Delete the three zeroes from the Iraqi currency

[blonde_minx]

From time to time ask the CBI idea of raising three zeros from the Iraqi currency, and announced that he is about to finish the final touches on this draft law to regulate the process of lifting to be sent to the Council of the Prime Minister and then to the House of Representatives to decide whether there is a need to raise three zeroes from the Iraqi currency or not, when he said a senior official in the monetary authority to the House of Representatives is the author of the recent decision in this regard .

Adviser says the Iraqi Central Bank: The project will organize a mechanism for lifting the three zeroes to promote the value of local currency in circulation economic, external and internal, and considered the project a strategic project aimed at reducing inflation experienced by the Iraqi market, and the Finance Ministry announced last February that the deletion of zeros from the local currency will liberate the Iraqi economy from the constraints and enhance the value of the Iraqi dinar in the IMF . We believe that the draft raise three zeroes from the Iraqi currency is the glory and do not raise the value of the Iraqi dinar and will add when applied to the problem of several other dimensions to the many problems experienced by the Iraqi economy is deteriorating, and this problem is the confusion and interference, the market in buying and selling and debt among citizens, as well as confuse the mental state that will plague the Iraqi people as a result of the emergence of a new phenomenon requires the stress of intellectual and psychological back and accepted . On the other hand requires the project and before applying SC small denominations of currency are parts of the dinar, which will become worth a penny, knowing that the minting these coins small would cost the state large sums of money, and that the project does not enhance the value of the Iraqi dinar (( says the Ministry of Finance)) where it will remain a value as is ((If you put equal amounts of the other equal results are equal )) . In a statement different to the CBI that the process of removing three zeroes from the local currency is a complex process and need to study the economic extensively, also said adviser to the CBI we have to deal with this issue cautiously and carefully as they may cause economic problems in the event of rush or do anything else confuses the economic situation in Iraq . and we say, Not wanting to pay the occurrence of such problems we see from the best and most effective project is put on the Iraqi public with a call to specialists in economics to indicate their opinion and familiarity with it before sending it to the prime minister and parliament . and promises to start we see no feasibility of the project - as we believe - because it does not raise the value of the Iraqi dinar, we aspire to adopt the CBI and economists project that aims to raise the value of the Iraqi dinar to its former value to return is equal to (3.33) U.S. $, through a package of actions and bold decisions The first review of the operation import wrong and reduced to the extent necessities, as the import open wide drain excess foreign currency and deposited with the Central Bank of Iraq in support of the Iraqi currency, and not put up for sale by public auction for those wishing to by the Iraqi traders to cover Astiradathm of goods, as well as review to reduce public spending to the state and its departments in regards to import furniture is expensive, as can be obtained from the local market, which encourages and supports the sector of local industry and create jobs for the unemployed, also support the development of the agriculture sector by helping farmers with seeds and agricultural machinery to increase production of agricultural crops . There are also other things to support the Iraqi currency, including: reducing operations Alaivadat staff and make it only for the purpose of training and development .

This atricle was from May 2011, never seen a rate mentioned before in an iraq article,.... Forgive me if this has already been posted

Just a thought

http://www.mustakbal.net/ArticleShow.aspx?ID=8787

[HYDRANT]

would like to see 3.33 ---then i would not have to respond to all the articals day in and day out----my fingers are getting sore typing all the time

[dinarck]

They are saying post redenomination. Duh! Remove the three zeros. That doesn't mean anything else. So at least we would triple our original investment which would be sweet.

[andy3978]

They are saying post redenomination. Duh! Remove the three zeros. That doesn't mean anything else. So at least we would triple our original investment which would be sweet.

It'd be interesting to see how the RD + RV will go down outside of Iraq. Like I bring in 1 mill IQD to the bank, are they all going to know that now it's really 1,000? I'd love to see some bank errors in our favor

[dinarck]

It'd be interesting to see how the RD + RV will go down outside of Iraq. Like I bring in 1 mill IQD to the bank, are they all going to know that now it's really 1,000? I'd love to see some bank errors in our favor

Yeah me too. I just hope that banks will recognize dinar after RD but that is uncertain. Still debating a Warka account or not. Dont see how we could exchange for the new lowers any other way but we will wait and see. If they did RD then Warka would be swamped with people trying to open accounts unless they offered exchange some other way. Then again you couldn't open a Warka account post RV because you would have to sell your dinar and then open the account with USD but the problem is, no one would buy your dinar because they just lopped. Haha.This roller coaster is getting bumpy.

[andy3978]

Yeah me too. I just hope that banks will recognize dinar after RD but that is uncertain. Still debating a Warka account or not. Dont see how we could exchange for the new lowers any other way but we will wait and see. If they did RD then Warka would be swamped with people trying to open accounts unless they offered exchange some other way. Then again you couldn't open a Warka account post RV because you would have to sell your dinar and then open the account with USD but the problem is, no one would buy your dinar because they just lopped. Haha.This roller coaster is getting bumpy.

Apparently the end game here is to have a new set of Dinars...1's, 5's, 10's, etc. This would in time effectively eradicate our IQD. from the 50's up through the 25k. It's my understanding that a change in currency can only occur every 10 years. If this is true it would mean the new currency cannot be introduced until 2013?

[dinarck]

Apparently the end game here is to have a new set of Dinars...1's, 5's, 10's, etc. This would in time effectively eradicate our IQD. from the 50's up through the 25k. It's my understanding that a change in currency can only occur every 10 years. If this is true it would mean the new currency cannot be introduced until 2013?

I think the new currency would be a totally different currency so it may be exempt from that law if in fact it exsists. Haven't seen anything about that.

[shelby7]

I was not involved but I recall many years ago Mexico devalued the Peso and it didn't work out putting anyone holding the old Peso in a position of profit. Maybe someone on this board can re-iterate what happened?

[RadioTom]

Guys, guys, guys....it's all a game of poker. Redenom is a bluff to prevent a run on the dinar.