Delete the Zeros Pending Formation of Government

[Trimark]

This is an article dated yesterday but I didn't see it posted. Sorry if it's a duplicate.

Delete the zeros of the Iraqi currency pending the formation of the government and the parliament's 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.

http://www.iraqhurr....le/2229464.html

[Nicovetter71]

I think it was already posted....but thanks for the post. With all the articles, it's sometimes hard to know which ones have been posted and not! Have a great Thanksgiving!

[xxxgator]

what i see thats interesting in this article is the paragraph after the 2nd paragraph highlighted.[deletion of the zeros from the iqd is part of the reform of the currency management system inpreporation for the next stage]

it begs to ask ;what next stage? the rv imho

Gooooo RV

Nice find

[firefighter_218546]

I am new to this. But I have had my dinar since 2005,,, I am now getting ready to leave Iraq and go home to the states. I am wondering if they drop 3 zeros from the currancy, is my 25,000 dinar bill only be worth 25 dinar or how will they treat those bills with the zero's on them

Thank you,

Bruce

[Triple xXx]

Again......what exactly does "deletion of the zeros" actually mean?

Is that:

.000855 to .855

OR

25,000 to 25

??????????????????????

[crack]

Again......what exactly does "deletion of the zeros" actually mean?

Is that:

.000855 to .855

OR

25,000 to 25

??????????????????????

This is the conclusion that I have come to on this issue , exactly what is it that any of us can do about it . Go to LOP talk forum and it`s all explained in there . I believe that no one absolutely knows for sure 100% if it`s good however there are some good arguements that are in our favour . Hope this helps , have a nice day

[midctyman1]

Again......what exactly does "deletion of the zeros" actually mean?

Is that:

.000855 to .855

OR

25,000 to 25

??????????????????????

I feel its going to not delete the 000's from the bills.. thats just silly.. and not possible.. they are already printed I feel it just means that they are going to delete the 000's from the Nominal value and take the bills with the 000's and either destroy them as they come back to the CBI..or just use them as we do here in the US between the big banks.... and though some on here feel that automatically means the rate will be .86 i beg to differ... if the rate comes out at 2.25 doesnt that also cause the 000's to go away??? Everyone seems to think that just because they say.. and i have read many articles that say this.. that yes Iraq does plan to remove the 000's.. but it didnt say HOW they planned on doing so.. even a rate of 1:1 accomplishes the deletion of the 000's.. so while some very respected gurus on the sites preach this .86 rate.. i respectfully disagree.. People are saying that the Iraq Dinar is supposed to save the world's crashing economies... i just dont see how that can be accomplished with a rate of .86 .. If the Dollar cant save the world's economic devastation.. how can an even weaker or equal IQD? I say the rate will be 2.50-3.22 Room for improvement.. wont cause crazy speculation.. and is a strong currency to save the Euro's a$$!

[marknet73]

what i see thats interesting in this article is the paragraph after the 2nd paragraph highlighted.[deletion of the zeros from the iqd is part of the reform of the currency management system inpreporation for the next stage]

it begs to ask ;what next stage? the rv imho

Gooooo RV

Nice find

I definitely hope it is in preparation for the next stage (RV)! But whenever I see an article about dropping the zeros it makes me wonder if it's gonna be off the currency itself. I'm trying to read something positive into this article but that's kind of like finding a needle in a haystack. lol. Anyways, I see an RV a comin and happy Thanksgiving to all!

