Trade Bank of Iraq: raise zeros from the currency

[skepticaldinar]

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."

It has never been a good thing to "raise or remove" the zeros.Those that say that is are either pumpers or too caught up in becoming wealthy to accept the info.They are describing a redenomination as many of the other articles out of Iraqi news state to a near "t".We do not want to see it or believe it,but it is definately being pondered,and would make the most sense given the numbers no matter who tells you otherwise.People may say that the numbers are false to make their dreams seem more realistic,but truth is,the numbers can't be too terribly far off from what is provided.

[Action316]

Smoke... Believe nothing you hear and 1/2 whatcha see..

[skepticaldinar]

Smoke... Believe nothing you hear and 1/2 whatcha see..

And how does smoke and mirrors work to Iraqs advantage? Just curious

[Kevin B]

Just as a point, a redenomination is not a bad thing.

smaller denominations are created and coexist with the current denominations.

the 25,000 does not become 25.

the 25,000 is worth 1000 25s.

If it were a Loss Of Profit, then that would be bad the 25,000 would be worth 25.

It is not the removal of the zeroes, but the purpose or intent that can be negative.

[Dalite]

Just as a point, a redenomination is not a bad thing.

smaller denominations are created and coexist with the current denominations.

the 25,000 does not become 25.

the 25,000 is worth 1000 25s.

If it were a Loss Of Profit, then that would be bad the 25,000 would be worth 25.

It is not the removal of the zeroes, but the purpose or intent that can be negative.

This just spreads the past inflation to 1000 smaller bills.

I don't think the CBI is going to adopt the BP model of removing the remnants of an oil spill.

"The solution to pollution is not dilution"

The idea is to remove the remnants of hyper inflation from the Saddam era.

Spreading it out is not the preferred method, as it only delays the damage.

Some folks prefer this method, as it benefits them and penalizes the future.

[Ghost Rider]

RussianHuey,

Here is your revese translation you requested:

Original Arabic text:بيروت29أيار/مايو(آكانيوز)- قال المصرف العراقي للتجارة الاحد إن رفع الاصفار من العملة لن يؤثر على الاقتصاد، مشيرا في الوقت نفسه الى ان الديون المستحقة على البلاد "مسيطر" عليها طالما تلتزم الحكومة العراقية بدفع المستحقات

ويعمل البنك المركزي العراقي على إعداد قانون ينظم آلية لإلغاء الأصفار الثلاثة من العملة العراقية، والنهوض بقيمة العملة في التداول الاقتصادي الخارجي والداخلي، إلا أنه أكد أن مجلس النواب هو صاحب القرار الأخير، بينما يقول محللون ان ان العملية معقدة وبحاجة الى دراسة.

.

وترى وزارة المال العراقية أن حذف الأصفار سيحرر الاقتصاد العراقي من القيود ويعزز قيمة الدينار في صندوق النقد الدولي.

:وقال رئيس مجلس الإدارة في المصرف العراقي للتجارة حسين الازري لوكالة كردستان للأنباء (آكانيوز) إن "إزالة الاصفار من الدينار العراقي عملية ادارية وفنية مطبعية لا تداعيات لها على مستوى الاقتصاد العراقي".

وأبدى صندوق النقد الدولي في آب/ أغسطس الماضي دعمه للاقتصاد العراقي في حال قيامه بعدد من الإجراءات الاقتصادية، من ضمنها تخصيص المصارف ورفع الأصفار الثلاثة من العملة المحلية وإيفاء الديون والتعويضات التي تقع على عاتق العراق.

- Ghost Rider-

[keepmwlknfny]

Just as a point, a redenomination is not a bad thing.

smaller denominations are created and coexist with the current denominations.

the 25,000 does not become 25.

the 25,000 is worth 1000 25s.

If it were a Loss Of Profit, then that would be bad the 25,000 would be worth 25.

It is not the removal of the zeroes, but the purpose or intent that can be negative.

What you described is not a redenomination....a redenomination does make your 25k note equal to 1- 25 dinar note.....its been specifically described over and over...not sure how you can get the wrong idea from the information that has presented itself

[TQueezy]

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

What this says to me is that they are focusing on the technical (in literal sense, within the operational aspects, such as the numbers used to represent the money) and typographical (meaning what is printed, physically) at the same time, without causing repercussions to the economy. Everyone knows that a re-denomination (LOP) would ruin what is already bad, not make it better. That is the wrong direction they want if they don't want repercussions. An introduction of smaller bills and a filtering-out of higher bills while also changing the value to be more in line with the Euro and US Dollar would be what I think this is referring to (our straight-up RV hopes and dreams). I'm sorry, I just don't see them making things worse and pissing a bunch of other countries and people off because they're too scared to take a chance on their oil revenue and other exportation industries. Just sayin'...

