Alot Fewer Dinar's in Circulation

[kenman31]

I know Sarah Johnson posted this earlier in the News Section, 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 bold.

Less Dinars in Circulation May Eliminate any Idea Of LOPPING!!!! JMO

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

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

Read more:

Edited April 15, 2011 by kenman31

[bluejay]

Great article. The tides have shifted, I hope it sticks...

[truthful1]

We can all call this a smoke screen if we want, but they are directly talking about deleting the zeroes off the currency. It could be meant to confuse everyone. But this in no way is good the way its written. We can talk about interpretation all we want. Bottom line is articles like this have been coming out for many months, and then theres the ones that talk about raising the value of the dinar. Honestly, there's no way to interpret this any other way than a deletion of the three zeroes off the currency. Let's all just sit back and hope there trying to fool us.

Go rv.

[txk9popo]

Deletion, Raising, it's been said different ways. It leaves us ALL wondering what they actually mean. I hope we find out soon either way.

[speculatorsRIDE]

I find this statement to be interesting.

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.

Read more:

I don't believe this is a done deal. Parliament still needs to vote on this. We all know that getting them to vote on anything is like moving mountains. I call BS on this. Nothing but smoke and mirrors.

[Aqua Dude]

We can all call this a smoke screen if we want, but they are directly talking about deleting the zeroes off the currency. It could be meant to confuse everyone. But this in no way is good the way its written. We can talk about interpretation all we want. Bottom line is articles like this have been coming out for many months, and then theres the ones that talk about raising the value of the dinar. Honestly, there's no way to interpret this any other way than a deletion of the three zeroes off the currency. Let's all just sit back and hope there trying to fool us.

Go rv.

"Theres no way to interpret this any other way than" you are all not going to be as weathly as you think you are you little fockers taking our Elite money how dare you, we'll make you sell your dinar because you don't have any reeeeeal brains you stupid pest, oops i mean peasant!

Disinform!!

Disinform!!!

Disinform!!!!

Go BIG R/V

if you have 27 trillion dinar....and you REMOVE THE 000 currency from circulation, that means you have tons a available room to print lower denoms like 1, 5, 10 ,25 dinar notes. This makes since. at the same time it decreases the amount of moeny one has to carry.....imagine having a 25000 note and the item you are purchasing costs 13 dinar.....you'd get alot of change back...too much paper, not necessary!

[mentalmagic]

This article by Saleh can only mean one thing. LOP. There is no other way to allow small denominations of $1, $5, $10, $20, $50 unless they LOP the three zeros completely out and redenominate down to the base number. Then after a redenomination, they follow up with an RV. That is basicially what he is talking about.

[Froto]

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.

[Roadrunner]

Froto +1. Next time someone asks how these rumors get started, I can give them an example.

[arycroft2000]

This appears to me that the intention is to delete three zeros from the actual notes......not the nominal rate.

But if they do that, how can they raise the purchasing power of the currency. The value doesn't change. instead of 25K notes being worth about $21.25, you just have a 25 dinar note that is worth about $.02125 cents. Unless they plan to do a double deal where they simultaneously drop the zeros off the notes AND THEN move the decimal.....making a 25 dinar note worth about $21.25. Either way.....our investment is a wash. We have to trade in our 25K, 10K, 5K, and 1K notes....and they are just re-denominated.

The only way we are going to make ANY money on this is if they DO NOT drop zeros from the notes and they just raise the nominal rate. They reclaim all the 25K, 10K, 5K, and 1K notes as people cash it. Everyone makes money. Everyone is happy. Even if they only move the decimal two places on the rate, that would still give someone holding 1 million dinars about $55,000 after taxes. I could live with that.

If the article is saying they don't have near as much dinar in circulation.....WHY remove zero's from the notes? It does NOTHING toward revaluing the currency......which by all accounts should at least be near the value of the Kuwaiti Dinar, which I think is at about $3.5 per dinar right now. Iraq is a FAR RICHER country.....its just the stability that is in question.

Thinking about this stuff gets my agent orange all to actin' up!

[sheik]

FROTO- I like your comments.

