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Zeros Will Not be Removed from Iraqi Currency


vegasman56
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There has been much speculation in recent months that the Iraqi dinar would be re-based, knocking off the last three zeros.

The lastest news is that Iraq will not in fact remove the zeros from its currency, because it will not resolve inflation and will create opportunities for corruption, reports AKnews, citing a senior source in Iraq’s ministry of finance and economics.

The Iraqi dinar was largely devalued after Iraq’s invasion of Kuwait in 1991 and the imposition of international sanctions on the country.

While before 1991, one Iraqi Dinar was equal to around $3, now $1 is worth roughly 1170 Dinars, according to Iraqi Central Bank’s exchange rates.

Some experts have suggested that removing the zeros will enhance the country’s currency and allow it to better tackle inflation.

“The Central Bank wanted to remove the zeros three years ago, we alleged that it was impossible. They wanted to do it again last year and we rejected the proposal again. The issue is currently brought up once again, but the Ministry of Finance and Economics insists that Zeros will remain,” said Fazil Nabi, the deputy minister of finance and economics.

Nabi said removing the zeros will not reduce the inflation rates as Iraq’s inflation has been stable and remained low for quite some time.

“Besides, it will create problems for many citizens because it takes time for them to learn to use the new currency,” he said.

Nabi also stated that certain people will be harmed by removing the zeros because their salaries will decrease while it is unlikely that the price of goods in the markets would decrease. It is not clear to IBN how the minister came to this conclusion.

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THIS IS REALLY GETTING TO BE FUNNY, LETS SEE THEY ARE GOING TO REMOVE THE ZEROS, NO THEY ARE NOT GOING TO REMOVE THE ZEROS, YES THEY ARE GOING TO REMOVE THE ZERO'S, NO THEY ARE NOT GOING TO REMOVE THE ZERO'S ..LETS SEE NOW HOW MANY TIMES HAVE I HEARD THAT STORY OVER THE PAST 6 AND HALF YEARS, HECK I LOST COUNT :lol::lol:

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This sounds good -- please provide MORE data -- thanks. Specifically -- how the 2010 budget ties in to the 2.65 Bahrain rate.

Hey EBJNYC...I'm not sure if you read Scooters post part III of why this RV has to happen. Here is the link to part III.

http://dinarvets.com/forums/index.php?/topic/29177-why-this-rv-must-occur-part-three-of-three-the-invtervention/page__p__175031__fromsearch__1entry175031

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Hey EBJNYC...I'm not sure if you read Scooters post part III of why this RV has to happen. Here is the link to part III.

http://dinarvets.com/forums/index.php?/topic/29177-why-this-rv-must-occur-part-three-of-three-the-invtervention/page__p__175031__fromsearch__1entry175031

Can you give the links to parts one and two also.... was trying to find them and couldn't. I would like to add them as favs to be able to reference them.

Thanks

GO RV!!!!!!!!!!!!

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I'm thinking that the three zeros are................... Maliki...Allawi...and ..Mahadi !!! When this is over we can dump three of our zeros............................................Pelosi...Reid.....and then BO! (54 DAYS TILL ELECTION) POURITFORWARD

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