hours ago, 3n1 said:

 

In 1959 when the dinar became pegged to the USD instead of the British pound its value was set at one dinar equal to $2.80 by 1973 it was one dinar to equal $3.77 , it had a small devaluation to one dinar to $3.21 untill the gulf war in 1990-1991 ... and the rest is history that some of the long time holders know all to well ... all the best

As I said in the “transitional plan for the new Iraqi dinar” is states they they are returning Iraq to its former value…at that was the 3.22. If I could post I can’t because files too big! 

[screwball]

2 hours ago, 3n1 said:

 

i will be walking the streets of gold ( Heaven ) in 20 more years so that'll be for younger individuals to cuss and discuss.... forget the link Revelation 21:19-21 cheers 

I will be 74 and pretty close to walking the streets of heaven! 

[rvmydinar]

17 hours ago, 3n1 said:

 

i will be walking the streets of gold ( Heaven ) in 20 more years so that'll be for younger individuals to cuss and discuss.... forget the link Revelation 21:19-21 cheers 

Again, we can only hope this baby will come to fruition in our time, so we can enjoy our new found wealth in later retirements.

[cutter73]

@screwballI'll be right their with you.