Trade Bank of Iraq: raise zeros from the currency will not affect on the economy

[magawatt]

Is this article designed to dissuade last minute spectlators?

[mrmcwhipit]

Maybe the Iraqis say these twisty things so people won't want to buy so many dinars?

[bright]

I think its funny we both were thinking the same thing!! Hahaha

Hey keep....apppreciate your insight....I have in this for about three years.....we have heard every rumor and hundred of predictions mostly laughable(GET).....tell me why I am wrong on this theory ...the rich in Iraq could care less about an RV they are multi millionaires and don't care about the poor not having food, electrcal and water services.....If the poor have no dinars they are holding the RV doesn't help them just like here in the US if our dollar revauled to say $100 I still would have no wealth because I have few dollars....thanks again.....

[Candinar]

Now what do Iraq mean by "Local Currency"??? It did not say currency in the hands of locals! Because I have to agree, Iraqi Dinars are local currency. Maybe I am missing something here. So, with that said I will sit back and watch what REALLY happens. GO RV!!!

That is why it is posted, through the translation it seems to say at least two different scenarios. But "local currency" is used in one part and then "external" is added when saying revaluation as well as "the House of Representatives is the owner of the latter resolution" which seems to say what we would like to happen. Do I think they will delete the 3 zeros off all the currency the US and UK have stockpiled, no. That would be suicide...but it does still say they need to study this more, which is the part that proves the RV is not done like those "Gurus" said last week.

Edited May 30, 2011 by Candinar

[Dalite]

Is this article designed to dissuade last minute spectlators?

The article is the same basic theme that the CBI has been issuing press releases about for years, so my guess would be No.

It seems to be a given that the CBI is going to remove the remnants of hyper inflation dating back to the Sadam days by dropping the 3 zeros that carried it.

This is the nature of restoring purchasing power.

When you drop the zeros that represent the past inflation, and shift the decimal point in the exchange the same number of significant digits, you restore value to the money.

This is basic mathematics, such as factoring fractions.

For those who have the difficulty in understanding this, discussion forums will not do any better job than grade school in gaining an understanding of how numbers work.

The only unknown element is whether this will affect Dinar held outside of Iraq.

I would keep in mind that the large bills outside the country carry the same remnants of inflation as those in Iraq.

That is why they were so inexpensive to purchase.

So far, the only ones who have truly profited from moving inflation from one owner to the next are the ones who are selling Dinar at a profit.

I am still hopeful that tha UST has made the deals for discounted future oil purchases that we keep hearing about (LINK PLEASE), but still have to defer to the finite nature of the Science of Mathematics to verify the intentions of the numerous statements that the CBI has issued indicating their plan for dropping the past remnants of inflation and restoring the purchasing power of the Dinar.

[keepmwlknfny]

Hey keep....apppreciate your insight....I have in this for about three years.....we have heard every rumor and hundred of predictions mostly laughable(GET).....tell me why I am wrong on this theory ...the rich in Iraq could care less about an RV they are multi millionaires and don't care about the poor not having food, electrcal and water services.....If the poor have no dinars they are holding the RV doesn't help them just like here in the US if our dollar revauled to say $100 I still would have no wealth because I have few dollars....thanks again.....

Well you can bet your arse that if living conditions dont change for the better, the people of Iraq could very well pull an Egypt like riot and protest and you better believe they dont want that!! Also, the dinar wont stay locked at the rate its at now....we can all pretty much agree it seems undervalued at its current rate and even at the govt level, having such a lower valued currency, they are having to pay alot more money for imports to the country....there are other reasons as well why the dinar will gain value. Its all just a matter now of HOW they go about raising the value....whether its a straight up slow and gradual RV, or lopping the zeros and then bringing the value up....

Do I think they will delete the 3 zeros off all the currency the US and UK have stockpiled, no. That would be suicide...but it does still say they need to study this more, which is the part that proves the RV is not done like those "Gurus" said last week.

Which no evidence supports that theory....I think its just one of those things passed around from guru to guru, just to help make this investment sound like there is only ONE outcome.....But your right about the rest, they still intend to do some thinking/studying on this matter, and must still go through parliment to be approved before any changes can be made....

[Candinar]

Which no evidence supports that theory....I think its just one of those things passed around from guru to guru, just to help make this investment sound like there is only ONE outcome.....But your right about the rest, they still intend to do some thinking/studying on this matter, and must still go through parliment to be approved before any changes can be made....

That's why I prefer opinions when there is no evidence to be had, then I don't need any. I am just going on gut feeling and knowledge of who is involved. We are not supposed to be part of this whole investment, but thanks to the internet we are. I agree with the low straight up RV with a time limit to cash in the large 3 zeros and then another RV to where they want to be. JMHO.

