Iraqi central bank says that it will submit a law organizing the process of removing 3 zeros from Iraqi dinar

[k98nights]

Iraqi central bank says that it will submit a law organizing the process of removing 3 zeros from Iraqi dinar

Iraqi central bank says that it will submit a law organizing the process of removing 3 zeros from Iraqi dinar Translated by Iraqdirectory.com - [4/16/2011]

Advisor of Iraqi central bank Mudher Mohammed Salih said that the central bank is working on drafting a law organizing the process of removing three zeros from Iraqi dinar and upgrading the value or Iraqi currency in local and international economic transactions.

The advisor said that the central bank will submit the law to the Iraqi prime ministry and after approval it will be sent to the Iraqi parliament for endorsing.

Iraqi ministry of finance said on last February that the removing of three zeros from Iraqi dinar will free Iraqi economy of restrictions and enhance the value of Iraqi currency in international monetary fund.

International monetary fund said that it will support Iraqi economy in case Iraq took certain economic measures including privatization of banks, removing three zeros from Iraqi dinar and paying debts.

Iraqi government is working on making some changes on Iraqi currency including removing three zeros from Iraqi dinar to enhance the value of the currency nationally and internationally and end the financial inflation.

http://www.iraqdirec...s.aspx?id=15366

Iraqi: Delete الاصفار of Iraqi currency سيذلل all economic difficulties

Palm-held the Iraqi list MP blame that the league should be deleted الاصفار of Iraqi currency ستذلل all economic difficulties, especially after the case of the Great Inflation in the country.

Al Douri said in a press statement today: that the governor of the Central Bank of Iraq to put the final touches to the الاصفار of the currency is the support of the Iraqi economy, reduce the inflation currently in operation.

The central bank governor, came to the House of Representatives earlier discussed with the representatives of the Iraqi economy and الاصفار of the dinar.

http://www.nakhelnew...ws.php?nid=7106

[disciple7]

Meaning the notorious 25000 Dinar note will be worth 25 correct?

[LettheRVbegin]

Meaning the notorious 25000 Dinar note will be worth 25 correct?

No, you are wrong. the article says that it will remove 3 zeros to enhance the value of dinar nationally and internationally and end the financial inflation. If they were to LOP, they are going no where. Even if they RV, if they LOP, it doesn't help them at all financially and definitely won't be able to enhance their currency unless they LOP and RV at $40 to 1 dinar.

also, there is no way we would know exactly what is going to happen. All these news are to be considered as smoke. This may be the LAST tactic that they use to make investors stay away from this opportunity.

[Old Guy]

Iraqi central bank says that it will submit a law organizing the process of removing 3 zeros from Iraqi dinar

Iraqi central bank says that it will submit a law organizing the process of removing 3 zeros from Iraqi dinar Translated by Iraqdirectory.com - [4/16/2011]

Advisor of Iraqi central bank Mudher Mohammed Salih said that the central bank is working on drafting a law organizing the process of removing three zeros from Iraqi dinar and upgrading the value or Iraqi currency in local and international economic transactions.

The advisor said that the central bank will submit the law to the Iraqi prime ministry and after approval it will be sent to the Iraqi parliament for endorsing.

Iraqi ministry of finance said on last February that the removing of three zeros from Iraqi dinar will free Iraqi economy of restrictions and enhance the value of Iraqi currency in international monetary fund.

International monetary fund said that it will support Iraqi economy in case Iraq took certain economic measures including privatization of banks, removing three zeros from Iraqi dinar and paying debts.

Iraqi government is working on making some changes on Iraqi currency including removing three zeros from Iraqi dinar to enhance the value of the currency nationally and internationally and end the financial inflation.

http://www.iraqdirectory.com/DisplayNews.aspx?id=15366

Thanks K,..but I can't get the link to work,..comes up blank !

Good Things To All !

