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Iraqi Dinar ~ The deletion of zeros from the Iraqi currency would overcome all the difficulties of economic


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April 30, 2011

Iraq: the deletion of zeros from the Iraqi currency would overcome all the difficulties of economic

Palm - saw an MP for the Iraqi List, reproach the league that the process of deletion of zeros from the Iraqi currency to work through all the economic difficulties, especially after the case of hyper-inflation experienced by the country.

The league said in a press statement today: The announcement of the Iraqi Central Bank Governor for putting the final touches to the process of lifting the zeros from the currency is one of the things in support of the Iraqi economy and reduce inflation, currently exist.

The governor of the Central Bank came to the House of Representatives earlier and discussed with the deputies, the subject of the Iraqi economy and the deletion of zeros from the dinar.

http://nakhelnews.com/pages/news.php?nid=7106

Central Bank of the process of finalizing the draft raise three zeroes from the Iraqi dinar

Palm - The Central Bank of Iraq, on Tuesday, he is about to finish the project raise three zeroes from the currency, noting that the project is considered strategic, and submitted to the Council of Ministers and legislators if completed.

The central bank adviser said the appearance of Mohammed Saleh during permit media raising project three zeros from the dinar is a strategic project and the Central Bank is in the process of finalizing the project, the idea of ​​theory into practice, and is nearing completion, and submitted to the Council of Ministers and Deputies.

The benefit that this project will reduce the cost of transactions and reduces the carry cash, he said, adding that Iraq is on the verge of producing 6 to 12 million barrels of oil and this will impact on the development and raise the value of the Iraqi dinar.

The adviser to the Iraqi Central Bank said the bank has achieved three things during the last stage, as the first building reserves from zero to $ 50 billion, within the past five years, reduce the price of the basic inflation from 34% to 4 or 3%, and achieved stability in the Iraqi dinar exchange.

He was adviser to the CBI the appearance of Mohammed Saleh, said in an interview earlier the bank's readiness to delete the zeros of the Iraqi currency, pointing out that those zeros that are added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars.

On the other hand, revealed adviser to the CBI, said Iraq enter for the first time a system of payments between banks has been the transition to electronic clearing away from the hand and entered into by the six banks and the exchange of instruments between banks electronically and will link the smart card and credit system with the Central Bank.

Continued by saying that the central bank would be three years after the so-called Council of the payments, which sets protocols and is the infrastructure of Iraq.

Previously, specialists Iraqis in the field of economics that played down the impact of the central bank to delete zeros from the currency the purchasing power of the Iraqi dinar, also hopes the government from behind the move, as the view of researchers that the cost of lifting of the zeroes will be the biggest of its usefulness, given that the currency's strength is measured by the stability of disbursement which is based on the strength of the productive sector can provide goods and services.

http://nakhelnews.com/?p=news&gr=42&mg=

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If this truly happens which many of us dont believe this will prove how corrupt the govt is since all the things that have been paid for Iraq! As well do they really want to create another war. I will say this happens good bye USA we are screwed which we hope since our govt has a big hand in this dont fool yourself thinking they dont but hopefully they dont allow this word most of us dont believe LOP which how can this guy call hyperinflation when inflation is only 5.7% based on what Shabibi said? Some more lies we gather since it has to be in the 100s if not 1000s of % inorder to LOP! Maybe just another excuse to prove how corrupt this whole thing is! If this happens I feel sorry for the guy who sat here for 6 years or more! What a joke! Dont believe in this article its just like the ministers would be seated over and over and never did so this seems to be more smoke!