But whatever the outcome...I just want it today...sigh.

[keepmwlknfny]

But whatever the outcome...I just want it today...sigh.

Dont we all!! Get comfortable bro.....I have a feeling we are still going to be waiting a little while longer!!! While at the beginning of this year, and the tail end of last year I really thought we could see some action this summer, but now Im thinking thats no longer the case......

[thecahuna]

All currency is both local AND external when it is a national currency. I have never seen what percentage of the auctioned funds go into the Iraqi economy, but believe that much of the monies auction goes tom pay for goods and services within the country, often by foreign companies.

Full faith and credit credit means just that our bills look just like their internal currency. A rising tide raises all boats.

The Cahuna

[2fast4u2c]

Keep and Candianr...I agree, I am ready to see something move. Not just hear about it but see it move..lol But I think we are getting closer..

[jim the rock guy]

I don't know how anyone see this as being good news, if you do then you are crazy. Just saying

[thatoneguy]

The storm before the calm? The calm before the storm?

[jim the rock guy]

How anyone could look at this as good new is crazy.

[thatoneguy]

Smoke...

I got your back, FrankenSLI. I think you were about to...... MIRRORS!

[Girll7]

If they lop three zeros off....the value of their money just increased, but not for us who have invested. We just lost money!!!

thanks

[fastang1111]

C B I in the 3rd letter of intent stated . droping or raising of the zeros has no value to the dinar. the only way is to increase the value of the dinar. looking for link.

[fastang1111]

this is only one. cant find cbi's 3rd letter yet.

Count the economic expert on behalf of the beautiful The strengthening of the Iraqi dinar comes not delete the zeros and the degree of force but the country's economy, stressing that this move would not enhance phyma currency internationally.

و The Central Bank of Iraq has put the idea of ​​raising three zeros from the Iraqi currency, and announced that he is nearing completion on finalizing the drafting of the law to regulate the process of lifting to be sent to the Council of the Prime Minister, while the Ministry of Finance announced last February that the deletion of zeros from the local currency will free up the economy Iraqi constraints and enhance the value of the Iraqi dinar in the Fund, the World Bank.

Jameel said in a statement to correspondent Agency (news) said on Monday: As we confirmed in the earlier stages that the Iraqi dinar and promotion lies in strengthening the economy and activating the industrial sector, agriculture and tourism in addition to services and not delete the zeros of it.

The name: You may delete the zeros gives moral value of the goods but does not promote its value in the World Bank, because the currency is the face of the economy, in the case was a stable currency and well will be strengthened internationally.

He added beautiful: the Iraqi economy is still tired and exhausted If he could not eliminate unemployment and provide electrical power and operation of other sectors of the nerve that enhanced the value of the Iraqi dinar,

م Noting that the value of the dinar Tkhaltv at home for overseas and what it will be sovereign like all other currencies, just like with neighboring countries when the economy revived through construction projects and investment.

http://translate.goo...late.google.com

Read more:

[TFK]

I think its funny we both were thinking the same thing!! Hahaha

OK, I'll say it. I'm not intimidated by either of you. You keepmwlknfny are nothing but a bully. You cleverly play both sides of the supposed lop/rv issue and if anyone disagrees with you, you slap them around and try to make them look stupid.

I think there are many on here that are tired of your games. You troll around in here looking for people to ambush. Go hide under your bridge and stay there for a while. I'm tired of seeing your name and comments on every friggin string on this board!!

[keepmwlknfny]

OK, I'll say it. I'm not intimidated by either of you. You keepmwlknfny are nothing but a bully. You cleverly play both sides of the supposed lop/rv issue and if anyone disagrees with you, you slap them around and try to make them look stupid.

I think there are many on here that are tired of your games. You troll around in here looking for people to ambush. Go hide under your bridge and stay there for a while. I'm tired of seeing your name and comments on every friggin string on this board!!

Didnt know my job was to purposely intimidate you So Im a bully because I will question someone to hear their viewpoint and side?? Interesting concept you have there!! I talk about both sides of the lop/rv issue because I understand them and believe it could go either way....is that an issue for you?? It must bother you that Im so opinionated on what I believe, but thats what a forum is all about....expressing your thoughts....would you prefer no one question or express themselves openly like some of these cult sites restrict?? I dont purposely go after anyone and try to make them look stupid, some do a good job of that themselves when trying to call me out for being wrong and being disrespectful to me and not being able to back up anything they say....if you cant handle my opinions you are more then welcome to block my comments I promise it wont hurt my feelings!!