[keepmwlknfny]

I feel its going to not delete the 000's from the bills.. thats just silly.. and not possible.. they are already printed I feel it just means that they are going to delete the 000's from the Nominal value and take the bills with the 000's and either destroy them as they come back to the CBI..or just use them as we do here in the US between the big banks.... and though some on here feel that automatically means the rate will be .86 i beg to differ... if the rate comes out at 2.25 doesnt that also cause the 000's to go away??? Everyone seems to think that just because they say.. and i have read many articles that say this.. that yes Iraq does plan to remove the 000's.. but it didnt say HOW they planned on doing so.. even a rate of 1:1 accomplishes the deletion of the 000's.. so while some very respected gurus on the sites preach this .86 rate.. i respectfully disagree.. People are saying that the Iraq Dinar is supposed to save the world's crashing economies... i just dont see how that can be accomplished with a rate of .86 .. If the Dollar cant save the world's economic devastation.. how can an even weaker or equal IQD? I say the rate will be 2.50-3.22 Room for improvement.. wont cause crazy speculation.. and is a strong currency to save the Euro's a$$!

It is possible....I dont want it to happen anymore then anyone else here but its not hard for them to do......and it instantly cuts the money supply....we would still make money off it because they would need to raise the exchange rate but its not going to be what people expected, like waking up a millionare......

[midctyman1]

It is possible....I dont want it to happen anymore then anyone else here but its not hard for them to do......and it instantly cuts the money supply....we would still make money off it because they would need to raise the exchange rate but its not going to be what people expected, like waking up a millionare......

what you are saying is possible.. but i dont think its probable... What you are "fearing" is just not going to happen.. Iraq's RV is supposed to enhance the world's financial well being.. not kick it in the nuts! How would any other country benefit from them doing what you are saying? How would it help out the IMF? How would it help save the Euro? i am no guru... so if someone can explain it to me.. then thats great.. i just see the US & the IMF pressuring Iraq to RV.. and i am sure top officials in both interested parties are "in the loop" of what shall occur when Iraq finally does RV..now why would they be asking.. or demanding to be kicked in the nuts?! We investors are a lil drop in the bucket.. i think the IMF is more concerned with saving multiple countries from financial devistation..more than they are with a few thousand people getting rich off Iraq's RV...PLUS.. who would invest in Iraq any further after they basically just fist f*cked the financial world??!! No one! Iraq will take a small blow now on the RV in exchange for the future riches it shall have in a very short time! people turn pennies into thousands all the time.. i have a friends dad who make over half a mill on Ford stocks alone this year... its possible. The chances to do so dont happen often.. so lets all just be greatful we are "in the loop" and have this great chance to make more $ than we could have ever imagined possible!

[thegente]

They've already stated that the "000" bills will be used exclusively for interbank transactions only. If they devalued the "000" bills how would that be possible? If that were true you would in effect be using a 1, 5, 10, and 25 dinar bill for million dinar and billion dinar transactions between banks. Wouldn't work, would take too much cash. Just like our banks use 1000, 10,000, and 100,000 dollar bills for inter-banking, this is what Iraq will use the "000" bills for. They will retain their face value, you will be just fine.

[keepmwlknfny]

what you are saying is possible.. but i dont think its probable... What you are "fearing" is just not going to happen.. Iraq's RV is supposed to enhance the world's financial well being.. not kick it in the nuts! How would any other country benefit from them doing what you are saying? How would it help out the IMF? How would it help save the Euro? i am no guru... so if someone can explain it to me.. then thats great.. i just see the US & the IMF pressuring Iraq to RV.. and i am sure top officials in both interested parties are "in the loop" of what shall occur when Iraq finally does RV..now why would they be asking.. or demanding to be kicked in the nuts?! We investors are a lil drop in the bucket.. i think the IMF is more concerned with saving multiple countries from financial devistation..more than they are with a few thousand people getting rich off Iraq's RV...PLUS.. who would invest in Iraq any further after they basically just fist f*cked the financial world??!! No one! Iraq will take a small blow now on the RV in exchange for the future riches it shall have in a very short time! people turn pennies into thousands all the time.. i have a friends dad who make over half a mill on Ford stocks alone this year... its possible. The chances to do so dont happen often.. so lets all just be greatful we are "in the loop" and have this great chance to make more $ than we could have ever imagined possible!