[RonSkilbeck]

This is about the 21st of these articles!!! Excellent and most exciting news since this journey began -

"Advisor of Iraqi central bank Mudher Mohammed Salih said that the central bank is working on drafting a law organizing the process of removing three zeros from Iraqi dinar and upgrading the value or Iraqi currency in local and international economic transactions."

I would truly love to know what that process actually is - Maybe this is an actual clue... this states that the CBI hands it Maliki then gets it approved by Parliment. That's progress!!!

I'm not debating LOP or no LOP - I'm very excited about anything that sheds more light on the process of getting the IQD on the Forex and hopefully moves to an RI/RV.

Thanks for the post and the link! - RS

Meaning the notorious 25000 Dinar note will be worth 25 correct?

That's not what it said - but it did gives us a clue about the process and maybe future timeline.

[coldwarvet]

We all need to keep in mind that we're getting this from a translation. Any Arab speakers out there that can look at the original document and get us a better understanding? I think it's fruitless for us to put too much attention on the phrases "raising the zeroes," "deleting the zeroes," etc. because we don't know what they REALLY mean!

In contrast, much will be told if/when we can see the actual legislation that is submitted to the PM by the CBI. THAT should outline the actual process, and give us some reliable clues as to what all these prior articles actually mean. In the meantime, let's all take a deep breath and watch with interest as this comes to an end. GO RV!

[kevnutz]

We also need to keep in mind that this article describes a law that will organize the process. This infers that there are several steps that will need to take place before anything happens. We all know how long each step can take.

[pontiyak]

Excellent find knights...

I truely believe we will see the elimination of the excess zeros off of the larger notes, and those new notes (25,10,5 1) will take their place as new lower re-denominated notes.

The 500 and 250 notes go away, or are replaced by coinage. ( which supposedly has already been minted).

And a revaluation of the base value of the currency from 1170 to a more appropriate value ( based on Iraq's current economic status).

IMHO the new rate may have to be locked for a set period of time, until most or all of the higher denoms have been taken out of curculation. ( 6 months ) ???

The above happens all at once......

.......Then the Dinar starts trading on the Forex, and is allowed to find it's own level against a basket of world currencies.

a RV, a LOP and re-denomination are all taken care of in one fell swoop.

50 cents would be a nice starting point..

IMHO

[alan_coaks_3]

i have been reading diff web sites about removing 3 zeros they mean from the currency. NOT from the currency exchange rate

[truthful1]

1

Edited April 16, 2011 by truthful1

[nathan1606]

Good find .. Still believe its the rate ....

[DEAMAN]

Pontiyak, I agree with ya, RD and RV...

Alan, I think you are right on target, we are talking about currency. I have never seen a quote from a news article that specifically says "take 3 zeroes of the NOMINAL value".

[k98nights]

I think it's relevant that the article mentions codifying this "removing of the zeros" into law. They get this law done (and I'm hoping this is very soon)... then there's no excuse for delaying the RV any longer. JMO

[aferriss]

Whether they LOP or not, if this thing goes through and they rd and rv, it means an end to the roller coaster ride. And for me personally, I'm tired of the ride so it will be fine with me. And even with a LOP, if they rv at $2.....say you have 40 dinar bills......40 * 25= 1000*2= $2000.00. In all honesty, we will probably make back what we spent and possibly a bit more, if we're lucky. Any which way it goes, I will be glad when it's done and at this point I'm not too particular how they do it.

[mentalmagic]

Whether they LOP or not, if this thing goes through and they rd and rv, it means an end to the roller coaster ride. And for me personally, I'm tired of the ride so it will be fine with me. And even with a LOP, if they rv at $2.....say you have 40 dinar bills......40 * 25= 1000*2= $2000.00. In all honesty, we will probably make back what we spent and possibly a bit more, if we're lucky. Any which way it goes, I will be glad when it's done and at this point I'm not too particular how they do it.

I think it will be much higher than $2. $3 up to $6 more likely if they LOP off three zeros then RV