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***Here we go ~ Iraqi Finance: Delete the zeros from the currency will strengthen the position of Iraq to the International Monetary Fund

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***Here we go ~ Iraqi Finance: Delete the zeros from the currency will strengthen the position of Iraq to the International Monetary Fund

18/11/2010

Iraqi Finance: Delete the zeros from the currency will strengthen the position of Iraq to the International Monetary

Baghdad, The Iraqi Ministry of Finance, Thursday, that the deletion of zeros from the local currency will liberate the Iraqi economy from the constraints and enhance the value of the Iraqi dinar in the International Monetary Fund.

The chancellor said the Iraqi Ministry of Finance Zia Alckheon Kurdistan News Agency (Rn) that "the process of removing three zeroes from the local currency will strengthen Iraq's economic position in the international community and specifically the International Monetary Fund."

He added that the "survival of the current currency and the current status would not address the question of the economic gap taking place in the Iraqi dinar as it will increase the burden on the Iraqi economy."

And that "the process of changing the currency certainly will take time and money, but is required to remove the barrier between the Iraqi economy and the global economy and to give more than the value of the Iraqi dinar."

In the view of the central bank to raise the three zeroes from the local currency is a complex process and need to be thorough economic study.

He expressed the International Monetary Fund in August last support of the Iraqi economy in the event of having a number of economic measures, including privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq.

The Iraqi government denied conducting any change in the local currency this year in order to reduce inflation.

The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market, as well as add the language Kurdish paper currency.

The local Iraqi currency has gone through several changes in its history, most recently in 2004 when the former Governing Council replaced the previous currency, which was a symbol of the former regime.http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2&rurl=translate.google.com

http://articlesofinterest-kelley.blogspot.com/2010/11/here-we-go-again-iraqi-finance-delete.html

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Thanks for the post Phoenix... I forgot to add you in my thread / post today of people to thank. Please read the link below and I would appreciate your feedback if you agree or disagree.. You are definitely one of my favorites and I have learned a bunch from you. Have a great night.

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The 3 zero's simply mean implimenting the RV/RI of the IQD which entails removing the IQD bills that contain 3 zero's out of circulation while implimenting the lower denoms.

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What does this mean "as well as add the language Kurdish paper currency"?

I am not sure if the new lower denomination IQD has the Kurdish Language on them, I do know that the Kurds ealier this year put out an article out that they wanted their language to also be contributed into the new IQD. Is this the lower new IQD??? I don't know...

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Looks to me that they are primed and ready to pull the trigger on this thing....ignition time! Go RV!!!!!!!!

Thanks Phoenix! It is very good to hear from you again. Hope all is well for you and your's!

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some may say "where is phoenix..he doesnt post anymore"...well when he does post it's made of facts and substance....thanks for post..great news

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Good one, Fee.

No, its not a LOP folks. Just go to the LOP section and read it. Again. It's all good. We're just takin' the big bills out of circulation (the three zero bills) so when the RV occurs you can buy a loaf of bread with a 1 dinar bill. Get it?

Maynard

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We have to remember that the Iraqis are masters at beating around the bush and avoiding specifics....the dinar needs to be on par with their ME neighbors ...GO RV

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I see several potential meanings.

1. it said it was to be a study

"In the view of the central bank to raise the three zeroes from the local currency is a complex process and need to be thorough economic study."

so this could be a long or longer process potential delay of the RV

2. It is from the currency not the rate.

"the deletion of zeros from the local currency will liberate the Iraqi economy from the constraints and enhance the value of the Iraqi dinar in the International Monetary Fund." Self explained.

3. It states no change this year. That tells me that the RV could still happen but the end of the year would be in the 3 to 6 month or even 1 year 1% variation only once revalued people have spoke about.

"The Iraqi government denied conducting any change in the local currency this year in order to reduce inflation."

4. It also tells me that they may wait for a completion of a study, after all its Iraq. Lets hope the do the study while the RV is taking place and they remove the notes instead of hitting the notes right off the bad but it reads probable in the inflation/debt statements.

"The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market"

5. Worst one of all. No one will like this including me so don't shoot the messenger, many have said oh it would cost them millions to create a new currency. Ok so I ask you from a business stand point. Spend even 10 or 20 million to make new currency as stated about the Kurd language or spend trillions to pay out?

dislike what I am saying I understand but from a financial stand point instead of what we want stand point this could happen even though many will say it can't remember this is Iraq so what have they followed yet that they promised? Here it is.

"The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market, as well as add the language Kurdish paper currency."

Don't shoot the messenger for an interpretation of potential meanings.;)

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If I am interpreting the following translation correctly:

"The Iraqi government denies conductings any change in local currency this year (2010) in order to reduce inflation"

This appears to be a rather specific "anti-lop" statement, in that hyperinflation is usually a key reason that countries will perform a LOP, which in my understanding more or less signifies a state of high economic distress exists within the country requiring a more drastic measure to get back on track. Iraq economic outlook is not in terrible shambles, its more the contrary.

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I see several potential meanings.

1. it said it was to be a study

"In the view of the central bank to raise the three zeroes from the local currency is a complex process and need to be thorough economic study."

so this could be a long or longer process potential delay of the RV

2. It is from the currency not the rate.

"the deletion of zeros from the local currency will liberate the Iraqi economy from the constraints and enhance the value of the Iraqi dinar in the International Monetary Fund." Self explained.

3. It states no change this year. That tells me that the RV could still happen but the end of the year would be in the 3 to 6 month or even 1 year 1% variation only once revalued people have spoke about.

"The Iraqi government denied conducting any change in the local currency this year in order to reduce inflation."

4. It also tells me that they may wait for a completion of a study, after all its Iraq. Lets hope the do the study while the RV is taking place and they remove the notes instead of hitting the notes right off the bad but it reads probable in the inflation/debt statements.

"The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market"

5. Worst one of all. No one will like this including me so don't shoot the messenger, many have said oh it would cost them millions to create a new currency. Ok so I ask you from a business stand point. Spend even 10 or 20 million to make new currency as stated about the Kurd language or spend trillions to pay out?

dislike what I am saying I understand but from a financial stand point instead of what we want stand point this could happen even though many will say it can't remember this is Iraq so what have they followed yet that they promised? Here it is.

"The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market, as well as add the language Kurdish paper currency."

Don't shoot the messenger for an interpretation of potential meanings.;)

Wouldn't they still have to take back their current currency before creating another? Or are we all going to have to sell back our dinar and re-buy it with the 'Kurdish language" ? And if we all cash in now...won't that hurt their economy right now?

If I am interpreting the following translation correctly:

"The Iraqi government denies conductings any change in local currency this year (2010) in order to reduce inflation"

This appears to be a rather specific "anti-lop" statement, in that hyperinflation is usually a key reason that countries will perform a LOP, which in my understanding more or less signifies a state of high economic distress exists within the country requiring a more drastic measure to get back on track. Iraq economic outlook is not in terrible shambles, its more the contrary.

I feel stupid to ask this, but what is a LOP? I am a newbie. :huh:

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name='YeshuasDinar' date='18 November 2010 - 07:28 PM' timestamp='1290130123' post='271025'

Wouldn't they still have to take back their current currency before creating another? Or are we all going to have to sell back our dinar and re-buy it with the 'Kurdish language" ? And if we all cash in now...won't that hurt their economy right now?

Many other countries have done this without taking anything back or taking it back at the value with out the Zeros. Look up Venesuala RV they did just that.

I feel stupid to ask this, but what is a LOP? I am a newbie. :huh:

A lop is removing the zeros from the currency.

Edited by RiverStyx
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