I know we will make a gain on this investment.....but Im beginning to think its not going to go down exactly like we thought.......you speak of other countries benefitting......there is no solid proof that any other country holds dinar except the US......not to mention we dont know if thats electronic funds, physical funds, if they are the bills we hold now, or the "other denoms" printed back in 2006....there isent any proof of that....just speculation on how it could prop up some currencies....but who is to say that any country would even be holding Dinar because of how unstable it is and how uncertain the future of Iraq is at this point. Of course I would love to think we are going to make TONS of money off this and I guess its possible but no one knows how this will pan out.....your statement of "people turn pennies into thousands all the time" pretty much answered itself....making thousands....very unlikely to make it millions....and your friend investing in Ford is much different then an up and coming country....Ford has been around for over 100 years and they are a staple in this economy....the new Iraq is just that.....new and unstable......its always possible for us to make a killing but its also possible for them to redenominate and then raise the value of the currency......

[MPG350]

what you are saying is possible.. but i dont think its probable... What you are "fearing" is just not going to happen.. Iraq's RV is supposed to enhance the world's financial well being.. not kick it in the nuts! How would any other country benefit from them doing what you are saying? How would it help out the IMF? How would it help save the Euro? i am no guru... so if someone can explain it to me.. then thats great.. i just see the US & the IMF pressuring Iraq to RV.. and i am sure top officials in both interested parties are "in the loop" of what shall occur when Iraq finally does RV..now why would they be asking.. or demanding to be kicked in the nuts?! We investors are a lil drop in the bucket.. i think the IMF is more concerned with saving multiple countries from financial devistation..more than they are with a few thousand people getting rich off Iraq's RV...PLUS.. who would invest in Iraq any further after they basically just fist f*cked the financial world??!! No one! Iraq will take a small blow now on the RV in exchange for the future riches it shall have in a very short time! people turn pennies into thousands all the time.. i have a friends dad who make over half a mill on Ford stocks alone this year... its possible. The chances to do so dont happen often.. so lets all just be greatful we are "in the loop" and have this great chance to make more $ than we could have ever imagined possible!

Yeah but you can't compare a stock to a currency totally differnt animals but yes people can make alot of money from a small investment it does happen. I made 300% on a stock in 6 months so yes big returns are out there in the world.

Why do you say Iraq's RV is suppose to save the world? what is that based from, has Iraq said this?

I do think they RV but not anything more than a dollar if they do I sure as heck wont complain

[midctyman1]

I know we will make a gain on this investment.....but Im beginning to think its not going to go down exactly like we thought.......you speak of other countries benefitting......there is no solid proof that any other country holds dinar except the US......not to mention we dont know if thats electronic funds, physical funds, if they are the bills we hold now, or the "other denoms" printed back in 2006....there isent any proof of that....just speculation on how it could prop up some currencies....but who is to say that any country would even be holding Dinar because of how unstable it is and how uncertain the future of Iraq is at this point. Of course I would love to think we are going to make TONS of money off this and I guess its possible but no one knows how this will pan out.....your statement of "people turn pennies into thousands all the time" pretty much answered itself....making thousands....very unlikely to make it millions....and your friend investing in Ford is much different then an up and coming country....Ford has been around for over 100 years and they are a staple in this economy....the new Iraq is just that.....new and unstable......its always possible for us to make a killing but its also possible for them to redenominate and then raise the value of the currency......

All i can say is china is a huge investor in Iraq.. and forgave 80% of its debt.. Kuwait and Iraq will share oil reserves that rest along their borders..their currencies will have to be in the same neighborhood.. otherwise Kuwait wont be able to compete with Iraq to sell their oil.. Iraq would have a huge advantage in that respect..and i dont think that Kuwait will agree to release Iraq from CH 7 and then bend over and grab their ankles while Iraq financially clobbers them from behind.. Countries are making moves in preperation for this event.. and thats all i think the focus is on.. the countries.. the big boys.. we are but small potatoes in the mess.. a blip on the radar.... the big picture is that if Iraq RVs and scratches a few countries' backs now... then they will re-invest in iraq and and everyone will prosper in the end. Thats the big picture.. we dont really factor into their plans.. but its nice to go unnoticed and get rich in the process.. whether it be 1 mill or 25 mill.. either is fine with me, and more importantly.. i know its fine with Iraq and the IMF..and the US wont complain when we all pay in our taxes..

