Trade Bank of Iraq: raise zeros from the currency

[Ghost Rider]

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.

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.

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.

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."

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.

LINK: http://translate.google.com/translate?act=url&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2/243492/

- Ghost Rider - Any thoughs? Sounds to me like it's being rolled around but nothing is close to being solidified as of yet.

[Harley61]

From what is written it seems as though if you bought 5mil for 6k then you have just lost money. I hope this is not correct or what they will finally do but we will just have to wait and see.

[dinardarius]

So removing the three zeros off the currency and RI too $3.22 ? go rv

An Iraqi with 100,000.00 Dinars in the bank will now have 100.00 Dinars. A loaf of bread cost 15,000.00 now, will now cost 15.00 Dinars, OK OK OK I git it OK OK OK who did the translation?

[JCOUTEE]

Sooo... What will our Dinars be worth ?

[Harley61]

JCOUTEE,

If it is just dropping the zeros then 5,000 turns into 5.

[MovieMaker]

[fnbplanet]

Try dropping the zeroes pff of .00086.

[deenar]

I think we should all panic! All translations are correct, even though they make no sense! We must agree with what we don't understand! Beautiful melon, the inch, and so forth. I'm not saying they can't lop. I am saying that the translation of Iraqi news articles are impossible to understand. Anyone else find it strange that no one on DV knows one person in Iraq, or even a friend or family member that can translate this mumbo jumbo? One would think that Adam would pay an Iraqi translator to explain these articles. Maybe Adam could convince a few of us to chip in $ and find a freakin translator!! I would be glad to pay for it.

[Harley61]

fbnplanet,

I could be wrong and I hope so but the way I read it, it says they will be dropped off of the currency and not the exchange rate.

[MrFnHappy]

A revenue neutral event.

The zeros would be removed from both the currency, and exchange rate.

[YourIntelSux]

Although we can't completely trust any article that comes out of there, this sounds like good news to me since they are discussing how they will need to meet their debts. Weird that they would put something like this out also unless they were planning on doing it soon. I think KEEPM is right though because it would seem they would need to have some kind of educational training on the changes or it would be mayhem.

[typhoidfvr]

I think it is officially time to panic!

[YourIntelSux]

Maybe I'm reading this wrong looking at everyone elses responses. Ha. I thought that we already established "raising" is a good thing by the past articles that discussed the differences in lopping and raising?

I thought this part is interesting when they talk about the "technical typographical". Hopefully that means removing the zeros typographically aka backspace, backspace, backspace.

"the removal of zeros from Iraqi dinar, the process of administrative and technical typographical no repercussions at the level of the Iraqi economy."

[menholt]

Would just seem weired to me that they would "lop" the three 000's from the currency...when Shabibi held that news confr.and was asked about rasing the 3 000's he made it sound like the value of the dinar would go up and wouldnt answer the question about date or rate...if was just loping the 000's of the currency i dont think it would have been this long of a process....jmo but would like to see what everybody else thinks about it as well??????

[jim the rock guy]

This move if made by Iraq, has always made sence to me. It is what anyone of us would do if it was our money or if we were in charge. Why pay off all the people who have invested when you can just cut off three zeoros and then print more and more of your new valued money so you can pay off your debt. We were all fools to believe anything else would happen.

[Harley61]

It would be nice to hear from some of the folks that do all the statistics on everything thus far. What are there thoughts as to all of this? Has anyone heard anything lately? I'm not pointing a finger at anyone however I am just really curious what they think, since I am not a statistician.

[keepmwlknfny]

It would be nice to hear from some of the folks that do all the statistics on everything thus far. What are there thoughts as to all of this? Has anyone heard anything lately? I'm not pointing a finger at anyone however I am just really curious what they think, since I am not a statistician.

What kind of stats are you looking for exactly?

[FatMan]

I believe Whatever they do, The dinar must Rise! Just a Matter of When. My question, Me being new here, Is has it always seemed this Close to Something Happening? I mean, Their Gov is Really coming together(so it seems), We are seeing more and more of High Iraq Gov people shaking hands with other high power from other countries... It just seems, to this newbie, that it's really moving in the right Direction and getting close. To the long time followers, Has it always seemed this way?

Just a side note, And I have NO PROOF but what I heard, The guy who hooked me up into this, made a pretty good point. He said George W. Bush Said the war wouldn't cost us (U.S.) A dime. When GWB said that, Most thought it was due to taking over oil fields.... But I trip on this, He wasn't talking about oil. He was Really talking about the U.S. Investing BIG TIME In Dinar, Knowing of the RV Way back then.

I am New, But a FIRM Believer that this will happen. Seems to be a Win Win Win For everyone. Big and Small. So Why not?

Just My Thoughts.

Go IRAQ! Go RV!

Haha Krem

[Harley61]

I guess that I should not have really used the word Stats. I am really just more curious if they have any further updates. Like the one we all received from Scooter a while back. It seemed to be researched very well. I only wish that I had the time here to do that much research but being in Iraq and at the mercy of the network, that does not always cooperate. In short I guess I am just wondering if they have a new opinion.

[Darin]

Well now we are thinking LOP huh?

after all the trash that was given me yesterday

well well

it seems that spellin dusant mattttter now duz it?

becouse you see I was and am now correct

LOP LOP LOP

Hmm...

If the Shabibi had full intention of a re-value, do you think they would be posting articles stating this??

If the CBI had full intentions of a re-value, do you think they would partake in spreading that information?

If a change in value was to be done... Do you think "ANYONE" would know about it?

Uhm, my answer is no... You know why?

Shabibi said so himself when he visited Washington in late April. He would NOT supply that information.

Now, I am not saying that there will NOT be a R/V or a R/D, but simply stating the simple idea that we will not be informed of a rate change prior to an actual rate change.

I don't think they will even inform the citizens, because leaking that information may cause a lot of problems.

One day, the exchange rate will just change... IMO

With all the talk of R/D, they haven't done it yet, so there must be some sort of hold up to take that course of action.

[menholt]

Maybe just a poor translation of the news post----" cancelaton = removing "???...one line says it will enhance the value??? other says it wont affect them....just a guess...maybe bad translation or a bad reporter....

[imgesing]

Every one always assumes the erasing of zero's is a redenomination.

We keep going back to individual assumtions. What I think about is how they are paying out dues and how to handle the current people who own DINAR.

Speculations of the handling of this are just that SPECULATIVE. There is no way to know but there are many scenerios. Be calm. There are few ways which would make economic sense on several levels.

This will surely do well... It is a matter of how well and when.

Peace

[kevnutz]

IMO, due to the fact that this article addresses something that someone thinks will happen in the future, we can't learn much from it. We will probably get a few more articles that are slightly different and then nothing will still happen. The exciting articles are the ones that describe something that actually happened.

[skepticaldinar]

Try dropping the zeroes pff of .00086.

Don't worry,they will. It will go hand in hand with the removal of the 000 from the currency.

[rsskelton]

I think we should all panic! All translations are correct, even though they make no sense! We must agree with what we don't understand! Beautiful melon, the inch, and so forth. I'm not saying they can't lop. I am saying that the translation of Iraqi news articles are impossible to understand. Anyone else find it strange that no one on DV knows one person in Iraq, or even a friend or family member that can translate this mumbo jumbo? One would think that Adam would pay an Iraqi translator to explain these articles. Maybe Adam could convince a few of us to chip in $ and find a freakin translator!! I would be glad to pay for it.

Actually, my daughter in law is from the ME and Arabic is her native language. I can get her to read anything we need a better translation of.