[keepmwlknfny]

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

What this says to me is that they are focusing on the technical (in literal sense, within the operational aspects, such as the numbers used to represent the money) and typographical (meaning what is printed, physically) at the same time, without causing repercussions to the economy. Everyone knows that a re-denomination (LOP) would ruin what is already bad, not make it better. That is the wrong direction they want if they don't want repercussions. An introduction of smaller bills and a filtering-out of higher bills while also changing the value to be more in line with the Euro and US Dollar would be what I think this is referring to (our straight-up RV hopes and dreams). I'm sorry, I just don't see them making things worse and pissing a bunch of other countries and people off because they're too scared to take a chance on their oil revenue and other exportation industries. Just sayin'...

I just wanna know where everyone gets that a RD will ruin the country and screw up everything for any sort of foriegn investment, when they specifically stated it will strengthen the dinar, raise the value, purchasing power, and restore confidence.....which is what they have been saying for so long....a RD does not hurt anyone....it wont piss off anyone.....it has no negative affect period!!

[TQueezy]

I just wanna know where everyone gets that a RD will ruin the country and screw up everything for any sort of foriegn investment, when they specifically stated it will strengthen the dinar, raise the value, purchasing power, and restore confidence.....which is what they have been saying for so long....a RD does not hurt anyone....it wont piss off anyone.....it has no negative affect period!!

For us speculators it does.

[Solarcloud]

This comes at a great time. I am almost out of toilet paper. Now ill be wiping in style.

[Carrello]

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

You must be so proud.

BUWA AH AH AH AH !

BUWA AH AH AH!

I hate to say it but.................................................................................I TOLD YOU SO

Again, you must be so proud. Think of all the dreams, whether too lofty or not, that have been dashed. Think of the charities that won't get money, vets and their families that won't get help if this is true.

You can be right. That is part of the debate. But you do not have to gloat. Be gracious.

And a LOP is not cast in stone yet either. Be careful, or your next post may need to be an apology.

Thank you for spending the time and effort to get the article translated. it is nice to know, for once, what an Iraqi article actually states.

[DCupp]

So KEEPM would this be a bad thig for us as investors? How would it work if not. Can you give me an example as I am small minded when it comes to these types of numbers and math. Thanks.Also if this happens what would the effect be on our money in the ISX? would it also be LOP'ed? Thanks man keep the info comming!

[Gibbs427]

Honestly, is all of this LOP argument anything more than speculation EITHER way, of a loose translation of the Arabic language???

IMHO, you can bet your bottom dinar that Iraq is going to do what is best for THEM!

Does it really make any sense for them to give their money a value of 86 cents when they can just as easily make it worth so much more? I think not.

They know they are sitting on a golden opportunity to rise up in global economics, WHY would they NOT take advantage of that?

All of this speculation and opinion tossing going on when in fact, NOBODY knows for sure now do they?

Go with what makes sense for Iraq and you'll be closer to the truth.

Rate predictions from 10 cents to 8+ dollars, all with supporting argument.

Most of us bought dinar for less than a freakin' penny, it's a profitable situation no matter what, be happy you're in!

SO WHAT if it's 86 cents, it'll still make millionaires out of most of us right!

Where else can the average american get that kind of return???

[2fast4u2c]

Chill folks, a LOP will not get done what Iraq needs. This investment will pay off. Trust me.

[YourIntelSux]

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

Well, you might as well turn your dinar in and hang it up. See ya next time!

A few of us are gonna hang around and see how it plays out.

Edited June 1, 2011 by YourIntelSux

[teresa43]

A revenue neutral event.

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

the article said they will remove the zeros from the currency, it said nothing about the exchange rate, and i thought they didn't qualify for a lop because of all the oil

they have

[MovieMaker]

Be patient, spend time with things you need to do now. Love your family. It will happen in time, they are working towards progress not to ruin or piss people off etc... they just do things SSSSS.....LLLLLLL.......OOOOOOOO..........WWWWWWWW!!!!!!! hahahaha

[AoK]

I think it is officially time to panic!

panic, you mean like this?: http://www.youtube.com/watch?v=J4f4_cW3MA0&NR=1

[Erickreed]

What this means is they will no longer m

Be making the 25000, the 10000, or 5000 notes. Once they receive all of these notes they will not be reused. Kind of the same way we did with all of our big bank notes. So your 25000, 10000, 5000 will still be worth the same value as they are now. No need to panic on this one. If you want to verify go to dinarinc.com that is where I heard it from. He is the top seller in dinars in the world. Ty and Ali buy from this guy so I would believe him. Thanks

[Bad Penny]

I just wanna know where everyone gets that a RD will ruin the country and screw up everything for any sort of foriegn investment, when they specifically stated it will strengthen the dinar, raise the value, purchasing power, and restore confidence.....which is what they have been saying for so long....a RD does not hurt anyone....it wont piss off anyone.....it has no negative affect period!!

Now you can panic! My apologies if previously posted, but it goes along w/ what keep is saying and what I feared, i.e. the elimination of 2003 bills.

