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Delete the zeros of the Iraqi currency pending the formation of the government and the parliament's decision #2

tcjams

By tcjams,
in Iraq & Dinar Related News

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tcjams Newbie

tcjams

Posted
Posted

24.11.2010

Faris Omar

Over time the Iraqi dinar was one of the strongest currencies in the Middle East. The value of the national currency with the height of the Iraqi oil boom during the second half of the seventies, while the Iraqi dinar exchange rate more than three dollars for dinars.

Today, it seems as if this number belongs to another century and not before one generation only. The international sanctions imposed on Iraq after its invasion of Kuwait in 1990 and the wars that went on Iraq unleashed rampant inflation, came on the value of the Iraqi dinar has become even mobilize citizens Slalhm dinars to buy a loaf of bread.

Despite the improved situation is relatively the Iraqi dinar exchange rate now is still more than a thousand dinars to the dollar. Causing this figure various difficulties in trade prompted the Iraqi Central Bank to think about dropping zeros from the currency. But political and security developments kept the idea to the shadow Phanzot waiting for the right time.

The day after the agreement of the political blocs on a formula for sharing power and functions of the House of Representatives directly work out the central bank idea to delete the zeros of inclusion and shake off the dust to start translating them into reality after the formation of the new government and submitted to the House of Representatives.

The central bank adviser and director of the Department of Planning and Statistics and Studies in the Bank the appearance of Mohammed Salih said in an interview with Radio Free Iraq that the national currency lost value in connection with the phase of economic decline, and it was time to rectify this situation in line with the stage of investment and economic recovery is expected.

The Chancellor stressed that Mohammed Saleh deletion of zeros from the Iraqi dinar is part of the reform of the currency management system in preparation for the next stage, referring to the difficulties caused by the cluster size of cash now.

He said Mohammed Saleh complete preparations for the implementation of the project to delete the zeros of the Iraqi currency, but added that this project of national interest to the country and the people and therefore it needs to support the legislative and executive branches and requires careful procedures.

He pointed out that the decision by deleting the zeros will be followed by a period of awareness to dispel fears and shed light on the fact that the repair procedure is designed to facilitate the exchange will not affect the incomes and wealth. He acknowledged the central bank adviser retardation Iraqi banking sector in general and need to be developed in a protracted process, calling for reduction of the dominance of government banks.

Counsel noted Mohammed Saleh, said that private banks despite the presence of 37 or 38 banks, including the contribution to the GDP contribution is not significant.

Faced with this situation the central bank adviser said the appearance of Mohammed Saleh, said that the goal of fiscal policy in the next stage is to build a financial and banking system, calling for a competitive private banks merge with each other and raise capital to create a strong banking institutions provide better services and more.

Estimates that the Iraqi Central Bank to the amount of Iraqi dinars in circulation rose from about $ 25 billion in 1980 to about 27 Trliuna at the present time it has increased any and eighty thousand times.

LINK B)

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GO RV!! Newbie

GO RV!!

Posted
Posted

Not good that would blow, but how else can you take delete zeros from currency as a good thing??

I'd stick around a little bit, look into concepts called RV, Re Denomination, stuff like that....

Heck maybe even check out a "LOP" thread...

If you really think the international community would ALLOW such a move - it would not sit well with just about every nation in the world.... Not a good way to "get back on your feet and move forward"

Just saying...

- Fresh

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Brandon2230 Newbie

Brandon2230

Posted
Posted

Not good that would blow, but how else can you take delete zeros from currency as a good thing??

I really can't believe that I can come on here every day and somebody new is saying OMG looks like a lop or something to that effect.. Just do some research in the Lop threads and you'll find the answer instead of spewing your fears on this thread. This is GOOD news anyway you look at it. Please do some research and learn some more about what your talking about before you go posting this nonsense. Thanks,

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Daphne Newbie

Daphne

Posted
Posted

Please go LISTEN to the conference call that is under HOT...HOT..HOT. There is a man that used to be the VP (if I recall right) of JP Morgan Stanley under FORIEGN currency, he explains what the dropping of the three zeros means and how that doesn't effect our rate. This will solve a lot of heart ache for you. Hope that helps!

