ICB to remove 3 zeros - Dinars in circulations have been reduced

[kenman31]

I know Sarah Johnson posted this earlier, I went to the Alsumaria Iraq TV Network and this is article posted on April 13th appears to be the same article,

but look at what Mohammed Saleh affirmed. Yes we are ready to remove the 3 zeros, and the reason for the 3 zeros is because there used to be 27 trillion dinars in circulation. We dont have that large amount in circulation now PARAPHRASED - .....Actual wording is the 5th paragraph of article in bolde.

If someone already posted this specifically, I apologize and go ahead and remove it.

Iraq Central Bank to remove three zeroes from Iraqi Dinar

Alsumaria Iraq Satellite Network

Wednesday, April 13, 2011 09:58 GMT Wednesday, April 13, 2011 09:58 GMT

Iraq's Central Bank announced on Tuesday that the project of Iraqi Dinar re-denomination consisting of removing three zeroes is close to completion. Iraq's Central Bank announced on Tuesday that the project of Iraqi Dinar re-denomination consisting of removing three zeroes is close to completion.

The re-denomination project is believed to be a strategic plan that will be passed to the ministerial council and Parliament once complete. The re-denomination project is believed to be a strategic plan that will be passed to the ministerial council and Parliament once complete.

The plan to remove three zeroes from the Iraqi Dinar is a strategic plan that the central bank is currently finalizing, Central Bank's advisor Mothahhar Mohammed Saleh said in a statement to Alsumaria News. The plan to remove three zeroes from the Iraqi Dinar is a strategic plan that the central bank is currently finalizing, Central Bank's advisor Mothahhar Mohammed Saleh said in a statement to Alsumaria News.

This plan aims to alleviate transactions cost and help people carry less money, Saleh said noting that Iraq seeks to produce 6 to 12 oil barrels which is expected to increase the value of Iraqi dinar and boost development, he said. This plan aims to alleviate transactions cost and help people carry less money, Saleh said noting that Iraq seeks to produce 6 to 12 oil barrels which is expected to increase the value of Iraqi dinar and boost development, he said.

Iraq's central Bank has managed during the past five years to reduce inflation rates from 34% to 3 or 4% and stabilize Iraqi Dinar exchange, the Central Bank's advisor told Alsumaria News. Iraq's central Bank has managed during the past five years to reduce inflation rates from 34% to 3 or 4% and stabilize Iraqi Dinar exchange, the Central Bank's advisor told Alsumaria News.

In an earlier statement to Alsumaria News, Iraq's central Bank adviser Mothahhar Mohammed Saleh affirmed that the bank plans to remove three zeroes from the Iraqi Dinar noting that the zeroes which were added to the Iraqi currency previously constituted a large money supply estimated at 27 trillion Iraqi Dinar. In an earlier statement to Alsumaria News, Iraq's central Bank adviser Mothahhar Mohammed Saleh affirmed that the bank plans to remove three zeroes from the Iraqi Dinar noting that the zeroes which were added to the Iraqi currency previously constituted a large money supply estimated at 27 trillion Iraqi Dinar.

Saleh revealed on the other hand that Iraq engages for the first time in banks payment system as it moved from manual to electronic clearance. The system includes six banks in addition to electronic deeds exchange, he said adding that the smart and credit cards will be bound to the central bank system. The system includes six banks in addition to electronic deeds exchange, he said adding that the smart and credit cards will be bound to the central bank system

The Central Bank will form after three years what is known to be as the payments council which sets forth Iraq's banking protocols and infrastructure, the central bank's adviser said. The Central Bank will form after three years what is known to be as the payments council which sets forth Iraq's banking protocols and infrastructure, the central bank's adviser said.

Iraqi economists believe the re-denomination of Iraqi Dinar will not have a major influence on the purchasing power of the Iraqi Dinar which the government has hopes high on it. Iraqi economists believe the re-denomination of Iraqi Dinar will not have a major influence on the purchasing power of the Iraqi Dinar which the government has hopes high on it.

إقرأ هذا المقال باللغة بالعربية Read article in Arabic

Edited April 15, 2011 by kenman31

[truthful1]

Everyone wants a rv, but I have no idea how anyone can paraphase that statement that way. It is a severve spin on the basic information in the paragraph.

Here's how I would paraphase it.

The bank affirmed its plan to delete the zeroes. The zeroes that were added in the past produced 27 trillion in circulation Which is why they wa.nt to delete them now.

[Sucma]

Everyone wants a rv, but I have no idea how anyone can paraphase that statement that way. It is a severve spin on the basic information in the paragraph.

Here's how I would paraphase it.

The bank affirmed its plan to delete the zeroes. The zeroes that were added in the past produced 27 trillion in circulation Which is why they wa.nt to delete them now.

Could you put it in a way that says 1mil equals 1mil$ on a $1 RV. This sounds like 1 mil equals 1k and on a $1 RV we have lost the exchange rate.