[coolbeans]

30/05/2011

Central Bank of Iraq in connection with activation of monetary agreements with neighboring countries

Baghdad, The Central Bank of Iraq adviser said on Monday that the Bank is working to activate the regional monetary agreements with neighboring countries to contribute to the development of the economic reality in the country.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the CBI in connection with activation of regional agreements with neighboring countries in the meetings of the Arab Monetary Fund annual", pointing out that "Iraq is an active member of the Fund to expand the monetary policy for Iraq."

He added that "the Iraqi Central Bank seeks to coordinate financial and monetary transactions with neighboring countries that would foster the economic reality in the country."

He explained that the "cash transactions regional part of the movements of the Iraqi Central Bank International in supporting the Iraqi economy and address the major problems facing it through the next stage, most notably trade creditors file the Iraqis."

The central bank last March that Iraq follow the high-level political economic repayment of the debt they did not face legal problems.

In February the bank announced last payment of the debt of Iraq 3 thousand and 500 commercial creditor the value of two billion and $ 700 million.

http://articlesofinterest-kelley.blogspot.com/2011/05/iraq-awesome-central-bank-of-iraq-in.html

[Carrello]

thanks

It is looks like you are thanking Obama for something. Are you thanking him for this possible dinar situation? If so, what is your premise? Do you have a news article stating this?

Thank you.

[Dalite]

OK, I'll say it. I'm not intimidated by either of you. You keepmwlknfny are nothing but a bully. You cleverly play both sides of the supposed lop/rv issue and if anyone disagrees with you, you slap them around and try to make them look stupid.

I think there are many on here that are tired of your games. You troll around in here looking for people to ambush. Go hide under your bridge and stay there for a while. I'm tired of seeing your name and comments on every friggin string on this board!!

Pragmatism is a difficult concept for some to understand.

[zaborniake]

Beirut, 29 May (Rn) – The Trade Bank of Iraq Sunday to raise zeros from the currency will not affect the economy, pointing at the same time that the debt owed by the country’s “dominant” as long as the Iraqi government is committed to pay the dues.

OK, so how many articles have we seen that talk about raising the three zeros? Plenty. This is not new news, and for those of you who get upset about this it's not worth the trouble. The TBI does not determine fiscal policy. Go read the mission statement on the TBI website. Iraq is in debt? Really? How many articles have we seen that talk about their debts being lowered or dropped? Plenty. Accounts have been set up in the US for the Kuwaiti and Paris Club debts. The "dues" that this article is talking about is the reoccurring payments. Not a lump sum. So, yes the debt resolution is a process. I also believe Shabbs said they were planning on paying off most of, or all of the debt by the end of 2011.

Works Central Bank of Iraq in the preparation of a law regulating mechanism for the cancellation of three zeros from the Iraqi currency, and the valuation of the currency in circulation economic, external and internal, but he stressed that the House of Representatives is the owner of the latter resolution, while analysts say that the process is complex and needs to be studied.

No kidding. The CBI has been working on the project to remove the three zeros from circulation for years. Shabbs himself said that the GOI would have to pass the resolution to make it official. Again, not new news.

Hussein Alaozyre In the opinion of the Iraqi Ministry of Finance that the deletion of zeros, will liberate the Iraqi economy from the constraints and enhance the value of the dinar in the International Monetary Fund.

Hmm. "Liberate the economy". "Enhance the value of the dinar in the IMF". How is this bad?

The Chairman of the Board of Directors in the Trade Bank of Iraq Hussein Azri told the Kurdish news agency (Rn) that “the removal of zeros from Iraqi dinar, the process of administrative and technical typographical no repercussions at the level of the Iraqi economy.”

No impact to the economy, meaning the implementation of this policy will not be detrimental to the economy.

He expressed the IMF last August to support the Iraqi economy in the event of having a number of economic measures, including the allocation of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq.

Asking the IMF to support economic reform. Good.

Iraq seeks to modernize its economy, especially after the signing of oil deals aimed at increasing oil production to four times its current size Balbrgem that the country’s infrastructure is still crumbling after decades of war and sanctions.

Modernizing the economy. Good. Signing oil deals to increase production of the world's most important resource as a means to help facilitate the restoration of the country's infrastructure. Good.

He Azri to the existence of “political and economic stability (in Iraq) and that oil production is increasing, in addition to the stability of the currency.”'

Political and economic stability? Well, relative to what it was years ago, yes. Of course the currency is stable! Shabbs and the CBI have been working their butts off for the last several years to demonstrate to the IMF that they could maintain a stable currency and lower inflation. Done and Done. Next.

With regard to debts owed by Iraq, Azri said that “the developed controlled as long as Iraq is bound to pay the dues.”

The debt of approximately $ 40 billion.

China is next to Saudi Arabia and Kuwait among the biggest creditor of Iraq.

