More on restructuring of currencies, just do it!

[MAW33326]

Advisor to the Central Bank's "by the people":

"Structuring currency" includes lifting of the zeroes and the issuance of new categories

BAGHDAD - Ali Abdul-Zahra:

Confirmed the Iraqi Central Bank Consultant Dr.. Appearance for the project of restructuring the local currency will include the process of lifting the zeros from the currency and the issuance of large groups and a new small, noting that it will support the currency in terms of "transaction costs", stressing that the project will be implemented in a strategic and several stages.

Saleh said in an interview with "by the people" yesterday, said the worsening economic situation and rampant inflation, which hit the country, added zeros to the currency, and I've made these structural weak content of the value of it, pointing out that the citizen uses the categories of high-volume but low-content values.

"The restructuring of the currency" will raise zeros from the currency and the issuance of large and small groups of new ones, will contribute to support the currency in terms of "transaction costs", adding that it does not affect the citizens' income, nor to contracts or anything else.

And the Chancellor that with global economic growth and increase the country's oil exports would lead to higher imports of cash, the current form of currency does not suit the new phase.

Saleh pointed out that the proposed restructuring of the currency is a strategic project, and "needs to support the government and parliament and the people," pointing out that preceded the project awareness campaign including the citizens, "because the dinar is for all Iraqis, but not limited to a particular class," saying, "We are going to do when matures and people embrace it. "

He said the project will facilitate commercial exchanges and the citizen will not have time to switch the currency to do so, stressing the goal of the project is to raise the burden on the citizen, and make it prosperous.

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http://translate.google.com/translate?langpair=auto|en&u=http%3a%2f%2fwww.media.iraqicp.com%2f2010-12-17-07-29-32%2f170----211--23--2011.html

[Bongalow]

So this is the 3 rd time today RAISE=REMOVE !!

Remove the 3 zeros....

REMOVE the burden on the iraqi citizens...

Very interesting...

Thanks for the post!!

[seabee64]

Advisor to the Central Bank's "by the people":

"Structuring currency" includes lifting of the zeroes and the issuance of new categories

BAGHDAD - Ali Abdul-Zahra:

Confirmed the Iraqi Central Bank Consultant Dr.. Appearance for the project of restructuring the local currency will include the process of lifting the zeros from the currency and the issuance of large groups and a new small, noting that it will support the currency in terms of "transaction costs", stressing that the project will be implemented in a strategic and several stages.

Saleh said in an interview with "by the people" yesterday, said the worsening economic situation and rampant inflation, which hit the country, added zeros to the currency, and I've made these structural weak content of the value of it, pointing out that the citizen uses the categories of high-volume but low-content values.

"The restructuring of the currency" will raise zeros from the currency and the issuance of large and small groups of new ones, will contribute to support the currency in terms of "transaction costs", adding that it does not affect the citizens' income, nor to contracts or anything else.

And the Chancellor that with global economic growth and increase the country's oil exports would lead to higher imports of cash, the current form of currency does not suit the new phase.It does not effect income contracts or (anything else)! This sounds good.

Saleh pointed out that the proposed restructuring of the currency is a strategic project, and "needs to support the government and parliament and the people," pointing out that preceded the project awareness campaign including the citizens, "because the dinar is for all Iraqis, but not limited to a particular class," saying, "We are going to do when matures and people embrace it. "

He said the project will facilitate commercial exchanges and the citizen will not have time to switch the currency to do so, stressing the goal of the project is to raise the burden on the citizen, and make it prosperous.

********************

http://translate.google.com/translate?langpair=auto|en&u=http%3a%2f%2fwww.media.iraqicp.com%2f2010-12-17-07-29-32%2f170----211--23--2011.html

[Markinsa]

The more articles the better, they need to get the word out and educate the Iraqi People what is going on.

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[Candinar]

So this is the 3 rd time today RAISE=REMOVE !!

Remove the 3 zeros....

REMOVE the burden on the iraqi citizens...

Very interesting...

Thanks for the post!!

Very well put, common sense pays sometimes. After Saddam they "added the 3 zeros" and now they will "remove the same 3 zeros".(large denoms) Too many want to use the word "delete" and are somehow convinced they will delete the actual zeros off the bills and that is why we have the LOP gurus. So "raise" a citizens burden means removing.

The citizens would have a bigger burden if all the "zeros" are left in circulation with the new small bills...but they will be fine as will we.

[Bongalow]

Very well put, common sense pays sometimes. After Saddam they "added the 3 zeros" and now they will "remove the same 3 zeros".(large denoms) Too many want to use the word "delete" and are somehow convinced they will delete the actual zeros off the bills and that is why we have the LOP gurus. So "raise" a citizens burden means removing.

The citizens would have a bigger burden if all the "zeros" are left in circulation with the new small bills...but they will be fine as will we.

Thank you... I will tell you another secret...

They are raising(removing) the 000's off the exchange rate not the bills. Hence the introduction of the new (100) or ie. Lower denoms.... the current exchange rate is .00086. But yet we hear common iraqis stating that our dollor=equal your dollor.... they only way they know how to say our currency is back to your dollar. raise the 3 000's and RV then, the new rate... .86- 5.25 or ???? we shall see!! like gurus say... lol

[Candinar]

Thank you... I will tell you another secret...

They are raising(removing) the 000's off the exchange rate not the bills. Hence the introduction of the new (100) or ie. Lower denoms.... the current exchange rate is .00086. But yet we hear common iraqis stating that our dollor=equal your dollor.... they only way they know how to say our currency is back to your dollar. raise the 3 000's and RV then, the new rate... .86- 5.25 or ???? we shall see!! like gurus say... lol

I tend to agree with Scooter's 1.17...anything over a penny is ok with me.

[truthful1]

Very well put, common sense pays sometimes. After Saddam they "added the 3 zeros" and now they will "remove the same 3 zeros".(large denoms) Too many want to use the word "delete" and are somehow convinced they will delete the actual zeros off the bills and that is why we have the LOP gurus. So "raise" a citizens burden means removing.The citizens would have a bigger burden if all the "zeros" are left in circulation with the new small bills...but they will be fine as will we.

The burden is having to payout a 1 million dinars for a new stove thats worth $1,000. Could you imagine waiting in line at the grocery store as someone counts out a a quarter milion at Wal-Mart? Those are the kinds of burdens there are. Walking around with a sack instead of a wallet, wouldnt be fun. The restructuring of the currency is to bring items back to a $1 equivalent compared to a 1 dinar, then make gradually processions as the economy sees oil production move up. Since oil if traded in USD and contributes to 90% of there budget is based off oil, it helps there economy. IMO The redenomination is a given. They will bring in the lower denominations, ex. 1, 5, 10, 25, and I now believe the 100 paper note, because of the CBI's lastest comments. My best guess.

Lop guru's are only using historical past. This is what happens a lot. Believe it alot. The Turkish lira deleted 6 zeroes. It's fact. There's more, just look and you will find many.

Who knows exactly how the rd will play out, were all still waiting. Go rv.

Edited June 23, 2011 by truthful1

[NWGUY]

I think some of the Guru's are making this confusing. I also think, that the Iraqi citizen is not well educated, and a simple people, so making this whole RV/RD complicated, is not going to happen. IMO, I think it will be a simple process. IMO, I think they will RV at whatever rate they decide, and maybe even have a time limit on the big bills, and at the sametime, issue the new bills, and let the value float.

IMO, I don't think making this too complicated for their people is what they want. I could be wrong, and probably am, but as always KISS is always the best!!

GO RV!!!