[midctyman1]

Why do you say Iraq's RV is suppose to save the world? what is that based from, has Iraq said this?

26 Eu countires use the Dinar to back their currency... the IMF/US isnt trying to push Iraq to RV for no good reason.. no Iraq hasnt come out and proclaimed themselves the saving grace of the worlds economy... but i would love to hear arguments against it.. we are approaching a global financial crisis... and the IMF is neck deep in it.. and wants/needs Iraq to revalue asap.. a strong Iraq Dinar will go a very long way to stabilizing many economies around the world... too many countries are vested in Iraq for it to fail... it wont..

[Vintage]

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

Read more:

This to me is a key sentence that the fearful lop everyone keeps pointing at is not what they are talking about. I like the idea that yes the 000's are actually coming off the rate not the bills but because of that change in rate they will pull the big bills in as they will no longer be useful in the general public. Seems pretty straight forward to me, but then I am blonde....lol

Have a great day and happy thanksgiving and GO RV!!!!

[deenar]

I know we will make a gain on this investment.....but Im beginning to think its not going to go down exactly like we thought.......you speak of other countries benefitting......there is no solid proof that any other country holds dinar except the US......not to mention we dont know if thats electronic funds, physical funds, if they are the bills we hold now, or the "other denoms" printed back in 2006....there isent any proof of that....just speculation on how it could prop up some currencies....but who is to say that any country would even be holding Dinar because of how unstable it is and how uncertain the future of Iraq is at this point. Of course I would love to think we are going to make TONS of money off this and I guess its possible but no one knows how this will pan out.....your statement of "people turn pennies into thousands all the time" pretty much answered itself....making thousands....very unlikely to make it millions....and your friend investing in Ford is much different then an up and coming country....Ford has been around for over 100 years and they are a staple in this economy....the new Iraq is just that.....new and unstable......its always possible for us to make a killing but its also possible for them to redenominate and then raise the value of the currency......

You are just upset because you made a fool out of yourself by calling an RV date that turned out to be wrong a few weeks ago. Now we are all wrong so you can feel better about yourself.

[jbbdolphins]

Iraq has too much to lose by not having an RV. I don't believe it is that high on the list of things that has to happen to stabilize this government, however, saying that, there are some pretty heavy players in the outside world who want a piece of the Iraqi pie (all their natural resources) whether the dinar goes Euro, which is a possibility, or RV's, their monies will have to be in place when all these contracts are ratified...slowly but surely. High on their list should be the welfare of their people, who have suffered so in the past few years. I am taking this one day at a time, as anything can happen...I hope and pray for an RV as so many lives will change for the better, and the new found wealth will be spread worldwide to help so many in need. Have a great Thanksgiving Day...and GO RV!!!

[keepmwlknfny]

You are just upset because you made a fool out of yourself by calling an RV date that turned out to be wrong a few weeks ago. Now we are all wrong so you can feel better about yourself.

Seems your the only one butt hurt over that.....maybe you should go talk to someone about it, might help...... Its really not a big deal......not saying anyone is wrong actually....Im just right back to how I was before, looking at the reality of things and questioning everything.....No different.....

[greebs]

Iraq has nothing to lose if they don't RV. The only ones who have something to lose are the ones who purchased the Iraqi dinar. Iraq wants stability and raising a currency by the astronomical % described on this forum would destroy their country. Maybe there is a reason why dates come and go with nothing happening. Maybe because there was never going to be a an RV. The articles from the CBI state the zeros will come off the currency notes not the exchange rate. It looks like a lot of people fell for the BS put out there by the dinar dealers.