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Les Klingel Newbie

Les Klingel

Posted
Posted

He pointed out that the decision by deleting the zeros will be followed by a period of awareness to dispel fears and shed light on the fact that the repair procedure is designed to facilitate the exchange will not affect the incomes and wealth. He acknowledged the central bank adviser retardation Iraqi banking sector in general and need to be developed in a protracted process, calling for reduction of the dominance of government banks.

It don't look like a LOP to me!

I'm just saying....

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ctoddy Newbie

ctoddy

Posted
Posted

I've got to agree. You can't read what's on the page and not say LOP. The thought of "they wouldn't do that to the Iraqi people," or the concept of "the Iraqi people deserve an RV." Isn't based on economic reality. The fact is they CAN LOP if they choose too. They are talking about controling inflation with 27 trillion out there. The low inflation rate is based on that much currency in circulation. The LOP and they pull the 5,000 dinar bills and above they cut the amount of currency in circulation by replacing it with the smaller value's they already have printed. I've just cut my currency in circulation by 1,000% to 27 billion. (actually higher based on phasing out the 5,000 and above.)

I understand this has been beat to death and is not NEWS at this point.

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MPG350 Newbie

MPG350

Posted
Posted

Please go LISTEN to the conference call that is under HOT...HOT..HOT. There is a man that used to be the VP (if I recall right) of JP Morgan Stanley under FORIEGN currency, he explains what the dropping of the three zeros means and how that doesn't effect our rate. This will solve a lot of heart ache for you. Hope that helps!

I can't get that link to work so I will have to take your word for it.

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GO RV!! Newbie

GO RV!!

Posted
Posted

Let's look at something PAINFULLY obvious... The people of Iraq...

Okay so let's say the average family income or heck total wealth is $25million - $100million Dinar = roughly $25-$100k USD at current rates...

If you say they just LOP the three zero's off and by using that word is implying... the average family would be worth three zero's less in their current dinar holdings? Think of what that would do to their "overall" net worth per family - it would be HORRIBLE!!

So let's circle back around and realize they are going to LEAD their people into a new generation of Iraqi's that will become one of the richest countries in the world in the next 5 years! Do you send a message to your people by DECREASING or INCREASING their wealth.... You can't have it both ways... You can't just take care of your "own" people and turn your back on the rest of the International community!

I'm just pointing out some things that you should consider when thinking about the "overall" implications of a "LOP" with respect to the 3 zero's...

- Fresh :blink:

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onerighthand Newbie

onerighthand

Posted
Posted

Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, Not a lop, OK?

OH and one more thing, NOT A LOP

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RVDinar4MyFamily Newbie

RVDinar4MyFamily

Posted
Posted

HAVE NOT A CLUE WHY THE ORIGINAL THREAD GOT LOCKED ON SUCH AN IMPORTANT ARTICLE!!

But here it is again. This is far from saying anything about a lop...as a matter of fact, it gives great detail to explaining what "delete three zeros" from the currency means

Great find tcjams

original thread here...http://dinarvets.com/forums/index.php?/topic/42748-delete-the-zeros-of-the-iraqi-currency-pending-the-formation-of-the-government-and-the-parliaments-decision/

24.11.2010

Faris Omar

Over time the Iraqi dinar was one of the strongest currencies in the Middle East. The value of the national currency with the height of the Iraqi oil boom during the second half of the seventies, while the Iraqi dinar exchange rate more than three dollars for dinars.

Today, it seems as if this number belongs to another century and not before one generation only. The international sanctions imposed on Iraq after its invasion of Kuwait in 1990 and the wars that went on Iraq unleashed rampant inflation, came on the value of the Iraqi dinar has become even mobilize citizens Slalhm dinars to buy a loaf of bread.