[truthful1]

Yes 1 mil=1mil=$1rv, then the clouds part, then the rainbowsand flying unicorns brings buckets of glorious utopia. Just jokin, hope I made you smile a bit. At least we now know, were waiting for the goi, to send it to parliament. Let's all hope the parliament members dont need to walk 20 days across the desert anymore. Hopefully this all ends soon for us. One way or the other. I'm starting to get worried about a few people, getting carpal tunnel. My friend easyrider had fewer posts than me just two weeks ago. He's triple his post in about two weeks. Easyrider we all love ya, just worried about those fingers a bit, lol. I really hope this ends soon, for all of us.

go rv

[Froto]

View Postkenman31, on 14 April 2011 - 07:28 PM, said:

How in the world can you take this sentence:

In an earlier statement to Alsumaria News, Iraq's central Bank adviser Mothahhar Mohammed Saleh affirmed that the bank plans to remove three zeroes from the Iraqi Dinar noting that the zeroes which were added to the Iraqi currency previously constituted a large money supply estimated at 27 trillion Iraqi Dinar

.

...and come up with this interpretation?

... there used to be 27 trillion dinars in circulation. We dont have that large amount in circulation now PARAPHRASED .

That is not paraphrasing, that is making stuff up out of thin air.

The main problem with this is that now we will get to see other posts in which people will say "I remember somebody posted an article where the CBI said they do not have that large amount in circulation".

Congratulations, another "FORUM FACT" is born.

[easyrider]

View Postkenman31, on 14 April 2011 - 07:28 PM, said:

How in the world can you take this sentence:

In an earlier statement to Alsumaria News, Iraq's central Bank adviser Mothahhar Mohammed Saleh affirmed that the bank plans to remove three zeroes from the Iraqi Dinar noting that the zeroes which were added to the Iraqi currency previously constituted a large money supply estimated at 27 trillion Iraqi Dinar

.

...and come up with this interpretation?

... there used to be 27 trillion dinars in circulation. We dont have that large amount in circulation now PARAPHRASED .

That is not paraphrasing, that is making stuff up out of thin air.

The main problem with this is that now we will get to see other posts in which people will say "I remember somebody posted an article where the CBI said they do not have that large amount in circulation".

Congratulations, another "FORUM FACT" is born.

haha u mad bro?

[RichNick123]

Ok, I have sat on the sidelines and observed for the past several weeks with no comments. This is my take on this issue, if this is a correct translation! Read and follow my hypothesis as to the verbage, which may have a tremendous impact on our investment. Understand the MAIN concern has been on the total amount of currency in the marketplace worldwide, the M1 and M2. If 27 trillion are truly in the float it would be IMPOSSIBLE to have any RV above .01 USD!

"In an earlier statement to Alsumaria News, Iraq's central Bank adviser Mothahhar Mohammed Saleh affirmed that the bank plans to remove three zeroes from the Iraqi Dinar noting that the zeroes which were added to the Iraqi currency previously constituted a large money supply estimated at 27 trillion Iraqi Dinar. In an earlier statement to Alsumaria News, Iraq's central Bank adviser Mothahhar Mohammed Saleh affirmed that the bank plans to remove three zeroes from the Iraqi Dinar noting that the zeroes which were added to the Iraqi currency "PREVIOUSLY CONSTITUTED" a large money supply estimated at 27 trillion Iraqi Dinar."

The phraseology of "PREVIOUSLY CONSTITUTED" is huge. Here is why if you understand the importance of the specifics of the English language;

PREVIOUSLY: (adverb)

1. existing or occurring before something else in time or order; prior

2. Informal acting, occurring, or done too soon; premature.

CONSTITUTED: (verb) past participle, past tense of constitute (verb)

1. Be (a part) of a whole

2. (of people or things) combine to form (a whole)

If, again I reiterate if, this is a proper translation, it tells us that there is no longer 27 trillion in circulation. It quantifies that there absolutely were 27 trillion in circulation but that is no longer the case.

You do realize that the average life expectancy of United states currency is as follows;

1.00 bill= 1.8 years

5.00 bill= 1.3 years

10.00 bill= 1.5 years

20.00 bill = 2 years

50.00 bill = 4.6 years

100.00 bill = 7.4 years

Most of us hold uncirculated bills. How many of the actual first print bills in Iraq can still be viable? This article does raise a valid question as to how much actual currency may be viable. For us the less the best!! I pray this is is good translation and that the money, except for that we hold, has totally worn out and has been disposed of!

Peace Out!

Edited April 15, 2011 by RichNick123

[dinar-racer]

haha u mad bro?

Hey Ez I've been thinking.If iraq planned for future RV they would print 27 trillion dinar ..say half in three zero notes and half in small denoms.That would make it no more than 13.5 trillion in circulation at any given time and could be drawn down even more when the swap for lower denoms ..Ie only put out the amount you want out to regulate total in circulation..I build race cars for a living.Not a economist so would like to hear any ones thoughts..Thank you

[DAME1]

I got my information from the Iraq Business News link. If you open one of the tags about the economy it clearly states that they will set up the mechanisms to let people exchange old Dinar notes for new ones and they will give us a time frame to do so. The zero articles were from yesterday. The banks facilitating our exchange was from May 2010...... Don!t know if this helps but it gave me a little more reassurance about the removal process........

SO. "WHO WANTS TO BE A MILLIONAIRE" !!!!!!!!!!!!!

SLUM DAME