Central Bank: the zeros of the Aqrarrf Alamlpmtakz .. and needs to work in the fields of

News agency news

Central Bank of Iraq that the decision to raise zeros from the Iraqi currency maker, but he needs to work in a field. And said Mstcharalpennek appearance of the central Mohammed Saleh in a statement to correspondent Agency (news) on Wednesday: "The decision to raise zeros from the Iraqi currency maker, but he needs to work convicts on the level of banks and international accounts in addition to the withdrawal of old currency. "

Saleh pointed out: "The field work is very important for the completion of such a step being the need to create banks to deal with the competent organs of the new currency," adding that "the replacement of the currency in the year (2003) was a quick step, but now do not need this speed and we have time enough to create all the necessary steps for the success of the replacement process. "

Salih stressed: that Iraq had sufficient supplies for the implementation of this experience, but will need to be away from the fear and hesitation in the implementation of its decisions.

http://www.inciraq.com/pages/view_page.php?id=53581

[Hell froze over]

Its to bad after all these years you think you would have the Iraqi press release figured out . Maybe there not going to tell you what there doing right now with the dinar. why should they ? Can I just say they are an occupied country with no say in the matter. Hmmmmmm let me see they have been living on dinars for dollars for 8 years , and now we are going to remove any hope of a return on the dinar by the most unstable part of the world. Bush passed a law for us to buy dinar so you could eat. we have been flipping the dime for far to long to gift you all the oil in the world without you paying for dinner.Yes we are going to spend 2 trillion dollars on a war while China kills us on the interest from loans and secures most of the future oil exports from Iraq . Can I just say that you do live in the United States of America and NO ONE WILL BEAT YOU DOWN FOR YOU HAVE GIVEN THEM EVERYTHING THEY NOW HAVE . This site just breeds people that are afraid the dinar may scam them . There is no doubt that if not for the foot hold the U.N. has on them they would beat all you weak investors for ever thing you have and charge you 5 dollars a gallon.

[michelneedsRV]

You guys really need to grow up. You need to understand the world market and economy abt how it works.

You need to understand that 1$ =! 1USD (not equal to). When it is 1000 Dinar (Say), it's 1USD, but the localites of iraq know what's the power of 1000 dinars and not us, because for us 1000 dinars =1USD, which is'nt much.

But, when 1 Dinar becomes 1USD in near future, the purchasing power will be back and that is what we are looking at. Remember the keywords in this investment and bookmark them as the basics of how the world market and economy works.

Purchasing Power (Should happen both nationally and internationally meaning drop zeroes off nationally and internationally at the same time which indicates to me an RV which is fair).

Understand that and stop unnecessary and unstable talks on a daily basis where people switch between LOP and RV.

Michel!

[dreardon]

I am a little confused on why they spent money printing notes that were in multiples of 1000's. Does that strike anyone as odd? If they wanted a high value of their dinar then why add all the zeros to it in the first place. They had a perfect opportunity to replace the saddam notes with the lower denomination notes in the first place. Can someone help me understand why they took the not needed step of the currency that we hold.

[Bad Penny]

Its to bad after all these years you think you would have the Iraqi press release figured out . Maybe there not going to tell you what there doing right now with the dinar. why should they ? Can I just say they are an occupied country with no say in the matter. Hmmmmmm let me see they have been living on dinars for dollars for 8 years , and now we are going to remove any hope of a return on the dinar by the most unstable part of the world. Bush passed a law for us to buy dinar so you could eat. we have been flipping the dime for far to long to gift you all the oil in the world without you paying for dinner.Yes we are going to spend 2 trillion dollars on a war while China kills us on the interest from loans and secures most of the future oil exports from Iraq . Can I just say that you do live in the United States of America and NO ONE WILL BEAT YOU DOWN FOR YOU HAVE GIVEN THEM EVERYTHING THEY NOW HAVE . This site just breeds people that are afraid the dinar may scam them . There is no doubt that if not for the foot hold the U.N. has on them they would beat all you weak investors for ever thing you have and charge you 5 dollars a gallon.

Point taken, Hfo. However, combine this article w/ those stating redenomination and it fits the textbook definition of the process. I have always felt confident in this speculation and been in it a very long time. But, I can also see the U.S. getting the shaft in the end after handing them freedom. The fact is, it's still money and has value, but its looking more and more that it will be on the low side over time and after exchanging large denominations in for USD and bailing or for new 2010 or 2011 currency and waiting longer. The 2 currencies can co-exist for a period of time and we could see a profit as soon as they bring new currency into play. They'd have to in order to gain national confidence in the IQD. Raise the zero's, raise the nominal exchange rate at the same time which would give us a profit, then set a time limit on returning the old currency. It would not work if they simply brought out new currency at .86 as it would be a meaningless zero sum gain to the average Iraqi citizen and defeat their stated objectives to unify one currency. JMHO, for now until the next contradictory article comes out.