[BMWman]

You are just upset because you made a fool out of yourself by calling an RV date that turned out to be wrong a few weeks ago. Now we are all wrong so you can feel better about yourself.

deenar,

Seriously? You are bashing keepmwlknfny because he said he had some intel from a contact? He stood by that intel for MONTHS. He gave one date. It didn't come about, but he didn't whine about it or make excuses. He tried to help us out with some data he had. He hasn't come on here and predicted an RV every weekend or immaturely pumped everyone up with feel good only nonsense.

He tries to keep everyone, including himself, level headed about this investment. And you bash him. What do you bring to the table? Knocking someone for bringing to the forum the info he had? You don't bring anything worthwhile then, do you?

And keepmwlknfny didn't make a fool of himself for bringing that info to the forum. You just made a fool of yourself for the childish crap you just posted.

BMWman

[thegente]

Iraq has nothing to lose if they don't RV. The only ones who have something to lose are the ones who purchased the Iraqi dinar. Iraq wants stability and raising a currency by the astronomical % described on this forum would destroy their country. Maybe there is a reason why dates come and go with nothing happening. Maybe because there was never going to be a an RV. The articles from the CBI state the zeros will come off the currency notes not the exchange rate. It looks like a lot of people fell for the BS put out there by the dinar dealers.

The "000" are to be cut from the nominal rate-not a lop of the currency or a de-valuation---From my earlier post:

"They've already stated that the "000" bills will be used exclusively for interbank transactions only. If they devalued the "000" bills how would that be possible? If that were true you would in effect be using a 1, 5, 10, and 25 dinar bill for million dinar and billion dinar transactions between banks. Wouldn't work, would take too much cash. Just like our banks use 1000, 10,000, and 100,000 dollar bills for inter-banking, this is what Iraq will use the "000" bills for. They will retain their face value, you will be just fine.

There was an article posted earlier this week that directly stated this, and said that the Dinar needs to be returned to it's former rate of 3USD to 1IQD.

Have a nice Thanksgiving, and sell your Dinar if you believe this is a pipe dream.

Edited November 25, 2010 by thegente

[Triple xXx]

Dropping 3 zeros simply means that when you cash in a 25000 note, the bank would return you (250) $100 notes

OK....An even money exchange in lower denominations. I don't see that as a problem. Even exchange. The RV could still happen from that point as well, right?

[deenar]

deenar,

Seriously? You are bashing keepmwlknfny because he said he had some intel from a contact? He stood by that intel for MONTHS. He gave one date. It didn't come about, but he didn't whine about it or make excuses. He tried to help us out with some data he had. He hasn't come on here and predicted an RV every weekend or immaturely pumped everyone up with feel good only nonsense.

He tries to keep everyone, including himself, level headed about this investment. And you bash him. What do you bring to the table? Knocking someone for bringing to the forum the info he had? You don't bring anything worthwhile then, do you?

And keepmwlknfny didn't make a fool of himself for bringing that info to the forum. You just made a fool of yourself for the childish crap you just posted.

BMWman

Simma down dude. Maybe saying he made a fool out of himself was a bit harsh. I apologize for that. I just wonder how he went from cautiously optimistic to Super RV guru date giver(complete with secret intel) to pessimistic in just a few short weeks? Have a happy Thanksgiving.

Edited November 25, 2010 by deenar

[ctoddy]

To say this has been beat to death would be charitable. Let's talk facts though. Not conjecture.

Fact 1- it could lop. That would make 25,000 = 25. If they do that the underlying exchange rate would also change. Net benefit to speculators (of which we all are) 0.

Fact 2- an RV is more rare than a lop in currency management.

Fact 3- debt forgiveness is not unusual. Paris Club has been doing it since 1954.

Fact 4- Iran has just as much oil and their currency is 10340 to $1 USD.

These are facts. I want it to RV, but the fact is it may not.