Despite the improved situation is relatively the Iraqi dinar exchange rate now is still more than a thousand dinars to the dollar. Causing this figure various difficulties in trade prompted the Iraqi Central Bank to think about dropping zeros from the currency. But political and security developments kept the idea to the shadow Phanzot waiting for the right time.

The day after the agreement of the political blocs on a formula for sharing power and functions of the House of Representatives directly work out the central bank idea to delete the zeros of inclusion and shake off the dust to start translating them into reality after the formation of the new government and submitted to the House of Representatives.

The central bank adviser and director of the Department of Planning and Statistics and Studies in the Bank the appearance of Mohammed Salih said in an interview with Radio Free Iraq that the national currency lost value in connection with the phase of economic decline, and it was time to rectify this situation in line with the stage of investment and economic recovery is expected.

The Chancellor stressed that Mohammed Saleh deletion of zeros from the Iraqi dinar is part of the reform of the currency management system in preparation for the next stage, referring to the difficulties caused by the cluster size of cash now.

He said Mohammed Saleh complete preparations for the implementation of the project to delete the zeros of the Iraqi currency, but added that this project of national interest to the country and the people and therefore it needs to support the legislative and executive branches and requires careful procedures.

He pointed out that the decision by deleting the zeros will be followed by a period of awareness to dispel fears and shed light on the fact that the repair procedure is designed to facilitate the exchange will not affect the incomes and wealth. He acknowledged the central bank adviser retardation Iraqi banking sector in general and need to be developed in a protracted process, calling for reduction of the dominance of government banks.

Counsel noted Mohammed Saleh, said that private banks despite the presence of 37 or 38 banks, including the contribution to the GDP contribution is not significant.

Faced with this situation the central bank adviser said the appearance of Mohammed Saleh, said that the goal of fiscal policy in the next stage is to build a financial and banking system, calling for a competitive private banks merge with each other and raise capital to create a strong banking institutions provide better services and more.

Estimates that the Iraqi Central Bank to the amount of Iraqi dinars in circulation rose from about $ 25 billion in 1980 to about 27 Trliuna at the present time it has increased any and eighty thousand times.

LINK B)

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RVDinar4MyFamily Newbie

RVDinar4MyFamily

Posted
Posted

now it is unlocked again :rolleyes:

mods can you move my reply to the original thread please!!!

Thanks!

Dont we want it to affect incomes and wealth, just asking? We want higher income and more wealth for all.

That means that it will not be a lop and effect the value of the currency when then exchange rate is changed. this is exactly what we wanted to hear from them IMO

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hammer911 Newbie

hammer911

Posted
Posted

HAVE NOT A CLUE WHY THE ORIGINAL THREAD GOT LOCKED ON SUCH AN IMPORTANT ARTICLE!!

But here it is again. This is far from saying anything about a lop...as a matter of fact, it gives great detail to explaining what "delete three zeros" from the currency means

Great find tcjams

original thread here...http://dinarvets.com/forums/index.php?/topic/42748-delete-the-zeros-of-the-iraqi-currency-pending-the-formation-of-the-government-and-the-parliaments-decision/

Great Post... And the fact it will not afect is corect. There will never be a lop.. and have added that word to my delete part of my brain. The Iraqi people will not see as much of a gain as investers. It simply does not work that way. However, they will see an increase in buying power....

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dhr05b Newbie

dhr05b

Posted
Posted

Randy where can i check into that? All of my research of academic papers regarding the removal of zeros (ie turkey, russia) did not come from the rate, but instead came from the currency (25000 became 25)?

Correct me if I'm wrong, but I believe those were two of several instances in which there was extremely high inflation (1,000%+) - which actually called for a currency lop. At the end of the day, you just have to have a little faith in this. Nothing anybody says or prints will have any weight until the revaluation (or whatever) occurs. I will side with the many that 'know' Iraq will not lop their currency because inflation is officially at around 16% (unofficially 21%). I also don't think they would do this since it would negatively affect their economy and irritate a lot of investors who are going to help rebuild that country.

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