Removing the Three Zeros

[dinarhopeful228]

http://www.iraq-businessnews.com/2011/04/14/iraq-central-bank-to-remove-3-zeroes-from-dinar/

Categorized | Banking & Finance

Iraq Central Bank ‘To remove 3 Zeroes from Dinar”

Posted on 14 April 2011. Tags: IQD, iraqi dinar, Redenomination, revaluation

Iraq’s Central Bank announced on Tuesday that the project to re-denominate the Iraqi Dinar, removing three zeroes, is close to completion.

According to the report from Alsumaria TV, the re-denomination project is believed to be a strategic plan that will be passed to the ministerial council and Parliament once complete.

A Central Bank’s advisor, Mothahhar Mohammed Saleh, said in a statement to the agency that the plan aims to reduce transactions costs and help people carry less money.

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 rate, he said.

In an earlier statement to Alsumaria News, he confirmed 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.

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”.

(Source: Alsumaria TV)

[Confused]

I still don't understand the removing of the 3 zeros. Does this mean if we have big dinar we need to exchange it for smaller dinar?

[MarchMadnes]

Old news people keep posting this crap to scare people about a LOP I guarantee without a shadow of doubt in this time, historic moment, world economy, and many other things it will not happen. Please I wish this one would rest its not going to happen due to what the world govts want!

[Zildjian67]

Lop

[YourIntelSux]

I still don't understand the removing of the 3 zeros. Does this mean if we have big dinar we need to exchange it for smaller dinar?

t

That's the million dinar question. Some articles say, "remove the zeros", some say," raise the zeros", some say, "lift the zeros", and some say, "delete the zeros". Some articles say several statements in the same writing. Hard to tell what they are trying to say or they are mis leading us on purpose. IMO I think they are misleading us. I'm sure shabibi and saleh all know the difference in lifting, raising, deleting, etc. Another reason I think it is misleading is because these articles also say it will increase buying power and some say it doesn't. The smoke and mirror theory seems in full effect if you look at this investment from the side. Nobody knows whet the hell they mean.

[TFK]

MODS,

Please kill this string. Pleeaasee!!

[cw2]

I really do not thin it will LOP to much riding on this RV