[umbertino]

We can all call this a smoke screen if we want, but they are directly talking about deleting the zeroes off the currency. It could be meant to confuse everyone. But this in no way is good the way its written. We can talk about interpretation all we want. Bottom line is articles like this have been coming out for many months, and then theres the ones that talk about raising the value of the dinar. Honestly, there's no way to interpret this any other way than a deletion of the three zeroes off the currency. Let's all just sit back and hope there trying to fool us.

Go rv.

Agreed..... Doesn't look good for Investors the way it sounds, granted it's true.......We can only hope ( once again)

[Spoolin]

This article by Saleh can only mean one thing. LOP. There is no other way to allow small denominations of $1, $5, $10, $20, $50 unless they LOP the three zeros completely out and redenominate down to the base number. Then after a redenomination, they follow up with an RV. That is basicially what he is talking about.

Have you guys ever thought about the fact that if Iraq were to LOP the three 000's, that it would leave them with a 25 dinar note as being the highest note out. How on earth can they get by with the highest note being 25 dinar? Can you imagine going to purchase something for $5000-$10,000 cash and only having $20 bills?

Dont you think they will also need a 50, 100 and possibly even a 250 dinar note to conduct life smoothly on cash purchases?

Edited April 16, 2011 by Spoolin

[keepmwlknfny]

Have you guys ever thought about the fact that if Iraq were to LOP the three 000's, that it would leave them with a 25 dinar note as being the highest note out. How on earth can they get by with the highest note being 25 dinar? Can you imagine going to purchase something for $5000-$10,000 cash and only having $20 bills?

Dont you think they will also need a 50, 100 and possibly even a 250 dinar note to conduct life smoothly on cash purchases?

Thats the magic of waiting to see what other denoms are going to be issued.... lol

[mike l]

So for my understanding is this going to be a good thing or a bad thing for us.

[zul]

Are we forgetting how much Dinar US is having..? Nvr mind the hard evidence..I'm almost sure US has some.

US has put in so much into Iraq to make this happened ~ trillions!. ( not forgetting ~ the lives of US soldiers..).

Do you think the US would just settle for billions if Iraq were to lop? I dont think so...

[paj1985]

Have you guys ever thought about the fact that if Iraq were to LOP the three 000's, that it would leave them with a 25 dinar note as being the highest note out. How on earth can they get by with the highest note being 25 dinar? Can you imagine going to purchase something for $5000-$10,000 cash and only having $20 bills?

Dont you think they will also need a 50, 100 and possibly even a 250 dinar note to conduct life smoothly on cash purchases?

I understand what your saying,but the biggest note i ever seen in the uk is a £50 note and they are extremely rare!!

Big sums of money are moved electronically even cheques are being fazed out. GO RV NO LOP IN 2011 pretty please with sugar on top

Edited April 18, 2011 by paj1985

[MrRich]

Have you guys ever thought about the fact that if Iraq were to LOP the three 000's, that it would leave them with a 25 dinar note as being the highest note out. How on earth can they get by with the highest note being 25 dinar? Can you imagine going to purchase something for $5000-$10,000 cash and only having $20 bills?

Dont you think they will also need a 50, 100 and possibly even a 250 dinar note to conduct life smoothly on cash purchases?

I don't know about you but I rarely carry anything larger than a twenty. If I buy a big ticket item of several hundred dollars or more I pay by check or with plastic. If what we're hearing about Iraq's banking system going electronic is true I don't see a problem with a 25 note being the highest one.

[Rome M]

The article states the three zeros were previously added, making way for the some 27 Tril dinar in circulation.

How were these three zeros added to the currency????

They were added to the value via UN sanctions, making the dinar thousands of times less valuable.

This is what started getting all of the dinars out there, because they were/are worthless, more are needed to purchase than before.

The three zeros on the dinar notes did not need to come in the picture until AFTER the three zeros were put on the value.

[gbrlgms]

I don't know about you but I rarely carry anything larger than a twenty. If I buy a big ticket item of several hundred dollars or more I pay by check or with plastic. If what we're hearing about Iraq's banking system going electronic is true I don't see a problem with a 25 note being the highest one.

MR RICH YOU HAVE AN OPTION TO CARRY BOTH (SMALLER BILLS AND BIG BILLS)IF YOU ONLY LIKE THE 20 THAT YOU BUT OTHERS PEOPLE LOVE CARRYING BIGGER BILLS OR PLASTIC SO YOU GAT HAVE OPTION ON WHAT YOU WANTED CARRY.