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If this truly happens which many of us dont believe this will prove how corrupt the govt is since all the things that have been paid for Iraq! As well do they really want to create another war. I will say this happens good bye USA we are screwed which we hope since our govt has a big hand in this dont fool yourself thinking they dont but hopefully they dont allow this word most of us dont believe LOP which how can this guy call hyperinflation when inflation is only 5.7% based on what Shabibi said? Some more lies we gather since it has to be in the 100s if not 1000s of % inorder to LOP! Maybe just another excuse to prove how corrupt this whole thing is! If this happens I feel sorry for the guy who sat here for 6 years or more! What a joke! Dont believe in this article its just like the ministers would be seated over and over and never did so this seems to be more smoke!

i agee

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Palm - saw an MP for the Iraqi List, reproach the league that the process of deletion of zeros from the Iraqi currency to work through all the economic difficulties, especially after the case of hyper-inflation experienced by the country.

What hyper-inflation? Can one of the pros please clear this up for me? Is Iraq's inflation considered high?

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What hyper-inflation? Can one of the pros please clear this up for me? Is Iraq's inflation considered high?

You don't need a "pro" to clear this up. The article is dealing with the hyper-inflation Iraq experienced during the Gulf war, 2003-4. Hyper-inflation is why the new currency came out with the high denominations. Its that simple. That have since reduced the inflation to what it is today.

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it seems that you are all "assuming" that "raising the three zero's" is a lop. or in other words... 1000 dinar becomes 100 dinar. that's ridiculous as iraq itself would not benefit from this and it certainly would not strengthen the dinar, which they have said, over and over again, is their aim.

what is more likely is "raising the three zero's" would refer to the following... currently, 1iqd = .00085 usd. this would turn into 1iqd = .85. that would equal about 1 iqd = $1.17 usd. that is a "lifting of the three zero's" that makes sense don't you think?. this is iraq. you can't think american or western world here. c'mon, their culture and language is 8,000 years old. don't assume that we are superior in OUR understanding of THEIR language...

JMO...

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You don't need a "pro" to clear this up. The article is dealing with the hyper-inflation Iraq experienced during the Gulf war, 2003-4. Hyper-inflation is why the new currency came out with the high denominations. Its that simple. That have since reduced the inflation to what it is today.

Thanks for the clarification pt. I think I may have read that wrong. All this inflation talk lately has got me all lopsided :P

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******

The benefit that this project will reduce the cost of transactions and reduces the carry cash, he said, adding that Iraq is on the verge of producing 6 to 12 million barrels of oil and this will impact on the development and raise the value of the Iraqi dinar.

*******

I did not read anywhere about exchange rate. They are trying to reduce the amount of money people carry around and then to make the money worth more.

Instead of carrying around 3 Million Dinar they want people to carry 300 Dinar and make a hamburger cost 4 Dinar instead of 4000 Dinar. Sooner or later they are going to want to use their own currency instead of the dollar like many prefer now. They want to post job ads that read $10 an hour instead of 10,000.

Every one of there articles in the last few days have said the same thing. They want lower bills and then make them worth more.

To me, it looks like we are still going to make a nice profit from our investments. Just not 'life changing' profits we are hoping for.

Don't cut me to threads. I'm just giving my opinion from everything I have read.

Slash the zeros, then figure out how it compares with other currencies and adjust exchange rate from there.

buds

Edited by DeadGuy
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it seems that you are all "assuming" that "raising the three zero's" is a lop. or in other words... 1000 dinar becomes 100 dinar. that's ridiculous as iraq itself would not benefit from this and it certainly would not strengthen the dinar, which they have said, over and over again, is their aim.

what is more likely is "raising the three zero's" would refer to the following... currently, 1iqd = .00085 usd. this would turn into 1iqd = .85. that would equal about 1 iqd = $1.17 usd. that is a "lifting of the three zero's" that makes sense don't you think?. this is iraq. you can't think american or western world here. c'mon, their culture and language is 8,000 years old. don't assume that we are superior in OUR understanding of THEIR language...

JMO...

/quote]

I dunno. Would like very much for things to work this way. After all, it would raise the value of the dinar and reduce the amount of money they would need to carry, wouldn't it?

Edited by tommyboy
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