China huh? How do you think that debt is going to be repaid? China is oil thirsty and has one of the largest holdings of dinar in the world. You figure that out.

Iraq has signed a series of agreements with international oil companies in the past year to enhance the production capacity of crude to Saudi Arabia, which power level of 12 million bpd from around 2.5 million bpd at present.

Deals with international oil companies. Good. Increasing protuction to 12 million bpd. Good. The Minister of Oil said the same thing. Goal of 12 million bpd.

Azri and explained that development in Iraq will reach 9.5 to 10% this year.

That 's pretty self-explanatory. Good.

The central bank has revealed in October that the last budget in 2011 will raise economic growth to 10% of what it was.

Again, that 's pretty self-explanatory. Good.

And on the Iraqi banking sector Azri said that “there are seven state banks, and 34 were private sector banks, mostly owned by foreign banks.”

Dominated by two government two banks on the banking system in Iraq, the Bank of Mesopotamia and Rasheed Bank.

He Azri said, “The central bank decided to increase the capital of Iraqi banks to 15 million dollars.”

The Iraqi Council of Representatives approved in the month of February last budget worth more than $ 80 billion.

None of that is new news. There's been a lot of articles talking about increasing the need for private banks to increase their reserves. The two largest banks in the country, Rasheed and Rafidan (sp?) perform approximately 90% of the country's transactions.

He declined a lot of investors are pumping money into projects within Iraq because of the violence that followed the fall of the former regime in the spring of 2003, and the political crisis that lasted for most of 2010 until a new government formed an incomplete last December.

We know the foreign investors are pumping money into Iraq. Let's just reference the $7 plus BILLION contract that Korea just won to build a enormous housing development.

[Jack Dinauer]

What do people honestly expect to read in an article " we decided to toss the idea of lopping the 3 zeros after all and we are just going to RV our money to the 70's rate. For all those who own dinar you are now rich..congratulations". If this is what you are expecting to read good like trying to find it. I think a lot of these stories have been released to misguide people. There is by far more money in circulation than they want. They sure are not going to release an article making it sound like some benefit to us. Whether this article is truly a smoke screen is unknown, but if they feel too much is in circulation, then how to you get some of it back? Create stories that people do not want to hear making them feel like they have spent money on something that is now going nowhere. If someone released an article saying this is all a scam and there is never going to be a revalue, the first thing a lot of people may do is get rid of it. I am not saying all, but some would. You may have been sold to the fact that the IQD could significantly increase as somewhat stated on the dealer websites, but there was obviously other avenues it could go. The dealers are not going to create a video saying the dinar could LOP - that suddenly does not make it look so inviting to buy. In the beginning you had so-called guru's giving us intel, only to figure out most of it was BS and then they somewhat gave up. You also had news stories that somewhat had a level of truth, but now seem like they are just covers. The truth of the matter is, Shabibi has been pretty silent about what is going to happen, so would not expect the news stories to be anything but opinions of what they believe will happen; not what is really going to happen. If you check CBI, Forex or XE that is all you need to know. XE even has an app for Android and iPhone. Download it, set your currencies and just check it each morning. Pretty easy solution to follow. The more you read, the more misguided you become.

[keepmwlknfny]

What do people honestly expect to read in an article " we decided to toss the idea of lopping the 3 zeros after all and we are just going to RV our money to the 70's rate. For all those who own dinar you are now rich..congratulations". If this is what you are expecting to read good like trying to find it. I think a lot of these stories have been released to misguide people. There is by far more money in circulation than they want. They sure are not going to release an article making it sound like some benefit to us. Whether this article is truly a smoke screen is unknown, but if they feel too much is in circulation, then how to you get some of it back? Create stories that people do not want to hear making them feel like they have spent money on something that is now going nowhere. If someone released an article saying this is all a scam and there is never going to be a revalue, the first thing a lot of people may do is get rid of it. I am not saying all, but some would. You may have been sold to the fact that the IQD could significantly increase as somewhat stated on the dealer websites, but there was obviously other avenues it could go. The dealers are not going to create a video saying the dinar could LOP - that suddenly does not make it look so inviting to buy. In the beginning you had so-called guru's giving us intel, only to figure out most of it was BS and then they somewhat gave up. You also had news stories that somewhat had a level of truth, but now seem like they are just covers. The truth of the matter is, Shabibi has been pretty silent about what is going to happen, so would not expect the news stories to be anything but opinions of what they believe will happen; not what is really going to happen. If you check CBI, Forex or XE that is all you need to know. XE even has an app for Android and iPhone. Download it, set your currencies and just check it each morning. Pretty easy solution to follow. The more you read, the more misguided you become.

Si Senor!!! Very true indeed!!